Work undertaken by Placer Dome Asia Pacific Pty Ltd (Placer) on...

Work undertaken by Placer Dome Asia Pacific Pty Ltd (Placer) on a small deposit known as The Craic and confirmed by RNG’s mining consultants, Mining One Pty Ltd, indicates that from a resource of 83,000 t @ 9.9 g/t Au, a mineable resource of 35,000 t @ 17.7 g/t Au to recover 19,000 oz Au can be mined.

RNG plans to evaluate the processing of The Craic and other opportunities with a low capital 100,000 tpa modular Gekko gravity and intense leach (GIL) plant. The high
recovery (90+%), free milling metallurgical characteristics of the Mt Morgans ore types lend themselves to this processing option.

Based on the current resources and grades and probable resource to reserve conversion, a minimum three year production profile of 25,000 oz in year 1 falling to
15,000 per year for two years is envisaged. This profile is based on the assumption that selective mining of the underground resources will deliver a minimum 5 g/t Au in years 2 & 3.

RNG plans to immediately commence the feasibility study on this development concept based on the known resources. The plan is to have this complete such that full implementation can commence on completion of the sale and purchase agreement.

The Craic deposit is a low risk, high margin opportunity that will be progressed as the first priority which underpins and underwrites the development concept.