Exploration and Development History of the Batman Gold Deposit, Mt Todd Project, Northern Territory

The Mt Todd Project is located 42 km northwest of Katherine in the Northern Territory. The identified mineral resource estimate for the Batman gold deposit is 66.7 million tonnes (Mt) grading 1.4 grams/tonne (g/t). Proved and Probable Ore Reserves total 42.3 Mt grading 1.5 g/t. Orebody definition and reserve estimation is based on extensive percussion and diamond drilling. Exhaustive bias analysis comparing grades produced from different drilling techniques has been undertaken. Similarly, detailed check assaying programs have been run to validate grade data produced by commercial laboratories used during the exploratory drilling phase. Significant biases were established from both studies and appropriate 'corrections' were made to drillhole databases prior to final resource and reserve estimation. 3D geostatistical modelling has been utilised for resource and reserve estimation, with specialist consultants contracted for this work. At all times, interpreted geological controls on mineralisation, provided by