Annual Report for year ending 7 December 2015 EL 23237 Mount Porter West

Abstract

This Project currently comprises a number of exploration and mining titles, covering an area of approximately 67 km2. Three of these licences, including EL 23237, are owned outright by Arafura with a farm in agreement with Ark Mines Ltd. The mineral rights on the remaining licences are shared with Territory Resources Limited, or with its wholly owned subsidiary, Frances Creek Pty Ltd. All activity by Ark on EL 23237 during the reporting period was dedicated to investigating the commercial viability of the Mt Porter deposit. Ark undertook the following initiatives during this reporting period; Metallurgical study of the Mt Porter Ore; Optimisation studies for Mining Mt Porter; and Negotiating a Binding Toll Treatment agreement with Crocodile Gold. As a result Ark has found the proposition of Mining the Mount Porter to be viable, and as such has now engaged consultants to prepare a Mine Management plan with view to having an approval mid 2016.