Exploration

Ore Reserves and
Mineral Resources

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Ore Reserves and Mineral Resources (including Competent Persons Statement)

as at 30 June 2019

Source	Category	Tonnes	Grade (g/t)				Contained Metal
			Gold	Silver	Au Equiv.	Ag Equiv.	Gold	Silver	Au Equiv.	Ag Equiv.
		(Million)	(g/t)	(g/t)	(g/t)	(g/t)	(M oz)	(M oz)	(M oz)	(M oz)

CHATREE	Proved	–	–	–	–	–	–	–	–	–
	Probable	–	–	–	–	–	–	–	–	–
	Total	–	–	–	–	–	–	–	–	–

NUEVA ESPERANZA	Proved	–	–	–	–	–	–	–	–	–
	Probable	17.1	0.5	87	2.0	117	0.30	47.8	1.10	64.3
	Total	17.1	0.5	87	2.0	117	0.30	47.8	1.10	64.3

TOTAL	Proved	–	–	–	–	–	–	–	–	–
	Probable	17.1	0.5	87	2.0	117	0.30	47.8	1.10	64.3
	Total	17.1	0.5	87	2.0	117	0.30	47.8	1.10	64.3

Source	Category	Tonnes	Grade				Contained Metal
			Gold	Silver	Au Equiv.	Ag Equiv.	Gold	Silver	Au Equiv.	Ag Equiv.
		(Million)	(g/t)	(g/t)	(g/t)	(g/t)	(M oz)	(M oz)	(M oz)	(M oz)
CHATREE	Measured	73.2	0.69	6.20	0.74	100	1.63	14.6	1.74	237
	Indicated	49.8	0.64	5.58	0.68	93	1.02	8.9	1.09	148
	Inferred	40.6	0.59	4.50	0.62	85	0.77	5.9	0.81	111
	Total	163.6	0.65	5.59	0.69	94	3.42	29.4	3.64	496

NUEVA ESPERANZA	Measured	1.6	0.01	93	1.56	94	0.0005	4.8	0.08	4.8
	Indicated	27.2	0.46	73	1.67	100	0.40	63.8	1.46	87.9
	Inferred	10.6	0.30	43	1.00	60	0.09	14.8	0.33	20.0
	Total	39.4	0.39	66	1.48	89	0.49	83.4	1.88	112.7

TOTAL	Measured	74.8	0.68	8.06	0.76	100	1.63	19.4	1.82	241
	Indicated	77.0	0.58	29.4	1.03	95	1.42	72.7	2.55	236
	Inferred	51.2	0.53	12.5	0.70	80	0.86	20.7	1.14	131
	Total	203.0	0.60	17.3	0.85	93	3.91	112.8	5.51	608

Rounding of figures causes some numbers to not add correctly.
Nueva Esperanza Equivalent factors:
Silver Equivalent: AgEq (g/t) = Ag (g/t) + Au (g/t) x 60.
Gold Equivalent: AuEq (g/t) = Au (g/t) + Ag (g/t) / 60.
Calculated from prices of US$1200/oz Au and US$19.00/oz Ag, and metallurgical recoveries of 80% Au and 84% Ag estimated from test work by Kingsgate.
Chatree Equivalent factors:
Gold Equivalent: AuEq/t = Au (g/t) + Ag (g/t) /136.
Silver Equivalent: AgEq g/t = Au (g/t) x 136 + Ag g/t.
Calculated from prices of US$1200/oz Au and US$19.00/oz Ag and metallurgical recoveries of 83.3% Au and 38.7% Ag based on metallurgical testwork and plant performance.
Cut-off grades for Resources are:
Chatree 0.30 g/t Au, Nueva Esperanza 0.5g/t AuEq.
Nueva Esperanza Reserves are based on a floating cut-off grade method. In this method each Resource block is subjected to a series of estimates to generate revenue and cost fields that are used to determine a breakeven cut-off grade.
It is in the Company’s opinion that all the elements included in the metal equivalent calculations have a reasonable potential to be recovered.
Please refer to ASX:KCN release published 14 April 2016 titled, “Nueva Esperanza Pre-Feasibility Study Confirms Kingsgate Growth Strategy” for details on Mineral Resources, Ore Reserves and JORC 2012 Table 1.

The table below shows what the Chatree Reserve would be if the Metallurgical Licence was granted in the future.

Source	Category	Tonnes	Grade				Contained Metal
			Gold	Silver	Au Equiv.	Ag Equiv.	Gold	Silver	Au Equiv.	Ag Equiv.
		(Million)	(g/t)	(g/t)	(g/t)	(g/t)	(M oz)	(M oz)	(M oz)	(M oz)
Chatree	Proved	26.1	0.77	6.70	0.82	102	0.65	6.2	0.70	95
	Probable	9.3	0.80	7.04	0.85	116	0.24	2.1	0.25	34.6
	Total	35.4	0.78	6.79	0.83	106	0.89	8.3	0.95	130

For the material in the table above to become a JORC 2012 Ore Reserve, the Thai Department of Primary Industries and Mines need to grant the Chatree Gold Mine a Metallurgical Licence.
The information in the table above is not currently an Ore Reserve under JORC reporting requirement.