Project Details

Geology

Following a drilling programme in the last calendar quarter of 2014, comprising 42 diamond core-holes for 1,660 metres of drilling the Company has, together with its historical data, updated its 2012 JORC compliant reserves and resources to be:

Mineral Reserves of 3.14Mt at a grade of 0.73% WO3 (at 0.2% cut-off)

Mineral Resources, including the Mineral Reserves, of 9.6Mt at a grade of 0.90% WO3 (at 0.2% cut-off)

Refer the ASX Release dated September 2015.

The Dolphin pit was dewatered in 2014 down to the sump level, just below the old underground portal.

Mining Operations

A detailed mine plan and schedule has been developed by Xenith Consulting which will allow for 8 years of open cut mining at an average rate of 400,000 tonnes per annum of ore.

Processing Plant

The Dolphin Project plans to construct a processing plant on site with annual capacity of 400,000 tonnes. Laboratory test work is still in progress but results are pointing to a simple and cost effective gravity based flowsheet, together with a small flotation circuit, being employed for project start up. Once in production the processing plant may be expanded to increase plant recovery.

Infrastructure

King Island is positioned mid-way between Victoria and Tasmania, and is well serviced by sea and air transport. The main deep water port for the island is located approximately 1 km from the mine site, and the airport is less than 30 minutes away by sealed road.

It will be necessary to provide additional power, as the island’s existing supply is insufficient to meet the Project’s needs. The township of Grassy is largely privately owned. The Dolphin Project does not intend building extensive staff housing, but has the potential to access a variety of appropriate accommodation arrangements for mine personnel.