MINERAL RESOURCE STATEMENT AS AT 30 JUNE 2022

The Company's total Measured, Indicated and Inferred Mineral Resources at 30 June 2022 are 45.3 million tonnes (Mt) @ 4.7 grams per tonne of gold (g/t Au) containing 6.81 million ounces of gold (Moz Au), including 2.6 Mt @ 0.7 percent copper (% Cu) containing 16,800 tonnes of copper (CuT). The Mineral Resources as at 30 June 2022 are estimated after allowing for depletion during FY2022.

June 2022 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 90 32.5 94 616 18.1 359 872 23.1 649 1,578 21.7 1,102
Mirror/Magic 493 2.5 39 1,003 2.3 74 682 2.5 55 2,178 2.4 168
Lorna Doone - - - 1,501 2.0 98 785 2.0 51 2,286 2.0 149
Costello - - - 37 1.7 2 237 2.0 15 274 1.9 17
Sub Total 583 7.1 133 3,157 5.3 533 2,576 9.3 770 6,316 7.1 1,436
Mount Belches Mining Centre                        
Maxwells 154 5.3 26 1,443 4.0 185 1,752 3.4 194 3,349 3.8 405
Cock-eyed Bob 258 5.4 45 1,017 3.9 129 825 3.6 95 2,100 4.0 269
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 412 5.4 71 10,677 2.8 974 4,573 3.1 460 15,662 3.0 1,505
Aldiss Mining Centre                        
Karonie - - - 2,493 1.9 150 1,150 1.6 60 3,643 1.8 210
Tank/Atriedes - - - 1,251 2.5 102 234 1.6 12 1,485 2.4 114
French Kiss - - - 1,112 2.2 80 189 2.0 12 1,301 2.2 92
Harrys Hill - - - 479 2.2 34 415 2.3 31 894 2.3 65
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 - - - 6,114 2.1 406 2,442 1.7 136 8,556 2.0 542
Randalls Mining Centre                        
Lucky Bay 13 4.8 2 34 4.6 5 8 7.8 2 55 5.1 9
Randalls Dam - - - 95 2.0 6 24 1.3 1 119 1.8 7
Sub Total 13 4.8 2 129 2.7 11 32 2.9 3 174 2.9 16
Mount Monger                        
Stockpile 3,142 1.2 123 - - - - - - 3,142 1.2 123
Sub Total 3,142 1.2 123 - - - - - - 3,142 1.2 123
Mount Monger Total 4,150 2.5 329 20,077 3.0 1,924 9,623 4.4 1,369 33,850 3.3 3,622
Deflector                        
Deflector 414 18.3 243 1,347 13.1 569 716 9.4 216 2,477 12.9 1,028
Stockpile 99 1.9 6 - - - - - - 99 1.9 6
Sub Total 513 15.1 249 1,347 13.1 569 716 9.4 216 2,576 12.5 1,034
Deflector Total 513 15.1 249 1,347 13.1 569 716 9.4 216 2,576 12.5 1,034
Rothsay                        
Rothsay - - - 581 12.6 236 475 9.9 151 1,056 11.4 387
Stockpile 54 1.7 3 - - - - - - 54 1.7 3
Sub Total 54 1.7 3 581 12.6 236 475 9.9 151 1,110 10.9 390
Rothsay Total 54 1.7 3 581 12.6 236 475 9.9 151 1,110 10.9 390
Sugar Zone                        
Sugar Zone - - - 4,698 8.1 1,219 3,010 5.6 543 7,708 7.1 1,762
Stockpile 17 1.8 1 - - - - - - 17 1.8 1
Sugar Zone Total 17 1.8 1 4,698 8.1 1,219 3,010 5.6 543 7,725 7.1 1,763
Total Gold Mineral Resources 4,734 3.8 582 26,703 4.6 3,948 13,824 5.1 2,279 45,261 4.7 6,809

 

June 2022 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 414 1.1% 4,400 1,347 0.7% 9,200 716 0.4% 2,800 2,477 0.7% 16,400
Stockpile 99 0.4% 400 - - - - - - 99 0.4% 400
Sub Total 513 0.9% 4,800 1,347 0.7% 9,200 716 0.4% 2,800 2,576 0.7% 16,800
Total Copper Mineral Resources 513 0.9% 4,800 1,347 0.7% 9,200 716 0.4% 2,800 2,576 0.7% 16,800

 

ORE RESERVE STATEMENT AS AT 30 JUNE 2022

The total Proved and Probable Gold Ore Reserves at 30 June 2022 are 16.2 Mt @ 3.1 g/t Au containing 1.59 Moz Au, including 2.8 Mt @ 0.2 % Cu containing 5,300 CuT. The Ore Reserves at 30 June 2022 are estimated after allowing for depletion over FY2022. Ore Reserves were estimated using a gold price of A$2,100/oz, apart from Santa Open Pit and Tank Underground using 2,200/oz and Sugar Zone using C$1,980/oz.

June 2022 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                  
Tank - - - 569 3.2 59 569 3.2 59
French Kiss - - - 489 1.9 30 489 1.9 30
Total Aldiss Mining Centre - - - 1,058 2.6 89 1,058 2.6 89
Daisy Mining Centre                  
Daisy Complex 63 5.9 12 293 7.5 70 355 7.2 82
Total Daisy Mining Centre 63 5.9 12 293 7.5 70 355 7.2 82
Mount Belches Mining Centre                  
Maxwells 20 3.2 2 154 3.5 17 174 3.5 19
Santa - - - 5,132 1.6 258 5,132 1.6 258
Cock-eyed Bob 15 4.0 2 187 3.2 19 202 3.2 21
Total Mount Belches 35 3.6 4 5,473 1.7 294 5,509 1.7 298
Mount Monger Stockpiles 3,142 1.2 123 - - - 3,142 1.2 123
Total Mount Monger 3,239 1.3 139 6,824 2.1 453 10,064 1.8 592
Deflector                  
Deflector Underground 502 6.1 98 1,634 4.8 251 2,136 5.1 349
Deflector Open Pit - - - 140 3.1 14 140 3.1 14
Stockpile 38 3.3 4 - - - 38 3.3 4
Total Deflector 540 5.9 102 1,774 4.6 265 2,314 4.9 367
Rothsay                  
Rothsay - - - 615 6.0 119 615 6.0 119
Stockpile 61 1.9 4 - - - 61 1.9 4
Total Rothsay 61 1.9 4 615 6.0 119 676 5.7 123
Sugar Zone                  
Sugar Zone 17 2.4 1 - - - 17 2.4 1
Stockpile - - - 3,139 5.1 511 3,139 5.1 511
Total Sugar Zone 17 2.4 1 3,139 5.1 511 3,156 5.1 512
Total Gold Ore Reserves 3,857 2.0 247 12,352 3.4 1,348 16,209 3.1 1,594

 

June 2022 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 502 0.2% 900 1,634 0.2% 3,500 2,136 0.2% 4,400
Stockpile 38 0.7% 300 - 0.0% - 38 0.7% 300
Total Copper Ore Reserves 540 0.2% 1,200 1,774 0.2% 3,900 2,314 0.2% 5,100

 

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.

 

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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