ASX Announcement Alt Resources Limited 30 April 2019 1 ACN 168 928 416

QUARTERLY REPORT

Review of Activities, Period ending 30 March 2019

OVERVIEW

Alt Resources Limited (“Alt” or “the Company”) is pleased to provide shareholders its Activity Report for the Quarter ending 30 March 2019.

During this period, the Company has delivered a third resource upgrade at the Bottle Creek and Mt Ida Gold Projects and completed metallurgical testing of the Bottle Creek Emu and Southwark ore zones.

Additionally, the Company has focussed on the Mt Ida and Quinn’s Mining Centre assets undertaking comprehensive data review of the Mt Ida soil geochemistry, drill hole database and magnetics identifying several underexplored historical areas and additionally newly defined exploration targets.

Alt’s geological team have confirmed the Shepherd’s Bush prospect and several areas in the Quinn’s Mining Centre as immediate exploration targets. Plan of Work (POW) applications have been lodged and approved with drilling scheduled to commence in Q2 2019.

The Mt Ida Gold Project is rapidly evolving into a promising gold hub, with multiple exploration and mining targets throughout the vicinity.

PROJECTS

The Company continues to hold the Paupong exploration project in New South Wales, along with the Bottle Creek, Mt Ida, and Mt Roberts Cottee projects in Western Australia. During the report period the Bottle Creek and Mt Ida Projects were the focus of activities.

Figure 1: Location of Alt Resources’ projects. See Appendix 1 for full tenement holding

ASX Announcement Alt Resources Limited 30 April 2019 2 ACN 168 928 416

BOTTLE CREEK - WESTERN AUSTRALIA

The 3rd Bottle Creek resource upgrade, which was announced 13 March 20191, was the focus of technical work in the later part of the quarter. The Company completed estimations based on the third phase of RC drilling at Bottle Creek. With mineralisation extensions confirmed to the south of the Emu and Southwark deposits, as well as to the north of the VB and Boags open pits. The Phase 3 drill program has added an additional 148,668 oz Au and 2.88 Moz Ag. Bringing the total for Alt’s Bottle Creek Gold Project to 5.5 Mt @ 1.72 g/t Au, for 309,000 oz Au (Table 1), including 5.5 Mt @ 21.1 g/t Ag for 3.78 Moz Ag Figure 2.

Figure 2: Mt Ida and Bottle Creek project tenements and resource ounces

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Key Points - Resource Upgrades • Bottle Creek JORC resource estimate is now 5.6 Mt @ 1.72 g/t Au, for 309,000 oz Au and

3.78 Moz Ag • Bottle Creek and the Mt Ida Project combined resource inventory now stands at 6.8 Mt @

1.85 g/t Au for 406,000 oz Au and 3.78 Moz Ag • Measured + Indicated resource for the Bottle Creek and Mt Ida Projects now stand at

316,000 oz Au and 2.7 Moz Ag • The average project wide cost per resource ounce Au now stands at $9.80 • Resource upgrade includes additional 5,131 metres of new RC drilling defining extensions to

the south of Emu and Southwark deposits and north of the VB and Boags pit • Preliminary pit optimisation and scoping study completed# • Preliminary treatment plant design and costing completed

Tailings storage facility study completed

Alt completed initial metallurgical test work on oxide gold samples at the Emu and Southwark deposits from the Bottle Creek Gold Project with very positive results confirming the historical recoveries reported by North during the mining cycle in the 1980’s2.

Key Points - Metallurgy • 94% recoverable gold and 65% recoverable silver using conventional cyanide leach processing

on samples of Emu and Southwark oxide material • Metallurgical recovery tests completed at a range of grind sizes from 80% passing 106 micron

to 80% passing 45 micron. An optimum grind size of 80% passing 60 micron has been chosen for additional work.

• Rapid leach kinetics for both gold and silver after first 12 hours using existing site water • Bond ball mill Work Index 10.6 in line with historical record of 10.9 recorded from the

historical mining cycle at Bottle Creek • Cyanide and lime consumption in line with existing WA CIP plant operations

Bottle Creek Resource Upgrades The Company released its Maiden JORC Resource estimate for Bottle Creek on the 16th August 20183. With a second resource upgrade for Bottle Creek being announced to the market 18th October 20184. This third resource upgrade expands Alt’s overall Mt Ida and Bottle Creek Gold Project resource inventory significantly. Alt’s combined mineral resource Inventory now stands at 6.8 Mt @ 1.85 g/t for 406,000 oz Au and 3.78 Moz Ag consisting of the Bottle Creek Project combined with the existing resources on the Mt Ida Project, which includes Quinn’s and Mt Ida South Project areas. See Tables 2 and 3 for summary information on existing and upgraded Mt Ida and Bottle Creek resource estimations. The current expanded resource upgrade supports the Company’s continued project development strategy for the Mt Ida region with Bottle Creek being the cornerstone asset and the preferred location for a future treatment plant. Work on processing options along with the current resource upgrade has the Mt Ida Gold Project rapidly evolving into a development project. The project area

2 https://www.altresources.com.au/wp-content/uploads/2019/02/ARS-Mettalurgical-Results-and-Capital-Update-7Feb19.pdf 3 https://www.altresources.com.au/wp-content/uploads/2018/08/Maiden-Gold-Resource-for-Emu-and-Southwark-increases-Bottle-Creek-Gold-Project-to-206800oz.pdf 4 https://www.altresources.com.au/wp-content/uploads/2018/10/ASX_ARS-Resource-Upgrade-at-Bottle-Creek-18Oct18.pdf # Preliminary pit optimisation study based on the Company’s October 2018 Resource Estimation model

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has multiple additional exploration and mining targets identified within the Company’s landholding. The upgraded resource estimate incorporates results of 5,131 metres new RC drilling undertaken immediately to the south of the Emu and Southwark deposits and to the north of the VB (Figure 4) and with results announced to the market 14 December 20185.

The Bottle Creek Gold Project resource estimates are now classified in accordance with the Australasian Code for Reporting of Identified Mineral Resources and Ore Reserves (JORC, 2012) as Measured, Indicated and Inferred and shown as coloured block models in Figures 3 and 4.

Figure 3: Oblique long section showing Cascade, Southwark and Emu deposits block model with yellow = measured, pink = indicated and blue = inferred

Figure 4: Oblique long section showing VB and Boags deposits block model below the existing pits with pink = indicated and blue = inferred 5 https://www.altresources.com.au/wp-content/uploads/2019/01/Alt-ASX-Final-BC-Phase-3-14Dec18.pdf

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Drilling and Assay Summary

Alt commenced RC drilling at Bottle Creek in March 2018, completing a first phase program of 11,692 metres from 140 drill holes in May 2018. The second phase of drilling was completed in July 2018, incorporating 1,772 metres from 29 drill holes, with the third phase being completed and announced to the market 14 December 2018, adding 5,131 metres from 70 drill holes.

The third phase of the Bottle Creek RC drilling in conjunction with Alt’s previous Phase 1 and 2 drilling programs and now the inclusion of the Norgold Ltd and Electrolytic Zinc Company (EZ) historical drilling database forms the basis of the updated JORC Mineral Resource for Bottle Creek reported in the quarter1. The Company, during all 3 Phases of drilling programs, has twinned multiple holes drilled by Norgold and EZ up and down the Bottle Creek strike and has validated the historical data for inclusion in the resource estimation.

Alt’s drilling at the Emu and Southwark deposits extends for approximately 2.2 km north-north-west/south-south-east. The main mineralised zones at Southwark and Emu were historically drilled on 25 metre spaced sections, with Alt infilling the historical drill fences to spacings between 10 and 25 metre, along with twinning historic drill holes. Within the Emu and Southwark extensions, historical drill fence spacing was 50 to 100 m. Alt’s new drilling has infilled these areas to between 10 and 25 m spacing. Twinned holes have also been drilled in these areas. The new drill holes are spaced between 10 to 20 m apart. This density of new data, combined with the validated historical drilling, has provided excellent constraint for the geological and mineralisation interpretations as shown in the wireframe for Emu and Southwark deposit (Figure 5).

Figure 5: Mineralisation model as a wireframe of the unmined Emu deposit looking from below up strike to the north-east toward Southwark deposit

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Figure 6: Location of modelled deposits at Bottle Creek, including Emu, Southwark, Cascade, as well as Boags and VB (previously mined pits, not included in Bottle Creek JORC Resource). Red dots represent historical drilling, whilst green dots represent Alt’s drilling.

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BOTTLE CREEK METALLURGICAL TESTWORK SUMMARY

Oxide composite samples were collected from five representative diamond core drill holes drilled across the strike of the Emu and Southwark deposits at Bottle Creek and provided to Australian Minmet Metallurgical Laboratories Pty Ltd (AMML). The samples were representative of the various ore types in the oxide zone, which would be the focus of any future open pit mining and processing activities. Samples were composited from diamond holes drilled by DDH1 Drilling in 2018 at the Emu and Southwark ore bodies announced to the market 28 August 20186. Table 1 details the sample intervals combined in to a single ‘bulk’ composite sample, from which sub samples were utilised in the various tests completed by AMML. The metallurgical results confirm gold and silver recoveries in line with expectations utilising conventional cyanide leach techniques.

The test work program entailed four leach tests, two viscosity tests and a Bond Ball Work Index comminution test. Three tests, on different particle sized material (106, 75 & 45um), were initially completed utilising stirred kinetic cyanide leaching with ground water delivered to AMML laboratory from the Bottle Creek mine site. A conventional 24hr cyanide leach was also carried out to determine if preg robbing material is present in the ore. The CIL test showed no difference in Au dissolution compared to the non-carbon leach, indicating that no preg robbing material was present.

The test work has demonstrated very rapid leaching kinetics for both KL & CIL samples and favourable gold recovery consistent with expectations to produce a near maximum leaching of gold and silver within the first 12 hours shown in Figure 7. Cyanide consumption from the KL tests ranged from 1.37 to 1.45 kg/t (increasing with finer grind). A Bond Ball Mill Work Index of 10.6 kWh/dry tonne was determined, indicating the Bottle Creek oxide ore is relatively soft. Reports related to the initial mining at Bottle Creek, completed by Norgold in the 1990’s, indicated a Bond Ball Mill Work Index of 10.9 kWh/dry tonne.

The test work was undertaken by AMML Metallurgical Laboratories in Gosford, NSW and was managed Tim Baily, Senior Metallurgist (Grad. Dip. Metallurgy, B Sc), M AusIMM and reviewed by William Flannery of Timora Pty Ltd. Timora Pty Ltd recommended additional testing to be completed at a 60 um grind, which is considered to be optimal based on the current results. AMML completed this test work with a 93.1% Au recovery and 65% Ag recovery being reported consistent with expectations.

The positive metallurgical results allow the Company to finalise pit optimisation work aimed at determining optimal plant capacity and indicative project economics, allowing metrics around plant design to be confirmed. Minecomp Pty Ltd and Timora Pty Ltd are assisting the company with this work with results expected to be available in the near term.

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Figure 7: Gold dissolution vs Time (Kinetic Leach tests)

Table 1: Drillhole collar table with intervals selected for metallurgical testing from diamond drilling completed by Alt Resources at the Bottle Creek project, described in this announcement.

Hole_ID Easting* Northing RL Dip Azi* M from M to Type Weight (kg) SWKRCDD018 251,419 6,772,934 489.5 -60 069 86.5 90.5 OXIDE 7.7 SWKRCDD014 251,427 6,772,911 489.4 -60 069 81.7 88.0 OXIDE 10.0 EMRCDD014 251,730 6,772,143 485.9 -60 069 86.0 93.0 OXIDE 14.0 EMRCDD080 251,685 6,772,234 481.2 -60 069 101.0 105.6 OXIDE/TRANSITION 9.1 EMDD004 251,692 6,772,276 481.2 -60 070 62.0 77.0 OXIDE 18.4

Total weight of composite sample: 59.2 *All coordinates in GDA94, zone 51

MT IDA SOIL GEOCHEMISTRY Significant gold in soil geochemistry suggests the Mt Ida Project contains multiple gold prospects outside of the Company’s known and defined resources. Much of the Mt Ida tenure has undergone surface geochemical sampling in particular by Newcrest, La Mancha and Wild Acre Metals who completed several large-scale regional soil grids over much of the Mt Ida project. Alt has now compiled this historic data into a single regional soil survey map. The soil sampling has been completed at various grid spacing and is dominated by auger sampling, with selected areas using sieved soils and is shown in Figure 8.

The gold in soil anomalies identified in the Mt Ida South and the Quinn’s project areas are predominantly associated with the Ballard Fault on the eastern margin, which is considered the dominant structure controlling the mineralisation. The Bottle Creek South anomalies are associated

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with the Mt Ida Shear on the western margin. The Mt Ida Shear being the dominant structure controlling known gold mineralisation at Bottle Creek 3km up strike from Bottle Creek South7.

Figure 8: Alt Resources, Mt Ida Project current tenement holdings and historical soil grids

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ASX Announcement Alt Resources Limited 30 April 2019 10 ACN 168 928 416

REGIONAL EXPLORATION - SHEPHERDS BUSH MT IDA

The Shepherds Bush prospect was identified as a gold in soil anomaly by La Mancha Resources in 2006 and is located 2km south of Alts’ Spotted Dog South Resources. Shepherds Bush occurs at the intersection of the regional scale north-south orientated Ballard Shear and an oblique north-east cross cutting structure as illustrated in Figure 9. Initial drilling was completed by La Mancha confirming gold mineralisation. The gold in soil anomaly appears to be controlled by the north-east orientated structure, indicating potential to undertake follow up drilling along strike.

Key Points

• Technical review of La Mancha Resources historical drilling has revealed historic wide gold intercepts at Shepherds Bush prospect Mt Ida South8

• Same mineralized structure as Tim’s Find and Spotted Dog deposits • Shepherds Bush lies 2 kilometres south of Spotted Dog on the Ballard fault • Significant historic RAB and RC intercepts from Shepherds Bush prospect include:

12m @ 1.65 g/t Au from 72m 20m @ 1.37 g/t Au from 28m 12m @ 0.99 g/t Au from 52m 32m @ 0.91 g/t Au from 48m 32m @ 0.82 g/t Au from 72m 16m @ 0.79 g/t Au from 60m 16m @ 0.78 g/t Au from 28m

The location of Shepherds Bush prospect is favourable, being 2km south of the Company’s Spotted Dog South and Tim’s Find existing gold resources which are within 10km of the Bottle Creek resources. Alt has lodged a Program of Work (POW) to expand exploration drilling at Shepherds Bush, with RC drilling and is scheduled to commence later in 2019.

The geochemical anomaly was drilled by La Mancha Resources in 2006 with an initial eight-hole AC and RAB program and was then followed by a 7 hole RC program. Drilling was completed on two 200 metre spaced lines with no follow up drilling undertaken, despite Positive gold assays. RC drilling results suggests a potential broad zone of low-level supergene anomalism associated with hematite alteration and silicification. The RC logging indicates weathering penetrates to ~80 metres below surface. The gold mineralisation intersected by this drilling suggests gold bearing fluids may have been introduced into the sulphide-rich host horizon, along the intersection with the NE-SW striking fault.

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Figure 9: Shepherds Bush prospect– Plan Map of La Mancha drill hole collars and gold in soil Au anomalism overlying

RTP 1VD Magnetics

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Table 2: Summary of updated Mineral Resource Estimate for the Bottle Creek Project, incorporating the new estimate for the north and south Emu, VB and Boags ore zones using 0.5 g/t cut-off for gold. Tonnes, have been rounded to the nearest 1,000*.

Deposit Category Tonnes Grade (g/t Ounces Au Tonnes Grade (g/t Ounces Ag

Emu and Southwark Measured 602,000 2.3 44,264 602,000 9.5 187,000 Indicated 1,939,000 1.81 112,917 1,939,000 13.1 815,000 Inferred 516,000 1.3 21,653 516,000 15.2 251,700 Vb and Boags Indicated 1,827,000 1.67 98,291 1,827,000 28.9 1,697,400 Inferred 692,000 1.43 31,553 692,000 37.3 829,340 Total 5,570,000 1.72 309,000 5,570,000 21.1 3,780,000

Table 3. Mineral Resource inventory for the Mt Ida Project at Au > 1 g/t. Tonnes and grade have been rounded. Data from Latitude Consolidated Ltd (LCD) Announcement, 14th September, 2016. Published by Alt Resources on the 16th January, 2018.

Deposit Measured Indicated Inferred Total Tonnes Grade

(Au g/t) Oz

(Au) Tonnes Grade

(Au g/t) Oz

(Au) Tonnes Grade

(Au g/t) Oz

(Au) Tonnes Grade

(Au g/t) Oz

(Au) QUINNS PROJECT Boudie Rat 130,000 3.0 12,200 130,000 3.0 12,200 Forrest Belle 130,000 2.5 10,300 30,000 3.6 3,500 160,000 2.7 13,800 Boudie West 100,000 2.1 6,700 100,000 2.1 6,700 Belvidere 30,000 3.8 3,300 30,000 3.8 3,300 Boudie Beach 10,000 2.5 600 10,000 2.5 600 Quinn Hills 20,000 5.7 3,900 20,000 5.7 3,900 Matisse East 40,000 1.8 2,100 40,000 1.8 2,100 Matisse West 70,000 1.5 3,200 70,000 1.5 3,200 MOUNT IDA SOUTH PROJECT Tim’s Find 360,000 2.6 30,900 360,000 2.6 30,900 Spotted Dog North

250,000 1.9 15,200 250,000 1.9 15,200

Spotted Dog South

70,000 2.2 5,100 70,000 2.2 5,100

Total 130,000 2.5 10,300 550,000 2.9 50,900 560,000 2.0 36,100 1,240,000 2.5 97,300

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Towards Feasibility

Alt Resources is committed to advancing the Bottle Creek Gold Project towards gold production. Consistent with the Corporate Strategy to develop the Bottle Creek Project, Alt has progressed various technical studies including pit optimisation study for the pre-stripped Emu deposit and the Southwark deposit, treatment plant preliminary plant design and costing parameters, tailings storage facility and environmental assessment studies. The various components will go into the preparation of a feasibility study.

Alt has focused on realising the Company’s vision of expanding existing Mt Ida JORC Resources and making new discoveries in the Mt Ida Gold Belt. We are moving towards our goal of establishing a central gold production hub at the Bottle Creek mine site.

Corporate

During the quarter, Mr. Clive Buckland retired as a Director and Company Secretary. The Board thanks Clive for his contribution the Company wishes him all the best in his retirement. As the Company moves towards development of our Bottle Creek and Mt Ida Gold Project, Clive’s retirement makes way for the addition of a new Director with project development experience. Ms. Elissa Hansen was appointed as Company Secretary.

On 7 February 2019, the Company issued 6,700,000 fully paid ordinary shares at $0.03 to raise $201,000. Funds raised were used to continue drilling programs, for metallurgical and re-feasibility studies and general working capital.

The Company also secured a Revolving Line of Credit (RLOC) from Turkey Investments Pty Ltd at an interest rate of 1% per month. This had been drawn down by $10,000 at the end of the quarter.

For Further information please contact:

James Anderson Peter Nesveda Chief Executive Officer Investor Relations James.anderson@altresources.com.au M: +61 (0) 412 357 375 peter@intuitiveaustralia.com.au

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Appendix 1 Alt Resources tenements Project (Location)

Tenement Number

Tenement Area (km2)

Title Holder % Ownership

Paupong - NSW EL7825 87.77 Alt Resources & GFM Exploration Alt holds 70% EL8645 52.35 Alt Resources & GFM Exploration Alt holds 70% Myalla - NSW EL8416 57.99 Alt Resources & GFM Exploration Alt holds 70% Mount Roberts - WA M36/279 1.21 Alt Resources & Mount Roberts Mining Alt holds 51% M36/341 1.21 Alt Resources & Mount Roberts Mining Alt holds 51% E36/888* 42.00 Alt Resources Alt will hold 100% Bottle Creek - WA M29/150 5.71 R.S Lehmann Alt acquiring 100% M29/151 4.57 R.S Lehmann Alt acquiring 100% Mount Ida - WA E29/1007 8.40 MGK Resources† MGK holds 100% E29/1008 2.80 MGK Resources MGK holds 100% E29/1014 5.60 MGK Resources & Maincoast MGK holds 80% E29/1016 78.40 MGK Resources MGK holds 100% E29/790 11.20 MGK Resources MGK holds 100% E29/901 11.20 MGK Resources & Maincoast MGK holds 80% E29/921 78.40 MGK Resources & Maincoast MGK holds 80% E29/969 30.80 MGK Resources & Gazard Investments MGK holds 80% E29/970 5.60 MGK Resources & Gazard Investments MGK holds 80% E29/971 2.80 MGK Resources & Gazard Investments MGK holds 80% E29/973 8.40 MGK Resources & Gazard Investments MGK holds 80% E29/993 2.80 MGK Resources & Maincoast MGK holds 80% M29/421 4.39 MGK Resources MGK holds 100% E29/649 16.80 MGK Resources MGK holds 100% E29/748 2.80 MGK Resources MGK holds 100% E29/930 8.40 MGK Resources MGK holds 100% E29/943 14.00 MGK Resources MGK holds 100% E29/997 16.80 MGK Resources MGK holds 100% E29/998 5.60 MGK Resources MGK holds 100% M29/36 1.21 MGK Resources MGK holds 100% M29/37 2.42 MGK Resources MGK holds 100% M29/65

8.04 MGK Resources MGK holds 100%

No mining tenements have been acquired or disposed of during the Quarter * tenement pending †MGK Resources is a wholly owned subsidiary of Alt Resources