Gold Road Resources Limited

GOR

AU000000GOR5

Gold

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Gold Road Resources : Gilmour and Renegade Mineral Resource

December 03, 2019 at 08:13 pm EST

ASX Announcement

4 December 2019

GILMOUR AND RENEGADE MINERAL

RESOURCE

Mid‐tier gold producer and exploration company Gold Road Resources Limited (Gold Road) reports the first 100% company‐owned resource addition since the Gruyere Joint Venture (Gruyere JV). The Mineral Resource of 3.5 million tonnes at 2.62 g/t Au for 297,600 ounces1 was estimated using an A$1,850 per ounce gold price assumption.

Highlights

New 297,600 ounce Mineral Resources at Gilmour and Renegade 100% owned by Gold Road
Gilmour Maiden Mineral Resource of 2.6 Mt at 3.09 g/t Au for 258,400 ounces:
- Open pit: 1.8 Mt at 2.21 g/t Au for 129,100 ounces
- Underground: 0.8 Mt at 5.13 g/t Au for 129,300 ounces
- 120,000 ounces at 5.2 g/t Au (46%) of the Mineral Resource categorised as Indicated
- Mineralisation is dominated by a continuous laminated vein with coarse gold drilled to 400 metres below surface
- Initial metallurgical test‐work indicates potential recoveries ranging from 89% to 99% with 28% to 82% of the gold recovered by gravity separation2
Renegade3 open pit Inferred Mineral Resource of 0.9 Mt at 1.3 g/t Au for 39,200 ounces
Total attributable Mineral Resource now 3.6 Million ounces (100% Gold Road and 50% Gruyere JV)

ASX Code GOR

ABN 13 109 289 527

COMPANY DIRECTORS

Tim Netscher

Chairman

Duncan Gibbs

Managing Director & CEO

Justin Osborne

Executive Director,

Discovery & Growth

Brian Levet

Non-Executive Director

Sharon Warburton

Non-Executive Director

Carol Marinkovich

Company Secretary

CONTACT DETAILS

Principal & Registered Office Level 2, 26 Colin St

West Perth WA 6005

www.goldroad.com.au

perth@goldroad.com.au

T +61 8 9200 1600

F +61 8 9481 6405

Gilmour and Renegade Mineral Resources have, subject to further studies, potential development flexibility, either as part of future standalone operations, contingent on further discoveries, or they could be developed and processed at Gruyere via toll treatment provisions under the Gruyere JV agreement

Gold Road Executive Director ‐ Exploration & Growth Justin Osborne commented: "The Maiden Mineral Resource for Gilmour represents the first gold deposit identified at Yamarna outside of the original discoveries on the Golden Highway, and our Gruyere discovery which is now being mined in Joint Venture with Gold Fields. The significance in being the third largest, and second highest grade deposit so far discovered at Yamarna is considerable. The relatively high‐grade demonstrates a diverse endowment consistent with our belief in the Belt having potential to host multiple deposits varying in style, size and grade as seen in other major Greenstone Belts in Western Australia ‐ the main difference at Yamarna is it remains significantly underexplored. We are now applying the improved understanding from our Gilmour exploration programme to assist our ongoing targeting of >1 million ounce deposits on the considerable Yamarna tenement holding."

All Open Pit Mineral Resources are reported at various cut‐off grades allowing for processing costs, recovery and haulage to the Gruyere Mill. Renegade ‐ 0.5 g/t Au, Gilmour ‐ 0.5 g/t Au. All Open Pit Mineral Resources are constrained within an A$1,850 per ounce optimised pit shell derived from mining, processing and geotechnical parameters from PFS and operational studies. Underground Mineral Resources at Gilmour are constrained by 2.5 metre minimum stope width that is optimised to a 3.5 g/t Au cut‐off reflective of an A$1,850 per ounce gold price. Diluted tonnages and grades are reported based on minimum stope widths.
2 Refer ASX announcement dated 28 May 2019
3 Renegade (previously Khan North) was removed from Mineral Resources in 2015 ‐ refer ASX announcement dated 16 September 2015

Figure 1: Yamarna tenement plan with Ore Reserves (total Proved and Probable) and Mineral Resources (total Measured, Indicated and Inferred) reported and the addition of Gilmour and Renegade as 100% Gold Road deposits as at November 2019. Deposits as part of the Gruyere JV with Gold Fields are unchanged from December 2018

Page 2 of 53

Mineral Resource Summary

The Gold Road 100% owned Mineral Resource totals 3.5 million tonnes at 2.62 g/t Au for 297,600 ounces (Table 1 and Figure 1) and is constrained within optimised pit shells and underground stope shapes, based on an A$1,850 per ounce gold price assumption with deposit‐specific modifying factors and cut‐off grades. In addition to an Attributable Mineral Resource from the Gruyere JV of 3.31 Million ounces, Gold Road now has a total Attributable Mineral Resource of 81.2 million tonnes at 1.38 g/t Au for 3.6 Million ounces. Commercial production from Gruyere was achieved in September 2019 in joint venture with partners Gold Fields.

The Gilmour Maiden Mineral Resource (Figure 2), and a new Renegade Mineral Resource, represent the first 100% company‐owned resource additions since entering the Gruyere JV in November 2016.

Table 1: Mineral Resource at November 2019 (total Measured, Indicated and Inferred categories)

		Mineral Resource ‐ November 2019

		Tonnes		Grade		Contained
Project Name					Metal

		(Mt)	(g/t Au)		(Moz Au)

Gruyere JV

Gruyere	139.56	1.29	5.78
YAM14	0.85	1.21	0.03
Central Bore	0.24	13.05	0.10
Golden Highway Total	14.72	1.47	0.70

Total Gruyere JV 100% Basis		155.37		1.32		6.61
Total Gold Road 50% Attributable	77.69	1.32	3.31
Gold Road

Renegade	0.93	1.30	0.04
Gilmour OP	1.82	2.21	0.13
Gilmour UG	0.78	5.13	0.13

Total Gold Road 100% Owned		3.53		2.62		0.30
Gold Road Attributable
Total Gold Road		81.22		1.38		3.60

Notes:

All Mineral Resources are completed in accordance with the JORC Code 2012 Edition
All figures are rounded to reflect appropriate levels of confidence. Apparent differences may occur due to rounding
Mineral Resources are inclusive of Ore Reserves
The Gruyere Project JV is a 50:50 joint venture between Gold Road and Gruyere Mining Company Pty Ltd, a wholly owned Australian subsidiary of Gold Fields Ltd. Figures are reported on a 100% basis unless otherwise specified, 50% is attributable to Gold Road
All Open Pit Mineral Resources are reported at various cut‐off grades allowing for processing costs, recovery and haulage to the Gruyere Mill. Gruyere ‐ 0.30 g/t Au. Attila, Argos, Montagne, Orleans, and Alaric ‐ 0.50 g/t Au. YAM14 ‐ 0.40 g/t Au. Gilmour ‐ 0.05 g/t Au. Renegade ‐ 0.50 g/t Au
All Open Pit Mineral Resources are constrained within an A$1,850/oz optimised pit shell derived from mining, processing and geotechnical parameters from PFS and ongoing operational studies
Underground Mineral Resources at Central Bore and Gilmour are constrained by 1.5 metre and 2.5 metre minimum stope widths respectively that are optimised to a 3.50 g/t Au cut‐off reflective of an A$1,850/oz gold price. Diluted tonnages and grades are reported based on minimum stope widths
All dollar amounts are in Australian dollars unless otherwise stated

Page 3 of 53

Gilmour Maiden Mineral Resource

Following the discovery of Gruyere in 2013, Gold Road continued to systematically explore its Yamarna tenement holding while progressing the development of the Gruyere Project. Gilmour was targeted successfully with aircore drilling in late 2015. Follow‐up bedrock drilling intersected primary shear‐hosted gold mineralisation in late 2017, followed by framework definition drilling in 2018 and resource drilling in the first half of calendar 2019.

Geological analysis and interpretation defined a continuous and predictable high‐grade mineralised system over a 500 metre strike and dip extent. Gold is predominantly associated with a laminated quartz vein 0.5 to 2 metres in width that dips moderate to steeply northeast. Gold grades range from 0.5 to 117.8 g/t Au (averaging 11.5 g/t Au). The mineralisation is bounded by faults to the north and south and narrows at depth (Figure 2). The high‐grade, brittle nature of the mineralising system at Gilmour is notably different from other defined zones of mineralisation along the Yamarna Shear Zone, such as the Golden Highway deposits, which display a more ductile style and are uniformly lower grade.

Figure 2: Gilmour deposit longitudinal projection (looking southwest) illustrating geology and resource categories and

November 2019 Mineral Resource constraining pit shell and stope outlines

Preliminary metallurgical test‐work indicates potential recoveries ranging from 89% to 99% with between 28% to 82% of the gold recovered by gravity separation.

The Gilmour Maiden Mineral Resource is reported within constraining open pit optimisation shells and underground stope optimisations, reflecting potential economic extraction methods. The open pit portion of the resource has been modelled to a 2 metre mining width and reported within an A$1,850 Lerch‐Grossman pit optimisation with assumed pit slopes and costs commensurate with an appropriate scale of mining, and processing at the Gruyere Mine. The underground portion of the resource is reported below the A$1,850 open pit optimisation. A 2.5 metre minimum mining width has been utilised for the underground resource estimate and the underground component of the Mineral Resource of 0.8 Mt at 5.13 g/t Au for 129,300 ounces incorporates the resulting diluted tonnage and grade.

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The Gilmour Maiden Mineral Resource totals 2.6 Mt at 3.09 g/t Au for 258,400 ounces, with 0.8 Mt at 5.2 g/t Au for 120,000 ounces, or 46% of contained ounces, classified as an Indicated Resource. This makes Gilmour the third largest and second highest grade deposit so far discovered on the Yamarna Belt.

The Gilmour Maiden Mineral Resource is located 55 kilometres, by road, south of the Gruyere Mine (Figure 1). The open pit and underground Mineral Resources could be developed by Gold Road and processed at Gruyere via toll treatment provisions under the Gruyere JV agreement. The Gruyere development option provides a pathway to monetise the discovery and realise value from Gold Road's exploration programme.

Gold Road is continuing systematic Greenfields exploration at Yamarna, focussed predominantly in the Southern Project Area, with the strategic objective of delivering sufficient discoveries to realise greater shareholder value via a standalone operation. Consideration of the development of Gilmour and associated feasibility studies will therefore be deferred until the gold endowment of the Southern Project Area is demonstrated by further exploration.

Further details regarding the Gilmour Maiden Mineral Resource can be found in Appendix 1 ‐ Material Information Summaries.

Renegade Mineral Resource

The Renegade deposit, previously reported as Khan North, has been re‐estimated as a Mineral Resource of 0.9 Mt at 1.3 g/t Au for 39,200 ounces. The new resource estimate follows detailed geological interpretation and optimisation for open pit extraction, applying appropriate modifying factors and a gold price assumption of A$1,850 per ounce. The Renegade Mineral Resource is classified in the Inferred category (Figure 3).

Gold mineralisation at Renegade is hosted in a felsic porphyry (the Renegade Porphyry) 10 kilometres along strike to the north of the Golden Highway deposits. The bulk of the gold mineralisation at Renegade occurs in a high‐grade shear zone that changes strike in response to a northwest to southeast striking cross fault.

Renegade is located 35 kilometres by road from the Gruyere Mill, and is adjacent to the Gruyere Main Access Road (Figure 1). Renegade could potentially add value to Gold Road through toll treatment in accordance with the terms of the Gruyere JV agreement.

Further details regarding the Renegade Mineral Resource can be found in Appendix 1 ‐ Material Information Summaries.

Page 5 of 53

Figure 3: Renegade deposit longitudinal projection (looking east) showing resource categories and November 2019 Mineral Resource

constraining pit shell. The resource is hosted within a felsic porphyry of similar composition to the Gruyere Porphyry

JORC Code 2012 Edition and ASX Listing Rules Requirement

Mineral Resources are reported according to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code 2012 Edition), Chapter 5 of the ASX Listing Rules and ASX Guidance Note 31.

Material Information Summaries for each of the contributors to this Mineral Resource Statement are provided in accordance with ASX Listing Rules 5.8 and 5.9 and the Assessment and Reporting Criteria, and JORC Code 2012 Edition requirements. These summaries can be found in Appendix 1 below.

The Gilmour and Renegade Mineral Resources were compiled and reviewed by Gold Road Competent Persons. All Mineral Resources were subject to internal formal peer review and validation.

This release is authorised by the Board of Directors.

For further information, please visit www.goldroad.com.au or contact:

Gold Road Resources	Media Enquiries - Cannings Purple
Duncan Hughes, Manager - Corporate Development &	Warrick Hazeldine or Peter Klinger
Investor Relations	whazeldine@canningspurple.com.au
Tel: +61 8 9200 1600	pklinger@canningspurple.com.au

	Tel: +61 417 944 616 or +61 411 251 540

Page 6 of 53

About Gold Road

Gold Road Resources Limited is a mid‐tier Australian gold producer with Tier 1 mine and exploration projects in the underexplored and highly prospective Yamarna Greenstone Belt in Western Australia's north‐eastern Goldfields.

Gold Road owns 50% of the world‐class Gruyere gold mine, which was developed in Joint Venture with Gold Fields Ltd (JSE: GFI) and produced first gold in June 2019. Gruyere is forecast to produce on average 300,000 ounces (100% basis) annually for at least 12 years, making it one of Australia's largest and lowest‐cost gold mining operations. Gruyere has Mineral Resources of 5.8 million ounces, including an Ore Reserve of 3.6 million ounces.

Gold Road discovered the world‐class Gruyere deposit in 2013 as part of its pioneering exploration across Yamarna and entered into the Gruyere Gold Project Joint Venture with Gold Fields in 2016. The Gruyere JV includes 144 square kilometres of the Yamarna Belt.

In addition to the Gruyere JV, Gold Road controls 100% of tenements covering >5,000 square kilometres across Yamarna with a Mineral Resource of 0.3 million ounces. Gold Road is executing an industry leading exploration strategy to discover the next multi‐million‐ounce gold deposits at Yamarna.

Gold Road also continues to assess and pursue

other shareholder wealth‐creating opportunities, such as its exploration farm‐in Joint Venture with Cygnus Gold Limited (ASX: CY5) in Western Australia's South West, and Project Generation more widely.

Gold Road uses a staged Project Pipeline approach to manage, prioritise and measure success of the exploration portfolio. Each target is classified by Milestone and ranked using geological and economic criteria. Regular peer review, prioritisation and strategy ensure that the highest quality projects are progressed across all stages of exploration.

tenements and Gold Road‐Gold Fields Gruyere JV tenements (yellow outline), Mineral Resources, Ore Reserves (100% basis) and selected exploration prospects

Exploration Project Pipeline and Milestones used by Gold Road for managing exploration success

Page 7 of 53

Mineral Resource Estimate - November 2019

		Gruyere Project Joint Venture ‐ 100% basis			Gold Road Attributable

		Tonnes			Grade		Contained		Tonnes			Grade	Contained
Project Name / Category					Metal					Metal

		(Mt)		(g/t Au)	(Moz Au)		(Mt)		(g/t Au)	(Moz Au)

Gruyere Total	139.56		1.29		5.78		69.78		1.29		2.89
Measured	16.44		1.17		0.62		8.22		1.17		0.31
Indicated	88.53		1.30		3.71		44.26		1.30		1.85
Measured and Indicated	104.97		1.28		4.32		52.49		1.28		2.16
Inferred	34.59		1.31		1.46		17.30		1.31		0.73
Golden Highway + YAM14 Total	15.57		1.46		0.73		7.78		1.46		0.36
Measured	0.29		1.99		0.02		0.14		1.99		0.01
Indicated	11.33		1.48		0.54		5.67		1.48		0.27
Measured and Indicated	11.62		1.50		0.56		5.81		1.50		0.28
Inferred	3.95		1.33		0.17		1.98		1.33		0.08
Central Bore	0.24		13.05		0.10		0.12		13.05		0.05
Measured	‐		‐	‐		‐		‐	‐
Indicated	‐		‐	‐		‐		‐	‐
Measured and Indicated	‐		‐	‐		‐		‐	‐
Inferred	0.24		13.05		0.10		0.12		13.05		0.05
Total Gruyere JV	155.37		1.32		6.61		77.69		1.32		3.31
Measured	16.73		1.18		0.64		8.37		1.18		0.32
Indicated	99.86		1.32		4.25		49.93		1.32		2.12
Measured and Indicated	116.59		1.30		4.88		58.29		1.30		2.44
Inferred	38.78		1.39		1.73		19.39		1.39		0.86

Renegade	‐		‐	‐	0.93		1.30		0.04
Measured	‐		‐	‐		‐		‐	‐
Indicated	‐		‐	‐		‐		‐	‐
Measured and Indicated	‐		‐	‐		‐		‐	‐
Inferred	‐		‐	‐	0.93		1.30		0.04
Gilmour OP	‐		‐	‐	1.82		2.21		0.13
Measured	‐		‐	‐		‐		‐	‐
Indicated	‐		‐	‐	0.42		5.81		0.08
Measured and Indicated	‐		‐	‐	0.42		5.81		0.08
Inferred	‐		‐	‐	1.40		1.13		0.05
Gilmour UG	‐		‐	‐	0.78		5.13		0.13
Measured	‐		‐	‐		‐		‐	‐
Indicated	‐		‐	‐	0.30		4.33		0.04
Measured and Indicated	‐		‐	‐	0.30		4.33		0.04
Inferred	‐		‐	‐	0.49		5.62		0.09
Total Gold Road 100% Owned	‐		‐	‐	3.53		2.62		0.30
Measured	‐		‐	‐		‐		‐	‐
Indicated	‐		‐	‐	0.72		5.20		0.12
Measured and Indicated	‐		‐	‐	0.72		5.20		0.12
Inferred	‐		‐	‐	2.82		1.96		0.18

Total Gold Road Attributable	‐		‐	‐	81.22		1.38		3.60
Measured	‐		‐	‐	8.37		1.18		0.32
Indicated	‐		‐	‐	50.65		1.38		2.24
Measured and Indicated	‐		‐	‐	59.01		1.35		2.56
Inferred	‐		‐	‐	22.21		1.46		1.04

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Ore Reserve Estimate ‐ December 2018

		Gruyere Joint Venture ‐ 100% basis		Gold Road Attributable

		Tonnes		Grade		Contained	Tonnes			Grade		Contained
Project Name / Category					Metal				Metal

		(Mt)		(g/t Au)		(Moz Au)		(Mt)			(g/t Au)		(Moz Au)

Gruyere Total		90.65		1.24		3.61		45.33			1.24		1.80
Proved	16.84	1.11	0.60		8.42	1.11	0.30
Probable	73.81	1.27	3.01		36.91	1.27	1.50
Golden Highway Total		6.54		1.46		0.31		3.27			1.46		0.15
Proved	0.32	1.67	0.02		0.16	1.67	0.01
Probable	6.22	1.45	0.29		3.11	1.45	0.15
Total Gruyere JV		97.20		1.25		3.92		48.60			1.25		1.96
Proved	17.16	1.13	0.62		8.58	1.13	0.31
Probable	80.03	1.28	3.30		40.02	1.28	1.65

Notes:

Gruyere JV Mineral Resources and Ore Reserves remain unchanged from December 2018
All Mineral Resources and Ore Reserves are completed in accordance with the JORC Code 2012 Edition
All figures are rounded to reflect appropriate levels of confidence. Apparent differences may occur due to rounding
Mineral Resources are inclusive of Ore Reserves
The Gruyere JV is a 50:50 joint venture between Gold Road and Gruyere Mining Company Pty Ltd, a wholly owned Australian subsidiary of Gold Fields Ltd. Figures are reported on a 100% basis unless otherwise specified
Gold Road holds an uncapped 1.5% net smelter return royalty on Gold Fields' share of production from the Gruyere JV once total gold production from the Gruyere JV exceeds 2 million ounces
All Open Pit Mineral Resources are reported at various cut‐off grades allowing for processing costs, recovery and haulage to the Gruyere Mill. Gruyere ‐ 0.30 g/t Au. Attila, Argos, Montagne, Orleans, and Alaric - 0.50 g/t Au. YAM14 - 0.40 g/t Au. Gilmour ‐ 0.50 g/t Au. Renegade ‐
1. g/t Au. All Open Pit Mineral Resources are constrained within a $1,850/oz optimised pit shell derived from mining, processing and geotechnical parameters from PFS and operational studies. Underground Mineral Resources at Central Bore and Gilmour are constrained by
1. metre and 2.5 metre minimum stope widths respectively that are optimised to a 3.50 g/t Au cut‐off reflective of an $1,850/oz gold price. Diluted tonnages and grades are reported based on minimum stope widths
The Ore Reserves are constrained within a $1,600/oz mine design derived from mining, processing and geotechnical parameters as defined by Pre‐feasibility Studies and operational studies. The Ore Reserves are evaluated using variable cut‐off grades: Gruyere ‐ 0.30 g/t Au. Attila ‐ 0.65 g/t Au (fresh), 0.58 g/t Au (transition), 0.53 g/t Au (oxide). Alaric ‐ 0.59 g/t Au (fresh), 0.56 g/t Au (transition), 0.53 g/t Au (oxide), Montagne - 0.64 g/t Au (fresh), 0.60 g/t Au (transition), 0.58 g/t Au (oxide), Argos - 0.66 g/t Au (fresh), 0.64 g/t Au (transition), 0.59 g/t Au (oxide). Ore block tonnage dilution averages and gold loss estimates: Gruyere - 4.9% and 0.4%. Attila ‐ 14% and 3%. Alaric ‐ 20% and 6%. Montagne - 9% and 7%. Argos 10% and 12%
All dollar amounts are in Australian dollars

Page 9 of 53

Competent Persons Statements

Exploration Results

The information in this report which relates to Exploration Results is based on information compiled by Mr Justin Osborne, Executive Director ‐ Discovery and Growth for Gold Road. Mr Osborne is an employee of Gold Road, and a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM 209333). Mr Osborne is a shareholder and a holder of Performance Rights. Mr Osborne has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Osborne consents to the inclusion in the report of the matters based on this information in the form and context in which it appears

Mineral Resources

The information in this report that relates to the Mineral Resource estimation for Gruyere is based on information compiled by Mr Mark Roux. Mr Roux is an employee of Gold Fields Australia, is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM 324099) and is registered as a Professional Natural Scientist (400136/09) with the South African Council for Natural Scientific Professions. Mr Justin Osborne, Executive Director ‐ Discovery and Growth for Gold Road and Mr John Donaldson, General Manager Geology for Gold Road have endorsed the Mineral Resource for Gruyere on behalf of Gold Road.

Mr Osborne is an employee of Gold Road and a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM 209333). Mr Osborne is a shareholder and a holder of Performance Rights.
Mr Donaldson is an employee of Gold Road and a Member of the Australian Institute of Geoscientists and a Registered Professional Geoscientist (MAIG RPGeo Mining 10147). Mr Donaldson is a shareholder and a holder of Performance Rights.

The information in this report that relates to the Mineral Resource estimation for Attila, Orleans, Argos, Montagne, Alaric, YAM14, Central Bore, Gilmour and Renegade is based on information compiled by Mr Justin Osborne, Executive Director ‐ Discovery and Growth for Gold Road, Mr John Donaldson, General Manager Geology for Gold Road and Mrs Jane Levett, Principal Resource Geologist for Gold Road.

Mrs Levett is an employee of Gold Road and is a Member of the Australasian Institute of Mining and Metallurgy and a Chartered Professional (MAusIMM CP 112232).

Messrs Roux, Osborne and Donaldson and Mrs Levett have sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as Competent Persons as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Messrs Roux, Osborne and Donaldson and Mrs Levett consent to the inclusion in the report of the matters based on this information in the form and context in which it appears.

Ore Reserves

The information in this report that relates to the Ore Reserve estimation for Gruyere is based on information compiled by Mr Daniel Worthy. Mr Worthy was an employee of Gruyere Mining Company Pty Ltd and a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM 208354). Mr Max Sheppard, Principal Mining Engineer for Gold Road has endorsed the Ore Reserve estimation for Gruyere on behalf of Gold Road.

Mr Sheppard is an employee of Gold Road and is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM 106864).

The information in this report that relates to the Ore Reserve estimation for Attila, Argos, Montagne and Alaric, is based on information compiled by Mr Max Sheppard, Principal Mining Engineer for Gold Road.

Mr Worthy and Mr Sheppard have sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity currently being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Worthy and Mr Sheppard consent to the inclusion in this announcement of the matters based on this information in the form and context in which it appears.

New Information or Data

Gold Road confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of estimates of Mineral Resources and Ore Reserves that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not materially changed from the original market announcement.

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Appendix 1 - Material Information Summaries
Contents
Regional Geological Setting ...................................................................................................................................	12
Gilmour Maiden Mineral Resource .......................................................................................................................	13
Renegade Mineral Resource..................................................................................................................................	23

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Regional Geological Setting

The Gilmour and Renegade deposits are located within the Yamarna Terrane which forms the eastern most terrane of the Archaean Yilgarn Craton. The Yamarna Terrane comprises two main north‐northwest trending greenstone belts, the Yamarna Greenstone Belt (YGB) to the west and the Dorothy Hills Greenstone Belt (DHGB) to the east. The east‐ dipping listric Yamarna Shear Zone forms the western boundary of the Yamarna Terrane and separates it from the Burtville Terrane to the west. The greenstone belts have undergone greenschist to amphibolite facies metamorphism and are bound and separated by Archaean metagranitic plutons.

The YGB has a strike length of at least 200 kilometres and varies from 3 to 30 kilometres in width. The adjacent DHGB has a strike length of at least 90 kilometres and ranges from 3 to 12 kilometres in width. Recent geochronological dating and regional interpretation has divided the greenstone belts into distinct structurally bound tectonostratigraphic groups. The YGB comprises the Grevillea, Stock Route, Toppin Hill, St Andrews and Corkwood tectonostratigraphic groups, and the DHGB currently forms its own tectonostratigraphic sequence (Figure 1). The greenstone belts comprise Archaean basinal sequences of volcanics and volcanosedimentary rocks of mafic, andesitic and dacitic affiliation. The greenstone belt is intruded by variably deformed early and late granitoid sills and plutons, felsic to intermediate porphyry dykes and dolerite sills.

Residual soils and subcrop are limited and confined to the central parts of the YGB and minor parts of the northern DHGB. The northern and southern extents of the YGB and most of the DHGB are under variable thicknesses of Quaternary aeolian sands, Cenozoic sands and lacustrine clays, and glacial deposits of the Permian Paterson Formation.

Orogenic gold mineralisation has been identified on both the YGB and DHGB. The Gruyere deposit and gold mine is located in the DHGB and hosted within the regional‐scale Dorothy Hills Shear Zone. Several north‐northwest trending zones of gold mineralisation have been identified in the YGB. The most extensive of these is the Golden Highway Shear Zone that runs the length of the western side of the belt and hosts the Attila‐Alaric group of deposits. The Gilmour and Renegade deposits are both situated along the interpreted strike extensions of the Golden Highway Shear Zone. Total Mineral Resource currently defined on the YGB and DHGB are in excess of 6.9 million ounces.

Figure 1: Tectonostratigraphic Map (left hand side) and regional stratigraphy of the Gilmour and Renegade Deposit areas

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Gilmour Maiden Mineral Resource

The Gilmour Maiden Mineral Resource represents the first 100% company owned resource addition since commencing the Gruyere Joint Venture in November 2016. The Gilmour Maiden Mineral Resource has been extensively reviewed internally and has been completed in accordance with the guidelines set out in the JORC Code

2012 Edition. The resource is estimated in two parts:

an Open Pit Mineral Resource constrained within an A$1,850 per ounce optimised pit shell reported above a
1. g/t Au cut‐off grade; and
an Underground Mineral Resource constrained within a 2.5 metre minimum stope width that is optimised to a
1. g/t Au cut‐off reflective of an A$1,850 per ounce gold price, resulting diluted tonnage and grade is reported.

The Maiden Mineral Resource totals 2,598,000 tonnes at 3.09 g/t Au for a total of 258,400 ounces of gold (Table 1 and Figure 1). This includes a Total Indicated Resource of 717,900 tonnes at 5.20 for 120,000 ounces, comprising 46% of the Mineral Resource.

Table 1: Summary of the November 2019 Gilmour Maiden Mineral Resource
	Gilmour Maiden Mineral Resource ‐ November 2019
Project Name / Category	Tonnes	Grade	Contained Metal
	(t)	(g/t Au)	(oz Au)
Gilmour OP	1,815,300	2.21	129,100
Measured	‐	‐	‐
Indicated	419,700	5.81	78,400
Measured and Indicated	419,700	5.81	78,400
Inferred	1,395,600	1.13	50,700

Gilmour UG	783,200	5.13	129,300
Measured	‐	‐	‐
Indicated	298,200	4.33	41,600
Measured and Indicated	298,200	4.33	41,600
Inferred	485,000	5.62	87,700
Total	2,598,500	3.09	258,400
Measured	‐	‐	‐
Indicated	717,900	5.20	120,000
Measured and Indicated	717,900	5.20	120,000
Inferred	1,880,600	2.29	138,400

Notes:

The Maiden Mineral Resource is completed in accordance with the JORC Code 2012 Edition
All figures are rounded to reflect appropriate levels of confidence. Apparent differences may occur due to rounding
Open Pit Mineral Resource constrained within an A$1,850/oz optimised pit shell and reported at a 0.50 g/t Au cut‐off
Underground Mineral Resource constrained by 2.5 metre minimum stope width optimised to a 3.50 g/t Au cut‐off reflective of an A$1,850/oz gold price. Diluted tonnages and grades are reported based on minimum stope widths
Mining, haulage, processing and geotechnical parameters for evaluation were derived from PFS and ongoing operational planning studies
All dollar amounts are in Australian dollars unless otherwise stated

Project History

Gilmour was first targeted in late 2015, following interpretation of faulted offsets of the southern continuation of the Yamarna Shear Zone in the Wanderrie Camp area. Early stage geochemical testing of the target via aircore drilling was completed in 2016 and follow‐up bedrock drilling returned positive mineralised intersections in late 2017. Further drill testing was completed in 2018, and in early 2019 drill spacing was closed up to a 50 mX by 50 mY grid appropriate to classify Indicated resources. A total of 16,728 metres, comprising 12,546 metres Reverse Circulation (RC) and 4,182 metres diamond were utilised to inform this Maiden Mineral Resource.

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Deposit Geology

Geology and Geological Interpretation

The Gilmour deposit is located in the central‐western part of the YGB within the Wanderrie Camp Scale Target in the Toppin Hill tectonostratigraphic group (Figure 1). Gilmour is a member of the Supergroup Trend, the southern extension of the second order Golden Highway Shear Zone that hosts the Attila‐Alaric group of deposits (0.7 million ounces). The bulk of the gold mineralisation is hosted within an east‐dipping laminated quartz vein constrained by the Waters Fault to the north and Pink Fault to the south (Figures 2, 3 and 4). A summary description of the interpreted geology and main geological controls follows:

Gold mineralisation at Gilmour is hosted in the lower part of a highly strained moderately east‐dipping matrix supported polymictic conglomerate sequence. The conglomerate forms the basal unit of the Toppin Hill Mid Conglomerate Formation, which also includes zones of well bedded sandstones, volcaniclastics and interbedded shales having increased mafic derived content identified by the presence of garnet porphyroblasts and amphibole. The Toppin Hill Mid Conglomerate is conformably underlain by the Toppin Hill Lower Sandstone Formation dominated by a coarse quartz‐feldspar grit interpreted to be a felsic volcaniclastic.
The stratigraphy in the Gilmour area has been affected by early ductile deformation and by several later normal brittle events. The sedimentary sequence has undergone significant layer parallel shortening with no discernible consistent kinematic indicator. Shortening is evidenced by flattened conglomerate pebbles and cobbles, and strongly folded quartz veins where veins cross‐cut bedding.
The Waters Fault is an east‐west trending (bearing 240°) normal fault with a down thrown northern block. This structure is part of a regional scale long lived east‐west striking fault complex that includes the Rocha Fault to the north. Bedding and veining have been dragged into the Waters Fault from a consistent shallow easterly dip to a steeply north‐east dipping orientation. The fault zone displays evidence of Archaean and Proterozoic displacement and brecciation, and is intruded by xenolithic Proterozoic Dykes.
The bulk of the Gilmour mineralisation is hosted in a continuous high‐grade laminated quartz vein (Figure 5) that is conformable to stratigraphy and located at the base of, or immediately below a more mafic interbed within the polymictic conglomerate. The laminated vein ranges from 0.5 metres wide to 2.0 metres wide and can be as thin as 0.2 metres away from the constrained resource down dip and along strike. Additional thin laminated veins present in the footwall (footwall vein) and hangingwall do not display the continuity or thickness of the main laminated vein. A population of thin folded laminated veins occur primarily in the hangingwall to the main laminated vein which originally crosscut the bedding and have been subsequently folded during the layer parallel shortening event.
North of the Waters Fault the gold mineralisation is offset approximately 700 metres west and is of reduced tenor manifesting as a sulphidised shear within the Toppin Hill Lower Sandstone formation. It is interpreted that the Waters Fault played an integral part in generating dilation during episodic deformation resulting in formation of the laminated quartz vein and limiting the northern extent of economic mineralisation. The Pink Fault, which displays an apparent dextral offset to stratigraphy and mineralisation, controls the southern extent of well‐developed laminated veining, although mineralisation does continue beyond this fault which will be explored in 2020.
Proximal alteration (proximal halo) to the mineralised veining comprises a muscovite + pyrite ± albite ± biotite assemblage. Alteration is generally constrained to only a few to 10's of centimetres either side of vein margins but can be up to 5 metres wide locally.

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Figure 2: Plan illustrating simplified geology and November 2019 Mineral Resource constraining pit shell and stope outlines

Regolith and Weathering

The Gilmour deposit is overlain by glacial deposits of the Permian Paterson Formation, and Quaternary and Cenozoic sands. In small areas of the deposit, a pisolitic laterite duricrust has formed. This sequence of transported cover varies in depth from 10 to 25 metres in thickness.

The Archean basement is weathered to a depth of 80 to 90 metres below surface, increasing to greater than 100 metres in areas of fault complexity associated with the Waters Fault Zone. The regolith profile is generally stripped to the deeply weathered upper saprolite zone, which is depleted of gold due to leaching and forms the upper domain boundary to mineralisation.

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Figure 3: Cross Section looking north showing simplified geology and

November 2019 Mineral Resource constraining pit shell and stope outlines, 25 metre clipping

Figure 4: Gilmour deposit longitudinal projection (looking southwest) illustrating geology and resource categories and

November 2019 Mineral Resource constraining pit shell and stope outlines

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Gold Mineralisation

Gold mineralisation domains have been constructed consistent with the geological interpretation described above and are discussed below in order of importance:

The main high‐grade laminated vein is highly continuous and modelled to the observed geological contacts in diamond core which range in thickness from 0.2 to >1 metre. In the 1 metre sampled RC drilling, geometry, logging codes and a subtle pXRF Pb response marks the location of the laminated vein which is modelled to a minimum of 1 metre and up to 5 metres wide. Note that RC and diamond sampling is separated spatially above and below approximately 250 mRL respectively (Figure 4).
The proximal halo is modelled to elevated gold values, logged wall‐rock alteration and geometry. Overall thickness of the Gilmour Main Shear (vein plus halo) ranges from 1 to 8 metres giving an average width of 4 metres.
The folded veins are more difficult to model due to their less well understood continuity. Mineralised intervals are selected using a combination of geology, geometry and a lower cut‐off grade of 0.20 g/t Au with up to 4 metres of internal waste included. Further drilling is required to improve the confidence in continuity in this domain and better define vein frequency.
The footwall vein is modelled as sub‐parallel to the main high‐grade vein with a minimum width of 2 metres in RC samples and 1 metre in diamond, geological continuity is reasonable, but grade continuity is less well understood.

Figure 5: Diamond drill core photo of 18WDDD0024 illustrating the relationship of the observed and

interpreted geology to the domaining strategy applied to the resource estimate

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Visible gold (>0.5 mm grains) is commonly observed in nearly all diamond drill intersections of the high‐grade laminated vein and is easily panned from RC samples4. Diamond hole 18WDDD0024 was scanned using Orexplore X‐ ray technology which "maps" the density of the sample down to a 2 µm point‐scale allowing detailed understanding of the physical distribution of gold grains in the rock mass. The scans confirmed that 0.2 to 0.6 millimetre gold grains are evenly distributed throughout the main laminated quartz vein and are closely associated with fractures and laminations sub‐parallel to vein margins. Gold was also observed to be closely associated with pyrite.

High grade results derived from the traditional Fire Assay methodology were validated using the recently developed Chrysos PhotonAssay5 technique offered by MinAnalytical laboratories to investigate potential nugget‐related issues and provide a more robust and reliable analysis of the coarse gold mineralisation. The PhotonAssay (75.46 g/t Au) results from hole 18WDDD0024 produced similar grades to the Fire Assay (67.14 g/t Au) to confirm that the gold is well distributed throughout the vein as defined by the Orexplore scan.

Visible gold has also been observed associated with the folded veins and the footwall vein, with individual gold assay grades reported up to 57.20 g/t Au.

Drilling Techniques, Sampling and Sub‐sampling Techniques, and Sample Analysis

Sampling at the Gilmour deposit has been carried out using a combination of RC and diamond drilling. Drilling was completed between 2015 and 2019 and was undertaken entirely by Gold Road utilising a variety of drilling contractors.

Following the initial discovery, a total of 16,728 metres of drilling relevant to defining the Gilmour resource has been completed; comprising 68 RC holes (12,546 metres), and 22 diamond holes (4,182 metres). Full details, including comprehensive reporting of assay results and intersections, for all drill holes used in the resource have been previously reported, with a listing of relevant ASX announcements provided in Appendix 2.

Drilling at Gilmour extends for approximately 1,500 metres northwest to southeast with the main 500 metre long zone of mineralisation drilled on a consistent 50 metre section spacing to a depth of 150 metres below surface. Drill holes on the 50 metre sections are generally 50 metres apart in the upper 150 metres and extending to approximately 100 metres apart in and between sections below that. This drill spacing provides appropriate detail to interpret continuity of both geology and gold mineralisation between the 50 metre sections and defines the Indicated component of the Resource.

Drill sections are oriented west‐east, with majority of holes oriented 60° to 270. A small component of drilling has been drilled at an orientation of 60° towards 250 and 60° towards 160 to appropriately test change in strike of the mineralisation associated with dragging adjacent to the Waters Fault. The orientation of the drilling is approximately perpendicular to the regional dip and strike of the targeted mineralisation. Both drilling and modelling is conducted in projected grid MGA‐94 Zone 51.

One diamond hole was completed to twin an RC hole in the weathered Lower Saprolite zone. This diamond twin confirmed the location and thickness of the RC mineralised intersection. The tenor of the grades returned from the diamond sampling is only slightly lower than the RC, with variance ascribed to the volume difference between the two sample types.

All RC holes were drilled with a 5.25 inch face‐sampling bit, with 1 metre samples collected through a cyclone and cone splitter, to form a 2 to 3 kilogram sample. All assays derived from RC drilling used in the resource are based on the original 1 metre sample intervals collected from the drilling during operations.

Refer ASX announcement dated 19 December 2018

Chrysos PhotonAssay is an assay method using X‐ray activation of gold atoms. One of the benefits over Fire Assay is the final charge size.

In nuggety gold scenarios, larger samples will give better results, the PhotonAssay charge is 300 to 450 grams while Fire Assay is only 50 grams.

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Sampling of diamond core was based primarily on discrete geological contacts of the laminated high‐grade vein, and subsidiary folded vein intervals. These intervals are as small as 20 centimetres and no larger than 1.2 metres. The average length of diamond core samples in the laminated high‐grade vein was 80 centimetres. The core was cut in half for both NQ and HQ core diameter to produce a sample mass of 3 to 4 kilograms per sample.

Samples were prepared at the Intertek Laboratory in Kalgoorlie. Samples were dried, and the whole sample pulverised to 80% passing 75 µm, and a sub‐sample of approximately 200 grams retained. A nominal 50 grams was used for standard analysis by Fire Assay. The procedure is industry standard for this type of sample. All samples were analysed at the Intertek Laboratory in Perth. The analytical methods used for RC and diamond drilling methods were as follows:

13,791 RC samples used a 50 gram Fire Assay with ICPOES finish
7,010 diamond samples used a 50 gram Fire Assay with ICPOES finish
29 diamond samples used PhotonAssay.

Gold Road observes a standard QAQC protocol for all drilling programmes of:

Field Standards (Certified Reference Materials) and Blanks inserted at a rate of 4 Standards and 4 Blanks per 100 samples
Field Duplicates are generally inserted at a rate of approximately 1 in 40. For RC drilling the duplicate sample is taken directly from the rig mounted rotary cone splitter from a dedicated duplicate sample chute, duplicate samples were not collected from diamond core
At the Laboratory, regular assay Repeats, Laboratory Standards, Checks and Blanks are analysed.

For the reported Resource the relevant assays and QAQC numbers are as follows:

Total sample submission of 23,187 samples. This included 970 Field Blanks, 930 Field Standards and 478 Field Duplicates
In addition, 979 Laboratory Blanks, 857 Laboratory Checks, and 933 Laboratory Standards were inserted and analysed by Intertek Laboratories
29 samples were analysed using PhotonAssay at Minanalytical Laboratories and can be considered check assays.

The drill hole locations were initially picked up by handheld GPS, and later picked up by a qualified surveyor using DGPS with final collars located within one centimetre accuracy in elevation. Downhole directional surveying using north‐seeking Gyroscopic tools was completed on site. Most diamond drill holes were surveyed live whereas most RC holes were surveyed upon exiting the hole.

Estimation Methodology

Wireframes of material type (regolith) boundaries, lithology and mineralisation were constructed utilising a cross sectional interval selection method in Leapfrog software, these wireframes were validated in all orientations. The wireframes were applied as hard boundaries in the grade estimation, with the exception of the main high‐grade vein sub‐domain, which accounts for strike changes associated with the Waters Fault. It should be noted that Proterozoic Dykes 'stope out' mineralisation, and are assigned background gold grades (0.01 g/t Au). Bulk density values are applied according to material type (regolith) and are based on diamond core measurements taken locally and validated against more extensive data in other nearby deposits.

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Gold grade estimation for the Gilmour Mineralised Domain is summarised as follows:

Samples within mineralised domains are composited to 1 metre. For the main high‐grade domain samples were selected using geological criteria described in the Gold Mineralisation section above. Sample intervals for this domain vary from 0.2 to 1.2 metres. Where the main vein is only one sample wide, this sample is not composited. Where the selection includes more than one sample, and their combined length is 1 metre or less, these intervals are composited to the total length of the two samples. Where the interval length is greater than 1 metre (the maximum length in this domain is 1.2 metres), the sample is not split or composited further.
Top‐cuts were applied to composites within mineralisation wireframes to manage the impact of high‐grade samples to the Ordinary Kriging estimate (Table 2). The selection methodology to derive the top‐cut value combines interrogation of disintegration points on the histogram with detailed analysis of the cumulative distribution plots. The significant high grades noted in the main high‐grade vein domain are evenly distributed, and do not indicate the need for a separate sub‐domain for estimation. Descriptive statistics of this domain indicate a stationary population and capping of samples does not materially alter the mean grade or the co‐ efficient of variation.

Table 2: Top cuts applied for each domain

	Domain		Grade

		(g/t Au)

2300	- Footwall Vein	20
2500	- Main High‐Grade Vein	100
2550	- Proximal Halo	15
2700	- Folded Veins	25

Variograms and the resultant search ellipse for estimation of the mineralised domains are oriented parallel to the observed dip and strike of the mineralisation and regional foliation. A plunge orientation observed during the exploratory data analysis is confirmed by structural measurements collected from oriented diamond core.
A sub‐domain was utilised in the estimation of the main high‐grade vein where the dip and strike of the mineralisation rotates in response to drag movement associated with the Waters Fault.
The block model was rotated to parallel the strike and dip of the main high‐grade vein, and regional foliation (330° and 55° respectively). The rotation of the model allowed for an improved representation of volume and estimation quality.
Estimation of the Mineralised Domains of the Mineral Resource utilises Ordinary Kriging. This is considered the most appropriate method with respect to the observed continuity of mineralisation, spatial analysis (variography) and dimensions of the domains defined by drilling.
Validation steps included comparison of input assay data to the output model grade estimate to ensure minimal bias.

Criteria Used for Classification

The Gilmour Maiden Mineral Resource is constrained by a Lerch‐Grossman (using Whittle) optimised pit shell, and Mineable Shape Optimiser (MSO) underground shapes that consider all available mineralisation in the geological model with at least an Inferred level of confidence. Several factors have been used in combination to derive the Mineral Resource classification categories for mineralisation:

Drill hole spacing: classification is influenced by the data spacing (Table 3)
Geological continuity: Gilmour main laminated vein and geological continuity is high, the position and width of mineralised lodes is predictable and repeatable
Grade continuity: the continuity of mineralisation is less reliable than the geology, in less well drilled areas the data density is such that continuity can only be assumed

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Estimation quality parameters: derived from the Ordinary Kriging process and assessed using Kriging Neighbourhood Analysis methods provide a guide to the quality of the estimate

Table 3: Drill Hole Spacing by Classification, Gilmour Maiden Mineral Resource

Inventory Classification

Domain

Criteria

Measured

Indicated

Inferred

Target Spacing

50 mX by 50 mY

50 mX by 100 mY

Actual Spacing

40 mX to 50 mX by

50 mX to 100 mX by

All Mineralised

50 mY

50 mY to 100 mY

Domains

Boundary

25 m along strike

50 m along strike

<25m down dip

<25m down dip from

Extension

from last drill hole

last drill hole

The constrained Mineral Resource block estimates are interpolated, extrapolated estimates do not form part of the resource.

Mineral Resource Estimate

The potential operating strategy at Gilmour assumes mining by both open pit and underground methods. Potential ore mined could be trucked to and processed at the Gruyere Mine processing facility via toll treatment agreement available under the Gruyere JV agreement. Preliminary extractive metallurgical test work completed on samples collected from Gilmour indicates that the potential ore is amenable to gravity recovery and conventional cyanidation with high recovery, ranging from 89% to 99% with 28% to 82% of the gold recovered by gravity separation. The recovery applied to optimisation processes and to calculate the cut‐off grade constraining the Mineral Resource is 94%.

Processing costs are based on Gruyere process plant operating costs projected from the Gruyere 2019 Business Plan and include an allowance to cover mine to mill haulage of approximately 55 kilometres by road (including re‐handle), and allowances for administration costs and sustaining capital.

Open Pit Mineral Resource Estimate

The Open Pit Mineral Resource estimation assumes mining via conventional open pit methods utilising a contract mining fleet appropriately scaled to suit the size of the deposit. Key parameters and methodology used in estimating the Gilmour Open Pit Mineral Resource include:

Mineralisation is constrained within a Lerch‐Grossman (using Whittle) optimised pit shell (Figure 6) using an A$1,850 per ounce gold price and is considered to determine the portion of the total mineralised inventory that has a reasonable prospect of eventual economic extraction
Only Indicated and Inferred resource categories of mineralisation within this optimised pit shell have been reported as Mineral Resource
The cut‐off grade used for reporting the resource contained within the optimised shell is 0.50 g/t Au
No allowance for dilution or mining recovery has been made, however geology has been modelled to a minimum of 2 metres
Mining and Geotechnical parameters are extrapolated from pre‐feasibility level studies previously completed on the neighbouring Golden Highway project.

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Figure 6: Isometric views of Gilmour illustrating Laminated Vein drill intersections,

Mineral Resource model, pit shell and stope outlines, simplified lithology and faulting

Underground Mineral Resource Estimate

The underground Mineral Resource estimate assumes an operating strategy utilising narrow, long hole open stoping methods appropriately scaled to the dimensions of the deposit. Key parameters and methodology used in estimating the Gilmour Underground Mineral Resource include:

MSO software was utilised to constrain the Mineral Resource to determine the portion of mineralisation with reasonable prospects for eventual economic extraction
Optimal mining shapes were based on a 2.5 metre minimum mining width, 15 metre sub‐level interval, and 15 metre minimum stope strike length
Only Indicated and Inferred resource categories of mineralisation within MSO shapes have been reported as Mineral Resource
Mineralisation considered as part of the Gilmour Open Pit Mineral Resource was excluded from the evaluation process ensuring exclusion from the Gilmour Underground Mineral Resource estimate
Appropriate mining cost assumptions compatible to the scale and dimensions of the deposit resulting in a cut‐ off grade of 3.50 g/t Au at an A$1,850 per ounce gold price
The Mineral Resource tonnage and grade is reported as diluted based on minimum stope widths and is estimated at approximately 30%.

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Renegade Mineral Resource

The Renegade Mineral Resource has been reviewed internally and has been completed in accordance with the JORC Code 2012 Edition. The re‐estimation includes improvements in understanding of mineralisation controls through detailed geological interpretation, and optimisation for open pit extraction. The Renegade Mineral Resource is constrained within an A$1,850 per ounce Lerch‐Grossman (using Whittle) optimised pit shell and quoted at a 0.50 g/t Au cut‐off.

The November 2019 Mineral Resource totals 934,700 tonnes at 1.30 g/t Au for 39,200 ounces of gold (Table 4). All material within the November 2019 Mineral Resource optimised pit shell is classified as Inferred.

Table 4: Summary of the November 2019 Renegade Mineral Resource

			Renegade Mineral Resource ‐ November 2019
			Tonnes			Grade		Contained
Project Name / Category							Metal
		(t)			(g/t Au)
							(oz Au)

Renegade			934,700			1.30		39,200
Measured		‐		‐		‐
Indicated		‐		‐		‐

Measured and Indicated			‐			‐		‐
Inferred	934,700		1.30		39,200

Notes:

The Mineral Resource is completed in accordance with the JORC Code 2012 Edition
All figures are rounded to reflect appropriate levels of confidence. Apparent differences may occur due to rounding
Open Pit Mineral Resource constrained within an A$1,850/oz optimised pit shell and reported at a 0.50 g/t Au cut‐off
Mining, processing and geotechnical parameters for evaluation were derived from PFS and ongoing operational planning studies
All dollar amounts are in Australian dollars unless otherwise stated

Project History and Mineral Resource Variance

Gold was first discovered on the Yamarna Greenstone Belt in the early 1980's at Attila on the Golden Highway Trend to the South of Renegade. Drilling in the area was undertaken by several different companies including: WMC (1995), Asarco (2003) and Eleckra/Gold Road from 2006. The first resource was completed in 2008 to JORC 2004 guidelines and was not reported within a constrained, optimised, pit shell. The previous resource of approximately 70,000 ounces was removed from the Mineral Resources in 2015, as the company applied greater rigour in the evaluation and economic constraint of Mineral Resources in accordance with JORC 2012 guidelines. The deposit was renamed Renegade to avoid confusion with the Khan prospect to the south. Following review of the geological and mineralisation interpretation, and application of appropriate modifying factors in optimisation, a Mineral Resource is now reported.

Deposit Geology

The Renegade deposit is located in the central‐western part of the YGB, within the Toppin Hill tectonostratigraphic group (Figure 1). The Renegade mineralisation occurs within the northern strike extension of the Golden Highway Shear Zone (GHSZ) that hosts the Attila‐Alaric group of deposits, approximately 14 kilometres north of the Alaric deposit. Gold mineralisation is hosted primarily within a weakly deformed feldspar‐phyric porphyry unit that is situated in a more strongly deformed volcanosedimentary package, (Figures 7, 8 and 9). A summary description of the interpreted geology and main mineralisation controls is provided below:

1. Gold mineralisation at Renegade is hosted within a north‐northwest striking, steep west‐dipping dacitic porphyry unit with a highly strained basalt and andesite footwall and an intercalated basalt and intermediate sediment hangingwall. All lithologies form part of the Toppin Hill Lower Formation that is characterised by mafic to intermediate volcanosedimentary units.

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The feldspar‐phyric porphyry (Renegade Porphyry) is a relatively brittle and competent body located at the intersection of the northern extension of the GHSZ and the north‐west striking Quisling Fault. It is interpreted that the rheological contrast between the porphyry and the country rocks in conjunction with the shear/fault intersections resulted in initial brittle failure of the porphyry during deformation providing dilatant sites for gold mineralisation.
Deformation within the porphyry is strongly partitioned and presents as a brittle‐ductile progression of generally flat chlorite and quartz infilled crackle breccia/stock work that coalesces into anastomosing north‐ northwest striking, steep west dipping mineralised shears aligned with the main foliation of the GHSZ in the area.
Higher grades are associated with increased density of chlorite/biotite filled fractures and thin quartz vein (<1 cm) stockwork. Thicker (5 to 20 centimetre) quartz and laminated quartz veining has been modelled as a continuous internal high‐grade zone within a proximal halo.
Strongest alteration manifests as albite + biotite + pyrite.

Figure 7: Plan illustrating simplified geology and November 2019 Mineral Resource constraining pit shell

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Regolith and Weathering

Minimal transported cover is observed over the Renegade deposit. The regolith profile is highly stripped, with the depth to fresh rock averaging 10 metres.

Figure 8: Cross Section looking north showing simplified geology and

November 2019 Mineral Resource constraining pit shell, 25 metre clipping

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Figure 9: Renegade deposit longitudinal projection (looking east) showing resource categories and November 2019 Mineral Resource constraining

pit shell. The resource is hosted within a felsic porphyry of similar composition to the Gruyere Porphyry

Gold Mineralisation

Gold mineralisation domains have been constructed consistent with the geological interpretation described above and are discussed below:

The main internal high‐grade domain has been modelled as a continuous lode utilising logging codes, geometry and an approximate 0.30 to 0.50 g/t Au cut‐off. Thickness ranges from a minimum of 1 metre to 8 metres wide in the zone of maximum dilation which is related to a subtle strike (from north‐south to north‐northwest) change that is likely associated with the Quisling Fault.
The proximal halo domain which surrounds the internal high‐grade domain has been modelled as an anastomosing shear zone utilising logging codes, geometry and an approximate 0.10 to 0.30 g/t Au cut‐off and the inclusion of up to 4 metres of internal waste. Thicknesses are often greater than 10 metres, however gold tenor is low in comparison to the internal high‐grade domain.
Several subsidiary mineralised shear domains in the hangingwall and footwall of the main zone have been modelled as anastomosing shear zones utilising the same criteria as the proximal halo.

Visible gold (<0.3 millimetres) was observed in drill core during the re‐interpretation stage and selected zones of mineralisation were scanned using Orexplore X‐Ray technology. The scans showed that fine gold grains were hosted within pyrite clusters occurring on fracture planes of weakness within the porphyry. Coarser grains of gold also occur on some of these fracture planes and within laminated veins.

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Drilling Techniques, Sampling and Sub‐sampling Techniques, and Sample Analysis

Sampling at the Renegade deposit has been carried out using a combination of RC and diamond drilling. Drilling was completed between 1995 and 2017 by several companies, utilising a variety of drilling contractors.

A total of 16,335.06 metres of drilling relevant to defining the Renegade resource has been completed, comprising 137 RC holes (15,254 metres) and 4 diamond holes (1,081.06 metres). A total of 6 historic RC holes have been excluded from the estimate due to 4 metre composite samples being collected through mineralised zones. Full details, including comprehensive reporting of assay results and intersections, for all drill holes used in the resource have been previously reported, with a listing of relevant ASX announcements provided in Appendix 2.

Drilling at Renegade extends for approximately 1,200 metres north‐south with 1,000 metres of strike drilled on consistent 50 to 100 metre section spacings to a depth of 75 to 100 metres below surface. Drill holes on the 50 metre sections are generally 25 to 50 metres apart. This drill spacing provides an appropriate level of detail to interpret the continuity of both geology and gold mineralisation between sections. However, the lack of diamond drill information to confirm the geological interpretation has resulted in the resource remaining at an Inferred level of classification.

Drill sections are oriented west‐east (Attila Local Grid), with most holes oriented 60° to 090° (Local). Six holes have been drilled 60° to 270°, and six holes are vertical. The orientation of drilling is approximately perpendicular to the regional dip and strike of the targeted mineralisation and the local grid is utilised for both drilling and modelling.

Two sets of RC pairs, with 10 to 15 metres separation, confirm the location, width and tenor of the mineralisation to be repeatable at close scale.

All RC holes were drilled with a 5.25 inch face‐sampling bit, with 1 metre samples collected through a cyclone and riffle splitter (cone splitter for samples collected after 2016), to derive a 2 to 3 kilogram sample. All RC assays used in the resource are based on the original 1 metre sample intervals collected from drilling during operations.

Drill core is cut in half by a diamond saw and half core samples collected to geological contacts, at an average length of one metre, and submitted for assay analysis.

For samples collected post 2006 the samples were dried, and the whole sample pulverised to 80% passing 75 µm, and a sub‐sample of approximately 200 grams retained. A nominal 50 grams was used for analysis by Fire Assay.

The procedure is industry standard for this type of sample. It is assumed that historical samples underwent industry standard procedures at the time of their collection and analysis.

Gold Road observes a standard QAQC protocol for all drilling programmes of:

Field Standards (Certified Reference Materials) and Blanks inserted at a rate of 4 Standards and 4 Blanks per 100 samples, in historical drilling this ratio was 3 Standards and 3 Blanks per 100 samples
Field Duplicates are generally inserted at a rate of approximately 1 in 40. For RC drilling the duplicate sample is taken directly from the rig mounted rotary cone splitter from a dedicated duplicate sample chute, duplicate samples were not collected from diamond core
At the Laboratory, regular assay Repeats, Laboratory Standards, Checks and Blanks are analysed.

Page 27 of 53

The analytical methods used for RC and diamond drilling methods were as follows:

242 RC samples used a 10 gram Aqua Regia with AAS finish
322 RC samples used a 10 gram Aqua Regia with GAAS finish
2,547 RC samples used a 50 gram Fire Assay with AAS finish
216 RC samples used a 50 gram Fire Assay with FAAS finish
1,834 RC samples used a 50 gram Fire Assay with ICPES finish
1,116 diamond samples used a 50 gram Fire Assay with ICPES finish

For the reported resource the relevant assays and QAQC numbers are as follows:

Total sample submission of 6,792 samples. This included 151 Field Blanks, 293 Field Standards and 66 Field Duplicates.
In addition, 136 Laboratory Blanks, 194 Laboratory Checks, and 248 Laboratory Standards were inserted and analysed.

The drill hole locations were initially picked up by handheld GPS, and later picked up by a qualified surveyor using DGPS with final collars located within one centimetre accuracy in elevation.

Estimation Methodology

Wireframes of regolith boundaries, lithology and mineralisation were constructed utilising a cross sectional interval selection method, these wireframes were validated in all orientations. The wireframes were applied as hard boundaries in the grade estimation. Appropriate top cuts were applied per domain to limit the effect of extreme gold grade values. Bulk density values are applied according to material type (weathering) and are based on diamond core measurements taken locally and from the Gruyere deposit.

Gold grade estimation for the Renegade Mineralised Domains is summarised as follows:

Assay data was selected within the wireframes, composited to one metre lengths and a top‐cut applied according to domain and grade statistics.
Estimation by domain was completed using Ordinary Kriging methods with optimised search neighbourhoods aligned to the interpreted mineralisation trend.
Validation steps included comparison of input assay data to the output model grade estimate to ensure minimal bias.

Criteria Used for Classification

The Mineral Resource is classified in the Inferred category. Further diamond and RC drilling is required to confirm the geological interpretation.

The Mineral Resource Update is constrained by a Lerch‐Grossman (using Whittle) optimised pit shell that considers all available mineralisation in the geological model with at least an Inferred level of confidence. Several factors have been used to derive the resource classification categories for mineralisation:

Drill hole spacing: classification is influenced by the data spacing, as indicated in Table 5
Geological continuity: Renegade geological continuity is considered good, and the location and width of mineralised lodes is reasonably predictable

Page 28 of 53

Grade continuity: the continuity of mineralisation grade is reasonable on the main shear, and lesser in hangingwall and footwall structures. In poorly drilled areas the data density is such that continuity can only be assumed
Estimation quality parameters: derived from the Ordinary Kriging process and assessed using Kriging Neighbourhood Analysis methods as a guide to the quality of the estimate
Based on the defined criteria 100% of Renegade is classified as Inferred Resource.

Table 5: Drill hole spacing by Mineral Resource Classification category, Renegade Deposit

Inventory Classification

Domain		Criteria		Measured		Indicated		Inferred
		Target Spacing		‐		‐		50 mX by 100 mY

All		Actual Spacing		‐		‐		50 mX by 100 mY and
				25 mX by 50 mY
Mineralised
Domains
	Boundary		‐		‐		50 m along strike


							~25m down dip from last
		Extension		‐		‐
								drill hole

Detailed analysis using geostatistics and spatial variance (variography) indicate the Renegade deposit data has a moderate nugget effect with reasonable grade continuity along strike. Current drill spacing is sufficient to imply geological and grade continuity.

Mineral Resource Estimate

The potential operating strategy assumes conventional open pit methods utilising a contract mining fleet appropriately scaled to the size of the deposit. Potential ore could be trucked to and processed in the neighbouring Gruyere Mine process plant via a toll treatment agreement available under the Gruyere JV agreement. Metallurgical recovery assumptions used in the optimisation are informed by historic bottle‐roll test‐work completed in 2007 indicating high recovery was possible. The recovery applied to optimisation processes and to calculate the cut‐off grade constraining the Mineral Resource is 94%.

Processing costs are based on Gruyere process plant operating costs projected from the Gruyere 2019 Business Plan and include an allowance to cover mine to mill haulage of approximately 35 kilometres by road (including re‐handle), and allowances for administration costs and sustaining capital.

Key parameters used in estimating the reported Mineral Resource include:

Mineralisation constrained within an optimised pit shell using an A$1,850 per ounce gold price is considered to determine the portion of the total mineralised inventory that has a reasonable prospect of eventual economic extraction
Only Inferred resource categories of mineralisation within this optimised pit shell have been reported as Mineral Resource
The cut‐off grade used for reporting the resource contained within the optimised shell is 0.50 g/t Au
No allowance for dilution or mining recovery has been made, however geology has predominantly been modelled to a minimum of 2 metres
Mining and Geotechnical parameters from pre‐feasibility level studies previously completed on the neighbouring Golden Highway project are used in the estimate.

Page 29 of 53

Appendix 2 - Previous ASX Announcements

Gilmour

Date	Announcement Title	Significance
28/05/2019	Yamarna Exploration Update - May 2019	Exploration Update & Drill Results

30/01/2019	Gilmour Infill Drilling Establishes High‐Grade Potential	Drill Results

19/12/2018	Yamarna Exploration Update - More Visible Gold at Gilmour	Exploration Update & Drill Results

19/11/2018	High‐Grade Drill Results from Gilmour Deposits	Drill Results

09/07/2018	Yamarna Exploration Update - July 2018	Exploration Update & Drill Results

07/05/2018	Smokebush and Wanderrie Drilling Confirms High‐Grade Gold in Southern Yamarna	Drill Results

19/12/2017	Yamarna Exploration Update - High‐grade Bedrock Success and New Anomalies	Exploration Update & Drill Results
	Defined

11/10/2017	North Yamarna Exploration Update	Exploration Update & Drill Results

05/11/2015	Wanderrie Supergroup Delivers the Hits	Exploration Update & Drill Results

Renegade

Date		Announcement Title	Significance
9/07/2018	Yamarna Exploration Update - July 2018	Drill Results

27/07/2017	Quarterly Activities and Cashflow Report - June 2017	Drill Results

27/06/2017	Yamarna Exploration Update: Significant Intersections Returned Across the	Drill Results
		Tenement Package

16/09/2015	Gruyere Resource Increases to 5.62 Million Ounces; Yamarna Mineral Resource	Removed from Mineral Resource
		Fully JORC 2012 Compliant

20/03/2012	High Grade Results at Central Bore and Attila Trend	Drill Results

31/01/2012	Quarterly Activities and Cashflow Report	Drill Results

23/11/2011	Gold Road Makes Another New Gold Discovery At Yamarna Belt	Drill Results

21/10/2011	Annual Report to Shareholders	Drill Activities

14/10/2011	Gold Road Continues Exploration Success at Yamarna	Drill Results

24/09/2010	Annual Report to Shareholders	Drill Results

1/02/2010		Excellent Gold Recoveries from Metallurgical Testwork	Metallurgical Test Results

29/01/2010	Quarterly Activities and Cashflow Report - December 2009	Drill Results

4/12/2009	Drilling Confirms High Grade Gold at Khan North Deposit	Drill Results

1/09/2008		New Gold Resource Estimate for Yamarna Gold Project	Initial Resource Estimation

26/10/2007	2007 Annual Report	Drill Results

30/06/2007	Fourth Quarter Activities Report	Drill Results

27/06/2007	Results of RC Drilling Program at Yamarna Gold Project	Drill Results

29/01/2007	Second Quarter Activities Report	Drill Results

27/10/2006	Annual Report 2006	Drill Results

27/10/2006	First Quarter Cashflow Report	Drill Results

13/09/2006		Results of First Drilling Programme at Yamarna Gold Project		Drill Results

Page 30 of 53

Appendix 3 - JORC Code 2012 Edition Table 1 Report

Gilmour

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections)

Criteria and JORC Code explanation

Commentary

Sampling techniques

The sampling has been carried out using a combination of diamond

Nature and quality of sampling (eg cut channels, random chips, or

drilling (DDH) and Reverse Circulation (RC).

A total of 90 holes are

specific specialised industry standard measurement tools appropriate to

relevant to the construction of the Gilmour resource.

the minerals under investigation, such as down hole gamma sondes, or

Hole

Number

Metres

handheld XRF instruments, etc). These examples should not be t as

Type

of Holes

(m)

limiting the broad meaning of sampling.

12,546.00

DDH

4,182.42

Total

16,728.42

DDH: Drill

core is logged

geologically

and marked up for assay at

approximate 0.20‐1.20 m intervals based on geological observations.

Drill core is cut in half by a diamond saw and half core samples

submitted for assay analysis.

RC: Samples were collected as drilling chips from the RC rig using a

cyclone collection unit and directed through a static cone splitter to

create a 2‐3 kg sample for assay. Samples were taken as individual 1

metre samples.

Include reference to measures taken to ensure sample representation

Sampling was carried out under Gold Road's protocol and QAQC

and the appropriate calibration of any measurement tools or systems

procedures. Laboratory QAQC was also conducted. See further details

used.

below.

Aspects of the determination of mineralisation that are Material to the

DDH drilling was completed using a HQ3 or NQ2 drilling bit for all holes.

Public Report.

Core is cut in half for sampling, with a half core sample sent for assay at

In cases where 'industry standard' work has been done this would be

measured intervals.

relatively simple (eg 'reverse circulation drilling was used to obtain 1 m

RC holes were drilled with a 5.25 inch face‐sampling bit, 1 m samples

samples from which 3 kg was pulverised to produce a 30 g charge for

collected through a cyclone and static cone splitter, to form a 2‐3 kg

fire assay'). In other cases more explanation may be required, such as

sample. For

all samples

the entire 1m sample was sent to the

where there is coarse gold that has inherent sampling problems.

laboratory for analysis.

Unusual commodities or mineralisation types (eg submarine nodules)

All DDH and RC samples were dried and fully pulverised at the lab to ‐

may warrant disclosure of detailed information.

75 um, to produce a 50 g charge for Fire Assay with ICPES finish. All

pulps from the samples were also analysed by the laboratory using a

desk mounted Portable XRF machine to provide a 30 element suite of

XRF assays.

Drilling techniques

DDH drilling rigs operated by DDH1 and Orlando Drilling collected the

Drill type (eg core, reverse circulation, open‐hole hammer, rotary air

diamond core as HQ3 (61.1 mm) and NQ2 (45.1 mm) size for sampling

blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or

and assay. All suitably competent drill core (100%) is oriented using

standard tube, depth of diamond tails, face‐sampling bit or other type,

Reflex orientation tools, with core initially cleaned and pieced together

whether core is oriented and if so, by what method, etc).

at the drill site, and fully orientated by Gold Road field staff at the

Yamarna Exploration facility.

RC drilling rigs, owned and operated by Raglan, Ranger, and Orlando

Drilling were used to collect the RC samples. The face‐sampling RC bit

has a diameter of 5.25 inches (140 mm).

Drill sample recovery

The majority of samples collected from all drilling were dry, minor RC

Method of recording and assessing core and chip sample recoveries and

samples were damp.

results assessed.

DDH: All diamond core

collected is dry.

Driller's measure core

recoveries for every drill run completed using 3 and 6 metre core

barrels. The core recovered is physically measured by tape measure

and the length recovered is recorded for every 3 metre 'run'. Core

recovery can be calculated as a percentage recovery. Almost 100%

recoveries were achieved, with minimal core loss recorded in strongly

weathered material near surface.

RC: The majority of RC samples were dry. Drilling operators' ensured

water was lifted from the face of the hole at each rod change to ensure

water did not interfere with drilling and to make sure samples were

collected dry. Wet or damp samples are recorded in the database. RC

recoveries were visually estimated, and recoveries recorded in the log

as a percentage. Recovery of the samples was good, generally

estimated to be full, except for some sample loss at the top of the hole.

All mineralised samples were dry. Gold Road procedure is to stop RC

drilling if water cannot be kept out of hole and continue with a DDH tail

at a later time if required.

Page 31 of 53

Criteria and JORC Code explanation	Commentary
Measures taken to maximise sample recovery and ensure	DDH: Diamond drilling collects uncontaminated fresh core samples
representative nature of the samples.	which are cleaned at the drill site to remove drilling fluids and cuttings
	to present clean core for logging and sampling.
	RC: Face‐sample bits and dust suppression were used to minimise
	sample loss. Drilling airlifted the water column above the bottom of the
	hole to ensure dry sampling. RC samples are collected in a calico bag
	through a cyclone and static cone splitter, a 2 to 3 kg lab sample and
	field duplicate are collected, and the reject deposited in a plastic bag.
Whether a relationship exists between sample recovery and grade and	DDH: No sample bias or material loss was observed to have taken place
whether sample bias may have occurred due to preferential loss/gain of	during drilling activities.
fine/coarse material.	RC: No significant sample bias or material loss was observed to have
	taken place during drilling activities.
Logging	All chips and drill core were geologically logged by Gold Road geologists,
Whether core and chip samples have been geologically and	using the Gold Road logging scheme. Detail of logging was sufficient for
geotechnically logged to a level of detail to support appropriate Mineral	mineral resource estimation and technical studies.
Resource estimation, mining studies and metallurgical studies.
Whether logging is qualitative or quantitative in nature. Core (or	Logging of DDH core records lithology, mineralogy, mineralisation,
costean, channel, etc) photography.	alteration, veining, structure, weathering, colour and other features of
	the samples. All core is photographed in the core trays, with individual
	photographs taken of each tray both dry and wet.
	Logging of RC chips records lithology, mineralogy, mineralisation,
	alteration, veining, weathering, colour and other features of the
	samples. All samples are wet‐sieved and stored in a chip tray.
	Portable XRF (pXRF) measurements are taken at the Intertek Laboratory
	in Perth for all of the RC and diamond samples to assist with
	mineralogical and lithological determination.
The total length and percentage of the relevant intersections logged	All holes were logged in full.
Sub‐sampling techniques and sample preparation	Core samples were cut in half using an automated Corewise diamond
If core, whether cut or sawn and whether quarter, half or all core taken.	saw. Half core samples were collected for assay, and the remaining half
	core samples stored in the core trays.
If non‐core, whether riffled, tube sampled, rotary split, etc and whether	RC: 1 m drill samples are channelled through a static cone‐splitter,
sampled wet or dry.	installed directly below a rig mounted cyclone, and an average 2‐3 kg
	sample is collected in a numbered calico bag, and positioned on top of
	the plastic bag. >95% of samples were dry, and whether wet or dry is
	recorded.
For all sample types, the nature, quality and appropriateness of the	Samples (DDH and RC) were prepared at the Intertek Laboratory in
sample preparation technique.	Kalgoorlie. Samples were dried, and the whole sample pulverised to
	85% passing 75um, and a sub‐sample of approx. 200 g retained. A
	nominal 50 g was used for the Fire Assay analysis which was completed
	in the Intertek Laboratory in Perth. The procedure is industry standard
	for this type of sample.
Quality control procedures adopted for all sub‐sampling stages to	DDH: No duplicates were collected for diamond holes.
maximise representation of samples.	RC: A duplicate field sample is taken from the cone splitter at a rate of
	approximately 1 in 30 samples. At the laboratory, regular Repeats and
	Lab Check samples are assayed.
Measures taken to ensure that the sampling is representative of the in	RC: 1 m samples are split on the rig using a static cone‐splitter, mounted
situ material collected, including for instance results for field	directly under the cyclone. Samples are collected to weigh between 2‐
duplicate/second‐half sampling.	3 kg to ensure total preparation at the pulverisation stage.
Whether sample sizes are appropriate to the grain size of the material	Sample sizes are considered appropriate to give an indication of
being sampled.	mineralisation given the particle size and the preference to keep the
	sample weight below a targeted 3 kg mass which is the optimal weight
	to ensure the requisite grind size in the LM5 sample mills used by
	Intertek in sample preparation.

Page 32 of 53

Criteria and JORC Code explanation	Commentary
Quality of assay data and laboratory tests	DDH and RC: Samples were analysed at the Intertek Laboratory in Perth.
The nature, quality and appropriateness of the assaying and laboratory	The analytical method used was a 50 g Fire Assay with ICPES finish for
procedures used and whether the technique is considered partial or	gold only, which is considered appropriate for the material and
total.	mineralisation. The method gives a near total digestion of the material
	intercepted.
	Portable XRF provides a semi‐quantitative scan on a prepared pulp
	sample. The scan is done through the pulp packet in an air path. A total
	of 30 elements are reported using the 'soil' mode i.e. calibrated for low
	level silicate matrix samples. The reported data includes the XRF unit
	and operating parameters during analysis. The elements available are;
	Ag, As, Bi, Ca, Cd, Co, Cr, Cu, Fe, Hg, K, Mn, Mo, Ni, P, Pb, Rb, S, Sb, Se,
	Sn, Sr, Th, Ti, U, V, W, Y, Zn and Zr.
	Portable XRF data on a prepared pulp are subject to limitations which
	include absorption by the air path, as well as particle size and
	mineralogical effects. Light elements, in particular are very prone to
	these effects. Matrix effect correction algorithms and X‐ray emission
	line overlaps (e.g. Fe on Co) are a further source of uncertainty in the
	data. Gold Road uses XRF only to assist with determination of rock
	types, and to identify potential anomalism in the elements which react
	most appropriately to the analysis technique.
	Representative lithological units, were also analysed using the Intertek
	multi‐element 4A/OM routine which uses a 4 acid digestion of the pulp
	sample and then analysis of 60 individual elements using a combination
	of either ICP‐OES or ICP‐MS. Individual elements have different
	detection limits with each type of machine and the machine that offers
	the lowest detection limit is used. Four acid digestion, with the
	inclusion of hydrofluoric acid targeting silicates, will decompose almost
	all mineral species and are referred to as 'near‐total digestions'. Highly
	resistant minerals such as zircon (Zr), cassiterite (Sn), columbite‐
	tantalite (Ta), rutile and wolframite (W) will require a fusion digest to
	ensure complete dissolution. Four acid digests may volatilise some
	elements.
For geophysical tools, spectrometers, handheld XRF instruments, etc,	Portable XRF analysis in the lab is completed by Lab Staff. pXRF
the parameters used in determining the analysis including instrument	machines are calibrated at beginning of each shift. Read times for all
make and model, reading times, calibrations factors applied and their	analyses are recorded and included in the Lab Assay reports. Detection
derivation, etc.	limits for each element are included in Lab reports. pXRF results are
	only used for indicative assessment of lithogeochemistry and alteration
	to aid logging and subsequent interpretation.
Nature of quality control procedures adopted (eg standards, blanks,	Gold Road protocols for:
duplicates, external laboratory checks) and whether acceptable levels	DDH programmes is for Field Standards (Certified Reference Materials)
of accuracy (ie lack of bias) and precision have been established.	and Blanks inserted at a rate of 4 Standards and 4 Blanks per 100
	samples. No field duplicates are collected.
	RC programmes is for Field Standards (Certified Reference Materials)
	and Blanks inserted at a rate of 4 Standards and 4 Blanks per 100
	samples. Field duplicates are generally inserted at a rate of
	approximate 1 in 40.
		Assay and QAQC Numbers		RC		DDH
			Number

		Total Sample Submission	15,480		7,707
		Assays	13,791		7,010
		Field Blanks	605		365
		Field Standards	606		324
		Field Duplicates	478		‐
		Quartz Flush	‐		8
		Laboratory Blanks	639		340
		Laboratory Checks	570		287
		Laboratory Standards	610		323
		Umpire Checks			29
	Field duplicates for DDH have not	been collected.
	Fire Assay Umpire checks have not been completed.
	PhotonAssay has been undertaken as an umpire check. Due to the
	coarse nature of the gold observed, the traditional Fire Assay grade
	results were checked using Chrysos PhotonAssay at the MinAnalytical
	Laboratory in Perth to investigate potential nugget related issues. A
	total of 29 check PhotonAssay results gave similar grades to the original
	Fire Assay confirming that the gold is well distributed throughout the
	mineralised interval. For example, 18WDDD0024 returned a Fire Assay
	of 67.14 g/t Au and a PhotonAssay of 75.46 g/t Au for the quartz vein
	containing visible gold between 268.17 and 268.72 m.
						Page 33 of 53

Criteria and JORC Code explanation	Commentary
Verification of sampling and assaying	Significant results are checked by the Exploration Manager, Principal
The verification of significant intersections by either independent or	Resource Geologist and Executive Director. Additional checks are
alternative company personnel.	completed by the Database Manager. High‐grade gold RC samples are
	panned or sieved to check for visual evidence of coarse gold.
The use of twinned holes.	DDH hole 18WDDD0022, 4 m at 1.50 g/t Au, is 9 m down dip of RC hole
	18WDRC0159, 5 m at 3.64 g/t Au. This is considered a reasonable
	demonstration of continuity given the nature of mineralisation, and
	location of the intersection in the Lower Saprolite/Saprock.
Documentation of primary data, data entry procedures, data	All field logging is carried out on Xplore tablets using LogChief. Logging
verification, data storage (physical and electronic) protocols.	data is submitted electronically to the Database Geologist in the Perth
	office. Assay files are received electronically from the Laboratory. All
	data is stored in a Datashed/SQL database system and maintained by
	the Database Manager.
Discuss any adjustment to assay data.	No assay data was adjusted. The lab's primary Au field is the one used
	for plotting and estimation purposes. No averaging is employed.
Location of data points	AC, RC and DDH locations were determined by handheld GPS, with an
Accuracy and quality of surveys used to locate drill holes (collar and	accuracy of 5 m in Northing and Easting.
down‐hole surveys), trenches, mine workings and other locations used	DDH and RC collars are surveyed post drilling by a Certified Surveyor
in Mineral Resource estimation.	using a DGPS system.
	For angled DDH and RC drill holes, the drill rig mast is set up using a
	clinometer.
	RC and diamond drillers use a true north seeking gyroscope at 30 m
	intervals and end‐of‐hole.
Specification of the grid system used.	Grid projection is GDA94, MGA Zone 51.
Quality and adequacy of topographic control.	A topographic surface has been constructed from DGPS pickups of
	collar positions, with a further grid of DGPS points collected over the
	deposit area.
Data spacing and distribution	RC holes are completed at approximately 50 m intervals on 50 m spaced
Data spacing for reporting of Exploration Results.	lines to 150 m below surface. Diamond drilling below this is at 100 m
	centres.
Whether the data spacing and distribution is sufficient to establish the	Drill hole spacing of the reported drill holes is sufficient to assume the
degree of geological and grade continuity appropriate for the Mineral	geological and grade continuity of portions of the deposit classified as
Resource and Ore Reserve estimation procedure(s) and classifications	Indicated. In broader spaced zones of drilling geological continuity can
applied.	be assumed, but grade continuity can only be implied, resulting in
	Inferred classification.
Whether sample compositing has been applied.	No sample compositing was completed for analysis.
Orientation of data in relation to geological structure	The majority holes are drilled ‐60 degrees angled to the West (270).
Whether the orientation of sampling achieves unbiased sampling of	This is near to perpendicular to the strike (320) and dip (‐60) of the
possible structures and the extent to which this is known, considering	features controlling mineralisation (eg. vein margins, laminations,
the deposit type.	fractures and foliation).
	Three DDH holes were drilled to 160 at ‐60 to test the east‐west
	trending Waters Fault and 7 holes were drilled towards 240 to test the
	change in strike associated with the Waters Fault.
If the relationship between the drilling orientation and the orientation	Bedrock drill testing is considered to have been near to perpendicular
of key mineralised structures is considered to have introduced a	to the strike and dip of mineralisation. A sampling bias has not been
sampling bias, this should be assessed and reported if material.	introduced.
Sample security	Pre‐numbered calico sample bags were collected in plastic bags (5
The measures taken to ensure sample security.	calico bags per single plastic bag), sealed, and transported by company
	transport to the Intertek Laboratory in Kalgoorlie. Pulps were
	despatched by Intertek to their laboratory in Perth for assaying.
Audits or reviews	Sampling and assaying techniques are industry‐standard. No specific
The results of any audits or reviews of sampling techniques and data.	external audits or reviews have been undertaken at this stage in the
	programme.

Page 34 of 53

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria and JORC Code explanation	Commentary
Mineral tenement and land tenure status	The Tenements are located within the Yilka Native Title Determination
Type, reference name/number, location and ownership including	Area (NNTT Number: WCD2017/005), determined on 27 September
agreements or material issues with third parties such as joint ventures,	2017.
partnerships, overriding royalties, native title interests, historical sites,	The activity occurred within the Cosmo Newberry Reserves for the Use
wilderness or national park and environmental settings.	and Benefit of Aborigines. Gold Road signed a Deed of Agreement with
	the Cosmo Newberry Aboriginal Corporation in January 2008, which
	governs the exploration activities on these Reserves.
	The DDH and RC drilling occurred within tenement E38/2319 and
	E38/2249.
The security of the tenure held at the time of reporting along with any	The tenements are in good standing with the Western Australia
known impediments to obtaining a licence to operate in the area.	Department of Mines, Infrastructure, Resource and Safety.
Exploration done by other parties	There has been no historical drilling or work prior to Gold Road activity,
Acknowledgment and appraisal of exploration by other parties.	commencing in 2015.
Geology	The Gilmour deposit is located in the Yamarna Terrane of the Archaean
Deposit type, geological setting and style of mineralisation.	Yilgarn Craton of WA, under varying depths (0 to +60 m) of recent cover.
	The mafic‐intermediate volcano‐sedimentary sequence of the Yamarna
	Greenstone Belt has been multiply deformed and metamorphosed to
	Lower Amphibolite grade and intruded by later porphyries/granitoids.
	The Archaean sequence is considered prospective for structurally
	controlled primary orogenic gold mineralisation, as well as remobilised
	supergene gold due to subsequent Mesozoic weathering.
	Mineralisation at Wanderrie is a shear hosted style mineralisation that
	sits within a number of stratigraphic positions. These can be found in
	mafic sediment, volcanic and dolerite sequences in the north (Santana
	and Satriani) and within dacitic and felsic sedimentary packages in the
	south (Gilmour - Morello). Mineralisation is typically associated within
	and proximal to zones of high strain, biotite - sericite - chlorite - albite
	alteration, with a pyrite - pyrrhotite dominant system with accessory
	arsenopyrite.
	The Gilmour deposit is associated with the regional Yamarna Shear
	system, host to the 600,000 oz Golden Highway deposits 25 km to the
	north. The intersection of the Gilmour Main Shear with the east‐
	northeast trending Waters Fault, the local change in strike of the shear
	(from 330° to 320°) and dacitic conglomerate and sandstone host rocks
	are likely to be important mineralisation controls.
	High‐grade gold mineralisation is associated with laminated quartz
	veining and alteration within the Gilmour Main Shear. Visible gold (+0.5
	mm grains) is observed with pyrite full width of a central laminated
	quartz vein and with folded hangingwall quartz veins.
Drill hole Information	Previous exploration announcements that contain reported drill hole
A summary of all information material to the understanding of the	information for all RC and diamond holes included in the reported
exploration results including a tabulation of the following information	Mineral Resource estimation are listed in Appendix 2.
for all Material drill holes:
 easting and northing of the drill hole collar
 elevation or RL (Reduced Level - elevation above sea level in
metres) of the drill hole collar
 dip and azimuth of the hole
 down hole length and interception depth
 hole length.
If the exclusion of this information is justified on the basis that the
information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly
explain why this is the case.
Data aggregation methods	No top cuts have been applied to the reporting of the assay results.
In reporting Exploration Results, weighting averaging techniques,	Intersections lengths and grades for all holes are reported as down‐hole
maximum and/or minimum grade truncations (eg cutting of high	length‐weighted averages of grades above a cut‐off and may include up
grades) and cut‐off grades are usually Material and should be stated.	to 2 m (cut‐offs of 0.3 g/t Au and higher) or 4 m (0.1 g/t Au cut‐off) of
	grades below that cut‐off. Cut‐offs of 0.1, 0.5, 1.0 and/or 5.0 g/t Au are
	used depending on the drill type and results. Individual grades >10 g/t
	Au are also reported.
	Note that gram.metres is the multiplication of the length (m) by the
	grade (g/t Au) of the drill intersection and provides the reader with an
	indication of intersection quality.

Page 35 of 53

Criteria and JORC Code explanation	Commentary
Where aggregate intercepts incorporate short lengths of high grade	Intersections lengths and grades are reported as down‐hole length‐
results and longer lengths of low grade results, the procedure used for	weighted averages of grades above a cut‐off and may include up to 2 m
such aggregation should be stated and some typical examples of such	(cut‐offs of 0.3 g/t Au and higher) or 4 m (0.1 g/t Au cut‐off) of grades
aggregations should be shown in detail.	below that cut‐off.
	Geologically selected DDH and RC intersections are used in more
	advanced stage projects. They are selected to honour interpreted
	thickness and grade from the currently established geological
	interpretation of mineralisation and may include varying grade lengths
	below the cut‐off. As a result, intersections will differ slightly from
	previous announcements.
The assumptions used for any reporting of metal equivalent values	No metal equivalent values are used.
should be clearly stated.
Relationship between mineralisation widths and intercept lengths	Drill hole intersections are reported down hole. Due to the geometry
These relationships are particularly important in the reporting of	of drill holes (‐60 to 270) with respect to the mineralisation (‐60 to 050),
Exploration Results.	the intersection widths are slightly greater than the true width of the
If the geometry of the mineralisation with respect to the drill hole angle	mineralisation.
is known, its nature should be reported.
If it is not known and only the down hole lengths are reported, there
should be a clear statement to this effect (eg 'down hole length, true
width not known').
Diagrams	Refer to Figures and Tables in the body and appendices of this and
Appropriate maps and sections (with scales) and tabulations of	previous ASX announcements.
intercepts should be included for any significant discovery being
reported. These should include, but not be limited to a plan view of drill
hole collar locations and appropriate sectional views.
Balanced reporting	Intersections lengths and grades for all holes are reported as down‐hole
Where comprehensive reporting of all Exploration Results is not	length‐weighted averages of grades above a cut‐off and may include up
practicable, representative reporting of both low and high grades	to 2 m (cut‐offs of 0.3 g/t Au and higher) or 4 m (0.1 g/t Au cut‐off) of
and/or widths should be practiced to avoid misleading reporting of	grades below that cut‐off. Cut‐offs of 0.1, 0.3, 0.5, 1.0 and/or 5.0 g/t
Exploration Results.	Au are used depending on the drill type and results. Individual grades
	>10 g/t Au are also reported.
	Numbers of drill holes and metres are included in table form in the body
	of the report.
Other substantive exploration data	18 m of diamond core from 18WDDD0024 was scanned using Orexplore
Other exploration data, if meaningful and material, should be reported	X‐ray technology in Perth. This technique "maps" the density of the
including (but not limited to): geological observations; geophysical	sample down to 2 µm points, it currently cannot be used for assay
survey results; geochemical survey results; bulk samples - size and	purposes but is useful for understanding the mineral associations and
method of treatment; metallurgical test results; bulk density,	three dimensional distribution of coarse gold. The scans confirmed that
groundwater, geotechnical and rock characteristics; potential	the gold is evenly distributed throughout the central laminated vein and
deleterious or contaminating substances.	is closely associated with fracturing and laminations sub‐parallel to the
	vein margins.
	Preliminary extractive metallurgical test‐work was completed by ALS on
	samples collected from Gilmour. The test‐work resulted in high
	recovery and indicates that the mineralisation is amenable to
	conventional gravity recovery and cyanidation.
Further work	Further extensional and infill drilling at Gilmour and exploration drilling
The nature and scale of planned further work (eg tests for lateral	of the Gilmour - Morello system may be required to improve resource
extensions or depth extensions or large‐scale step‐out drilling).	classification, particularly near surface, and grow the resource base.
Diagrams clearly highlighting the areas of possible extensions, including	Other work will include further observation and study of the quartz
the main geological interpretations and future drilling areas, provided	veining, alteration, structure and lithology to further understand
this information is not commercially sensitive.	controls to mineralisation and application of that understanding to
	refine further exploration along the 14 km Wanderrie Supergroup
	Trend in particular, and the greater Yamarna Belt more generally.

Page 36 of 53

Section 3 Estimation and Reporting of Mineral Resources

(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)

Criteria and JORC Code explanation	Commentary
Database integrity	Geological metadata is stored centrally in a relational SQL database with
Measures taken to ensure that data has not been corrupted by, for	a DataShed front end. Gold Road employs a Database Manager who is
example, transcription or keying errors, between its initial collection and	responsible for the integrity and efficient use of the system. Only the
its use for Mineral Resource Estimation purposes.	Database Manager or their Data Entry Clerk has permission to modify the
	data.
	Sampling and geological logging data is collected in the field using
	LogChief software and uploaded digitally. The software utilises lookup
	tables, fixed formatting and validation routines to ensure data integrity
	prior to upload to the central database.
	Sampling data is sent to, and received from, the assay laboratory in digital
	format.
	Drill hole collars are picked up by differential GPS (DGPS) and delivered
	to the database in digital format.
	Down hole surveys are delivered to the database in digital format.
	The Mineral Resource estimate utilises only Gold Road RC and DDH assay
	data.
Data validation procedures used.	DataShed software has validation procedures that include constraints,
	library tables, triggers and stored procedures. Data that does not pass
	validation tests must be corrected before upload.
	The LogChief software utilises lookup tables, fixed formatting and
	validation routines to ensure data integrity prior to upload to the central
	database. Geological logging data is checked visually in three dimensions
	against the existing data and geological interpretation.
	Gold Road utilises QAQCR software to analyse QAQC data, and batches
	which do not meet pass criteria are requested to be re‐assayed. Sample
	grades are checked visually in three dimensions against the logged
	geology and geological interpretation.
	Drill hole collar pickups are checked against planned and/or actual collar
	locations.
	A hierarchical system is used to identify the most reliable down hole
	survey data. Drill hole traces are checked visually in three dimensions.
	The project geologist and resource geologist are responsible for
	interpreting the down hole surveys to produce accurate drill hole traces.
Site visits	Justin Osborne is one of the Competent Persons and is Gold Road's
Comment on any site visits undertaken by the Competent Person and the	Executive Director. He conducts regular site visits and is responsible for
outcome of those visits.	all aspects of the project.	John Donaldson is Gold Road's Principal
If no site visits have been undertaken indicate why this is the case	Resource Geologist and a Competent Person. He has completed specific
	site visits to focus on understanding the geology of the Project.
	Jane Levett is the second Competent Person and is Gold Road's Principal
	Resource Geologist. She conducts regular specific site visits to focus on
	understanding the geology as it is revealed in the drilling data.
	Communication with the site geologists is key to ensuring the latest
	geological interpretations are incorporated into the resource models.
	Both Competent Persons contribute to the continuous improvement of
	sampling and logging practices and procedures.
Geological interpretation	Significant amounts of diamond drilling into the Gilmour Deposit has
Confidence in (or conversely, the uncertainty of) the geological	allowed for the early establishment of regional stratigraphy and
interpretation of the mineral deposit.	alteration associated with	mineralisation. The collection of detailed
	structural data from oriented diamond core and Orexplore scans has
	given insight into geological and grade trends that have been confirmed
	with geostatistical and spatial analysis (variography).
	Other sources of data (see next commentary) have also added
	confidence to the geological interpretation, in particular quantitative
	pXRF data has been key in delineating the base of Transported cover and
	top of Archean, and in highlighting key lithological units.
	The location of lithologies at Gilmour is highly predictable.
Nature of the data used and of any assumptions made.	All available data has been used to help build the geological
	interpretation. This includes geological logging data (lithology and
	structure), gold assay data (RC and DDH), portable XRF and 4AD multi‐
	element data (laboratory), geophysics (airborne magnetics), and
	Orexplore scans.

Page 37 of 53

Criteria and JORC Code explanation	Commentary
The effect, if any, of alternative interpretations on Mineral Resource	Alternate interpretations have been considered for the main shear
Estimation.	(laminated vein and proximal halo) and folded vein domains the
	differences between these, and the current interpretation are minimal.
	The current interpretation has been developed in conjunction with site
	geologists as drilling progresses, and with utilisation of new technologies
	(Orexplore). This current interpretation has been found to be highly
	predictable with respect to infill drilling.
The use of geology in guiding and controlling Mineral Resource	The Gilmour deposit is located in the central‐western part of the Yamarna
Estimation.	Greenstone Belt within the Wanderrie Camp Scale Target in the Toppin
	Hill tectonostratigraphic group. Gilmour is associated with the
	Supergroup Trend, the southern extension of the second order Golden
	Highway Shear Zone that hosts the Attila‐Alaric group of deposits. Gold
	mineralisation is hosted within an east‐dipping laminated quartz vein
	bound by the Waters Fault to the north and Pink Fault to the south. A
	summary description of the geology and main geological controls as
	currently interpreted is provided below:
	1. Vein‐hosted Gold mineralisation at Gilmour is hosted in the lower
		part of a highly strained moderately east‐dipping matrix supported
		polymictic conglomerate sequence. The conglomerate forms the
		basal unit of the Toppin Hill Mid Conglomerate Formation, which
		also includes zones of well bedded sandstones, volcaniclastics and
		interbeds of shales having increased mafic derived content that can
		be identified by the presence of garnet porphyroblasts and
		amphibole. The Toppin Hill Mid Conglomerate is conformably
		underlain by the Toppin Hill Lower Sandstone formation that is
		dominated by a coarse quartz‐feldspar grit that is interpreted to be
		a felsic volcaniclastic.
	2. The stratigraphy in the Gilmour area has been affected by early
		ductile deformation and by several later normal brittle events. The
		sedimentary sequence has undergone significant layer parallel
		shortening that does not display a consistent kinematic indicator.
		The shortening is evidenced by very flattened conglomerate pebbles
		and cobbles, and strongly folded quartz veins where veins cross‐cut
		bedding.
	3.	The Waters Fault is an east‐west trending (bearing 240°) normal fault
		with a down thrown northern block. The Waters Fault is part of a
		much larger long lived east‐west striking fault complex that includes
		the Rocha Fault to the north. Bedding and veining have been
		dragged into the Waters Fault from the typical shallow easterly dip
		to a steeply north‐east dipping orientation. The fault displays
		evidence of Archaean and Proterozoic displacement and brecciation,
		with the fault zones commonly intruded by xenolithic Proterozoic
		Dykes.
	4. The bulk of the Gilmour mineralisation is hosted in a continuous
		high‐grade laminated quartz vein that is conformable to
		stratigraphy and located at the base of, or immediately below a more
		mafic interbed within the polymictic conglomerate. The laminated
		vein ranges from 0.5 m wide to 2 m wide and can be as thin as 0.2 m
		away from the constrained resource. Other thin laminated veins are
		present in the footwall (footwall vein) and hanging wall, though do
		not display the continuity or thickness of the main laminated vein. A
		population of thin folded laminated veins occur primarily in the
		hangingwall to the main laminated vein, these originally crosscut the
		bedding and have been subsequently folded during the layer‐parallel
		shortening event.
	5. To the north of the Waters Fault the gold mineralisation is offset
		approximately 700 metres west and is of reduced tenor, more
		commonly manifesting as a sulphidated shear within the Toppin Hill
		Lower Sandstone formation. It is thought that the Waters Fault
		played an integral part in generating the dilation during the episodic
		deformation that formed the laminated quartz vein and limits the
		northern extents of the economic mineralisation. To the south the
		Pink Fault, with an apparent dextral offset, controls the southern
		extent of well‐developed laminated veining.
	6.	Alteration (proximal halo) around the mineralised veining comprises
		muscovite + pyrite ± albite ± biotite. The extent of observed
		alteration is generally constrained to only a few to 10's of
		centimetres either side of vein margins but can be up to 5 metres
		wide.
		Page 38 of 53

Criteria and JORC Code explanation	Commentary
	7. The Archean basement is weathered to depth of 80 to 90 metres
	below surface, increasing to greater than 100 metres in areas of fault
	complexity associated with the Waters Fault Zone. The regolith
	profile is generally stripped to the deeply weathered upper saprolite
	zone, in general, which is depleted of gold due to leaching and forms
	the upper domain boundary to mineralisation.
The factors affecting continuity both of grade and geology.	Apart from the controls discussed previously, one narrow (1 to 5 m wide),
	steeply dipping non‐mineralised internal mafic dyke has been modelled
	as barren cross‐cutting the mineralisation. Several other Proterozoic
	dykes are observed in association with the Waters Fault surfaces, and are
	also modelled as such to stope out mineralisation.

Dimensions	Length along strike: 400 m (pit shell constraint)
The extent and variability of the Mineral Resource expressed as length	Horizontal Width: 3‐5 m (laminated vein and proximal halo). 10 ‐ 15 m
(along strike or otherwise), plan width, and depth below surface to the	(folded veins).
upper and lower limits of the Mineral Resource.	Depth from surface to limit of Mineral Resource: 350 m.
	Gilmour is potentially an open pit and underground mining proposition.
	Gilmour Open Pit Mineral Resource
	The Gilmour Open Pit Mineral Resource has been constrained by an
	optimised Whittle shell that considers all Indicated and Inferred
	mineralisation in the geological model. Only Indicated and Inferred
	categories within this shell are reported as Mineral Resource.
	Mineralisation in the geology model outside the shell is not reported.
	The length of mineralisation along strike is 400 m (pit shell constraint)
	and the horizontal width is approximately 70 m comprising the high‐
	grade laminated vein (0.5 m to 5.0 m wide) and a series of thin folded
	hanging wall vein sets (5.0 m to 15.0 m wide.)
	The depth from surface to the limit of the Gilmour Open Pit Mineral
	Resource is 150 m.
	The Mineral Resource has been constrained by an optimised Whittle shell
	that considers all Indicated and Inferred mineralisation in the geological
	model. The optimisation assumes mining and geotechnical parameters
	established for the near‐by Golden Highway projects and assumes ore
	will be trucked to and processed at the Gruyere mill via a toll treatment
	agreement. The optimisation was run at a gold price of A$1,850/oz. Only
	Indicated and Inferred categories within this shell are reported as
	Mineral Resource. Mineralisation in the geology model outside the shell
	is not reported.
	Gilmour Underground Mineral Resource
	The Gilmour Underground Mineral Resource has been constrained by a
	mineable shape optimiser (MSO) process that considers Indicated and
	Inferred mineralisation in the geological model and external to the
	Gilmour Open Pit Mineral Resource.
	The underground mineral resource is limited to mineralisation contained
	within the high‐grade laminated vein. The mineralisation is steeply
	dipping (approx. 55o) and ranges between 2.5 m and 5.0 m wide. The
	Underground Mineral Resource is continuous over a strike length of 460
	m and extends to a depth approximately 200 m below the base of the
	Open Pit Mineral Resource (350 m below surface).
	The MSO process utilises a minimum mining width of 2.5m and a cut‐off
	grade of 3.5 g/t which is considered appropriate for an underground
	mineral resource of these dimensions and is reflective of a A$1,850/oz
	gold price. Only Indicated and Inferred categories within the MSO shapes
	and external to the open pit resource are reported as underground
	mineral resource.

Page 39 of 53

Criteria and JORC Code explanation	Commentary
Estimation and modelling techniques.	Software used:
The nature and appropriateness of the estimation technique(s) applied	 DataShed - frontend to SQL database
and key assumptions, including treatment of extreme grade values,	 Leapfrog Geo - Drill hole validation, structural analysis and
domaining, interpolation parameters and maximum distance of	stereonets, material type, lithology, alteration and faulting
extrapolation from data points. If a computer assisted estimation	wireframes, domaining and mineralisation wireframes, geophysics
method was chosen include a description of computer software and	and regional geology
parameters used.	 Snowden Supervisor ‐ geostatistics, variography, declustering,
	kriging neighbourhood analysis (KNA), validation
	 Datamine Studio RM - Drill hole validation, cross‐section, plan and
	long‐section plotting, block modelling, geostatistics, quantitative
	kriging neighbourhood analysis (QKNA), OK estimation, block model
	validation, classification, and reporting.
	Block model and estimation parameters:
	 Treatment of extreme grade values - Top‐cuts (all samples included
	method) were applied to 1 m composites selected within
	mineralisation wireframes. The top‐cut level was determined
	through the analysis of histograms, log histograms, log probability
	plots and spatial analysis.
	 Main high grade domain ‐ one sample was cut using a 100 g/t top‐
	cut resulting in a 1.6% reduction in mean grade.
	 Estimation technique for all mineralised domains - Ordinary Kriging
	‐ This is considered the most appropriate method with respect to
	the observed continuity of mineralisation, spatial analysis
	(variography) and dimensions of the domains defined by drilling.
	 Kriging Neighbourhood Analysis was undertaken to optimise the
	search neighbourhood used for the estimation and to test the
	parent block size. The search ellipse and selected samples by block
	were viewed in three dimensions to verify the parameters.
	 Model rotation - to parallel the strike and dip of mineralisation
	(330° and 55° respectively)
	 Parent block size for estimation of gold grades by OK ‐ 25 mX by 25
	mY by 5 mZ (parent cell estimation with full subset of points).
	 Smallest sub‐cell - 1.25 mX by 5 mY by 0.2 mZ (a small Z dimension
	was required to fill the laminated vein).
	 Parent cell discretisation ‐ 3 X by 5 Y by 2 Z (using the number of
	points method)
	 Search ellipse - aligned to mineralisation trend, dimensions;
	 250 mX by 280 mY by 30 mZ (plane of mineralisation)
	 Number of samples:
	 maximum per drill hole = 6, first search 12 min / 30 max,
	second search 10 min / 30 max and a volume factor of 2, third
	search 3 min / 30 max with a volume factor of 4
	 Maximum distance of extrapolation from data points - 50 m from
	sample data to Inferred boundary
	Domain boundary conditions - Hard boundaries are applied at all domain
	boundaries, except for a sub‐domain on the main high grade vein (2500)
	which accounts for the strike change in association with the Waters Fault.
	Hard boundary application confirmed by geology and geostatistics.
The availability of check estimates, previous estimates and/or mine	Several internal models were produced prior to the publication of this
production records and whether the Mineral Resource estimate takes	Maiden Mineral Resource. These were used to plan drilling programs,
appropriate account of such data.	manage performance and expectation and test geological interpretation
	on an ongoing basis during and after the various drilling campaigns.
	Analysis shows that this model has performed well globally and locally
	against the original internal models.
	There is no previous production.
The assumptions made regarding recovery of by‐products.	No assumptions are made on recovery of by‐products.
Estimation of deleterious elements or other non‐grade variables of	No deleterious elements have been considered or estimated for this
economic significance (eg sulphur for acid mine drainage	deposit.
characterisation).
In the case of block model interpolation, the block size in relation to the	For Indicated (Ordinary Kriged estimate).
average sample spacing and the search employed.	The parent block size of 25 mX by 25 mY is approximately 25% of the
	maximum drill spacing of 50 mX by 50 mY
Any assumptions behind modelling of selective mining units.	No Selective Mining Units were assumed in this estimate.
Any assumptions about correlation between variables.	No correlation between variables analysed or made; the resource is gold‐
	only.
Description of how the geological interpretation was used to control the	The geological interpretation was used at all stages to control the
resource estimates.	estimation. If geostatistics, variography and/or visual checks of the
	model were difficult to interpret then the geological interpretation was
	questioned and refined
	Page 40 of 53

Criteria and JORC Code explanation	Commentary
Discussion of basis for using or not using grade cutting or capping.	Top‐cuts were used in the estimate as this is the most appropriate way
	to control outliers when estimating block grades from assay data
The process of validation, the checking process used, the comparison of	The following validation checks were performed:
model data to drill hole data, and use of reconciliation data if available.	 QQ plots of RC vs DDH input grades.
	 Comparison of twinned RC v DDH holes.
	 Comparison of the volume of wireframe vs the volume of block
	model.
	 Checks on the sum of gram metres prior to compositing vs the sum
	of gram metres post compositing
	 A negative gold grade check
	 Comparison of the model average grade and the declustered
	sample grade by Domain.
	 Generation of swath plots by Domain, northing and elevation.
	 Visual check of drill data vs model data in plan, section and three
	dimensions.
	 Comparison to previous models
	 Comparison to alternative interpretations (see above)
	All validation checks gave suitable results. There has been no mining so
	no reconciliation data available.
Moisture	Bulk density values used are a combination of local and regional data.
Whether the tonnages are estimated on a dry basis or with natural	Average bulk density values are modified by a moisture percentage so
moisture, and the method of determination of the moisture content.	that dry tonnages are reported. Percentage reductions were: overburden
	and saprolite 5%, saprock 3%, transition 2% and fresh 1 %.
Cut‐off parameters	Gilmour Open Pit Mineral Resource
The basis of the adopted cut‐off grade(s) or quality parameters applied.	The cut‐off grade used for reporting the Gilmour Open Pit Mineral
	Resource is 0.5 g/t and has been determined with due consideration to
	processing and surface haulage costs, metallurgical recovery, royalties
	and gold price.
	Gilmour Underground Mineral Resource
	The cut‐off grade used for reporting Gilmour Underground Mineral
	Resources is 3.50 g/t. The cut‐off grade (COG) is determined using a
	A$1,850/oz gold price and 94% metallurgical recovery. Costs
	incorporated in the COG calculation are derived from various case studies
	of narrow open stoping operations of similar dimensions to Gilmour. The
	COG considers all directly incurred costs involved in the development and
	extraction of the ore panel (e.g., drill & blast, load and haul, surface
	haulage, processing and administration costs, sustaining capital, refining
	and royalties on sales.). The COG does not include capital development
	or fixed costs (i.e., costs not directly associated with extraction,
	processing and selling gold).
Mining factors or assumptions	Gilmour Open Pit Mineral Resource
Assumptions made regarding possible mining methods, minimum mining	The Gilmour Open Pit Mineral Resource assumes conventional open pit
dimensions and internal (or, if applicable, external) mining dilution. It is	mining utilising a contract mining fleet appropriately scaled to the size of
always necessary as part of the process of determining reasonable	the deposit.
prospects for eventual economic extraction to consider potential mining	De facto minimum mining width is a function of the geology model with
methods, but the assumptions made regarding mining methods and	a minimum mineralisation width of 2 m.
parameters when estimating Mineral Resources may not always be	No allowance for dilution or recovery has been made.
rigorous. Where this is the case, this should be reported with an	Gilmour Underground Mineral Resource
explanation of the basis of the mining assumptions made.	It is assumed that the Gilmour Underground Mineral Resource will be
	mined utilising narrow underground long hole open stoping methods
	with 15 m level access horizons. 'Mineable Shape Optimiser' (MSO)
	software was utilised to constrain the Mineral Resource in order to
	determine that there are reasonable prospects for eventual economic
	extraction and generate optimal mining shapes based on a 2.5 m
	minimum mining width, and an appropriately costed cut‐off grade of
	3.5g/t at a A$1,850/oz gold price. The Mineral Resource reported is the
	Indicated & Inferred material within the MSO shape generated.
Metallurgical factors or assumptions	Potential ore extracted from Gilmour could be processed at the
The basis for assumptions or predictions regarding metallurgical	neighbouring Gruyere Mine process plant via a toll treatment agreement.
amenability. It is always necessary as part of the process of determining	Preliminary metallurgical test work indicates high gold extraction is
reasonable prospects for eventual economic extraction to consider	possible with mineralisation amenable to gravity recovery and
potential metallurgical methods, but the assumptions regarding	conventional cyanidation. Recovery ranges between 89% and 98% from
metallurgical treatment processes and parameters made when reporting	the 5 samples tested at a 125 µm grind size. The recovery applied to
Mineral Resources may not always be rigorous. Where this is the case,	calculate the cut‐off grades constraining the Mineral Resource shapes is
this should be reported with an explanation of the basis of the	94%.
metallurgical assumptions made.

Page 41 of 53

Criteria and JORC Code explanation	Commentary
Environmental factors or assumptions	Surface waste dumps will be used to store waste material from both open
Assumptions made regarding possible waste and process residue	pit and underground mining.
disposal options. It is always necessary as part of the process of	Potential ore extracted from Gilmour could be processed at the
determining reasonable prospects for eventual economic extraction to	neighbouring Gruyere Mine process plant via a toll treatment agreement.
consider the potential environmental impacts of the mining and	A conventional tailings storage facility at the Gruyere processing plant
processing operation. While at this stage the determination of potential	will be utilised for tailings disposal.
environmental impacts, particularly for a greenfields project, may not	No test work has been completed regarding potential acid mine drainage
always be well advanced, the status of early consideration of these	from various material types, however, if identified in future studies
potential environmental impacts should be reported. Where these	appropriate measures will be used to manage any issues.
aspects have not been considered this should be reported with an
explanation of the environmental assumptions made.
Bulk density	Bulk density has been determined using data available from the Gilmour
Whether assumed or determined. If assumed, the basis for the	diamond drilling, where data populations were limited for particular
assumptions. If determined, the method used, whether wet or dry, the	material types, eg sand, Proterozoic dykes, other bulk density data in the
frequency of the measurements, the nature, size and representativeness	region were considered. All density was collected using the weight in air
of the samples.	/ weight method.
The bulk density for bulk material must have been measured by methods	Bulk density is applied by weathering (material) type.
that adequately account for void spaces (vugs, porosity, etc), moisture
and differences between rock and alteration zones within the deposit.
Discuss assumptions for bulk density estimates used in the evaluation	Data was coded by weathering type (material) and domain
process of the different materials.	(mineralisation). Assumptions for moisture percentages were made and
	accounted for in the final value used for bulk density.
Classification	The Mineral Resource is constrained within a Lerch‐Grossman Whittle
The basis for the classification of the Mineral Resources into varying	shell and MSO stopes. Blocks in the geological model above/inside these
confidence categories.	shells/stopes have been classified as Indicated and Inferred. Several
	factors have been used in combination to aid the classification;
		Drill hole spacing
		 Indicated - 50 m East by 50 m North. Depth of drilling and 50 m
		along strike from extent of drilling. Extrapolation 25 m down
		dip from last drill hole intercept
		 Inferred - 50 m East by 100 m North. Depth of drilling and 50 m
		along strike from extent of drilling. Extrapolation 25 m down
		dip from last drill hole intercept
	Geological continuity
		Grade continuity
	Estimation quality parameters derived from the Ordinary Kriging process
Whether appropriate account has been taken of all relevant factors (ie	All relevant factors have been taken into account in the classification of
relative confidence in tonnage/grade estimations, reliability of input	the Mineral Resource.
data, confidence in continuity of geology and metal values, quality,
quantity and distribution of the data).
Whether the result appropriately reflects the Competent Person's view of	The Mineral Resource estimate appropriately reflects the Competent
the deposit.	Persons' view of the deposit.
Audits or reviews	Internal geological peer reviews were held and documented.
The results of any audits or reviews of Mineral Resource estimates.
Discussion of relative accuracy/ confidence
Where appropriate a statement of the relative accuracy and confidence	Variances to the tonnage, grade and metal of the Mineral Resource
level in the Mineral Resource estimate using an approach or procedure	estimate are expected with further definition drilling. It is the opinion of
deemed appropriate by the Competent Person. For example, the	the Competent Persons that these variances will not significantly affect
application of statistical or geostatistical procedures to quantify the	economic extraction of the deposit.
relative accuracy of the resource within stated confidence limits, or, if
such an approach is not deemed appropriate, a qualitative discussion of
the factors that could affect the relative accuracy and confidence of the
estimate.
The statement should specify whether it relates to global or local	The Mineral Resource relates to global tonnage and grade estimates.
estimates, and, if local, state the relevant tonnages, which should be
relevant to technical and economic evaluation. Documentation should
include assumptions made and the procedures used.
These statements of relative accuracy and confidence of the estimate	No previous mining.
should be compared with production data, where available.

Page 42 of 53

Renegade

JORC CODE 2012 EDITION TABLE 1 - SECTIONS 1 TO 3

Section 1 Sampling Techniques and Data

Criteria and JORC Code explanation	Commentary
Sampling techniques	The sampling has been carried out using a combination of Reverse Circulation
Nature and quality of sampling (eg cut channels, random chips, or	(RC) and diamond drilling. Significant RAB and Aircore drilling covers the
specific specialised industry standard measurement tools	project area and is used in developing the lithological and mineralisation
appropriate to the minerals under investigation, such as down	interpretation.	However, this data is not used in the estimate and is not
hole gamma sondes, or handheld XRF instruments, etc). These	detailed here.	Drilling was completed between 1994 and 2017 and was
examples should not be taken as limiting the broad meaning of	undertaken by several different companies:
sampling.		1994‐1997 Zanex NL
	 1997‐2006 Asarco Exploration Company Inc
	 2006‐2010 Eleckra Mines Limited (renamed Gold Road in 2010)
	 2010‐Present Gold Road Resources
	137 RC and 4 Diamond holes were drilled angled at orientations of ‐60° to 090°
	and ‐90° degrees to 000° azimuth (Attila Grid). Two diamond holes were drilled
	angled at ‐60° degrees to 070° degrees azimuth (Attila Grid).
	Drill core is logged geologically and marked up for assay at approximately 1
	metre intervals based on geological observation. Drill core is cut in half by a
	diamond saw and half core samples submitted for assay analysis. RC chips are
	logged geologically, and four‐metre composite spear samples are submitted
	for assay. One metre RC split samples are submitted for re‐assay if composites
	return anomalous results.
Include reference to measures taken to ensure sample	After 2010 sampling was carried out under Gold Road's protocols and QAQC
representation and the appropriate calibration of any	procedures as per industry best practice. Prior to 2010, sampling was carried
measurement tools or systems used.	out under the relevant company's protocols and procedures and is assumed
	to be industry standard practice for the time. Specific details for this historical
	drilling are not readily available.
Aspects of the determination of mineralisation that are Material to	Details regarding sampling prior to 2010 are not readily available. Sampling
the Public Report.	under Gold Road's protocols comprises the following:
In cases where 'industry standard' work has been done this would	RC holes were drilled with a 5.25"or 5.75" inch face‐sampling bit, 1 m samples
be relatively simple (eg 'reverse circulation drilling was used to	collected through a cyclone and riffle splitter, to form a 2‐3 kg sample. 4 m
obtain 1 m samples from which 3 kg was pulverised to produce a	composite samples were created by spear sampling of the total reject of the
30 g charge for fire assay'). In other cases, more explanation may	1 m samples collected in large plastic bag from the drilling rig and deposited
be required, such as where there is coarse gold that has inherent	into separate numbered calico bags for sample despatch. One metre sample
sampling problems. Unusual commodities or mineralisation types	intervals were submitted for analysis when the composite interval returned
(eg submarine nodules) may warrant disclosure of detailed	anomalous results. A total of 15 (<1%) 4 m composite samples were used in
information.	the resource estimate where no 1 m samples were available.
	DDH drilling was completed using an HQ or NQ drilling bit for all holes. Core
	is cut in half for sampling, with a half core sample sent for assay at measured
	lithological/mineralogical intervals. All samples were fully pulverised at the
	lab to ‐75 µm, to produce a 50 g charge for Fire Assay with either AAS finish or
	ICPOES finish.
Drilling techniques	RC drilling rigs were used to collect the RC samples. The face‐sampling RC bit
Drill type (eg core, reverse circulation, open‐hole hammer, rotary	has a diameter of 5.25"or 5.75" inches.
air blast, auger, Bangka, sonic, etc) and details (eg core diameter,	Diamond drilling rigs operated by Terra Drilling Pty Ltd and DDH1 collected the
triple or standard tube, depth of diamond tails, face‐sampling bit	diamond core as NQ or HQ size. Core is oriented using downhole Reflex
or other type, whether core is oriented and if so, by what method,	surveying tools, with orientation marks provided after each drill run.
etc).
Drill sample recovery	Most RC samples were dry. Drill operators endeavoured to ensure that water
Method of recording and assessing core and chip sample	was lifted from the face of the hole at each rod change to ensure that water
recoveries and results assessed.	did	not interfere with drilling and that samples were collected dry. RC
	recoveries were visually estimated, and recoveries were recorded in the log as
	a percentage. Recovery of the samples was good, generally estimated to be
	close to 100%, except for some sample loss at the top of the hole.
	All diamond core collected is dry. Drill operators measure core recoveries for
	every drill run completed using a 3 m core barrel. The core recovered is
	physically measured by tape measure and the length recovered is recorded for
	every 3 m "run". Core recovery is calculated as a percentage recovery. Close
	to 100% recoveries were achieved for most of the diamond drilling completed
	at Renegade.

Page 43 of 53

Criteria and JORC Code explanation	Commentary
Measures taken to maximise sample recovery and ensure	RC face‐sample bits and dust suppression were used to minimise sample loss.
representative nature of the samples.	Drilling pressure airlifted the water column above the bottom of the hole to
	ensure dry sampling. RC samples are collected through a cyclone and riffle
	splitter (historical) and static cone splitter for RC after 2014. The rejects are
	deposited in a large plastic bag and retained for potential future use. The
	sample required for assay is collected directly into a calico sample bag at a
	designed 3 to 4 kg sample mass which is optimal for full sample crushing and
	pulverisation at the assay laboratory.	Diamond drilling collects
	uncontaminated fresh core samples which are cleaned at the drill site to
	remove drilling fluids and cuttings to present clean core for logging and
	sampling. Protocols for drilling undertaken prior to 2006 are not readily
	available.
Whether a relationship exists between sample recovery and grade	Except for a small sample population (<1%) all RC samples were collected dry.
and whether sample bias may have occurred due to preferential	Sample loss was minimal throughout the progression of drilling. Renegade
loss/gain of fine/coarse material.	contains a stripped profile and therefore does not require much hole
	conditioning before entering competent ground. There is no significant loss of
	material reported in any of the Diamond core.
Logging	All chips and drill core were geologically logged, using the relevant companies
Whether core and chip samples have been geologically and	logging scheme. These logging codes have been developed over time and the
geotechnically logged to a level of detail to support appropriate	historical codes translated to a scheme similar to the current Gold Road
Mineral Resource estimation, mining studies and metallurgical	logging scheme in 2007. This provides data to a level of detail adequate to
studies.	support Mineral Resource Estimation activities. Some holes are logged using
	handheld NITON XRF to assist in lithogeochemical analysis. From 2016 most
	Fire Assay results routinely include pXRF collected at the laboratory and used
	to validate logging.
Whether logging is qualitative or quantitative in nature. Core (or	Logging of RC chips records lithology, mineralogy, mineralisation, weathering,
costean, channel, etc) photography.	colour and other features of the samples.	All samples are wet‐sieved and
	stored in a chip tray.
	Logging of drill core records lithology, mineralogy, mineralisation, weathering,
	colour and other features of the samples, along with structural information
	from oriented drill core. All samples are stored in core trays.
	All core is photographed in the trays, with individual photographs taken of
	each tray both dry, and wet; all photos are uploaded to and stored on the Gold
	Road server database.
The total length and percentage of the relevant intersections	All holes were logged in full.
logged
Sub‐sampling techniques and sample preparation	Core samples were cut in half using an automated Corewise diamond saw.
If core, whether cut or sawn and whether quarter, half or all core	Half core samples were collected for assay, and the remaining half core
taken.	samples are stored in the core trays.
If non‐core, whether riffled, tube sampled, rotary split, etc and	1 metre RC drill samples are collected via a cone‐splitter, installed directly
whether sampled wet or dry.	below a rig mounted cyclone, and an average 2‐3 kg sample is collected in an
	unnumbered calico bag, and positioned on top of the plastic bag. >99% of
	samples were collected dry (dry to slightly damp).
	4 m composite samples were created by spear sampling of the total 1 m
	samples collected in large plastic bag from the drilling rig and deposited into
	separate numbered calico bags for sample despatch. Several RC holes utilised
	4 m composite samples. 15 composite sample assays were used in this Mineral
	Resource Estimate.
For all sample types, the nature, quality and appropriateness of	Samples were prepared and analysed at a variety of laboratories. For data
the sample preparation technique.	prior to 2006 it is assumed the procedures undertaken are industry standard
	for the time. Post 2006 samples were dried, and the whole sample pulverised
	to 80% passing 75 µm, and a sub‐sample of approx. 200 g retained. A nominal
	50 g was used for the Fire Assay analysis. The procedure is industry standard
	for this type of sample.
Quality control procedures adopted for all sub‐sampling stages to	Details of historical QAQC procedures are not readily available. Reviews of
maximise representation of samples.	QAQC and assay quality in 2002 (Golder Associates) and 2012 (Maxwell)
	indicate there are no significant issues with regards to quality of the historical
	assay data. Concerns regarding historical drilling are mitigated by drilling
	completed in 2011, 2012 and 2016. A QAQC report has been compiled for the
	2016 drilling (Sauter Geological Services) - no significant issues were
	identified. A duplicate RC field sample is taken from the cone splitter at the
	same time as the primary sample a rate of approximately 1 in 40 samples. A
	twinned half core sample is taken at a frequency of 1 in 40 samples, with one
	half representing the primary result and the second half representing a
	twinned result.
	At the laboratory, regular laboratory‐generated repeats and check samples are
	assayed, along with laboratory insertion of its own standards and blanks.

Page 44 of 53

Criteria and JORC Code explanation	Commentary
Measures taken to ensure that the sampling is representative of	Gold Road protocols state duplicate samples are collected at a frequency of
the in situ material collected, including for instance results for field	1:40 for all drill holes. RC duplicate samples are collected directly from the
duplicate/second‐half sampling.	Rig‐mounted cone splitter.	Details of historical duplicate sampling are not
	readily available
Whether sample sizes are appropriate to the grain size of the	Sample sizes are considered appropriate to give an indication of mineralisation
material being sampled.	given the particle size and the preference to keep the sample weight below a
	targeted 3 kg mass which is the optimal weight to ensure the requisite grind
	size in the LM5 sample mills used by Intertek in sample preparation.
Quality of assay data and laboratory tests	Samples were analysed at a variety of laboratories using methodologies that
The nature, quality and appropriateness of the assaying and	include:
laboratory procedures used and whether the technique is		Analysis Type			Total
considered partial or total.		Aqua Regia, AAS finish			242
		Aqua Regia, GAAS finish			322
		Fire Assay, flame AAS finish.	216
		Fire Assay. Finish by ICP‐ES			2950
		Fire Assay 50g, AAS finish.			2547
	Laboratories used include:
	 SGS - Kalgoorlie, Perth and Leonora
		Amdel - Perth
		Genalysis - Perth
	It is assumed laboratory procedures were appropriate for the time.
For geophysical tools, spectrometers, handheld XRF instruments,	NITON handheld XRF was used on a small number of drill holes. Calibration of
etc, the parameters used in determining the analysis including	the hand‐held XRF tools is applied at start‐up. XRF results are only used for
instrument make and model, reading times, calibrations factors	indicative analysis of lithogeochemistry and alteration and to aid logging and
applied and their derivation, etc.	subsequent interpretation.
Nature of quality control procedures adopted (eg standards,	The Gold Road current protocol for RC programs is for Field Standards
blanks, duplicates, external laboratory checks) and whether	(Certified Reference Materials) and Blanks to be inserted at a rate of 4
acceptable levels of accuracy (ie lack of bias) and precision have	Standards and 4 Blanks per 100 samples. Historically, standards and blanks
been established.	were inserted at a rate of 3 in 100 samples. RC Field Duplicates are generally
	inserted at a rate of approximately 1 in 40. Regular DDH Field Twin sampling
	was stopped in 2017. Samples are processed at Intertek laboratories, where
	regular assay Repeats, Laboratory Standards, Checks and Blanks are inserted
	and analysed in addition to the blind Gold Road QAQC samples.
	Results of the Field and Laboratory QAQC assays were checked on assay
	receipt using QAQCR software. All assays passed QAQC protocols, showing
	acceptable levels of contamination or sample bias, including diamond half core
	v. half core Field Twins.
		Assay and QAQC Numbers	RC	DDH
		Total Sample Submission	5,606	1,186
		Assays	5,166	1,116
		Field Blanks	116	35
		Field Standards	258	35
		Field Duplicates	66	49
		Laboratory Blanks	87	39
		Laboratory Checks	155	52
		Laboratory Standards	196	1,186
	Historical drilling QAQC has been reviewed by Maxwell (2012) and Golder
	Associates (2002) and deemed satisfactory and fit for use in Resource
	Estimation. Infill drilling completed in 2011, 2012 and 2016 by Gold Road has
	allowed comparative reviews (twinned holes) to be undertaken which have
	mitigated many concerns with respect to historical data quality.
Verification of sampling and assaying	Significant results were compiled by the Database Manager and reported for
The verification of significant intersections by either independent	release by the Exploration Manager/Executive Director. Data was routinely
or alternative company personnel.	checked by the Senior Exploration and Project Geologist, Principal Resource
	Geologist or Consulting Geologists during drilling programs.
	All results have been reported in previous ASX announcements and are listed
	in Appendix 2.
The use of twinned holes.	A number of close spaced RC vs RC holes, with 10 to 15 metres separation,
	have been drilled confirm the location and thickness of mineralisation, and to
	an extent the tenor of grade.
Documentation of primary data, data entry procedures, data	All recent field logging is carried out on Tough books using LogChief data
verification, data storage (physical and electronic) protocols.	capture software. Logging data is submitted electronically to the Database
	Geologist in the Perth office. Assay files are received electronically from the
	Laboratory. All data is stored in a Datashed/SQL database system and
	maintained by the Gold Road Database Manager.
Discuss any adjustment to assay data.	No assay data was adjusted. The laboratory's primary Au field is the one used
	for plotting and resource purposes. No averaging is employed.
				Page 45 of 53

	Criteria and JORC Code explanation	Commentary
	Location of data points	The drill hole locations were initially picked up by handheld GPS, with an
	Accuracy and quality of surveys used to locate drill holes (collar	accuracy of 5 m in northing and easting. All RC and DDH holes were later picked
	and down‐hole surveys), trenches, mine workings and other	using DGPS to a level of accuracy of 1 cm in elevation and position.
	locations used in Mineral Resource estimation.	For angled drill holes, the drill rig mast is set up using a clinometer, and rigs
		aligned by surveyed positions and/or compass.
		Drillers use an electronic single‐shot camera to take dip and azimuth readings
		inside the stainless‐steel rods, at 50 m intervals, prior to August 2014, and 30
		m interval, post August 2014. Downhole directional surveying using north‐
		seeking gyroscopic tool was completed on site and live (down drill rod string)
		or after the rod string had been removed from the hole. Most diamond drill
		holes were surveyed live whereas most RC holes were surveyed upon exiting
		the hole.
	Specification of the grid system used.	A local grid (Attila) is used at Renegade
	Quality and adequacy of topographic control.	An Aerial Lidar and Imagery Survey was completed January 2016 by Trans
		Wonderland Holdings as part of the ongoing FS covering 2,558 km2 over the
		project area. One‐metre contours from this survey were used to construct a
		new topography surface to constrain the resource model. The survey showed
		good agreement with the existing DGPS drill hole collar data.
		All drill holes used in the resource grade estimate have a final collars survey by
		DGPS which are has a 1 cm elevation accuracy.
	Data spacing and distribution	Drill spacing occurs at 50 mX by 100 mY towards the north and south extents
	Data spacing for reporting of Exploration Results.	of the deposit. The central zone of the deposit has been drilled at 25 mX by
		50 mY. Drill spacing in relation to Resource Classification is discussed further
		in Section 3 below.
	Whether the data spacing, and distribution is sufficient to	Spacing of the reported drill holes is sufficient to assume and/or imply
	establish the degree of geological and grade continuity	geological and grade continuity of the deposit and is appropriate for resource
	appropriate for the Mineral Resource and Ore Reserve estimation	estimation processes. Detailed description of the relationship between drill
	procedure(s) and classifications applied.	spacing and Resource classification is provided in Section 3 below.
	Whether sample compositing has been applied.	Samples have been composited to 1 m intervals for estimation. This is to
		ensure no bias related to volume variance. 1 m represents the most common
		primary sample interval.
	Orientation of data in relation to geological structure	Drill sections are oriented west to east (270° to 090° Attila Grid) with the
	Whether the orientation of sampling achieves unbiased sampling	majority of holes oriented approximately perpendicular to dip and strike at ‐
	of possible structures and the extent to which this is known,	60° to 090°. 6 holes have been drilled in a vertical orientation, and 6 oriented
	considering the deposit type.	to the west and 2 toward 070°.
	If the relationship between the drilling orientation and the	The predominant drilling does not introduce any directional bias given the
	orientation of key mineralised structures is considered to have	current understanding of the structural orientations and the dip and strike of
	introduced a sampling bias, this should be assessed and reported if	mineralisation. Down dip holes add voracity to mineralisation continuity.
	material.	These have been included in the resource, but their impact is controlled by
		estimation parameters.
	Sample security	Pre‐numbered calico bags are collected in plastic or poly weave bags and
	The measures taken to ensure sample security.	transported to the laboratory. Details regarding sample security of drilling
		prior to 2010 are not readily available.
	Audits or reviews	Sampling and assaying techniques are industry‐standard. Internal and
	The results of any audits or reviews of sampling techniques and	Consultant reviews of QAQC have been completed and documented.
	data.	No independent laboratory or sample audits have been completed.

Page 46 of 53

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section)

Criteria and JORC Code explanation	Commentary
Mineral tenement and land tenure status	The Tenements is located within the Yilka Native Title Determination Area
Type, reference name/number, location and ownership including	(NNTT Number: WCD2017/005), determined on 27 September 2017.
agreements or material issues with third parties such as joint	The activity occurred within the Cosmo Newberry Reserves for the Use and
ventures, partnerships, overriding royalties, native title interests,	Benefit of Aborigines. Gold Road signed a Deed of Agreement with the Cosmo
historical sites, wilderness or national park and environmental	Newberry Aboriginal Corporation in January 2008, which governs the
settings.	exploration activities on these Reserves.
	The Mineral Resource is situated within tenement E38/1388, which is owned
	100% by Gold Road. The tenement is located on the Yamarna Pastoral Lease,
	which is owned and managed by Gold Road.
The security of the tenure held at the time of reporting along with	The tenement is in good standing with the Western Australia Department of
any known impediments to obtaining a licence to operate in the	Mines, Infrastructure, Resource and Safety.
area.
Exploration done by other parties	Exploration has been completed at Renegade by other parties:
Acknowledgment and appraisal of exploration by other parties.	 1998‐2006 Asarco Exploration Company Inc
	 2006‐2010 Eleckra Mines Limited (renamed Gold Road in 2010)
	 2010‐Present Gold Road
	Gold Road understands that previous exploration has been completed to
	industry standard
Geology	The Renegade Deposit comprises a broad porphyry intrusive (Renegade
Deposit type, geological setting and style of mineralisation.	Porphyry) approximately 150 m in width and which strikes over a current
	known length of 1,000 m. The Renegade Porphyry dips steeply (65°‐80°
	degrees) to the west. The stratigraphy is defined by the porphyry intruding
	the Toppin Hill Lower basalt unit which contains a minor sequence of
	intermediate to mafic volcaniclastic rocks.
	Mineralisation is confined within the Renegade Porphyry and is associated
	with increased shearing and pervasive albite‐biotite‐pyrite alteration which
	has variably overprinted the primary texture of the rock. Minor fine quartz‐
	carbonate veining occurs throughout. Pyrite is the primary sulphide mineral
	and some visible gold has been observed in logged diamond drill core.
	The Renegade deposit is located on the western side of the Yamarna
	Greenstone Belt within the Archaean Yilgarn Craton, along strike of The
	Golden Highway Shear Zone. Most of the greenstone sequence is obscured by
	a veneer of Quaternary sand and lake deposits.
Drill hole Information	All relevant RC and diamond holes included in the reported resource
A summary of all information material to the understanding of the	estimation have been previously reported in AXS announcements, listed in
exploration results including a tabulation of the following	Appendix 2.
information for all Material drill holes:
 easting and northing of the drill hole collar
 elevation or RL (Reduced Level - elevation above sea level in
metres) of the drill hole collar
 dip and azimuth of the hole
 down hole length and interception depth
 hole length.
If the exclusion of this information is justified on the basis that the
information is not Material and this exclusion does not detract from
the understanding of the report, the Competent Person should
clearly explain why this is the case.
Data aggregation methods	No top cuts have been applied to the reporting of the assay results.
In reporting Exploration Results, weighting averaging techniques,	Intersections lengths and grades for all holes are reported as down‐hole
maximum and/or minimum grade truncations (eg cutting of high	length‐weighted averages of grades above a cut‐off and may include up to 2 m
grades) and cut‐off grades are usually Material and should be	(cut‐offs of 0.3 g/t Au and higher) or 4 m (0.1 g/t Au cut‐off) of grades below
stated.	that cut‐off. Cut‐offs of 0.1, 0.5, 1.0 and/or 5.0 g/t Au are used depending on
	the drill type and results. Individual grades >10 g/t Au are also reported.
	Note that gram.metres is the multiplication of the length (m) by the grade (g/t
	Au) of the drill intersection and provides the reader with an indication of
	intersection quality.
Where aggregate intercepts incorporate short lengths of high‐	Intersections lengths and grades are reported as down‐hole length‐weighted
grade results and longer lengths of low‐grade results, the procedure	averages of grades above a cut‐off and may include up to 2 m (cut‐offs of 0.3
used for such aggregation should be stated and some typical	g/t Au and higher) or 4 m (0.1 g/t Au cut‐off) of grades below that cut‐off.
examples of such aggregations should be shown in detail.	Geologically selected DDH and RC intersections are used in more advanced
	stage projects. They are selected to honour interpreted thickness and grade
	from the currently established geological interpretation of mineralisation and
	may include varying grade lengths below the cut‐off. As a result, intersections
	will differ slightly from previous announcements.
The assumptions used for any reporting of metal equivalent values	No metal equivalent values are used.
should be clearly stated.
	Page 47 of 53

	Criteria and JORC Code explanation	Commentary
	Relationship between mineralisation widths and intercept lengths	Mineralisation is hosted within a steep west‐dipping, N‐S striking (Attila Local
	These relationships are particularly important in the reporting of	Grid) porphyry. The porphyry is mineralised with the main halo, and footwall
	Exploration Results.	and hangingwall shears greater than 0.1 g/t Au and the internal high grade
	If the geometry of the mineralisation with respect to the drill hole	from greater than 0.6 g/t Au. Mineralisation is characterised by localised shear
	angle is known, its nature should be reported.	fabrics and biotite‐albite‐pyrite alteration. Higher grade zones occur in
	If it is not known and only the down hole lengths are reported, there	alteration packages characterised by strong albite‐biotite‐pyrite alteration and
	should be a clear statement to this effect (eg 'down hole length, true	quartz and quartz‐carbonate veining.
	width not known').	The general drill direction of ‐600 to 0900 is approximately perpendicular to the
		main alteration packages and is a suitable drilling direction to avoid directional
		biases.
	Diagrams	Refer to Figures and Tables in the body of this and previous ASX
	Appropriate maps and sections (with scales) and tabulations of	announcements.
	intercepts should be included for any significant discovery being
	reported. These should include, but not be limited to a plan view of
	drill hole collar locations and appropriate sectional views.
	Balanced reporting	All drill assay results used in this estimation of this resource have been
	Where comprehensive reporting of all Exploration Results is not	published in previous ASX releases. These releases ate listed in Appendix 2
	practicable, representative reporting of both low and high grades
	and/or widths should be practiced to avoid misleading reporting of
	Exploration Results.
	Other substantive exploration data	In addition to the drilling activity, several geophysical surveys have been
	Other exploration data, if meaningful and material, should be	conducted. These surveys aim to identify the geophysical signatures of known
	reported including (but not limited to): geological observations;	mineralisation styles to aid further targeting and potentially directly detect
	geophysical survey results; geochemical survey results; bulk	mineralisation along the Golden Highway Trends. Other exploration activities
	samples - size and method of treatment; metallurgical test results;	have included re‐processing of aeromagnetic and gravity data with Fathom
	bulk density, groundwater, geotechnical and rock characteristics;	Geophysics over the entire Yamarna Belt to allow more detailed interpretation
	potential deleterious or contaminating substances.	of geology and further target definition. A new belt scale geological
		interpretation and stratigraphic column has been completed in conjunction
		with Concept to Discovery consulting as well as an inhouse
		Tectonostratigraphic Map.
		Historic bottle‐roll test‐work completed in 2007 indicates high recovery is
		possible from conventional cyanidation
	Further work	Possible extensions at depth will be tested in a strategic manner.
	The nature and scale of planned further work (eg tests for lateral
	extensions or depth extensions or large‐scale step‐out drilling).
	Diagrams clearly highlighting the areas of possible extensions,
	including the main geological interpretations and future drilling
	areas, provided this information is not commercially sensitive.

Page 48 of 53

Section 3 Estimation and Reporting of Mineral Resources

(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)

Criteria and JORC Code explanation	Commentary
Database integrity	Geological metadata is stored centrally in a relational SQL database with
Measures taken to ensure that data has not been corrupted by, for	a DataShed front end. Gold Road employs a Database Manager who is
example, transcription or keying errors, between its initial collection and	responsible for the integrity and efficient use of the system. Only the
its use for Mineral Resource Estimation purposes.	Database Manager or their Data Entry Clerk has permission to modify the
	data.
	Sampling and geological logging data is collected in the field using
	LogChief software and uploaded digitally. The software utilises lookup
	tables, fixed formatting and validation routines to ensure data integrity
	prior to upload to the central database.
	Sampling data is sent to, and received from, the assay laboratory in digital
	format.
	Drill hole collars are picked up by differential GPS (DGPS) and delivered
	to the database in digital format.
	Down hole surveys are delivered to the database in digital format.
	The Mineral Resource estimate utilises both Gold Road and historic RC
	and DDH assay data.
Data validation procedures used.	DataShed software has validation procedures that include constraints,
	library tables, triggers and stored procedures. Data that does not pass
	validation tests must be corrected before upload.
	The LogChief software utilises lookup tables, fixed formatting and
	validation routines to ensure data integrity prior to upload to the central
	database. Geological logging data is checked visually in three dimensions
	against the existing data and geological interpretation.
	Gold Road utilises QAQCR software to further analyse QAQC data, and
	batches which do not meet pass criteria are requested to be re‐assayed.
	Sample grades are checked visually in three dimensions against the
	logged geology and geological interpretation.
	Drill hole collar pickups are checked against planned and/or actual collar
	locations.
	A hierarchical system is used to identify the most reliable down hole
	survey data. Drill hole traces are checked visually in three dimensions.
	The project geologist and resource geologist are responsible for
	interpreting the down hole surveys to produce accurate drill hole traces.
Site visits	Justin Osborne is Gold Road's Executive Director of Exploration & Growth
Comment on any site visits undertaken by the Competent Person and the	and a Competent Person. He conducts regular site visits and covers all
outcome of those visits.	aspects of the Project. John Donaldson is Gold Road's Principal Resource
If no site visits have been undertaken indicate why this is the case	Geologist and a Competent Person. He has completed specific site visits
	to focus on understanding the geology of Renegade. Jane Levett is Gold
	Road's Principal Resource Geologist and a Competent Person and has
	completed several specific site visits to focus on understanding the
	geology of Renegade from field observations, historic diamond core and
	RC chips.
Geological interpretation	Several generations of RC drilling with 4 targeted DDH holes have allowed
Confidence in (or conversely, the uncertainty of) the geological	for an updated geological interpretation of acceptable confidence. Early
interpretation of the mineral deposit.	establishment of lithology and alteration coding and detailed structural
	logging has given insight into geological and grade trends that have been
	confirmed with geostatistical analysis, (including variography).
	Other sources of data (see next commentary) have also added
	confidence to the geological interpretation.
	The type and thickness of host lithology is predictable.
	The footwall and hangingwall lithologies are less well known due to the
	focus of drilling on mineralised units
Nature of the data used and of any assumptions made.	All available data has been used to help build the geological
	interpretation. This includes geological logging data (lithology and
	structure), gold assay data (RC and DDH), portable XRF multi‐element
	data (Niton and laboratory), geophysics (airborne magnetics and gravity),
	and Orexplore scans.
The effect, if any, of alternative interpretations on Mineral Resource	Alternate interpretations have been considered. The current
Estimation.	interpretation was developed after further interpretation and utilisation
	of new technologies (Orexplore), and has been found to be the most
	appropriate representation of grade and geology.

Page 49 of 53

Criteria and JORC Code explanation	Commentary
The use of geology in guiding and controlling Mineral Resource	The Renegade deposit is located in the central‐western part of the YGB,
Estimation.	within the Toppin Hill tectonostratigraphic group. The Renegade
	mineralisation occurs within the northern strike extension of the Golden
	Highway Shear Zone (GHSZ) that hosts the Attila‐Alaric group of deposits,
	approximately 14 kilometres north of the Alaric deposit. Gold
	mineralisation is hosted primarily within a weakly deformed feldspar‐
	phyric porphyry unit that is situated in a more strongly deformed
	volcanosedimentary package. A summary description of the interpreted
	geology and main mineralisation controls is provided below:
	1. Gold mineralisation at Renegade is hosted within a north‐northwest
	striking, steep west‐dipping dacitic porphyry unit with a highly
	strained basalt and andesite footwall and intermediate sediment
	hangingwall. All lithologies form part of the Toppin Hill Lower
	Formation that is characterised by mafic to intermediate
	volcanosedimentary units.
	2. The feldspar‐phyric porphyry (Renegade Porphyry) is a relatively
	brittle and competent body located at the intersection of the
	northern extension of the GHSZ and the north‐west striking Quisling
	Fault. It is interpreted that the rheological contrast between the
	porphyry and the country rocks in conjunction with the shear/fault
	intersections resulted in initial brittle failure of the porphyry during
	deformation providing dilatant sites for gold mineralisation.
	3. Deformation within the porphyry is strongly partitioned and
	presents as a brittle‐ductile progression of generally flat chlorite and
	quartz infilled crackle breccia/stock work that coalesces into
	anastomosing north‐northwest striking, steep west dipping
	mineralised shears aligned with the main foliation of the GHSZ in the
	area.
	4. Higher grades are associated with increased density of
	chlorite/biotite filled fractures and thin quartz vein (<1 cm)
	stockwork. Thicker (5 to 20 centimetre) quartz and laminated quartz
	veining has been modelled as a continuous internal high‐grade zone
	within a proximal halo.
	5. Strongest alteration manifests as albite + biotite + pyrite +
	arsenopyrite ± pyrrhotite.
The factors affecting continuity both of grade and geology.	Mineralisation is constrained wholly within the Renegade porphyry.
Dimensions	Length along strike: 250 m (pit shell constraint)
The extent and variability of the Mineral Resource expressed as length	Horizontal Width: 60 m (comprising a series of 5‐10 m wide mineralised
(along strike or otherwise), plan width, and depth below surface to the	surfaces).
upper and lower limits of the Mineral Resource.	Depth from surface to limit of Mineral Resource: 120m.
	The Mineral Resource has been constrained by a Lerch‐Grossman Whittle
	shell that considers all Inferred mineralisation in the geological model.
	The optimisation assumes mining and geotechnical parameters
	established for the near‐by Golden Highway projects and assumes ore
	will be trucked to and processed at the Gruyere mill via a toll treatment
	agreement. The optimisation was run at a gold price of A$1,850/oz. Only
	Inferred categories within this shell are reported as Mineral Resource.
	Mineralisation in the geology model outside the shell is not reported.

Page 50 of 53

Criteria and JORC Code explanation	Commentary
Estimation and modelling techniques.	Software used:
The nature and appropriateness of the estimation technique(s) applied	 Datashed - frontend to SQL database
and key assumptions, including treatment of extreme grade values,	 Leapfrog Geo - Drill hole validation, structural analysis and
domaining, interpolation parameters and maximum distance of		stereonets, material type, lithology, alteration and faulting
extrapolation from data points. If a computer assisted estimation		wireframes, domaining and mineralisation wireframes, geophysics
method was chosen include a description of computer software and		and regional geology
parameters used.		Snowden Supervisor ‐ geostatistics, variography, declustering,
		kriging neighbourhood analysis (KNA), validation
	 Datamine Studio RM - Drill hole validation, cross‐section, plan and
		long‐section plotting, block modelling, geostatistics, quantitative
		kriging neighbourhood analysis (QKNA), OK estimation, block model
		validation, classification, and reporting.
	Block model and estimation parameters:
	 Treatment of extreme grade values - Top‐cuts (all samples included
		method) were applied to 1 m composites selected within
		mineralisation wireframes. The top‐cut level was determined
		through the analysis of histograms, log histograms, log probability
		plots and spatial analysis.
	 Estimation technique for all mineralised domains - Ordinary Kriging
		‐ This is considered the most appropriate method with respect to the
		observed continuity of mineralisation, spatial analysis (variography)
		and dimensions of the domains defined by drilling.
	 Kriging Neighbourhood Analysis was undertaken to optimise the
		search neighbourhood used for the estimation and to test the parent
		block size. The search ellipse and selected samples by block were
		viewed in three dimensions to verify the parameters.
		Local Grid utilised
	 Parent block size for estimation of gold grades by Ordinary Kriging ‐
		25 mX by 25 mY by 10 mZ (parent cell estimation with full subset of
		points).
	 Smallest sub‐cell - 12.5 mX by 12.5 mY by 5 mZ (a small X dimension
		was required to fill the internal high grade).
	 Panel discretisation ‐ 3 X by 5 Y by 2 Z (using the number of points
		method)
	 Search ellipse - aligned to mineralisation trend, dimensions;
		 70 m X by 180 m Y by 30 m Z. for Domain 5500
		 50 m X by 65 m Y by 30 m Z. For Domain 5505
		Number of samples:
		 maximum per drill hole = 8, first search 16 min / 24 max, second
		search 10 min / 30 max and a volume factor of 1, third search 3
		min / 30 max with a volume factor of 4 for Domain 5500
		 maximum per drill hole = 3, first search 6 min / 14 max, second
		search 10 min / 30 max and a volume factor of 2, third search 3
		min / 30 max with a volume factor of 2 for Domain 5505
	 Maximum distance of extrapolation from data points - 50 m from
		sample data to Inferred boundary
	Domain boundary conditions - Hard boundaries are applied to all domain
	boundaries. Hard boundary application confirmed by geology and
	geostatistics.
The availability of check estimates, previous estimates and/or mine	The first resource was completed in 2008 to JORC 2004 guidelines and
production records and whether the Mineral Resource estimate takes	was not reported within a constraining, optimised, pit shell. The previous
appropriate account of such data.	resource of approximately 70,000 ounces was removed from the Mineral
	Resources in 2015, as the Company applied greater rigour in the
	evaluation and economic constraint of Mineral Resources in accordance
	with JORC 2012 guidelines. Several internal models were produced prior
	to the publication of this Resource. These were used to plan drilling
	programs, manage performance and expectation and test geological
	interpretation on an ongoing basis during and after the various drilling
	campaigns. Analysis shows that this model has performed well globally
	and locally against the original internal models.
	There is no previous production.
The assumptions made regarding recovery of by‐products.	No assumptions are made on recovery of by‐products.
Estimation of deleterious elements or other non‐grade variables of	No deleterious elements have been considered or estimated for this
economic significance (eg sulphur for acid mine drainage	deposit.
characterisation).
In the case of block model interpolation, the block size in relation to the	For Inferred (Ordinary Kriged estimate).
average sample spacing and the search employed.	The parent block size of 25 mX by 25 mY is approximately 50% of the
	maximum drill spacing of 25 mX by 50 mY.
Any assumptions behind modelling of selective mining units.	No Selective Mining Units were assumed in this estimate.

Page 51 of 53

Criteria and JORC Code explanation	Commentary
Any assumptions about correlation between variables.	No correlation between variables analysed or made; the resource is gold‐
	only.
Description of how the geological interpretation was used to control the	The geological interpretation was used at all stages to control the
resource estimates.	estimation. If geostatistics, variography and/or visual checks	of the
	model were difficult to interpret then the geological interpretation was
	questioned and refined
Discussion of basis for using or not using grade cutting or capping.	Top‐cuts were used in the estimate as this is the most appropriate way
	to control outliers when estimating block grades from assay data
The process of validation, the checking process used, the comparison of	The following validation checks were performed:
model data to drill hole data, and use of reconciliation data if available.	 QQ plots of RC vs DDH input grades.
	 Statistical comparison of different drilling orientations including
	local spot checks.
	 Comparison of twinned RC holes.
	 Comparison of the volume of wireframe vs the volume of block
	model.
	 Checks on the sum of gram metres prior to compositing vs the sum
	of gram metres post compositing
	 A negative gold grade check
	 Comparison of the model average grade and the declustered
	sample grade by Domain.
	 Generation of swath plots by Domain, northing and elevation.
	 Visual check of drill data vs model data in plan, section and three
	dimensions.
	 Comparison to previous models
	 Comparison to alternative interpretations (see above)
	All validation checks gave suitable results. There has been no mining so
	no reconciliation data available.
Moisture	Bulk density values used are a combination of local and regional data.
Whether the tonnages are estimated on a dry basis or with natural	Average bulk density values are modified by a moisture percentage so
moisture, and the method of determination of the moisture content.	that dry tonnages are reported.	Percentage reductions	were:
	overburden and saprolite 5%, saprock 3%, transition 2% and fresh 1 %.
Cut‐off parameters	The cut‐off grade used for reporting is 0.5 g/t Au and has been
The basis of the adopted cut‐off grade(s) or quality parameters applied.	determined with due consideration to processing and surface haulage
	costs, metallurgical recovery, royalties and gold price.
Mining factors or assumptions	The mining method assumes conventional open pit with a contract
Assumptions made regarding possible mining methods, minimum mining	mining fleet appropriately scaled to the size of the deposit.
dimensions and internal (or, if applicable, external) mining dilution. It is	De facto minimum mining width is a function of cell size (5 mX by 12.5
always necessary as part of the process of determining reasonable	mY by 5 mZ).
prospects for eventual economic extraction to consider potential mining	No allowance for dilution or recovery has been made.
methods, but the assumptions made regarding mining methods and
parameters when estimating Mineral Resources may not always be
rigorous. Where this is the case, this should be reported with an
explanation of the basis of the mining assumptions made.
Metallurgical factors or assumptions	Ore extracted from Renegade could potentially be processed at the
The basis for assumptions or predictions regarding metallurgical	neighbouring Gruyere process plant via a toll treatment agreement.
amenability. It is always necessary as part of the process of determining	Metallurgical recovery assumptions used in the optimisation are
reasonable prospects for eventual economic extraction to consider	informed by historic bottle‐roll test‐work completed in 2007 indicating
potential metallurgical methods, but the assumptions regarding	high recovery was possible. The recovery applied in the optimisation
metallurgical treatment processes and parameters made when reporting	process is 94%.
Mineral Resources may not always be rigorous. Where this is the case,
this should be reported with an explanation of the basis of the
metallurgical assumptions made.
Environmental factors or assumptions	Surface waste dumps will be used to store waste material from open pit
Assumptions made regarding possible waste and process residue	mining.
disposal options. It is always necessary as part of the process of	A conventional tailings storage facility at the Gruyere processing plant
determining reasonable prospects for eventual economic extraction to	will be utilised for tailings disposal.
consider the potential environmental impacts of the mining and	No test work has been completed regarding potential acid mine drainage
processing operation. While at this stage the determination of potential	from various material types, however, if identified in future studies
environmental impacts, particularly for a greenfields project, may not	appropriate measures will be used to manage any issues.
always be well advanced, the status of early consideration of these
potential environmental impacts should be reported. Where these
aspects have not been considered this should be reported with an
explanation of the environmental assumptions made.
Bulk density	Bulk density has been determined using data available from the
Whether assumed or determined. If assumed, the basis for the	Renegade diamond drilling. Where data populations were limited for
assumptions. If determined, the method used, whether wet or dry, the	particular material types other bulk density data in the region were
frequency of the measurements, the nature, size and representativeness	considered. All density was collected using the weight in air / weight
of the samples.	method.

Page 52 of 53

Criteria and JORC Code explanation	Commentary
The bulk density for bulk material must have been measured by methods	Bulk density is applied by weathering (material) type.
that adequately account for void spaces (vugs, porosity, etc), moisture
and differences between rock and alteration zones within the deposit.
Discuss assumptions for bulk density estimates used in the evaluation	Data was coded by weathering type (material) and domain
process of the different materials.	(mineralisation). Assumptions for moisture percentages were made and
	accounted for in the final value used for bulk density.
Classification	The Mineral Resource is constrained within a Lerch‐Grossman Whittle
The basis for the classification of the Mineral Resources into varying	shell. Blocks in the geological model above that shell have been classified
confidence categories.	as Inferred. No indicated or measured has been classified due to
	inadequate drill spacing. Several factors have been used in combination
	to aid the classification:
		Drill hole spacing
		 Inferred - 20 to 50 m East by 50 to 100 m North. Depth of drilling
		and 50 m along strike from extent of drilling. Extrapolation 40
		m down dip from last drill hole intercept.
	Geological continuity.
		Grade continuity.
	 Estimation quality parameters derived from the Ordinary Kriging
		process.
Whether appropriate account has been taken of all relevant factors (i.e.	All relevant factors have been taken into account in the classification of
relative confidence in tonnage/grade estimations, reliability of input	the Mineral Resource.
data, confidence in continuity of geology and metal values, quality,
quantity and distribution of the data).
Whether the result appropriately reflects the Competent Person's view of	The Mineral Resource estimate appropriately reflects the Competent
the deposit.	Persons' view of the deposit.
Audits or reviews	Internal geological peer reviews were held and documented.
The results of any audits or reviews of Mineral Resource estimates.
Discussion of relative accuracy/ confidence	Variances to the tonnage, grade and metal of the Mineral Resource
Where appropriate a statement of the relative accuracy and confidence	estimate are expected with further definition drilling. It is the opinion of
level in the Mineral Resource estimate using an approach or procedure	the Competent Persons that these variances will not significantly affect
deemed appropriate by the Competent Person. For example, the	economic extraction of the deposit.
application of statistical or geostatistical procedures to quantify the
relative accuracy of the resource within stated confidence limits, or, if
such an approach is not deemed appropriate, a qualitative discussion of
the factors that could affect the relative accuracy and confidence of the
estimate.
The statement should specify whether it relates to global or local	The Mineral Resource relates to global tonnage and grade estimates.
estimates, and, if local, state the relevant tonnages, which should be
relevant to technical and economic evaluation. Documentation should
include assumptions made and the procedures used.
These statements of relative accuracy and confidence of the estimate	No previous mining.
should be compared with production data, where available.

Page 53 of 53

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Gold Road Resources Limited published this content on 04 December 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 December 2019 01:12:06 UTC

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Company Profile

Gold Road Resources Limited is an Australia-based company that is engaged in mine operations through a joint venture18, sale of gold, and mineral exploration. The Companyâs segments include Operations, Exploration and Investment. The Exploration segment includes the activities on all mineral exploration, including all joint venture tenements. The Investment segment includes the activities on equity securities investments. The Companyâs projects include Gruyere Gold Mine and the Golden Highway. The Gruyere Gold Mine is located approximately 1,200 kilometers north-east of Perth in Western Australiaâs north-eastern Goldfields, is a 50:50 joint venture between Gold Road and Gruyere Mining Company Pty Ltd. The Golden Highway is located just 25 kilometers west of the Gruyere Gold Mine on the western side of the Yamarna Greenstone Belt. It holds approximately over 18,000 square kilometers of exploration tenure across Western Australia, South Australia, and Queensland.

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A-

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1.875 AUD

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Gold Road Resources Limited

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AU000000GOR5

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Gold Road Resources : Gilmour and Renegade Mineral Resource

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