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MOD 0.340-0.015

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T3 Underground

T3 UNDERGROUND (MOD 70%)

The T3 infill and extension drilling program commenced in August 2017 to test the potential for additional resource extensions both within, and outside the planned 10-year open pit mine.

Many of the holes intersected between two to four shallow dipping high grade veins (V1-V4) down dip and along strike from the planned pit (announced 24 October 2017 and 7 December 2017).

The same high-grade veins are commonly associated with wide zones of disseminated copper mineralisation within the T3 Pit resource. Further assay results are awaited from vein intersections outside the pit.

South African mining consultants have conducted a preliminary evaluation of the high-grade veins to explore the potential for underground mine development concurrent with the planned pit.

Conceptual work to date assumes good continuity between the mineralised veins, relatively low cost in-ore development and room and pillar mining. There could be substantial benefits in developing T3 underground simultaneously with the open pit mine and using shared infrastructure, including the planned T3 processing plant.

The underground potential at T3 has prompted a systematic drilling program to test the potential for high grade veins surrounding the T3 pit project.

If results are positive it is expected the T3 Underground Project will move towards a resource estimate and scoping level study in the September Quarter 2018.

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In addition to targeting high grade veins outside the pit, several widely spaced holes intersected the deeper Ngwako Pan Formation (NPF) contact mineralisation. This mineralisation comprises generally lower grade disseminated copper sulphides, including chalcocite, within a flat dipping shear zone (potentially a major regional thrust) approximately 300m below the top of the T3 resource.

The NPF contact is interpreted to host most of the high grade vein related deposits in the eastern part of the Kalahari Copper Belt including Cupric Canyon’s Zone 5 deposit (~2% Cu) ~120km northeast of T3, and MOD’s T1 deposit (~2% Cu and 50g/t Ag) ~20km northeast of T3.  For this reason, the NPF contact is regarded as a high priority exploration target within the wider T3 Dome and elsewhere on MOD’s holdings along the Kalahari Copper Belt.