Annual Report for ML 29822 Twin Bonanza 1 from 28 March 2017 to 27 March 2018

Abstract

At the 28th of March 2014 ML 29822 was granted to ABM Resources NL a publicly listed company (ABM) for a period of 25 years. The ML 29822 of 3.26km is located approximately 820km NW of Alice Springs near the border to Western Australia (Figure 1). ABM acquired the the tenement to exploit the gold mineralisation. In 2017, the fourth year of term, ABM continued to implement its divestment policy. Negotiations with various parties resulted in a Heads of Agreement with ARK Mines Ltd. ARK and ABM are currently negotiating an agreement for ARK to operate the Old Pirate gold mine. Whilst no on-ground exploration was completed, Optiro Pty Ltd completed a Resource update on the Buccaneer deposit with the revised Resource of 10Mt at 1.82g/t for 585,000 ounces of gold above a 1.0g/t cut-off. Post closure monitoring continued at Old Pirate and results will be reported in the Mining Management Plan update due in September 2018.