Ann: Quarterly Activities Report, page-2

The Mining Lease Application process (MLA 100030) - which covers the high grade near surface Sherwood and Sherwood West Prospects - continued, with ML grant expected following completion of landowner and Native Title agreements. Mining is planned to commence shortly after ML grant.

✚ Land Court process with the final land owner to determine compensation for the Mining Lease is well advanced with submissions from both parties complete. The Court’s decision regarding quantum of compensation payable is expected in Q1 2017.