MINERAL RESOURCES AND ORE RESERVES

Estimation Governance Statement
Dragon Mining Limited (“Dragon Mining” or the ‘Company’) has ensured that the Mineral Resources and Ore Reserves estimated are subject to good governance arrangements and internal controls. The Mineral Resources and Ore Reserves estimates have been undertaken  by independent mining consultants RPM Advisory Services Pty Ltd in Western Australia,  an organisation whose personnel have exposure to best practices in modelling and estimation methods. RPM have also undertaken reviews of the quality and suitability of the underlying information, which included a site visit of the Company’s mining projects in 2015, 2016, 2017 and 2019. In addition, Dragon Mining’s management regularly carries out reviews and audits of internal processes and of external contractors that are utilised by the Company.

Dragon Mining reports Mineral Resources and Ore Reserves at least annually in compliance with the requirements of the reporting guidelines as set-out in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”).  If there are any material changes to its Mineral Resources or Ore Reserves during the course of the year the Company is required to, and promptly reports these changes.

The estimates for Mineral Resources and Ore Reserves as at 31 December 2019 were disclosed to the HKEx on:

16 March 2020 – Update of Fäboliden Ore Reserves Increases Open Pit Life; and

27 March 2020 – Resources and Reserves Updated for Dragon Mining’s Nordic Production Centres.

Mineral Resources

Statement of Mineral Resourses, as at 31 December 2019 (Inclusive of Ore Reservs)

Ore Reserves

Statement of Ore Reserves, as at 31 December 2019

Competent Persons Statements


The information in this report that relates to Mineral Resources for the Jokisivu Gold Mine, Kaapelinkulma Gold Mine and Orivesi Gold Mine was previously released to the HKEx on 27 March 2020 – Resources and Reserves Updated for Dragon Mining’s Nordic Production Centres.  It fairly represents information and supporting documentation compiled or supervised by Mr. David Allmark who is a full-time employee of RPM Advisory Services Pty Ltd and a Registered Member of the Australian Institute of Geoscientists.  Mr. Allmark has sufficient experience that is relevant to the styles of mineralisation and types of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code 2012 Edition. Mr. Allmark has previously provided written consent for the 27 March 2020 release.

The Company confirms that it is not aware of any new information or data that materially affects the Mineral Resources as reported on the 27 March 2020, and the assumptions and technical parameters underpinning the estimates in the 27 March 2020 release continue to apply and have not materially changed.

Mr. Neale Edwards BSc (Hons), a Fellow of the Australian Institute of Geoscientists, who is a full-time employee of Dragon Mining and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as Competent Person as defined in the 2012 Edition of the Australasian Code of Reporting for Exploration Results, Mineral Resources and Ore Reserves confirms that the form and context in which the Mineral Resources dated 31 December 2019 presented in this report have not been materially modified and are consistent with the 27 March 2020 release. Mr. Neale Edwards has provided written consent approving the use of previously reported Mineral Resources in this report in the form and context in which they appear. 

The information in this report that relates to Mineral Resources dated 31 December 2019 for the Fäboliden Gold Project was previously released to the HKEx on the 16 March 2020 – Update of Fäboliden Ore Reserves Increases Open Pit Life.  It fairly represents information and supporting documentation that was compiled or supervised by Mr. David Allmark who is a full-time employee of RPM Advisory Services Pty Ltd and a Registered Member of the Australian Institute of Geoscientists.  Mr. Allmark has sufficient experience that is relevant to the styles of mineralisation and types of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code 2012 Edition. Mr. Allmark has previously provided written consent for the 16 March 2020 release.

The Company confirms that it is not aware of any new information or data that materially affects the Mineral Resources as reported on the 16 March 2020, and the assumptions and technical parameters underpinning the estimates in the 16 March 2020 release continue to apply and have not materially changed.

Mr. Neale Edwards BSc (Hons), a Fellow of the Australian Institute of Geoscientists, who is a full-time employee of Dragon Mining and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as Competent Person as defined in the 2012 Edition of the Australasian Code of Reporting for Exploration Results, Mineral Resources and Ore Reserves confirms that the form and context in which the Mineral Resources dated 31 December 2019 presented in this report have not been materially modified and are consistent with the 16 March 2020 release. Mr. Neale Edwards has provided written consent approving the use of previously reported Mineral Resources in this report in the form and context in which they appear. 

The information in this report that relates to Mineral Resources dated 31 December 2016 for the Svartliden Gold Mine were previously released to the ASX on the 28 February 2017 – Mineral Resources Updated for Dragon Mining’s Nordic Projects and the HKEx on the 18 October 2018 – Public Offer. These documents can be found at www.asx.com.au (Code: DRA) and www.hkex.com.hk (Stock Code: 1712), respectively.  They fairly represent information and supporting documentation that was compiled or supervised by Mr. Jeremy Clark who is a full-time employee of RPM Global Asia Limited and a Registered Member of the Australasian Institute of Mining and Metallurgy.  Mr. Jeremy Clark has sufficient experience that is relevant to the styles of mineralisation and types of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code 2012 Edition. Written consent was previously provided by Mr. Jeremy Clark for the 28 February 2017 and 18 October 2018 releases.

The Company confirms that it is not aware of any new information or data that materially affects the Mineral Resources as reported on the 28 February 2017 and 18 October 2018, and the assumptions and technical parameters underpinning the estimates in the 28 February 2017 and 18 October 2018 releases continue to apply and have not materially changed.

Mr. Neale Edwards BSc (Hons), a Fellow of the Australian Institute of Geoscientists, who is a full-time employee of Dragon Mining and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as Competent Person as defined in the 2012 Edition of the Australasian Code of Reporting for Exploration Results, Mineral Resources and Ore Reserves confirms that the form and context in which the Mineral Resources dated 31 December 2016 presented in this report have not been materially modified and are consistent with the 28 February 2017 and 18 October 2018 releases.  Mr. Neale Edwards has provided written consent approving the use of previously reported Mineral Resources in this report in the form and context in which they appear.

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