Ann: Whroo Joint Venture with Mawson Gold, page-2

Great news for NAG

In summary

Benefits to NRL from the Whroo JV The expanded agreement represents a win-win outcome for both Mawson and NRL. For NRL, the main benefits of its biggest-ever JV include:

 A source of substantial funding to expand state-of-the-art modern exploration in NRL’s 100%-owned contiguous 3,600 sq km of Fosterville-style tenements in the Waranga Domain;

 For the Redcastle and Whroo JVs combined, ongoing spending by Mawson of up to $3.75M or $5.25M before NRL needs to contribute to further JV expenditure;

 The Whroo JV Agreement over 199 sq km provides a template for possible additional JVs over more of NRL’s total tenement holding in the Waranga Domain of 3,600 sq km;

 NRL has been limited, for funding reasons, to utilizing only one diamond drilling rig in its 100%-owned tenements between the Nagambie Mine and Wandean in recent years. Mawson has been using one or two additional diamond drilling rigs at NRL’s Redcastle property (where NRL can ultimately retain a 30% interest). Mawson will probably commence drilling in 2021 at NRL’s Whroo JV Property (where NRL can ultimately retain a 40% interest). The use of multiple drilling rigs instead of one on NRL tenements greatly improves the chances of exploration success for NRL shareholders;

 The continuation of Canadian investors’ interest in NRL and the potential for Fosterville-style, epizonal gold mineralisation in the Waranga Domain in central Victoria;  Further industry endorsement of NRL’s Waranga Domain gold mineralisation model demonstrated by Mawson, a proven and successful Canadian international gold explorer; and

 NRL exposure to Mawson’s multi-technique geophysical surveys in the highly-prospective 199 sq km Whroo JV Property. NRL has shown at the Nagambie Mine that dipole-dipole IP can outline sulphide-gold targets in the Waranga Domain but complementary geophysical techniques could be established by Mawson that would be applicable throughout NRL’s total 3,600 sq km in the Waranga Domain.