MINERAL RESOURCE STATEMENT AS AT 30 JUNE 2021

The Company's total Measured, Indicated and Inferred Mineral Resources at 30 June 2021 are 37.8 million tonnes (Mt) @ 4.4 grams per tonne of gold (g/t Au) containing 5.41 million ounces of gold (Moz Au), including 3.0 Mt @ 0.8 percent copper (% Cu) containing 23,000 tonnes of copper (CuT). The Mineral Resources as at 30 June 2021 are estimated after allowing for depletion during FY2021.

June 2021 Measured Mineral Resources Indicated Mineral Resources Inferred Mineral Resources Total Mineral Resources
Tonnes
('000s)
Grade
(g/t Au)
Ounces (Au '000s) Tonnes
('000s)
Grade
(g/t Au)
Ounces (Au '000s) Tonnes
('000s)
Grade
(g/t Au)
Ounces (Au '000s) Tonnes
('000s)
Grade
(g/t Au)
Ounces (Au '000s)
Mount Monger                        
Daisy Mining Centre                        
Daisy Complex 75 34.4 83 375 28.9 349 1,438 14.0 648 1,888 17.8 1,079
Mirror/Magic 507 2.6 42 549 2.5 45 663 3.6 77 1,719 3.0 164
Lorna Doone - - - 1,501 2.0 98 785 2.0 51 2,286 2.0 149
Costello - - - - - - 131 3.3 14 131 3.3 14
Sub Total 582 6.7 125 2,425 6.3 492 3,017 8.1 790 6,024 7.3 1,406
Mount Belches Mining Centre                        
Maxwells 270 6.7 58 1,619 4.3 223 1,160 3.9 144 3,049 4.3 425
Cock-eyed Bob 411 5.5 73 964 4.1 128 481 3.6 56 1,856 4.3 257
Santa - - - 7,097 2.6 591 1,414 3.0 137 8,511 2.7 728
Rumbles - - - 888 1.9 55 538 1.9 32 1,426 1.9 87
Anomaly A - - - 232 1.9 14 44 1.4 2 276 1.8 16
Sub Total 681 6.0 131 10,800 2.9 1,011 3,637 3.2 371 15,118 3.1 1,513
Aldiss Mining Centre                        
Karonie - - - 2,771 1.9 172 1,150 1.6 60 3,921 1.8 232
Tank/Atriedes - - - 1,758 2.3 132 235 1.6 12 1,993 2.2 144
French Kiss - - - 1,112 2.2 80 189 2.0 12 1,301 2.2 92
Harrys Hill - - - 479 2.2 34 415 2.4 32 894 2.3 66
Italia/Argonaut - - - 531 1.6 27 19 1.6 1 550 1.6 28
Spice - - - 136 1.6 7 296 1.4 13 432 1.4 20
Aspen - - - 112 1.7 6 139 1.6 7 251 1.6 13
Sub Total - - - 6,899 2.1 458 2,443 1.7 137 9,342 2.0 595
Randalls Mining Centre                        
Lucky Bay 13 4.6 2 34 4.8 5 8 7.2 2 55 5.1 9
Randalls Dam - - - 112 2.4 9 9 1.4 0 121 2.3 9
Sub Total 13 4.6 2 146 3.0 14 16 4.2 2 176 3.2 18
Mount Monger                        
Stockpile 2,691 1.3 115 - - - - - - 2,691 1.3 115
Sub Total 2,691 1.3 115 - - - - - - 2,691 1.3 115
Mount Monger Total 3,967 2.9 373 20,271 3.0 1,975 9,114 4.4 1,300 33,351 3.4 3,648
Deflector                        
Deflector                        
Deflector 761 17.4 425 1,334 13.5 577 917 9.6 282 3,012 13.3 1,284
Stockpile 27 3.5 3 - - - - - - 27 3.5 3
Sub Total 788 16.9 428 1,334 13.5 577 917 9.6 282 3,038 13.2 1,287
Deflector Total 788 16.9 428 1,334 13.5 577 917 9.6 282 3,038 13.2 1,287
Rothsay                        
Rothsay                        
Rothsay - - - 787 10.2 259 576 11.1 206 1,363 10.6 465
Stockpile 42 3.3 5 - - - - - - 42 3.3 5
Sub Total 42 3.3 5 787 10.2 259 576 11.1 206 1,405 10.4 470
Rothsay Total 42 3.3 5 787 10.2 259 576 11.1 206 1,405 10.4 470
Total Gold Mineral Resources 4,797 5.2 806 22,392 3.9 2,811 10,607 5.2 1,788 37,795 4.4 5,405

 

June 2021 Measured Mineral Resources Indicated Mineral Resources Inferred Mineral Resources Total Mineral Resources
Tonnes
('000s)
Grade
(% Cu)
Copper
(Tonnes)
Tonnes
('000s)
Grade
(% Cu)
Copper
(Tonnes)
Tonnes
('000s)
Grade
(% Cu)
Copper
(Tonnes)
Tonnes
('000s)
Grade
(% Cu)
Copper
(Tonnes)
Deflector                        
Deflector 761 1.4% 10,600 1,334 0.7% 9,000 917 0.3% 3,100 3,012 0.8% 22,700
Stockpile 27 0.9% 200 - - - - - - 27 0.9% 200
Total Copper Mineral Resources 788 1.4% 10,900 1,334 0.7% 9,000 917 0.3% 3,100 3,038 0.8% 23,000

 

ORE RESERVE STATEMENT AS AT 30 JUNE 2021

The total Proved and Probable Gold Ore Reserves at 30 June 2021 are 14.5 Mt @ 2.9 g/t Au containing 1.36 Moz Au, including 2.8 Mt @ 0.2 % Cu containing 5,300 CuT. The Ore Reserves at 30 June 2021 are estimated after allowing for depletion over FY2021. Ore Reserves were estimated using a gold price of A$2,100/oz, except for Santa Open Pit and Tank Underground which used A$2,200/oz.

June 2021 Proved Ore Reserves Probable Ore Reserves Total Ore Reserves
Tonnes
('000s)
Grade
(g/t Au)
Ounces
(Au '000s)
Tonnes
('000s)
Grade
(g/t Au)
Ounces
(Au '000s)
Tonnes
('000s)
Grade
(g/t Au)
Ounces
(Au '000s)
Aldiss Mining Centre                  
Atreides - - - 271 1.6 14 271 1.6 14
French Kiss - - - 489 1.9 30 489 1.9 30
Karonie - - - 309 2.0 20 309 2.0 20
Tank - - - 359 1.4 17 359 1.4 17
Tank South Underground - - - 410 3.8 50 410 3.8 50
Total Aldiss Mining Centre - - - 1,838 2.2 131 1,838 2.2 131
Daisy Mining Centre                  
Daisy Complex 94 8.1 25 344 8.8 98 438 8.7 122
Total Daisy Mining Centre 94 8.1 25 344 8.8 98 438 8.7 122
Mount Belches Mining Centre                  
Cock-eyed Bob 151 4.9 24 216 4.3 30 367 4.6 54
Maxwells 97 6.4 20 202 5.0 33 300 5.5 53
Santa Open Pit - - - 4,799 1.5 226 4,799 1.5 226
Santa Underground 50 2.0 3 333 2.9 31 383 2.8 34
Total Mount Belches 298 4.9 47 5,551 1.8 320 5,849 2.0 367
Mount Monger Stockpiles 2,691 1.3 115 - - - 2,691 1.3 115
Total Mount Monger 3,083 1.9 187 7,732 2.2 549 10,816 2.1 736
Deflector                  
Deflector Underground 806 5.9 152 1,824 9.6 293 2,630 10.5 445
Deflector Open Pit - - - 140 3.1 14 140 3.1 14
Deflector Stockpiles 27 3.5 3 - - - 27 3.5 3
Total Deflector 833 5.8 155 1,964 4.9 307 2,797 5.1 462
Rothsay                  
Rothsay - - - 868 5.6 157 868 5.6 157
Stockpile 42 3.3 5 - - - 42 3.3 5
Total Rothsay 42 3.3 5 868 5.6 157 910 5.5 161
Total Gold Ore Reserves 3,958 2.7 346 10,565 3.0 1,013 14,523 2.9 1,359

 

June 2021 Proved Ore Reserves Probable Ore Reserves Total Ore Reserves
Tonnes
('000s)
Grade
(% Cu)
Copper
(Tonnes)
Tonnes
('000s)
Grade
(% Cu)
Copper
(Tonnes)
Tonnes
('000s)
Grade
(% Cu)
Copper
(Tonnes)
Deflector                  
Deflector OP - 0.0% - 140 0.3% 400 140 0.3% 400
Deflector UG 806 0.1% 1,100 1,824 0.2% 3,500 2,630 0.2% 4,600
Stockpile 27 0.9% 200 - 0.0% - 27 0.9% 200
Total Deflector 833 0.2% 1,300 1,964 0.2% 4,000 2,797 0.2% 5,300

 

Notes to Tables Mineral Resource and Ore Reserve tables:

  1. Mineral Resources are reported inclusive of Ore Reserves.

  2. Data is rounded to thousands of tonnes, thousands of ounces gold, and hundreds of tonnes copper. Discrepancies in totals may occur due to rounding.

  3. All Mineral Resource and Ore Reserve estimates are produced in accordance with the 2012 Edition of the Australian Code for Reporting of Mineral Resources and Ore Reserves (the 2012 JORC Code) apart from Costello and Randalls Dam Mineral Resource estimates. The Costello and Randalls Dam Mineral Resource estimates were first prepared and disclosed under the 2004 edition of the JORC Code and have not been updated since to comply with the 2012 JORC Code on the basis that the information has not materially changed since it was last reported.

 

SUGAR ZONE MINERAL RESOURCE STATEMENT AS AT 30 SEPTEMBER 2020

Cautionary statement: Sugar Zone Mineral Reserves and Mineral Resources are a Foreign Estimates and not reported in accordance with the JORC Code. A competent person has not done sufficient work to classify the Foreign Estimates as Ore Reserve or Mineral Resources under the JORC Code and there is no guarantee that following further evaluation and exploration the Foreign Estimates will be able to be classified as Ore Reserves and Mineral Resources in accordance with the JORC Code. Refer to ASX announcement "Silver Lake Completes Acquisition of Harte Gold" dated 21 February 2022 ("Initial Announcement") for further supporting information in respect of the Foreign Estimate Mineral Reserves and Mineral Resources. Silver Lake confirms that the supporting information provided in the Initial Announcement continues to apply and has not materialy changed.

Deposit Indicated Inferred Total
Tonnes
('000s)
Grade
(g/t)
Ounces
('000s)
Tonnes
('000s)
Grade
(g/t)
Ounces
('000s)
Tonnes
('000s)
Grade
(g/t)
Ounces
('000s)
Sugar Zone 1,315 15.5 657 891 11.0 314 2,206 13.7 971
Middle 1,326 9.0 381 844 8.2 223 2,170 8.7 604
Wolf 162 6.1 32 132 7.0 29 294 6.5 61
Total Sugar Zone 2,803 11.9 1,070 1,866 9.5 567 4,669 10.9 1,637

 

SUGAR ZONE MINERAL RESERVES AS AT 31 DECEMBER 2020

Cautionary statement: Sugar Zone Mineral Reserves and Mineral Resources are a Foreign Estimates and not reported in accordance with the JORC Code. A competent person has not done sufficient work to classify the Foreign Estimates as Ore Reserve or Mineral Resources under the JORC Code and there is no guarantee that following further evaluation and exploration the Foreign Estimates will be able to be classified as Ore Reserves and Mineral Resources in accordance with the JORC Code. Refer to ASX announcement "Silver Lake Completes Acquisition of Harte Gold" dated 21 February 2022 ("Initial Announcement") for further supporting information in respect of the Foreign Estimate Mineral Reserves and Mineral Resources. Silver Lake confirms that the supporting information provided in the Initial Announcement continues to apply and has not materialy changed.

Deposit Proven Probable Total
Tonnes
('000s)
Grade
(g/t)
Ounces
('000s)
Tonnes
('000s)
Grade
(g/t)
Ounces
('000s)
Tonnes
('000s)
Grade
(g/t)
Ounces
('000s)
Sugar Zone - - - 1,994 7.6 487 1,9944 7.6 487
Middle - - - 1,460 6.6 311 1,460 6.6 311
Total Sugar Zone - - - 3,454 7.2 797 3,454 7.2 797

 

MINERAL RESOURCE AND ORE RESERVE GOVERNANCE AND INTERNAL CONTROLS

Silver Lake ensures that the Mineral Resource and Ore Reserve estimates quoted are subject to governance arrangements and internal controls activated at a site level and at the corporate level. Internal reviews of Mineral Resource and Ore Reserve estimation procedures and results are carried out through a technical review team which is comprised of highly competent and qualified professionals. These reviews have not identified any material issues. The Company has finalised its governance framework in relation to the Mineral Resource and Ore Reserve estimates in line with the conduct of its business.

Silver Lake reports its Mineral Resources and Ore Reserves on an annual basis in accordance with the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (the JORC Code) 2012 Edition (except where stated). Mineral Resources are quoted inclusive of Ore Reserves. Competent Persons named by Silver Lake are Members or Fellows of the Australasian Institute of Mining and Metallurgy and/or the Australian Institute of Geoscientists and qualify as Competent Persons as defined in the JORC Code. The Mineral Resources and Ore Reserves statements are based upon, and fairly represent, information and supporting documentation prepared by the Competent Persons named below. The Mineral Resources statement as a whole, as presented in this Annual Report, has been approved by Antony Shepherd a Competent Person who is a member of The Australasian Institute of Mining and Metallurgy. The Ore Reserves statement as a whole, as presented in this Annual Report, has been approved by Sam Larritt a Competent Person who is a member of The Australasian Institute of Mining and Metallurgy.

COMPETENT PERSON'S STATEMENT

The information in the ASX announcement to which this statement is attached that relates to the Mineral Resources for the Harrys Hill, Santa, Cock-eyed Bob, Maxwells, Anomaly A, Mirror/Magic, Tank/Atreides, Spice, Aspen, French Kiss, Italia/Argonaut, Lorna Doone, Rumbles, and Karonie deposits is based upon information compiled by Aslam Awan, a Competent Person who is a member of The Australasian Institute of Mining and Metallurgy. Mr Awan is a full-time employee of the Company. Mr Awan has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken 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'. Mr Awan consents to the inclusion in the report of matters based on his information in the form and context in which it appears.

The information in the ASX announcement to which this statement is attached that relates to the Mineral Resources for the Deflector and Rothsay deposits is based upon information compiled by Matthew Cobb, a Competent Person who is a member of The Australian Institute of Geoscientists. Mr Cobb was a full-time employee of the Company at the reporting date of 30 June 2021. Mr Cobb has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken 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'. Mr Cobb consents to the inclusion in the report of matters based on his information in the form and context in which it appears.

The information in the ASX announcement to which this statement is attached that relates to the Mineral Resources for the Daisy Complex deposits is based upon information compiled by Darren Hurst, a Competent Person who is a member of The Australian Institute of Geoscientists. Mr Hurst a full-time employee of the Company. Mr Hurst has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken 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'. Mr Hurst consents to the inclusion in the report of matters based on his information in the form and context in which it appears.

The information in the ASX announcement to which this statement is attached that relates to Ore Reserves for Deflector, Daisy, Maxwells, Cock-eyed Bob, Santa, Karonie, Tank, Atreides and French Kiss is based upon information compiled by Sam Larritt, a Competent Person who is a member of The Australasian Institute of Mining and Metallurgy. Mr Larritt is a full-time employee of the Company. Mr Larritt has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken 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'. Mr Larritt consents to the inclusion in the report of matters based on his information in the form and context in which it appears.

The information in the ASX announcement to which this statement is attached that relates to Ore Reserves for Rothsay is based upon information compiled by Chris Davidson, a Competent Person who is a member of The Australasian Institute of Mining and Metallurgy. Mr Davidson is a full-time employee of the Company. Mr Davidson has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken 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'. Mr Davidson consents to the inclusion in the report of matters based on his information in the form and context in which it appears.

All other information in the ASX announcement to which this statement is attached relating to Mineral Resources is based on information compiled by Antony Shepherd, a Competent Person who is a member of The Australasian Institute of Mining and Metallurgy. Mr Shepherd is a full-time employee of the Company. Mr Shepherd has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken 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'. Mr Shepherd consents to the inclusion in the report of matters based on his information in the form and context in which it appears.

FORWARD LOOKING STATEMENTS

This report may contain forward looking statements that are subject to risk factors associated with gold exploration, mining and production businesses. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including but not limited to price fluctuations, actual demand, currency fluctuations, drilling and production results, Reserve estimations, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory changes, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates.

Forward-looking statements, including projections, forecasts and estimates, are provided as a general guide only and should not be relied on as an indication or guarantee of future performance and involve known and unknown risks, uncertainties and other factors, many of which are outside the control of Silver Lake. Past performance is not necessarily a guide to future performance and no representation or warranty is made as to the likelihood of achievement or reasonableness of any forward-looking statements or other forecast.

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