West African Resources Limited

ABN 70 121 539 375

MANAGEMENT'S DISCUSSION AND ANALYSIS (MD&A)

for the three months ended 30 June 2015

Registered Office

14 Southbourne Street

Scarborough WA 6019

Australia

Principal place of business

14 Southbourne Street

Scarborough WA 6019 Australia

Ph: +61 (8) 9481 7344

Fax: +61 (8) 9481 7355

Website www.westafricanresources.com Email [email protected]

GENERAL

Presented below is a discussion of the activities, results of operations and financial condition of West African Resources Ltd. ('West African' or the 'Company') for the three month period ended 30 June 2015 ('Q415'), compared to the same periods in the preceding year. This management discussion and analysis ('MD&A') was prepared using information available as of 29 September 2015 and should be read in conjunction with the Company's audited consolidated financial statements for the twelve month period ended 30 June 2015 and notes thereto. These audited consolidated financial statements (the 'Financial Statements') are prepared in accordance with International Financial Reporting Standards ('IFRS'). The Financial Statements include the accounts of the Company and its subsidiaries. All monetary amounts referred to herein are in Australian dollars unless otherwise stated.

Additional information relating to the Company can be found on the SEDAR website at www.sedar.com, on the Company's website at www.westafricanresources.com.

FORWARD LOOKING STATEMENTS

This MD&A contains certain forward-looking information and forward-looking statements as defined in applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words 'anticipate', 'plan', 'continue', 'estimate', 'expect', 'may', 'will', 'project', 'predict', 'potential', 'should', 'believe' and similar expressions is intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. These statements speak only as of the date of management's discussion and analysis. Inherent in forward-looking statements are risks and uncertainties beyond the Company's ability to predict or control, as described herein. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this management's discussion and analysis. Such statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions about general business and economic conditions, interest rates and foreign exchange rates, the timing of the receipt of regulatory and governmental approvals for projects, ability to attract and retain skilled staff, the impact of changes in foreign exchange rates on costs, market competition, the accuracy of resource estimates (including, with respect to size, grade and recoverability) and the geological, operational and price assumptions on which these are based, tax benefits and tax rates, and ongoing relations with employees and with business partners. The reader is cautioned that the foregoing list of important factors and assumptions is not exhaustive. Events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, these forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements or the foregoing list of factors, whether as a result of new information or future events or otherwise.

TSX-V disclaimer

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CORPORATE OVERVIEW

West African is a mineral exploration company focused on building shareholder value through the identification, acquisition, assessment and development of mineral resource projects. The Company's portfolio includes mineral rights in a gold project in Burkina Faso.

The Company trades on the Australian Securities Exchange ('ASX') and the TSX Venture Exchange ('TSX') (with effect from January 2014) under the symbol 'WAF' and warrants trading on the TSX under the symbol 'WAF.WT'. The Company is a reporting issuer in Canada in the provinces of British Columbia, Alberta, Saskatchewan and Ontario.

OPERATIONS HIGHLIGHTS

West African Resources Limited (ASX: WAF) is pleased to report activities on its 100%-owned and 100%- earning gold and copper-cold projects in Burkina Faso, West Africa, for the quarter ending 30 June 2015.

Outstanding Pre-Feasibility Study for Mankarga 5 Gold Project:

A summary of the base case is stated below assuming a 100% project at a gold price of $1,300/oz1. All amounts are in US dollars.

• Production of 69,000oz pa for first 3 years, 49,000oz pa for life of mine, 7 year life of mine

• Cash costs $428/oz for 3 years, $635/oz life of mine

• All-in cash costs of $538/oz for 3 years, $749/oz life of mine

• Pre-tax IRR of 63% with 14-month payback, post-tax IRR of 50% with 16-month payback

• Pre-tax cash flow of $146m, post-tax cash flow of $118m after initial and sustaining capital costs

• Pre-tax NPV5% of $117m, Post-tax NPV5% of $86m

• Probable Ore reserve of 440,000oz, life of mine strip ratio 2:1

• Potential to upgrade in-pit Inferred Resources currently treated as waste in mining schedule

• Nearby drill ready oxide targets with potential to add to the base case

  
  

  Feasibility Study progressing rapidly

• FS commenced - Mintrex appointed lead consultant

• Study Manager appointed - Mr Lyndon Hopkins

• Nick Harch appointed to advise on debt financing and hedging arrangements, project financing discussions proceeding in parallel with the FS

• Aircore drilling commenced to add significant low-cost ounces to FS economics

• FS and Company working capital fully-funded by Macquarie Bank

• NI 43-101 Technical Report for the PFS has been completed, see website or www.sedar.com

  Corporate

• Mark Connelly appointed Non-Executive Chairman

  
  

  June 2015 Quarter Summary

• 7,868m drilled

  
  

• $1.391m Exploration and Development Expenditure

• $0.193m Administration Costs

• $3.5m cash at bank at 30 June 2015

September 2015 Quarter Plans

MINERAL PROJECTS

Burkina Faso, West Africa

The majority of West African's exploration activities since listing the Company on ASX in 2010 have been focused on Burkina Faso, located in the Sahel region of West Africa. The Sahel is a transition zone between the Sahara Desert to the north and the savannas to the south, and stretching the full width of the continent, having a semi-arid climate.

The area now known as Burkina Faso was ruled by the Mossi kingdoms from medieval times until France claimed the region in 1896 when it became known as Upper Volta. In 1960 the Republic of Upper Volta was granted autonomy by France and in 1987 the name of the country was changed to Burkina Faso.

Most of central Burkina Faso lies on a savanna plateau, 200 to 300 meters above sea level. Some key characteristics of Burkina include:

• Average annual rainfall: ~100 cm in the south; ~25 cm in the north and northeast.

• Population: 17.8 million (2013 est.) with a growth rate of approximately 3%.

• Language: French and Mòoré

• Average population density: approximately 51.4 people per square kilometer with concentrations in urban areas approximately 80 people per square kilometer.

• Ethnicity: The country is generally regarded as an ethnically integrated, secular state, its population belonging to two major West African cultural groups - the Voltaic and the Mande. The 60% of Burkinabe are Muslim with 25% Christian but most also adhere to traditional African religions.

• Education: Compulsory until the age of 16; however, only about 80.3% of Burkina's primary school age children are enrolled in primary school. Of those enrolled, about 41.7% complete primary school.

• Government: Parliamentary Republic. Gained independence from France in 1960. Follows the French model of civil law based on a constitution adopted in 1991.

  
  

• Economy: GDP per capita (PPP) of $1,400 (2012 est.); Real GDP growth of 8% (2012 est.) (4.2% in 2011); Inflation rate of 3.8% (2012 est.) (2.8% in 2011). Mining and the agricultural sectors (primarily cattle and cotton) are the main sources of growth. Approximately 80% of the population relies on subsistence agriculture, with only a small fraction directly involved in industry and services.

  
  

  Burkina Faso is working to expand its economy by developing its mineral resources, particularly gold, improving its infrastructure, making its agricultural and livestock sectors more productive and competitive, and stabilizing supplies and prices of food grains. Gold has reportedly become the country's top export commodity.

  
  

  In 2011, gold earned Burkina Faso 127 billion CFA (~$267 million), in comparison with 440 billion CFA

  (~$926 million) for the four-year period between 2007 and 2011, accounting for 64.7 percent of all exports and 8 percent of GDP. Production rose from 23 tonnes in 2010 to 32 tonnes in 2011.

  
  

  Gold Exploration in Burkina Faso

  
  

  Burkina Faso is located between Ghana and Mali and is home to approximately 30% of the Birimian greenstone belts of West Africa. The Birimian greenstone belts of West Africa have long been a focus for gold explorers and they host several world-class deposits. Exploration and development activity in Burkina Faso has accelerated significantly in the last 10 years, with several projects now having entered the production phase, including IAMGOLD's Essakane mine, High River Gold's Taparko-Boroum mine, and Semafo's Mana mine.

  
  

  West African's Projects

  
  

  Mankarga 5 Heap Leach Gold Project

  
  

  Auger drilling at Mankarga 1 (M1) prospect delivered high-grade results 500m northwest of the Mankarga 5 Mineral Resource (Figure 1). Significant high-grade auger assays, with a peak result of 3,851 ppb Au (3.85g/t Au), were returned from multiple parallel zones along strike and parallel with historic RC and Diamond drilling, and artisanal workings. Results occurred over a 1.5km mineralised trend, with potential indicated in regional auger drilling for repeat parallel structures to the west. The results confirm an updated interpretation based on detailed prospect mapping showing parallel and linking mineralised zones.

  Drilling is continuing to the west of M1 over newly identified gold zones and to the south over the M2 prospect. Significant results are presented below in Table 1 and shown in Figure 1.

  
  

  Table 1: Mankarga 1 Significant Results from Auger Drilling
  Hole	From	To	Int	Au ppb	Au g/t	Dip	Azi	East	North	RL
  TLA3578	3	6	3	3043	3.04	-90	0	741284	1337945	277
  TLA3584	3	6	3	544	0.54	-90	0	741125	1337785	277
  TLA3621	4	7	3	412	0.41	-90	0	741267	1337502	296
  TLA3636	3	6	3	3851	3.85	-90	0	741391	1337343	296
  TLA3675	3	6	3	649	0.65	-90	0	741320	1337414	297
  TLA3705	2	5	3	404	0.40	-90	0	741603	1337414	295
  TLA3753	4	7	3	744	0.74	-90	0	741656	1337184	292
  TLA3788	2	5	3	472	0.47	-90	0	741620	1336725	292
  TLA3808	4	7	3	642	0.64	-90	0	741691	1336654	289

  
  

  The results from the recent auger drilling show that the geochemical signature over known mineralisation is subtle and discreet, with only seven samples greater than 160ppb Au within the proposed starter pit outline. Results along strike of the M5 resource demonstrate there is significant potential to add more oxide tonnes to the heap leach starter project and extend the current PFS mine life of seven years.

  
  

  Following the end of the quarter, RC drilling at the M1 prospect intercepted oxide mineralisation beneath historic artisanal workings with two scissor holes ending in mineralisation (Figure 3). Shallow first pass RC drilling is being completed with an Aircore rig drilling to blade refusal as such TAC0657 and TAC0658 both ended in quartz veining returning 8m at 1.5g/t Au and 6m at 1.3g/t Au respectively. These results are up dip of historic RC hole TAN10-RC-23, drilled in 2010, which returned high-grade results of 2m at 25g/t Au from 58m. It is expected that oxide mineralisation from M1 will exhibit similar metallurgical characteristics to M5 oxides, therefore will be amenable to heap leach processing.

  None of the gold mineralisation at the M1 prospect is currently included the project resource inventory. M1 mineralisation will be modelled and incorporated in a resource update later this year, and subsequently added to the mine schedule. Any additional higher grade oxide tonnes will have a positive impact on the project economics. Initial results include:

  • TAC0656: 2m at 0.78g/t Au from surface

  • TAC0656: 1m at 0.74g/t Au from 6m

  • TAC0657: 8m at 1.45g/t Au from 25m, ending in mineralisation

  • TAC0658: 6m at 1.32g/t Au from 21m, ending in mineralisation

  • TAC0659: 1m at 0.65g/t Au from surface

    Infill RC drilling was also completed at the northeastern end of the proposed starter pit at M5 (Figure 1). Results from infill drilling will enable Inferred Resources currently treated as waste the study mine plan to be upgraded to Indicated status and incorporated in the mine schedule. Significant results include:

  • TAC0518: 2m at 0.68g/t Au from 7m

    • and 2m at 1.01g/t Au from 12m

    • and 2m at 2.6g/t Au from 20m

    • and 1m at 0.54g/t Au from 35m

  • TAC0520: 10m at 2.88g/t Au from 7m

    • and 5m at 0.69g/t Au from 24m

  • TAC0521: 18m at 1.02g/t Au from 1m

    
    

    Figure 1: Mankarga 1 & 5 Summary Plan

    
    

    Figure 2: Mankarga 1 Drill Section Summary

    
    

    
    

    2015 PFS Highlights

    
    

    An updated Pre-Feasibility Study for an oxide heap leach starter project at Mankarga 5 was completed and released in May. It was prepared in accordance with the requirements of both the Australian 2012 JORC Code and Canadian NI 43-101. The report is filed on SEDAR and on the Company's website. A summary of the base case is stated below assuming a 100% project at a gold price of US$1,300/oz. All amounts are in US dollars.

    • Production of 69,000oz pa for first 3 years, 49,000oz pa for life of mine, 7 year life of mine

    • Cash costs $428/oz for 3 years, $635/oz life of mine

    • All-in cash costs of $538/oz for 3 years, $749/oz life of mine

    • Pre-tax IRR of 63% with 14-month payback, post-tax IRR of 50% with 16-month payback

    • Pre-tax cash flow of $146m, post-tax cash flow of $118m after initial and sustaining capital costs

    • Pre-tax NPV5% of $117m, Post-tax NPV5% of $86m

    • Probable Ore reserve of 440,000oz, life of mine strip ratio 2:1

    • Potential to upgrade in-pit Inferred Resources currently treated as waste in mining schedule

    • Nearby drill ready oxide targets with potential to add to the base case

    
    

    Table 2: Economic Summary
    Pre-Tax (100%)	$1,100/oz	$1,300/oz	$1,500/oz
    NPV0% ($M)	$79	$146	$208
    NPV5% ($M)	$60	$117	$169
    IRR %	39%	63%	81%
    Payback (Months)	21	14	11
    After-Tax (90%*)	$1,100/oz	$1,300/oz	$1,500/oz
    NPV0% ($M)	$58	$110	$156
    NPV5% ($M)	$42	$86	$125
    IRR %	30%	50%	66%
    Payback (Months)	26	16	13

    * Allows for 10% free carried Government interest

    
    

    Table 3: Mankarga5 April 2015 Resource
    Cut-off	Indicated Resource			Inferred Resource
    (Au g/t)	Tonnes	Grade	Au Oz	Tonnes	Grade	Au Oz
    (Au g/t)		(Au g/t)
    Oxide	0.5	7,200,000	1.2	273,000	800,000	0.8	20,000
    	1	3,100,000	1.8	180,000	200,000	1.2	7,000
    Transitional	0.5	2,300,000	1.2	89,000	500,000	0.9	13,000
    	1	1,000,000	1.9	60,000	200,000	1.3	6,000
    Fresh	0.5	9,500,000	1.2	377,000	39,100,000	1.0	1,320,000
    	1	4,200,000	1.9	256,000	14,800,000	1.6	778,000
    Total	0.5	19,000,000	1.2	736,000	40,400,000	1.0	1,350,000
    	1	8,400,000	1.8	495,000	15,200,000	1.6	791,000

    
    

    Table 4: Mankarga5 May 2015 Ore Reserve

    Category

    Strongly Oxidised

    Moderately Oxidised

    Transition

    Fresh

    Total

    Mt

    Au g/t

    Au

    Mt

    Au g/t

    Au

    Mt

    Au

    Au

    Mt

    Au

    Au

    Mt

    Au

    Au

    koz

    koz

    g/t

    koz

    g/t

    koz

    g/t

    koz

    Probable

    3.0

    1.10

    96

    5.4

    1.04

    183

    1.3

    1.46

    63

    1.5

    2.11

    98

    11.2

    1.22

    440

    
    

    
    

    Cautionary Note About Mineral Resources:

    
    

    Mineral Resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. These mineral resource estimates include inferred mineral resources that are normally considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is also no certainty that these inferred mineral resources will be converted to measured and indicated categories through further drilling, or into mineral reserves, once economic considerations are applied.

    Production targets for the proposed heap leach starter project referred to in this announcement were first released to the ASX and TSXV on 23 February 2015. They are preliminary and there is no certainty that the production targets, or the forecast financial information derived from the production targets, will be realised. All material assumptions underpinning production targets or forecast financial information derived from production targets continue to apply and have not materially changed.

    
    

    Feasibility Study Update

    A Feasibility Study (FS) for a heap leach starter project at the Mankarga 5 commenced during the quarter. The FS will be prepared in accordance with the requirements of both the Australian 2012 JORC Code and Canadian NI 43-101 and will be completed by Q3 2015 and is being completed in parallel with project financing negotiations.

    The Company appointed Perth-based consulting firm Mintrex Pty Ltd as lead consultant to manage the FS. Mintrex has a team of engineering professionals, headed by Mr Tom Kendall, with significant experience in project management services and skills to design, build and commission mining plants.

    Lyndon Hopkins was appointed Study Manager. His immediate responsibility will be leading the Mankarga 5 FS, building on the positive outcome of the Pre-Feasibility Study announced in February 2015.

    Mr Hopkins is a geologist with more than 20 years' experience in gold exploration, development and production. West African will add further operational and corporate strength to the management team and board over the coming months.

    Resource upgrade drilling has commenced, targeting drilling in-pit Inferred Mineral Resources. Some 0.7Mt of Inferred material grading 1.0g/t Au containing 21,000 ounces was included in the PFS pit design and is currently treated as waste. Infill drilling will upgrade this material from Inferred to Indicated category, which will make a positive impact on the project economics and reduced strip ratio.

    
    

    Metallurgical test work is in progress at ALS Ammtec in Perth. More than 4 tonnes of mostly oxide core was airfreighted to ALS in the first quarter of 2015. The company expects to complete the test work program in Q3 CY15

    Project Financing

    
    

    The project will generate strong early cash flow with a payback period of 14 months at US$1,300 gold, and average annual production of 69,000 ounces a year for the first three years (ASX, TSXV: 23/2/2015). The Company intends to finance the development of Mankarga 5 predominantly with senior debt to minimise equity dilution and maximise returns for shareholders.

    The Company has engaged Nick Harch to undertake project finance discussions with potential lenders. Nick is Managing Director of resource investment advisory firm Orimco Pty Ltd and was formerly an Executive Director with Macquarie Bank.

    Permitting

    During the quarter, West African appointed Knight Piesold Pty Ltd (KP) to monitor and assess the studies required to meet the environmental legislation requirements for the Mining Permit application. KP has previous experience in Burkina Faso and will utilise the services of local consultancy INGRID (L'Institut de Gestion des Risques Miniers et du Developpment) as well as other consultants in various disciplines to undertake the studies and the preparation of the documents required for the project's approval. Field work is ongoing, and the company expects to complete the ESIA and NIE by late July 2015.

    
    

    Exploration Upside

    
    

    West African acquired the Tanlouka Permit in January 2014 and has focussed entirely on expanding and improving existing resources, and completing economic studies. There are a number of drill-ready prospects within a short trucking distance from the starter project which have potential to add further plant feed to the starter project which have had little attention from the Company to date. Nearby prospects include Mankarga 1, Mankarga 2, Manesse, Tanwaka, Goudré and Moktedu (Figure 3).

    Mankarga 1 is the most advanced prospect and located approximately 500m northwest of the Mankarga 5 Mineral Resource. WAF geologists are completing detailed prospect and structural mapping of the area at the time of reporting. Mankarga 1 comprises similar rock types and stratigraphy to Mankarga 5, however the major difference is in the orientation of mineralised trends north-northwest, in contrast to Mankarga 5 which trends northeast. Mineralisation is hosted with steeply dipping quartz veining which has been subject to significant artisanal mining activity (Figure 4) with pits down to 30m depth. Channel Resources drilled approximately 23 RC holes and 5 Diamond holes in the area. Mineralisation is structurally complex therefore detailed auger drilling will be completed during the quarter on a 20m by 100m grid, oriented perpendicular to the main mineralised trends. Significant results from historic drilling at Mankarga 1 are shown in Table 3 below.

    In Q1FY16 high-grade results from first-pass shallow oxide RC drilling has been discovered at the Mankarga 3 prospect, with highlights including:-

• Potential to add ounces and increase grade for heap leach starter project; and

• Follow-up RC and Diamond drilling planned to commence in late October 15 following the wet- season

To date the Company has done very little work outside the Mankarga 5 resource area and the new gold discovery at M3 will boost the already robust economics of the heap leach starter project. This discovery at

M3 is located less than 2km from the proposed starter pit. Completion of the Feasibility Study will be extended to Q4 CY15 to allow new oxide mineralisation from M1 and M3 zones to be incorporated into the resource inventory and mine plan.

None of the recently discovered gold mineralisation at the M3 prospect is currently included the project resource inventory. M3 mineralisation will be followed-up with closer spaced drilling in late October 2015, modelled and incorporated in a resource update later this year. Any additional higher grade oxide tonnes will have a positive impact on the project economics. First pass shallow RC drilling targeting oxide mineralisation at M3 has been completed, with initial results including:

• TAC0833: 15m at 0.83g/t Au from 20m

• TAC0995: 6m at 1.88g/t Au from 40m ending in mineralisation

• TAC0996: 32m at 5.02g/t Au including 13m at 7.14g/t Au from 2m

• TAC1024: 9m at 1.11g/t Au from 19m

• TAC1025: 7m at 1.09g/t Au from 27m ending in mineralisation

Follow-up RC drilling is planned to commence in October after the current rainy season. This drilling will test mineralisation with RC hammer and Diamond core drilling. An updated cross-section of through the M3 zone and a summary plan showing results from recent drilling is shown below in Figures 1 and 2, with results presented in Table 1 and 2.

Figure 3 - Project Location surrounding exploration prospects and deposits

OTHER PROJECTS

No work was completed during the quarter in the Company's other projects.

CORPORATE

In June, Mark Connelly was appointed Non-Executive Chairman of West African Resources.

Mr Connelly is the former Managing Director and Chief Executive Officer of Papillon Resources Limited, a Perth based Company with a Mali gold project, which recently merged with Vancouver-based B2Gold Corp in a US$570 million deal. Prior to this he was Chief Operating Officer of Endeavour Mining Corporation following its merger with Adamus Resources Limited where he was Managing Director and CEO.

Mr Connelly has more than 27 years of experience in the mining industry, and has held senior executive positions with Newmont Mining Corporation and Inmet Mining Corporation. He has extensive experience in financing, development, construction and operation of mining projects in a variety of commodities including gold, base metals and other resources in West Africa, Australia, North America and Europe.

Mr Connelly replaces Mr Francis Harper, who has resigned from the board. West African Managing Director Richard Hyde said Mr Connelly would provide important skills to the Company during its transition from developer to producer.

West African Resources had $3.5m cash at bank as at June 30 2015. The company is fully funded by Macquarie Bank (ASX, TSXV: 22/12/14) to complete a Feasibility Study for a heap leach starter project by Q3 CY15, which will incorporate any positive results from ongoing exploration programs.

Qual ified/Competent Pe r son's S tateme nt

Information in this announcement relating to the Pre-Feasibility Study has been prepared by and compiled under the supervision of Dr Leon Lorenzen, an Independent Consultant and Director of Mintrex Pty Ltd, who is a Fellow of the Australian Institute of Mining and Metallurgy (CP) and Fellow of the Institution of Engineers Australia. Dr Lorenzen has sufficient experience which is relevant to and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person (or 'CP') as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) and a Qualified Person under Canadian National Instrument 43-101. Dr Lorenzen has reviewed the contents of this news release and consents to the inclusion in this announcement of all technical statements based on his information in the form and context in which they appear.

Information in this announcement that relates to exploration results and mineral resources is based on, and fairly represents, information and supporting documentation prepared by Mr Brian Wolfe, an independent consultant specialising in mineral resource estimation, evaluation and exploration. Mr Wolfe is a Member of the Australian Institute of Geoscientists. Mr Wolfe 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 a Competent Person (or 'CP') as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) and a Qualified Person under Canadian National Instrument 43-101. Mr Wolfe has reviewed the contents of this news release and consents to the inclusion in this announcement of all technical statements based on his information in the form and context in which they appear.

Information in this announcement that relates to exploration results and mineral resources is based on, and fairly represents, information and supporting documentation prepared by Mr Nigel Spicer, an independent consultant specialising in mining engineering. Mr Spicer is a Member of the Institute of Material, Mining and Metallurgy and the Australian Institute of Mining and Metallurgy. Mr Spicer 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 a Competent Person (or 'CP') as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) and a Qualified Person under Canadian National Instrument 43-101. Mr Spicer has reviewed the contents of this news release and consents to the inclusion in this announcement of all technical statements based on his information in the form and context in which they appear.