Yamarna Ore Reserve and Mineral Resource Estimate

Ore Reserve Statement – December 2018

The Ore Reserves are reported on a 100% basis, and are derived from Gruyere, and the Golden Highway Deposits which include Attila, Alaric, Argos and Montagne, all of which are within the Gruyere JV tenements. The Ore Reserve totals 97.20 million tonnes at 1.25 g/t Au for 3.92 million ounces of gold. The Ore Reserve increased by 176,000 ounces (+5%) from the previous Ore Reserve at December 2017. The Gruyere estimate is based on ongoing operational studies, while the Golden Highway estimate is based on Pre-Feasibility Studies (PFS) completed by Gold Road. Ore Reserves are constrained within and reported at a $1,600 per ounce gold price based on an optimised mine design.

The Ore Reserves are estimated from their respective Mineral Resources after consideration of the level of confidence and by taking account of material and relevant modifying factors. The Proved Ore Reserve estimate is based on the Measured Mineral Resources.

The additional Ore Reserves from Gruyere and the Golden Highway will be available for future life-of-mine updates beyond the Gruyere Mine Plan published in December 2018.



Mineral Resource Statement – December 2018

The Mineral Resource as at December 2018 stands at 155.37 million tonnes at 1.32 g/t Au for 6.61 million ounces, an increase of 2% from the Mineral Resource reported at December 2017. The Mineral Resource is derived from the Gruyere Deposit, the Golden Highway Deposits, YAM14 and Central Bore, all of which are within the Gruyere JV tenements. Mineral Resources are reported on a 100% basis and are constrained within optimised pit shells or underground stope shapes based on a $1,850 per ounce gold price, deposit-specific modifying factors and cut-off grades. The Gruyere Mineral Resource decreased by 1.7% to 139.56 million tonnes at 1.29 g/t Au for
5.78 million ounces due to changes to the geology model and estimation methodology.

Central Bore has been re-instated as a Mineral Resource following detailed re-interpretation of the geology, and appropriate consideration of the potential for economic extraction utilising underground Mineable Stope Optimisation software.