Ann: Weednanna February RC Drilling Results, page-32

Extract from the Independent Report relating to potential upside at Weednanna (pg 8)

The Independent Directors are confident that there is a significant exploration potential upside
at the Weednanna gold deposit, but it requires Alliance to raise further capital. Current
valuation methodologies, including those used for ASX reporting, mean that the upside value is
not sufficiently certain for quantification.

Specifically, in the Technical Valuation of the Mineral Assets report by Mining One Pty Ltd
(Technical Valuation) appended to the Independent Expert’s Report, it is reported that
approximately 75% of the Inferred mineral resource captured in the latest pit optimisations had
to be ignored for the purpose of the Weednanna Gold Project discounted cashflow model in
order to satisfy ASX Listing Rules Guidance Note 31. The quantum of the mineral resource that
has been ignored may be derived by subtracting the total shown in Table 2-26 in the Technical
Valuation from the total shown in Table 2-25. The difference between the two tables is 381,375
tonnes grading 5.0 g/t gold, equivalent to contained gold of 61,503 ounces. Alliance
shareholders should form their own view as to the value of this additional resource.