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SIERRA RUTILE HOLDINGS PTY LTD

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Ore Resources and Mineral Resources

Set out below is a summary of the Sierra Rutile Group’s Ore Reserve and Mineral Resource estimates as at 31 December 2021.

Ore Reserve statement as at 31 December 2021 (JORC 2012)

Notes:

  1. Competent Person – Ore Reserves: Andrew Walkenhorst (MAusIMM).
  2. Ore Reserves are a sub-set of Mineral Resources.
  3. Rounding may generate differences in last decimal place.
  4. Mineral assemblage is reported as a percentage in Ore.
  5. The ilmenite and zircon grades are included for tabulation purposes under the Proved and Probable Reserve category. The confidence in the estimate of the grade and tonnage for ilmenite and zircon are however only to be considered as Probable where rutile is Proved. Otherwise the ilmenite and zircon are considered to be Inferred due to material factors influencing the confidence in the estimates for ilmenite and zircon.
  6. The quoted figures for Area 1 and Sembehun are stated as at 31 December 2021 and have been depleted for all production conducted to this date.

 

Mineral Resource statement as at 31 December 2021 (JORC 2012)

Notes:

  1. Competent Person – Mineral Resources: Brett Gibson (MAIG).
  2. In situ (dry) metric tonnage is reported.
  3. Mineral Resources are inclusive of Ore Reserves.
  4. Rounding may generate differences in last decimal place.
  5. Rutile, ilmenite and zircon are reported as a percentage of in situ material.
  6. The ilmenite and zircon grades are included for tabulation purposes under the Measured, Indicated and Inferred Resource category. The confidence in the estimate of the grade and tonnage for ilmenite and zircon are however only to be considered as Indicated where rutile is Measured. Otherwise the ilmenite and zircon are considered to be Inferred due to material factors influencing the confidence in the estimates for ilmenite and zircon.
  7. “Other” refers to the Gambia, Jagbahun, Nyandahun and Taninahun Boka deposits outside the Area 1 and Sembehun operational areas.