Graham S. Teale & Adrian M. Brewer

1. Further Definition of Tin Mineralisation in the Mesoproterozoic Prospect Hill Tin Project Northern Flinders Ranges: Insights for Tin Exploration in South Australia SAEMC December 2016 Graham S. Teale & Adrian M. Brewer Teale & Associates Pty. Ltd., Brewer Geological Services

2. Much of the new data for this presentation was gathered by the authors  during the current exploration joint venture with Havilah Resources Ltd. Historic data obtained during  exploration work by the authors for numerous other companies, from 1982 until the joint venture with Havilah Resources Ltd in 2007, has also been drawn upon. The authors would like to thank Havilah Resources Ltd for permission to give this presentation. Acknowledgments

3. The information in this presentation that relates to Exploration Targets , Exploration Results and Mineral Resources is based on data compiled by geologists, Graham Teale and Adrian Brewer, who are Competent Persons and who are members of The Australian Institute of Geoscientists. Both Graham Teale and Adrian Brewer have sufficient experience, which is relevant to the style of mineralisation and type of deposit and activities described herein to qualify as a Competent Person as defined in the 2012 Edition of ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Messrs Teale and Brewer consent to the inclusion in the presentation of the matters based on their information in the form and context in which it appears. This information was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported. Competent Persons Statement

4. Prospect Hill - Location Northern Flinders Ranges South Australia Prospect Hill - Location

6. Mineralisation discovered in 1980. South Ridge Deposit contains an Indicated Resource of 302,000 tonnes @ 0.64% Sn to 90 metres vertical depth. Additional lodes continue to be located. Mineralisation (South Ridge) open at depth on the western end (PHRCO37, 5m @ 0.85% Sn) and eastern end (PHRCO29, 10m @ 0.48% Sn). Samples >1% Sn can be located for an additional 400m west of the last drill-hole on the South Ridge. No deep drilling. Parallel lodes to the immediate south of the South Ridge prospect not explored as yet. The Prospect Hill Domain, including the South Ridge, Fly Hill Zone, Black Rock, Petermorra and Central Ridge mineralisation is highly sheared, in part mylonitic, and trends approximately EW. Mineralisation is pre-tectonic. Geology

7. Mineralisation is contained within metamorphosed and highly deformed Mesoproterozoic pyroclastics and sub-volcanic intrusives that have been dated at 1560 ± 2Ma (Sheard et. al., 1993). Four high level, “A-type” sub-volcanic intrusives emplaced into the pyroclastics are enriched in Pb, Zn, F, U and Sn and have been dated at 1552Ma. The Prospect Hill area contains the youngest Mesoproterozoic terrain within the Mount Painter Province and the Curnamona Craton in general. Some quartz-rich sediments and epiclastics are intercalated with the felsic pyroclastics and possible felsic domes. Numerous granitic/porphyry stocks are present.

8. Reprocessing of magnetic data indicates that the Mesoproterozoic basement is most likely shallow underneath the Cretaceous and recent cover suggesting potential for further discovery. A major structure separates this distinct terrain from the Mesoproterozoic terrain to the south. The Prospect Hill Granite porphyry, the North Ridge granite, the Old Hut granite and the White Well Granite only occur to the north of this structure. The structure separates deep level rapakivitic granites (~1555Ma) from high level porphyry intrusives (1552Ma). Block tilting has occurred.  Additional tin lodes have been recently discovered and these develop ~50m south of the South Ridge tin zone. There has been no drilling on these lodes. There are problems with the use of the FPXRF however.

9. PROSPECT HILL GEOLOGY

10. PROSPECT HILL REGIONAL MAGNETICS

11. The meta-volcanics were altered prior to deformation and contain high SiO2 (76-78%), low Al2O3 (~11%), negligible CaO, Na2O and MgO, high Y (~80ppm), Zn (~500ppm), Sn (~30ppm) and W (15-30ppm) Two different volcanic units are present, the northern meta-volcanics and the southern meta-volcanics. The latter are more enriched in tin. Chlorite ± magnetite alteration envelopes around the Fly Hill mineralisation are considered to be pre-tectonic alteration features with removal of alkalis. The meta-volcanics are enriched in the REE and exhibit marked LREE enrichment and a pronounced negative Eu anomaly Meta-Volcanics

12. Former quartz phenocryst in deformed and metamorphosed pyroclastic Note the garnet in the bottom RH corner. Quartz-veining and magnetite development at Fly Hill. Sample contains 0.2% Sn Mag. x 50; length of photomicrograph = 2.6mm; PPL PHRC06-55m-56m recrystallised quartz vein Mag. x 20; scale bar = 500µ; PPL Sample 20016

13. Four known intrusives are dominated by quartz-K-feldspar-sodic plagioclase-biotite; abundant fluorite and accessory zircon, monazite, apatite, tourmaline and rare uraninite and cassiterite. The biotite, although Fe-rich, contains high F. The Prospect Hill Granite porphyry contains ~72.5% SiO2, ~12% Al2O3, ~6.7% K2O, 0.52% F and high Y (130ppm), U (50ppm), Rb (550ppm), Th (175ppm), Pb (65ppm) and Sn (20ppm). The White Well Granite exhibits granophyric textures and is also high level. It contains ~76% SiO2, 11.7% Al2O3, negligible MnO, CaO and MgO, ~6% K2O and high Y (~120ppm), Th (~55ppm), Pb (~55ppm) and up to 506ppm Sn. High Level Intrusives

14. PROSPECT HILL Uranium Channel Airborne Radiometrics and Geochemistry

15. White Well Granite - 506ppm Sn, 33ppm Th, 77ppm Y, 12ppm U Old Hut granite - 37ppm Sn, 187ppm Th, 162ppm Y, 78ppm U ovoidal K-feldspar megacryst ovoidal tourmaline aggregate Prospect Hill Granite Porphyry - 18ppm Sn, 175ppm Th, 130ppm Y, 50ppm U North Ridge granite - 35ppm Sn, 31ppm Th, 61ppm Y, 14ppm U

16. Prospect Hill Granite porphyry showing tourmaline nodule encapsulated in quartz. The tourmaline nodules are enriched in U (up to 340ppm), Th (up to 1600ppm), Bi (up to 100ppm) and Zr (up to 740ppm), far in excess of the host granite (FPXRF).

17. Granophyric textures in high level White Well Granite Sample 20049 Mag. x 50; scale bar = 200µ; crossed nicols

18. 1000 100 10 La Ce Nd Sm Eu Gd Dy Er Yb Mineralisation 240 Mineralisation Sample / Chondrite Prospect Hill Granite Footwall volcanic

19. PROSPECT HILL Stream Sediment Geochemistry

20. Major: quartz, fluorite, biotite, Mn-Ca-rich garnet, muscovite Minor: gahnite, F-rich margarite, tourmaline, magnetite, sulphides (sphalerite, galena, chalcopyrite, tetrahedrite) Trace: zincian chlorite, Zn-rich magnetite, apatite, epidote Cassiterite (no stannite or stanniferous andradite present) Maximum concentrations of tin in other minerals are: biotite - 0.17% Sn epidote - 0.24% Sn spinel - 0.10% Sn garnet - 0.04% Sn These concentrations are rare however. Gangue - South Ridge Location of Tin

21.  PHP02 – 6m @ 1.85%PHRC04 – 10m @ 1.16% PHP05 – 9m @ 0.99% PHRC23 – 9m @ 0.93% PHRC24 – 8m @ 1.48%PHP15 – 6m @ 2.33% PHRC03 – 3m @ 4.85% Associated anomalous base metals  PHP06 – 4m @ 0.43% Cu, includes 2m @ 1.78% Pb, 76ppm Ag PHRC07 – 5m @ 0.47% Cu, 25ppm Ag PHP08 – 12m @ 0.25% Cu, 0.65% Zn PHRC04 – 17m @ 0.55% Zn PHRC05 – 10m @ 0.65% Zn and 3m @ 1% Cu, 2.2% Pb, 1.8% Zn, 200ppm Ag PHRC23 – 30m @ 0.36% Cu, includes 9m @0.55% Cu, 0.7% Pb, 0.82% Zn, 33ppm Ag Significant Tin Intersections - Southern Ridge Prospect

22. South Ridge mineralisation - cassiterite and gangue garnet Zn biotite gahnite cassiterite Mag. x 100; length of photomicrograph = 1.3mm; PPL Mag. x 50; length of photomicrograph = 2.6mm; PPL PHRC03 44m-45m PHRC03 45m-46m F-margarite cassiterite garnet cassiterite scheelite Mag. x 100; length of photomicrograph = 1.3mm; PPL Mag. x 50; scale bar= 200µ; PPL PH32 PHRC04 35m-36m

23. South Ridge Extension mineralisation - cassiterite and gangue Sample 20044 – 19.3% Sn tourmaline cassiterite Mag. x 50; scale bar = 200µ; PPL

24. South Ridge Western Extension mineralisation - cassiterite and gangue boudinaged and recrystallised cassiterite boudinaged cassiterite Mag. x 50; scale bar = 200µ; PPL Sample 20046 – 11.2% Sn Recently located Sn horizon. Small boudins and high grade lenses are present in weakly stanniferous meta-volcanics. Large cassiterite grains rotated and boudinaged. New cassiterite is colourless (see above). Mag. x 20; scale bar = 500µ; PPL Sample 20046

25. South Ridge Extension: quartz, tourmaline, sericite Petermorra Prospect: quartz, sericite, biotite, tourmaline Fly Hill areas: quartz, tourmaline, chlorite, magnetite, sericite, sulphides Black Rock Prospect: quartz, sericite, tourmaline, fluorite, beryl, phenacite South Ridge: Sn, Zn, Cu, F, (Pb, Ag) Petermorra Prospect: Sn, Cu Fly Hill areas: Sn, Cu, (Bi) Black Rock Prospect: Sn, W, (Ta, Nb, Be, F) Dominant gangue for other prospects Dominant element association, all prospects

26. The Fly Hill area lodes contain grab samples grading up to 34% Sn and have been traced using a FPXRF unit for approximately 500m. They have been cut by faulting to the west. They appear to be zoned with anomalous Mo-Cu developing laterally to the Sn(-Cu) mineralisation (FPXRF). Fly Hill mineralisation is fine grained (~10-40µ) and intimately associated with tourmaline. The cassiterite is developed within strongly sheared and deformed volcanics and quartz breccias. A chloritic alteration zone surrounds the mineralisation. Sulphides develop in quartz veins which cut the Sn mineralisation. Central Ridge and Petermorra mineralisation tends to be associated with quartz, tourmaline and muscovite. It is coarse grained and up to 2mm in size. Fly Hill areas, Central Ridge and Petermorra mineralisation

27. Fly Hill, cassiterite-rich milled breccia Sample 20012 - 15.5% Sn

28. Fly Hill mineralisation - cassiterite and gangue quartz phenocryst cassiterite sericite tourmaline Mag. x 50; scale bar= 200µ; PPL Mag. x 20; scale bar= 500µ; PPL Sample 20017 - 1.51% Sn Sample 20019 - 2.6% Sn -quartz-cassiterite breccia cassiterite veins Mag. x 20; scale bar= 500µ; PPL Mag. x 200; scale bar= 50µ; PPL Sample 20012 - 15.5% Sn - quartz + lithic clasts in cassiterite matrix Sample 20011 - 1.89% Sn - quartz-cassiterite-tourmaline mineralisation

29. Central Ridge mineralisation - cassiterite and gangue Sample 20022A - coarse grained cassiterite associated with quartz Mag. x 20; scale bar = 500µ; PPL Sample 20022A - cassiterite “cementing” quartz grains Mag. x 50; scale bar = 200µ; PPL

30. The Black Rock mineralisation can be followed discontinuously for ~450m. Cassiterite tends to be coarse grained (>0.2mm) and is generally deep red-brown in colour. Mineralisation is associated with beryl, ferberite, Nb-Ta-bearing oxides, phenacite (Be-silicate), fluorite and muscovite. Sulphides tend to be absent. Mineralisation is developed within highly deformed silicic meta-volcanics and is present as anomalous concentrations (200ppm-3000ppm Sn) within these volcanics or as high grade transposed and boudinaged lenses (up to 57.7% Sn). Mineralisation needs to followed to the west and can be traced discontinuously for ~400m to the east . Mineralisation is extremely difficult to follow visually. Black Rock mineralisation

31. Black Rock mineralisation - slab photos Be-rich domain cassiterite Sample 20055 – 57.7% Sn High grade Sn-bearing samples can be easily located if extreme grade. However, below ~20% Sn it is difficult to identify Sn-bearing lithotypes (see sample 20053 adjacent). FPXRF is of use here. Sample 20053 – 16.1% Sn

32. Black Rock mineralisation muscovite cassiterite cassiterite Mag. x 20; scale bar = 500µ; PPL Sample 20055 Many of the cassiterite grains shown here are >0.5mm. Beryl breaks down to fluorite, sericite, phenacite and quartz. beryl phenacite Mag. x 20; scale bar = 500µ; PPL Sample 20055

33. Black Rock, W-Ta-Nb phases intergrowths of tantalo-columbite and ferberite columbo-tantalite Sample 20054 - 25.1% Sn The Black Rock prospect contains anomalous concentrations of W (up to 0.22%), BeO (up to 0.33%), Nb (up to 0.13%) and Ta (up to 244ppm). Samples contain extremely low Zr/Hf and Nb/Ta ratios. Sample 20054

34. Oxide mineralisation cassiterite native bismuth clinobisvanite bismite clinobisvanite Sample 20032 - 1.92% Sn There is limited oxide mineralisation at Prospect Hill. Stanniferous goethite, malachite, chrysocolla, brochantite, bismite, bismutite, clinobisvanite, bismuth-bearing goethite, cuprotungstite, chalcocite and cupriferous goethite are all present. chrysocolla Cu-Bi goethite Sample 20032

35. Mineralisation has developed in intensely altered felsic pyroclastics. Alteration occurred during the emplacement of the sub-volcanic intrusives. Cassiterite is associated with minor Pb-Zn-Ag sulphides (South Ridge) and contains anomalous Bi, Sb, In, Se, Cu, Te, As, U, Cd and W along the South Ridge. The mineralisation has been derived from adjacent high level strongly fractionated granites. This mineralisation is zoned. Mineralisation is “sulphur-poor” with only minor Fe-sulphides (pyrrhotite). Sulphides are found in cross-cutting, folded quartz veins at Fly Hill. Zn can be contained in spinels, oxides and silicates and trace Pb is contained in epidote. No “gossans” and missed by early Cornish miners. Origin of Tin Mineralisation

36. Gangue associated with the different prospects is varied with late Cu-sulphide (chalcopyrite + bornite)-quartz veining cutting the Fly Hill mineralisation and late quartz-scheelite veins cutting the South Ridge mineralisation. At Black Rock muscovite, beryl, tourmaline and phenacite are associated with the mineralisation. Mineralisation is not Cambro-Ordovician and shares a similar age to host volcanics and intrusives. Previous interpretations such as beach placer, Delamerian vein, volcanic exhalative and BHT equivalent are not correct Mineralisation shares similar REE patterns to host volcanics and sub-volcanic intrusives. It developed via the movement of Sn and metal-bearing fluids from a sub-volcanic porphyry body similar to the Prospect Hill granite porphyry.

37. Granitic intrusives are high level to sub-volcanic and are extremely fractionated with low Nb/Ta and Zr/Hf ratios. Associated mineralisation also exhibits low Nb/Ta and Zr/Hf ratios (6 and 7.8 respectively at Black Rock prospect). Intrusives also contain high concentrations of Y, Th, U, Sn and Pb These geochemical characteristics may be used as pathfinders to potential regional host domains. The intrusives and associated volcanics are ~1555Ma, younger than the known hosts of Gawler and Curnamona Cu-mineralisation (1575Ma-1600Ma). These intrusives and extrusives are viewed as a late lower crustal melting phase and share similar ages to metamorphic/metasomatic events in the Mt. Woods-Coober Pedy area, the Mount Painter region and the SE Yorke Peninsula area. Similar aged intrusives are present in the Mt. Woods area and it may be possible that Sn and associated mineralisation in the Central and Southern Gawler Domain may be associated with similar aged intrusives. Exploration Ramifications

38. The mineralisation is associated with anomalous Bi, REEs, U, W, Cu and F. Any anomalous grouping of these elements in a regional soils programme should be viewed positively The FPXRF does not detect coarse (>0.2mm) cassiterite in soils and streams with anomalous Sn in soils detected when cassiterite grain size is between 20µ and 60µ. Original -40+80 mesh stream anomalies have proved to be accurate and in need of follow up even when detailed FPXRF in nearby soils has been ineffective. Because of the general lack of sulphides in the mineralisation the Sn lodes can be very difficult to locate and then delineate.

39. Tin mineralisation occurs over a wide area of the Prospect Hill region. Mineralisation has been tested on the Southern Ridge with an Indicated Resource of 302,000 tonnes @ 0.64% Sn present to 90 vertical metres depth. The mineralisation is open at depth to the west (PHRC037 5m @ 0.85%) and to the east (PHRC029 10m @ 0.48%). 400m + of lode as yet untested. Mineralisation on the South Ridge is associated with intensely altered pyroclastics and contains minor sulphides and abundant fluorite, Mn-Ca-rich garnet, gahnite, biotite (often zincian), quartz, magnetite (often zincian) and K and Ca-rich micas. Scheelite usually develops in late veins cutting the tin mineralisation. Summary

40. The Fly Hill area lodes are approximately 500m in length and contain apparent boudins of extreme grade (~34% Sn). These boudins can be tens of centimetres to tens of metres in length and are dominated by quartz-cassiterite breccias. Coarse grained cassiterite has been identified at the Black Rock prospect. This will be drill tested within the next 6 months. Elsewhere mineralisation is associated with similar deformed Sn and U-rich A-type volcanics and sub-volcanic intrusives which were extruded and emplaced at ~1555Ma. The intrusives are extremely enriched in F, Y, U, Rb, Th, Pb and Sn. These may be the youngest volcanics and intrusives in the Curnamona Craton.

41. The grain size of cassiterite is highly variable usually depending on deformation. Black Rock area, +0.2mm, Fly Hill areas, 10µ to 60µ, South Ridge Prospect, 0.1mm to1mm, Petermorra and Central Ridge Prospects, +0.5mm. Mineralisation appears zoned with Sn-Cu developed in the NE, Sn-Zn-Cu-F(-Pb-Ag) developed in the south and Sn-W (-Ta-Nb-Be-F) developed in the SW. Mineralisation may be derived from a source in the NE. The association of anomalous Sn-Bi-Pb-U-F within the granites, high concentrations of U-Bi within hydrothermal, rounded tourmaline orbicules contained within the granites and abundant anomalous Bi within the northern tin-bearing zones argues for an association between the granite and developing hydrothermal fluids.

42. The limited Pb-isotope data are similar to Pb-isotope data from the North Portia/ Kalkaroo mineralisation dated at ~1600Ma. Alluvial/eluvial Sn potential and U potential in adjacent Tertiary/Cretaceous sequences has not been tested. Intrusives similar to the Prospect Hill Granite porphyry and the White Well Granite and their associated skarn mineralisation may develop elsewhere along the northern flanks of the Curnamona Craton and along the eastern flank of the Gawler Craton.