Reserves

JORC Reserves and Resources

The Runruno JORC Resource Estimate is based on the Mining Associates 2011 Resource Statement put together for the Feasibility Study with only one minor update in 2014 reflecting slightly changed densities for the various rock-types as well as updates for orebody depletion as a result of mining. The Resource block model has continuously updated since with the mining assay results to generate the grade control model. Since mining began the reconciliation has generally indicated the grade control model continuously provides higher tonnes, but at lower grade. The mining block model forms the basis for the JORC Reserves presented below with dilution and volume factors based on historical results generated in the grade control model.

Metals Exploration JORC Reserves and Resources Estimate (as of February 2020)
 Proven ReservesProbable ReservesTotal Reserve
ZoneTonnes
(kt)
Grade
(g/t)
Contained
Au (oz)
Tonnes
(kt)
Grade
(g/t)
Contained
Au (oz)
Tonnes
(kt)
Grade
(g/t)
Contained
Au (oz)
Runruno---11,7001.4500,00011,7001.4500,000

The reserves were generated using the resource block model with a gold inventory of 31.6Mt at 1.12g/t for 1.14Moz based on a 3g/t cut off grade.

Competent Persons’ Statement
The 2020 gold Reserves Estimate is based on information compiled by Mr Iain Ross, who is a Member of The Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. Mr Ross is a full-time employee of Xenith Consulting. Mr Ross has sufficient experience that is relevant to the style of mineralisation and type of deposit described to qualify as a Competent Person as defined by the JORC Code, 2012 Edition. Mr Ross consents to the inclusion of this information in the form and context in which it appears.