SUMMARY‌‌‌‌‌

CORPORATE

• Private share placement to sophisticated Investors was completed with $200,000 received

• A Share Purchase Plan (SPP) conducted during the quarter with $276,000 raised from existing shareholders at the same share price as the private placement‌

• Spargoville Deeds of Assignment progressing with 1 outstanding Deed for Completion

• Maximus achieves 51% equity in Spargoville tenements gold rights

  
  

  WESTERN AUSTRALIA

  SPARGOVILLE PROJECT

  
  

• Maiden drilling program completed on Eagles Nest tenement in December

• 8 Reverse Circulation holes completed for a total of 809 metres

• Logging of drill chips indicates mineralisation in 7 of 8 holes completed

• Ongoing soil and lag sampling during the quarter continues to produce high grade results

  
  

  NARNDEE PROJECT

  
  

• Preparations continue for a ground EM survey on the priority conductor to assist with design of drilling program

• Applications submitted for 3 tenements contiguous to existing MXR ground to protect exploration targets and secure position

  
  

  SOUTH AUSTRALIA‌

  MILLERS CREEK PROJECT

  
  

• Continue to seek expressions of interest for Joint Venture or sale/purchase of tenement package

  
  

  ADELAIDE HILLS PROJECT

  
  

• Two tenements retained in Adelaide Hills project following relinquishment of two northern tenements

DEVELOPMENT AND EXPLORATION ACTIVITIES

WESTERN AUSTRALIA

SPARGOVILLE PROJECT GOLD PROJECT

Maximus 51%

Maximus acquired a 25% interest in the Spargoville gold tenement package located 70km south of Coolgardie in the Eastern Goldfields on 5 August 2015. Following initial onsite familiarisation and orientation work, an infill soil sampling program was initiated to commence testing the 60 plus targets identified by an independent geophysicist in 2012, yet to be fully investigated.

As MXR continued evaluating the wealth of data available, including historical soil sampling results, Aerial EM data, aircore drill data, RC drill data and Diamond drill data and associated assay data, several high potential targets were identified. These targets were the subject of a second program of soil and lag sampling during the September quarter. It is envisaged that multiple highly anomalous results from the early soil sampling programs will quickly lead to drilling programs.

A third round of soil sampling commenced late in September with a further 1,100 samples collected and submitted for analysis. All primary soil and Lag samples collected during the MXR exploration programs are assayed for multi elements (a suite of 45 elements), including Gold, Silver, Copper, Nickel, Lead, Zinc and Sulphides. Assay results continued to generate high grade targets currently being reviewed and prioritised for future drilling programs.

During November, Maximus confirmed that it had invested a further $200,000 into exploration on the Spargoville tenements and increased its equity in the gold interests to 51%. Transfer documentation was submitted to the Western Australian Department of Mines and Petroleum for registration of the increased equity position.

Maximus commenced its maiden drilling campaign during December on the Eagles Nest tenement completing 8 reverse circulation (RC) holes for a total of 809 metres. Logging of the drill chips indicates mineralisation in 7 of the 8 holes. Assay results are anticipated in mid-January 2016.

Figure 1: Spargoville tenements - Maximus holds 51% equity in gold rights

NARNDEE BASE METALS PROJECT

Maximus 100%

The recent review of exploration programs and the resultant data on the Narndee tenements continued during the quarter and has highlighted Electromagnetic (EM) conductors that warrant on-ground follow-up.

Preparations continued on the timing of a ground electromagnetic (EM) survey to test an airborne EM anomaly identified during the review. The target presents as long slender feature considered similar to the Nova Bolinger anomaly in the Fraser Range area in Western Australia. The planned ground EM survey will provide more detailed information regarding the anomaly and will provide valuable data to pinpoint drill collar positions in the anticipated drilling program.

Applications were submitted to the Department of Mines and Petroleum (DMP) for 3 tenements contiguous with the current MXR tenements (see figure 2) in the area to secure all possibilities for the EM target.

Maximus is continuing to evaluate surrounding tenements to further secure our position, and thus secure future potential in the southern portion of the tenement package (Milgoo project area).

The company also reviewed the northern tenement package located east of Mt Magnet held for its gold potential, where little success has resulted from early exploration efforts. Expenditure commitments on these tenements were increasing, and with the focus moving to the southern portion of the Narndee block and the Spargoville gold tenements near Coolgardie in the Eastern Goldfields, maintaining these northern tenements is difficult to justify in the current environment. As a result, 4 northern tenements were relinquished during the quarter.

MG24

Figure 2: Narndee tenement holding including ELA's applied for to secure MG24 target.