8 March 2018 EASTERN EXTENSION TO AWAK MAS DEPOSIT CONFIRMED Significant Opprtunity t Expand Mineral Resurce Results supprt ptential fr significant explratin upside alng the untested 2 km Mine Crridr between the Awak Mas and Salu Bul depsits. Six-hle explratin drilling prgram int the Awak Mas Highwall area nw cmplete. Assay results frm the first three hles cnfirm significant gld mineralisatin in the eastern prjected extensin f the 1.72 Mz Awak Mas depsit, validating the gelgical mdel. Significant results include: HWD002: 45 m at 1.3 g/t Au frm 257 m, 8 m at 2.0 g/t Au frm 308 m, 41 m at 0.9 g/t Au frm 384 m and 4 m at 2.5 g/t Au frm 421 m RTD023: 6.3 m at 2.1 g/t Au frm 179 m and 6 m at 3.9 g/t Au frm 237.6 m Asia Pacific gld develpment cmpany Nusantara Resurces Limited ( Nusantara, ASX: NUS) is pleased t prvide the fllwing update n the recently cmpleted Awak Mas Highwall explratin drilling prgram at its 100%-wned lcated in Suth Sulawesi, Indnesia. The explratin prgram was designed t cnfirm the gelgical mdel and therefre ptential fr extensins t the Mineral Resurces at the 1.72 Mz Awak Mas 1 and 0.18 Mz Salu Bul 2 depsits alng the intervening Mine Crridr (refer t Nusantara s ASX annuncement f 20 December 2017 fr further backgrund infrmatin). The initial phase f the explratin prgram fcused n the Awak Mas Highwall eastern extensin, with six diamnd drill hles fr 2,726.5 m cmpleted in early March 2018 t test fr extensins f the Awak Mas depsit mineralisatin t the east and acrss the recgnised Awak Mas Highwall fault. The success f this drill prgram clearly indicates the ptential t further extend mineralisatin within the untested 1.5 km Mine Crridr twards the Salu Bul depsit (Figures 1 and 2). The extremely psitive results returned frm this prgram have validated Nusantara s gelgical mdel by prving that the gld mineralisatin is nt restricted t the immediate current ftprint f the Awak Mas depsit. cmmented Nusantara s Managing Directr and CEO, Mike Spreadbrugh. This prvides cnfidence that further mineralisatin in the immediate eastern Highwall area can be expected frm the remaining three drill hles, all f which have strng visual indicatins, and supprts ur belief f significant explratin upside alng the untested Mine Crridr between the Awak Mas and Salu Bul depsits. Awak Mas Highwall Eastern Extensin Initially, tw diamnd drill hles were planned (HWD001 and HWD002) t test the ptential fr gld mineralisatin t exist in the eastern (ftwall) blck f the Highwall fault at the Awak mas depsit, with a third hle (RTD023, previusly referred t as HWD003) designed t test the interpretatin f a cmplex wedge structure frmed by the cnvergence f the Tanjung and Highwall faults. These hles demnstrated sufficient visual indicatin that quartz veining and sub-vertical breccia structures existed as mdelled and the prgram was subsequently expanded t six hles. This drilling prgram 1 Reference shuld be made t ASX annuncement Awak Mas Resurce Increased by 0.2 Mz dated 31 January 2018. 2 Reference shuld be made t ASX annuncement Prject Mineral Resurce Grws t 2.0 Mz dated 27 February 2018.
8 March 2018 successfully identified extensins t the mineralisatin at the Awak Mas depsit and validated the explratin mdel. Hles HWD001 and HWD002 bth penetrated the Highwall fault structure within metres f the mdelled psitin and went n t demnstrate cntinuity f the main flat-lying cnfrmable mineralisatin interpreted as the Upper, Middle and Lwer dmains (Figures 3 and 4). HWD002 als intersected an additinal zne f quartz veining at a stratigraphic psitin well abve the Upper dmain this was referred t as the Tp zne; it was subsequently fund t be weakly mineralised (prbably due t the absence f adjacent sub-vertical feeder-structures). Figure 1: Awak Mas Highwall eastern extensin area shwing newly defined mineralisatin shapes, structural interpretatin, US$1400 Optimisatin shells and relative lcatin f Salu Bul. Figure 2: Mdelled structural repetitins shwing interpreted eastern and suth-eastern target areas.
8 March 2018 The third hle, drilled as RTD023, targeted an area interpreted t cntain a ptential fault-displaced zne f the higher grade Rante Upper, Middle and Lwer dmains. This hle did nt intersect mineralisatin in the Upper zne and nly narrw mineralisatin at the Middle and Lwer dmain psitins (Figure 5). This led t a reinterpretatin f the cntrlling lcal and depsit-scale reginal fault system, particularly assisted by the recently flwn Lidar tpgraphic survey, which realigned the initial gelgical interpretatin. Thrugh a prcess f cntinual evlutin f the structural mdel, a better understanding nw exists which will, infrm the next phase f explratin drilling. Figure 3: Crss sectin shwing HWD001 results.
8 March 2018 Figure 4: Crss sectin shwing HWD002 results. Figure 5: Crss sectin shwing RTD023 results; Nte sectin lking west.
8 March 2018 Awak Mas Highwall Eastern Extensin Drilling Results The first three drill hles delivered results which cnfirmed the cntinuatin f the Rante system/dmain mineralisatin acrss the Highwall fault int the previusly untested ftwall blck. Selected results > 0.3 g/t Au fr these hles include: HWD001: 11.1 m at 1.8 g/t Au frm 128.4 m HWD001: 3.6 m at 0.6 g/t Au frm 206.8 m HWD001: 5.1 m at 0.4 g/t Au frm 271.8 m HWD001: 7.9 m at 1.1 g/t Au frm 371.7 m, including 1 m at 5 g/t Au frm 378 m HWD001: 5 m at 0.5 g/t Au frm 409.5 m including 0.8 m at 1.7 g/t Au frm 412.3 m HWD001: 5.3 m at 0.5 g/t Au frm 422.5 m, including 0.8 m at 2.1 g/t Au frm 427 m HWD002: 45 m at 1.3 g/t Au frm 257 m, including 2 m at 4.8 g/t Au frm 258 m HWD002: 8 m at 2 g/t Au frm 308 m HWD002: 11 m at 0.9 g/t Au frm 330 m HWD002: 41 m at 0.9 g/t Au frm 384 m, including 4m at 2.2 g/t Au frm 384 m and 4 m at 2.5 g/t Au frm 421 m HWD002: 6 m at 0.8 g/t Au frm 480.8 m RTD023: 6.3 m at 2.1 g/t Au frm 179 m RTD023: 4 m at 0.4 g/t Au frm 225.6 m RTD023: 6 m at 3.9 g/t Au frm 237.6 m, including 1 m at 8.2 g/t Au frm 239.6 m RTD023: 6 m at 1.8 g/t Au frm 265.3 m, including 1 m at 9.3 g/t Au frm 268.3. Three further hles have been drilled (HWD003, HWD004 and HWD005) t specifically target the Upper and Middle znes with the intent t gain an intersectin spacing sufficient t allw fr these newly defined znes t be incrprated int the planned April 2018 Mineral Resurce Estimate update. HWD004 has intersected significant visual mineralisatin at a similar stratigraphic psitin t HWD002 Upper t Middle zne (Figure 6). This evidence suggests that gelgical and grade cntinuity can likely be assumed in this area t supprt the classificatin f Indicated Mineral Resurces dwn-dip frm the current suth-eastern limit f the mdelled mineralisatin znes. Visual indicatin frm HWD003 and HWD004 als supprt the interpretatin f the Upper and Middle zne mineralisatin.
8 March 2018 Figure 6: Crss sectin shwing HWD004 visual indicatin cmpared t HWD002 result.
8 March 2018 APPENDIX 1: AWAK MAS HIGHWALL EASTERN EXTENSION SIGNIFICANT RESULTS > 0.3 g/t Au
JORC Cde, 2012 Editin Table 1 Sectin 1 Sampling Techniques and Data (Criteria in this sectin apply t all succeeding sectins.) Sampling Techniques Nature and quality f sampling (eg 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 representivity and the apprpriate calibratin f any measurement tls r systems used. Nusantara has cmpleted 6 diamnd hles fr 2,726.5m frm the initial phase f explratin drill sampling fcused n the Highwall eastern extensin at the Awak Mas depsit. Sampling has been carried ut using Diamnd Drill Hle( DDH ) Cre nly. All drill cre was generally sampled n 1m intervals, cntingent n gelgy and cre recvery Cre was cllected directly frm the cre barrel int cre bxes; Cre samples were split in half, with the tp half f the cre analysed and ther half retained as reference cre in the tray; Minimum interval 0.4m and maximum 1m fr mineralised material, and Maximum 2m fr the material that visually lked unmineralised. N specialised measurement tls, e.g. dwnhle gamma sndes, r handheld XRF instruments, etc. were emplyed. During the perid frm 2017 t 2018, sampling was carried ut under Nusantara s prtcls and QAQC prcedures as per industry best practice. Quality Assurance ( QA ) and Quality Cntrl ( QC ) prtcls included the mnitring and analysis f inserted certified reference material, blanks and duplicates samples t ensure sample representivity. Samples were cut abut 5 cm ff the cre rientatin line, and the half-cre with the rientatin line crrectly placed back int the tray and retained. The remaining half-cre was cllected, ensuring that the same side was cnsistently sampled and representative. Fractured and veined cre, that was liable t fall apart when being cut, were wrapped in masking tape prir t cutting. The cre t be retained was placed back in the tray with all the pieces held in place by the masking tape. Cre with veins at a lw angle t the cre axis were cut perpendicular t the veins s that the vein was evenly distributed between the halves. Nusantara Resurces Limited 1
Histrical sampling was carried ut under the relevant cmpany s prtcls and prcedures and is assumed t be industry standard practice fr the time. Drilling Techniques Drill Sample Recvery Aspects f the determinatin f mineralizatin that are Material t the Public Reprt. In cases where industry standard wrk has been dne this wuld be relatively simple (eg 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 mineralizatin types (eg submarine ndules) may warrant disclsure f detailed infrmatin. Drill type (eg cre, reverse circulatin, pen-hle hammer, rtary air blast, auger, Bangka, snic, etc) and details (eg cre diameter, triple r standard tube, depth f diamnd tails, facesampling bit r ther type, whether cre is riented and if s, by what methd, etc). Methd f recrding and assessing cre and chip sample recveries and results assessed. Measures taken t maximize 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. All Nusantara drilling was diamnd cre (PQ3/HQ3/NQ3). Half cre was sampled n nminal 1m intervals, the entire sample crushed t a nminal 2-3mm, and a 1kg sub-sample was pulverised t prduce a 40g fire assay charge. The Highwall eastern extensin drilling has cnsisted f: PQ3/HQ3/NQ3 cre sizes, prgressively decreased as the hle depth apprached the limit f the rigs capability; Wire-line triple/split tube diamnd cre drilling; Cre rientatin Cretell ORIsht (Gen4) multi-sht cre rientatin tl. Hle depths varied frm 338.3m t 575.5m ttal depth, with an average depth f 454.4m. Cre recvery and drill meterage recrded by field gelgists and trained cre checkers at drill site, prir t transfer f the cre t the cre shed, and Recvery percentage (%) was recrded in the getechnical recrds as equivalent t the length f cre recvered, as a percentage f the drill run. Overall recveries within the mineralised znes is >95%. Wireline triple/split tube system and large diameter PQ/HQ cre were utilised (subject t depth restrictins) t maximise recvery and ensure that the samples are representative f the material being sampled. The DDH sample recvery in the transitinal and fresh rck znes is very high and n significant bias is apparent. Recveries in xidised rck are lwer. Nusantara Resurces Limited 2
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. Drill cre was phtgraphed and lgged prir t sampling. Cre has been gelgically and getechnically lgged t a level f detail apprpriate t supprt mineral resurce estimatin and mining studies. Lithlgy, mineralisatin, alteratin, fliatin trend, fracturing, faulting, weathering, depth f sil and ttal xidatin were recrded. Orientatin f fabrics and structural features were lgged. Visually mineralised znes were able t be lgged and interpreted befre the assays were available. These bservatins were used t update the mineralisatin mdel which is a valuable targeting tl fr successive hle planning. Whether lgging is qualitative r quantitative in nature. Cre (r cstean, channel etc) phtgraphy. Lgging has been cnducted bth qualitatively and quantitatively full descriptin f lithlgies, alteratin and cmments are recrded, as well as percentage estimates n veining and sulphide amunt. All Nusantara diamnd cre has been digitally phtgraphed. The ttal length and percentage f the relevant intersectins lgged. Ttal length f the Highwall drilling cmpleted t date is 2,726.5m (6 hles) f which 100% will be lgged. 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. All cre was half-cut lengthwise using a diamnd saw parallel t the rientatin line. The half-cre was sampled, generally n metre intervals, dependent n lgged gelgical cntacts. All sampling was frm diamnd cre. Fr all sample types, the nature, quality and apprpriateness f the sample preparatin technique. A sample preparatin facility was cmmissined nsite, where all samples were crushed, pulverised and a 200g assay aliqut shipped t Geservices labratry fr final element analysis. The nsite facility was established by Nusantara and Geservices t clsely replicate (where pssible) the sample preparatin prcess that was cnducted at the Jakarta labratry. Partial sample preparatin cmpleted nsite utilised a LM2 pulveriser rather than an LM5 pulveriser which had previusly been used in Jakarta. The prcess invlved; Samples weighed and dried at 105 C; Nusantara Resurces Limited 3
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/secnd-half sampling. Whether sample sizes are apprpriate t the grain size f the material being sampled. Jaw and Byd crushed t nminal 2-3mm; 1kg sub-sample rtary split fr final preparatin; Sub-sample pulverised by LM2 ring mill pulverisers fr lab analysis, and 200g pulp aliqut fr analytical analysis. The final 200g assay pulp was shipped t Geservices (Jakarta) fr gld and ther element analysis. The nature, quality and apprpriateness f the sample preparatin technique is cnsistent with industry standard practices. Fr cre sampling the same side is cnsistently sampled, half-cre with the bttm f hle line retained in the tray. Fractured and veined cre, that was liable t fall apart when being cut, were wrapped in masking tape prir t cutting. The retained cre was placed back in the tray with all the pieces held in place by the masking tape. Cre with veins at a lw angle t the cre axis were cut perpendicular t the veins s that the vein was evenly distributed between the halves. Carse reject duplicate, carse blanks, and bth intra and umpire labratry pulp duplicates were used t ensure the sampling was representative and un-bias. Cntrl duplicate samples cnstitute 10%-15% f the ttal submitted samples Cmparisn f duplicate assays t the primary assay shwed n significant differences were apparent. A sample size f 3-5 kg is cnsidered apprpriate and representative f the material being sampled given the width and cntinuity f the intersectins and the grain size f the material being cllected. 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. Current gld analysis by Nusantara has used a 40g charge fire assay methd with an AAS finish. The primary assay labratry used is PT Geservices in Jakarta. A secndary labratry (PT SGS Ind Assay Labratries, Jakarta) is used fr lwer pririty samples selected n a hle by hle basis t help vercme bttlenecks at the site preparatin facility and at the Geservices labratry. Additinal element analysis included; Aqua Regia digest plus ICP elements (GA102_ICP09); Ag, As, Cu, Mg, M, Pb, Sb, and Zn. Nusantara Resurces Limited 4
Lec - Ttal Carbn and Ttal Sulphur (MET_LECO_01); Cyanide Amenability n pulps (MET_CN7), and Mercury frm GAA02 digest (GAA02_CVAA). The gld fire-assay analysis is a ttal assay methd, which is an industry standard fr gld analysis, and an apprpriate assay methd fr this type f depsit. Verificatin f Sampling and Assaying 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. Nature f quality cntrl prcedures adpted (eg standards, blanks, duplicates, external labratry checks) and whether acceptable levels f accuracy (i.e. lack f bias) and precisin have been established. The verificatin f significant intersectins by either independent r alternative cmpany persnnel. N gephysical tls were used r data analysed. The fllwing QC sampling prtcls and insertin rates have been adpted fr the current diamnd drilling; Certified Refence Material (5%) Carse Blank Material (2.5%) Carse Duplicate Samples (5-10%) Blind pulp assay check duplicates, resubmitted t primary labratry (2%) Umpire pulp assay check duplicates (5%) Randm primary labratry inspectins n a mnthly t quarterly basis. Perfrmance f the cntrl samples are regularly mnitred, with any disparities investigated and remedied, Mnthly QAQC reprting and meetings are held n at least a mnthly basis. Results t date demnstrate an acceptable level f accuracy and precisin. Significant intersectins were reviewed by the Chief and Senir Gelgists fllwing receipt f the assay results. All assay results are prcessed and validated by the GIS/Database Administratr prir t lading int the database. This includes pltting the standard and blank perfrmances, and review f duplicate results. Original assay certificates are issued as PDF s fr all results and cmpared against digital CSV files as part f data lading prcedure int the database. Nusantara Resurces Limited 5
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. The Gelgy Manager reviews all tabulated assay data as the Cmpetent Persn fr the reprting f Explratin Results. N twinned hles have been drilled by Nusantara. Field drilling data is recrded directly int lgging templates in Excel spreadsheet frmat n laptp cmputers. Excel spreadsheets are imprted t MS Access frmat fr validatin and management by the GIS/Database Administratr nsite. All drilling data is upladed and managed via a centralised Drpbx facility with restricted access. Database is audited by an external cnsultant (Cube Cnsulting) prir t reprting f Explratin Results and Mineral Resurce estimates. All data belw detectin limit (<0.01 ppm Au) and 0 values have been entered as a small value f 0.005ppm Au which is half the detectin limit fr the gld analysis. Negative values, missing samples, interval gaps dented by n sample ( NS ) and cavities were assigned as nulls (blanks) and ignred when extracting cmpsites fr grade interplatin. Samples nt received by the labratry, r with insufficient sample weight fr analysis had the interval left blank in the database. 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. Cllars were initially lcated by hand held Glbal Psitining System ( GPS ) with an accuracy f abut 5-15m, dependent n the satellite cverage. Additinally, hle psitins were validated by tape and cmpass measurement frm nearby surveyed histric drill cllars. All Nusantara drill cllar will be lcated by third party surveyrs using Differential Glbal Psitining System ( DGPS ) r ttal statin Electrnic Distance Measuring ( EDM ) survey equipment t an accuracy f apprximately 0.1m. Dwn-hle surveys were rutinely carried ut, generally n 30m spacings using a digital multi-sht instrument Cretell ORIsht (Gen4). The 3D lcatin f the individual samples is cnsidered t be adequately established, and cnsistent with accepted industry standards. All drillhle data is referenced in the UTM WGS 84 Zne 51 (Suthern Hemisphere) crdinate system. Nusantara Resurces Limited 6
Quality and adequacy f tpgraphic cntrl. Tpgraphic mapping f the area by Airbrne Laser Scanning ( LIDAR ) survey has been carried ut by P.T. Surtech in Nvember 2017. Tpgraphic cntrl nw exists t a vertical and hrizntal accuracy f 0.15m and is incrprated int all mineral resurce estimates. Data Spacing and Distributin Orientatin f Data in Relatin t Gelgical Structure 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. 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. Diamnd drilling has been undertaken using varius drill rientatins t define the mineralisatin rientatin in an area that has very limited drilling. Drilling was n a nminal 50m t 75m grid spacing, centred abut histrical drill hle AMD 293 which lies apprximately 110m suth-east f the last drill sectin at Rante. The 6 Highwall drill hles fr the reprting f Explratin Results are extensinal hles targeting areas utside f the currently defined mineralised znes. Sampling f drill cre has generally been at 1m intervals. Drill hle spacing is sufficient t imply gelgical and grade cntinuity with the lateral extents f mineralisatin nt fully defined by the current drilling. Sample cmpsiting has nt been applied. Drilling sectins are rientated perpendicular t the strike f the mineralised hst rcks. Drill hles were inclined between 63 and 76 t ptimise intercepts f mineralisatin with respect t thickness and distributin f the targeted shallw dipping znes. Current diamnd drilling has cnfirmed that the drilling rientatin has nt intrduced any sampling bias. The mineralisatin ccurs in multiple rientatins as a stckwrk system, but has a dminant shallw t mderate N-NE dipping, fliatin parallel rientatin, with less well develped narrw sub-vertical structures. Drilling with steep angled hles in mst instances prvides a representative sample acrss the mineralisatin. Nusantara Resurces Limited 7
Sample Security The measures taken t ensure sample security. Chain f Custdy is managed by Nusantara whereby; All samples are placed int calic bags with sample tickets and clear sample ID numbering n the utside; Samples were bagged int plyweave sacks, zip tied, with the sample numbers written n the utside f the sack; Samples were stred nsite within a lcked facility ready fr dispatch; Prir t sample dispatch, the sample numbers, duplicates, standards were checked against the dispatch frm; Samples were freighted by rad t Belpa, and then air freighted t the Geservices labratry in Jakarta, and Geservices in Jakarta ntified Nusantara when the samples had been securely received intact. Audits Reviews r The results f any audits r reviews f sampling techniques and data. The sampling prcedures and drilling data were reviewed and audited by Denny Wijayadi (Cube Cnsulting Senir Gelgist) while nsite frm 11 t 15 September 2017. The site visit invlved inspectin f the drilling in prgress, nsite sample preparatin facilities, and an audit f the Geservices labratry in Jakarta. Cube (2017) has previusly independently reviewed, verified and validated data prir t the Mineral Resurce estimate in May 2017. There were n adverse material results frm any f the reviews r audits. Sectin 2 Reprting f Explratin Results (Criteria listed in the preceding sectin als apply t this sectin.) 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 includes the three main depsit areas f Awak Mas, Salu Bul and Tarra fr which current mineral Resurces exist and have been reprted t JORC Cde (2012) guidelines. Nusantara hlds a 100% beneficial interest in the via a 7th Generatin Cntract f Wrk ( CW ) thrugh its whlly wned subsidiary PT Masmind Dwi Area. Nusantara Resurces Limited 8
PT Masmind Dwi Area is an Indnesian freign investment cmpany, which wns the explratin and mining rights t the Awak Mas Prject thrugh the CW with the Gvernment f the Republic f Indnesia. The has a lng histry invlving multiple cmpanies thrugh direct wnership, jint venture farm-ins, ptin t purchase agreements, r equity arrangements; Battle Muntain discvered the Awak Mas depsit in 1991 after earning a 60% equity in the riginal partnership between New Hpe and PT Asminc; Lne Star (1994) acquired the equity f bth Battle Muntain and New Hpe; Gascyne structured an agreement which cmbined the varius equities under Masmind; Placer (1998) entered, and then later withdrew frm a Jint Venture ( JV ) with Masmind; Vista Gld (2004) purchased 100% f Masmind; Pan Asia (2009), nw One Asia, acquired a 60% interest via a JV with Vista Gld upn cmpletin f a Feasibility Study ( FS ) and Envirnmental Impact Assessment ( AMDAL ); One Asia (2013) thrugh its subsidiary Awak Mas Hldings purchased 100% f the Prject frm Vista Gld, and Nusantara Resurces Limited (frmerly Awak Mas Hldings) demerged frm One Asia with a 100% interest in the and listed n the Australian Securities Exchange ( ASX ) n the 2nd August, 2017. The 7th Generatin CW was granted n 19 February 1998 and cvers an area f 14,390 ha. The CW allws fr 100% wnership, and is lcated within a nn-frested area (APL) Land fr Other Uses. The AMDAL fr the prject has been apprved and Envirnment Permit Issued April 2017. The Cmpetent Persn is nt aware f any ther agreements that are material t the Prject. Nusantara Resurces Limited 9
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 CW defines a cnstructin perid f 3 years and an perating perid f 30 years. The Cmpetent Persn has nt been advised f any envirnmental liabilities assciated with the Awak Mas Prject at this time. Explratin Dne by Other Parties Acknwledgment and appraisal f explratin by ther parties. Since the discvery f the Awak Mas depsit by Battle Muntain in 1991, a number f histrical resurce assessments have been cmpleted. Previus explratin wrk in the prject area includes systematic explratin by several peratrs, including Asminc and New Hpe in 1987, fllwed by Battle Muntain, Lne Star, Gasgyne, JCI, Masmind Mining and Placer Dme between 1991 and 2004. Vista Gld and One Asia undertk the mst recent explratin wrk between 2004 and 2013 which included the cmpilatin and catalguing f histric data, cmpletin f significant infill resurce drilling, and re-estimatin f the cntained, classified mineral resurces. A mineral resurce estimate ( MRE ) update was cmpleted by Tetra Tech in 2013 based n the results f the One Asia infill and metallurgical testwrk drilling prgram. The MRE was reprted in accrdance with the JORC Cde (2012) guidelines. Gelgy Depsit type, gelgical setting and style f mineralizatin. Awak Mas Depsit A high level, lw sulphidatin hydrthermal system has develped at Awak Mas which is verprinted by a strng sub-vertical fracture cntrl which has channelled the mineralising fluids. The mineralising fluids have explited these pathways and migrated laterally alng fliatin parallel shallwly dipping favurable strata. In additin t the cnfrmable style f mineralisatin there is a late stage hydrthermal verprint that has als depsited gld in sme f the majr sub vertical structures. The multi-phase gld mineralisatin is characterised by milled and crackle breccias, vuggy quartz infill, and stckwrk quartz veining with distinct sub-vertical feeder structures. Hst lithlgies fr mineralisatin are mainly the cver sequence f metasedimentary rcks and t a lesser degree the underlying basement sequence f Nusantara Resurces Limited 10
dirites and bitite dminant schists. The cver and basement sequences are separated by an uncnfrmable and sheared cntact. Recent interpretatin has established the presence f a late stage Highwall Fault at the eastern edge f Rante as evidenced frm mineralisatin in histrical getech hle AMD293. This fault is analgus t the NNE trending bunding faults that separate each depsit area at Awak Mas and have been cnfirmed by drilling. An explratin mdel fr drill targeting was develped based n pssible further fault repetitins f Rante style mineralisatin t the east twards the Salu Bul depsit. The 6 deep Highwall hles have cnfirmed that mineralisatin extends acrss the identified Highwall fault, and indicates the ptential t further develp mineralisatin within the Awak Mas t Salu Bul crridr. 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 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. The six hle first-pass explratin drilling prgram was designed t test the eastern extensin f the Rante mineralisatin int the Highwall area. A tabulatin f lcatin details fr the six drill hles which frm the basis fr this ASX Release are included in Appendix 1. Assays are currently pending fr the three hles HWD003 t HWD005. The histrical drilling database cnsists f; One Asia Drilling (2011-2012) - 87 drill hles fr 5,956m; Histric cre drilling (1991-2007) f 645 drill hles fr 81,045m, and Histric RC drilling (1995-1996) f 158 hles fr 16,290 metres. 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. The Phase 1 infill resurce drilling cmpleted by Nusantara in 2017-2018 at Awak Mas (25 hles fr 4,263m) has been previusly reprted and incrprated in the mst recent MRE update t the ASX; Awak Mas Resurce Increased by 0.2Mz. Dated 31 January 2018; Table 1, Appendix 1 Awak Mas - Explratin Results Tabulatin. The cmplete histrical dataset f 890 hles at Awak Mas, that were previusly drilled have nt been included as they are nt Material t the reprting f the current Explratin Results. All histrical drilling infrmatin has been previusly reprted in the fllwing ASX release; Nusantara Resurces Limited 11
Resurce Update. Dated 9 May 2017, Mineral Resurce (JORC 2012) 1.74 Mz, New Gelgical Mdel; Table 1, Appendix 2 Awak Mas Drillhle Intersectin Listing. Table 1, Appendix 2 Salu Bul Drillhle Intersectin Listing. Data Aggregatin Methds Relatinship between Mineralizatin Widths and Intercept Lengths Diagrams In reprting Explratin Results, weighting averaging techniques, maximum and/r minimum grade truncatins (eg 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. The assumptins used fr any reprting f metal equivalent values shuld be clearly stated. These relatinships are particularly imprtant in the reprting f Explratin Results. If the gemetry f the mineralizatin 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 (eg dwn hle length, true width nt knwn ). Apprpriate maps and sectins (with scales) and tabulatins f intercepts shuld be included fr any significant discvery Explratin results are reprted as length weighted averages f the individual sample intervals. The fllwing criteria have been applied in reprting f the Explratin results: Intercepts reprted are intervals f Au >1g/t with intervals f <1g/t Au up t 3m included; Where n individual intercepts >1g/t exist, the intercepts reprted are intervals f Au >0.1g/t with intervals f <0.1g/t Au up t 3m included; N high-grade capping has been applied, r was necessary, and All dwnhle intersectin lengths and grades are reprted t ne decimal place. Any znes f significantly high-grade gld mineralisatin have been separately reprted in Appendix 1. Metal equivalent values have nt been used. The mineralisatin gemetry is cmplex and variable, but generally has a main shallw rientatin parallel t the fliatin at ~30º twards the nrtheast. A secndary mineralisatin rientatin is steeply east dipping t sub-vertical nrthsuth feeder structures The drilling rientatin is a cmprmise t target bth mineralisatin rientatins, and generally the dwnhle length apprximates the true width fr the dminant brad and shallw dipping mineralised znes. Dwnhle intercepts f the steep sub-vertical structures will have a dwnhle length significantly lnger than the true width. Relevant drill hle lcatin plans, representative drill sectins are included within the main text f this release. Nusantara Resurces Limited 12
being reprted These shuld include, but nt be limited t a plan view f drill hle cllar lcatins and apprpriate sectinal views. All mineralised intersectins used fr the reprting f the Explratin Results are tabulated in Appendix 1. Balanced Reprting Other Substantive Explratin Data Further Wrk 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. Other explratin data, if meaningful and material, 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. The nature and scale f planned further wrk (eg 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. All explratin results frm the current drilling prgram that relate t the Awak Mas Highwall eastern extensin have been reprted. Metallurgical testwrk fr the Awak Mass Gld Prject by Minnv (2017) has indicated imprved gld recveries f 92%-98% based n Whle f Ore ( WOL ) leaching n samples cmpsited frm nsite drill cre. Full details n the WOL testwrk been reprted in the fllwing ASX release; Awak Mas Gld DFS Optimisatin Metallurgical Breakthrugh, dated 10 Octber 2017. The is an active grwth prject with additinal areas identified fr infill (25m x 25m) and extensinal drilling, including targets at depth and utside f the current mineral resurce limits. Drilling has fcussed n upgrading the majrity f the current Inferred Mineral Resurces t the Indicated categry, as well as grwth f the Mineral Resurce utside f the currently delineated mineralised dmains. Planned future drilling will cntinue t target extensins t the east, and at depth at Rante, in areas where the trend f mineralisatin is pen and untested by histrical drilling. The main bjective is grwth f the Mineral Resurce utside f the currently delineated mineralised dmains. All drill cllars frm the current drill prgram will be surveyed using DGPS r ttal statin EDM equipment. Further detailed cre re-lgging and develpment f a structural mdel will help prgress the current gelgical mdel and enable its use as a drill targeting tl bth fr resurce delineatin and definitin f new explratin targets within the CW. Nusantara Resurces Limited 13
An updated Awak Mas mineral resurce estimate will be cmpleted nce all assay, survey and lgging data frm the additinal Metallurgical testwrk hles and Phase 2 explratin drill prgram is finalised, the gelgical interpretatin refined and an updated gelgical mdel is available. Nusantara Resurces Limited 14
EXPLORATION RESULTS REPORTING CRITERIA Reprting Criteria: Intercepts reprted are intervals f Au >1g/t with intervals f <1g/t Au up t 3m included. Where n individual intercepts >1 g/t exist, the intercepts reprted are intervals f Au >0.1g/t with intervals f <0.1g/t Au up t 3m included. Dwnhle and estimated true thickness reprted t ne decimal place. Au and Ag grades reprted t tw significant figures. Samples are generally frm diamnd cre drilling which is HQ diameter. Sme intercepts may be f larger r smaller than HQ due t drilling lgistics. Cre is phtgraphed and lgged by the gelgy team befre being cut in half. Half cre samples are prepared fr assay and the ther half is retained in the cre farm fr future reference. Each assay batch is submitted with duplicates and standards t mnitr labratry quality. Samples analysed fr gld using the fire assay (FAA40) technique and analysis fr silver multi-acid digest with AAS finish (GAI02) technique Nusantara Resurces Limited 15
APPENDIX 1 Explratin Drill Hle Details Hle ID Hle Type Easting UTM (m) Nrthing UTM (m) RANTE - HIGHWALL EASTERN EXTENSION Elevatin (m) Ttal Depth (m) Azimuth (Mag) Dip Frm (m) T (m) Interval (m) HWD001 DDH 180,225 9,627,368 1,324 575.5 90-74 128.4 139.5 11.1 1.8 0.8 Au g/t Ag g/t Including 136.5 139.5 3.0 4.8 1.9 206.8 210.4 3.6 0.6 0.3 271.8 276.9 5.1 0.4 0.2 371.7 379.6 7.9 1.1 0.4 Including 378.0 379.0 1.0 5.0 1.1 409.5 414.5 5.0 0.5 0.4 Including 412.3 413.1 0.8 1.7 0.5 422.5 427.8 5.3 0.5 0.3 Including 427.0 427.8 0.8 2.1 0.5 HWD002 DDH 180,524 9,627,395 1,400 565.7 270-76 148.8 165.8 17 0.3 0.4 257.0 302.0 45.0 1.3 0.5 Including 258.0 260.0 2.0 4.9 1.0 308.0 316.0 8.0 2.0 0.7 Including 311.0 314.0 3.0 3.6 1.1 323.0 325.0 2.0 0.6 0.5 330.0 341.0 11.0 0.9 0.4 384.0 425.0 41.0 0.9 0.5 Including 384.0 388.0 4.0 2.2 1.2 Including 421.0 425.0 4.0 2.5 0.6 480.8 486.8 6.0 0.8 na Nusantara Resurces Limited 16
Hle ID Hle Type Easting UTM (m) Nrthing UTM (m) Elevatin (m) Ttal Depth (m) Azimuth (Mag) Dip Frm (m) T (m) Interval (m) RTD023 DDH 180,225 9,627,368 1,323.7 486.4 160-75 179.0 185.3 6.3 2.1 1.2 Au g/t Ag g/t 194.4 195.4 1.0 1.5 0.25 225.6 229.6 4.0 0.4 0.3 237.6 243.6 6.0 3.9 0.8 Including 239.6 240.6 1.0 8.2 1.3 259.6 260.5 0.9 0.8 0.3 265.3 271.3 6.0 1.8 0.5 Including 268.3 269.3 1.0 9.3 1.7 HWD003 DDH 180,500 9,627,320 1403.7 333.8 270-70 Assays Pending HWD004 DDH 180,522 9,627,395 1400.2 392.7 280-65 Assays Pending HWD005 DDH 180,475 9,627,395 1400.6 372.4 280-63 Assays Pending Nusantara Resurces Limited 17
8 March 2018 Abut Nusantara Resurces Nusantara is an ASX-listed gld develpment cmpany with its flagship prject cmprising the 2.0 millinunce lcated in Sulawesi, Indnesia. Discvered in 1988, the Prject has ver 135 km f drilling cmpleted in ver 1,100 hles. The Prject is currently 100%-wned thrugh a 7th Generatin Cntract f Wrk ( CW ) with the Indnesian Gvernment. Nusantara s develpment strategy is fr cnstructin f a large-scale, lw strip rati pen pit peratin with re t be prcessed by Whle-f-Ore CIL leach. Envirnmental apprval has already been received fr the Prject, which is favurably lcated in nn-frestry land clse t established rads, prts and grid pwer, enabling the Prject t quickly advance twards develpment upn cmpletin f the DFS by mid-2018. Nusantara s secnd strategy is t grw the resurce base and supprt a mining peratin beynd the initial targeted life f 10 years. Multiple drill-ready targets have already been utlined extending frm the three main depsits and in ther areas f the 140km2 CW. Website: www.nusantararesurces.cm LinkedIn: https://au.linkedin.cm/cmpany/nusantararesurces
8 March 2018 Cmpetent Persns Statement The infrmatin in this annuncement that relates t the explratin results and Mineral Resurces f Nusantara Resurces is summarised frm publicly available reprts as released t the ASX f the respective cmpanies. The results are duly referenced in the text f this reprt and the surce dcuments nted abve. Explratin and Resurce Targets Any discussin in relatin t the ptential quantity and grade f Explratin Targets is nly cnceptual in nature. While Nusantara Resurces may reprt additinal JORC cmpliant resurces fr the, there has been insufficient explratin t define mineral resurces in additin t the current JORC cmpliant Mineral Resurce inventry and it is uncertain if further explratin will result in the determinatin f additinal JORC cmpliant Mineral Resurces. Explratin Results The infrmatin in this reprt which relates t Explratin Results is based n, and fairly represents, infrmatin cmpiled by Mr Clin McMillan, (BSc) fr Nusantara Resurces. Mr McMillan is an emplyee f Nusantara Resurces and is a Member f the Australian Institute f Mining and Metallurgy (AusIMM N: 109791). Mr McMillan has sufficient experience that is relevant t the style f mineralisatin and type f depsit under cnsideratin and t the activity 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. Mr McMillan cnsents t the inclusin in the reprt f the matters based n this infrmatin in the frm and cntext in which it appears. Mineral Resurces The infrmatin in this reprt that relates t the Mineral Resurce Estimatin fr the is based n and fairly represents infrmatin cmpiled by Mr Adrian Shepherd, Senir Gelgist, (BSc), MAusIMM CP(Ge), fr Cube Cnsulting Pty Ltd. Mr Shepherd is an emplyee f Cube Cnsulting Pty Ltd and is a Chartered Prfessinal gelgist and a current Member f the Australian Institute f Mining and Metallurgy (AusIMM N: 211818). Mr Shepherd has sufficient experience that is relevant t the style f mineralisatin and type f depsit under cnsideratin and t the activity being undertaken t qualify as Cmpetent Persn as defined in the 2012 Editin f the Australasian Cde fr Reprting f Explratin Results, Mineral Resurces and Ore Reserves. Mr Shepherd cnsents t the inclusin in the reprt f the matters based n this infrmatin in the frm and cntext in which it appears. New Infrmatin r Data Nusantara Resurces cnfirms that it is nt aware f any new infrmatin r data that materially affects the infrmatin included in the riginal market annuncements and, in the case f estimates f Mineral Resurces and Ore Reserves, that all material assumptins and technical parameters underpinning the estimates 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 are presented have nt materially changed frm the riginal market annuncement.