22B Beulah Road

T:

(61 8) 8132 8800

ASX Code:

MTH

Norwood, South Australia, 5067

F:

(61 8) 8132 8899

Issued Shares:

421,043,293

Page 1 of 8

22B Beulah Road

T:

(61 8) 8132 8800

ASX Code:

MTH

Norwood, South Australia, 5067

F:

(61 8) 8132 8899

Issued Shares:

421,043,293

Page 2 of 8

22B Beulah Road

T:

(61 8) 8132 8800

ASX Code:

MTH

Norwood, South Australia, 5067

F:

(61 8) 8132 8899

Issued Shares:

421,043,293

Page 3 of 8

22B Beulah Road

T:

(61 8) 8132 8800

ASX Code:

MTH

Norwood, South Australia, 5067

F:

(61 8) 8132 8899

Issued Shares:

421,043,293

Page 4 of 8

Criteria

JORC Code explanation

Commentary

Sampling techniques

Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling.

Moving Loop electromagnetic (MLTEM) geophysical surveying was undertaken over 5 regional targets along strike from, or adjacent to the Stark copper-nickel-PGE prospect (see ASX Announcement dated 15 July 2015).

GEM Geophysics carried out the work for Mithril Resources.

Sampling techniques

Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

The geophysical surveys were undertaken to identity bedrock EM conductors potentially indicative of buried massive sulphide mineralisation. The surveys were designed to ensure that they were a representative test of the individual targets.

Sampling techniques

Aspects of the determination of mineralisation that are Material to the Public Report. In cases where 'industry standard' work has been done this would be relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.

The geophysical surveys were undertaken to identity bedrock EM conductors potentially indicative of buried massive sulphide mineralisation. No new drilling was carried out.

Drilling techniques

Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).

Not Applicable as no drilling was undertaken.

Drill sample recovery

Method of recording and assessing core and chip sample recoveries and results assessed.

Not Applicable as no drilling was undertaken.

Drill sample recovery

Measures taken to maximise sample recovery and ensure representative nature of the samples.

Not Applicable as no drilling was undertaken.

Drill sample recovery

Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

Not Applicable as no drilling was undertaken.

Logging

Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

Not Applicable as no drilling was undertaken.

Logging

Whether logging is qualitative or quantitative in nature. Core

(or costean, channel, etc.) photography

Not Applicable as no drilling was undertaken.

Logging

The total length and percentage of the relevant intersections logged.

Not Applicable as no drilling was undertaken.

Sub- sampling techniques and sample preparation

If core, whether cut or sawn and whether quarter, half or all core taken.

Not Applicable as no drilling was undertaken.

Sub- sampling techniques and sample preparation

If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.

Not Applicable as no drilling was undertaken.

Sub- sampling techniques and sample preparation

For all sample types, the nature, quality and appropriateness of the sample preparation technique.

Not Applicable as no drilling was undertaken.

Sub- sampling techniques and sample preparation

Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

Not Applicable as no drilling was undertaken.

Sub- sampling techniques and sample preparation

Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.

Not Applicable as no drilling was undertaken.

Sub- sampling techniques and sample preparation

Whether sample sizes are appropriate to the grain size of the material being sampled

Not Applicable as no drilling was undertaken.

Quality of assay data and laboratory tests

The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

Not Applicable as no drilling was undertaken.

Quality of assay data and laboratory tests

For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading

The geophysical survey utilised the following geophysical equipment:

 Transmitter - Zonge ZT-30 (Current - 45 to 47Amps /

22B Beulah Road

T:

(61 8) 8132 8800

ASX Code:

MTH

Norwood, South Australia, 5067

F:

(61 8) 8132 8899

Issued Shares:

421,043,293

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Criteria

JORC Code explanation

Commentary

times, calibrations factors applied and their derivation, etc.

Frequency - 3.571Hz / Time Base - 70msec

 Receiver - SMARTem 24

 Sensor - EMIT Fluxgate and CUT Coil

Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.

Not Applicable as no drilling and / or geochemical sampling was undertaken.

Verification of sampling and assaying

The verification of significant intersections by either independent or alternative company personnel.

Significant Results detailed in this Report have been verified by the

Company's geophysicist and Managing Director

Verification of sampling and assaying

The use of twinned holes.

Not Applicable as no drilling was undertaken.

Verification of sampling and assaying

Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

Primary geophysical data was captured electronically in the field and transmitted to the Company's Perth-based geophysicist on a daily basis. Quality control measures were undertaken both in the field and in the office.

Verification of sampling and assaying

Discuss any adjustment to assay data

None undertaken.

Location of data points

Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

While no drilling was undertaken, the location of historic drillholes referred to in this Report have been confirmed by handheld GPS.

Location of data points

Specification of the grid system used.

Data points have been quoted in this Report using the MGA Zone

50 (GDA94) coordinate system.

Location of data points

Quality and adequacy of topographic control.

Level of topographic control offered by the handheld GPS was considered sufficient for the work undertaken.

Data

spacing and distribution

Data spacing for reporting of Exploration Results.

MLTEM data was acquired with a single turn 200 x 200m loop with nominal 100m station spacing on 200m-spaced lines.

Data

spacing and distribution

Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

The data spacing and distribution is not sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s).

Data

spacing and distribution

Whether sample compositing has been applied.

Not Applicable as no drilling and / or geochemical sampling was undertaken.

Orientation of data in relation to geological structure

Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

The orientation of the geophysical surveys was designed to be unbiased with respect to know geology and structures.

MLTEM stations were typically orientated on east - west lines although for Target D, they were orientated northeast - southwest.

Orientation of data in relation to geological structure

If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

Not Applicable as no drilling was undertaken.

Sample security

The measures taken to ensure sample security.

Not Applicable as no drilling was undertaken.

Audits or reviews

The results of any audits or reviews of sampling techniques and data.

All results were reviewed by Company personnel including the Senior Geophysicist and Managing Director. No negative issues were identified from these reviews.

22B Beulah Road

T:

(61 8) 8132 8800

ASX Code:

MTH

Norwood, South Australia, 5067

F:

(61 8) 8132 8899

Issued Shares:

421,043,293

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Criteria

JORC Code explanation

Commentary

Mineral tenement and land tenure status

Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

The work described in this Report was undertaken on Exploration Licence 51/846 (which is wholly owned by Mithril) and E51/1040 which is owned by Intermin Resources and in which, Mithril has the right to earn up to a 75% interest by completing $4M expenditure over 6 years (See ASX Announcement dated 6 December 2013).

Mineral tenement and land tenure status

The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

There are no existing impediments to the tenements.

Exploration done by other parties

Acknowledgment and appraisal of exploration by other parties.

Intermin estimated a 2004 JORC Code Compliant Inferred

Resource for the Nanadie W ell Copper Deposit of 36.07Mt @

0.42% Cu in September 2013.

This work followed the completion of various previous RAB, RC and geophysical surveys throughout the area by Inter min and previous exploration companies.

All previous drilling of the Stark Prospect drill targets has been undertaken by Mithril Resources.

Geology

Deposit type, geological setting and style of mineralisation.

The Nanadie W ell Copper Deposit is interpreted to be an

Archaean - age, mafic-hosted magmatic copper-nickel deposit.

The Stark Prospect is interpreted to be an Archaean - age, mafic-hosted magmatic copper-nickel-PGE occurrence.

Disseminated copper (+/- lead, zinc, nickel) sulphide mineralisation occurs within a package of structurally deformed mafic lithologies.

Drill hole

Information

A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

easting and northing of the drill hole collar, elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar, dip and azimuth of the hole, down hole length and interception depth, hole length.

A summary of the geophysical work referred to in this Report is presented in Table 1 and Figures 2 - 5.

Drill hole

Information

If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

No information has been excluded.

Data aggregation methods

In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.

Not Applicable as no drilling and / or geochemical sampling was undertaken.

Data aggregation methods

Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

Not Applicable as no drilling and / or geochemical sampling was undertaken.

Data aggregation methods

The assumptions used for any reporting of metal equivalent values should be clearly stated.

Not Applicable as no drilling and / or geochemical sampling was undertaken.

Relationship between mineralisation widths and intercept lengths

These relationships are particularly important in the reporting of Exploration Results.

Widths of mineralisation have not been postulated.

Relationship between mineralisation widths and intercept lengths

If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

The geometry of the mineralisation is not known.

Relationship between mineralisation widths and intercept lengths

If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. 'down hole length, true width not known').

Not Applicable as no drilling and / or geochemical sampling was undertaken.

Diagrams

Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

See Figures 2 - 5 of this Report.

Balanced reporting

Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading

All results are reported.

22B Beulah Road

T:

(61 8) 8132 8800

ASX Code:

MTH

Norwood, South Australia, 5067

F:

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Issued Shares:

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Criteria

JORC Code explanation

Commentary

reporting of Exploration Results.

Other substantive exploration data

Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

All relevant data has been included within this Report.

Further work

The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).

Detailed review of the geophysical survey results. A follow up drilling program will be completed as soon as possible.

Further work

Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

Figures 2 - 5 display areas of interest within the Stark Prospect area.

22B Beulah Road

T:

(61 8) 8132 8800

ASX Code:

MTH

Norwood, South Australia, 5067

F:

(61 8) 8132 8899

Issued Shares:

421,043,293

Page 8 of 8