Chaarat Gold : Increase in Reserves at Tulkubash

Class

Tonnes

Au (g/t)

Metal (Oz)

Measured

5,266,000

1.28

215,568

Indicated

18,080,000

1.21

701,976

M&I

23,346,000

1.22

917,545

Inferred

910,000

0.90

26,205

TOTAL

24,256,000

1.21

943,749

Classification

Ore

Grade

Contained Au

Mt

g/t Au

Koz

Proven

6.3

0.98

197

Probable

18.3

0.93

552

Total

24.6

0.95

749

Zone

Ore

Au

Recovery

Waste

Total

Strip Ratio

Mt

g/t

Koz

% Au

Koz

Mt

Mt

w:o

Main

18.2

1.00

586

72.8

426

73.4

91.6

4.0

Mid

3.9

0.75

95

76.6

73

11.7

15.6

3.0

East

2.5

0.84

68

72.9

50

11.3

13.8

4.6

Total

24.6

0.95

749

73.3

549

96.4

121.0

3.9

Zone

Ore

Au

Recovery

Waste

Total

Strip Ratio

Mt

g/t

Koz

% Au

Koz

Mt

Mt

w:o

2019 FS

22.2

0.92

658

68.9

453

58.6

80.8

2.6

2019 EOY

24.6

0.95

749

73.3

549

96.4

121.0

3.9

Variance

+11%

+3%

+14%

+6%

+21%

+65%

+50%

+50%

Operating Cost

Units

Value

Mining (ore)

$/t mined

2.73

Mining (waste)

$/t mined

1.89

Mining (owner)

$/t processed

0.34

Process

$/t processed

4.79

G&A

$/t processed

1.27

Refining

$/oz

9.72

Royalty

%

8.0*

Chaarat Gold Holdings Limited
Artem Volynets (CEO)

+44 (0)20 7499 2612

info@chaarat.com

Numis Securities Limited

John Prior, Paul Gillam (NOMAD)

+44 (0) 20 7260 1000

James Black (Corporate Broking)

SP Angel

+44 (0) 20 3470 0470

Ewan Leggat (Joint Broker)

Tavistock

Charles Vivian

+44 (0)20 7920 3150

Gareth Tredway

Barney Hayward

chaarat@tavistock.co.uk

'Au'

'AuEq'

'Cu'

chemical symbol for gold

the value of a tonne of mineralised material calculated by summing the value of each contained payable metal and expressing it as an equivalent gold content at a given set of metals prices

the chemical symbol for copper

'cut off'

the lowest grade value that is included in a Resource statement. It must comply with JORC requirement 19: 'reasonable prospects for eventual economic extraction' the lowest grade, or quality, of mineralised material that qualifies as economically mineable and available in a given deposit. It may be defined on the basis of economic evaluation, or on physical or chemical attributes that define an acceptable product specification

'g/t'

grammes per tonne, equivalent to parts per million

'Inferred Resource'

that part of a Mineral Resource for which tonnage, grade and mineral content can be estimated with a low level of confidence. It is inferred from geological evidence and assumed but not verified geological and/or grade continuity. It is based on information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes which may be limited or of uncertain quality and reliability

'Indicated Resource'

that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed

'JORC'

The Australasian Joint Ore Reserves Committee Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2012 (the 'JORC Code' or 'the Code'). The Code sets out minimum standards, recommendations and guidelines for Public Reporting in Australasia of Exploration Results, Mineral Resources and Ore Reserves

'koz'

thousand troy ounces of gold

'Measured Resource'

that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a high level of confidence. It is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are spaced closely enough to confirm geological and grade continuity

'Mineral Resource'

a concentration or occurrence of material of intrinsic economic interest in or on the Earth's crust in such form, quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade, geological characteristics and continuity of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories when reporting under JORC

'Mt'

million tonnes

'oz'

'Pb'

'Probable Reserve'

'Proven Reserve'

troy ounce (= 31.103477 grammes)

the chemical symbol for lead

the part of Indicated and in some cases Measured Resource that can be mined at a profit. It includes diluting materials and allowances for losses that may occur during mining.

the part of Indicated Measured Resource that can be mined at a profit. It includes diluting materials and allowances for losses that may occur during mining.

'Reserve'

the part of a Measured and/or Indicated Mineral Resource that can be mined at a profit. Reserves are subdivided in order of increasing confidence into Probable and Proven categories when reporting under JORC.

't'

'Zn'

tonne (= 1 million grammes)

the chemical symbol for zinc

Sampling techniques

· Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

· Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

· Aspects of the determination of mineralisation that are Material to the Public Report.

· In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples 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 coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.

· All drilling was undertaken by standard and triple tube core barrel diamond core drilling, with all sampling in accordance with industry standard techniques.

· Diamond core is cut in half using a core saw, creating half core samples typically 1.5 m in length.

· Road cut samples are collected using continuous random rock chips in 2.0m lengths along road cut exposures.

· Trench samples are collected from carefully cut channels in either 1.0 or 2.0 m lengths.

· Duplicate samples are created from coarse rejects and from pulps.

· Sample preparation is undertaken at ALS Global (Kara Balta) followed by 30 g charge fire assay with an AA finish. Multi-element analysis is conducted using ICP-AES after aqua regia digestion. Total Sulphur is determined using a LECO analyser.

Drilling techniques

· Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).

· In 2019 a total of 19,974 m of sampling across 130 drillholes, and 3,240 m of sampling from channels has been completed across the Tulkubash deposit. The totals for the project are 97,889m of sampling from 681 drillholes and 23,200m of sampling from 795 trenches or similar.

· Diamond drillholes are predominantly HQ size using standard and triple tube holes reducing to NQ diameter where ground conditions are poorer.

· Holes are drilled using contractor drill rigs.

Drill sample recovery

· Method of recording and assessing core and chip sample recoveries and results assessed.

· Measures taken to maximise sample recovery and ensure representative nature of the samples.

· Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

· Core recovery is measured and recorded by Chaarat geologists, with an average recovery of +95%.

· In areas of highly fractured rock triple-tube core drilling has been utilized.

Logging

· Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

· Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.

· The total length and percentage of the relevant intersections logged.

· Historically, core was logged geologically and geotechnically by company geologist into standard hard copy logging sheets and transcribed into Microsoft Excel^®. Since 2018, core is logged digitally using AGR4 software.

· Logging is performed at nominal 1.5 m intervals, reducing to shorter lengths when required.

· Logging does cross mineralised boundaries due to the mineralisation style being fracture controlled in a brittle unit containing few obvious contacts.

· The core is photographed wet with photographs stored within the database.

· All drillholes up to the end of the 2019 season have been logged.

· Logging is to a standard suitable for the support of a Mineral Resource Estimate.

Sub-sampling techniques and sample preparation

· If core, whether cut or sawn and whether quarter, half or all core taken.

· If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

· For all sample types, the nature, quality and appropriateness of the sample preparation technique.

· Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

· Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.

· Whether sample sizes are appropriate to the grain size of the material being sampled.

· Competent core samples are split on site using a core saw, while highly fractured material is sampled with a trowel.

· Half core samples are placed in labelled polyethylene sample bags and weighed.

· All current samples are transported to ALS Global (Kara Balta) for sample preparation and analysis, where crushing, milling, homogenization and sample splitting was completed in accordance with company standards.

· Duplicate sample for QA/QC were taken every 20 samples from crushed rejects and duplicate pulps.

Quality of assay data and laboratory tests

· The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

· For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

· Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.

· Samples collected from 2007 to 2013 were prepared and assayed at the IRC Laboratory in Kara Balta. All samples are analyses for gold by aqua regia digestion followed by atomic absorption. Sample returning grades higher than 0.3 g/t Au were sent to ALS Global (Kara Balta) for re-testing by 30 g fire assay.

· The 2014 sample preparation took place at the IRC Laboratory in Kara Balta, with analysis taking place at ALS Global (Kara Balta).

· From 2017 all sample preparation and analysis are undertaken at the ALS Global laboratory in Kara Balta. Referee check samples are sent to SGS Vostok for analysis.

· Assay quality control was achieved by the use of duplicates, blanks and standard reference material (SRM).

· The QA/QC programme and results are in line with industry best practice and the resultant dataset is suitable for Resource estimation.

Verification of sampling and assaying

· The verification of significant intersections by either independent or alternative company personnel.

· The use of twinned holes.

· Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

· Discuss any adjustment to assay data.

· Below detection limit assay results have been replaced with values of half detection limit (0.025 g/t Au) and absent values have been replaced with 0.0001 g/t Au.

Location of data points

· Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

· Specification of the grid system used.

· Quality and adequacy of topographic control.

· All collar locations are reported in Gauss Kruger Pulkovo 1942 Zone 12 with their locations recorded using a Leica Total Station (centimetre accuracy)

· Downhole surveys were recorded with Reflex 'EZ-shot' electronic single-shot equipment.

· A Total Station survey along roads, ridges, valleys and traverses has produced a contoured topography across the Tulkubash Resource area.

· Regional topography data is derived from satellite data.

Data spacing and distribution

· Data spacing for reporting of Exploration Results.

· Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

· Whether sample compositing has been applied.

· The current data spacing, nominally fans on 80m fences, with significant areas on strike at 40m or less, is sufficient to establish grade continuity and provides sufficient support for Measured and Indicated classifications.

Orientation of data in relation to geological structure

· Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

· If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

· Surface drilling is inclined, attempting to cut the mineralization at a close to normal angle to the strike orientation as possible.

· Underground drilling (from previous years) was orientated normal to the strike of the structure.

· The holes were designed to provide intercepts perpendicular to the mineralization as possible.

· The drilling dip ranges from 35 to 90^o, striking generally between 125 and 147^o.

Sample security

· The measures taken to ensure sample security.

· Labelled samples are transported to and from the laboratory by company personal or contractors, employing a full chain of custody documentation procedure.

· Reject pulps and coarse rejects are returned to Chaarat and stored along with drill core at their locked and secure core storage facility in Bishkek.

Audits or reviews

· The results of any audits or reviews of sampling techniques and data.

· Chaarat's competent person visited the project during the current drilling campaign and reviewed the protocols and procedures adopted by Chaarat's company geologists.

· Chaarat has completed an analysis of the QA/QC data. The data is deemed appropriate for Resource estimation.

Mineral tenement and land tenure status

· Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

· The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

· two licenses controlling the Property: a mining (or production) license of 700.03 ha covering the defined Mineral Resources, and an exploration license of 6,776 ha covering prospective ground along trend to the northeast

· There are no known impediments to obtaining further necessary licences to operate

Exploration done by other parties

· Acknowledgment and appraisal of exploration by other parties.

· No other appraisal or exploration is being done by other parties

Geology

· Deposit type, geological setting and style of mineralisation.

· Tulkubash Formation consists of medium- to fine-grained quartzites and medium- to coarse-grained arkosic sandstones mineralized in fractures by crackle brecciation and is oxidized and can be processed by conventional heap-leach processes

Drill hole 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.

· As reported in Press Release

Data aggregation methods

· In reporting Exploration Results, weighting averaging 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.

· Mineralised intercepts are defined as being above a cut-off grade for potentially economic mineralization of 0.35 g/t Au equivalent from Leapfrog Indicators

· Samples are composited prior to mineral Resource estimate to 1.5m (mean sample length). The samples are assessed for a top-cap at this stage, and any outliers are reduced to the capping value of 15 g/t Au.

Relationship between mineralisation widths and intercept lengths

· These relationships are particularly important in the reporting of Exploration Results.

· If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be 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').

· Intercepts are designed to be as close to normal to the mineralization as possible.

· The drill hole angle in relation to the mineralization is not certain.

· All mineralized intercepts reported as apparent thicknesses based on cross sectional interpretation.

Diagrams

· 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.

· As reported in Press Release

Balanced 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.

· As reported in Press Release

Other substantive exploration data

· Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

· No other substantive exploration data relevant to this Press Release has been completed

Further work

· The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).

· Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

· Further exploration focusing on strike extension and some infill of existing Resource is targeted is planned for the 2020 season.

Database integrity

· Measures taken to ensure that data has not been corrupted by, for example, transcription or keying errors, between its initial collection and its use for Mineral Resource estimation purposes.

· Data validation procedures used.

· All data used in the Resource was provided by Chaarat a single Excel database, combined into a central Excel database for verification prior to Mineral Resource estimation.

· Leapfrog was used to validate the database with any errors in interval overlap and surveys reported to Chaarat for correction.

Site visits

· Comment on any site visits undertaken by the Competent Person and the outcome of those visits.

· If no site visits have been undertaken indicate why this is the case.

· The Competent Person for this project is Mr. Joe Hirst B.Sc (Hons)., M.Sc., European Geologist (EurGeol) and Chartered Geologist (CGeol). Mr. Hirst is a Resource Geologist and Competent Person as defined by the JORC code. Mr. Hirst visited the project between the 7^th and 13^th of August 2018 and between the 27^th July and 6^th August 2019.

Geological interpretation

· Confidence in (or conversely, the uncertainty of ) the geological interpretation of the mineral deposit.

· Nature of the data used and of any assumptions made.

· The effect, if any, of alternative interpretations on Mineral Resource estimation.

· The use of geology in guiding and controlling Mineral Resource estimation.

· The factors affecting continuity both of grade and geology.

· Geological interpretation was based on correlating mineralized intersections in sampling. Outcrop is visible in a number of roadcuts, which were inspected, to support the interpretation

· Interpretation was completed in Leapfrog creating wireframe models using indicator shells.

Dimensions

· The extent and variability of the Mineral Resource expressed as length (along strike or otherwise), plan width, and depth below surface to the upper and lower limits of the Mineral Resource.

· The Mineral Resource extends 4.4 km along strike, maximum plan width of 500 m and a maximum depth of 700m.

Estimation and modelling techniques

· The nature and appropriateness of the estimation technique(s) applied and key assumptions, including treatment of extreme grade values, domaining, interpolation parameters and maximum distance of extrapolation from data points. If a computer assisted estimation method was chosen include a description of computer software and parameters used.

· The availability of check estimates, previous estimates and/or mine production records and whether the Mineral Resource estimate takes appropriate account of such data.

· The assumptions made regarding recovery of by-products.

· Estimation of deleterious elements or other non-grade variables of economic significance (eg sulphur for acid mine drainage characterisation).

· In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed.

· Any assumptions behind modelling of selective mining units.

· Any assumptions about correlation between variables.

· Description of how the geological interpretation was used to control the resource estimates.

· Discussion of basis for using or not using grade cutting or capping.

· The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available.

· The Mineral Resources have been estimated into a block model prepared in Datamine Studio RM (version 1.3). The block model comprises the following parameters:

o Parent cell dimensions of 10 m x 20 m x 5 m (x, y, z)

o Sub-cell dimensions of 1 m x 5 m x 2.5 m (x, y, z)

· Wireframe models were created using Indicator shells in Leapfrog, producing a potentially economic mineralised domain

· The model is typically estimated to a depth of 450 m.

· Grade estimates were based on 1.5 m composited assay data.

· The interpolation of grade concentration was undertaken using Ordinary Kriging.

· Au was estimated as part of this interim estimate, as the primary metal of interest. Ag, Sb, and As were also estimated but not reported as Resource

· Top cut requirements were assessed using the Parrish method, a top-cut of 15 g/t Au was applied.

· Block model validation was completed using a full set of statistical measures and plots, along with visual inspection on plan and section.

Moisture

· Whether the tonnages are estimated on a dry basis or with natural moisture, and the method of determination of the moisture content.

· Tonnage is estimated on a dry basis in accordance with the specific gravity determination.

Cut-off parameters

· The basis of the adopted cut-off grade(s) or quality parameters applied.

· Au g/t cut-off grade was applied based upon grade tonnage sensitivity analysis and the Chaarat 2018 Feasibility Study assumptions:

o Au price of US$ 1,600/troy oz

o Au recovery of 64%

o Mining cost of US$ 1.89/t

o Processing and G&A cost of US$ 6.40/t

o No discount rate applied

Mining factors or assumptions

· Assumptions made regarding possible mining methods, minimum mining dimensions and internal (or, if applicable, external) mining dilution. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential mining methods, but the assumptions made regarding mining methods and parameters when estimating Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the mining assumptions made.

· Mining assumptions were made in accordance with the Chaarat 2018 Feasibility Study utilizing conventional hard rock open pit excavation.

Metallurgical factors or assumptions

· The basis for assumptions or predictions regarding metallurgical amenability. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential metallurgical methods, but the assumptions regarding metallurgical treatment processes and parameters made when reporting Mineral 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.

· Basic metallurgical assumptions were drawn from the Chaarat 2018 Feasibility Study and multiple metallurgical test work to date.

· Metallurgical test work indicates the oxide ore is amenable to conventional cyanide heap leaching.

· The life-of-mine gold recovery was estimated to be 64 %.

Environmental factors or assumptions

· Assumptions made regarding possible waste and process residue disposal options. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider the potential environmental impacts of the mining and processing operation. While at this stage the determination of potential environmental impacts, particularly for a greenfields project, may not always be well advanced, the status of early consideration of these potential environmental impacts should be reported. Where these aspects have not been considered this should be reported with an explanation of the environmental assumptions made.

· An Environmental and Social Impact Assessment (ESIA) is currently being prepared by Wardell Armstrong for the Tulkubash project.

· It is assumed there will be no environmental impediments to advancing the Tulkubash project.

· Upon completion of the ESIA further information will be available on the full environmental and social impacts of the Tulkubash deposit.

Bulk density

· Whether assumed or determined. If assumed, the basis for the assumptions. If determined, the method used, whether wet or dry, the frequency of the measurements, the nature, size and representativeness of the samples.

· The bulk density for bulk material must have been measured by methods that adequately account for void spaces (vugs, porosity, etc), moisture and differences between rock and alteration zones within the deposit.

· Discuss assumptions for bulk density estimates used in the evaluation process of the different materials.

· Bulk density values have been estimated into the block model using an inverse distance weighting interpolation.

· The density estimate was based upon 1,608 dry specific gravity determinations, completed by Chaarat personnel using Archimedes method.

Classification

· The basis for the classification of the Mineral Resources into varying confidence categories.

· Whether appropriate account has been taken of all relevant factors (ie relative confidence in tonnage/grade estimations, reliability of input data, confidence in continuity of geology and metal values, quality, quantity and distribution of the data).

· Whether the result appropriately reflects the Competent Person's view of the deposit.

· The Resource classification at the project considers the following criteria:

o confidence in the sampling data and geological interpretation

o analysis of variogram parameters

o data distribution (based upon graphical analysis and average distance to informing composites)

o analysis of the quantitative measures of kriging performance.

· The model was classified according to the JORC (2012) guidelines.

· The classification appropriately reflects the status of the Resource development.

Audits or reviews

· The results of any audits or reviews of Mineral Resource estimates.

· An external peer review was conducted for this study by independent third parties. No material concerns were raised.

Discussion of relative accuracy/ confidence

· Where appropriate a statement of the relative accuracy and confidence level in the Mineral Resource estimate using an approach or procedure deemed appropriate by the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the resource within stated confidence limits, or, if such an approach is not deemed appropriate, a qualitative discussion of the factors that could affect the relative accuracy and confidence of the estimate.

· The statement should specify whether it relates to global or local estimates, and, if local, state the relevant tonnages, which should be relevant to technical and economic evaluation. Documentation should include assumptions made and the procedures used.

· These statements of relative accuracy and confidence of the estimate should be compared with production data, where available.

· The Resource estimate is deemed appropriately accurate globally, based upon the informing data and is suitably accounted for in the Resource classification.