Yarraloola Project

In the period since acquiring and interest in the Yarraloola Project tenements, CZR Resources has completed sufficient drilling to generate three JORC-compliant mineral resources for the Robe Mesa, Robe East and P529 Iron Ore Deposits.

The Robe Mesa Deposit is an 84.5 Mt mineral resource with an average Fe grade of 53.8% (using a 50% cut-off) and includes a higher grade resource of 24Mt with an average grade of 56% (using a 55% cut-off) hosted in the upper portion of the deposit (Figures 2 and 3, Tables 1 and 2).

The Robe East resource represents an easterly extension to the Robe Mesa Deposit while the P529 Deposit, located on Mining lease application M08/519, covers a portion of the pisolitic ironstone mesa to the west (Table 3 and 4).

Table 1 – JORC-compliant Robe Mesa Deposit Resource Estimate using an Fe cut-off greater than 55%, as reported in January 2016

Category Tonnes Mt Fe % SiO2 % Al2O3 % TiO2 % LOI % P % S % Feca %
Indicated 19.5 56.0 5.95 2.72 0.10 10.71 0.043 0.017 62.7
Inferred 5.2 56.0 5.79 2.76 0.10 10.71 0.047 0.016 62.7
Total 24.6 56.0 5.92 2.73 0.10 10.71 0.044 0.016 62.7

Table 2 – JORC-compliant Robe Mesa Deposit Resource Estimate using an Fe cut-off greater than 50%, as reported in January 2016

Category Tonnes Mt Fe % SiO2 % Al2O3 % TiO2 % LOI % P % S % Feca %
Indicated 65.7 53.8 8.27 3.43 0.14 10.63 0.041 0.018 60.2
Inferred 18.8 53.8 8.22 3.42 0.14 10.71 0.046 0.017 60.3
Total 84.5 53.8 8.26 3.43 0.14 10.64 0.042 0.018 60.2

Table 3 – JORC-compliant Robe East Extension Deposit Resource Estimate using an Fe cut-off greater than 50%, as reported in March 2017

Category Tonnes Mt Fe % SiO2 % Al2O3 % TiO2 % LOI % P % S % Feca %
Inferred 4.6 51.8 9.7 3.8 0.2 10.9 0.1 0.02 58.2
Total 4.6 51.8 9.7 3.8 0.2 10.9 0.1 0.02 58.2

Table 4 – JORC-compliant P529 Deposit Resource Estimate using an Fe cut-off greater than 50%, as reported in March 2017

Category Tonnes Mt Fe % SiO2 % Al2O3 % TiO2 % LOI % P % S % Feca %
Inferred 4.2 53.0 9.1 3.9 0.2 10.4 0.04 0.01 59.2
Total 4.2 53.0 9.1 3.9 0.2 10.4 0.04 0.01 59.2

Competent Persons Statement. The information in the tables above relate to mineral resources, exploration activities and results based on information compiled by Rob Ramsay (BSc Hons, MSc, PhD) who is a Member of the Australian Institute of Geoscientists. Rob Ramsay is the Managing Director of Coziron and a Geologist with over 35 years of experience and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Rob Ramsay has given his consent to the inclusion in this report of the matters based on the information in the form and context in which it appears.