Walford Creek Project

The flagship asset and highest priority tenement holding of the Aeon assets is the 100% owned Walford Creek Project, which is a large base metals project with significant 2012 JORC Indicated and Inferred Resources of 73Mt at 1.43% Cu Equiv1.

In late 2014, Aeon drilled 19 holes (6,021m) on its Walford Creek licences, 17 infill and 2 extension holes, using a combination of RC percussion and core drilling (the mineralised zones being diamond drilled).  This takes the drilling metres at Walford Creek to over 40,000 and, using the new drill hole data, H&S Consultants Pty. Ltd. (“H&SC”) recently (6 March 2015) completed an updated Resource estimate.

The H&SC report, using the same resource modelling methodology as the previous Resource estimates, showed a 52% increase in the size of the Indicated and Inferred Resources including a 13.5% increase in the Indicated Resources.

Since 2010, Walford Creek has been held in private hands, with 14,992 metres of drilling undertaken along a 5km zone. The current JORC Resource has been defined along this 5km strike length of the Fish River Fault Zone, which extends for 25km within the Walford Creek Project tenements. The mineralisation is largely structurally controlled thus there is substantial potential for Resource extensions along the strike-length of the fault.

Competent Person Statement
The data in this report that relates to Mineral Resource Estimates for the Walford Creek Deposit is based on information evaluated by Mr Simon Tear who is a Member of The Australasian Institute of Mining and Metallurgy (MAusIMM) and who has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as Competent Persons as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”). Mr Tear is a Director of H&S Consultants Pty Ltd and he consents to the inclusion in the presentation of the Mineral Resources in the form and context in which they appear.

The information in this report that relates to exploration results for the Walford Creek Deposit is based on information compiled Mr Dan Johnson who is a Member of the Australian Institute of Geoscientists and who has sufficient experience 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 as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”). Mr Dan Johnson is a full-time employee of Aeon Metals Queensland Limited and consents to the inclusion in the presentation of the Exploration Results in the form and context in which they appear.

1. Contained Metal Equivalents
It is the Company’s opinion that all the elements included in the metal equivalents calculation below have a reasonable potential to be recovered. The following metal prices were used for the calculation of copper equivalent – A$3.53/lb – Cu, A$1.05/lb – Pb, A$1.06/lb- Zn, A$23/oz – Ag, A$15.7/lb – Co.

Cu Equiv Formula = Copper grade + (Pb grade*(Pb price/Cu price) + (Zn grade*(Zn price/Cu price) + Ag grade*((Ag price/0.0625)/Cu price) + (Co grade*(Co price/Cu price).

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