New Total Global Mineral Resource Statement

(firmenpresse) - 50% Increase in Mineral Resource at Caijiaying Zinc-Gold Mine to
101.5 million tonnes

US$17.7 Billion Metal in Situ

Griffin Mining Limited ("Griffin" or the "Company") is pleased to announce the new Global Mineral Resource estimate for its Caijiaying Zinc-Gold Mine in the Peoples Republic of China. The new Global Mineral Resources from the 4 main deposit Zones, reported in accordance with the JORC Code (2012) , total:

- 101.5 million tonne Global Mineral Resource (from 67.7 million tonnes2)
- 4.0 million tonnes of Zinc Metal (from 2.7 million tonnes2)
- 1.6 million ounces of Gold (from 1.0 million ounces2)
- 88.8 million ounces of Silver (from 48.5 million ounces2)
- 0.6 million tonnes of Lead (from 0.2 million tonnes2)

The global Measured, Indicated and Inferred Mineral Resource estimate totals 101.5 Mt at 3.9% Zn, 0.6% Pb, 27.0 g/t Ag and 0.5 g/t Au, resulting in total contained metal of approximately 4.0 million tonnes of zinc metal, 0.6 million tonnes of lead metal, 88.8 million ounces of silver metal and 1.59 million ounces of gold metal.

This is an increase of 33.9 Mt (50%) from the previous mineral resource, which incorporated Zone II and III only, of 67.6Mt (at) 3.9% Zn, 0.4% Pb, 22.3g/t Ag and 0.5 g/t Au, as reported on 16th June 2020 in Griffins 2019 annual report and accounts.

The contained metal has increased from approximately 2.653 to 3.968 million tonnes of zinc metal, 0.242 to 0.606 million tonnes of lead, 48.5 to 88.8 million ounces of silver and 1.025 to 1.593 million ounces of gold.

The Mineral Resources at Caijiaying are distributed among four Zones with the main line of lodes stretching 3km in strike. Zones II, III and VIII are all accessible from the existing mine infrastructure while Zone V is located just 0.8km west of Zone II. As previously announced by the Company on the 4th January 2021, the Zone II and III Mineral Resources are located within a single newly expanded Mining Licence where the current underground mining activity is focused on the Zone III resources. This recent resource increase has now triggered a development programme to be commenced to enable increased production to 1.5 Mt per annum, delivering an 80% production increase in the next two years.

In the future, an additional mine expansion may be delivered with the inclusion of the Zone V and VIII Mineral Resources that are located within the Companys Retention Licence adjacent to the west of Zone II and north of Zone III, respectively. The Retention Licence is valid for two years and is the first step in the process of converting the area to a Mining Licence.

The strategy of focusing on near-mine exploration and resource definition drilling has delivered substantial growth to the Caijiaying Mineral Resources. At Zone VIII, surface drilling has defined the northern extension to Zone III a further 500m along strike where it remains open at depth. The Zone V Mineral Resource is the result of detailed research into the historical data set. This significant body of work has enabled the Inferred Mineral Resource estimate to JORC 2012 compliance. Further work is planned to unlock the full potential of these maiden resources.

Further information in relation to the Mineral Resource estimate is set out in the appendix to this announcement, and is also available on the Companys website, www.griffinmining.com

Chairman Mladen Ninkov said Finally, the vast potential of Caijiaying has been uncovered and confirms the absolute world class nature of the deposit. I am so delighted for the shareholders, directors and staff of Griffin, and in particular, our great friend and recently departed director Rupert Crowe, who believed in, and toiled so passionately for, Caijiaying. Yet we are still only in the earliest of stages of our journey of understanding what still could lie around us and below us. Remarkable!

COMPETENT PERSON STATEMENT

The information in this announcement that relates to Mineral Resources is based on, and fairly reflects, information compiled by Mr Serikjan Urbisinov a Competent Person, who is a Member of the Australian Institute of Geoscientists. Mr Serikjan Urbisinov is a full-time employee of CSA Global Pty Ltd. Mr Serikjan Urbisinov has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as Competent Person as defined in the 2012 edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Mr Serikjan Urbisinov consents to the disclosure of the information in this announcement of the matters based on his information in the form and context in which it appears.

The insitu metal value is the result of the Companys assessment based on LME spot metal prices at 16/02/2021 and does not consider modifying factors such as the cost of metal extraction and recovery.
2 The relative increase in resources compares the current Global Mineral Resource to the total Zone II and Zone III Mineral Resource as at 31st December 2019.

Further information

GRIFFIN MINING LIMITED
Mladen Ninkov - Chairman
Roger Goodwin - Finance Director
Telephone: +44(0)20 7629 7772

PANMURE GORDON (UK) LIMITED
John Prior
Joanna Langley
Telephone: +44 (0)20 7886 2500

BERENBERG
Matthew Armitt
Jennifer Wyllie
Deltir Elezi
Telephone: +44(0)20 3207 7800

BLYTHEWEIGH
Tim Blythe
Telephone: +44(0)20 7138 3205

SWISS RESOURCE CAPITAL AG
Jochen Staiger
info(at)resource-capital.ch

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014

Griffin Mining Limiteds shares are quoted on the Alternative Investment Market (AIM) of the London Stock Exchange (symbol GFM).

The Companys news releases are available on the Companys web site: www.griffinmining.com

Appendix A

Caijiaying Global Mineral Resource Statement and Parameters

CSA Global Pty Ltd (CSA Global) was engaged by Griffin Mining Ltd (Griffin) to prepare a Global Mineral Resource estimate for the Caijiaying zinc, gold, silver and lead deposit (Caijiaying), located in Hebei Province, Peoples Republic of China.

The Global Mineral Resource estimate has been reported in accordance with The JORC Code
and is shown in Table 1.

The Mineral Resource for Zone II and Zone III have been depleted using a three-dimensional survey as built wireframe which represents the mined-out-voids as at 31st December 2020. The resources at Zone V and VIII are maiden Mineral Resource estimates and therefore have not been reported previously.

The Mineral Resource estimate includes 2.8 Mt of oxidised resource that may require modifications to the processing circuit to enable satisfactory recoveries.

Table 1: Mineral Resource estimate for Caijiaying deposit February 2021 - reported by Zones.

CategorTonnaZn Zn Pb Pb Au Au Ag Ag
y ge % Metal (k% Metal ppm Metalppm Metal
t) ( ( (
Mt kt) koz) koz)
Zone II Oxide: Zn Resources > 1% Zn
Indicat1.2 2.9 35.0 0.5 5.9 0.30 10.5 19 751
ed

Inferre1.6 2.5 38.8 0.5 8.0 0.10 6.7 17 830
d

Total 2.8 2.7 73.8 0.5 13.9 0.20 17.2 18 1,581
Zone II Fresh: Zn Resources > 1% Zn
Indicat11.5 3.8 435.9 0.9 109.2 0.30 96.1 27 10,08
ed 5

Inferre26.4 3.7 976.7 1.0 253.2 0.40 349.630 25,10
d 8

Total 37.9 3.7 1,412.6 1.0 362.4 0.40 445.729 35,19
3

Zone II Total
Indicat12.7 3.7 470.9 0.9 115.0 0.30 106.627 10,83
ed 6

Inferre27.9 3.6 1,012.5 1.0 261.2 0.40 356.229 25,93
d 8

Total 40.7 3.7 1,486.4 0.9 376.3 0.40 462.928 36,77
4

Zone III Domain 1: Zn Resources > 1% Zn
Measure19.0 4.5 861.6 0.2 42.5 0.64 388.823 13,93
d 2

Indicat10.0 4.0 396.8 0.2 17.0 0.57 182.818 5,781
ed

Inferre17.9 4.0 718.4 0.2 35.8 0.36 209.622 12,36
d 4

Total 46.8 4.2 1,976.7 0.2 95.2 0.52 781.221 32,07
7

Zone III Domain 2: Au Resources > 0.5 g/t Au
Inferre0.7 0.8 5.9 0.1 0.7 3.00 67.5 20 446
d

Total 0.7 0.8 5.9 0.1 0.7 3.00 67.5 20 446


Zone III Total
Measure19.0 4.5 861.6 0.2 42.5 0.64 388.823 13,93
d 2

Indicat10.0 4.0 396.8 0.2 17.0 0.57 182.818 5,781
ed

Inferre18.6 3.9 724.3 0.2 36.5 0.46 277.121 12,81
d 0

Total 47.5 4.2 1,982.6 0.20 95.9 0.56 848.721 32,52
3

Zone V Zn Resources > 1% Zn
Inferre6.0 3.2 190.7 1.4 84.3 0.60 115.856 10,81
d 9

Total 6.0 3.2 190.7 1.4 84.3 0.60 115.856 10,81
3 9

Zone VIII Domain 1: Zn Resources > 1% Zn
Inferre6.6 4.6 303.8 0.7 45.0 0.50 112.036 7,675
d

Total 6.6 4.6 303.8 0.7 45.0 0.50 112.036 7,675
0

Zone VIII Domain 2: Au Resources > 0.5 g/t Au
Inferre0.7 0.7 4.7 0.7 4.7 2.40 54.0 45 1,015
d

Total 0.7 0.7 4.7 0.7 4.7 2.40 54.0045 1,015
Zone VIII Total
Inferre7.3 4.2 308.5 0.7 49.7 0.70 166.037 8,690
d

Total 7.3 4.2 308.5 0.7 49.7 0.70 166.037 8,690
0

Total
Measure19.0 4.5 861.6 0.2 42.5 0.64 388.823 13,93
d 2

Indicat22.7 3.8 867.7 0.6 132.0 0.42 289.423 16,61
ed 7

Inferre59.8 3.7 2,239.0 0.8 431.7 0.48 915.230 58,25
d 8

Total 101.53.9 3,968.3 0.6 606.2 0.51 1,59327 88,80
.4 6
Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. The JORC Code, 2012 Edition. Prepared by: The Joint Ore Reserves Committee of The Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia (JORC).

https://www.irw-press.at/prcom/images/messages/2021/56798/Griffin_18022021_ENPRcom.001.png


Figure 1: Plan showing mineralisation wireframes by zones.

Zone II

The previous Mineral Resource estimate first reported in 2013 is shown in Table 2. As previously announced (See Company Announcement Zone II Resource January 2021 dated 26th January 2021) the tonnage for the new updated Zone II Mineral Resource has increased by over 100% and the contained zinc metal has increased by over 130%. A total of 109 surface diamond drillholes, 91 reverse circulation surface drillholes and 163 underground diamond drillholes, define the Zone II deposit for a combined total of 91,383 m of drilling. The Zone II deposit was sampled predominantly by diamond drillholes at irregular spacing, but average spacings are approximately 40 m x 40 m. There is already some underground access from the existing Zone III Decline via the 1453 development drive and there has been no stoping of the material defined in the Zone II Mineral Resource estimate.

Zone III

The previous Zone III Mineral Resource estimate shown in Table 3 is based on a block model completed in 2018, which has then been depleted for mining production as at December 31st, 2019.

A total of 192 surface diamond drillholes, 34 reverse circulation surface drillholes and 3,683 underground diamond drillholes, define the Zone III deposit for a combined total of 499,029 m of drilling. The Zone III deposit which is currently in production was sampled predominantly by diamond drillholes at irregular spacing, with a clustering in the main part of the mine, but average spacings are approximately 40 m x 40 m. Holes were generally aligned either to the east or west with dip angles set to optimally intersect the mineralised horizon.

Zone V

A total of 34 surface diamond drillholes, 3 reverse circulation surface drillholes define the Zone V deposit for a combined total of 15,242 m of drilling. The Zone V deposit was sampled by diamond drillholes at irregular spacing, but average spacings are approximately 25 m x 100 m.

Zone VIII

A total of 44 diamond drillholes define the Zone VIII deposit for a combined total of 32,193 m of drilling. Drilling was carried out as close as possible to right angles to the mineralisation. Drill spacing was 50 m to 100 m, to cover the limits of mineralisation in a systematic pattern.

Table 2:-Caijiaying Zone II Mineral Resource estimates as at June 2013

Caijiaying Zone II Remaining Mineral Resources June 2013
(grade tonnage reported above a cut-off grade of 1.0%
Zn)

Zone JORC TonneZn Pb Ag Au Zn Pb Ag Au
Classifs (%) (%) (g/ (g/Metal Metal Metal Meta
ication (Mt) t) t) (kt) (kt) (koz) l
(ko
z)


Indicate4.06 3 0.7 25 0.30123.0 27.0 3,243 39.3
d

Inferred15.573.3 0.8 25 0.30516.0 117.0 12,277 124.
2

Subtotal19.633.3 0.7 25 0.30638.0 144.0 15,520 163.
5

Table 3: Mineral Resource estimate for Zone III at December 31st 2019 at 1% Zn cut-off grade

Depth ClassifiTonnaZn Zn Pb Pb Au Au Ag Ag
cation ge % metal % metappm metalppm metal
(Mt) ( l ( (
kt) ( koz) koz)
kt)
Domain 1: Zn Resources >1% Zn
Total Measured 19.4 4.6 887 0.2 43 0.7 397 23 14,2
91

Indicate 10.0 4.0 400 0.2 17 0.6 186 18 5,84
d 3

Inferred 17.9 4.0 722 0.2 36 0.4 211 22 12,4
23

Total 47.4 4.2 2,009 0.22 97 0.5 794 21 32,5
56

Domain 2: Au Resources >0.5 g/t Au
Total Inferred 0.7 0.7 6 0.10 1 3.0 67 20 446


Total 0.7 0.7 6 0.10 1 3.0 67 20 446


TOTAL
TOTAL Measured 19.4 4.5 887 0.22 43 0.6 397 23 14,29
4 1


Indicate 10.0 4.0 400 0.17 17 0.5 186 18 5,84
d 7 3


Inferred 18.6 3.9 728 0.20 37 0.4278 21 12,4
6 23


TOTAL 48.0 4.2 2,015 0.2097 0.5 861 21 32,5
6 57


Glossary of key terms
CSA Global -CSA Global Pty Ltd. A private consulting firm providing technical and management services to the global mining industry.
cut-off -The lowest grade, or quality, of mineralised material that qualifies as economically mineable and available in a given deposit. May be defined on the basis of economic evaluation, or on physical or chemical attributes that define an acceptable product specification.
deposit -Natural accumulations of minerals in the earth crust, in form of one or several mineral bodies which can be extracted at the present time or in an immediate future.
diamond drill hole -Method of obtaining cylindrical core of rock by drilling with a diamond-set or diamond-impregnated bit.
g/t -Grams per tonne - a unit of measurement used to express the concentration of an element within a mass of another (same as parts per million).
Indicated Mineral Resources-That part of a Mineral Resource for which quantity, grade (or quality), densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit.

Inferred Mineral Resources -That part of a Mineral Resource for which quantity and grade (or quality) are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade (or quality) continuity. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes.
JORC -An acronym for Joint Ore Reserves Committee. by The Australasian Institute of Mining and Metallurgy (The AusIMM) and the Australian Institute of Geoscientists (AIG) and is binding on members of those organisations. The Code is endorsed by the Minerals Council of Australia and the Financial Services Institute of Australasia as a contribution to good practice. The Code has also been adopted by and included in the listing rules of the Australian Securities Exchange (ASX) and the New Zealand Stock Exchange (NZX)., the purpose of which is to set the regulatory enforceable standards or a Code of Practice for the public reporting of Exploration Results, Mineral Resources and Ore Reserves.
Measured Mineral Resources -That part of a Mineral Resource for which quantity, grade (or quality), densities, shape, and physical characteristics are estimated with confidence sufficient to allow the application of Modifying Factors to support detailed mine planning and final evaluation of the economic viability of the deposit. Mineral Resources A concentration or occurrence of solid material of economic interest in or on the Earths crust in such form, grade (or quality), and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade (or quality), continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories

JORC Code, 2012 Edition - Table 1

Section 1: Sampling Techniques and Data

CriteriJORC Code explanation Commentary
a

SamplinNature and quality of The sample database is made
g sampling up of surface diamond
techni ( drilling, underground
ques e.g. cut channels, diamond drilling and
random chips, or surface reverse
specific specialised circulation (RC) drilling.
industry standard
measurement tools
appropriate to the
minerals under
investigation, such as
downhole gamma sondes,
or handheld XRF
instruments, etc).
These examples should
not be taken as
limiting the broad
meaning of
sampling.

Include reference to Diamond core was cut in
measures taken to half using a diamond saw,
ensure sample with the cut line
representivity and the determined by the
appropriate calibration mineralisation angles. RC
of any measurement samples were split through
tools or systems a riffle
used. splitter.

Aspects of the Diamond holes were sampled
determination of after standard logging and
mineralisation that are photography. Sampling
Material to the Public intervals were
Report. 0.5-1.5
m with 1.0 m being the
In cases where industry most common interval. RC
standard work has been drilling was used to
done this would be obtain
relatively simple 1
( m samples from which 3 kg
e.g. reverse was
circulation drilling
was used to obtain pulverised to produce a 50 g
1 charge for fire assay and
m samples from which 3 k a
g was pulverised to 20
produce a 30 g charge g charge for base metal
for fire assay). In assay.
other cases, more
explanation may be
required, such as where
there is coarse gold
that has inherent
sampling problems.
Unusual commodities or
mineralisation types
(
e.g. submarine nodules)
may warrant disclosure
of detailed
information.

DrillinDrill type (e.g. core, Drilling was completed
g reverse circulation, using a face sampling
techni open-hole hammer, hammer or NQ2/BQ size
ques rotary air blast, diamond core. All holes
auger, Bangka, sonic, were surveyed upon
etc.) and details (e.g. completion of drilling
core diameter, triple using single/multi-shot
or standard tube, depth electronic or mechanical
of diamond tails, survey
face-sampling bit or cameras.
other type, whether
core is oriented and if
so, by what method,
etc.).

Drill Method of recording and Core recovery is measured
sample assessing core and chip for diamond core by
recove sample recoveries and measuring the length of
ry results core for each core run.
assessed. This is recorded in a
table called GEOTECH.
There is no recovery
recorded for RC holes, but
these constitute only 50
holes within the Mineral
Resource and have been
mainly used to provide
information about the
depth of
overburden.

Measures taken to Diamond coring is carried
maximise sample out using equipment in
recovery and ensure good working order to
representative nature ensure no loss of core.
of the Core loss during drilling
samples. is noted on a core block
placed into the core tray,
and then discussed with
the geologist. Core loss
is generally rare and
related to fault zones
away from the
mineralisation. RC sample
recovery was

maximised by using a modern
rig with sufficient air to
keep the hole
dry.

Relationship between This analysis was not
sample recovery and carried out because core
grade/sample recovery has generally
bias. been high through the
mineralised zones.


LoggingWhether core and chip All RC samples were
samples have been geologically logged to
geologically and record weathering,
geotechnically logged regolith, rock type,
to a level of detail to
support appropriate colour, alteration, minerali
Mineral Resource sation
estimation, mining , structure and texture and
studies and any other notable features
metallurgical that are present. All
studies. diamond

core was logged for
structure, and
geologically logged using
the same system as that
for RC.


The logging information was
recorded into Microsoft
(MS) Excel format on paper
and then transferred into
the companys drilling
database once the log was
complete. Since 2017 core
logging has been directly
into MS Excel sheets on
laptop
computers.

Whether logging is Logging was qualitative;
qualitative or however, the geologists
quantitative in nature. also record visual
Core (or costean, quantitative mineral
channel, etc) percentage ranges for the
photography. sulphide minerals present.


Diamond core was
photographed wet one core
tray at a time using a

standardised photography
jig.


Samples from RC holes were
archived in standard
20
m plastic chip trays.
The total length and All holes and intersections
percentage of the have been
relevant intersections logged.
logged.

SubsampIf core, whether cut or Core samples were taken
ling sawn and whether from half core, cut using
techni quarter, half or all a diamond core saw. The
ques remainder of the core was
and core taken. retained in core trays
sample tagged with a hole number
prepar and metre mark. Since 2016
ation small diameter (BQ)
underground holes have
been whole core sampled,
to remove the need for
core cutting and to
increase the sample
weight.

If non-core, whether RC samples were cone split
riffled, tube sampled, to a nominal
rotary split, etc and 2.5
whether sampled wet or kg to 3 kg sample weight.
dry. The drilling method was
designed to

maximise sample recovery
and delivery of a clean,
representative sample into
the calico bag.


Where possible all RC
samples were drilled dry
to

maximise recovery. The use
of a booster and auxiliary
compressor provide dry
sample for depths below
the water table.


Sample condition was
recorded (wet,

dry or damp) at the time of
sampling and recorded in
the
database.

Samples were collected in a
pre-numbered calico bag
bearing a unique sample
ID. Samples were crushed
to
75
µm at the laboratory and
riffle split (if required)
to a maximum
3
kg sample weight. Gold
analysis was determined by
a
50
g fire assay with an
inductively coupled
plasma-optical emission
spectrometry (ICP-OES) or
atomic absorption
spectroscopy (AAS)
finish.

For all sample types, The assay laboratories
the nature, sample preparation
procedures follow industry
quality and best practice, with
appropriateness of the techniques and practices
sample preparation that are appropriate for
technique this style of
mineralisation. Pulp
duplicates were taken at
the pulverising stage and
selective repeats
conducted at the
laboratories
discretion.

Quality control Cut lines are marked on
procedures adopted for diamond drill core to
all subsampling stages ensure that the core to
to maximise
representivity of minimise bias when cutting.
samples. The RC drilling was carried
out several years ago, and
no documentation remains
on QAQC of subsampling. RC
samples are not material
to this Mineral Resource
estimate
(MRE).

Measures taken to ensure Hua Ao inserts
that the sampling is approximately three
representative of the standards and three blanks
in-situ material for every 100 samples.
collected, including Field duplicates were
for instance results collected from the cone
for field splitter on the rig for RC
duplicate/second-half samples at a frequency of
sampling. one duplicate every 20
samples, excluding the
100
th sample as this was a
standard. Diamond core
duplicates were not taken
during this drilling
program.


Regular reviews of the
sampling were carried out
by the supervising
geologist and senior field
staff, to ensure all
procedures were followed
and best industry practice
carried
out.

Whether sample sizes are The sample sizes were
appropriate to the appropriate for the type,
grain size of the style and consistency of
material being mineralisation encountered
sampled. during this phase of
exploration.

QualityThe nature, quality and The assay method and
of appropriateness of the laboratory procedures were
assay assaying and laboratory appropriate for this style
data procedures used and of mineralisation. The
and whether the technique fire assay technique was
labora is considered partial designed to measure total
tory or gold in the sample.
tests total.

For geophysical tools, No geophysical tools,
spectrometers, handheld spectrometers were used.
XRF instruments, etc, Handheld x-ray
the parameters used in fluorescence (XRF)
determining the instruments are used;
analysis including however, the values were
instrument make and only used to support
model, reading times, geological modelling of
calibrations factors the lithology. The values
applied and their were not used for grade
derivation, estimation.
etc.

Nature of quality The QAQC process described
control procedures above was sufficient to
adopted and whether establish acceptable
acceptable levels of levels of accuracy and
accuracy precision. All results
( from assay standards and
i.e. lack of bias) and duplicates were
precision have been
established. scrutinised to ensure they
fell within acceptable
tolerances.

VerificThe verification of Primary data is sent in
ation significant digital format to the
of intersections by either companys Database
sampli independent or Administrator (DBA) as
ng and alternative company often as was practicable.
assayi personnel. The DBA imports the data
ng into a GeoBank (MS SQL)
database, with assay
results merged into the
database upon receipt from
the laboratory. Once
loaded, data was extracted
for verification by the
geologist in charge of the
project.

The use of twinned holes.Twinned holes have not been
drilled at Caijiaying
because the MRE is
predominantly based on
diamond drillholes with
demonstrated good recovery
through the ore zones.
Several years of
production give confidence
to the geometry and
persistence of
mineralisation.

Documentation of primary All primary data is
data, data entry collected on paper logs,
procedures, data which are filed and
verification, data stored. Procedures are
storage (physical and documented for data
electronic) recording and entry. Data
protocols. from paper logs is
transferred to MS Excel
files and then imported
into GeoBank drillhole
database. A back up of the
database is maintained in
CSA Globals Perth office.
Since 2017, logging has
been directly into MS
Excel tables on a laptop.
These files are
transferred to a server.
The server has a backup
system.

Discuss any adjustment No adjustments were made to
to assay any current or historical
data. data. If data could not be
validated to a reasonable
level of certainty it was
not used in any resource
estimations.

LocatioAccuracy and quality of Surface RC drill collars
n of surveys used to locate were surveyed after
data drillholes (collar and completion, using a
points downhole surveys), differential global
trenches, mine workings positioning system (GPS)
and other locations instrument. Downhole RC
used in Mineral surveys were completed
Resource using a mechanical
estimation. single-shot survey camera.
Underground holes were
surveyed by mine surveyors
using a total station
theodolite. Downhole
surveys were completed
using single/multi-shot
electronic survey
instruments or single-shot
survey camera. Downhole
surveys are recorded
relative to magnetic
north. Corrections are
made, depending on the
year of survey, for
magnetic declination, to
give azimuths in terms of
the Hua Ao mine grid
system.

Specification of the All coordinates and
grid system bearings use the Hua Ao
used. mine grid system.


Quality and adequacy of The quality of the
topographic topographic control
control.
is considered to be sufficie
nt. The mine is in
operation and has a
site-based survey
department. Their work is
of good quality, supported
by development
breakthroughs occurring as
expected; being able to
connect two drives being
developed towards each
other and so
on.

Data Data spacing for The data spacing is
spacin reporting of irregular, with a
g and Exploration clustering in the main
distri Results. part of the mine, but
bution average spacings are
approximately
40
m x 40 m.
Whether the data spacing The Competent Persons
and distribution is believe the
sufficient to establish
the degree of mineralised domains have
geological and grade sufficient geological and
continuity appropriate grade continuity to
for the Mineral support the classification
Resource and Ore applied to the Mineral
Reserve estimation Resource given the current
procedure(s) and drill
classifications pattern.
applied.
Mineral Resource estimation
procedures are also
considered appropriate
give the quantity of data
available and style of
mineralisation under
consideration.

Sample compositing Sample composites have not
been
used.

OrientaWhether the orientation Drilling was designed based
tion of sampling achieves on known geological
of unbiased sampling of models, field mapping,
data possible structures and verified historical data
in the extent to which and cross-sectional
relati this is known, interpretation.
on to considering the deposit
geolog type.
ical Drillholes oriented at
struct right angles to strike of
ure deposit, with dip
optimised for drill
capabilities and the dip
of the orebody.


If the relationship This is not considered to
between the drilling be a material factor
orientation and the because of the style of
orientation of key mineralisation and the use
mineralised structures of underground drill fans
is considered to have to intersect the
introduced a sampling mineralisation at various
bias, this should be angles.
assessed and reported
if
material.

Sample The measures taken to All samples were reconciled
Securi ensure sample against the sample
ty security. submission with any
omissions or variations
reported to back to the
logging geologists.


All samples were bagged in
a tied numbered calico
bag, grouped into green
plastic bags. The bags
were placed into cages
with a sample submission
sheet and delivered
directly from site to the
SGS and Intertek
laboratories in Beijing
and Tianjin by HHA
personnel.

Audits The results of any An audit of the underground
or audits or reviews of mining geology systems,
review sampling techniques and including sampling, was
s data. carried out in 2018 by
Aaron Meakin of CSA
Global. This included work
on ideal sample spacing.
In general, this audit
supported current
practice.

Section 2: Reporting of Exploration Results
CriteriJORC Code explanation Commentary
a

MineralType, reference All exploration was
teneme name/number, location conducted on tenements
nt and and ownership including 100% owned by HHA Ao or
land agreements or material its related companies. The
tenure issues with third leases are the Hua Ao
status parties such as joint Mining Licence, the Hua Ao
ventures, partnerships, Exploration
overriding royalties,
native title interests, Licence and the Sino-Anglo
historical sites, Exploration
wilderness or national Licence.
park and environmental
settings. The Zone II Mining Licence
has been granted See
Company Announcement
Issue of New Mining
Licence dated 4th January
2021.

The security of the All tenements are in good
tenure held at the time standing.
of reporting along with
any known impediments
to obtaining a licence
to operate in the
area.

ExploraAcknowledgment and All exploration has been
tion appraisal of undertaken by Hua Ao or
done exploration by other the Third Geological
by parties. Brigade of Hebei who now
other form part of the Hua Ao
partie Joint
s Venture.

GeologyDeposit type, geological Mineralisation at
setting Caijiaying is believed to
and style of be related to a Jurassic
mineralisation. igneous event that
affected the

2.3 billion-year-old metamor
phic basement rocks. Base
metal and gold
mineralisation associated
with Jurassic intrusives
have replaced favourable
horizons in the
metamorphic rocks, most
notably calcsilicates and
marble. Porphyry sills and
dykes intruding along
faults have then cut
across the
sequence.

DrillhoA summary of all Exploration results are not
le information material to being
inform the understanding of reported.
ation the exploration results
including a tabulation
of the following
information for all
Material
drillholes:

· easting and northing
of the drillhole
collar

· elevation or RL
(Reduced Level -
elevation above sea
level in metres) of the
drillhole
collar

· dip and azimuth of the
hole

· downhole length and
interception
depth

· hole length.
If the exclusion of this Exploration results are not
information is being
justified on the basis reported.
that the information is
not Material and this
exclusion does not
detract from the
understanding of the
report, the Competent
Person should clearly
explain why this is the
case.

Data In reporting Exploration Exploration results are not
aggreg Results, weighting being
ation averaging techniques, reported.
method maximum and/or minimum
s grade truncations
(
e.g. cutting of high grad
es) and cut-off grades
are usually Material
and should be
stated.

Where aggregate Exploration results are not
intercepts incorporate being
short lengths of reported.
high-grade results and
longer lengths of
low-grade results, the
procedure used for such
aggregation should be
stated and some typical
examples of such
aggregations should be
shown in
detail.

The assumptions used for Exploration results are not
any reporting of metal being
equivalent values reported.
should be clearly
stated.

RelatioThese relationships are Exploration results are not
nship particularly important being
betwee in the reporting of reported.
n Exploration
minera Results.
lisatio
n
widths
and
interc
ept
length
s

If the geometry of the Holes were drilled
mineralisation with orthogonal to
respect to the mineralisation as much as
drillhole angle is possible; however, the
known, its nature exact relationship between
should be intercept width and true
reported. width cannot be estimated
exactly in all cases.


If it is not known and Exploration results are not
only the downhole being
lengths are reported, reported.
there should be a clear
statement to this
effect
(
e.g. downhole length,
true width not
known).

DiagramAppropriate maps and Exploration results are not
s sections (with scales) being
and tabulations of reported.
intercepts should be
included for any
significant discovery
being reported These
should include, but not
be limited to a plan
view of drillhole
collar locations and
appropriate sectional
views.

BalanceWhere comprehensive Exploration results are not
d reporting of all being
report Exploration Results is reported.
ing not practicable,
representative
reporting of both low
and high grades and/or
widths should be
practiced

to avoid misleading
reporting of
Exploration
Results.

Other Other exploration data, No substantive exploration
substa if meaningful and data not already mentioned
ntive material, should be in this table has been
explor reported including (but used in the preparation of
ation not limited to): this
data geological MRE.
observations;
geophysical survey
results; geochemical
survey results; bulk
samples - size and
method of treatment;
metallurgical test
results; bulk density,
groundwater,
geotechnical and rock
characteristics;
potential deleterious
or contaminating
substances.

FurtherThe nature and scale of Further work will be
work planned further work focused on infilling
( mineralisation to upgrade
e.g. tests for lateral to a higher Mineral
extensions or depth Resource classification
extensions or and testing for dip
large-scale step-out extensions and strike
drilling). extensions.

Diagrams clearly Exploration results are not
highlighting the areas being
of possible extensions, reported.
including the main
geological
interpretations and
future drilling areas,
provided this
information is not
commercially
sensitive.
Section 3: Estimation and Reporting of Mineral Resources
CriteriJORC Code explanation Commentary
a

DatabasMeasures taken to ensure Logging information was
e that data has not been originally recorded on
integr corrupted by, for paper, then
ity example, transcription
or keying errors, entered into excel format
between its initial and then sent to the
collection and its use companys DBA once the log
for Mineral Resource was complete. Since 2017,
estimation logging has been on
purposes. laptops directly into MS
Excel
tables.

Collar surveys were
received electronically
from
surveyors.

Downhole surveys
(underground holes only)
were received
electronically from the
drilling company with
surface drilling surveys
being entered first on
paper then into MS Excel
format before loading into
the
database.

Laboratory analysis results
were received
electronically and loaded
straight into the
database.

Data validation The companys DBA imports
procedures all electronic data
used. received into a GeoBank
database with database
configuration support from
CSA Global
consultants.

The Geobank database is a
MS SQL Server database,
which is relational and

normalised. As a result of n
ormalisation
, the following data
integrity categories
exist:

· Entity integrity: No
duplicate rows in a table,
eliminated redundancy and
chance of
error.

· Domain integrity:
Enforces valid entries for
a given column by
restricting the type, the

format or a range of values.
· Referential integrity:
Rows cannot be deleted
which are used by other
records.

· User-defined integrity:
Logging rules and
validation codes set up by
the
company.

Data extracted from the
database was validated
visually in Micromine
software and when using
the data any errors
regarding incorrect
locations, missing collar
information, logging,

sampling and downhole
survey data and
overlapping intervals are
highlighted.

Site Comment on any site Aaron Meakin, a current CSA
visits visits undertaken by Global consultant, spent
the Competent Person approximately two weeks on
and the outcome of site in 2018. In this
those time, discussions were
visits. held regarding the
geological controls to the
mineralisation, and data
collection protocols were
reviewed.

If no site visits have Not applicable.
been undertaken
indicate why this is
the
case.

GeologiConfidence in (or There is a reasonable level
cal conversely, the of confidence in the
interp uncertainty of) the geological interpretation
retatio geological of the mineralisation that
n interpretation of the is traceable over numerous
mineral drillholes and drill
deposit. sections both for
underground and surface
drilling.


Nature of the data used Surface mapping of
and of any assumptions mineralised outcrop,
made. underground workings,
drillhole intercept
logging, assay results and
detailed geological
logging have formed basis
for the geological
interpretation.

The effect, if any, of Geological continuity is
alternative implied between drillholes
interpretations on and conforms well to the
Mineral Resource anticipated geological
estimation. model based on the
interpretation of regional
and local geology, and its
association with
mineralisation. The data
does not readily offer
alternative
interpretations. In
places, the precise limits
and geometry cannot be
absolutely defined due to
the limitations of the
current drill coverage and
the structural complexity.
Further work is required
to better define the
geometry and limits of the
mineralised zones, but no
significant downside
changes to the interpreted
mineralised volume are
anticipated.

The use of geology in The grade and lithological
guiding and controlling interpretation form the
Mineral Resource basis for the modelling.
est

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