Step-out drilling following up on previous intercepts on 800m spaced sections (refer to ASX release dated 19 June 2018) includes:

Transcription

1 ASX ANNOUNCEMENT & MEDIA RELEASE 30 January 2019 QUARTERLY REPORT FOR THE PERIOD ENDING 31 December 2018 Alicant Minerals Ltd ( Alicant r the Cmpany ) (ASX: AQI) is pleased t prvide its quarterly activities reprt fr the quarter ending 31 December Highlights Arakaka Prject (100% Alicant) Alicant has defined fur targets with significant resurce ptential fr fllw-up explratin activity. The pririty targets sit utside the size criteria that has been the fcus f reginal scale recnnaissance prgrammes ver the past tw years under the prir Barrick jint venture. High pririty targets identified fr further explratin include: Gmes Prspect: Fllwing up n drill results (refer t ASX release 9 Feb 2015) f: Purple Heart Prspect: 3.4g/t gld (incl 6.25g/t) 2.11g/t & 3.43g/t gld remains pen alng strike. Step-ut drilling fllwing up n previus intercepts n 800m spaced sectins (refer t ASX release dated 19 June 2018) includes: Eyelash Prspect: 7.4g/t gld 1.8g/t gld 1.4g/t gld 1.2g/t gld Trenching fllwing up n surface and undergrund adit channel samples (refer t ASX releases date 7 Mar 2017 & 14 Jul 2015) includes: Xenpsaris Prspect: 33.4g/t gld 68.4g/t gld 2.6g/t gld 26.5g/t gld in rck chipping Extensins t high grade mineralizatin, previus drill intersectins/trenching (refer t ASX release dated 27 Mar 2018) includes: 2.0g/t gld, 8.3g/t gld, 16.4g/t gld CAPITAL STRUCTURE Shares n Issue 130.7m Share Price A$ Market Cap $4.4m ASX Cde AQI Listed Optins 13.4m ASX Cde BOARD & MANAGEMENT Didier Murcia Nn-Exec Chairman Peter Gerge Chief Executive Officer Travis Schwertfeger Nn-Exec Directr Hamish Halliday Nn-Exec Directr Jamie Byrde CFO & C. Secretary AQIO TWO GOLD PROJECTS IN GUYANA Highly prspective Nrthwest Guiana Shield Greenstne Belt Mining friendly jurisdictin REGISTERED OFFICE Alicant Minerals Limited ACN Suite 3, Level 3, 24 Outram Street West Perth, Western Australia 6005 T: F: E: admin@alicantminerals.cm.au POSTAL ADDRESS PO BOX 1175 West Perth, WA 6872 Australia ASX: AQI/AQIO

2 Ianna Prject (100% Alicant) Majr reginal scale shear zne and assciated new crridr f gld mineralisatin identified in Maiden Drilling (Eastern Extensin). Better reprted drill intercepts t date (refer t ASX release 16 Feb 2018 and 19 June 2018) frm recent drilling include; 1.6g/t gld 1.4g/t gld 1.2g/t gld 10.7g/t gld 26.5g/t gld Crprate As annunced t the ASX n 5 Nvember 2018 a placement t Sphisticated Investrs was cmpleted raising $450,000 thrugh the issue f 15,000,000 shares at an ffer price f $0.03 pursuant t ASX Listing Rule 7.1. In additin t this, the Bard f Directrs have agreed t a 50% reductin n Bard Fees cmmencing 1 Octber 2018 in its nging effrts t reduce cash burn. Intrductin Alicant is an emerging mineral explratin cmpany fcused n the explratin and develpment f tw highly prspective gld prjects in Guyana, Suth America. The Arakaka gld prject and the Ianna gld prject are bth lcated in the underexplred nrthern Guiana Shield gelgical terrane. The prjects cver vlcan-sedimentary Paleprterzic greenstne rcks which are highly prspective fr high tnnage, rgenic style gld depsits. Figure 1 Summary and lcatin f the Arakaka Gld Prject and lcatin f the Ianna Gld Prject. Page 2 f 17 ASX: AQI/AQIO

3 At Arakaka, results have identified extensins t histrical drilling at bth the Purple Heart and Gmes Prspect that have ptential fr significant gld resurces. The cmpany is cntinuing with its lw-cst explratin prgrams undertaken at the Arakaka and Ianna prjects during the quarter with wrk fcusing n the relgging f diamnd drill cre and the 3D integratin f gelgical datasets. This mdel will frm the basis f a targeting review which will priritise further drill prgrams. Field wrk has included nging gechemical surface sampling and trenching with results anticipated next quarter. Overview f the Arakaka Gld Prject The Arakaka Gld Prject cmprising ver 300km 2 f permits that are 100% held either directly by Alicant s whlly wned Guyanese subsidiary, r subject t varius underlying ptin agreements with Guyanese peratrs. Alicant s Arakaka gld prject is lcated in Guyana s under-explred Nrthwest Mining District, hst t the Barama-Mazaruni supergrup, within ne f the last and amng the least explred greenstne belts acrss the Guiana and West African Shields that is nt yet hst t substantial gld resurces. Figure 2 Lcatin f anmalus gld target areas and select Prspects within the >300km 2 Arakaka gld Prject land psitin The Arakaka Gld Prject itself has been the surce f mre the 1Mz f alluvial and near surface gld prductin within Guyana, with a mining histry that extends mre than 100 years. The Prject basts gd infrastructure, with an all-seasn rad netwrk, daily flights t within 10km f the prperty bundary, and deep-water prt facilities t within 15km f the prperty bundary. Page 3 f 17 ASX: AQI/AQIO

4 Xenpsaris Target Area 1,802 metres f recnnaissance diamnd drilling has been cmpleted in 13 hles at the Xenpsaris prject area as per the results released in ASX release 19 June The area targeted by recent drilling cmprises 1.2km strike length within a >17.5km lng gld anmaly defined by >100ppb Au in sils. The targeted mineralised crridr is assciated with the nrthwest trending Gmes-Ianna structural crridr, aligning with mineralisatin drilled apprximately 25km t the sutheast f the Arakaka Gld Prject in the Cmpany s 100% held Ianna Gld Prject. Better assay results include: 1.53g/t gld frm 30m - XDD g/t gld frm 9.7m - XDD023 The drilling targeted the fld clsure f a high-strain, reginal scale antifrmal fld hinge (Refer t Figure 3). This structural setting is similar t thse bserved at ther reginally significant gld depsits within the Guiana Shield, including the 13.7 Mz Au Grs Rsebel depsit (IAMGOLD) and 6 Mz Au Meriam depsit (Newmnt) in neighburing Suriname. Figure 3 Xenpsaris Target area and Gmes Prspect lcated n the Gmes-Ianna structural crridr with drill cllar and trench lcatins n interpretive reginal scale gelgy interpretatin. The results are lcated 200m away t the SE f significant surface trench results including 2.02g/t gld. Significant results frm a 9 hle 1,218m recnnaissance drilling included (refer t ASX release dated 4 August 2017): 9.14g/t gld frm 23m - XDD g/t gld frm 30m and 3.73g/t gld frm 124m 2.19g/t gld frm 40m The previus recnnaissance drilling als successfully identified a reginal scale alteratin system arund mineralisatin with a wide zne f sericite-ankerite-pyrite alteratin prximal t mineralised intercepts. Page 4 f 17 ASX: AQI/AQIO

5 Mineralisatin is related t quartz-pyrite-gld veins bserved acrss all lithlgic units, but particularly well develped in preferential stratigraphic hrizns such as laterally cntinuus dlerite bdies and plymict cnglmerates. The mineralisatin remains pen in all directins with ptential fr substantial vlume and tenr increases with imprved definitin and refined targeting f structural cntrls where intersecting preferential lithlgic hrizns in the fld cmplex at Xenpsaris. Gmes Prspect Trenching at Xenpsaris extended up twards the Gmes Prspect includes trenching up t 1.1km t the sutheast f the Gmes prspect (refer t Figure 4). Tw trenches have intersected significant gld mineralisatin alng strike frm the Gmes Prspect, where extensins t mineralisatin suth f Gmes have been cnstrained by the lack f surface gechemical anmalism Results f trenching (refer t ASX release 19 June 2018) include: 2g/t gld within 0.5g/t gld and; 1.2g/t gld at the end f the trench XETR g/t gld XETR030 Figure 4 Lcatin f reprted trenching in the Gmes prspect area f the Xenpsaris trend with lcatins f existing drill cllars. Imprtantly, the results f bth trenches are limited by a layer f clluvium shedding ff the hill t the SW that bscures surface gechemical respnses. Therefre, any further bdes f significant mineralisatin are likely t be bscured in the area. Mineralisatin at Gmes and alng the Xenpsaris area is assciated with rhelgical cntrasts in the vicinity f the Temberlin Structure, s mapping f the structure and lithlgy thrugh trenching and drilling will be imprtant factrs in the grwth f the Gmes prspect resurce ptential. There has been limited wrk between the trench area and the Gmes drilling area where results frm previus drilling lcated apprximately 1km alng strike frm the reprted trench results includes better intercepts f (Refer t ASX release dated 9 February 2015): 3.4g/t gld frm 65m, including, 6.25g/t gld Page 5 f 17 ASX: AQI/AQIO

6 2.11g/t gld frm 46m, including, 6.12g/t gld 3.43g/t gld frm 62m Further trenching is currently being planned t clse dwn the spacing f trenches were pssible in cntext f landfrm and reglith setting in the lcal area and refine drill targeting t identify extensins t the knwn mineralisatin. Arakaka Main Trend 1,265m f diamnd drilling fr nine hles has been cmpleted in the Purple Heart t Cncrde Prspects, clsing dwn drill spacing n the prspective Purple Heart Structure t apprximately 750m x 200m spacing ver >1.4km f strike length within the 3.2km lng mineralised crridr (refer t figure 5 belw). Assays reprted (refer t ASX release dated 19 June 2018) frm ARDD278 are frm the Purple Heart Area, 750m nrtheast alng strike frm 7.36g/t gld in histrical drilling with n drilling targeting the structure between the tw hles. Current assays include results f up t 1.2g/t gld. Mineralisatin remains pen t the NE alng strike fr >1km. Mineralisatin appears t be shallwly dipping (20 ) t the NW and cnsists f three t fur sub-parallel mineralised bdies frming in and arund areas f high strain at the margins f Quartz-Feldspar Prphyry bdies hsted in metasediments. The lwermst mineralised bdy has been intersected in drilling 400m t the sutheast f ARDD278 with histrical results n sectin (refer t ASX release dated 26 August 2015) including: 1.8g/t gld 1.4g/t gld 1.3km t the nrtheast f the ARDD278 drill area is the Cncrde Prspect lcated at the same structural hrizn and is centred n the Purple Heart Structure. These reprted results, in cmbinatin with Cncrde and Purple Heart prspect results extends the knwn prspective strike length f the Purple Heart Structure t mre than 3.2km recnnaissance drilling n 300m spaced sectin lines at Cncrde (Refer t ASX releases dated 4 Octber 2016 and 1 March 2018) intersected: 1.63g/t gld frm 3m in ARDD267 including 2.71g/t gld 1.44g/t gld frm 159m 3.97g/t gld frm 71m in ARDD g/t gld frm 50.1m in ARDD257 with visible gld 1.7g/t gld frm 77.5m in ARDD256 with visible gld 0.55g/t gld frm 116m in ARDD254 Wrk is nw fcused n integrating datasets ahead f a target ranking exercise and future drilling targeting high grade shts within the identified >3.2km f mineralised structure between drill hles spaced 300m t 750m apart. Page 6 f 17 ASX: AQI/AQIO

7 Figure 5 Lcatin f recent drilling in the Arakaka Main Trend. Overview f the Ianna Prject Summary The Prject is lcated in Guyana Nrthwest Mining District (refer t Figure 6 and 7), less than 25km sutheast frm Alicant s nging explratin peratins at the Arakaka Main Trend and Xenpsaris targets lcated within the Arakaka Gld Prject. The histrical drilling cvers limited strike extent t shallw depth, with ~95% f drilling testing less than 50m belw surface and a significant prprtin f hles ending in mineralisatin (refer t ASX release 26 July 2016), with better intercepts including: 2.47g/t gld frm 10m t end f hle; 4.27g/t gld frm 24m; 3.84g/t gld frm 20m; 3.99g/t gld frm surface. At Ianna, recent acquisitin and expansin f the prject has pulled tgether three discrete crridrs f mineralisatin, each with strng evidence fr a system ptentially capable f multi-millin unce gld resurces. Cmpletin f maiden drill tests at the Ianna Gld prject have identified high grade vein gld mineralisatin within the extensive hydrthermal alteratin assciated with significant gld assays in previusly reprted assays at each f fur drilled target areas representing ver 12km f strike extent ptential acrss three mineralised structural trends within the 114km 2 Ianna Prject Area. Tw f the mineralised trends are hst t histrical drilling assciated with extensive surface gechemical survey wrk, including ver 12,400m f Reverse Circulatin and 926m f Diamnd drilling. The histrical drilling cvers limited strike extent t shallw depth, with ~95% f drilling testing less than 50m belw surface and a significant prprtin f hles ending in mineralisatin (refer t annuncement dated 26 July). Page 7 f 17 ASX: AQI/AQIO

8 The results received frm the previus 2,600m f initial drill testing acrss a number f targets have identified high grade vein gld mineralisatin within the extensive hydrthermal alteratin assciated with significant gld assays in previusly reprted assays. The high-grade vein intercepts ccur at bth the Eastern Extensin target, and at the suthern extent f the Ianna Main intrusin (refer t Figure 6 belw). Results suggest ptential fr high grade shts f mineralisatin assciated with the brad znes f bulk tnnage style mineralisatin identified at each f the target areas assessed as evidenced in previusly reprted results including (refer t ASX releases dated 26 July 2016 & 16 February 2018). Ianna Main Intrusin 2.47g/t gld at End f Hle 4.27g/t gld 3.84g/t gld 1.8m 10.7g/t gld frm 43.3m Eastern Extensin Trend Kings Ransm Trend 1.4g/t gld at end f hle 26.5g/t gld ver 0.5m IDD g/t gld in trenching 3.99g/t gld in RC 6.75g/t gld and 1.9g/t gld in trenching Results f the Initial drilling acrss five target areas cnfirmed extensive and pervasive alteratin encuntered are typical f a large-scale mineralising system, and the ccurrence f visible gld and highgrade niche grades within the mineralised znes indicate ptential fr increasing vlumes f higher grade material with further definitin f the gemetry f the intrusive bdy and structural cmplexities assciated with that favurable lithlgic feature. Multiple prspects have nw received recnnaissance drilling with all prspects returning significant intercepts. Wrk is nw fcused n integrating datasets and priritising prspect areas fr future drilling targeting high grade shts and t delineate areas f resurce ptential within the licence area. Trenching and Auger drilling will be nging in supprt f prspect assessment. The brad znes f mineralisatin identified prvide cnsiderable supprt t aggressively expand explratin activities int ther prspects within the Prject area with the ptential t add further tenements within the Prject perimeter in accrdance with the ptin and acquisitin arrangement annunced 8 Nvember The Prject has excellent infrastructure, including existing camp facilities, an existing airstrip and river prt landing n the prperty, and can be accessed by rad frm the Arakaka Prject area. Page 8 f 17 ASX: AQI/AQIO

9 Figure 6 Ianna Plan Map with drill cllar lcatins and summary f better intercepts received t date. Figure 7 Reginal Gelgy f the Barama-Mazaruni greenstne belt hsting the Arakaka Gld Prject and the Ianna Gld Prject areas, with majr structural crridrs and lcatins f key target areas within each Prject. Page 9 f 17 ASX: AQI/AQIO

10 Prpsed Wrk - March Quarter Explratin Gmes Hill Prspect Alicant has defined additinal mineralisatin n a 1.2km step-ut frm drilled mineralisatin at the Gmes Hill Prspect, which has strng resurce ptential in existing drilling that is pen alng strike and has ptential t extend mineralisatin t a vlume with ptential ecnmic viability with step-ut drilling. Trenching activity undertaken December Quarter will cntinue int March is planned t in-fill channel sampling between drilled mineralisatin and recent trenching t the suth and may include step-uts t assess pen-ended mineralisatin t the nrth. Planned wrk n the Arakaka Main trend fr the March Quarter cnsists f detailed mapping and rck chipping in the Purple Heart target area t better define the drill ready targets. Eyelash Prspect The Cmpany has dne minimal wrk fr expenditure cmmitment requirements in Guyana n the highly prspective Eyelash prspect, which has generated sme f the highest-grade samples frm high density veining at surface, and frm numerus undergrund artisanal wrkings in the area. Lw cst explratin has been planned fr the prject the March quarter, with wrk fcusing n the relgging f diamnd drill cre and the 3D integratin f gelgical datasets. Trenching is anticipated t define the strike extent and ptimal rientatin f drilling t target high grade vein-sets in the 5km lng crridr cntaining multiple rientatins f mineralised structures. Xenpsaris Target Area Prcessing and sampling f recvered cre fr shipment and gld analyses frm nging drilling wrk is currently in prgress. A systematic structural relgging f all trenches is planned fr the March Quarter t better define structurally cntrlled drill targets within the Xenpsaris target area was cmpleted this quarter in rder t priritise further areas fr systematic trenching. Ianna Gld Prject Cmpilatin f results frm initial drilling and frm fllw-up auger sampling and mapping cmpleted n crridrs f knwn mineralisatin is planned fr the December quarter, prir t cmpletin f a planned rating and ranking f mineralised znes t priritise fllw-up explratin activity. Crprate As at 31 December 2018 the Cmpany had a cash psitin f $0.9m. As annunced t the ASX n 5 Nvember 2018 a placement t Sphisticated Investrs was cmpleted raising $450,000 thrugh the issue f 15,000,000 shares at an ffer price f $0.03 pursuant t ASX Listing Rule 7.1. The placement was finalised n 9 Nvember In additin t this, the Bard f Directrs have agreed t a 50% reductin n Bard Fees cmmencing 1 Octber 2018 in its nging effrts t reduce cash burn. Page 10 f 17 ASX: AQI/AQIO

11 Ianna Gld Prject Acquisitin Update Alicant s whlly wned Guyanese subsidiary retains ptins and exclusive rights t explre and acquire a 100% beneficial interest in a number f mining permits ttalling apprximately 115km 2 (refer t ASX releases dated 7 Nvember 2016 & 1 September 2017). The tenure cvers multiple nrthwest trending mineralised structures, in the highly prspective Barama-Mazaruni greenstne belt. The land acquisitins frm part f a lnger-term land cnslidatin strategy fr the Ianna prject area with additinal acquisitin and applicatin fr land subject t explratin results. Given Alicant s preference fr an alternative trust hlding structure fr the Ianna Prject t the ne currently in place ver tenements acquired under the Optin Deed annunced t the ASX n 8 Nvember 2016, the wnership hlding structure f the Ianna Prject is t be updated, with assciated csts t be set-ff as against ptin payments which Alicant is required t make t maintain the ptin. The prcess f cmpleting the revised nminee wnership dcumentatin and related title transfer t an Alicant nminee apprved by the Vendr is an nging prcess where the Vendr has advised that the currently appinted nminee has yet t cmply with the Vendr s directin t execute transfer dcumentatin. Alicant and the Vendr are currently wrking thrugh a legal prcess t enfrce cmpliance by the vendr s Guyanese nminee in cmpliance with the terms f the current nminee agreement. Abut Guyana The C-perative Republic f Guyana is lcated n the Caribbean cast f Suth America and is a member f the Caribbean Cmmunity (CARICOM). The English-speaking cuntry has a lng histry f mining and gld prductin which has been pen t freign investment frm nly recent times fllwing the enactment f the 2004 Land Tenure Act. Guyana s histry and scial acceptance f mining make Guyana a favurable mining jurisdictin, with relatively lw risk fr envirnmental and cmmunity issues versus cmparable jurisdictins and a mdern mining law verseen by a dedicated gelgy and mines cmmissin. The psitive jurisdictin cmbined with its highly prspective and under-explred mineral ptential makes it an excellent destinatin fr explratin and mining, with three gld mines financed by freign investment annuncing cmmercial prductin in 2016, and a histry f substantial gld, bauxite and diamnd mining peratins. Gelgically, Guyana is underlain by the Guiana Shield, a Prterzic aged cratn that was cntiguus with the Le Mann Shield f West Africa prir t the pening f the Atlantic Ocean. As such, the gelgy f the Guiana Shield is similar in age, lithlgy and style f mineralisatin t the prlific Birimian gld belts f West Africa (refer t Figure 8). Page 11 f 17 ASX: AQI/AQIO

12 Figure 8 Lcatin Map - Arakaka Gld Prject Prject Generatin The acquisitin f the Arakaka Gld Prject delivered a cre strategic asset in ne f the mst underexplred greenstne belts in the wrld. Alicant has increased its ftprint in the highly prspective Barama-Mazaruni Greenstne Belt in Guyana s Nrthwest District with the acquisitin f the Ianna Gld Prject lcated less than 25km frm Alicant s flagship Arakaka Prject in late (refer t Figure 1). The Cmpany intends t cntinuusly evaluate additinal prjects within Guyana fr ptential jint venture r acquisitin. In additin, the Cmpany shall als cntinue t evaluate prjects elsewhere, in gld, cpper and ther cmmdities t grw sharehlder value. Fr detailed infrmatin n all aspects f the cmpany and its prject please visit: r cntact: Peter Gerge Chief Executive Officer Cmpetent Persns Statement The infrmatin in this reprt that relates t Explratin Results is based n infrmatin cmpiled by Mr Marcus Harden, wh is a Member f The Australian Institute f Gescientists. Mr Harden is Chief Gelgist fr the Cmpany. Mr Harden has sufficient experience which is relevant t the style f mineralisatin and type f depsits under cnsideratin and t the activity which he is undertaking t qualify as a Cmpetent Persn as defined in the JORC 2012 Editin f the Australasian Cde fr Reprting f Explratin Results, Mineral Resurces and Ore Reserves. Mr Harden cnsents t their inclusin in the reprt f the matters based n his infrmatin in the frm and cntext in which it appears. Page 12 f 17 ASX: AQI/AQIO

13 The cmpany cnfirms that it is nt aware f any new infrmatin r data that materially affects the infrmatin included in the relevant market annuncement and that all material estimates in the relevant market annuncement cntinue t apply and have nt materially changed. Frward Lking Statements Frward-lking statements invlve knwn and unknwn risks, uncertainties and ther factrs which may cause the actual results, perfrmance r achievements f the Cmpany t be materially different frm any future results, perfrmance r achievements expressed r implied by the frward-lking statements. Such factrs cnstitute, amng thers, cntinued funding, general business, ecnmic, cmpetitive, plitical and scial uncertainties; the actual results f explratin activities; changes in prject parameters as explratin strategies cntinue t be refined; renewal f mineral cncessins; accidents, labur disputes, cntract and agreement disputes, and ther svereign risks related t changes in gvernment plicy; changes in plicy in applicatin f mining cde; plitical instability; as well as thse factrs discussed in the sectin entitled "Risk Factrs" in the Cmpany s rights issue prspectus. The Cmpany has attempted t identify imprtant factrs that culd cause actual actins, events r results t differ materially frm thse described in frward lking statements, hwever there may be ther factrs that cause actins, events r results t differ frm thse anticipated, estimated r intended. Frward-lking statements cntained herein are made as f the date f this news release and the Cmpany disclaims any bligatin t update any frward-lking statements, whether as a result f new infrmatin, future events r results, except as may be required by applicable securities laws. There can be n assurance that frward-lking statements will prve t be accurate, as actual results and future events culd differ materially frm thse anticipated in such statements. Page 13 f 17 ASX: AQI/AQIO

14 Appendix 1 Tenements Mining tenements held at the end f December 2018 quarter Prject Lcatin Tenement Interest at end f quarter Arakaka Guyana Y-33/000/04, PPMS/680/04 100% Arakaka Guyana Y-33/001/04, PPMS/681/04 100% Arakaka Guyana Y-31/000/04, PPMS/463/04 100% Arakaka Guyana Y-31/001/04, PPMS/464/04 100% Arakaka Guyana J-81/000/02, PPMS/884/02 100% Arakaka Guyana J-81/001/02, PPMS/885/02 100% Arakaka Guyana J-81/002/02, PPMS/886/02 100% Arakaka Guyana J-59/011/2000, PPMS/1068/ % Arakaka Guyana J-59/012/2000, PPMS/1069/ % Arakaka Guyana J-59/013/2000, PPMS/1070/ % Arakaka Guyana J-59/014/2000, PPMS/1071/ % Arakaka Guyana 51/002/94, Ituni #1 100% Arakaka Guyana 51/003/94, Ituni #2 100% Arakaka Guyana 51/324/74, May 100% Arakaka Guyana Jars, Jars#1, Jars#2 100% Arakaka Guyana P-109/000/2000, PPMS/809/ % Arakaka Guyana P-109/001/2000, PPMS/810/ % Arakaka Guyana P-109/002/2000, PPMS/811/ % Arakaka Guyana P-109/003/2000, PPMS/812/ % Arakaka Guyana P-109/004/2000, PPMS/813/ % Arakaka Guyana P-109/005/2000, PPMS/814/ % Arakaka Guyana P-128/000/02, PPMS/707/02 100% Arakaka Guyana P-128/001/02, PPMS/708/02 100% Arakaka Guyana P-128/002/02, PPMS/709/02 100% Arakaka Guyana P-128/003/02, PPMS/710/02 100% Arakaka Guyana P-128/004/02, PPMS/711/02 100% Arakaka Guyana P-17/000, PPMS/0222/ % Arakaka Guyana P-17/001, PPMS/0223/ % Arakaka Guyana P-8/000/94, PPMS/0074/ % Arakaka Guyana P-8/001, PPMS/73/ % Arakaka Guyana P-8/002, PPMS/75/ % Arakaka Guyana 51/2005/235, Dennis #1 100% Arakaka Guyana 51/2005/236, Dennis #2 100% Arakaka Guyana 51/2005/237, Dennis #3 100% Arakaka Guyana 51/2005/238, Dennis #4 100% Arakaka Guyana 51/1983/034, Wintime 100% Arakaka Guyana 51/1983/035, Intime 100% Arakaka Guyana 51/1984/028, Ester aka Esta 100% Arakaka Guyana S-267/000/07, PPMS/629/07 100% Arakaka Guyana S-269/000/07, PPMS/631/07 100% Arakaka Guyana P-9/000, PPMS/76/94 100% Arakaka Guyana P-9/001, PPMS/77/94 100% Arakaka Guyana P-9/002, PPMS/78/94 100% Arakaka Guyana Y-1/MP/000/06, MP 91/ % Arakaka Guyana K-132/000/09, PPMS/1310/09 100% Arakaka Guyana K-132/001/09, PPMS/1311/09 100% Arakaka Guyana PL 10/2014, GS14: S % Page 14 f 17 ASX: AQI/AQIO

15 Mining tenements held at the end f December 2018 quarter (cntinued) Prject Lcatin Tenement Interest at end f quarter Arakaka Guyana PL 11/2014, GS14: S % Arakaka Guyana P-175/MP/000/ % 1 Arakaka Guyana P-175/MP/001/ % 1 Arakaka Guyana P-175/MP/002/ % 1 Arakaka Guyana P-184/MP/000/ % 1 Arakaka Guyana PL-09/2011, GS14: B-22 80% Arakaka Guyana PL-10/2011, GS14: B-23 80% Arakaka Guyana P-633/000, PPMS/1190/ % Arakaka Guyana P-633/001, PPMS/1191/ % Arakaka Guyana P-633/002, PPMS/1192/ % Arakaka Guyana P-633/003, PPMS/1193/ % Arakaka Guyana P-633/004, PPMS/1194/ % Arakaka Guyana P-633/005, PPMS/1195/ % Arakaka Guyana P-642/000, PPMS/123/ % Ianna Guyana B-19/MP/ % 2 Ianna Guyana D-15/MP/ % 2 Ianna Guyana D-16/MP/ % 2 Ianna Guyana R-31/MP/ % 2 Ianna Guyana R-31/MP/ % 2 Ianna Guyana R-31/MP/ % 2 Ianna Guyana R-31/MP/ % 2 Ianna Guyana R-31/MP/ % 2 Ianna Guyana R-31/MP/ % 2 Ianna Guyana J-10/MP/ % 2 Ianna Guyana J-14/MP/ % 2 Ianna Guyana J-14/MP/ % 2 Ianna Guyana J-14/MP/ % 2 Ianna Guyana B-19/MP/ % 2 Ianna Guyana Baggie 100% 2 Ianna Guyana Owen #1 100% 2 Ianna Guyana Owen 100% 2 Ianna Guyana Emilli 100% 2 Ianna Guyana Anita 100% 2 Ianna Guyana Jy #2 100% 2 Ianna Guyana Jy #3 100% 2 Ianna Guyana Patsy 100% 2 Ianna Guyana Patsy #1 100% 2 Ianna Guyana Karen 100% 2 Ianna Guyana Karen #1 100%2 Ianna Guyana Sherry 100%2 Ianna Guyana Sherry #1 100%2 Ianna Guyana Sherry #2 100%2 Ianna Guyana Tracy 100%2 Ianna Guyana Queen 100%2 Ianna Guyana Queen #1 100%2 Ianna Guyana Nick 100%2 Ianna Guyana Nick #1 100%2 Ianna Guyana Ray 100%2 Ianna Guyana Ray #1 100%2 Ianna Guyana Jeff 100%2 Page 15 f 17 ASX: AQI/AQIO

16 Mining tenements held at the end f December 2018 quarter (cntinued) Prject Lcatin Tenement Interest at end f quarter Ianna Guyana Sherry #2 100% 2 Ianna Guyana Tracy 100% 2 Ianna Guyana Queen 100% 2 Ianna Guyana Queen #1 100% 2 Ianna Guyana Nick 100% 2 Ianna Guyana Nick #1 100% 2 Ianna Guyana Ray 100% 2 Ianna Guyana Ray #1 100% 2 Ianna Guyana Jeff 100% 2 Ianna Guyana B-85/MP/ % 3 Ianna Guyana B-85/MP/ % 3 Ianna Guyana B-85/MP/ % 3 Ianna Guyana B-85/MP/ % 3 Ianna Guyana B-85/MP/ % 3 Ianna Guyana B-85/MP/ % 3 Ianna Guyana B-85/MP/ % 3 Ianna Guyana B-85/MP/ % 3 Ianna Guyana B-85/MP/ % 3 Ianna Guyana B-85/MP/ % 3 Ianna Guyana Sist 100% 3 Ianna Guyana Camy 100% 3 Ianna Guyana Shelda 100% 3 Ianna Guyana Cmmie #2 100% 3 Ianna Guyana Irean 100% 3 Ianna Guyana Chester #2 100% 3 Ianna Guyana King Ransm #1 100% 3 Ianna Guyana King Ransm #2 100% 3 Ianna Guyana King Ransm #3 100% 3 Ianna Guyana King Ransm #4 100% 3 Ianna Guyana King Ransm #5 100% 3 Ianna Guyana King Ransm #6 100% 3 Ianna Guyana King Ransm #7 100% 3 Ianna Guyana King Ransm #8 100% 3 Ianna Guyana King Ransm #9 100% 3 Ianna Guyana King Ransm 1 100% 3 Ianna Guyana King Ransm 2 100% 3 Ianna Guyana King Ransm 3 100% 3 Ianna Guyana King Ransm 4 100% 3 Ianna Guyana King Ransm 5 100% 3 Ianna Guyana B-102/MP/ % 3 Ianna Guyana B-102/MP/ % 3 Ianna Guyana B-102/MP/ % 3 Ianna Guyana B-103/MP/ % 3 Ianna Guyana B-505/ % 3 Ianna Guyana Y 100% 3 Ianna Guyana Lyn 100% 3 Ianna Guyana Pam 100% 3 Ianna Guyana Lady Amy1 100% 3 Ianna Guyana Lady Amy2 100% 3 Ianna Guyana Lady Amy3 100% 3 Ianna Guyana Lady Amy4 100% 3 Page 16 f 17 ASX: AQI/AQIO

17 Mining tenements held at the end f December 2018 quarter (cntinued) Prject Lcatin Tenement Interest at end f quarter Ianna Guyana Karen #2 100% 3 Ianna Guyana Karen #3 100% 3 Ianna Guyana Karen #4 100% 3 Ianna Guyana Karen #5 100% 3 Ianna Guyana Lady Crystal 100% 3 Ianna Guyana Lady Crystal#1 100% 3 Ianna Guyana Lady Crystal#2 100% 3 Ianna Guyana C-1010/ % 3 Ianna Guyana C-1011/ % 3 Ianna Guyana B-85/MP/ % 3 Tassawini Guyana V-04/MP/000, MP 47/98 100% Guyana V-5/MP/000, MP 23/01 100% Guyana V-5/MP/001, MP 24/01 100% Guyana V-5/MP/002, MP 25/01 100% 1 Interest held subject t Optin Agreement annunced 5 February Exclusive rights t acquire subject t terms f Optin & Acquisitin Agreement annunced 8 Nvember 2016 including ptin payments and minimum expenditure requirements t maintain ptin. 3 Interest held subject t Optin Agreements annunced 1 September 2017 Mining tenements acquired and dispsed during the December 2018 quarter: Prject Lcatin Tenement Interest acquired during Quarter Mining tenements acquired Nil Mining tenements relinquished NIl Beneficial percentage interests in farm-in r farm-ut agreements at the end f the December 2018: Prject Lcatin Tenement Interest at end f the quarter Nil Beneficial percentage interests in farm-in r farm-ut agreements acquired r dispsed f during the December 2018 quarter: Prject Lcatin Tenement Farm-in r farm-ut interests acquired Nil Farm-in r farm-ut interests dispsed Nil Interest at beginning f the quarter Interest at end f the quarter Page 17 f 17 ASX: AQI/AQIO