The Carosue Dam Operations (CDO) assets include the Carosue Dam Project (comprising the Karari and Whirling Dervish gold deposits), the Porphyry Project (consisting of the Porphyry, Million Dollar, Enterprise and Wallbrook gold deposits) and the Deep South Project (consisting of the Deep South, Safari Bore and Box Well (Moody’s Reward) gold deposits).

Gold mineralisation at Karari is hosted within extensive quartz vein breccia zones in an altered volcaniclastic metasandstone and tuff sequence. This sequence is offset by an anastomosing system of NE-SW and NW-SE trending shear zones and intruded by monzonite bodies post- mineralisation (ca. 2.6 Ga). The host sedimentary sequence dips moderately to the north. Gold mineralisation is strongly associated with sodic alteration (quartz+albite+carbonate) of the host rock that was subsequently overprinted by hematite alteration. High grade mineralisation is controlled by 60° east dipping shear zones. Mineralisation has continuity over 1,000 m along strike, 1,100 m down dip and 250 m across strike.

Mineralisation occurs at the intersection of Eliot Lode Shear and Monty North Shear. Occurs as quartz stockwork veining along contact between fine grained porphyry and underlying volcanic sandstone sequence, with strong and pervasive hematite alteration halo. Gold occurs mainly as blebs, intergrown within pyrite or as disseminations in the host units. Lodes comprise NW trending lensoidal to anastomosing mineralised zon ........

The Karari-Dervish mine and Deep South mine are the active underground mines.

Karari underground mine has been operating for 5 years and has continually ramped up production and currently produces approximately 1.2Mtpa. Underground mechanised mining for development, ground support, and open stoping is utilised at Karari. Mining and geotechnical studies have determined open stoping (both transverse and longitudinal) with paste fill is appropriate for the deposit. Some stoping locations will utilise remnant rib and sill pillars for either geotechnical reasons and/or availability of paste fill. This mining method of open stoping and backfilling with paste fill is widely used throughout the Western Australian Goldfields and Australia.

Dervish underground mines the orebody via a longhole open stoping method from top down with the ore production ramped up to approximately 850kt per annum, and along with Karari forms ‘Carousue Dam Underground’ which provides the majority of the mill feed.

The current Dervish mine design allows for: The current mine design allows for leaving in-situ pillars and paste fill. For area’s leaving insitu pillars: Mine design allows for 20% to 30% of the available mineral resource to remain in-situ, as either rib or sill pillars. The overall extraction ratio of this portion of the mineral resources is approximately 75%. For area’s using paste fill appropriate recoveries were applied.Some mining of remnant pillars has been i ........

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The Carosue Dam Operations (“CDO”) processing plant was constructed by JR Engineering in 2000.

The process flowsheet is a conventional cyanide leach-style circuit typically used to process free milling gold ores. The plant incorporates primary jaw crushing, secondary cone crushing, crushed ore product screening and storage in a crushed ore bin. Crushed ore is reclaimed from the bin via two belt feeders that feed to a milling circuit. This circuit has recently been upgraded from a single-stage SAG milling circuit, incorporating closed circuit pebble crushing, to now incorporate a secondary ball milling stage. This allows increased throughput, and finer grind size (higher gold recovery).

Gold recovery occurs via gravity gold recovery and intensive leaching, and cyanidation of the gravity tailings, to extract gold from the ores. The CIL circuit comprises of one leach tank and eight carbon-in-leach and adsorption tanks. Loaded carbon from the CIL circuit is treated b ........