AGRICOLA MINING CONSULTANTS PTY LTD

PRINCIPAL GEOLOGIST

MALCOLM CASTLE

A dedicated mining industry professional with demonstrated business development, evaluation and ore finding abilities. Strong emphasis is placed on technical excellence, commodity research, financial valuation and computer skills with wide exposure to a variety of mineral properties internationally. With 50 years successful industry experience in the field of company and mineral asset appraisal, IT management and exploration and mining geology. He has worked for 20 years with major exploration companies and formed his consultancy practice 30 years ago.

Specializing in

Mineral Asset valuation and Independent Geologist’s Reports.

•   Solid background established in resource analysis techniques and practice from an international and commodity perspective. Comprehensive and meticulous research has been undertaken in resource projects and project financial assessment.

•   New Business Development incorporating commodity, mineral property and corporate evaluation and acquisition, project management and mineral exploration in a wide variety of ore types.

•   Mineral asset valuation of active mining scenario and exploration property assessment and valuation methodology using DCF and ROI techniques. Risk management strategies employing Monte Carlo Simulation and sensitivity analysis. Aspects of corporate evaluation including balance sheet review and ratio analysis.

•   Detailed exposure to a wide variety of mineral deposits including Archean and epithermal gold, porphyry copper, volcanogenic massive sulphide, sedimentary hosted massive sulphide, nickel and rutile deposits throughout the Southwest Pacific, Australia, Southern and West Africa.

BRIEF RESUME:

Malcolm Castle, B.Sc.(Hons), GCertAppFin (Sec Inst), MAusIMM

Malcolm Castle has 50 years’ experience in exploration geology and property evaluation, working for major companies for 20 years as an exploration geologist. He established a consulting company over 30 years ago and specializes in exploration management, technical audit, due diligence and property valuation at all stages of development. He has wide experience in a number of commodities including uranium, gold, base metals, iron ore and mineral sands. He has been responsible for project discovery through to feasibility study in Australia, Fiji, Southern Africa and Indonesia and technical audits in many countries. He has completed numerous Independent Geologist’s Reports and Mineral Asset Valuations over the last decade as part of his consulting business.

Background of extensive experience in mineral exploration, exploitation and management for many deposit types in many companies, Companies include Fortescue Metals Group, Plutonic, Esso, Amoco, Aquitaine, Kennecott and the Trans Continental Resource Group.

Mr Castle is a qualified and competent witness in a court or tribunal capable of supporting his valuation reports or to give evidence of his opinion of market value issues.

Mr Castle completed studies in Applied Geology with the University of New South Wales in 1965 and has been awarded a B.Sc.(Hons) degree. He has completed postgraduate studies with the Securities Institute of Australia in 2001 and has been awarded a Graduate Certificate in Applied Finance and Investment in 2004.

Declaration – VALMIN Code 2015: The information in a report that relates to Technical Assessment and Valuation of Mineral Assets reflects information compiled and conclusions derived by Malcolm Castle, who is a Member of The Australasian Institute of Mining and Metallurgy. Malcolm Castle is not a permanent employee of the Company.’ Malcolm Castle has sufficient experience relevant to the Technical Assessment and Valuation of the Mineral Assets under consideration and to the activity, which he is undertaking to qualify as a Practitioner as defined in the 2015 edition of the ‘Australasian Code for the Public Reporting of Technical Assessments and Valuations of Mineral Assets’. Malcolm Castle consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.’

Competent Persons Statement – JORC Code 2012: The information in a report that relates to Exploration Results and Mineral Resources of the Company has been reviewed by Malcolm Castle, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Castle has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity, which they are undertaking to qualify as an Expert and Competent Person as defined under the VALMIN Code and in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Castle consents to the inclusion in this report of the matters based on the information in the form and context in which they appear.

CONTACT DETAILS:

Malcolm Castle

Agricola Mining Consultants Pty Ltd

P.O. Box 473, South Perth, WA 6951

Mobile: 61 (4) 1234 7511

Email: mcastle@castleconsulting.com.au