TIDM1SN

RNS Number : 3792M

First Tin PLC

14 September 2023

14 September 2023

First Tin Plc

("First Tin" or "the Company")

Mineral Resource Estimate Upgrade at Taronga Tin Project

First Tin PLC ("First Tin"), a tin development company with advanced, low capex projects in Germany and Australia, is pleased to announce an updated Mineral Resource Estimate ("MRE") for its 100% owned Taronga Tin Project in Australia, completed by independent geological consultants H&S Consultants Pty Ltd ("H&SC"). The MRE has been prepared in accordance with the 2012 JORC Code & Guidelines.

The updated MRE is reported using a 0.05% tin ("Sn") cut-off to a maximum depth of 300m below surface (650mRL):

 
 Category     Tonnage (Million)   Grade (%   Tin (Tonnes) 
                                   Sn) 
 Measured           33.0            0.13        44,200 
             ------------------  ---------  ------------- 
 Indicated          38.9            0.11        42,000 
             ------------------  ---------  ------------- 
 Sub-Total 
  (M&I)             71.9            0.12        86,200 
             ------------------  ---------  ------------- 
 Inferred           61.1            0.09        61,100 
             ------------------  ---------  ------------- 
 TOTAL              133.0           0.10       138,300 
             ------------------  ---------  ------------- 
 

(minor rounding errors)

This is a substantial 240% increase in size on the previous MRE announced by Aus Tin Mining Ltd in 2014 which was calculated using a 0.10% Sn cut-off. The lower cut-off for the updated Mineral Resource is based on revised economic considerations including higher 3-year trailing tin prices, lower AUD:USD exchange rates and preliminary estimates of mining, processing and G&A costs.

A direct comparison with the 2014 MRE using a 0.10% Sn cut-off is:

 
                           2014 MRE                          H&SC 2023 MRE              Percentage 
                                                                                          Change 
                                                                                            (%) 
                Tonnes     Grade    Tin (Tonnes)     Tonnes     Grade    Tin (Tonnes) 
               (Million)    (%Sn)                   (Million)    (%Sn) 
             -----------  -------  -------------  -----------  -------  ------------- 
 Measured         -          -           -            21.5       0.17       35,700          - 
             -----------  -------  -------------  -----------  -------  -------------  ----------- 
 Indicated       26.9       0.17       45,200         16.5       0.16       26,000        (42.5) 
             -----------  -------  -------------  -----------  -------  -------------  ----------- 
 Sub-Total       26.9       0.17       45,200         38.0       0.16       61,700         36.5 
             -----------  -------  -------------  -----------  -------  -------------  ----------- 
 Inferred        9.4        0.13       12,000         13.4       0.14       18,600          55 
             -----------  -------  -------------  -----------  -------  -------------  ----------- 
 TOTAL           36.3       0.16       57,200         51.7       0.16       80,300         40.4 
             -----------  -------  -------------  -----------  -------  -------------  ----------- 
 

(minor rounding errors)

The comparison represents a 40% increase in total contained tin metal based on the same cut-off. The difference is primarily due to:

   -- Exploration drilling by First Tin successfully extending the Mineral Resource to the southwest of the existing 
      estimate 
 
   -- A new geological interpretation 
 
   -- A reconfigured grade interpolation technique 

A Measured Resource category has been included for the first time. This is based on the successful hole twinning drill programme conducted by First Tin which validated the Newmont drilling data alongside a more in-depth study of the Newmont QAQC data which confirmed the reliability of the historic drilling data.

A grade-tonnage table is included as Table 1 with a graphical representation shown as Figure 1.

First Tin CEO Thomas Buenger said: "The 2023 MRE represents the culmination of a highly successful drill campaign at Taronga, which opened up new areas of mineralisation and validated previous data. We are very pleased with the large increase in contained tin and the addition of a Measured Resource category, which provides further confidence in the MRE. The grade-tonnage curve shows that the Mineral Resource Estimate is robust and that significant tonnages of higher-grade material exist that will in turn reduce risk due to changing tin prices."

The project is owned by First Tin's 100% owned Australian subsidiary, Taronga Mines Pty Ltd ("TMPL").

 
 Sn Cut 
  off %    Mt     Sn %    Sn Kt 
 0.025    197.3   0.082   161.8 
         ------  ------  ------ 
  0.04    157.0   0.095   149.1 
         ------  ------  ------ 
  0.05    133.0   0.104   138.3 
         ------  ------  ------ 
  0.06    111.4   0.113   125.9 
         ------  ------  ------ 
  0.07    92.6    0.123   113.8 
         ------  ------  ------ 
  0.08    76.0    0.134   101.9 
         ------  ------  ------ 
  0.09    62.4    0.145   90.5 
         ------  ------  ------ 
  0.1     51.5    0.156   80.3 
         ------  ------  ------ 
 0.125    32.0    0.183   58.6 
         ------  ------  ------ 
  0.15    20.5    0.209   42.9 
         ------  ------  ------ 
  0.2      8.7    0.261   22.7 
         ------  ------  ------ 
  0.25     3.8    0.315   11.9 
         ------  ------  ------ 
  0.3      1.7     0.37    6.1 
         ------  ------  ------ 
  0.5      0.1    0.589    0.7 
         ------  ------  ------ 
 

Table 1: Tin Grade-Tonnage Table for Taronga

Figure 2 shows an oblique view of the tin block grade distribution for the Taronga Mineral Resources (figure in local grid orientation). The black ellipse highlights the additional resource discovered by First Tin.

Figure 3 demonstrates in an oblique view the distribution of Resource Categories for the Taronga tin deposit (figures in local grid orientation).

 
  All Resource Categories 
 
 
   Measured & Indicated 
 
 
         Measured 
 
 

Figure 3: Distribution of Mineralisation by Category, Taronga

Enquiries:

 
 First Tin                                     Via SEC Newgate below 
 Thomas Buenger - Chief Executive 
  Officer 
 Arlington Group Asset Management 
  Limited (Financial Advisor 
  and Joint Broker) 
 Simon Catt                                            020 7389 5016 
 
 WH Ireland Limited (Joint 
  Broker) 
 Harry Ansell                                          020 7220 1670 
 
 SEC Newgate (Financial Communications) 
 Elisabeth Cowell / Molly                  FirstTin@secnewgate.co.uk 
  Gretton 
 

Notes to Editors

First Tin is an ethical, reliable, and sustainable tin production company led by a team of renowned tin specialists. The Company is focused on becoming a tin supplier in conflict-free, low political risk jurisdictions through the rapid development of high value, low capex tin assets in Germany and Australia.

Tin is a critical metal, vital in any plan to decarbonise and electrify the world, yet Europe has very little supply. Rising demand, together with shortages, is expected to lead tin to experience sustained deficit markets for the foreseeable future. Its assets have been de-risked significantly, with extensive work undertaken to date.

First Tin's goal is to use best-in-class environmental standards to bring two tin mines into production in three years, providing provenance of supply to support the current global clean energy and technological revolutions.

JORC Code, 2012 Edition - Table 1 Taronga Tin Project (TMPL)

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

 
 Criteria       JORC Code explanation                                         Commentary 
 Sampling 
  techniques     *    Nature and quality of sampling (eg cut channels,          *    Sampling consisted of two surface drilling phases: 
                      random chips, or specific specialised industry                 Newmont 1979 to 1982 and Taronga Mines Pty Ltd (TMPL) 
                      standard measurement tools appropriate to the                  2022 to 2023. 
                      minerals under investigation, such as down hole gamma 
                      sondes, or handheld XRF instruments, etc). These 
                      examples should not be taken as limiting the broad        *    Diamond drilling (DD) was used to obtain 1m samples 
                      meaning of sampling.                                           of NQ3/HQ3 core which was sawn in half 
                                                                                     longitudinally. The half core was bagged and sent to 
                                                                                     a commercial laboratory for sample prep and assay. 
                 *    Include reference to measures taken to ensure sample           This is industry standard work. 
                      representivity and the appropriate calibration of any 
                      measurement tools or systems used. 
                                                                                *    The Newmont open hole percussion (OHP) and JACRO 
                                                                                     percussion drilling was used to obtain 1m samples. (a 
                 *    Aspects of the determination of mineralisation that            JACRO percussion rig was used to sample shallow areas 
                      are Material to the Public Report.                             with shallow angled drillholes). 
 
 
                 *    In cases where 'industry standard' work has been done     *    The TMPL Reverse Circulation (RC) drilling was used 
                      this would be relatively simple (eg 'reverse                   to obtain 1m samples from a 4.5 inch diameter drill 
                      circulation drilling was used to obtain 1 m samples            hole. This is industry standard work. 
                      from which 3 kg was pulverised to produce a 30 g 
                      charge for fire assay'). In other cases more 
                      explanation may be required, such as where there is       *    To ensure sample representivity all diamond drilling 
                      coarse gold that has inherent sampling problems.               was triple tube. 
                      Unusual commodities or mineralisation types (eg 
                      submarine nodules) may warrant disclosure of detailed 
                      information.                                              *    To ensure sample representivity appropriate 
                                                                                     compressors were used for the OHP/JACRO/RC drilling 
                                                                                     to lift all the sample and prevent water inflows. 
 
 
                                                                                *    Mineralisation is characterised as sheeted quartz 
                                                                                     veins with minor cassiterite, arsenopyrite and 
                                                                                     chalcopyrite in hornfelsed metasediments. Veins are 
                                                                                     often hairline fractures and there is no obviously 
                                                                                     visible pervasive alteration associated with the 
                                                                                     hornfelsing. No discrete boundaries to the 
                                                                                     mineralisation are known to exist. All drilling 
                                                                                     samples were analysed and hence no prior 
                                                                                     determination of mineralisation was made. 
 
 
                                                                                *    Laboratory sample prep involved industry standard 
                                                                                     drying, weighing and crushing followed by splitting 
                                                                                     (where sample size was too large) and pulverising. 
                                                                                     For Newmont this was completed on site with analysis 
                                                                                     at a commercial laboratory, whilst for TMPL the 
                                                                                     sample prep and analysis was completed at a 
                                                                                     commercial laboratory. The subsequent pulp sample was 
                                                                                     analysed by an appropriate industry standard method 
                                                                                     for the time. 
               ============================================================ 
 Drilling 
  techniques      *    Drill type (eg core, reverse circulation, open-hole      *    Details of drilling for the general area: 
                       hammer, rotary air blast, auger, Bangka, sonic, etc) 
                       and details (eg core diameter, triple or standard        Company      Type    No of Holes     Metres 
                       tube, depth of diamond tails, face-sampling bit or       Newmont       DD         173       25,718.8 
                       other type, whether core is oriented and if so, by                  -------  ------------  --------- 
                       what method, etc).                                               OHP              81         5,573.5 
                                                                                ------------------  ------------  --------- 
                                                                                       JACRO             97         3,771.0 
                                                                                ------------------  ------------  --------- 
                                                                                       Total             351       35,063.3 
                                                                                ------------------  ------------  --------- 
 
                                                                                TMPL         Type    No of Holes     Metres 
                                                                                           -------  ------------  --------- 
                                                                                        DD               13         1,619.2 
                                                                                ------------------  ------------  --------- 
                                                                                        RC               46         4,714.0 
                                                                                ------------------  ------------  --------- 
                                                                                       Total             59         6,333.2 
                                                                                ------------------  ------------  --------- 
 
                                                                                Combined     Type    No of Holes     Metres 
                                                                                           -------  ------------  --------- 
                                                                                        DD               186       27,338.0 
                                                                                ------------------  ------------  --------- 
                                                                                        OHP              81         5,573.5 
                                                                                ------------------  ------------  --------- 
                                                                                        RC               46         4,714.0 
                                                                                ------------------  ------------  --------- 
                                                                                       JACRO             97         3,771.0 
                                                                                ------------------  ------------  --------- 
                                                                                       Total             410       41,396.5 
                                                                                ------------------  ------------  --------- 
 
 
                                                                               Newmont 
                                                                                *    DD were collared HQ or with OHP, reducing to NQ 
                                                                                     triple tube once solid ground was met. Triple tube 
                                                                                     drilling was employed to maximise core recovery and 
                                                                                     minimise the loss of cassiterite. Core was not 
                                                                                     oriented. 
 
 
                                                                                *    OHP drilling was originally undertaken using a high 
                                                                                     pressure Schramm rig. Later percussion drilling, 
                                                                                     including all drillholes in the PG 400 series, used a 
                                                                                     high pressure T-3 rig with a 140mm tungsten bit. The 
                                                                                     rig was equipped with a primary cyclone connected to 
                                                                                     a manifold at the collar for sample recovery. A 
                                                                                     secondary Donaldson filter was attached to the outlet 
                                                                                     of the primary cyclone to collect minus 5 micrometre 
                                                                                     dust. 
 
 
                                                                                *    A modified JACRO percussion rig equipped with a 
                                                                                     vacuum sample recovery system was used exclusively 
                                                                                     for Newmont's shallow angle drilling. 
 
 
 
                                                                               TMPL 
                                                                                *    Diamond drilling was undertaken using an HQ bit with 
                                                                                     a soft matrix. Triple tube drill rods were used to 
                                                                                     ensure good core recovery and avoid washing out of 
                                                                                     cassiterite. Core was not oriented. 
 
 
                                                                                *    Percussion drilling was undertaken using a face 
                                                                                     sampling 4.5 inch "Black Diamond" hammer, 137mm PED 
                                                                                     (polycarbonate diamond) bit and a 4.5 inch, 6m 
                                                                                     stainless steel rod. A tight shroud (3mm gap) ensured 
                                                                                     the holes remained as straight as possible. A 350psi, 
                                                                                     900cfm compressor was used to keep holes dry and 
                                                                                     ensure all heavy minerals such as cassiterite are 
                                                                                     recovered. 
 Drill sample 
  recovery       *    Method of recording and assessing core and chip           *    All core intervals are measured and compared with the 
                      sample recoveries and results assessed.                        drillers marks to determine actual recovery. Recovery 
                                                                                     was generally 100% apart from isolated intervals with 
                                                                                     poor ground conditions, generally either near surface 
                 *    Measures taken to maximise sample recovery and ensure          or in fault zones. Average recovery for Newmont DD is 
                      representative nature of the samples.                          97.3% with average recovery for TMPL DD of 96.8% 
 
 
                 *    Whether a relationship exists between sample recovery     *    All RC and OHP samples were weighed at site. This 
                      and grade and whether sample bias may have occurred            gives a good idea as to recovery for the 1m intervals 
                      due to preferential loss/gain of fine/coarse                   sampled as the density does not vary significantly. 
                      material.                                                      Recovery for the OHP was estimated to be very good in 
                                                                                     general. Semi quantitative analysis of the TMPL 
                                                                                     weighed RC samples indicated an average recovery 
                                                                                     >90%. 
 
 
                                                                                *    No information on the JACRO holes' recovery was 
                                                                                     available. 
 
 
                                                                                *    All diamond drilling used triple tube rods to 
                                                                                     maximise sample recovery. 
 
 
                                                                                *    There is some speculation by TMPL that the drilling 
                                                                                     and core cutting processes may have resulted in small 
                                                                                     scale loss of tin through washout associated with the 
                                                                                     vein margins and very small vughs in the tin-bearing 
                                                                                     veins. Conclusive evidence for this is lacking. 
 
 
                                                                                *    For the percussion drilling a high pressure and 
                                                                                     volume compressor was used to ensure good sample 
                                                                                     return and to keep holes dry. No significant water 
                                                                                     was encountered meaning sample quality was good. The 
                                                                                     hole was cleaned out with compressed air after every 
                                                                                     rod change and no significant volume of material was 
                                                                                     returned via this process. 
 
 
                                                                                *    No relationship can be seen between recovery and tin 
                                                                                     grade. No sample bias is noted. 
 
 
                                                                                *    Previous work by Mining One suggested that there was 
                                                                                     downhole smearing of tin grade associated with the 
                                                                                     JACRO drilling based on geostatistical work, but a 
                                                                                     review of the Newmont JACRO/DD twin hole drilling 
                                                                                     indicated no bias; check modelling without the JACRO 
                                                                                     drilling indicated no difference in global block 
                                                                                     grades. Visual inspection might suggest possible 
                                                                                     smearing but it is difficult to be certain. The JACRO 
                                                                                     holes were included in the Mineral Resource estimate. 
               ============================================================ 
 Logging 
                  *    Whether core and chip samples have been geologically     *    All samples have been geologically logged to a level 
                       and geotechnically logged to a level of detail to             of detail to support appropriate mineral estimation, 
                       support appropriate Mineral Resource estimation,              mining, and metallurgical studies. 
                       mining studies and metallurgical studies. 
 
                                                                                *    The TMPL diamond holes have been geotechnically 
                  *    Whether logging is qualitative or quantitative in             logged to a level of detail to support appropriate 
                       nature. Core (or costean, channel, etc) photography.          mineral estimation, mining, and metallurgical studies 
 
 
                  *    The total length and percentage of the relevant          *    All drill core logging is both qualitative and 
                       intersections logged.                                         quantitative in nature, with the TMPL logging 
                                                                                     following a strict set of guidelines. The entire 
                                                                                     length each hole has been logged. 
 
 
                                                                                *    The Newmont drilling was completed as hardcopy 
                                                                                     logsheets which were transcribed into a digital 
                                                                                     format in 2013. All TMPL core was digitally logged 
                                                                                     and has been photographed. 
 
 
                                                                                *    All RC, OHP and JACRO logging is semi-quantitative in 
                                                                                     nature, with the TMPL RC drilling following a strict 
                                                                                     set of guidelines, with percentage estimates made. 
                                                                                     Representative sub-samples were collected, sieved and 
                                                                                     selectively panned to visually estimate heavy mineral 
                                                                                     content. A sub-set of rock chips for each RC sample 
                                                                                     are kept in chip-trays for reference and stored on 
                                                                                     site. 
 Sub-sampling                                                                    Newmont drilling sample prep 
  techniques      *    If core, whether cut or sawn and whether quarter,           *    NQ core was sawn in half longitudinally at 1m 
  and sample           half or all core taken.                                          intervals with one half dispatched to Analabs Pty 
  preparation                                                                           Limited ("Analabs") in Perth, Australia for assay. 
                                                                                        The half core selected for assay was crushed (size 
                  *    If non-core, whether riffled, tube sampled, rotary               unknown) then ground to 500 microns from which a 100g 
                       split, etc and whether sampled wet or dry.                       sample was split and pulverized to less than 75 
                                                                                        microns. A lab duplicate of each tenth sample was 
                                                                                        split and pulverised to check sample preparation and 
                  *    For all sample types, the nature, quality and                    assaying reliability. These were appropriate, 
                       appropriateness of the sample preparation technique.             industry standard, sampling and sample preparation 
                                                                                        techniques for the time. 
 
                  *    Quality control procedures adopted for all 
                       sub-sampling stages to maximise representivity of           *    All 1m percussion drill samples were prepared for 
                       samples.                                                         assay on site using four stages of size reduction 
                                                                                        comprising jaw crusher, rolls crusher, disc grinder 
                                                                                        and ring grinder (pulveriser), with sample splitting 
                  *    Measures taken to ensure that the sampling is                    between stages in accord with Pierre Gy's 
                       representative of the in situ material collected,                "Particulate Sampling Procedures". The pulverised 
                       including for instance results for field                         material was dispatched to Analabs in Perth for 
                       duplicate/second-half sampling.                                  assay. 
 
 
                  *    Whether sample sizes are appropriate to the grain           *    A duplicate of each tenth sample was split and 
                       size of the material being sampled.                              pulverised to check sample preparation and assaying 
                                                                                        reliability. These were appropriate, industry 
                                                                                        standard, sampling and sample preparation techniques 
                                                                                        at the time. 
 
 
                                                                                   *    Duplicate samples showed that a majority of duplicate 
                                                                                        Sn assays deviated by less than 2.5% relative to 
                                                                                        perfect correlation. 
 
 
 
                                                                                  TMPL drilling sample prep 
                                                                                   *    HQ core was sawn in half longitudinally after fitting 
                                                                                        together of core across drillers breaks and a 
                                                                                        reference line marked on the core. A consistent side 
                                                                                        of the core is taken for sampling with the samples 
                                                                                        sent to the ALS laboratory in Brisbane, Australia. 
 
 
                                                                                   *    All RC cuttings were weighed then riffle split on 
                                                                                        site to obtain between 3kg and 5kg of sample. All 
                                                                                        samples are dry. The sub-sample is sent to the ALS 
                                                                                        laboratory in Brisbane. 
 
 
                                                                                   *    Core and RC chip sample prep consists of crushing to 
                                                                                        70% passing 6mm with splitting used if crushed sample 
                                                                                        is over 3kg. The entire sample or sub-sample is then 
                                                                                        pulverized in a mill to 85% finer than 75um. 
 
 
                                                                                   *    Prior to dispatch of samples, the following QAQC 
                                                                                        samples are added: 
 
 
                                                                                  o Field duplicates are added at the rate of 
                                                                                  1 in 20 samples for RC. These are riffle split 
                                                                                  from the original sample on site. 
                                                                                  o For diamond drilling, the half core is split 
                                                                                  into two quarter cores every 1 in 20 samples 
                                                                                  and these are sent as field duplicates . 
 
                                                                                   *    Sample sizes are considered appropriate for the 
                                                                                        material being sampled as the tin mineralisation 
                                                                                        occurs as cassiterite (SnO(2) ) within sub-vertical 
                                                                                        veins that are between 0.05mm and 0.5cm wide (rarely 
                                                                                        to 5cm) and cassiterite crystals are smaller than the 
                                                                                        vein width. Vein density varies from about 5/m to 
                                                                                        greater than 20/m and hence several veins are sampled 
                                                                                        in each metre. This compares favourably with the 
                                                                                        sample size that is approximately 10,000 cm(3) for RC 
                                                                                        and 3,200cm(3) for HQ core before sub-sampling. 
 
 
                                                                                   *    No independent sizing checks were completed. The ALS 
                                                                                        Lab completed its own internal checks and reported 
                                                                                        the results. 
               ============================================================ 
 Quality                                                                                      Newmont 
  of assay       *    The nature, quality and appropriateness of the                            *    All Sn assays were performed by taking 10g samples 
  data and            assaying and laboratory procedures used and whether                            from the 100g pulverised samples. The samples were 
  laboratory          the technique is considered partial or total.                                  analysed for Sn using pressed powder X-ray 
  tests                                                                                              fluorescence at Analabs. Pressed powder X-ray 
                                                                                                     fluorescence was the industry standard for Sn 
                 *    For geophysical tools, spectrometers, handheld XRF                             analysis at the time. 
                      instruments, etc, the parameters used in determining 
                      the analysis including instrument make and model, 
                      reading times, calibrations factors applied and their                     *    Comparison of Sn assays of samples from diamond drill 
                      derivation, etc.                                                               and percussion holes was good and no bias between the 
                                                                                                     two sets of analyses is evident. 
 
                 *    Nature of quality control procedures adopted (eg 
                      standards, blanks, duplicates, external laboratory                        *    For every 30 samples, four standards were inserted on 
                      checks) and whether acceptable levels of accuracy (ie                          rotation. In addition, every tenth sample was lab 
                      lack of bias) and precision have been established.                             duplicate assayed. 
 
 
                                                                                                *    Selected samples were check assayed at other 
                                                                                                     laboratories and using other assay methods, including 
                                                                                                     an XRF method developed by Cleveland Tin Limited in 
                                                                                                     Tasmania which was a significant Australian tin 
                                                                                                     producer at the time. The checks confirmed that 
                                                                                                     Analab's procedures were satisfactory and that sample 
                                                                                                     preparation and assay quality were consistently 
                                                                                                     maintained by Analabs. 
 
 
 
                                                                                               TMPL 
                                                                                                *    All Sn assays were performed on a 0.1g sub-sample of 
                                                                                                     the pulverised and mixed material, which was taken 
                                                                                                     and fused with lithium borate. The fused bead is then 
                                                                                                     analysed by a mass spectrometer using method ME-MS85 
                                                                                                     which reports Sn, W, Ta and Nb. This returns a total 
                                                                                                     tin content, including tin as cassiterite. Over limit 
                                                                                                     assays of tin are re-analysed using method ME-XRF15b 
                                                                                                     which involves fusion with lithium metaborate with a 
                                                                                                     lithium tetraborate flux containing 20% NaNO(3) with 
                                                                                                     an XRF finish. 
 
 
                                                                                                *    Other elements are analysed by method ME-ICP61 using 
                                                                                                     a 0.25g sub-sample. This involves a 4 acid digest 
                                                                                                     with an ICP-AES finish. This is an industry standard 
                                                                                                     technique for a suite of 34 elements, including tin, 
                                                                                                     copper, arsenic, sulphur and silver. The tin assay is 
                                                                                                     only acid soluble tin and thus can be subtracted from 
                                                                                                     the fusion tin assays to obtain tin as cassiterite. 
                                                                                                     Acid soluble tin is generally associated with 
                                                                                                     stannite and in the lattice of silicates. The acid 
                                                                                                     soluble tin is generally insignificant in relation to 
                                                                                                     tin as cassiterite at Taronga. 
 
 
                                                                                                *    Prior to dispatch of samples, the following QAQC 
                                                                                                     samples were added: 
 
 
                                                                                               o 3 Certified Reference Materials, representative 
                                                                                               of the expected grades were inserted into the 
                                                                                               sample suite at the rate of 1 in 40 samples. 
                                                                                               o Coarse Blanks were inserted at the rate of 
                                                                                               1 in 40 samples. 
                                                                                                *    If results for the CRMs indicated a >5% assay error, 
                                                                                                     the sample was compared with other CRMs in the same 
                                                                                                     batch. If other CRMs indicated similar errors the lab 
                                                                                                     was contacted to review. 
 
 
                                                                                                *    All QAQC data is within acceptable limits. 
 Verification                                                                                  Newmont 
 of sampling     *    The verification of significant intersections by                          *    There is no information on any verification of 
 and assaying         either independent or alternative company personnel.                           significant intersections by either independent or 
                                                                                                     alternative company personnel. 
 
                 *    The use of twinned holes. 
                                                                                                *    Geological interpretations were made using 
                                                                                                     cross-sections and level plans. Mining One accepted 
                 *    Documentation of primary data, data entry procedures,                          the Northern Zone 101 and the Southern Zones of 
                      data verification, data storage (physical and                                  Payback, Payback Extended, Hillside and Hillside 
                      electronic) protocols.                                                         Extended were interpreted on cross-sections as 
                                                                                                     reported in a Pre-feasibility Study prepared by 
                                                                                                     Newmont Holdings Pty Ltd in 1982. 
                 *    Discuss any adjustment to assay data. 
 
                                                                                                *    A small number of twinned holes (10 pairs) were 
                                                                                                     completed by Newmont and comparison of length 
                                                                                                     weighted intercepts indicated no obvious bias. 
 
 
                                                                                                *    There is no information available on documentation of 
                                                                                                     primary data, data entry procedures, data 
                                                                                                     verification, data storage. It is assumed all data 
                                                                                                     was paper copies subsequently transcribed by 
                                                                                                     AusTinMining using a data entry bureau service. 
 
 
                                                                                                *    There are no reports of any adjustments made to the 
                                                                                                     assay data, although it appears that some transcribed 
                                                                                                     assay data was limited to 2 decimal places rendering 
                                                                                                     very low grade data as zeroes. 
 
 
 
                                                                                               TMPL 
                                                                                                *    Simon Tear, a director of independent consultants H&S 
                                                                                                     Consultants Pty Ltd, has viewed and verified all core 
                                                                                                     from 6 DD holes. 
 
 
                                                                                                *    Twinning of previous Newmont drillholes has included: 
 
 
                                                                                               o 11 TMPL DD twins of Newmont DD Holes 
                                                                                               o 2 TMPL DD twins of Newmont OPH holes 
                                                                                               o 5 TMPL RC twins of Newmont OPH holes 
                                                                                                *    Twin holes were selected to represent all zones of 
                                                                                                     mineralisation and the length of the known deposit. 
 
 
                                                                                                *    All results are within acceptable limits taking into 
                                                                                                     account any possible nugget effect resulting from 
                                                                                                     coarse cassiterite (noticed in three drill 
                                                                                                     intersections). Due to the small number of high grade 
                                                                                                     veins, top cutting of the high grade assays has a 
                                                                                                     negligible effect on the overall grade. 
 
 
                                                                                                *    All data is recorded on site in MSExcel spreadsheets 
                                                                                                     and this is later transferred to an MSAccess database 
                                                                                                     - the main data repository via cut and paste. 
                                                                                                     Detailed protocols for data recording, logging codes 
                                                                                                     etc are used. The assay data is received from the 
                                                                                                     laboratory (ALS) via csv and pdf files with attached 
                                                                                                     certificates. This may also be downloaded directly 
                                                                                                     from the ALS website by the senior project geologist. 
                                                                                                     The assay data is then merged using sample number. 
                                                                                                     Detailed protocols for data recording, logging codes 
                                                                                                     etc are used. 
 
 
                                                                                                *    Assays below lower detection limits were substituted 
                                                                                                     with half lower detection limit. 
               ============================================================ 
 Location                                                                        Newmont 
  of data        *    Accuracy and quality of surveys used to locate drill         *    Drill hole collars were located by theodolite 
  points              holes (collar and down-hole surveys), trenches, mine              traverses by qualified surveyors. 
                      workings and other locations used in Mineral Resource 
                      estimation. 
                                                                                   *    A local grid parallel to the strike of the 
                                                                                        mineralisation was used. Local grid north has a 
                 *    Specification of the grid system used.                            bearing of 055.103(O) true. A 3.5km baseline was 
                                                                                        surveyed with surveyed cross-lines at 100m intervals. 
 
                 *    Quality and adequacy of topographic control. 
                                                                                   *    Holes were surveyed down-hole for azimuth and dip 
                                                                                        using down-hole cameras with a range of downhole 
                                                                                        depths from 15m to 50m. Given the generally 
                                                                                        non-magnetic nature of the mineralisation and the 
                                                                                        host rocks, this was a reasonable survey method. 
 
 
                                                                                   *    Topographic maps at 1:1000 scale were prepared by 
                                                                                        Australian Aerial Mapping. The maps were related to 
                                                                                        the local grid. 
 
 
 
                                                                                  TMPL 
                                                                                   *    All hole collars are accurately surveyed post 
                                                                                        drilling with a RTK GPS (+/-0.1m accuracy). 
 
 
                                                                                   *    All DD are surveyed downhole at 30m intervals using 
                                                                                        Axis Champ Gyroscope. 
 
 
                                                                                   *    All RC holes are surveyed at 30m intervals using a 
                                                                                        Trushot Digital survey tool. 
 
 
                                                                                   *    The grid system used is GDA94, zone 56. 
 
 
                                                                                   *    Topography is obtained via a LiDAR survey flown in 
                                                                                        late 2022 and is to sub-10cm accuracy. 
 
 
                                                                                   *    All data was converted to local grid by H&SC for 
                                                                                        resource estimation work. 
 
 
 
                                                                                   *    H&SC undertook field measurement of 20 drill collars 
                                                                                        from both phases using a hand held GPS. Average 
                                                                                        discrepancy was 0.5m in the easting and 0.5m in the 
                                                                                        northing. 
 Data spacing 
 and             *    Data spacing for reporting of Exploration Results.        *    The Newmont drilling was nominally on a 50m by 50m 
 distribution                                                                        pattern with 25m infill drilling in some areas. 
 
                 *    Whether the data spacing and distribution is 
                      sufficient to establish the degree of geological and      *    The TMPL drilling completed in 2022/3 was nominally 
                      grade continuity appropriate for the Mineral Resource          at the same 50m by 50m spacing. 
                      and Ore Reserve estimation procedure(s) and 
                      classifications applied. 
                                                                                *    Virtually all downhole sampling was 1m intervals from 
                                                                                     surface. 
                 *    Whether sample compositing has been applied. 
 
                                                                                *    Data spacing is sufficient to establish the 
                                                                                     geological and grade continuity appropriate for the 
                                                                                     Mineral Resource estimation and classification 
                                                                                     procedures applied for this report. 
 
 
                                                                                *    No sample compositing has been applied. 
               ============================================================ 
 Orientation 
 of data         *    Whether the orientation of sampling achieves unbiased     *    The drilling is oriented at 90deg to the strike of 
 in relation          sampling of possible structures and the extent to              the sheeted vein system. 
 to                   which this is known, considering the deposit type. 
 geological 
 structure                                                                      *    The vein system is sub-vertical and the drilling is 
                 *    If the relationship between the drilling orientation           angled between -25deg and -60deg to be as close as 
                      and the orientation of key mineralised structures is           possible to cutting across the veins at 90deg. Due to 
                      considered to have introduced a sampling bias, this            difficulties drilling at very shallow angles, 
                      should be assessed and reported if material.                   especially with RC, a default angle of -60deg was 
                                                                                     adopted for the later TMPL drillholes. 
 
 
                                                                                *    As drilling was designed to cut the main sheeted vein 
                                                                                     system at as high an angle as possible, the potential 
                                                                                     for any introduced sampling bias is considered minor. 
 Sample 
  security        *    The measures taken to ensure sample security.            *    Samples of Newmont drill core and percussion chips 
                                                                                     were bagged and tagged and shipped to the assay 
                                                                                     laboratory by independent third party transport. No 
                                                                                     further information is available. 
 
 
                                                                                *    A chain of custody was maintained for all TMPL 
                                                                                     drilling. 
 
 
                                                                                *    TMPL samples were placed in calico bags in groups of 
                                                                                     seven which were then wrapped in opaque polyweave 
                                                                                     bags, stacked on a palette and wrapped with pallet 
                                                                                     wrap and tape. 
 
 
                                                                                *    Samples sent to the lab via registered courier with 
                                                                                     tracking capabilities. 
 
 
                                                                                *    Samples arrive at the lab and were cross checked with 
                                                                                     a separate despatch form (electronically sent to 
                                                                                     ALS). 
               ============================================================ 
 Audits 
  or reviews      *    The results of any audits or reviews of sampling         *    An review of sampling procedures and protocols was 
                       techniques and data.                                          completed by Simon Tear of independent consultants 
                                                                                     H&S Consultants Pty Ltd whilst drilling was in 
                                                                                     progress, with some recommendations. 
=============  ============================================================  ============================================================================= 
 

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

 
 Criteria         JORC Code explanation                                            Commentary 
 Mineral 
  tenement          *    Type, reference name/number, location and ownership        *    The project is secured by two granted tenements: 
  and land               including agreements or material issues with third              EL8407 and ML 1774, both of which are currently in 
  tenure status          parties such as joint ventures, partnerships,                   good standing. These are held 100% by TMPL. 
                         overriding royalties, native title interests, 
                         historical sites, wilderness or national park and 
                         environmental settings.                                    *    No joint ventures or other encumbrances are known. 
                                                                                         The underlying properties are freehold land owned 
                                                                                         100% by TMPL apart from a block of Crown Land that 
                    *    The security of the tenure held at the time of                  covers part of the southern deposit area as defined 
                         reporting along with any known impediments to                   by Newmont. 
                         obtaining a licence to operate in the area. 
 
                                                                                    *    The Crown Land is the only land subject to Native 
                                                                                         Title. No Native Title claims existed at the time the 
                                                                                         tenements were granted. 
 
 
                                                                                    *    No national parks, historical sites or environmental 
                                                                                         constraints are known. Recent surveys have identified 
                                                                                         the "vulnerable" flora species Velvet Wattle. This is 
                                                                                         currently being avoided as much as possible and is 
                                                                                         not considered to be a major constraint moving 
                                                                                         forward. 
 
 
                                                                                    *    The only royalty is the state of NSW royalty of 4% on 
                                                                                         tin mined. 
                 =============================================================== 
 Exploration 
  done by           *    Acknowledgment and appraisal of exploration by other        *    Detailed exploration and feasibility studies were 
  other parties          parties.                                                         undertaken by Newmont between 1979 and 1984. These 
                                                                                          have been used where applicable. 
 
 
                                                                                     *    This work was undertaken to a high standard and all 
                                                                                          data is considered to be usable. 
 Geology 
                    *    Deposit type, geological setting and style of              *    The tin deposit is a sheeted vein style +/- 
                         mineralisation.                                                 copper-silver with horizontally and vertically 
                                                                                         extensive veins of quartz-mica-cassiterite-sulphide 
                                                                                         +/-fluorite-topaz occurring over a combined area of 
                                                                                         up to 2,700m by 270m. 
 
 
                                                                                    *    The veins vary in thickness from less than 0.5mm to 
                                                                                         100mm but are generally between 1mm and 10mm thick 
                                                                                         and average about 20 veins per metre. 
 
 
                                                                                    *    The host rock is hornfels derived by contact 
                                                                                         metamorphism of Permian aged metasediments by 
                                                                                         Triassic-aged granites. 
 
 
                                                                                    *    The source of mineralising fluids is interpreted to 
                                                                                         be an underlying intrusion of the Triassic Mole 
                                                                                         Leucogranite, a reduced, highly fractionated, A to I 
                                                                                         type granite. The metals of interest (Sn, Cu, Ag) are 
                                                                                         interpreted to have been enriched in the late 
                                                                                         magmatic fluid of this granite via enrichment of 
                                                                                         incompatible elements during fractional 
                                                                                         crystallisation. Breaching of the magma chamber 
                                                                                         during brittle faulting in an ENE orientation, a 
                                                                                         structural corridor, has tapped these enriched fluids 
                                                                                         which have subsequently deposited the metals due to 
                                                                                         changing temperature and pressure conditions and/or 
                                                                                         mixing with meteoric fluids. 
                 =============================================================== 
 Drill hole                                                                        *    No Exploration Results are being reported. 
  Information          *    A summary of all information material to the 
                            understanding of the exploration results including a 
                            tabulation of the following information for all 
                            Material drill holes: 
 
 
                      o easting and northing of the drill hole collar 
                      o elevation or RL (Reduced Level - elevation 
                      above sea level in metres) of the drill hole 
                      collar 
                      o dip and azimuth of the hole 
                      o down hole length and interception depth 
                      o hole length. 
                       *    If the exclusion of this information is justified on 
                            the basis that the information is not Material and 
                            this exclusion does not detract from the 
                            understanding of the report, the Competent Person 
                            should clearly explain why this is the case. 
 Data                                                                              *    No Exploration Results are being reported. 
 aggregation        *    In reporting Exploration Results, weighting averaging 
 methods                 techniques, maximum and/or minimum grade truncations 
                         (eg cutting of high grades) and cut-off grades are 
                         usually Material and should be stated. 
 
 
                    *    Where aggregate intercepts incorporate short lengths 
                         of high grade results and longer lengths of low grade 
                         results, the procedure used for such aggregation 
                         should be stated and some typical examples of such 
                         aggregations should be shown in detail. 
 
 
                    *    The assumptions used for any reporting of metal 
                         equivalent values should be clearly stated. 
                 =============================================================== 
 Relationship 
 between            *    These relationships are particularly important in the      *    As mineralisation is sub-vertical and while holes dip 
 mineralisation          reporting of Exploration Results.                               at between -25deg and -60deg, actual true widths vary 
 widths and                                                                              from 88% to 50% of interval widths. 
 intercept 
 lengths            *    If the geometry of the mineralisation with respect to 
                         the drill hole angle is known, its nature should be        *    No Exploration Results are being reported. 
                         reported. 
 
 
                    *    If it is not known and only the down hole lengths are 
                         reported, there should be a clear statement to this 
                         effect (eg 'down hole length, true width not known'). 
 Diagrams                                                                          *    No Exploration Results are being reported. 
                    *    Appropriate maps and sections (with scales) and 
                         tabulations of intercepts should be included for any 
                         significant discovery being reported These should 
                         include, but not be limited to a plan view of drill 
                         hole collar locations and appropriate sectional 
                         views. 
                 =============================================================== 
 Balanced                                                                          *    No Exploration Results are being reported. 
  reporting         *    Where comprehensive reporting of all Exploration 
                         Results is not practicable, representative reporting 
                         of both low and high grades and/or widths should be 
                         practiced to avoid misleading reporting of 
                         Exploration Results. 
 Other 
 substantive        *    Other exploration data, if meaningful and material,         *    A detailed feasibility study is currently in 
 exploration             should be reported including (but not limited to):               progress. Bulk samples have been collected for 
 data                    geological observations; geophysical survey results;             metallurgical testwork and the testwork has shown 
                         geochemical survey results; bulk samples - size and              that a saleable concentrate can be produced at 
                         method of treatment; metallurgical test results; bulk            reasonable recovery using simple off the shelf 
                         density, groundwater, geotechnical and rock                      gravity techniques. 
                         characteristics; potential deleterious or 
                         contaminating substances. 
                 =============================================================== 
 Further 
  work              *    The nature and scale of planned further work (eg            *    A definitive feasibility study is currently in 
                         tests for lateral extensions or depth extensions or              progress. No further drilling is planned as part of 
                         large-scale step-out drilling).                                  that process. 
 
 
                    *    Diagrams clearly highlighting the areas of possible 
                         extensions, including the main geological 
                         interpretations and future drilling areas, provided 
                         this information is not commercially sensitive. 
===============  ===============================================================  ============================================================ 
 

Section 3 Estimation and Reporting of Mineral Resources

(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)

 
 Criteria         JORC Code explanation                                         Commentary 
 Database 
  integrity         *    Measures taken to ensure that data has not been         *    The Newmont drilling data was supplied by TMPL as an 
                         corrupted by, for example, transcription or keying           MSAccess database which had been compiled by the 
                         errors, between its initial collection and its use           previous holders of the property, AusTinMining. This 
                         for Mineral Resource estimation purposes.                    data was re-imported into an MSAccess database to 
                                                                                      allow for some error checking. 
 
                    *    Data validation procedures used. 
                                                                                 *    The TMPL recent drilling data was supplied as a 
                                                                                      series of CSV files which H&SC imported into the same 
                                                                                      MSAccess database as used for the Newmont drilling. 
 
 
                                                                                 *    TMPL digital logging process involves android based 
                                                                                      Lenovo Tab M10 HD tablets. The tablet has a rugged 
                                                                                      plastic and rubber waterproof case and requires a pin 
                                                                                      code to unlock. The tablet has various templates 
                                                                                      stored on it for recording different data sets (RC 
                                                                                      logging, DDH logging, RQD's etc). All templates are 
                                                                                      MSExcel spreadsheets and operate via manually typing 
                                                                                      in the data on the tablet or utilizing pre-filled 
                                                                                      drop-down boxes. 
 
 
                                                                                 *    Validation of the Newmont drilling by H&SC included 
                                                                                      original assay and logging sheet checks against the 
                                                                                      supplied digital data for a set of 13 randomly 
                                                                                      selected drillholes. Minor typographic errors were 
                                                                                      noted and fixed. Some of the methodology of 
                                                                                      transcribing the hard copy data could be improved. 
 
 
                                                                                 *    H&SC completed some independent validation of the new 
                                                                                      data to ensure the drill hole database is internally 
                                                                                      consistent. Validation included checking that no 
                                                                                      assays or geological logs occur beyond the end of 
                                                                                      hole and that all drilled intervals have been 
                                                                                      geologically logged. The minimum and maximum values 
                                                                                      of assays and density measurements were checked to 
                                                                                      ensure values are within expected ranges. Further 
                                                                                      checks include testing for duplicate samples and 
                                                                                      overlapping sampling or logging intervals. 
 
 
                                                                                 *    H&SC takes responsibility for the accuracy and 
                                                                                      reliability of the data used in the Mineral Resource 
                                                                                      estimates. 
 
 
                                                                                 *    H&SC used the historic local N-S orthogonal grid for 
                                                                                      all interpretation and modelling work. For subsequent 
                                                                                      mine planning studies this work was rotated and 
                                                                                      converted to MGA94 Zone 56 using the Surpac 2 point 
                                                                                      grid transformation option. 
                 ============================================================ 
 Site visits 
                    *    Comment on any site visits undertaken by the            *    Two site visits were completed by Simon Tear of H&SC, 
                         Competent Person and the outcome of those visits.            in October 2022 during the recent drilling campaign 
                                                                                      and again in June 2023 to review newly drilled 
                                                                                      diamond core and other aspects of the sample data 
                    *    If no site visits have been undertaken indicate why          collection phase. 
                         this is the case. 
 
                                                                                 *    The October 2022 visit involved inspection of both 
                                                                                      ongoing diamond and RC drilling operations. A check 
                                                                                      on collar coordinates for 20 holes including both 
                                                                                      historic and recent holes was completed. A review of 
                                                                                      chip trays for 2 RC drillholes was also undertaken. 
                                                                                      Inspection of the trial adit and its recent TMPL 
                                                                                      sampling was also completed. 
 
 
                                                                                 *    The June 2023 visit involved inspection of 6 DD holes 
                                                                                      from the recent hole twinning programme designed by 
                                                                                      TMPL to test previous results from the Newmont 
                                                                                      drilling. The inspection confirmed the geology, 
                                                                                      mineralisation and assay grades at Taronga as 
                                                                                      comprising thin, cassiterite-bearing veins, in a 
                                                                                      sheeted vein system, hosted within hornfels rock. 
 Geological 
 interpretation    *    Confidence in (or conversely, the uncertainty of )       *    The mineralisation comprises North Pit and South Pit 
                        the geological interpretation of the mineral deposit.         zones with a relatively lower grade zone in between 
                                                                                      (partly the result of a lack of drilling and a change 
                                                                                      in the host lithology with possibly a change in the 
                   *    Nature of the data used and of any assumptions made.          rheological properties of the host). 
 
 
                   *    The effect, if any, of alternative interpretations on    *    The North Pit comprises two higher grade elongate tin 
                        Mineral Resource estimation.                                  zones with an enveloping zone of lower grade tin 
                                                                                      forming a single mass. Whilst the South Pit comprises 
                                                                                      up to five distinct and well separated elongate 
                   *    The use of geology in guiding and controlling Mineral         tin-enriched zones with parallel strike and dip. 
                        Resource estimation. 
 
                                                                                 *    The host rock is the result of relatively uniform 
                   *    The factors affecting continuity both of grade and            hornfelsing of either siltstone or sandstone. 
                        geology. 
 
                                                                                 *    Mineralisation consists of quartz-cassiterite veins 
                                                                                      from hairline fractures to veins up to 5-10cm thick. 
                                                                                      Chalcopyrite and arsenopyrite disseminations, blebs 
                                                                                      and veinlets are commonly associated with the 
                                                                                      tin-bearing veins. Minor pyrite zones are 
                                                                                      occasionally visible. 
 
 
                                                                                 *    There is no obvious visible lithological or 
                                                                                      structural control to the tin mineralisation, save 
                                                                                      for a broad NE/SW striking enriched zone, presumably 
                                                                                      some form of structural corridor. The system has been 
                                                                                      interpreted as a sheeted vein deposit. 
 
 
                                                                                 *    No geological interpretation per se has been 
                                                                                      completed as the tin grades define the tin 
                                                                                      mineralization in the rather amorphous-looking 
                                                                                      hornfels. Any wireframe for the tin mineralization 
                                                                                      would ultimately be a simple grade shell. 
 
 
                                                                                 *    There is insufficient data to define with confidence 
                                                                                      any specific or significant fault structure. 
 
 
                                                                                 *    A review of multi-element data from the recent 
                                                                                      drilling has allowed for the interpretation of a 
                                                                                      sodium depletion zone corresponding with a weak 
                                                                                      potassic enrichment as matching the definition of the 
                                                                                      tin mineralisation. The study also highlighted a 
                                                                                      lithogeochemical difference between the host rocks 
                                                                                      for the South and North Pits. 
 
 
                                                                                 *    An oxidation surface, reflecting both complete and 
                                                                                      partial weathering, was developed by H&SC from logged 
                                                                                      historic and recent drilling data, with support from 
                                                                                      the multielement assays. Confidence in the surface is 
                                                                                      moderate as the data is incomplete and there is 
                                                                                      uncertainty as to whether weathering has formed a 
                                                                                      broad, horizontal front roughly parallel to the 
                                                                                      surface topography and/or that there are more 
                                                                                      isolated, penetrative fingers of weathering to 
                                                                                      greater depths via fault structures. 
                 ============================================================ 
 Dimensions 
                   *    The extent and variability of the Mineral Resource       *    The Mineral Resources have a strike length of around 
                        expressed as length (along strike or otherwise), plan         2.7km in a north easterly (grid north) direction. The 
                        width, and depth below surface to the upper and lower         plan width of the resource varies from 200m to 400m 
                        limits of the Mineral Resource.                               with an average of around 270m. The upper limit of 
                                                                                      the mineralisation is exposed with the fresh rock 
                                                                                      generally occurring around 20m below surface and the 
                                                                                      lower limit of the Mineral Resources extends to an 
                                                                                      approximate depth of 550m below surface (400mRL). 
 
 
                                                                                 *    The lower limit to the Mineral Resource is a direct 
                                                                                      function of the depth limitations to the drilling in 
                                                                                      conjunction with the search parameters. The 
                                                                                      mineralisation is open at depth and laterally to the 
                                                                                      southwest, beyond the South Pit zone. 
 Estimation 
  and modelling    *    The nature and appropriateness of the estimation         *    The drillhole database was composited with no 
  techniques            technique(s) applied and key assumptions, including           constraints to 1m composites covering the whole of 
                        treatment of extreme grade values, domaining,                 the prospect. 
                        interpolation parameters and maximum distance of 
                        extrapolation from data points. If a computer 
                        assisted estimation method was chosen include a          *    Ordinary Kriging (OK) with two search domains was 
                        description of computer software and parameters used.         used to complete the tin grade estimation using 
                                                                                      H&SC's in-house GS3M modelling software. The 
                                                                                      geological interpretation and block model creation 
                   *    The availability of check estimates, previous                 and validation was completed using the Surpac mining 
                        estimates and/or mine production records and whether          software. H&SC considers OK to be an appropriate 
                        the Mineral Resource estimate takes appropriate               estimation technique for the type of mineralisation 
                        account of such data.                                         and extent of data available. The tin composite data 
                                                                                      has a relatively low coefficient of variation of 
                                                                                      approximately 1.6 (CV = standard deviation divided by 
                   *    The assumptions made regarding recovery of                    the mean). 
                        by-products. 
 
                                                                                 *    Regression equations based on newly available assay 
                   *    Estimation of deleterious elements or other non-grade         data were used to estimate missing copper, arsenic 
                        variables of economic significance (eg sulphur for            and sulphur composite values. The arsenic and sulphur 
                        acid mine drainage characterisation).                         datasets are a lot smaller in number compared to the 
                                                                                      copper and silver data. Correlation between the 
                                                                                      various elements was modest to weak but generated 
                   *    In the case of block model interpolation, the block           regression equations based on the tin grade, using 
                        size in relation to the average sample spacing and            the Conditional Expectation technique, resulted in 
                        the search employed.                                          plausible outcomes for Cu, As, Ag & S. It should be 
                                                                                      noted that the copper, arsenic, silver and sulphur 
                                                                                      are not reported as part of the Mineral Resources and 
                   *    Any assumptions behind modelling of selective mining          that the numbers are generated from less data than 
                        units.                                                        that used in the tin Mineral Resources; the elements 
                                                                                      were modelled to allow for waste rock 
                                                                                      characterisation. OK was also used to model these 
                   *    Any assumptions about correlation between variables.          other elements. 
 
 
                   *    Description of how the geological interpretation was     *    A total of 35,176 1m composites, excluding residuals 
                        used to control the resource estimates.                       (137), were generated from the drillhole database and 
                                                                                      modelled for tin, copper, arsenic, silver & sulphur. 
 
                   *    Discussion of basis for using or not using grade 
                        cutting or capping.                                      *    Grade interpolation was unconstrained, except by the 
                                                                                      search parameters and the variography, in 
                                                                                      acknowledgement of the gradational nature to the 
                   *    The process of validation, the checking process used,         margins of the tin mineralisation and the abundance 
                        the comparison of model data to drill hole data, and          of peripheral assays. 
                        use of reconciliation data if available. 
 
                                                                                 *    There were very minor zones of unsampled core which 
                                                                                      were generally surrounded by very low grades and 
                                                                                      therefore did not require the insertion of very low 
                                                                                      grades. These areas were invariably allocated very 
                                                                                      low block grades from the subsequent grade 
                                                                                      interpolation. 
 
 
                                                                                 *    The base of oxidation was treated as a soft boundary. 
                                                                                      No cover surface was created as the mineralisation is 
                                                                                      outcropping and is exposed in many places along its 
                                                                                      ridge line and flanks. 
 
 
                                                                                 *    No top-cutting was applied as extreme values were 
                                                                                      considered by H&SC as not significant and therefore 
                                                                                      top-cutting was considered unnecessary. 
 
 
                                                                                 *    An OK check model using the same composite data was 
                                                                                      completed using the OK option in Surpac. The outcome 
                                                                                      confirmed the original model. A check Multiple 
                                                                                      Indicator Kriging model (in the GS3M software) was 
                                                                                      completed using the same composite data. Again the 
                                                                                      outcome confirmed the original model. An OK check 
                                                                                      model without the JACRO composite data yielded very 
                                                                                      similar outcomes to the original Measured and 
                                                                                      Indicated Resources. 
 
 
                                                                                 *    Block dimensions are 5m by 10m by 5m (Local E, N, RL 
                                                                                      respectively) with no sub-blocking. The north 
                                                                                      dimension was chosen as it is around half to a third 
                                                                                      of the nominal drillhole distances in the detailed 
                                                                                      drilled area of the South Pit. The east dimension was 
                                                                                      chosen to take into account the geometry and 
                                                                                      thickness of the mineralisation in the South Pit. The 
                                                                                      vertical dimension was chosen to reflect the sample 
                                                                                      spacing and possible mining bench heights and to 
                                                                                      allow for flexibility in potential mining scenarios. 
 
 
                                                                                 *    Two search domains were employed, one for the South 
                                                                                      Pit (domain 1) and another for the North Pit (domain 
                                                                                      2) respectively, reflecting a modest change in strike 
                                                                                      between the two zones. 
 
 
                                                                                 *    All elements were modelled as a combined dataset. 5 
                                                                                      search passes were employed with progressively larger 
                                                                                      radii or decreasing data point criteria. The Pass 1 
                                                                                      used radii of 35m by 35m by 5m (along strike, down 
                                                                                      dip and across mineralisation respectively), Passes 
                                                                                      2, 3 and 4 used 50m by 50m by 10m, 70m by 70m by 10m 
                                                                                      & 100m by 100m by 20m respectively, Minimum number of 
                                                                                      data was 12, maximum number of data was 32 with a 
                                                                                      minimum of 4 octants. A fifth pass used 100m by 100m 
                                                                                      by 20m with a minimum of 6 data points from at least 
                                                                                      2 octants. 
 
 
                                                                                 *    The maximum extrapolation for the Mineral Resources 
                                                                                      was in the order of 100m down dip and 100m along 
                                                                                      strike to the NE. 
 
 
                                                                                 *    The resource estimates are controlled by the data 
                                                                                      point distribution, the variography, block size and 
                                                                                      the search ellipse. Conventional use of wireframes to 
                                                                                      control the mineralisation was not considered 
                                                                                      necessary. A preliminary resource model had been 
                                                                                      completed prior to the 2022/3 drilling to ascertain 
                                                                                      likely dilution grades for peripheral material to the 
                                                                                      main tin mineralisation with the subsequent infill 
                                                                                      drilling results generally matching this preliminary 
                                                                                      model. 
 
 
                                                                                 *    The new block model was reviewed visually by H&SC and 
                                                                                      it was concluded that the block model fairly 
                                                                                      represents the grades observed in the drill holes. 
                                                                                      H&SC also validated the block model using a variety 
                                                                                      of summary statistics and statistical plots. No 
                                                                                      issues were noted. 
 
 
                                                                                 *    Comparison with the 2013 resource estimates indicated 
                                                                                      a larger tonnage for the 2023 Mineral Resource at 
                                                                                      approximately the same tin grade. The main increase 
                                                                                      in tonnage was for the South Pit due to the modelling 
                                                                                      method extrapolating much further than the rather 
                                                                                      tight wireframes that were used previously to 
                                                                                      constrain the mineralisation. The increase is also 
                                                                                      mainly the result of the additional exploratory TMPL 
                                                                                      drilling to the south west. Also greater confidence 
                                                                                      in the Newmont drilling data has been achieved with 
                                                                                      the twin holes and the repeat adit sampling to allow 
                                                                                      for Measured Resource to be categorised. 
                 ============================================================ 
 Moisture 
                    *    Whether the tonnages are estimated on a dry basis or     *    Tonnages of the Mineral Resources are estimated on a 
                         with natural moisture, and the method of                      dry weight basis. 
                         determination of the moisture content. 
 Cut-off 
  parameters        *    The basis of the adopted cut-off grade(s) or quality     *    The resources are reported at a tin cut-off of 0.05% 
                         parameters applied.                                           based on the outcome of a recently completed 
                                                                                       throughput study by independent mining consultants 
                                                                                       AMDAD of Brisbane. 
 
 
                                                                                  *    The cut-off grade at which the resource is quoted 
                                                                                       reflects the intended bulk-mining approach. 
                 ============================================================ 
 Mining 
 factors           *    Assumptions made regarding possible mining methods,      *    The Mineral Resources were estimated on the 
 or assumptions         minimum mining dimensions and internal (or, if                assumption that the material is to be mined by open 
                        applicable, external) mining dilution. It is always           pit using a bulk mining method. 
                        necessary as part of the process of determining 
                        reasonable prospects for eventual economic extraction 
                        to consider potential mining methods, but the            *    The proposed mining method is a conventional drill & 
                        assumptions made regarding mining methods and                 blast, truck & excavator with extracted material sent 
                        parameters when estimating Mineral Resources may not          to an on-site ROM pad with a processing plant 
                        always be rigorous. Where this is the case, this              adjacent to the planned pit. 
                        should be reported with an explanation of the basis 
                        of the mining assumptions made. 
                                                                                 *    Minimum mining dimensions are envisioned to be around 
                                                                                      10m by 5m by 5m (strike, across strike, vertical 
                                                                                      respectively). The block size is relatively larger 
                                                                                      than the likely minimum mining dimensions. 
 
 
                                                                                 *    The resource estimation includes internal mining 
                                                                                      dilution. 
 Metallurgical 
 factors           *    The basis for assumptions or predictions regarding        *    Industry standard processing is envisaged for the 
 or assumptions         metallurgical amenability. It is always necessary as           deposit. 
                        part of the process of determining reasonable 
                        prospects for eventual economic extraction to 
                        consider potential metallurgical methods, but the         *    A processing flowsheet has been proposed that will 
                        assumptions regarding metallurgical treatment                  involve comminution, gravity separation and 
                        processes and parameters made when reporting Mineral           floatation to generate a tin concentrate. 
                        Resources may not always be rigorous. Where this is 
                        the case, this should be reported with an explanation 
                        of the basis of the metallurgical assumptions made.       *    The hardness of ore material is at a manageable 
                                                                                       level. 
 
 
                                                                                  *    Initial testwork has demonstrated that penalty 
                                                                                       elements can be limited to acceptable levels. 
 
 
                                                                                  *    Waste products from processing can suitably be dealt 
                                                                                       with. 
                 ============================================================ 
 Environmen-tal 
 factors           *    Assumptions made regarding possible waste and process    *    The deposit lies within hilly, open country typical 
 or assumptions         residue disposal options. It is always necessary as           of the NSW Northern Tablelands. 
                        part of the process of determining reasonable 
                        prospects for eventual economic extraction to 
                        consider the potential environmental impacts of the      *    Land use is predominantly cattle grazing on native or 
                        mining and processing operation. While at this stage          improved pasture. 
                        the determination of potential environmental impacts, 
                        particularly for a greenfields project, may not 
                        always be well advanced, the status of early             *    There are limited flat areas for waste and tailings 
                        consideration of these potential environmental                disposal. Most likely sites are north of a ridge line 
                        impacts should be reported. Where these aspects have          just north of the proposed pits. 
                        not been considered this should be reported with an 
                        explanation of the environmental assumptions made. 
                                                                                 *    Thera are a small number of creeks with seasonal 
                                                                                      flows. 
 
 
                                                                                 *    The host rocks have relatively low sulphur contents. 
 
 
                                                                                 *    Some of the mined material has acid neutralising 
                                                                                      capacity. 
 
 
                                                                                 *    Baseline data collection of a variety of 
                                                                                      environmental parameters is in progress e.g. 
                                                                                      biodiversity, surface water and groundwater. 
 Bulk density 
                   *    Whether assumed or determined. If assumed, the basis     *    Original bulk density measuring work completed by 
                        for the assumptions. If determined, the method used,          Newmont used single pieces of core subjected to the 
                        whether wet or dry, the frequency of the measurements         weight in air/weight in water method (Archimedes 
                  ,                                                                   Principle). The result was a set of default 
                        the nature, size and representativeness of the                densities: 2.8t/m(3) for 'ore' (>0.1%Sn) and 
                        samples.                                                      2.7t/m(3) for waste. 
 
 
                   *    The bulk density for bulk material must have been        *    The 2013 Mining One estimate used a global default of 
                        measured by methods that adequately account for void          2.75t/m(3) . 
                        spaces (vugs, porosity, etc), moisture and 
                        differences between rock and alteration zones within 
                        the deposit.                                             *    Work completed by TMPL used a weight in air/weight in 
                                                                                      water procedure on 415 samples of diamond core. The 
                                                                                      average value was 2.75t/m(3) . 
                   *    Discuss assumptions for bulk density estimates used 
                        in the evaluation process of the different materials. 
                                                                                 *    Core inspection indicated very competent core with no 
                                                                                      significant vughs. 
 
 
                                                                                 *    H&SC subdivided the samples using the base of 
                                                                                      oxidation surface to ascertain the impact of surface 
                                                                                      weathering on the density. The impact was marginal 
                                                                                      with slightly lower values in the oxidized zone as 
                                                                                      would be expected. Default values were inserted into 
                                                                                      the block model for oxide and fresh rock that had 
                                                                                      interpolated grades for the North Pit, and the 
                                                                                      Hillside and Payback subdivisions of the South Pit. 
 
 
                                                                                 *    A density of 2.65t/m(3) was applied to all 'waste' 
                                                                                      i.e. blocks with no interpolated tin grade. 
                 ============================================================ 
 Classification 
                   *    The basis for the classification of the Mineral          *    The classification of the resource estimates is based 
                        Resources into varying confidence categories.                 on the data point distribution which is a function of 
                                                                                      the drillhole spacing. 
 
                   *    Whether appropriate account has been taken of all 
                        relevant factors (ie relative confidence in              *    A defined shape was used for the Measured Resource in 
                        tonnage/grade estimations, reliability of input data,         the North Pit in order to remove a 'spotted dog' 
                        confidence in continuity of geology and metal values,         effect. 
                        quality, quantity and distribution of the data). 
 
                                                                                 *    Other aspects have been considered in the 
                   *    Whether the result appropriately reflects the                 classification including, the style of mineralisation 
                        Competent Person's view of the deposit.                 , 
                                                                                      the geological model, validation of the historic 
                                                                                      drilling, sampling methods and recoveries, 
                                                                                      non-sampled zones, the QAQC programme and results and 
                                                                                      comparison with previous resource estimates. 
 
 
                                                                                 *    H&SC believes the confidence in tonnage and grade 
                                                                                      estimates, the continuity of geology and grade, and 
                                                                                      the distribution of the data reflect Measured, 
                                                                                      Indicated and Inferred categorisation. The estimates 
                                                                                      appropriately reflect the Competent Person's view of 
                                                                                      the deposit. H&SC has assessed the reliability of the 
                                                                                      input data and takes responsibility for the accuracy 
                                                                                      and reliability of the data used to estimate the 
                                                                                      Mineral Resources. 
 Audits                                                                         *    No audits or reviews have been completed. 
  or reviews        *    The results of any audits or reviews of Mineral 
                         Resource estimates. 
                 ============================================================ 
 Discussion 
  of relative      *    Where appropriate a statement of the relative            *    No statistical or geostatistical procedures were used 
  accuracy/             accuracy and confidence level in the Mineral Resource         to quantify the relative accuracy of the resource. 
  confidence            estimate using an approach or procedure deemed                The global Mineral Resource estimates of the Taronga 
                        appropriate by the Competent Person. For example, the         deposit are moderately sensitive to higher cut-off 
                        application of statistical or geostatistical                  grades but does not vary significantly at lower 
                        procedures to quantify the relative accuracy of the           cut-offs. 
                        resource within stated confidence limits, or, if such 
                        an approach is not deemed appropriate, a qualitative 
                        discussion of the factors that could affect the          *    The relative accuracy and confidence level in the 
                        relative accuracy and confidence of the estimate.             Mineral Resource estimates are considered to be in 
                                                                                      line with the generally accepted accuracy and 
                                                                                      confidence of the nominated Mineral Resource 
                   *    The statement should specify whether it relates to            categories. This has been determined on a qualitative 
                        global or local estimates, and, if local, state the     , 
                        relevant tonnages, which should be relevant to                rather than quantitative, basis, and is based on the 
                        technical and economic evaluation. Documentation              Competent Person's experience with similar deposits 
                        should include assumptions made and the procedures            and geology. 
                        used. 
 
                                                                                 *    The Mineral Resource estimates are considered to be 
                   *    These statements of relative accuracy and confidence          accurate globally, but there is some uncertainty in 
                        of the estimate should be compared with production            the local estimates due to the current drillhole 
                        data, where available.                                        spacing, a lack of geological definition in certain 
                                                                                      places eg fault zones and penetration depths of 
                                                                                      surface weathering, 
 
 
                                                                                 *    No mining of the deposit has taken place, so no 
                                                                                      production data is available for comparison. 
===============  ============================================================  ============================================================ 
 

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September 14, 2023 02:00 ET (06:00 GMT)

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