18–16/1018.0118.02-18.0418.05-18.0818.09-18.1318.14-18.1718.18-18.2718.28-18.3418.01(1)(2)(3)CIMVAL(StandardsandGuidelinesforValuationofMineralProperties)(2003218–26/1018.23(CompetentEvaluator)18.2118.22(CompetentPerson)(CompetentPerson’sReport)18.1818.33(ContingentResources)(FeasibilityStudy)(IndicatedResource)(InferredResource)18–36/1020025(IOSCOMultilateralMOU)JORC(JointOreReserves(JORCCode)Committee)(AustralasianCodeforReportingofExplorationResults,MineralResourcesandOreReserves)2004(MajorActivity)25%(MeasuredResource)CIMVALSAMVALVALMIN(MineralorPetroleumAssets)(MineralCompany)(NaturalResources)(netpresentvalues)(NPVs)18–46/10NI43-101NationalInstrument43-101(The(Canadian)StandardsofDisclosureforMineralProjects)CompanionPolicy43-101(Petroleum)PRMS(PossibleReserves)(Pre-feasibilityStudy)PRMS(SocietyofPetroleumEngineers)(AmericanAssociationofPetroleumGeologists)(WorldPetroleumCouncil)(SocietyofPetroleumEvaluationEngineers)20073(PetroleumResourcesManagementSystem)(1)(ProbableReserves)18–56/10(2)(ProspectiveResources)(1)(ProvedReserves)(2)(RecognisedProfessionalOrganisation)14.06(3)(6)(RelevantNotifiableTransaction)18–66/10(ReportingStandard)(1)JORCNI43-101SAMREC(2)PRMS(3)CIMVALSAMVALVALMIN(1)(Reserve)(mineralReserve)JORC(orereserve)(2)18–76/10(1)(Resource)JORC(2)SAMREC(SAMRECCode)(TheSouthAfricanCodefortheReportingofExplorationResults,MineralResourcesandMineralReserves)(2007SAMVAL(TheSouth(SAMVALCode)AfricanCodefortheReportingofMineralAssetValuation)(2008(ScopingStudy)18–86/10VALMIN(TheAustralasian(VALMINCode)InstituteofMiningandMetallurgy)(AustralianInstituteofGeoscientists)(MineralIndustryConsultantsAssociation)VALMIN(CodefortheTechnicalAssessmentandValuationofMineralandPetroleumAssetsandSecuritiesforIndependentExpertReports)(2005(ValuationReport)18.3418.0218.03(1)(a)50%(b)(2)(a)(b)18–96/10(3)(a)(b)(c)(d)(e)(f)(g)(h)(i)•••(4)12125%(a)(b)(c)18–106/10(5)8.21A12125%18.048.05(1)8.05(2)8.05(3)18.05A(1)(2)(3)(4)(5)718–116/10(6)(a)(b)(c)(d)(e)(f)(g)(h)18.0618.0718.0818–126/1018.09(1)A(2)(3)(4)18.05(2)18.05(6)18.1018.0918.1118.1218.1818.3418.05(1)18.09(2)18.09(3)18–136/1018.1318.1418.1518.1618.1718.1818.1818–146/1018.19(1)(2)18.2018.21(1)(2)(3)18.22(1)(2)18–156/10(3)(4)18.2318.21(2)18.22(1)10(2)5(3)18.24(1)(2)(3)18.2518–166/1018.2618.27A18.2818.2918.3018.29(1)(a)JORC(b)NI43-101(c)SAMREC(2)18–176/1018.30(1)(2)(3)(4)(a)(b)(5)18.3118.3218.3318.32(1)PRMS(2)18–186/1018.33(1)PRMS(deterministic)(probabilistic)(2)10%(3)(4)1218.30(5)PRMS(5)PRMS(6)18–196/10(7)18.34(1)VALMINSAMVALCIMVAL(2)(3)(4)18.23