Amalgamated final surrender report GR284 EL 25027, EL 27282, EL 27349, EL 27747 for period ending 19 April 2017 Acacia Frazers Group Project NT

Abstract

A final surrender report is respectfully submitted for the GR284-13 reporting group in accordance with the letter from Department of Primary Industry and Resources dated 10 March 2017 regarding the cessation of Exploration Licence 27282 and the subsequent Surrender Notice by Acacia Minerals dated 24 March 2017, and the confirmation of surrender of Exploration Licences 25027, 27349 and 27747 effective 19 April 2017. Herein is a final Surrender Report containing a summary of all information given in all of the annual reports during the life of the title, and a summary of the activities completed during the 11 March 2016 to 19 April 2017 period. The group number GR284-13 (grouped 11 March 2012) project area is located approximately 50 kms south of Darwin to the east of the Stuart Highway and consists of four tenements: EL 25027, EL 27282, EL 27349 and EL 27747 at the time of reporting. The EL 26777 tenement was relinquished during the reporting period, effective 18 January 2017 and final surrender report submitted separately. The project area is situated within the northern part of the Pine Creek Orogen, which is well known for hosting gold, uranium and base metal mineralisation. Acacia Minerals Limited ('Acacia') a 100% owned subsidiary of Equator Resources Limited (?Equator?), (previously called NT Resources Limited), believes that the area had a potential to host an economic gold, base metal or uranium deposit. Previously, the GR284-13 group conditionally sold the Project to TUC Resources Limited ('TUC') with TUC required to 'Farm-in' to the project and meet expenditure requirements from 7 October 2011. No work was completed by TUC during the transaction period from 2011 to 2014 except for their own internal desk top targeting and the tenure group was returned to the parent company in February 2014, and focus of the company was to raise sufficient funds in a difficult capital market to comply with the ASX listing conditions and initiate exploration. Structural re-organisation of Acacia Minerals Pty Ltd occurred in 2015 intended to re-invigorate equity financing of the entity and the Change of Management and Technical Staff anticipated to advance exploration on the GR294-13 Group. The new team completed desk top studies in 2015-16, culminating in field reconnaissance programs in mid-2016 to assess targets. The resulting assessment of mineralisation potential for the project was reviewed to form an economic assessment in context of the current standing and holding costs of the tenements, extent of the project area, current equity market conditions, and existing infrastructure on the project area, and Acacia Minerals has come to the conclusion to make no further financial investment in exploration or development of the GR294-13 Group project.