Third Annual Group Technical Report Roper River Iron Ore Project GR260 EL 24101 EL 24102, EL 26412, EL 28497 EL 30618 for the period 28 February 2014 to 27 February 2015

Abstract

Project exploration activity for the period was effectively limited to EL 24101 with little or no activity on tenements elsewhere. ML 29584 was granted during the reporting period in early July within a portion of EL 24101 covering the bulk sample pit and the area of proposed initial DSO mining at Deposit C. By closure of the bulk sample operating pit in June 2014 a total of 359,000 tonnes at 58.5 percent Fe had been mined for the bulk sample pit life. A total of 41 RC holes for 644 m drilled in reporting period. At Mount Scott diamond drilling of 11 holes for 270m in total completed at Deposits I and K on the eastern Mesa over a 3km strike. Drilling intersected near-surface DSO grade in Lower Ironstone thoughout but with narrow thickness. Extensive regional RC drilling is required on both East and West Mesas to properly assess resource potential. Water drilling resumed with focus on structural targets in Bessie Creek Sandstone. A total of 13 holes were drilled for 1,026 m SPB 08 to 20 with much more success than drilling within Sherwin Formation. However bore testing incomplete - currently 369m casing into 7 bores. Water requirements for operation likely to be at least partially met by this drilling. Airborne photographic survey by Aerometrex conducted over EL 24101 and ML 29584 at Deposit C and Mt Scott over a 100 sq km area in preparation for future mining survey control.