Free Carried Interests

Tenement Interests

 Tenement referenceProject & LocationInterest
E52/1659Forrest (Milgun) – Western Australia20%
E52/1668Peak Hill – Western Australia20%
E52/1671Forrest (Milgun) – Western Australia20%
E52/1678Peak Hill – Western Australia20%
E52/1722Peak Hill – Western Australia20%
E52/1730Peak Hill – Western Australia20%
P52/1494Forrest (Milgun) – Western Australia20%
P52/1495Forrest (Milgun) – Western Australia20%
P52/1496Forrest (Milgun) – Western Australia20%

Note:

Peak Hill Sale Agreement: Auris Exploration Pty Ltd (Auris – previously known as Grosvenor Gold Pty Ltd) 80% (Operator) and Jackson Minerals Pty Ltd 20% in all minerals free carried to decision to mine.

Westgold Resources Limited owns 80% gold rights, Auris Exploration Pty Ltd (Auris)(previously known as Grosvenor Gold Pty Ltd) (Operator) holds 80% interest in all minerals other than gold and Jackson Minerals Pty Ltd holds 20% in all minerals free carried to decision to mine.

Westgold Resources Limited has first right of refusal over disposal of RNI/Auris 80% interest.

Alchemy 80% reducing to 10% in all minerals once Independence Group NL (IGO) and Billabong Gold Pty Ltd (Billabong) (Operator) earn in under respective JV agreements with Alchemy Resources Ltd (ALY). Billabong earning 70% interest in all minerals in part of this tenement and IGO earning 70% in base metals only (excluding Iron Ore) in the remaining tenement area. Jackson Minerals holds 20% in all minerals in the whole of the tenements free carried to decision to mine.

Alchemy 80% reducing to 10% in all minerals once IGO (Operator) earn in under JV agreement with ALY. IGO earning 70% in base metals only (excluding iron ore) in the whole of tenement area by sole funding exploration expenditure. Jackson Minerals holds 20% in all minerals free carried to decision to mine.

Mining tenements with beneficial interest held in farm-in/farm-out agreements

Farm-in/out Agreement and Tenement referenceProject & LocationInterest
Sandfire Farm-in E51/1033-IMorcks Well (Heines Find) – Western Australia20%
Sandfire Farm-in E52/1613-IMorcks Well (Heines Find) – Western Australia20%
Sandfire Farm-in E52/1672-IMorcks Well (Heines Find) – Western Australia20%

Note:

Peak Hill Sale Agreement: Auris Exploration Pty Ltd (Auris – previously known as Grosvenor Gold Pty Ltd) 80% (Operator) and Jackson Minerals Pty Ltd 20% in all minerals.

Jackson Iron Ore Royalty: Auris Exploration Pty Ltd (Auris)(previously known as Grosvenor Gold Pty Ltd) (Operator) to pay PepinNini Robinson Range Pty Ltd (PRR) a 0.8% gross revenue royalty from the sale or disposal of iron ore. Jackson Minerals Pty Ltd holds 20% in all minerals.

Sandfire Farm-in: Subject to a Farm-in Letter Agreement between SFR, AUR and FEL. If SFR makes a Discovery on the tenements and a JV is formed then the interests in the tenements will be 70% SFR, 24% AUR and 6% FEL. Full details of the agreement are described in the Auris ASX announcement dated 27 February 2018.