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ASX ANNOUNCEMENT

30 October 2015

Triton Minerals Ltd

ASX: TON

ABN: 99 126 042 215

Street address: Ground Floor Unit 1 256 Stirling Highway Claremont Western Australia 6010

Postal address: PO Box 1518 West Perth Western Australia 6872

Tel: +61 8 6489 2555

Fax: +61 8 6489 2556

Email: info@tritonmineralsltd.com.au

Web: www.tritonmineralsltd.com.au

Projects: Mozambique

Balama North Graphite-Vanadium

Ancuabe Graphite

Balama South Graphite

NICANDA HILL RESOURCE UPGRADED

HIGHLIGHTS

Significant resource classification upgrade

Average graphite grade increased to 11.1%

Updated Mineral Resource estimate is 1.44Bt at 11.1% TGC

& 0.29% V2O5, containing 160.3Mt of graphite and 4.2Mt of

V2O5

The Nicanda Hill Deposit now comprises:

Measured: 33Mt at 12.3%TGC and 0.34% V2O5 Indicated: 375Mt at 11.1%TGC and 0.29% V2O5 Inferred: 1,036Mt at 11.1%TGC and 0.29% V2O5

Robustness of original resource estimate confirmed and

expanded

Nicanda Hill reaffirmed as world’s largest high grade flake

graphite-vanadium deposit

Triton Minerals Limited (ASX: TON, Triton or Company) is pleased to announce an update to the maiden October 2014 Mineral Resource estimate for the Nicanda Hill graphite deposit at the Balama North project in Mozambique. The total Mineral Resource estimate comprises 1.44 Billion Tonnes (Bt) at an average grade of 11.1% Total Graphitic Carbon (TGC) and 0.29% Vanadium Pentoxide (V2O5) classified as either Measured Mineral Resources, Inferred Mineral Resources or Indicated Mineral Resources in accordance with the guidelines of the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 Edition). Triton’s Managing Director & CEO Brad Boyle said: “The key objective of the 2015 drill program to define a JORC-compliant measured resource has been achieved. This is a significant outcome for the Company as the Measured Resource will form the basis of the initial ten years of the projected mine life at Nicanda Hill (100) and will create the foundation for defining proven and probable graphite ore reserves at Nicanda Hill.

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The area, in which the initial measured resource of 33 million tonnes (Mt) at 12.3%TGC has been defined, represents a small fraction of the entire resource area. Triton is confident that the measured resource can be increased almost five-fold. However, increasing the measured component of the resource is not an immediate priority as the initial 33Mt is more than adequate for the projected first ten year’s life of mine. Triton is also very pleased to note an overall increase in the average grade for both the graphite and vanadium from the original 2014 resource estimate and confirming the high quality nature of the deposit. The resource has been further and independently validated thus demonstrating the accuracy and robustness of the original 2014 mineral resource estimate”

Classification Tonnes Grade Contained Graphite

Grade Contained

V2O5

(Mt) (TGC%) (Mt) (V2O5%) (Mt)

Measured 33 12.34 4.06 0.34 0.11

Indicated 375 11.08 41.51 0.29 1.10

Inferred 1,036 11.08 114.75 0.29 3.01

Total 1,443 11.11 160.32 0.29 4.22

Table 1: Nicanda Hill October 2015 Mineral Resource Estimate Table (reported using 5%TGC cut-off grade) Note that some table numbers may not tabulate exactly due to the effects of rounding.

Competent Person’s Statement

The information in this report that relates to the Mineral Resource estimate at Nicanda Hill is based on, and fairly represents, information

which has been compiled by Mr James Ridley. Mr Ridley is a Principal Geologist at Jorvik Resources Pty Ltd, who is an independent consultant

to the Company and a Member of the Australasian Institute of Mining and Metallurgy. Mr Ridley has sufficient experience that is relevant

to the style of mineralisation and type of deposit under consideration and to the activity that is being undertaken to qualify as Competent

Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.

Mr Ridley consents to the inclusion in this report of the matters based on his information in the form and context in which they appear.

The resource estimate was carried out by independent resource consultants Jorvik Resources Pty Ltd, of Perth, Western Australia (Jorvik). The updated mineral resource estimate reaffirms the Nicanda Hill deposit as the largest graphite and vanadium deposit in the world. The size of measured classified mineral resource is considered by Triton to be globally significant in both size and the average graphite grade, whilst continuing to reiterate the original fiscal strengths and reasons for developing this world class graphite deposit. INTRODUCTION Since the initial mineral resource estimate for Nicanda Hill was released in October 2014, Triton has completed as a part of the Definitive Feasibility Study (DFS) work program, an additional 5,516m of drilling in 51 drillholes comprising 25 reverse circulation (RC) holes and 26 diamond holes. The resource is now defined by a total of 21,864m of drilling in 148 drillholes comprising 86 RC holes and 62 diamond holes. The main objective of this drilling, and as a key component of the DFS, was to establish a measured resource over the extents of the proposed pit design and aimed at the initial first 10 years of mining. The measured graphite resource at Nicanda Hill is also required by Triton in order to define proven and probable graphite ore reserves.

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Drill spacing varies from 200mx100m to 50mx50m (Figure 1). The measured mineral resource is supported by dominantly 50mx50m spaced in-fill diamond drilling and extends over a strike length of 1,100m within the overall resource strike length of 5,800m. The Company confirms that less than 20% of the total resource strike length has been converted to a measured resource classification. This proportion of measured resource is considered by Triton to be sufficient to support the first ten years of mine operation. Triton plans to convert additional resources to measured classification, as required, during future mining operations, so that the process is funded at that time from operational cash flow. UPDATED RESOURCE ESTIMATE Triton notes that apart from the additional drilling data, there are no material differences between the updated 2015 resource estimation methodology and that, utilised in 2014 for the initial resource estimate for Nicanda Hill. A mineral resource estimate of 1.443 Billion tonnes is reported at an average grade of 11.1% TGC containing 160.32Mt of graphitic carbon. In addition to graphite, the mineral resource estimate reports an average grade of 0.29% V2O5, containing 4.22Mt of V2O5, reaffirming Nicanda Hill as the world’s largest high grade flake graphite-vanadium deposit.

Cut Off Measured Indicated Inferred

TGC % M

Tonnes TGC% V2O5%

M Tonnes

TGC% V2O5% M

Tonnes TGC% V2O5%

5 32.9 12.3 0.34 374.6 11.1 0.29 1,036 11.1 0.29

10 29.8 12.6 0.35 303.6 11.4 0.31 809 11.5 0.31

12.5 15.7 14.0 0.38 49.7 13.6 0.37 151 13.8 0.38

15 2.5 15.7 0.38 5.6 15.8 0.40 24 16.0 0.43

Table 2. Nicanda Hill deposit and details of the graphite tonnage in the Measured, Indicated and Inferred classifications at various cut off grades (numbers rounded to significant figures)

The most significant variances comprise:

an initial measured resource 33Mt at 12.3%TGC

5% increase in overall TGC grade to 11.1%

a significant increase in the indicated resource: +66% at a 10%TGC cut off GEOLOGY The resource is hosted by a sequence of metamorphosed graphitic schists with minor and discrete gneissic intrusive units, and a biotite altered footwall gneiss. The stratigraphic package dips at 45-50 degrees towards the north-west. The modelled mineralised domains form continuous tabular bodies over strike lengths of up to 5,800m and appear to reflect the original primary bedding characteristics of the pre-existing sediments. The north-western portion of the deposit is overlain by a thin horizon of alluvium averaging 1-2 metres in thickness. Over the majority of Nicanda Hill itself there little if any overburden, with extensive exposure of high grade graphite mineralization at surface.

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All geological and assay data relating to the 2015 drilling was found to be consistent with the data received from the 2014 drill program (Figure 1). Also there are no material differences between the geological interpretation and the grade distribution results obtained during the 2014 (400mx100m and 200mx100m spaced) drilling pattern and the 2015 (50mx50m spaced) drilling pattern.

Figure 1. Nicanda Hill deposit drillhole location plan

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MINERAL RESOURCE ESTIMATION METHODOLOGY Sampling and Sub-sampling Techniques The diamond holes were drilled with PQ core size from surface to a maximum depth of 36m and HQ3 core size to end of hole. The diamond core samples were taken as quarter core on geologically defined intervals (0.33m to 2.7m). Samples were crushed, dried and composited prior to pulverisation (total prep) to produce a sub sample for analysis of Graphitic Carbon, Total Sulphur, and Total Carbon by Leco Combustion Infrared Detection. The RC drilling was carried out using a 5.5 inch hammer was used to obtain 1m samples that were passed through a 3-tier riffle splitter to generate 1/8th samples (approximately 3kg) contained in a labelled calico bag. The RC samples were pulverised (total prep) to produce a sub sample for assaying as described above. Certified standards, blanks and field duplicate samples were inserted with the drill samples to monitor bias and for quality control. Composite samples were made by the laboratory from a 300g split of the coarse crush material of two consecutive samples of quarter core intervals, which combined do not exceed 2.7 metres in core length. Drilling Techniques The diamond drillholes were drilled with PQ core size from surface to a maximum depth of 36m and HQ3 core size to end of hole. RC drilling was carried out using a 5.5 inch hammer to produce 1m samples. Single metre or 2 metre composite samples were submitted for analysis. Composite samples were created from consecutive 1 metre intervals with visual graphite abundances greater than 0.5%. The resource model is based on a geological and assay database that was derived from a total of 21,865m of drilling comprising 86 RC drillholes and 62 diamond drillholes. These drillholes were designed to confirm the position of the various mineralised zones and to test the full width of these zones. All 148 drillholes were utilised in developing the geological model and estimation constraints. These drillholes are nominally spaced at 100m apart on drill lines that are approximately 200m apart, with infill lines on 50mx100m and 50mx50m spacing. Holes were drilled at -60 degrees towards south-east to optimally intersect the mineralised lodes. Sample Analysis Method The analyses of Graphitic Carbon, Total Sulphur, and Total Carbon were carried out by Leco Combustion Infrared Detection. Analysis of vanadium, zinc and titanium by ICP methods. Estimation Methodology The grade estimate is constrained within three-dimensional wireframes of interpreted mineralised domains. The wireframes were created by joining sectional interpretations of mineralisation polygons based upon geological knowledge of the deposit, derived from drill core logs, assays and geological observations on surface. The Mineral Resource Estimate covers an area of 5.8km strike, 750m across strike and a projected depth of 350m below surface. Ordinary kriging was used for the grade estimation in the Mineral Resource model.

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The block model was constructed using a grid rotated +35 degrees relative to UTM grid and consists of 10 mE by 100 mN by 10 mRL parent block size with sub celling to 2.5 mE by 10 mN by 2.5 mRL for domain volume resolution. All estimation was completed at the parent cell scale. The drillholes files were flagged according to the mineralisation domains they intersected and statistical analysis of the data followed. This study resulted in the application of a 2m composite length to all drillhole data. A variographic analysis of the domained drillhole data provided variogram parameters for the grade interpolation by ordinary kriging methods. Composited sample grades for TGC were interpolated into the block model TGC domains. Block grade interpolation was validated by means of swath plots, overlapping histograms of sample and block model data, and comparison of mean sample and block model TGC grades for each domain. Cross sections of the block model with drillhole data superimposed were also reviewed. Density data was statistically analysed to determine the appropriate density value to apply to the model. The Mineral Resource Estimate used a bulk density for the block model which was estimated from density measurements carried out on 312 core samples and a density of 2.7 t/m3 was assigned. No orientation based sampling bias has been identified in the data at this point and no assumptions have been made regarding by products or metallurgical extraction considerations. Criteria Used for Classification The Mineral Resource Estimate is classified as either Measured, Indicated or Inferred, and has been reported in accordance with the JORC (2012) Code, with geological, sampling and product quality evidence sufficient to assume geological and grade continuity between the points of observation and sampling. Classification of the Mineral Resource estimates was carried out taking into account the robustness of the geological understanding of the deposit, the quality of the sampling and density data, together geostatistical parameters relating to both drillhole and sample spacing (neighbourhood analysis and kriging variance). Petrographic analyses and metallurgical considerations of flake size distribution and shape, product purity and recoverability were also given due consideration in classification. The mineralised domains have demonstrated sufficient geological and grade continuity to support the definition of the Mineral Resource’s classifications applied under the 2012 JORC Code. Cut Off Grades Top-cuts were applied to vanadium and zinc. No top cuts applied to graphitic carbon as there were no statistical outliers. Mining and Metallurgical/Modifying Factors No modifying factors have been applied in the Mineral Resource estimation. TMG MARKETING TMG is the brand name for Triton’s various high quality graphite concentrate products that have been successfully produced through conventional flotation processes. The TMG concentrates largely comprise flake graphite recovered from the Nicanda Hill deposit. Triton has recently confirmed that TMG is ideally suited for a diverse range of commercial applications including composite graphite sheets, graphene and spherical graphite. The featured highlights of recent Triton announcements comprised:

Successful commercial production trials using Nicanda Hill concentrate (TMG100);

High strength composite graphite sheets produced;

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Fire-resistant graphitic insulating foam produced;

TMG concentrates were used to successfully manufacture graphene;

High quality battery grade spherical graphite; and

Triton positioned to supply to multi-billion dollar battery sector.

Triton considers that the successful outcomes of the materials testing and manufacturing program obtained to date are a clear indicator of the potential to supply Nicanda Hill flake graphite to a variety of growing and lucrative global markets. CONCLUSION The upgrade in both classification and grade of the Nicanda Hill deposit further demonstrates the robustness of the original resource estimate from 2014. The large amount of resource now classified as measured, in accordance with JORC 2012 guidelines, will form the basis of generating proven ore reserves as the project progresses through the DFS. The confirmation of the world’s largest JORC-compliant graphite and vanadium mineral resource during the DFS at Nicanda Hill, demonstrates the true world class potential and the overall prospectivity of the Balama North project, to host both multiple high grade graphite and vanadium deposits. Further work is progressing at the nearby P66 zone, which will potentially complement the economics of Nicanda Hill. Triton now looks to rapidly advance the Nicanda Hill deposit in order to commence graphite production as soon as practical. Triton aims to become a global market leader and the eminent source of low-cost, high-quality graphite material. Regards

Brad Boyle CEO & Managing Director Triton Minerals Ltd

Holder of the world’s largest known combined graphite-vanadium resource Triton plans to establish Triton Mozambique graphite, produced from its Mozambique graphite projects (TMG) as the global graphite-industry benchmark by aiming to offer the world’s lowest cost and most diversified graphite product range, together with the longevity of a reliable supply of high quality flake graphite. Triton is also actively pursuing vertical integration opportunities to be involved in all aspects of the graphite supply chain, which Triton believes will add significant value to the Company and its shareholders in the long term.

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For further information, please contact:

Brad Boyle Alfred Gillman

CEO & Managing Director Technical Director

Tel: + 61 8 6489 2555 Tel: + 61 8 6489 2555

Email: bboyle@tritonmineralsltd.com.au Email: agillman@tritonmineralsltd.com.au

Forward-Looking Statements This document may include forward-looking statements. Forward-looking statements include, but are not necessarily limited to, statements concerning Triton Minerals Limited’s planned exploration program and other statements that are not historic facts. When used in this document, the words such as “could”, “plan”, “estimate” “expect”, “intend”, “may”, “potential”, “should” and similar expressions are forward-looking statements. Although Triton Minerals Limited believes that its expectations reflected in these are reasonable, such statements involve risks and uncertainties, and no assurance can be given that actual results will be consistent with these forward-looking statements. Competent Person’s Statement The information in this report that relates to the Mineral Resource estimate at Nicanda Hill is based on, and fairly represents,

information which has been compiled by Mr James Ridley. Mr Ridley is a Principal Geologist at Jorvik Resources Pty Ltd, who

is an independent consultant to the Company and a Member of the Australasian Institute of Mining and Metallurgy. Mr

Ridley has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to

the activity that is being undertaken to qualify as Competent Person as defined in the 2012 Edition of the ‘Australasian Code

for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Ridley consents to the inclusion in this report

of the matters based on his information in the form and context in which they appear.

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Appendix 1. Balama North Project (Licence 5966 & 5365). Operated under agreement between Triton Minerals

and Grafex Lda. The following extract from the JORC Code 2012 Table 1 is provided for compliance with the Code requirements for the reporting of Mineral Resources in relation to

JORC Table 1 - 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, 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.

The Nicanda Hill prospect is located on the Balama North Project. The new drill results included in this report were obtained from Reverse Circulation (RC) and Diamond drilling. The nominal spacing of the current programme is 100m on lines ranging from 100m to 400m strike spacing, infilled to 50m on 100m lines. Diamond drillholes were drilled to provide qualitative information on structure and physical properties of the mineralisation. Drillholes were drilled -60 degrees towards mine grid east (UTM south east) to optimally intersect the mineralised zones.

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

Drillhole locations were picked up by NavCom Land-Pak SF-3040 differential GPS (with nominal error of ± <0.5m) and reported using the Nicanda Hill mine grid. Collar RLs have been snapped to the LIDAR topographic surface. There was minimal difference between the surveyed RL and the LIDAR position. Downhole surveys of the RC and Diamond drillholes were measured using a Reflex EZ-Shot dingle shot downhole survey tool. The collar surveys were validated with the use of a compass and inclinometer.

RC samples have been collected using a Jones type riffle splitter to obtain a 1/8th sample, which is split and combined to produce 2m composite samples. Efforts are taken to keep the RC drill sample material dry during drilling to avoid any bias. Wet samples are dried before riffle splitting and recorded to monitor results for bias.

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 1m samples from which 3kg was pulverised to produce a 30g 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.

Reverse circulation drilling was used to obtain 1m samples collected in a large bag and passed through a 3-rier riffle splitter to generate 1/8th samples (approximately 3kg) contained in a labelled calico bag and the residual 7/9th is retained at the drill site in the large bag. If wet samples are encountered, the 3kg sample in allowed to dry before passing through the second stage (50:50) riffle splitter described below. The 3 kg RC samples were split using a 50:50 splitter with one half combined the half split of the next consecutive 1m sample to produce a 2m composite sample. Samples are dried, weighed, crushed and split to give 300g for pulverisation to produce a sub sample for assaying. In addition samples were submitted for multi-element analysis (55 elements) by sodium peroxide fusion with an ICP_AES finish. The diamond drill core samples were cut into quarter core using a diamond impregnated blade core saw. Samples were defined on the basis of geological contacts and range from 1.5m to 3m, averaging 2m in length

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).

The reverse circulation drill rig uses a 5.5 inch size hammer. Hole depths ranged up to a maximum depth of 222m (rig capability limit).

The diamond drillholes were drilled with a PQ core size collar (typically around 30m deep) and HQ3 (61.1mm) diameter) core size to the end of hole. Core is oriented using the Reflex ACTII RD digital device. Quoted accuracy is better than 1° for 0 to ±88° dip.

Drill sample recovery

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

The condition and qualitative estimates of RC sample recovery were determined through visual inspection of the 1m sample bags and recorded at the time of sampling. A hard copy and digital copy of the sampling log is maintained for data verification.

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

Generally drill core recovery is above 95% below the base of oxidation. Core recovery is measured and compared directly with drill depths to determine sample recoveries.

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Criteria JORC Code Explanation Commentary

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.

Diamond core is reconstructed into continuous runs on an angle iron cradle for orientation marking. Depths are checked against the depth given on the core blocks and rod counts are routinely carried out by the drillers.

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.

Geological logging is carried out to record the mineral assemblage identified in hand specimen, in addition to texture, structure and estimates of graphite flake content and size.

Geotechnical logging is carried out on all diamond drillholes for recover, RQD and number of defects (per interval).

Information on structure type, dip, dip directions, alpha angle, beta angle, texture, shape, roughness and fill material is stored in the structure table of the database.

The mineralogy, textures and structures are recorded by the geologist into a digital data file at the drill site, which are regularly submitted to the Perth office for compilation and validation.

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

Logging of RC and Diamond drillholes includes recording of lithology, mineralogy, mineralisation, weathering, colour and other features of the samples. RC chip trays and diamond core trays are photographed. Geological descriptions of the mineral volume abundances and assemblages are semi-quantitative

The total length and percentage of the relevant intersections logged.

All drillholes are logged in full

Sub-sampling techniques and sample preparation

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

Diamond core (HQ3) is cut into quarter core onsite using a diamond impregnated blade on a brick saw. Quarter core samples, (generally 2 metres or less in core length) were submitted to the assay laboratory labelled with a single sample name. Each sample is crushed and a 300g split is taken for pulverisation. Sample intervals are generally defined according to geological boundaries. Duplicate quarter core samples are routinely submitted to the same laboratory (on a ratio of 5 per 100 samples).

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

RC samples are collected on the rig using two riffle splitters. The majority of samples are dry. One metre composite samples are generated by passing the samples from the drill cyclone through a 3-tier riffle splitter to generate 1/8th samples (approximately 3kg) contained in a labelled calico bag (the residual 7/8th is retained at the drill site in the large bag). The 1m samples are split using a 50:50 splitter and one half is combined with the 50:50 split of the consecutive 1m sample, producing a 2m composite sample. Where wet samples were encountered, the 3kg sample produced for the 1/8th splitter was left to dry before passing through the 50”50 splitter. The typical composite sample size is 3 to 4 kg.

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

The sample preparation of the diamond core samples follows industry best practise in sample preparation involving oven drying (105°C), coarse crushing of the diamond core sample to ~2mm, split (300g) and pulverising to a grind size of 85% passing 75µm. The sample preparation for RC samples is identical, without the coarse crush stage.

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

Field QC procedures involve the use of eight certified reference material assay standards, along with certified blanks, and insertion of field duplicates.

Certified standards are inserted at a rate of 1 in 25, duplicates were inserted at a rate of 1 in 20 and blanks are inserted at a rate of 1 in 50.

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.

Field duplicates are taken on 2m composites for RC, using a riffle splitter, and as quarter core splits for diamond core.

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

The drill sample sizes are considered to be appropriate to correctly represent mineralisation at the Balama North project based on the style of mineralisation, the thickness and consistency of the intersections, the sampling methodology and percent value assay ranges for the primary elements.

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Criteria JORC Code Explanation Commentary

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.

Samples were analysed for Graphitic Carbon, Total Sulphur and Total Carbon on a LECO Combustion Infrared Detection instrument. Detection limits for these analyses are considered appropriate for the reported assay grades.

In addition, selected drill samples from the 2014 drilling programme were analysed for multi-element abundances using a fused disc digested in a four acid digest with ICP/OES or ICP/MS finish. The acids used are hydrofluoric, nitric, perchloric and hydrochloric acid, suitable for silica based samples. The method approached total dissolution of most minerals.

Initial assaying was conducted by SGS in Johannesburg. The 2015 drilling samples have been assayed by Intertek (Genalysis) in Perth, Australia, due to its close proximity to Triton’s Perth office, with SGS providing umpire laboratory analysis. Some reporting discrepancies between SGS and Intertek are currently being investigated but are not considered to be material to this resource estimate.

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.

No geophysical tools were used to determine any element concentrations.

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.

The RC and diamond core samples are submitted to the assay laboratory with blind certified standards (4 per 100 samples), blanks (2 per 100 samples) and filed duplicates (5 per 100 samples). These QAQC samples represent 15% of the samples analysed.

From the Nicanda Hill drilling, field duplicate datasets showed a moderately strong correlation, indicating good repeatability of grades between paired samples.

Sample preparation checks for fineness were carried out by the laboratory as part of their internal procedures to ensure the grind size of 85% passing 75µm was being attained.

Laboratory QAQC involves the use of internal laboratory standards using certified reference material, blanks, and repeats as part of their in house procedures.

Verification of sampling and assaying

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

Mr. Simon Plunkett, an independent geological consultant for Triton, has visually verified the geological observations of most of the reported RC and Diamond drillholes and this has then been reviewed and confirmed by Optiro during their 2014 site visit. The geological logging of all drill chips and core is undertaken by trained geological staff on site.

The use of twinned holes. No data from twin holes are available for Nicanda Hill to date.

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

Sample information is recorded at the time of sampling in electronic and hard copy form. Assay data is received from Intertek in electronic form and compiled into the Company’s digital database. Secured electronic print files have been provided to the Company for verification purposes.

Discuss any adjustment to assay data. No adjustments or calibrations are made to any assay data.

Location of data points

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

Collar locations for all GBNC and GBND holes were surveyed with a Nav-Com Land-Pak differential GPS.

Drillholes were oriented at the collar using sighting pegs installed with the use of a magnetic compass and GPS.

The dip and azimuth of all DD holes is measured by the drill company using a Reflex EZ-Shot single shot downhole survey tool. Readings were taken at the completion of the hole at an interval spacing of 30m on diamond drillholes, and at the collar and end of hole on the RC holes. Stated accuracy of the tool is ±0.5° azimuth and ±0.2° dip. Downhole survey measurements considered to be poor quality are coded as ‘Priority 2” and are excluded from the drill location calculations.

Specification of the grid system used. The grid system for Balama North Project is a local mine grid oriented at 035° relative to World Geodetic System (1984 Spheroid and Datum; Zone 37 South).

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Criteria JORC Code Explanation Commentary

Quality and adequacy of topographic control. The topographic surface is based on a LIDAR survey conducted in 2015.

Data spacing and distribution

Data spacing for reporting of Exploration Results. The nominal drillhole spacing is 100m on drill lines spaced from 100m to 400m apart. This has been locally infilled to 50m spaced drillholes on 100m spaced drill lines. Drill lines are oriented east-west (mine grid).

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.

The current data spacing and distribution is considered sufficient for the purpose of carry out a global Mineral Resource estimate for Nicanda Hill. The mineralisation is tabular and all drilling correlates well with the interpreted mineralised domains. Identified mineralogical features enabled high confidence correlation of specific domains.

Whether sample compositing has been applied. Samples have been composited to 2.0 metres

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.

The deposit is drilled towards the east (mine grid) at approximately -60° to intersect the mineralised zones approximately orthogonal to the interpreted dip and strike of the geological units. The correlation of geological units defined by characteristic mineralogy provides a high degree of confidence in the attitude and orientation of the graphite mineralisation. Near continuous sampling of all geological units bearing graphite is routinely undertaken.

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.

Local increases in graphite abundance are observed proximal to small-scale folding and thin tonalite veins. The orientation of these folds and veins is generally parallel to the attitude of the graphitic schist and mineralisation. Thus, drilling orientation is not expected to produce any biased samples.

Sample security

The measures taken to ensure sample security. Chain of custody is managed by Triton. Samples are stored at a secure yard on the project prior to shipping to Perth in Australia. Any visible signs of tampering of the samples would be reported by the laboratory. A chain of custody has been maintained for the shipments of samples to Australia.

Audits or reviews

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

A QAQC analysis of the sampling data from the drillholes at Nicanda Hill was carried out by Maxwell Geosciences, who manage Triton’s drillhole database. The QAQC samples were inserted with the reported RC chip and diamond core samples at a ratio of 1:16 (field duplicates), 1:9 (lab pulp checks) and 1:80 (umpire samples).

Eight CRM standards and two blank material standards were using during the drilling programme at Nicanda Hill.

Batches with failed standards and blanks were re-submitted.

The reported drill assay results are considered representative and suitable for assessing the graphite grades of the intersected graphite mineralisation.

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Section 2. Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section).

Criteria JORC Code Explanation Commentary

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 Nicanda Hill Prospect is located wholly within Exploration Licence EL5966 within the Cabo Delgado Province of Mozambique. The licence is held by Grafex Limitada (Grafex), a Mozambican registered company. Triton Minerals entered into a Joint Venture (JV) agreement in December 2012 with Grafex to earn up to an 80% interest in Grafex’s portfolio of graphite project. In late 2013 Triton increased their holding into the projects to 80% by taking a direct equity interest in Grafex. EL5966 is valid until 19/06/2018.

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.

All statutory approvals have been acquired to conduct exploration and Triton Minerals has established a good working relationship with local stakeholders.

Exploration done by other parties

Acknowledgment and appraisal of exploration by other parties.

No previous systematic exploration has been undertaken at the Nicanda Hill prospect. The Company has acquired the data from an airborne electromagnetic survey that covers Licence 5966. This data has been reprocessed and interpreted. Small scale exploratory pits dug for ruby and/or graphite exploration have been identified. Data or reports disclosing the results of this work have not been located.

Geology Deposit type, geological setting and style of mineralisation. The Nicanda Hill graphite deposit is hosted within Neoproterozoic rocks of the Xixano Complex in north-eastern Mozambique. The Xixano complex is composed dominantly of mafic to intermediate orthogneiss with intercalations of paragneiss, meta-arkose, quartzite, tremolite-rich marble and graphitic schist. Graphite mineralisation is hosted within fine grained graphitic schists underlain and overlain by felsic gneiss rock types. Mineralisation occurs as a series of multiple stacked tablular northeast-southwest striking lodes moderately dipping to the northwest. Graphite mineralisation outcrops at surface and has been intersected at downhole depths of up to 428.55m below surface. Graphitic mineralisation is interpreted to be continuous between the Cobra Plains and the Nicanda Hill Prospects of the Balama North Deposit, based on the interpretation of the airborne electromagnetic survey data and drill results. Occurrences of vanadium mineralisation noted in the samples is thought to be associated with quartz muscovite ± roscoelite schists.

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 drillholes:

easting and northing of the drillhole collar

elevation or RL (Reduced Level – elevation above sea level in metres) of the drillhole collar

dip and azimuth of the hole

down hole length and interception depth

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.

Refer to Table 2

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.

No Exploration Results are reported.

14

Criteria JORC Code Explanation Commentary

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 drillhole 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’).

No Exploration Results are reported.

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 drillhole collar locations and appropriate sectional views.

Refer to Figures***

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.

No Exploration Results are reported

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.

Geotechnical logging is routinely carried out on all diamond drillholes for recovery, RQD and number of defects (per interval). Information on structure type, dip, dip directions, alpha angle, beta angle, texture, shape, roughness and fill material is stored in the structure table of the database. Regional scale mapping has been carried out in the area to identify outcrop of graphitic material. This mapping is ongoing.

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.

Technical work to progress feasibility studies on Nicanda Hill is underway and continuous public disclosure of information will be made as it becomes available.

15

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 corrupted by, for example, transcription or keying errors, between its initial collection and its use for Mineral Resource estimation purposes.

iPads with customised Quick Office spreadsheets are used for recording logging, spatial and sampling data at Nicanda Hill. Data transferred from the field to Perth office is electronic via email. Logging, spatial and sampling data is verified and validated in Perth by Maxwell Geoservices who provide database management services. Sample numbers are unique and sample bags are hand written in the field and accompanied by a sample ticket with the printed sample number.

Data validation procedures used. Manual data validation checks are run by the Triton Perth office. Jorvik Resources (Jorvik) ran their own validation checks on the database supplied for the resource estimate.

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

Mark Drabble (Principal Consultant- Optiro) carried out a site visit to the Nicanda Hill deposit on October 3rd-5th, 2014. Mark inspected the deposit location, costeans and drill collars, along with diamond core from a number of drillholes plus RC chips. A review of procedures and protocols was also carried out.

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

An independent site visit by Jorvik Resources is planned for November 2015.

Geological interpretation

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

The confidence in the current geological interpretation of the Nicanda Hill deposit is considered to be good. The global geological setting is a series of graphitic schists with narrow intercalated gneissic intrusions within a dominantly amphibolite facies metamorphic terrane. Graphite mineralisation occurs within fine grained schistose units as a series of multiple stacked tabular northeast-southwest striking lodes. The correlation of higher grade graphitic carbon assays with quartz-carbonate hydrothermal alteration has defined the hydrothermal Mutola zone which exhibits continuity along the strike length of the deposits with an average width of 30m. The footwall gneiss unit is characterised by distinctive biotite alteration.

Nature of the data used and of any assumptions made. Assay data has been used to generate mineralisation domains based on a nominal 9% Graphitic Carbon cut-off grade. This cut-off value, which coincided with good geological continuity, was selected on the basis of a clear inflexion point of the probability curve of all assay data. Unsampled intervals of internal waste (gneiss) have been assigned a value of 0.1% Graphitic Carbon within the mineralisation wireframes, where intrusive gneisses are too narrow to exclude. Note that since the Maiden Mineral Resource estimation, Triton now sample the entire graphitic schist package and have returned to the earlier drillholes to assay intervals previously not sampled.

Rock type subdivisions applied in the interpretation process are based on geological logging. Mineralogy has been used to assist interpretation of the lithological subdivisions using quartz carbonate alteration in the high grade graphitic schists and muscovite/biotite alteration to define the footwall gneiss unit.

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

The Nicanda Hill deposit is generally tabular in geometry, with consistent moderate dip and intercalated sub parallel relations between the graphitic schists and gneissic units.

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

Geological controls and relationships were used to defined the Mutola zone (zone 100) dip and strike continuity. The footwall gneiss contact was used to control the dip of the stratigraphic package, and the diamond core foliation angles concurred with the overall moderate NW dip. Mineralised zones were modelled by Triton based on sectional interpretation and provided to Jorvik as three dimensional dxf files. These were updated and validated against assay information by Jorvik.

The factors affecting continuity both of grade and geology.

Unsampled intervals of internal waste (gneiss) have been included within the mineralisation wireframes where intrusive gneisses are too narrow to exclude. A default value of 0.1% Graphitic Carbon was assigned to unsampled intervals to account for the presence of barren material (internal waste) within the mineralised domains.

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

The Nicanda Hill deposit consists of a continuous graphitic schist package that extends more than 6km and joins up with the Cobra Plains prospects (2km strike) to the south.

16

Criteria JORC Code Explanation Commentary

lower limits of the Mineral Resource. This mineral Resource is confined to the Nicanda Hill Prospect and has the following extents (local mine grid):

Nicanda Hill 0915 Block Model Extents

Minimum Maximum Extent

(m)

Parent Block Size

Sub-Block Size

Easting 5,000 6,900 1,900 25 2.5

Northing 14,200 20,100 5,900 50 5

Rl 0 650 650 2.5 0.125

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.

Grade estimation using Ordinary Kriging (OK) was completed for Nicanda Hill. Vulcan Mining software was used to estimate graphitic carbon, total carbon, sulphur, titanium, vanadium and zinc. Drill grid spacing ranges from 50m to 400m. Drillhole sample data was flagged using zone codes generated from three dimensional mineralisation zones and oxidations surfaces. Sample data was composited per element to a two metre downhole length using a best fit- method retaining up to 0.5m. There were consequently no residuals. Intervals with assays pending were excluded from the compositing routine. Sample intervals coded as NS (not sampled) in the assay file were assigned nominated background waste values to account for unsampled waste intervals captured within the mineralisation wireframes.

Unsampled intervals captured within the mineralisation wireframes were assigned half the detection limit values.

Variography was carried out for all elements on zone 100 as it is the most consistent zone and has the greatest sample support. Variography was carried out in the approximate plane of the orebody (grid north, dipping at 35 ° grid west). No plunge was identified.

Nugget values were modelled using downhole variograms, and are low (all <0.25). Ranges for graphitic carbon are 350m (major), 125m (semi-major) and 10m (minor). Ranges for the other elements were similar, though the major range for Sulphur was only 175m. Due to the high correlation coefficient between Graphitic carbon and total carbon, the variogram for Graphitic carbon was used for total carbon. The variograms for Vanadium and Zinc (which have a moderately high correlation coefficient) were the same.

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

This global Mineral Resource has been compared with the Maiden Mineral Resource by Optiro (October 2014). This estimate has used hard boundaries for individual mineralisation zones as opposed to the soft boundaries used by Optiro, which combined the sample data from the majority of the mineralisation zones for the estimation of the domains outside of the high grade Mutola domain. To account for the lower sample support using hard boundaries, the search ellipses have been extended beyond the variogram ranges.

This global Mineral Resource shows the expected increase in confidence due to infill drilling and so contains some Measured Resource.

The assumptions made regarding recovery of by-products.

No assumptions have been made regarding by-products.

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

No deleterious elements have been estimated.

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

A single block model for Nicanda Hill was constructed using a 25mE by 50m N by 2.5m RL parent block size with sub-blocking to 2.5mE by 5mN by 0.125mRL for domain volume resolution. All estimation was completed at the parent block scale. Discretisation was set to 5 x 10 x 2 for all domains.

The size of the search ellipse was primarily based on the Graphitic carbon variogram, and extended to allow for a lesser sample support from using hard boundaries for the individual mineralisation zones. Three search passes, with increasing search distances and decreasing minimum sample numbers, were employed. The first pass used distances of 200mE by 500mN by 40mRL with a maximum 30 samples and minimum 8 samples. In the second pass the ranges were doubled and the minimum number of samples changed to 6. In the third

17

Criteria JORC Code Explanation Commentary

pass the ranges were 3 times those of the first pass and the minimum number of samples decreased to 2. This allowed estimation of zones defined by only one drillhole. Normally this practise would be avoided, but confidence in the geological and grade continuity and understanding of the project is high. Note that any mineralised zones defined by only one drillhole only occur in Inferred Resource category.

Any assumptions behind modelling of selective mining units.

No selective mining units were assumed in this estimate.

Any assumptions about correlation between variables. A moderate to strong correlation between graphitic carbon and vanadium is evident.

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

Variography and search ellipse parameters were based on the geological interpretation of tabular bodies dipping moderately to grid west. The extent of the search ellipse in the RL/minor direction was increased to 40m (pass 1) to account for minor fluctuations in the plane of mineralisation. No estimation was carried out above the base of alluvium (i.e. within the Overburden material)

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

Statistical analysis shows the populations at Nicanda Hill to have a low coefficient of variation and no outlier values that required top-cut valued to be applied to graphitic carbon and total carbon. A top-cut was applied to vanadium (4,000ppm).

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

Validation of the block model included visual checks of block construction, volume check of mineralisation zones against resource wireframes (cut below base of alluvium). Validation of the estimate included visual checks against resource wireframes and drillholes, comparison of block grades with input composite data via statistics and swath plots (by easting, northing and rl). The estimate has honoured the raw data though shows evidence of some smoothing, which is to be expected from the kriging process. The quality of the estimation was validated by viewing the kriging efficiency.

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

The tonnages are estimated using average dry rock density values per geological domain.

Cut-off parameters

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

A nominal modelling grade cut-off grade of 9.0% Graphitic Carbon was used to define the outer parameters of mineralised domains (wireframes). This cut-off grade represents a clear inflexion in the log probability curve of the whole assay data set and also corresponds with continuous interpreted geological zones defined within the wireframes.

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 of the Nicanda Hill deposit will be by surface mining methods involving standard truck and haul mining techniques. The geometry of the deposit will make it amenable to mining methods currently employed in many surface operations in similar deposits around the world.

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.

Initial mineralogical and assay test work from SGS South African laboratory have returned head grades of up to 28% TGC. The strong presence of Vanadium within the graphitic samples, obtaining grades up to 0.5% V2O5 has also been confirmed. The bulk sample used was made up of samples acquired from a number of locations and from various depths, such as surface samples and drill core taken from up to 100m down hole. These samples are considered to provide a representative example of the type of graphitic material found at the Nicanda Hill prospect.

Average graphite flake size distribution from the initial samples are as follows; 23% of the graphite samples are very large flake (>212µm), 36% are greater than 106µm (medium to large flake), 17% are greater than 75µm (small flake) in size.

Petrographic analysis of 31 polished thin sections by Paul Ashley Petrographic and Geological Services states the following characteristics for the graphite

18

Criteria JORC Code Explanation Commentary

mineralogy:

“It has a typical flaky morphology (although there is some bending and locally, strong contortion), with particle size ranging from <0.05mm to 0.7mm, although the majority of samples appear to have a maximum grainsize of 0.3-0.4mm. An average grainsize is in the range 0.1-0.2mm appears to be typical.

The amount of graphite varies between samples, from an estimated 5% to 25% in several samples. Graphite commonly occurs in intergranular site with respect to quartz, mica, sulphide and feldspar grains, but it is also commonly poikiloblastically enclosed in several phases, especially the micas, locally in calc-silicates, sulphides and microcline. However, individual graphite grains are mostly free of inclusions of other minerals.”

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.

No environmental assumptions have been made.

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.

No new bulk density data has been collected since the Maiden Mineral Resource.

Bulk density has been applied from density measurements carried out on 397 core samples from both the Cobra Plains and the Nicanda Hill drill programmes. Density measurements were derived using the weight in air-weight in water method on diamond drill core samples. Optiro reviewed density statistics of the available density data by lithology code and further split by oxidation. Sample histograms indicated the presence of outliers in both the gneiss and the schist datasets. Outlier samples were removed from the data sets and the average density recalculated. A density value for overburden material was assumed.

The density ranges using in this resource estimate are listed below:

2.60t/m3 to oxidised Gneiss 2.31t/m3 to oxidised Schist

2.69t/m3 to transitional Gneiss 2.71t/m3 to transitional Schist

2.70t/m3 to fresh Gneiss 2.72t/m3 to fresh Schist

1.90t/m3 to overburden

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.

The host geology comprises high grade metamorphic rocks that have undergone Amphibolite to Granulite facies deformation. Core photos indicate that the ground conditions are very good, with little loss of material due to vugs or discontinuities.

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

Density values were assigned using oxidation and mineralisation wireframes. All material within mineralisation was assumed to be schist for the purpose of assigning density values.

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

The Mineral Resource Classification at Nicanda Hill is based on confidence in the good geological and grade continuity, along with 400m by 100m spaced drilling density (infilled to 50m by 100m locally). Estimation parameters and search passes have been utilised during the classification process. Measured Resources were defined on a combination of drillhole spacing and confidence in continuity of grade and geology.

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).

The input data is comprehensive in its coverage of the geology of the mineralisation. All drillholes were used to inform the geological interpretation.

The definition of mineralised zones is based on a good level of geological understanding to produce a geologically driven model of mineralised domains. Key reference markers are the hydrothermal footwall gneiss (biotite zones).

19

Criteria JORC Code Explanation Commentary

This model is not considered to favour or mis-represent in-situ mineralisation and infill drilling has supported the Mineral Resource estimate.

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

The Mineral Resource estimate appropriately reflects the view of the Competent Person.

Audits or reviews

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

This Mineral Resource is the first update since the October 2014 maiden Mineral Resource and is based on all available assay information. An internal peer review was undertaken by Jorvik personnel.

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 public reporting of the Mineral Resource estimate is in accordance with JORC Code (2012 edition) guidelines.

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.

The statement relates to global estimates of tonnes and grade. The confidence intervals have been based on estimates at the parent block size.

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

No production has been undertaken to date.

20

Appendix 2. Collar Coordinates for Drill holes used in the Nicanda Hill mineral resource estimate.

Hole ID Easting Northing RL Total Depth

(m)

COSTEAN_N12 6357.56 19104.40 517.19 166

COSTEAN_N4 6270.04 17401.62 603.42 116

GBNC0001 6223.56 16831.31 545.63 72

GBNC0002 6139.66 16623.09 536.94 114

GBNC0003 5930.15 16807.89 529.14 153

GBNC0004 5902.36 17006.24 529.75 124

GBNC0005 5704.52 16989.71 519.38 222

GBNC0006 5606.08 16978.30 516.82 150

GBNC0007 5498.05 16970.42 514.21 108

GBNC0008 6239.32 16638.33 540.76 86

GBNC0009 5938.61 16603.84 528.73 150

GBNC0010 5837.1 16597.24 525.22 291

GBNC0011 5739.35 16588.09 522.59 118

GBNC0012 5636.85 16583.27 519.38 90

GBNC0013 5721.39 16789.45 521.59 150

GBNC0014 5621.99 16777.58 518.56 150

GBNC0015 5519.47 16777.02 515.38 150

GBNC0016 5400.28 16974.63 512.15 150

GBNC0017 6202.63 17032.54 558.21 125

GBNC0018 6199.61 16417.77 541.44 90

GBNC0019 6168.03 16227.83 540.83 100

GBNC0020 5875.05 16205.76 528.51 150

GBNC0021 5572.1 16174.93 519.52 150

GBNC0022 5772.77 16193.32 525.06 150

GBNC0023 5674.88 16184.29 522.04 108

GBNC0024 6152.66 15829.69 543.65 82

GBNC0025 5957.12 15807.32 532.46 84

GBNC0026 5717.55 17390.45 518.27 150

GBNC0027 5616.85 17384.12 512.42 114

GBNC0028 5739.98 17799.26 513.82 150

GBNC0029 5933.15 17813.05 522.98 150

GBNC0030 5639.07 17785.73 510.17 150

GBNC0031 6135.96 17830.75 530.65 150

GBNC0032 6277.8 19050.37 521.84 102

21

Hole ID Easting Northing RL Total Depth

(m)

GBNC0033 6178.53 19039.26 516.91 150

GBNC0034 5975.63 19022.99 502.75 186

GBNC0035 6014.84 18623.99 515.39 200

GBNC0036 5927.43 18415.42 513.92 150

GBNC0037 5811.83 17999.56 514.06 326

GBNC0038 6014.68 17996.99 523.59 192

GBNC0039 5914.2 18016.76 518.94 150

GBNC0040 6240.72 19446.04 499.48 150

GBNC0041 6042.69 19430.11 496.25 162

GBNC0042 5842.22 19409.43 489.77 138

GBNC0043 5759.4 15789.05 524.22 165

GBNC0044 6141.6 15422.90 543.80 110

GBNC0045 6042.35 15411.22 537.66 170

GBNC0046 5889.49 15393.51 529.94 216

GBNC0047 6229 15027.48 546.50 102

GBNC0048 6061.78 14610.30 536.01 218

GBNC0049 5964.08 14604.07 533.71 156

GBNC0050 6035.09 15011.51 536.80 200

GBNC0051 5928.3 15001.56 532.70 144

GBNC0052 5659.61 15782.92 521.17 82

GBNC0053 5559.47 15774.39 518.69 42

GBNC0054 6120.45 16822.10 541.07 144

GBNC0055 6072.64 19027.06 507.66 150

GBNC0056 6048.8 18828.98 509.91 150

GBNC0057 6054.85 19224.04 501.65 150

GBNC0058 6145.25 19435.75 499.89 150

GBNC0059 6106.44 19833.66 492.66 150

GBNC0060 6206.57 19839.54 493.84 149

GBNC0061 6464.21 19675.00 491.76 132

GBNC0062 6565.2 19673.16 488.46 102

GBNC0063 6065.43 16805.34 540.35 85

GBNC0064 6091.35 16601.31 534.65 60

GBNC0065 6072.31 16505.94 533.87 85

GBNC0066 6058.63 16406.39 533.87 80

GBNC0067 6067.63 16904.55 553.95 85

22

Hole ID Easting Northing RL Total Depth

(m)

GBNC0068 6022.32 16902.48 548.29 130

GBNC0069 6116.87 16901.18 550.89 60

GBNC0070 6051.54 17001.44 551.38 95

GBNC0071 6056.55 17102.73 550.63 100

GBNC0072 6102.6 17101.65 552.78 70

GBNC0073 6151.2 17101.62 560.11 50

GBNC0074 5988.59 17804.94 525.05 115

GBNC0075 6095.18 16706.54 535.47 50

GBNC0076 6048.82 16704.59 533.59 91

GBNC0077 5999.24 16704.43 531.65 110

GBNC0078 6079.88 17810.03 529.36 90

GBNC0079 6161.88 17687.87 537.01 60

GBNC0080 6114.53 17709.28 535.93 85

GBNC0081 6060.44 17712.79 536.41 110

GBNC0082 5997.49 17701.92 535.82 140

GBNC0083 5400.22 16199.92 516.33 260

GBNC0084 5301.28 16200.13 511.10 161

GBNC0085 5710.9 18005.91 510.79 100

GBNC0086 5617.09 17990.64 508.26 117

GBNC0087 5512.27 18002.95 504.88 190

GBNC0088 6301 19598.90 496.90 163

GBNC0089 6204.5 19601.80 497.30 130

GBNC0090 5550.8 19689.30 476.80 200

GBNC0091 5954.21 19602.64 489.79 82

GBNC0092 5802.24 19598.02 483.84 180

GBNC0093 6101.50 19604.82 492.89 180

GBNC0094 6157.89 18845.57 518.82 110

GBND0001 5802.72 16996.78 523.81 372

GBND0002 6039.67 16616.91 532.34 184

GBND0003 6022.45 16515.92 531.79 155

GBND0004 6119.84 16524.29 536.49 161

GBND0005 5537.84 16570.22 517.36 428

GBND0006 5821.49 16798.79 525.23 242

23

Hole ID Easting Northing RL Total Depth

(m)

GBND0007 6219.61 16535.28 540.72 113

GBND0008 6103.68 16424.52 536.31 134

GBND0009 6010.39 16416.61 531.75 200

GBND0010 5972.54 16208.74 532.42 185

GBND0011 6070.27 16215.67 536.71 160

GBND0012 6052.09 15819.06 537.40 152

GBND0013 6008.93 16770.39 533.28 210

GBND0014 5859.94 15798.37 527.99 206

GBND0015 5957.39 15405.66 533.11 176

GBND0016 6134.52 15014.82 541.40 152

GBND0017 5829.4 17803.08 518.13 278

GBND0018 6162.17 14622.07 541.77 152

GBND0019 6030.76 17817.16 526.32 206

GBND0020 6114.97 18030.39 529.62 153

GBND0021 6211.65 18037.71 536.19 140

GBND0022 5816.74 17399.77 525.64 301

GBND0023 6121.1 17426.01 597.18 272

GBND0024 6196.42 17378.68 605.20 92

GBND0025 5970.57 17405.93 558.42 248

GBND0026 6018.38 18427.23 524.24 266

GBND0027 6139.56 18414.75 572.03 166

GBND0028 6234.58 18331.90 602.45 161

GBND0029 6248.03 18631.97 580.33 110

GBND0030 6096.71 18643.60 524.32 188

GBND0031 5871.25 19011.05 498.56 326

GBND0032 5949.88 18816.34 506.58 254

GBND0033 5950.38 19219.81 497.69 251

GBND0034 5937.15 19419.84 492.71 275

GBND0035 5671.44 17326.96 515.68 467

GBND0036 6102.67 17500.28 587.41 95

GBND0037 6075.9 17449.07 588.41 119

GBND0038 6088.41 17404.35 590.90 113

GBND0039 6100.15 17352.02 591.65 107

24

Hole ID Easting Northing RL Total Depth

(m)

GBND0040 6096.95 17302.54 587.51 92

GBND0041 6147.18 17498.61 582.72 82

GBND0042 6177.58 17455.19 590.03 77

GBND0043 6048.48 17499.21 578.76 107

GBND0044 6083.34 17598.32 569.52 92

GBND0045 6120.98 17594.77 563.02 70

GBND0046 6180.65 17598.47 549.55 67

GBND0047 6034.01 17600.77 562.43 110

GBND0048 6142.82 17400.58 601.24 92

GBND0049 6156.56 17351.48 603.57 71

GBND0050 6031.75 17405.94 573.86 116

GBND0051 6149.2 17294.69 593.36 80

GBND0052 6140.74 17207.58 577.34 56

GBND0053 6101.75 17206.77 573.44 80

GBND0054 6056.59 17203.96 567.66 110

TMBD0005 6101.45 17015.66 553.30 176

TMBD0006 5946.21 17057.30 533.23 185