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1 Crprate Details Ordinary Shares: 780,917,069 Market Capitalisatin: ~$150 millin Cash and bullin at 30 June 2017: ~$27.7 millin Debt: NIL ASX Cde: MOY Bard f Directrs Greg Bittar Nn-Executive Chairman Michael Chye Nn-Executive Directr Tim Kennedy Nn-Executive Directr Peter Lester Nn-Executive Directr Management Peter Cash Chief Executive Officer Dean Will Chief Operating Officer Richard Hill Chief Financial Officer Pierre Malherbe Cmpany Secretary 7 August 2017 Grwth strategy gains mmentum with maiden undergrund Resurce Phase 1 undergrund resurce estimate at Nullagine helps underpin Millennium s plan t increase prductin and mine life based n +850,000z fresh resurce inventry Phase 1 Mineral Resurce estimate cmpleted fr Bartns depsit, lcated belw the existing Bartns pit at the Nullagine Gld Prject in WA: Indicated and Inferred Resurce f 475,900 tnnes grading 5.3g/t Au fr 80,400 unces f cntained gld. Resurce calculated nly t a nminal maximum f ~200 metres, with the mineralisatin remaining pen at depth and alng strike t the suthwest and nrth-east. Recent high-grade results are nt included in the Resurce calculatin, including the latest intercept f 6g/t Au. Ptential Resurce upside frm revised interpretatin f the suthwestern prtin f the Bartns depsit, where three separate hangingwall ldes may cnverge int a single mineralised zne at depth pririty target fr future drilling. High level studies nw underway t determine ptimal develpment pathway, t be cnducted in parallel with resurce infill and expansin drilling. Cntact Details 10 Kings Park Rad West Perth, WA, Telephne: + 61 (08) Facsimile: + 61 (08) inf@mmltd.cm.au Website: millenniumminerals.cm.au Results cnfirm strng ptential t establish the Cmpany s maiden undergrund mining peratin at Bartns, ne f many pits which remain pen at depth. Millennium Minerals Limited (Millennium r Cmpany ASX: MOY) is pleased t reprt a maiden JORC 2012 Indicated and Inferred Mineral Resurce estimate fr Bartns Undergrund, lcated belw the existing Bartns pit at its Nullagine Gld Prject in WA. The Mineral Resurce estimate cmprises 475,900 tnnes grading 5.3g/t Au fr 80,400 unces f cntained gld (see Table 1). It represents the first Undergrund Resurce t be cmpleted by the Cmpany as part f its strategy t develp a significant undergrund mining peratin at Nullagine. The Phase 1 Resurce, which was cmpleted by leading glbal mining cnsultant Entech, was based n drilling results received up t the

2 secnd week f July It has been calculated t a maximum depth f nly 200 metres, with the mineralisatin remaining pen at depth and alng strike t the suth-west and nrth-east. The Resurce des nt include several recent high-grade intercepts including the recently reprted high-grade result f 6g/t Au (see ASX Annuncement dated 24 July 2017). In additin, recent explratin results have led t a revised interpretatin f the suth-western prtin f the Bartns depsit, where the Cmpany nw cnsiders three separate ldes may cnverge int a single mineralised zne at depth. Further testing f this revised interpretatin, as well as the latest drilling results and nging drilling data will be incrprated int a Phase 2 resurce estimate fr the Bartns Undergrund as further results cme t hand. Millennium Chief Executive Peter Cash said the Phase 1 Resurce prvides a strng fundatin fr the Cmpany s plans t develp its first undergrund mining peratins at the Nullagine Prject. This is a very pleasing result, prviding the basis fr what we believe will rapidly prgress as a high-quality, lng-life undergrund mining peratin at Nullagine. The latest high-grade drilling results frm Bartns, including a 41 metre intercept grading 6 grams per tnne gld, prvide immediate ptential fr Resurce upside, with a new gelgical interpretatin f the suth-western end f the depsit als prviding a key target fr upcming drilling. Bartns is the first undergrund pprtunity we have targeted as part f the Nullagine Expansin Study, and this Phase 1 resurce estimate prvides us with a very strng base frm which we can grw ur gld resurce inventry and mine life. We will nw cmmence preliminary studies t cnsider the ptimal develpment pathway fr the Bartns Undergrund, in parallel with additinal explratin wrk bth at Bartns and at ther key explratin targets at Nullagine, he said. Phase 1 Resurce The Statement f Mineral Resurce estimate is reprted in accrdance with the requirements f the JORC 2012 Cde and is therefre suitable fr public reprting. The Phase 1 (August 2017) Mineral Resurce estimate fr the Bartns Undergrund, reprted using a 2.0/t gld lwer cut-ff grade is summarised in Table 1 belw: Resurce Categry Tnnes (000's) Grade (g/t) Ounces (000's) Indicated Inferred Ttal The Mineral Resurce was estimated by Entech and is based n 4, metres f drilling (cmprising 4 diamnd hles and 804 RC hles) cmpleted up t 24 July Tnnages are dry metric tnnes. Minr discrepancies may ccur due t runding. Entech s resurce summary fr the depsit is prvided in Appendix 1, including details n the appraches and methdlgies utilised in derivatin f the reprted Mineral Resurces. The Mineral Resurce estimate is based n three (3) dmains the Main Lde Ftwall (Dmain 1); the Main Lde Hanging-wall (Dmain 2); and the East Lde (Dmain 3), as highlighted in Figures 1 and 2.

3 Gelgy The Bartns depsit is assciated reginally with the NE-trending sectin f the ENE-trending Msquit Fault Zne. Mineralisatin is assciated with a -60 SE dipping, brad (15-20m) sericitealtered shear zne with the highest gld grades assciated with 0.5-2m wide quartz ldes. Three main znes have been defined fr undergrund mining - the Main ldes (which cnsist f a ftwall lde and a nrth-plunging hanging wall lde) and the East lde. A shrter strike length, high-grade splay structure has als been identified near the intersectin f the Main ldes and the East lde. Figure 1: Oblique view f Bartns Undergrund ldes, shwing the three dmains included in the Phase 1 JORC 2012 Resurce estimate, as well as the interpreted cnvergence zne at the suth-west end f the depsit

4 Figure 2: Oblique view f Bartns Undergrund ldes, shwing the interpreted cnvergence zne and the lcatin f BARD0285, which returned an intercept f 6g/t Au Figure 3: Crss sectin f the Bartns Undergrund Resurce

5 The Next Steps Fllwing the cmpletin f the Phase 1 Resurce estimate, Millennium will nw wrk with Entech t undertake high-level studies t determine the ptimal develpment pathway fr the Bartns Undergrund. The results f these studies will be used t define the scpe f further technical wrk and mining studies. In parallel with the cmpletin f these studies, the Cmpany will als undertake additinal resurce in-fill and extensin drilling t further expand and increase cnfidence in the Phase 1 resurce estimate. ENDS Fr further infrmatin, please cntact: Fr media inquiries, please cntact: Peter Cash Chief Executive Officer Paul Armstrng Read Crprate Cmpetent Persns Statements Explratin Results The infrmatin relating t explratin results frm the Nullagine prject is extracted frm the annuncement titled Millennium hits 41m at 6g/t including 2m at 87g/t in latest drilling at Bartns dated 24 July 2017 which is available t view at The Cmpany cnfirms that it is nt aware f any new infrmatin r data that materially affects the infrmatin included in the riginal market annuncements relating t the drill results and that all material assumptins and technical parameters underpinning the drill results in the relevant market annuncement cntinue t apply and have nt materially changed. The Cmpany cnfirms that the frm and cntext in which the Cmpetent Persn s findings as presented here have nt been materially mdified frm the riginal market annuncement.

6 Appendix 1: Nullagine Gld Prject Lcatin Plan ver reginal gelgy

7 Appendix 2: Executive Summary: Bartns Undergrund Mineral Resurce Estimatin Mineral Resurce Statement The Mineral Resurces Statement fr Bartns Undergrund Maiden Mineral Resurce Estimate ( MRE ) is reprted accrding t the Australasian Cde fr Reprting f Explratin Results, Mineral Resurces and Ore Reserves (the JORC Cde ) 2012 editin (Table 1). In the pinin f Entech, the resurce evaluatin reprted herein is a reasnable representatin f the glbal undergrund gld mineral resurces within the Bartns depsit, based n available sampling data. Table 1. Bartns Undergrund Maiden Mineral Resurce at a 2.0 g/t gld cut-ff, by Resurce Categry. Resurce Categry Tnnes (000's) Grade (g/t) Ounces (000's) Indicated Inferred Ttal Tnnages are dry metric tnnes. Minr discrepancies may ccur due t runding Cmpetent Persns Statement The infrmatin in the reprt t which this statement is attached that relates t the Estimatin and Reprting f Gld Mineral Resurces is based upn infrmatin cmpiled by Ms. Jillian Irvin BSc., a Cmpetent Persn wh is a member f the Australian Institute f Gescientists (MAIG 3035). Ms. Irvin is Principal Gelgist at Entech Pty Ltd. and an independent cnsultant t Millennium Minerals Ltd. Ms. Irvin has sufficient experience relevant t the style f mineralisatin and depsit type under cnsideratin and t the activities being undertaken t qualify as a Cmpetent Persn as defined in the 2012 Editin f the Australasian Cde fr Reprting f Explratin Results, Mineral Resurces and Ore Reserves. Ms. Irvin cnsents t the inclusin in the reprt f matters based n her infrmatin in the frm and cntext in which it appears. Dmaining Apprach Interpretatins f dmain cntinuity were initially undertaken within Gevia Surpac TM sftware, with mineralisatin intercepts crrelating t the Main and East Ldes manually selected prir t creatin f a vein mdel within Leapfrg implicit mdelling sftware. Interpretatin was a cllabrative prcess with MOY Gelgists t ensure mdelling apprpriately represented site based bservatins and current understanding f gelgy and mineralisatin cntrls. Mineralisatin vlume dmains were delineated using a cmbinatin f: Gelgical infrmatin cmprising f lgged Quartz percentage and Alteratin Hal; Nminal lwer grade minimum cut-ff f 2.0 t 3.0 g/t gld. This number was based n explratry data analysis f mineralisatin sample ppulatin as well as visual review f the mineralisatin tenr and strike, and dip cntinuity. Histrical undergrund mining dcumentatin, mapping, stpe vid lcatins, preferential rientatins, and widths. Fr instances where the intercept gld value fell belw the nminal cut-ff, hwever was supprted by gelgical indicatrs (quartz and alteratin), the intercept was included t maintain

8 dmain hmgeneity and represent the structural cntinuity evident in surface mapping, pit bservatins, histrical mapping, and stping. Using this apprach tw narrw sub-parallel mineralised ldes were mdelled within the Bartns Main Lde (Main Lde Hangingwall and Main Lde Ftwall), trending nrth-east and dipping steeply t the suth-east. A third dmain, East Lde, was mdelled as a splay frm the Bartns Main Lde, trending east-nrth-east and dipping steeply t the suth-east. All reprted mineralised dmains were cnsidered t be within fresh material, based n MOY supplied weathering surfaces and drill hle lgging data. Interpretatins were predminantly infrmed by Reverse Circulatin drilling (804 hles), with limited amunts f Diamnd Drilling (4 hles), fr a ttal f 4,142 m f drilling. The MRE cntained all drill hle data available at 24 th July Estimatin Apprach A tw dimensinal ( 2D ) Ordinary Kriging interplatin apprach was selected fr the MRE t address sme f the main issues encuntered when estimating narrw vein mineralisatin, such as thse at Bartns, which were: Additivity issues due t nn-unifrm supprt and resulting grade bias. Instances f highly variable individual intercepts (e.g. 0.1 m t 4.5 m) which wuld be difficult t incrprate and represent statistically using dwnhle cmpsites f equal lengths (e.g. 0.5, 1.0 r 2.0 m); Varying mineralisatin gemetry acrss lde, dwn dip, and alng strike; and Blck size required fr adequate vlume fill f narrw gemetry is generally t small, intrducing cnditinal bias t the MRE utcme. Key assumptins fr this estimatin apprach, which were tested and met prir t implementatin f this apprach, were: Intrinsic crrelatin between grade and length; Hmgeneity, and thus statinarity, within the mineralised dmain; and Nn-selective mining within the mineralised vein. The entire vein width is likely t be extracted during the mining prcess and selectively mining prtins f the vein, acrss the width, is unlikely. The 2D interplatin apprach utilised fr the MRE varies frm a three-dimensinal apprach ( 3D ) in that estimatin f bth an accumulatin variable (intercept gld cmpsite multiplied by true width) and the true width variable, is undertaken in a 2D plane using identical varigram and search parameters t ensure cnsistency fr subsequent back-calculatin f gld blck grades. The gld accumulatin variable was assessed fr statistical and spatial utliers. Tp cuts were applied t East Lde dmain with metal reductin f 3.44%. Gestatistical analysis was undertaken in Isatis TM sftware n the cut gld accumulatin variable fr each f the three mineralisatin ldes with rbust varigram mdels delineated and search neighburhds ptimised (Qualitative Kriging Neighburhd Analysis). Ordinary Kriging f cut gld accumulatin and true width variables was undertaken in 10m x 10m parent cell blcks, within Gevia Surpac TM sftware. Once the 2D interplatin was ptimised and validated, blck centrid data was transfrmed int 3D space and imprted int a 3D blck mdel. The 3D blck mdel was cded with density, depletins, and classificatin, prir t glbal, lcal validatins and evaluatin fr resurce reprting.

9 Classificatin Apprach and Resurce Cnstraints Mineral Resurces were classified t apprpriately represent cnfidence and risk with respect t gelgical and grade cntinuity, mineralisatin vlumes and metal distributin. Primary cnsideratins utilised in defining criteria fr Indicated and Inferred Mineral Resurces included, but were nt limited t: Mineralisatin cntinuity and vlume mdels; Mineralisatin cntinuity and preferential rientatin f high grade shts; Drill hle spacing and drill data quality; Recent and histrical mining activity; Mdelling technique; and Estimatin prperties including search strategy, number f cmpsites, average distance f cmpsites frm blcks, and kriging quality parameters such as slpe f regressin. Indicated Mineral Resurces were defined where a mderate level f gelgical cnfidence in gemetry, cntinuity and grade was demnstrated, and were identified as areas where: Blcks were well supprted by drill hle data, with drilling averaging a nminal 20m r less between drill hles; and Estimatin quality was cnsidered reasnable, as delineated by a slpe f regressin abve 0.6. Inferred Mineral Resurces were defined where a lw level f gelgical cnfidence in gemetry, cntinuity and grade was demnstrated, and were identified as areas where: Drill spacing was averaging a nminal 40m r less, r where drilling was within 50m f the blck estimate; and Estimatin quality was cnsidered lw, as delineated by a slpe f regressin between The reprted Mineral Resurce fr Bartns undergrund was cnstrained at depth by the available drill hle spacing utlined fr Inferred classificatin, nminally 220m belw surface. Upper limit cnstraints n the Mineral Resurces were demarcated by Life f Mine ( LOM ) pit designs and 40m belw tpgraphic surface t the nrth, 60m belw tpgraphic surface t the suth f LOM pit designs.

10 Appendix 2: JORC 2012 Editin - Table 1 Sectin 1 Sampling Techniques and Data Criteria JORC Cde Explanatin Cmmentary Sampling techniques Nature and quality f sampling (e.g. cut channels, randm chips, r specific specialised industry standard measurement tls apprpriate t the minerals under investigatin, such as dwn hle gamma sndes, r handheld XRF instruments, etc.). These examples shuld nt be taken as limiting the brad meaning f sampling. Include reference t measures taken t ensure sample representatively and the apprpriate calibratin f any measurement tls r systems used. Aspects f the determinatin f mineralisatin that are Material t the Public Reprt. In cases where industry standard wrk has been dne this wuld be relatively simple (e.g. reverse circulatin drilling was used t btain 1 m samples frm which 3 kg was pulverised t prduce a 30 g charge fr fire assay ). In ther cases mre explanatin may be required, such as where there is carse gld that has inherent sampling prblems. Unusual cmmdities r mineralisatin types (e.g. submarine ndules) may warrant disclsure f detailed infrmatin. N surface samples were used in any estimatin f Mineral Resurces r Ore Reserves. Sampling at Bartns was predminately carried ut using the Reverse Circulatin (RC) drilling. Standard samples were inserted t the sampling stream at a rati f 1:50. RC drilling was carried ut with a 5.5 inch face-sampling bit, 1m samples cllected thrugh a cyclne and cne splitter t frm a 2 3kg sub-sample. All sub-samples were fully pulverised at the labratry t >85% passing 75um, t prduce a 50g charge fr Fire Assay with AAS finish. Diamnd HQ3 triple tube drilling has been carried ut fr the lwer prtins BARD0225 and BARD0228. Bth BARD0225 and BARD0228 have been cut with a cre saw with half-cre submitted fr analysis. These samples were crushed and pulverisatin t prduce a 50 gram charge fr fire assay. Drilling techniques Drill type (e.g. cre, reverse circulatin, pen-hle hammer, rtary air blast, auger, Bangka, snic, etc) and details (e.g. cre diameter, triple r standard tube, depth f diamnd tails, face-sampling bit r ther type, whether cre is riented and if s, by what methd, etc). Reverse circulatin (RC) drilling was carried ut with a 5.5 inch face-sampling bit. Diamnd HQ3 triple tube drilling is currently been used fr the tails f BARD0225 and BARD0228. Drill Methd f recrding and assessing cre and chip sample A recrd f the RC sample recvery and misture cntent was

11 Criteria JORC Cde Explanatin Cmmentary sample recvery recveries and results assessed. Measures taken t maximise sample recvery and ensure representative nature f the samples. Whether a relatinship exists between sample recvery and grade and whether sample bias may have ccurred due t preferential lss/gain f fine/carse material. recrded by n rig gelgists. Overall sample weight and quality were gd t very gd (2 t 3.5 kg). ALS recrds sample weights n receipt f samples. This was used t help track sample recvery. There is n bserved crrelatin between sample recvery and gld grade. Cre recveries frm diamnd drilling are generally >98%. Lgging Whether cre and chip samples have been gelgically and getechnically lgged t a level f detail t supprt apprpriate Mineral Resurce estimatin, mining studies and metallurgical studies. Whether lgging is qualitative r quantitative in nature. Cre (r cstean, channel, etc) phtgraphy. All f the drilling has been captured in chip trays. Gelgical lgging is bth qualitative and quantitative in nature. Lgging is carried ut fr lithlgy, clur, grain size, reglith, alteratin, weathering, veining and mineralisatin. Sulphide and vein cntent were lgged as a percentage f the interval. The ttal length and percentage f the relevant intersectins lgged. RC chip trays are retained at site. Half cre is being retained n site fr the diamnd tails. All f the intersectins were lgged. Structural lgging and rientatins will be cllected frm the riented cre. Sub-sampling techniques and sample preparatin If cre, whether cut r sawn and whether quarter, half r all cre taken. If nn-cre, whether riffled, tube sampled, rtary split, etc and whether sampled wet r dry. Fr all sample types, the nature, quality and The recent 1 metre RC samples were split using a rig munted cne splitter. The vast majrity f the samples were dry with mist and wet samples were recrded. The sample sizes are industry-standard and cnsidered t be apprpriate t crrectly represent mineralisatin at the depsits based n: the style f mineralisatin, the thickness

12 Criteria JORC Cde Explanatin Cmmentary apprpriateness f the sample preparatin technique. Quality cntrl prcedures adpted fr all sub-sampling stages t maximise representivity f samples. Measures taken t ensure that the sampling is representative f the in situ material cllected, including fr instance results fr field duplicate/secndhalf sampling. and cnsistency f the intersectins, the sampling methdlgy and assay ranges fr gld. Field duplicates were taken frm the secnd aperture f the cne splitter at a rate f 1 in 50 with additinal field duplicates taken in the expected mineralised znes. Fr cre samples, the cre was split using a cre saw. ½ cre samples assayed; ½cre was retained. Whether sample sizes are apprpriate t the grain size f the material being sampled. Quality f assay data and labratry tests The nature, quality and apprpriateness f the assaying and labratry prcedures used and whether the technique is cnsidered partial r ttal. The industry best practice standard assay methd f 50g charge Fire Assay with AAS finish was used t determine ttal Au cntent. Fr gephysical tls, spectrmeters, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and mdel, reading times, calibratins factrs applied and their derivatin, etc. Cmmercially prepared, predminantly matrix-matched lw, medium & high value certified reference QAQC standards were inserted at a rate f 1:50 int the sample stream. The QAQC results frm this prtcl were cnsidered t be acceptable. Nature f quality cntrl prcedures adpted (e.g. standards, blanks, duplicates, external labratry checks) and whether acceptable levels f accuracy (i.e. lack f bias) and precisin have been established. N gephysical tls were used t determine any element cncentratins used fr these results. Sample preparatin checks fr fineness were carried ut by the labratry as part f their internal prcedures t ensure the grind size f 85% passing 75 micrns was being attained. Labratry QAQC invlves the use f internal lab standards using certified reference material, blanks, splits and replicates as part f the in-huse prcedures. Results highlight that sample assay values are accurate.

13 Criteria JORC Cde Explanatin Cmmentary Verificatin f sampling and assaying The verificatin f significant intersectins by either independent r alternative cmpany persnnel. The use f twinned hles. Dcumentatin f primary data, data entry prcedures, data verificatin, data strage (physical and electrnic) prtcls. Discuss any adjustment t assay data. Intersectins were checked by alternative cmpany persnnel t check they were reprted crrectly. N twin hles were drilled in the prgramme. Previus significant intersectins were verified with clse spaced drilling. Sampling is directly upladed t the LgChief sftware and it is synchrnised t the SQL database. Assay results were nt adjusted. Lcatin f data pints Accuracy and quality f surveys used t lcate drill hles (cllar and dwn-hle surveys), trenches, mine wrkings and ther lcatins used in Mineral Resurce estimatin. Specificatin f the grid system used. Quality and adequacy f tpgraphic cntrl. Pst cmpletin f the drilling the RC cllars were surveyed with a Real Time Kinematic (RTK) DGPS device t a ±10mm psitinal precisin. All cllars are then validated against planned psitins as a crss check. Surveyed cllar crdinates are upladed int the Cmpany SQL database. Grid datum is GDA94 51K (East Pilbara). Dwnhle surveys were cmpleted n all hles at 30m maximum dwnhle intervals with a preference f an initial survey at ~12m dwnhle. Surveys were taken using a single sht camera r via electrnic multi-sht survey tl (Reflex, Camprdual r Camteq), lithlgies have negligible magnetic susceptibility (greywacke). Selected re-surveying was carried ut t check the quality f measurements. Aerial Phtgrammetry± LIDAR was prduced by Fugr Surveys (±0.2m vertical & ±0.1m hrizntal). Survey cntrl pints were marked ut by licensed surveyr fr the Fugr Survey. An errr was nted in early RC drilling cllar RL crdinates (ellipsid nt geid mdel); these hles were adjusted t the Fugr DTM surface RL and recrded as DTM

14 Criteria JORC Cde Explanatin Cmmentary RL in the SQL database; the riginal survey RL was retained. Otherwise there was gd agreement f surveyed cllars and Fugr DTM. Data spacing and distributin Data spacing fr reprting f Explratin Results. Whether the data spacing and distributin is sufficient t establish the degree f gelgical and grade cntinuity apprpriate fr the Mineral Resurce and Ore Reserve estimatin prcedure(s) and classificatins applied. Whether sample cmpsiting has been applied. RC drilling was cnducted at nminal 80 t 40m x 40m spacing. Thus far the drill spacing has been sufficient t establish gelgical and grade cntinuity. Nne f the reprted sample intervals were cmpsited. In previus resurce estimates sme >1m RC assay cmpsites were used. A small number f cre cmpsites were retained with a length f less than 1m (minimum 0.3m). Orientatin f data in relatin t gelgical structure Whether the rientatin f sampling achieves unbiased sampling f pssible structures and the extent t which this is knwn, cnsidering the depsit type. If the relatinship between the drilling rientatin and the rientatin f key mineralised structures is cnsidered t have intrduced a sampling bias, this shuld be assessed and reprted if material. Gelgical mapping and structural measurements have been taken frm the Bartns and largely cnfirms the interpreted rientatin f mineralisatin as defined by the drilling. Based upn the abve infrmatin the drilling was largely perpendicular t the mineralisatin. N significant rientatin bias has been identified in the data at this pint. Sample security The measures taken t ensure sample security. Samples were given an ID, crss checked by field persnnel that they crrespnded t the assigned interval. Samples were cllected n cmpletin f each hle and delivered t the nsite assay labratry fr dispatch t Perth. Mnitring f sample dispatch is undertaken fr samples sent frm site and t cnfirm that samples have arrived in their entirety and intact at their destinatin. Sample security is managed with dispatch dates nted fr each samples by the technician, this is checked and cnfirmed

15 Criteria JORC Cde Explanatin Cmmentary at the Perth labratry n receipt f samples and discrepancies are crrected via telephne link up with the nsite and Perth labratries. Audits r reviews The results f any audits r reviews f sampling techniques and data reviews. Internal lab audits cnducted by Millennium have shwn n material issues.

16 Sectin 2 Reprting f Explratin Results (Criteria listed in the preceding sectin als apply t this sectin.) Criteria JORC Cde Explanatin Cmmentary Mineral tenement and land tenure status Type, reference name/number, lcatin and wnership including agreements r material issues with third parties such as jint ventures, partnerships, verriding ryalties, native title interests, histrical sites, wilderness r natinal park and envirnmental settings. The security f the tenure held at the time f reprting alng with any knwn impediments t btaining a licence t perate in the area. The Bartns depsit lie within fully granted Mining Leases within the Pilbara Gld Field (46), as detailed belw. All the tenements are in gd standing with n knwn impediments. Bartns* - M46/3, M46/44 + & M46/164 (100% MML); *These tenements are lcated within the Njamal title claim (WC99/8). Explratin dne by ther parties Acknwledgment and appraisal f explratin by ther parties. Explratin by ther parties has been reviewed and taken int accunt when explring. Previus RAB & RC drilling. Millennium has re-drilled in areas that ther parties had drilled t gain a greater cnfidence in thse results. Gelgy Depsit type, gelgical setting and style f mineralisatin. The Nullagine Prject depsits are structurally cntrlled, sediment hsted, lde Au style f depsit. They are all situated in the Msquit Creek Basin that cnsists predminantly f Archean aged, turbidite sequences f sandstnes, siltstnes and shales.

17 Criteria JORC Cde Explanatin Cmmentary Drill hle Infrmatin A summary f all infrmatin material t the understanding f the explratin results including a tabulatin f the fllwing infrmatin fr all Material drill hles: easting and nrthing f the drill hle cllar Prvided in a table that relates explratin results t the drill hle infrmatin including: hle c-rdinates, RL, dip, azimuth, end f hle depth, dwnhle length and interceptin depths. All f the current drilling with results returned has been reprted. elevatin r RL (Reduced Level elevatin abve sea level in metres) f the drill hle cllar dip and azimuth f the hle dwn hle length and interceptin depth hle length. If the exclusin f this infrmatin is justified n the basis that the infrmatin is nt Material and this exclusin des nt detract frm the understanding f the reprt, the Cmpetent Persn shuld clearly explain why this is the case. Data aggregatin methds In reprting Explratin Results, weighting averaging techniques, maximum and/r minimum grade truncatins (e.g. cutting f high grades) and cut-ff grades are usually Material and shuld be stated. Where aggregate intercepts incrprate shrt lengths f high grade results and lnger lengths f lw grade results, the prcedure used fr such aggregatin shuld be stated and sme typical examples f such aggregatins shuld be shwn in detail. All f the explratin prspects have their significant intersectins reprted with a lwer cut-ff f 0.5g/t Au and maximum f tw cnsecutive metres f internal dilutin. Higher grade intersectins use a lwer cut-ff f 5g/t Au and maximum f tw cnsecutive metres internal dilutin. All samples reprted were ne metre in length. N aggregatin methds were required t derive intersectins. N metal equivalents were used. The assumptins used fr any reprting f metal

18 Criteria JORC Cde Explanatin Cmmentary equivalent values shuld be clearly stated. Relatinship between mineralisatin widths and intercept lengths These relatinships are particularly imprtant in the reprting f Explratin Results. If the gemetry f the mineralisatin with respect t the drill hle angle is knwn, its nature shuld be reprted. If it is nt knwn and nly the dwn hle lengths are reprted, there shuld be a clear statement t this effect (e.g. dwn hle length, true width nt knwn ). Only selected histric explratin data related t the included targets and prspects are presented. Mst f the drilling is perpendicular t the mineralisatin; hwever, in early explratin the dip directin is smetimes uncertain and thus hles sme hles can be drilled sub-parallel t the mineralisatin prducing lnger and higher grade intersectin than the true intercept. Quted widths are dwnhle widths. True-widths are likely t be apprximately 70-90% f dwn-hle widths. The drill hle rientatins relative t the re znes have ensured accurate interpretatins and 3D mdelling. Diagrams Apprpriate maps and sectins (with scales) and tabulatins f intercepts shuld be included fr any significant discvery being reprted These shuld include, but nt be limited t a plan view f drill hle cllar lcatins and apprpriate sectinal views. Significant explratin results are tabulated in the release with drill hle plans t shw them in cntext. Representative maps have been included in the reprt alng with dcumentatin. Balanced reprting Where cmprehensive reprting f all Explratin Results is nt practicable, representative reprting f bth lw and high grades and/r widths shuld be practiced t avid misleading reprting f Explratin Results. All f the current drill results have been reprted fr the prject. Other Other explratin data, if meaningful and material, The utcrps f quartz veins have been previusly mapped at

19 Criteria JORC Cde Explanatin Cmmentary substantive explratin data shuld be reprted including (but nt limited t): gelgical bservatins; gephysical survey results; gechemical survey results; bulk samples size and methd f treatment; metallurgical test results; bulk density, grundwater, getechnical and rck characteristics; ptential deleterius r cntaminating substances. Bartns. The mineralisatin at Bartns is primarily assciated with a cmbinatin f quartz veining, mderate fliatin, strng sericite alteratin and strng limnite staining r pyrite cntent. Higher grade mineralisatin is assciated with discrete quartz veining. Further wrk The nature and scale f planned further wrk (e.g. tests fr lateral extensins r depth extensins r large-scale step-ut drilling). Diagrams clearly highlighting the areas f pssible extensins, including the main gelgical interpretatins and future drilling areas, prvided this infrmatin is nt cmmercially sensitive. These have been incrprated int a maiden Undergrund MRE. Subsequently, a high level undergrund stpe ptimisatin will be carried t determine the likely ecnmics. Further RC drilling and diamnd tails will be carried t infill, extend and clse ff pen mineralisatin, if warranted. Sectin 3 Estimatin and Reprting f Mineral Resurces (Criteria listed in sectin 1, and where relevant in sectin 2, als apply t this sectin.) Criteria JORC Cde explanatin Cmmentary Database integrity Measures taken t ensure that data has nt been crrupted by, fr example, transcriptin r keying errrs, between its initial cllectin and its use fr Mineral Resurce estimatin purpses. Gelgical metadata is centrally stred in a SQL database and is managed using DataShed Sftware. MOY emply a database manager wh is respnsible fr the integrity f data imprted and mdified within the system. Data validatin prcedures used. Lgging and sampling data is cllected n LgChief sftware and synchrnised digitally t the database by the database manager. Cllars f cmpleted drill hles were surveyed with a Real

20 Criteria JORC Cde explanatin Cmmentary Time Kinematic (RTK) DGPS device. All cllars were validated against planned psitins. Surveyed cllar c-rdinates are upladed int the SQL database using LgChief sftware. Grid datum used is GDA94 51K (East Pilbara). Dwn hle surveys were taken using a single sht camera r electrnic multi-sht survey tl. Survey measurements are entered int the LgChief sftware and digitally synchrnised t the SQL database. Assay data is received frm the labratry in digital frmat. Quality Assurance and Quality Cntrl data is vetted prir t uplading. Drill hles, nce upladed, are checked visually within Surpac sftware by MOY gelgists. MOY cnducts regular database audits n cllar, survey, and assay metadata. MOY Cmpetent Persn is respnsible fr the veracity f drill hle data underpinning the Bartns Undergrund Mineral Resurces. Entech understands MOY have suitable prcesses and due diligence in place t ensure acceptable integrity f the drill hle metadata underpinning the Mineral Resurce. Entech has utilised the drill hle data as supplied with data audits and visual verificatin undertaken as part f the Entech due diligence prcess. The drill hle data, as supplied by MOY and underpinning the resurce, was cnsidered in gd standing and utilised fr the Mineral Resurce.

21 Criteria JORC Cde explanatin Cmmentary The Mineral Resurce incrprates drilling results available up t, and including, 24th July Site visits Cmment n any site visits undertaken by the Cmpetent Persn and the utcme f thse visits. If n site visits have been undertaken indicate why this is the case. Jill Irvin is the Cmpetent Persn fr the Bartns Undergrund Mineral Resurce Estimate and is Principal Gelgist at Entech. Andrew Finch is a Senir Gelgist at Entech and undertk the mineralisatin vlume interpretatins fr the MRE. Mr Finch visited the site n 12th and 13th July Primary fcus fr the site visit was t bserve, review, and dcument drilling and sampling including: QAQC, practices; gelgical, cllar, survey and assay data cllectin; data strage; data verificatin prcesses; drill hle cre and pen pit mapping cmparisn against current understanding f mineralisatin cntrls and existing apprach t mineralisatin interpretatin. Additinally, t discuss with site gelgists bservatins relating t histrical mining at Bartns, particularly issues r risks relating t mineralisatin cntinuity and recnciliatin. Outcmes frm the site visit were utilised t aid interpretatin f mineralisatin dmains f the Bartn Main and East Ldes, and t assess any risk t the Mineral Resurce frm histrical mining and milling experience. The site visit cnfirmed that drill hle data cllectin and verificatin prcedures, with respect t current and recent

22 Criteria JORC Cde explanatin Cmmentary drilling prgrams, apprpriately managed and maintained data integrity. Gelgical interpretatin Cnfidence in (r cnversely, the uncertainty f) the gelgical interpretatin f the mineral depsit. Nature f the data used and f any assumptins made. The effect, if any, f alternative interpretatins n Mineral Resurce estimatin. The use f gelgy in guiding and cntrlling Mineral Resurce estimatin. The factrs affecting cntinuity bth f grade and gelgy. Gelgical and structural mdelling f the mineralisatin cntrls within a reginal framewrk was still underway fr Bartns at the time f the MRE. Lithlgy and structure are cnsidered the predminant cntrls n mineralisatin. Factrs which limited the cnfidence f gelgical interpretatin included limited diamnd drilling fr vlume/structural identificatin and delineatin; pr cnsistency f lgged lithlgical data due t the subjective nature f lgging the sandstne/siltstne interbedded hst lithlgy, and an absence f a structural mdel and understanding f preferential structural rientatins fr high grade mineralisatin shts. Factrs which aided the cnfidence f gelgical interpretatin included; strng strike and dip cntinuity f structural crridr apparent in surface mapping, pit bservatins, undergrund histrical mapping, and drilling intercepts; clse spaced resurce definitin drilling (20 m x 20 m), grade cntrl drilling (10 m x 10 m) btained during mining and/r infill drilling within the pit extents, and histrical stping vids. Nte histrical stpe vids were cmpiled by MOY gelgists frm histrical dcumentatin and paper recrds. Entech cnsiders cnfidence is high in the gelgical interpretatin and cntinuity f the Main Lde and East Lde structures. The mineralisatin rientatin and cntinuity within the Main and East Ldes is cnsidered uncertain due t the presence f a bimdal mineralisatin ppulatin apparent as high grade shts. Cnsideratin f these shts within a

23 Criteria JORC Cde explanatin Cmmentary structural framewrk at Bartns wuld imprve the cnfidence fr future estimates. Mineralisatin interpretatins were infrmed by 804 Reverse Circulatin drill hles, fur diamnd drill hles, pit mapping/bservatins and histrical undergrund crss-cut mapping. Interpretatin f mineralisatin dmain vlumes was based n a cmbinatin f gelgical lgging (quartz percentage, alteratin hal) and a nminal minimum cut-ff grade (2.0 t 3.0 g/t gld). Tw mineralised dmains (Main Ftwall and Main Hangingwall) were defined within the Bartns Main Lde, and a third dmain represented the East Lde. Fr instances where the intercept was supprted by gelgical indicatrs f structural intersectin (quartz percentage, alteratin hal), althugh mineralisatin values fell belw the nminal cut-ff, the intercept was included within the dmain due t the cmmdity and style f depsit. Assumptins with respect t mineralisatin cntinuity (strike and dip) and sht rientatin within the undergrund Mineral Resurce were drawn directly frm: histrical undergrund mining dcumentatin histrical stpe spatial lcatins, preferential rientatins and widths drive cntinuity undergrund crss-cut mapping these assumptins were then tested with gestatistical

24 Criteria JORC Cde explanatin Cmmentary analysis, using clse spaced drill hle data at depth (10 m x 10 m), prir t being applied within the Mineral Resurce Estimate where drill spacing was nminally 20 m x 20 m, and up t 40 m x 40 m. Alternate interpretatins wuld cnsider alternate preferential rientatins f the high grade shts within the Main Lde FW, Main Lde HW and East Lde. Entech ran sensitivity interpretatins using Leapfrg Sftware t assess the influence f variable metal distributins (nrth plunge, suth plunge and istrpic). Metal cntent was similar between nrthsuth rientatins and varied up t 10% with an istrpic interpretatin. Given the stage f the Bartn s prject Entech cnsiders risk t the Mineral Resurce lies in the spatial lcatin and prjectin f the high grade shts fr detailed mine design. This risk can be mitigated with infill drilling and targeted drilling t test the interplated sht lcatins dwn plunge. Weathering surfaces were interpreted by MOY gelgists frm drill lgging, and extended laterally beynd the limits f the Mineral Resurce mdel. The Bartns undergrund Mineral Resurce lies nminally 20m belw the tp f fresh interpreted surface and therefre the weathering prfile was nt taken int cnsideratin during interpretatin r subsequent Mineral Resurce estimatin appraches. Dimensins The extent and variability f the Mineral Resurce expressed as length (alng strike r therwise), plan width, and depth belw surface t the upper and lwer limits f the Mineral Resurce. Bartns Main Lde cmprises tw sub-parallel stacked ldes trending nrth-east and dipping steeply t the suth-east. The main lde is mineralised ver a strike length f 1,000 m; the mineralisatin plan widths are highly variable, typically

25 Criteria JORC Cde explanatin Cmmentary ranging frm 0.1 t 4.5 m. Bartns East Lde cmprises a single lde trending eastnrth-east and dipping steeply t the suth-east. The East Lde is mineralised ver a strike length f 300 m; the mineralisatin plan widths are highly variable, typically ranging frm 0.1 t 3.5 m. Depth frm surface t the current vertical limit f the Mineral Resurce is apprximately 360 m. Mineralisatin within the mdel which did nt satisfy the criteria fr Mineral Resurce remained unclassified. Estimatin and mdelling techniques The nature and apprpriateness f the estimatin technique(s) applied and key assumptins, including treatment f extreme grade values, dmaining, interplatin parameters and maximum distance f extraplatin frm data pints. If a cmputer assisted estimatin methd was chsen include a descriptin f cmputer sftware and parameters used. Interpretatins f dmain cntinuity were initially undertaken within Gevia SurpacTM sftware, with mineralisatin intercepts crrelating t the Main and East Ldes manually selected prir t creatin f a vein mdel within Leapfrg implicit mdelling sftware. Interpretatin was a cllabrative prcess with MOY Gelgists t ensure mdelling apprpriately represented bservatins and current understanding f gelgy and mineralisatin cntrls. The availability f check estimates, previus estimates and/r mine prductin recrds and whether the Mineral Resurce estimate takes apprpriate accunt f such data. A tw dimensinal ( 2D ) Ordinary Kriging interplatin apprach was selected fr the MRE t address sme f the main issues encuntered when estimating narrw vein mineralisatin, such as thse at Bartns, which were: The assumptins made regarding recvery f byprducts. Estimatin f deleterius elements r ther nngrade variables f ecnmic significance (eg sulphur Additivity issues due t nn-unifrm supprt and resulting grade bias. Instances f highly variable individual intercepts (e.g. 0.1 m t 4.5 m) which wuld be difficult t incrprate and represent statistically using dwnhle cmpsites f equal lengths (e.g. 0.5, 1.0 r 2.0 m);

26 Criteria JORC Cde explanatin Cmmentary fr acid mine drainage characterisatin). In the case f blck mdel interplatin, the blck size in relatin t the average sample spacing and the search emplyed. Any assumptins behind mdelling f selective mining units. Any assumptins abut crrelatin between variables. Varying mineralisatin gemetry acrss lde, dwn dip, and alng strike; and Blck size required fr adequate vlume fill f narrw gemetry is generally t small, intrducing cnditinal bias t the MRE utcme. Drillhles were cmpsited fr the full width f the dmain intercept, fllwed by calculatin f width by draping against hangingwall and ftwall surfaces and then accumulatin by multiplicatin f intercept grade by width. Descriptin f hw the gelgical interpretatin was used t cntrl the resurce estimates. Discussin f basis fr using r nt using grade cutting r capping. Cmpsited sample data, was pressed nt a cartgraphic plane and statistical analysis undertaken n accumulatin, width and grade variables t assist with determining estimatin search parameters, tp-cuts etc. The prcess f validatin, the checking prcess used, the cmparisn f mdel data t drill hle data, and use f recnciliatin data if available. Assessment and applicatin f tp-cutting fr the 2D estimate was undertaken n the gld accumulatin variable, with a tp cut being applied t East Lde (Dmain 3) and 3.44% metal reductin after cutting. Varigraphy analysis f individual dmains was undertaken n gld accumulatin variables in 2D space, fllwed by Qualitative Kriging Neighburhd Analysis t assist with determining apprpriate search parameters. The 2D blck mdels fr interplatin were created using a blck size f 10 mn x 10 mrl x 1 me with n sub-celling. Cnsideratins relating t apprpriate blck size include: drillhle data spacing: cnceptual mining methd SMU analysis: varigram cntinuity ranges and search neighburhd ptimisatins.

27 Criteria JORC Cde explanatin Cmmentary Grade estimatin was then undertaken f cut gld accumulatin and width with Ordinary Kriging. There were n assumptins made abut recvery. Pst estimatin, gld was calculated by dividing estimated accumulatin by width. Back calculated gld value were transfrmed frm 2D t 3D and pressed acrss the full width f the crrespnding dmain in the final hst cmpilatin mdel. There was n assumptins made with respect t by-prduct. N estimatin was made fr deleterius elements r ther nn-grade variables. Cmpilatin f the 2D mdels in 3D, alng with estimatin f the lw-grade hal material, was carried ut in a master blck mdel with a 5 me x 10 my x 10 mrl parent blcks and subcelled t me x my x mrl t hnur wireframe vlumes. Only Diamnd and RC data was utilised during the estimate. Average sample spacing is variable ranging frm 10 m x 10 m within 50m f tpgraphic surface t a nminal 40 m x 40 m in the upper prtins f the undergrund resurce and 100m x 100m at depth (apprximately greater than 220m). The 2D estimatin technique assumes full hrizntal extractin f the mdelled vein. The assumptin f intrinsic crrelatin between grade and hrizntal width was tested with varigraphy as part f the 2D estimate and prir t back-calculatin f gld. The gelgical interpretatin was used as a hard bundary fr

28 Criteria JORC Cde explanatin Cmmentary vlume delineatin as well as cntainment f the imprted 2D estimate. Imprted 2D blck values were applied acrss the full width f the dmain vlume. Misture Whether the tnnages are estimated n a dry basis r with natural misture, and the methd f determinatin f the misture cntent. Check estimates fr each vein were carried ut in 3D using Inverse Distance Squared and a Dynamic Anistrpy apprach. Bth accumulatin and hrizntal width were estimated befre back calculatin f the check estimate gld grade. Outcmes were within 5% metal unces f the reprted MRE resurce. Validatin f the accumulatin and hrizntal width estimates as well as the back calculated gld was cmpleted by visual inspectin in 2D and 3D as well as glbal statistical and swath analysis. N depsit specific recnciliatin data was available at the time f publicatin. The tnnages were estimated n a dry basis. Cut-ff parameters The basis f the adpted cut-ff grade(s) r quality parameters applied. The Mineral Resurce cut-ff grade fr reprting was 2.0 g/t gld. This was based upn cnceptual ecnmic evaluatins, and cnsideratin f cmparable size depsits f similar mineralisatin style and tenr. Mining factrs r assumptins Assumptins made regarding pssible mining methds, minimum mining dimensins and internal (r, if applicable, external) mining dilutin. It is always necessary as part f the prcess f determining reasnable prspects fr eventual ecnmic extractin t cnsider ptential mining It was assumed that the depsit culd be ptentially mined via medium t small scale mechanised undergrund mining methds. This assumptin was based n cnceptual ecnmic evaluatins and extractin methdlgies utilised in cmparable size depsits f similar mineralisatin style and

29 Criteria JORC Cde explanatin Cmmentary methds, but the assumptins made regarding mining methds and parameters when estimating Mineral Resurces may nt always be rigrus. Where this is the case, this shuld be reprted with an explanatin f the basis f the mining assumptins made. tenr. N dilutin r cst factrs have been applied t the estimate. The MRE extends nminally 220 m belw surface. Entech cnsiders material at this depth suitable t cnsider a reasnable prspect f eventual ecnmic extractin within an undergrund mining framewrk. Metallurgical factrs r assumptins The basis fr assumptins r predictins regarding metallurgical amenability. It is always necessary as part f the prcess f determining reasnable prspects fr eventual ecnmic extractin t cnsider ptential metallurgical methds, but the assumptins regarding metallurgical treatment prcesses and parameters made when reprting Mineral Resurces may nt always be rigrus. Where this is the case, this shuld be reprted with an explanatin f the basis f the metallurgical assumptins made. Metallurgical testwrk undertaken n recent drilling data (143 samples) indicated a gld recvery in fresh re material ranging frm 57.7% t 99.7% frm leachwell analysis. The average gld recvery fr fresh material beneath the current pit design is 85%. Higher grade material returned better gld recveries than lwer grade. Testwrk is in early stages and ptimisatin studies are underway at the time f the Mineral Resurce t test variable grind and treatment ptins fr increased recvery. Histrically, graphitic shales when mixed with re affected recvery utcmes, and this material frms part f upcming testwrk. Hwever, it is als nted that the treatment ptins t be tested were nt available histrically and that graphitic shales are stratigraphically cnstrained, discrete, lcalised ccurrences near mineralisatin but nt cincident with mineralisatin. N recvery factrs have been applied t the Mineral Resurces r Resurce Tabulatins. Envirnmental factrs r assumptins Assumptins made regarding pssible waste and prcess residue dispsal ptins. It is always necessary as part f the prcess f determining Envirnmental surveys have been cmpleted within the Bartns prject and expected infrastructure areas, including flra and fauna surveys and surface water assessments