Farm-in Agreement

Thackaringa Cobalt – Key Farm In Terms

STAGE 1: TARGET DATE: 1 APRIL 2018

  • A$2m expenditure in ground – Delivered
  • Scoping Study – Delivered
  • 40Mt Indicated Resource Upgrade – max spend A$1.2m
  • Aerial Geophysical Survey – spend A$0.2m – A$0.4m
  • 51% beneficial ownership

STAGE 2: TARGET DATE: 30 JUNE 2018

  • A$2.5 m expenditure in ground – Indicated Resource Target
  • Preliminary Feasibility Study
  • 70 % beneficial ownership

STAGE 3: TARGET DATE: 30 JUNE 2019

  • A$5.0 m expenditure in ground – Measured Resource + Reserves Target
  • Bankable Feasibility Study + Project Approvals
  • 85 % beneficial ownership

STAGE 4: TARGET DATE: 30 JUNE 2020

  • >Decision to Mine
  • Project Financing Approved
  • 100 % beneficial ownership + Full Legal Title
  • A$7.5m final payment due to BPL
  • 2% NSR on cobalt production