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JORC RESOURCE

Table A summarises the JORC Mineral Resource estimate for TTR's licence and permits in the South Taranaki Bight, including the proposed mining area.

Table B and C summarise the JORC Mineral Resource estimate for TTR's proposed mining area (65.76 km2) in the South Taranaki Bight.

Table A: 2015 Full area Resource Estimate @ 5% Fe2O3 cut-off

Table A.PNG

Table B: 2015 Mining Area Resource Estimation in ground tonnages @3.5% DTR cut-off

Table B.PNG

Table C: 2015 Mining Area Resource Estimation in ground concentrate @3.5% DTR cut-off

Table C.PNG

Notes:

The resource was estimated using an Ordinary Kriging algorithm by Golder Associates.

The screened recovery (Rec) has been applied to the models. Head grades and tonnages are for all material less than 2 mm in diameter. Davis Tube Concentrate (DTC) grades are for the magnetically recoverable portion of the sample. Head grades were estimated using samples weighted by Rec.

The Davis Tube Recovery (DTR) is a laboratory scale representation of the expected metallurgical recovery of the processing plant.

JORC - Joint Ore Reserves Committee

The resource estimates were classified in accordance with the Australasian Code for Reporting of Identified Mineral Resources and Ore Reserves (JORC, 2012) as Indicated and Inferred.

The models have been reported at 3.5% DTR cut-off grade where DTR analyses are available within the proposed mining area (Table B and Table C).