Ann: Proposed issue of securities - ICG, page-7

BACKGROUND TO HURRICANE

The Hurricane Project area is situated in the Hodgkinson Province of NE Queensland (see Figure 1 and Figure 2 above) which forms the northernmost part of the Palaeozoic Tasman Fold Belt. The Hodgkinson Province hosts several goldfields such as the Palmer River, West Normanby and Hodgkinson. Together these fields have produced more than 45 tonnes of gold from alluvial workings and mines. Within the Hodgkinson Province there are several gold districts, including the Northcote, Tregoora, Atric and Reedy districts which host a total JORC 2004 resource of 11.4 million tonnes at 1.7g/t Au for 618,000oz Au (ASX releases by Bulletin Resources on 3 August 2018 and by Republic Gold Limited on 30 October 2009).

The Hurricane Project is located in the Tregoora Belt to the north-west of the Northcote District, (as shown in Figure 2 above) and consists of three mining tenements EPM 27518, EPM 25855 and EPM 19437, across which threemineralised vein systems are present. The Project does not currently have a JORC-compliant resource, however in the opinion of the Directors, the physical extent of the identified mineralisation, coupled with rock chip sampling results supports additional exploration and study work ultimately focussed on mine development.

ECR has been provided with certain historical data from previous exploratory activities at site. However, this data has not been verified by ECR, accordingly it is provided for guidance purposes only and should not be relied upon:

Historic rock chip samples from surface-oxidised quartz breccia veins appear to contain significant gold grades. Excluding samples collected from the wall rock, the average gold-in-rock chip values reported in historic results include:

• 92 g/t Au from seven samples collected along the Typhoon Vein that is +500m long and +0.5m wide (with minimum/maximum grades of 0.08 and 163 g/t Au respectively)
• 64 g/t Au from twenty four samples collected along the lenticular Holmes Vein that is +100m long and +60m wide (with minimum/maximum grades of 0.03 and 21.7 g/t Au respectively)
• 33 g/t Au from fifty four samples collected along the Tornado Vein that is +700m long and +3.5m wide (with minimum/maximum grades of 0.01 and 17.6 g/t Au respectively)
• 79 g/t Au from twenty four samples collected along the Monsoon Vein that is +600m long and +8m wide (with minimum/maximum grades of 0.01 and 3.96 g/t Au respectively) 1.57 g/t Au from the seventy samples collected along the Bouncer/Pederson Vein Systems (with minimum/maximum grades of 0.01 and 9.7 g/t Au respectively).
• Certain of the rock chip samples from the quartz breccia veins contain significant antimony (Sb) grades. Average antimony-in-rock chip values include:
• 1% Sb from 24 samples collected within the Holmes Vein with grades ranging from 0.005% to 20.8% Sb in 24 samples
• 4% Sb from two samples collected within the Bouncer Vein System
• Rock chip samples from other gold mineralised veins contained less than 0.2% Sb.

In addition, ECR has been provided with the additional information, which has also not been verified by ECR and therefore is provided for guidance purposes only and should not be relied upon, of a 60kg bulk metallurgical surface sample from the Tornado Vein which averaged 4.2 g/t Au.