Mineral Resources and Ore Reserves

NICKEL

MINCOR'S NICKEL MINERAL RESOURCES AS AT JUNE 2020

RESOURCE  MEASURED  INDICATED  INFERRED  TOTAL  
Tonnes Ni (%) Tonnes Ni (%) Tonnes Ni (%) Tonnes Ni (%) Ni tonnes
Cassini - - 1,282,000 4.0 194,000 4.1 1,476,000 4.0 58,700
Long - - 487,000 4.1 303,000 4.0 791,000 4.1 32,000
Redross 39,000 4.9 138,000 2.9 67,000 2.9 244,000 3.2 7,900
Burnett - - 241,000 4.0 - - 241,000 4.0 9,700
Miitel 156,000 3.5 408,000 2.8 27,000 4.1 591,000 3.1 18,100
Wannaway - - 110,000 2.6 16,000 6.6 126,000 3.1 3,900
Carnilya Hill* 33,000 3.6 40,000 2.2 - - 73,000 2.8 2,100
Otter Juan 2,000 6.9 51,000 4.1 - - 53,000 4.3 2,300
Ken/McMahon 25,000 2.7 183,000 3.9 54,000 3.2 262,000 3.7 9,600
Durkin North - - 417,000 5.3 10,000 3.8 427,000 5.2 22,400
Durkin Oxide - - 154,000 3.2 22,000 1.7 176,000 3.0 5,200
Gellatly - - 29,000 3.4 - - 29,000 3.4 1,000
Voyce - - 50,000 5.3 14,000 5.0 64,000 5.2 3,400
Cameron - - 96,000 3.3 - - 96,000 3.3 3.200
Stockwell - - 554,000 3.0 - - 554,000 3.0 16,700
TOTAL 256,000 3.7 4,420,000 3.8 708,000 3.9 5,203,000 3.8 196,100

Nickel Mineral Resources shown for Carnilya Hill are those attributable to Mincor - that is, 70% of the total Carnilya Hill nickel Mineral Resource.

Notes: Figures have been rounded and hence may not add up exactly to the given totals. Nickel Mineral Resources are inclusive of nickel Ore Reserves.

The information in the above table that relates to nickel Mineral Resources is based on information compiled by Mr. Rob Hartley, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr. Hartley is a full-time employee of Mincor Resources NL and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Hartley consents to the inclusion in this table of the matters based on his information in the form and context in which it appears.

MINCOR'S NICKEL ORE RESERVES AS AT 25 MARCH 2020

RESERVE PROVED PROBABLE TOTAL
Tonnes Ni (%) Tonnes Ni (%) Tonnes Ni (%) Ni tonnes
Cassini - - 1,050,000 3.3 1,050,000 3.3 34,300
Long - - 162,000 2.7 162,000 2.7 4,300
Burnett - - 271,000 2.6 271,000 2.6 6,900
Miitel 19,000 2.9 126,000 2.1 145,000 2.2 3,300
Durkin North - - 675,000 2.4 675,000 2.4 16,500
TOTAL 19,000 2.9 2,284,000 2.8 2,303,000 2.8 65,400

Notes:Figures have been rounded and hence may not add up exactly to the given totals Nickel Mineral Resources are inclusive of nickel Ore Reserves.& Durkin North Ore Reserves have had a minor reduction since the Ore Reserves were last reported as at 30 June 2019 as a result of a mine design access change removing the J and K ore zones from reserves.The Miitel Ore Reserve has a minor reduction since the Ore Reserves were last reported as at 30 June 2019 from removing two small stopes from Ore Reserves.

The information in the above table that relates to nickel Ore Reserves at Cassini and Long is based on information compiled by Mr. Dean Will, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr. Will is a full-time employee of Mincor Resources NL and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Will consents to the inclusion in this table of the matters based on his information in the form and context in which it appears.
The information in the above table that relates to nickel Ore Reserves at Burnett, Miitel and Durkin North is based on information compiled by Mr. Paul Darcey, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr. Darcey is a full-time employee of Mincor Resources NL and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Darcey consents to the inclusion in this table of the matters based on his information in the form and context in which it appears.

GOLD

MINCOR'S GOLD MINERAL RESOURCES AS AT 30 JUNE 2019

RESOURCE MEASURED INDICATED INFERRED TOTAL
Tonnes Au (g/t) Tonnes Au (g/t) Tonnes Au (g/t) Tonnes Au (g/t) Au (oz)
West Oliver 48,000 1.2 478,000 1.5 105,000 2.4 631,000 1.6 32,500
Jeffreys Find - - 833,000 1.7 322,000 1.5 1,155,000 1.7 61,600
Bass 8,000 1.9 222,000 1.9 434,000 2 664,000 2.0 42,500
Hronsky - - 259,000 2.0 69,000 1.3 328,000 1.8 19,400
Darlek - - 627,000 1.5 607,000 1.3 1,234,000 1.5 58,600
Flinders - 1.6 453,000 1.4 389,000 1.3 842,000 1.4 37,900
Hillview - - - - 578,000 1.1 578,000 1.1 20,600
TOTAL 56,000 1.3 2,872,000 1.6 2,504,000 1.4 5,432,000 1.6 273,100

Notes: Figures have been rounded to the nearest 1,000 tonnes, 1.0 g/t Au and 100 ounces; therefore, may not add up exactly to the given totals. Gold Mineral Resources are inclusive of gold Ore Reserves reported at 0.5 g/t Au cut-off.

The information in the above table that relates to gold Mineral Resources is based on information compiled by Mr. Rob Hartley, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr. Hartley is a full-time employee of Mincor Resources NL and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Hartley consents to the inclusion in this table of the matters based on his information in the form and context in which it appears.

MINCOR'S GOLD ORE RESERVES AS AT 30 JUNE 2019

RESERVES PROVED PROBABLE TOTAL
Tonnes Au (g/t) Tonnes Au (g/t) Tonnes Au (g/t) Au (oz)
Flinders 7,400 1.9 500 1.6 7,900 1.9 500
Hronsky 130,000 2.0 - - 130,000 2.0 8,300
Darlek 59,000 2.4 70,000 2.0 128,000 2.2 8,900
TOTAL 196,400 2.1 70,500 2.0 265,000 2.1 17,700

Note: Figures have been rounded to the nearest 1,000 tonnes, 0.1 g/t Au grade and 100 ounces; differences may occur due to rounding.

The information in the above table that relates to gold Ore Reserves is based on information compiled by Mr. Gary McCrae, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr. McCrae is a full-time employee of Minecomp Pty Ltd and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. McCrae consents to the inclusion in this table of the matters based on his information in the form and context in which it appears.

BASE METALS

MINCOR'S TOTTENHAM MINERAL RESOURCES (AT A 0.4% COPPER CUT-OFF)

RESOURCES INDICATED INFERRED TOTAL
Million tonnes Cu (%) Au (g/t) Million tonnes Cu (%) Au (g/t) Million tonnes Cu (%) Cu (tonnes) Au* (g/t) Au* (oz)
Carolina Jun 2018 3.39 1.5 0.5 - - - 3.39 1.5 51,700 0.5 58,800
Jun 2017 3.39 1.5 - - - - 3.39 1.5 51,700 - -
Mount Royal Jun 2018 1.54 1.1 0.3 2.44 0.7 0.2 3.98 0.9 34,400 0.3 31,800
Jun 2017 1.54 1.1 - 2.0 0.9 - 3.54 0.9 33,600 - -
TOTAL Jun 2018 4.93 1.4 0.4 2.44 0.7 0.2 7.37 1.2 86,100 0.4 90,600
Jun 2017 4.93 1.4 - 2.0 0.9 - 6.93 1.2 85,300 - -

*Gold not reported previously.Notes: Figures have been rounded and hence may not add up exactly to the given totals. Figures have been rounded to the nearest 10,000 tonnes, 100 copper tonnes, 0.1 g/t Au grade and 100 ounces gold.

The information in the above table that relates to copper/gold Mineral Resources is based on information compiled by Mr. Rob Hartley, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr. Hartley is a full-time employee of Mincor Resources NL and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Hartley consents to the inclusion in this table of the matters based on his information in the form and context in which it appears.