Nickel

Resource Estimate

Ravensgate Mining Industry Consultants have completed a resource estimate for the NiWest Project. The resource estimate was last updated in February 2017 and is in accordance with JORC 2012 guidelines. The NiWest data base contains drilling information and assay results from 3,410 bore holes for 114,302 metres of drilling.

The project comprises of seven separate project areas in close proximity containing resources of various sizes. Resources are well defined with over 70% drill tested to measured and indicated categories. All of the NiWest resources are located on granted mining leases.

Table 1: Mineral Resource Estimate for NiWest Nickel-Cobalt Project at 0.8% Ni Cut-off Grade
JORC Category Million Tonnes Ni Grade % Co Grade % Ni Metal (kt) Co Metal (kt)
Measured 34 1.07 0.07 362 23
Indicated 28 1.02 0.06 282 17
Inferred 19 0.97 0.06 186 12
Total 81 1.03 0.06 830 52
Table 2: Mineral Resource Estimate by project area at 0.8% Ni Cut-off Grade
Area JORC Category Million Tonnes Ni Grade % Co Grade % Ni Metal (kt) Co Metal (kt)
Eucalyptus Measured 7.5 1.02 0.07 76.2 48
Indicated 11.2 1.02 0.06 114.3 6.7
Inferred 16.2 0.98 0.06 158.1 10.0
Area Total 34.9 1.00 0.06 349 21.7
Mt Kilkenny Measured 19.8 1.09 0.07 216.3 13.9
Indicated 2.9 1.02 0.06 29.2 1.7
Inferred 1.5 0.98 0.05 15.2 0.8
Area Total 24.2 1.08 0.07 261 16.5
Wanbanna* Measured 0.0 0.0 0.0 0.0 0.0
Indicated 10.1 1.03 0.07 104.2 6.7
Inferred 0.7 0.99 0.07 7.0 0.5
Area Total 10.8 1.03 0.07 111.2 7.2
Hepi Measured 1.8 1.19 0.06 21.3 1.1
Indicated 1.1 1.01 0.06 11.6 0.7
Inferred 0.5 0.90 0.04 4.4 0.2
Area Total 3.4 1.09 0.06 37 2.0
Murrin North Measured 3.4 0.98 0.06 33.2 2.1
Indicated 0.2 0.88 0.05 1.3 0.1
Inferred 0.1 0.86 0.08 1.2 0.1
Area Total 3.7 0.97 0.06 35.7 2.3
Waite Kauri Measured 1.5 1.01 0.06 14.8 0.91
Indicated 0.3 0.91 0.03 3.2 0.09
Inferred 0.02 0.09 0.02 0.02 0.00
Area Total 1.8 0.98 0.05 18 1.0
Mertondale Measured - - - - -
Indicated 1.9 0.98 0.07 18.4 1.3
Inferred - - - - -
Area Total 1.9 0.98 0.07 18.4 1.3
Total Measured 34 1.07 0.07 362 23
Indicated 28 1.02 0.06 282 17
Inferred 19 0.97 0.06 186 12
Total 81 1.03 0.06 830 52
Table 3: Mineral Resource Estimate by project area at 1.0% Ni Cut-off Grade
Area JORC Category Million Tonnes Ni Grade % Co Grade % Ni Metal (kt) Co Metal (kt)
Eucalyptus Measured 3.3 1.19 0.07 38.9 2.42
Indicated 5.0 1.18 0.07 58.9 3.60
Inferred 5.0 1.21 0.08 60.9 3.78
Area Total 13.3 1.19 0.07 158.7 9.7
Mt Kilkenny Measured 10.9 1.25 0.08 137.4 9.00
Indicated 1.2 1.19 0.06 14.8 0.8
Inferred 0.5 1.15 0.06 6.1 0.3
Area Total 12.7 1.24 0.08 158.3 10.1
Wanbanna* Measured - - - - -
Indicated 4.8 1.19 0.08 56.9 3.7
Inferred 0.3 1.16 0.08 3.7 0.3
Area Total 5.1 1.19 0.08 60.6 4.0
Hepi Measured 1.0 1.40 0.07 14.6 0.8
Indicated 0.4 1.22 0.07 5.3 0.3
Inferred 0.1 1.08 0.04 0.7 0.03
Area Total 1.5 1.33 0.07 20.6 1.1
Murrin North Measured 1.24 1.14 0.07 14.2 0.89
Indicated 0.01 1.04 0.04 0.1 0.01
Inferred - - - - -
Area Total 1.25 1.14 0.07 14.0 0.9
Waite Kauri Measured 0.52 1.25 0.09 6.49 0.45
Indicated 0.06 1.08 0.02 0.65 0.01
Inferred - - - - -
Area Total 0.58 1.23 0.08 7.0 0.46
Mertondale Measured - - - - -
Indicated 0.7 1.14 0.07 7.9 0.46
Inferred - - - - -
Area Total 0.7 1.14 0.07 7.9 0.46
Total Measured 17.0 1.24 0.08 212 14
Indicated 12.1 1.18 0.07 144 9
Inferred 6.0 1.20 0.07 71 4
Total 35.1 1.21 0.08 427 27

* Wanbanna is held 80% by NiWest Ltd, a wholly owned subsidiary of GME Resources Limited, and 20% by Wanbanna Pty Ltd.

All figures are rounded to reflect appropriate levels of confidence. Apparent differences may occur due to rounding.

Resource consultants, Ravensgate International Pty Ltd, were engaged to update the mineral resource estimate for seven nickel cobalt laterite deposits which comprise the NiWest project based on a mining Cut off Grade of 0.8% nickel (Refer Table 1 & 2). Uniform Conditioning Kriging (UC) grade estimation was used for the four main deposits (Eucalyptus, Mt Kilkenny, Wanbanna and Hepi) to update the resource estimates based on a Selective Mining Unit (SMU) size of 5m X 5m X 2m. The remaining projects were calculated with Ordinary Kriging.