Announcement PDF Updated Reward Gold Project PFS demonstrates even stronger economics and builds a robust base for future growth. ASX Announcement 26th FEBRUARY 2024 High Grade Reward Gold Mine PFS update delivers outstanding results including 18% increase in NPV, 43% increase in IRR, 15% increase in free cash flow, and a decrease in pre-production CAPEX by 40% and payback period by 6 months1 PFS HIGHLIGHTS: Project Life 2 years of minerals processing activities Gold Production 49,890 ounces Gross Revenue $150 million Capital Expenditure $17 million Pre-production AISC $1,833 per ounce Total Employment 70 Full time employees Free Cashflow $41 million pre tax NPV at 7% $33.3 million pre tax IRR 110% pre tax All dollars are Australian Dollars ($) unless stated otherwise. Key Parameters • Life of mine pre-tax cash of $41 million at $3,000/oz gold price. • 6-month payback1 • Average monthly gold production of 2,169 oz over 23 months with 92% gold recovery. • 26,000 oz of gold produced per year on an annualised basis. • Mine design based on mechanised mining methods. Long hole open stoping with remotely operated loaders was selected as the primary stoping method. • Planned processing of 181kt of material at a head grade of 9.3 g/t for 49,890 ounces of gold recovered. • $17m of capital required prior to production. Savings achieved in purchase of Morning Star Plant and through deferment of discretionary expenditures where possible. • Owner operator with a focus on grade not tonnes. • Only 2 operators required to run the plant on any shift. Maiden Ore Reserve • Probable Ore Reserve of 130kt at 9.7 g/t Au, containing 40,900 ounces of gold. • Reserve represents 75% of LOM metal production. W. www.Vertexminerals.com E. info@vertexminerals.com.au Mineral Resource • Production schedules and financial estimates are based on Indicated Mineral Resources (~75% of Au) and Inferred Mineral Resources (~25% of Au). • Combined Mineral Resource Estimate (MRE) for the Reward gold deposit at Hill End stands at 419,000 tonnes at 16.72g/t Au for 225,200oz Au (VTX Announcement 21 June 2023) Table 1 – Reward Resource Estimate Classification Cut-off Tonnes Au (g/t) Ounces Indicated 4 141,000 15.54 70,500 Inferred 4 278,000 17.28 154,700 Total 4 419,000 16.72 225,200 • The best platforms for further exploration drilling are from the underground mine due to the rugged terrain of the area (see Figure 2). The proposed development provides access to explore down dip and along strike. • Mine development provides the best opportunity efficiently diamond drill and to add to the resource base (size and confidence category) and potentially extend life of mine. (refer Table 3) Mineral Processing The major changes between the new build PFS plant and the re-engineered acquired plant are listed below: • • • • • • Flowsheet changes, ü 3 stage crushing instead of 2 stages. ü Slightly lower nominal throughput rate ü Smaller but multiple Gold Centrifuges ü Smaller regrind Mill (ML1500 instead of ML3000) ü InLine Pressure Jig instead of Spirals Water and Power Demand changes ü Raw Water demand dropped to 10 m3/h from 35 m3/h ü Installed power has reduced from 688 kW to 365 kW. CAPEX changes ü Lower Capex ü Refurbishment and re-use of various fixed plant from both the Reward and Morningstar Plants OPEX Changes ü Power consumption and maintenance requirements have been changed to suit the new flowsheet and throughput. Reduced Build Time Gold recovery of 92% achieved using gravity separation techniques. No requirement for the use of cyanide or other chemicals. • Planned plant throughput of 110 ktpa is optimised to match underground production schedule. • Capital expenditure to procure, refurbish, transport and re-build the processing plant of $3.6 million. W. www.Vertexminerals.com E. info@vertexminerals.com.au The Reward gold mine is well placed for a simple start –up: • The new processing plant will be constructed adjacent to the underground mine portal (640 Level) and the Company plans to increase throughput up to 110 ktpa. • The 640 Level extends into the resource and stripping and refurbishment of this development is required. • Second egress in place with existing ladder way from 640 Level to surface. • Some underground fleet and utility services are already owned by Vertex. • Mining Licence and DA in place for the processing plant, stockpile processing and the underground mining. • Permitted residue storage has the capacity for the commencement of operations. • The New plant will be utilising the existing services and infrastructure: ü Gold Room ü Water systems ü Power generation ü Offices ü Change Rooms ü Workshop ü Storeroom ü Crib Room ü Jaw Crusher ü Access Roads ü Security System 1 Payback period from commencement of gold production Vertex Minerals Limited (ASX:VTX) (“Vertex” or the “Company”) is pleased to publish the updated PreFeasibility Study (PFS) for the high-grade gold operation at the Reward Gold Mine, Hill End NSW. The Indicated and Inferred Mineral Resource Estimate (MRE) for the Reward gold deposit at Hill End totals 419,000 tonnes at 16.72g/t Au for 225,200oz Au. The Indicated Mineral Resource contains 70,500 ounces of gold while the Inferred Mineral Resource contains 154,700 ounces (VTX ASX Announcement 21 June 2023). The Board of Directors recognise that the conversion of the Inferred Resource to an Indicated Resource through more drilling would significantly enhance the Project’s key financial metrics. The decision to undertake a PFS on the current resource base reflects the significantly improved exploration drilling outcomes that will be achieved through drilling from new development within the underground mine. The Project topography limits drill platforms, and the existing underground workings are all within the mineralised corridor. The workings do not provide sufficient access to the hanging wall to provide good exploration drill locations. The positive financial outcome from the PFS provides a justification for the development of a mine plan that will significantly enhance the ability for the Company to upgrade the Inferred Mineral Resource by way of improved access. Importantly, this also allows more effective exploration of the mineralised corridor below and on strike of the existing mineral resource. Whilst exploration success is not guaranteed, it is the Board’s opinion that this strategy provides the most effective way to increase mine life. Whilst alternative development options were considered, the pathway outlined in the updated PFS provided a significantly more robust financial outcome and maximised the extraction of the Indicated Mineral Resource. Whilst the PFS included some Inferred Mineral Resource in the mine plan and financial W. www.Vertexminerals.com E. info@vertexminerals.com.au models, this material was coincidental to the stope and development designs. The mine design targeted the Indicated Mineral Resource. It is the Board’s opinion that development of the mine in parallel with underground exploration drilling will provide the best opportunity to improve the Project’s financial outcome. Executive Chairman, Roger Jackson commented: “Given the recent acquisition of the Morningstar Gravity Gold plant we are pleased to have completed an updated Pre-Feasibility Study for the Reward gold mine, which lowers Capex and the payback time and increases cash flow, NPV and IRR. The PFS only represents 2 years of processing, however we believe we can build our high-grade gold inventory whilst mining, to add to this mine life. As previously discussed, in determining the parameters for this study, the decision was taken to base the projected figures on the Indicated resource achieved to-date. The Board remains firmly of the view that this is the most commercially prudent way to develop the mine, given the cost and logistical benefits that can be achieved by carrying out further drilling from underground alongside mining activities. Pleasingly, the numbers outlined in this updated PFS already demonstrate the strong projected economics of the Reward gold mine based on the existing Indicated resource, notwithstanding the clear potential for further significant resource upgrades as mining operations get underway, as we have high grade exploration targets sitting alongside and below the mining envelope. Further, Reward will be one of Australia’s most environmental and sustainable gold mines. We expect that the use of cyanide and other chemicals is not required for ore processing. We plan to recycle and re-use our water. We plan to dry stack the sand residue from processed ore and our plant design has very low energy requirements. Cautionary Statement The production target and forecast financial information referred to in this announcement comprise Indicated Mineral Resources (~75%) and Inferred Mineral Resources (~25%). There is a lower level of geological confidence associated with the Inferred Mineral Resource and there is no certainty that further exploration work will result in an upgrade to an Indicated Mineral Resource or that the production target will be achieved. W. www.Vertexminerals.com E. info@vertexminerals.com.au The study documented in this announcement is considered to have a +/-25% PFS level of accuracy. The Pre- Feasibility Study referred to in this announcement is based on a JORC Mineral resources Estimate (Refer ASX Release: Vertex Reward Gold Resource Upgrade estimate 21 June 2023) the Ore Reserves and Mineral resource estimate underpinning the PFS have been prepared by Competent Persons in accordance with the 2012 JORC Code. The Company advises that the Probable Ore Reserve provides 76% of the total milled tonnage and 75% of the total contained gold metal. The production target referred to is based on Mineral Resource estimates which are classified as Indicated (76.6%) and Inferred (23.4%) The Pre-Feasibility Study is based on the material assumptions outlined below. These include assumptions about the availability of funding. While Vertex considers all of the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the Pre-Feasibility Study will be achieved. To achieve the range of outcomes indicated in the Pre-feasibility Study, funding in the order of $22 million will likely be required. Investors should note that there is no certainty that Vertex will be able to raise that amount of funding when needed. It is also possible that such funding may only be available on terms that may be dilutive to or otherwise affect the value of Vertex’s existing shares. Given the uncertainties involved, investors should not make any investment decisions based solely on the results of the Pre-Feasibility Study. W. www.Vertexminerals.com E. info@vertexminerals.com.au HILL END GLOBAL RESOURCE Table 2: Global Mineral Resource estimate for the Hill End & Hargraves Gold Project Hill End Project Mineral Resource Estimate Classification Tonnes Grade (kt) Au (g/t) Deposit Contained Au (koz) Reward Gold Mine Indicated Inferred Sub Total 141 278 15.5 17.3 71 155 419 16.7 225 1,109 1,210 2.7 2.1 97 80 2,319 2.4 178 413 1,063 1.4 1.8 19 61 1,476 1.7 80 1,663 2,551 4,214 3.5 3.6 3.6 187 296 483 Hargraves Project Indicated Inferred Sub Total Red Hill Project Indicated Inferred Sub Total Project Total Indicated Inferred Grand Total FOSTERS EXPLORATION TARGET Table 3: Exploration Target for Fosters (adjacent to Reward Gold Mine) Deposit Range Tonnes (kt) Au (g/t) Ounces Au (koz) Fosters Lower Range Upper Range 524 12.5 211 524 19 320 VTX Announcement High Grade Exploration Target Estimate at hill End 29th of August 2023 Cautionary Statement The Exploration Target is conceptual in nature as there has been insufficient exploration to define a Mineral Resource. It is uncertain if further exploration will result in the determination of a Mineral Resource under the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, the JORC Code” (JORC 2012). The Exploration Target is not being reported as part of any Mineral Resource or Ore Reserve. W. www.Vertexminerals.com E. info@vertexminerals.com.au Figure 1: On-site workers in Amalgamated Adit (640 Level), main access for the Reward gold mine Figure 2 – Plan View of tenements and long section showing the key locations. The PFS mining will be within the Reward Resource envelope. Note location of Plant to where the Reward resource sits. Also note the location of the Fosters Exploration target to the plant and infrastructure. W. www.Vertexminerals.com E. info@vertexminerals.com.au Competent Persons Statements The information in this report that relates to Exploration Results and Exploration Targets is based on information compiled by Mr. Roger Jackson, a Director and Shareholder of the Company, who is a 25+ year Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM), Fellow of the Australian Institute of Geoscientists (FAIG) and a Member of Australian Institute of Company Directors. Mr. Jackson has sufficient experience which is relevant to the style of mineralisation and type of deposits 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”. Mr. Jackson consents to the inclusion of the data contained in relevant resource reports used for this announcement as well as the matters, form and context in which the relevant data appears. The information in this report that relates to Ore Reserves, production targets, assumptions on Modifying Factors and evaluation of other relevant parameters is based, and fairly represents information and supporting documentation that has been compiled under the supervision of Mr. Declan Franzmann B Eng (Mining), a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM). Mr. Franzmann is a director and security holder of Vertex Minerals Limited. Mr. Franzmann has reviewed and approved the technical content of this announcement. Mr. Franzmann has sufficient experience which is relevant to the style of mineralisation and type of deposits 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”. Mr. Franzmann consents to the inclusion of the data contained in report of the matters based on his information in the form and context in which the relevant data appears. Forward Looking Statements and Important Notice This report contains forecasts, projections, and forward-looking information. Although the Company believes that its expectations, estimates and forecast outcomes are based on reasonable assumptions it can give no assurance that these will be achieved. Expectations and estimates and projections and information provided by the Company are not a guarantee of future performance and involve unknown risks and uncertainties, many of which are out of Vertex Minerals’ control. Actual results and developments will almost certainly differ materially from those expressed or implied. Vertex Minerals has not audited or investigated the accuracy or completeness of the information, statements and opinions contained in this announcement. To the maximum extent permitted by applicable laws, Vertex Minerals makes no representation and can give no assurance, guarantee or warranty, express or implied, as to, and takes no responsibility and assumes no liability for the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission from, any information, statement or opinion contained in this report and without prejudice, to the generality of the foregoing, the achievement or accuracy of any forecasts, projections or other forward looking information contained or referred to in this report. Investors should make and rely upon their own enquiries before deciding to acquire or deal in the Company’s securities. W. www.Vertexminerals.com E. info@vertexminerals.com.au LOM KEY HIGHLIGHTS This report details an economic assessment for the Reward Gold Project over a 32-month mine life and is summarised in Table 4. Table 4 – Key Metrics Project Life 3 years Processing Life 2 years Gold Production 49,890 ounces Gross Revenue $150 million Capital Expenditure $17 million Pre-production AISC $1833 per ounce Total Employment 70 Full time employees Free Cashflow $41 million Pre tax NPV at 7% $33.3 million Pre tax IRR 110% Pre tax Table 5 – PFS Outcomes and Assumptions Parameter Unit Amount PHYSICALS Mill throughput (design) Life of mine2 Ore processed Head grade Contained Gold ktpa years kt Au g/t Au koz 110 3 181 9.3 54 Metal recovered for sale Metallurgical recovery Au koz % 50 92% FINANCIAL Revenue Operating Expense Royalties Sustaining Capital AISC3 Capital (pre-production) AIC3 Pre-tax cashflow $m $m $m $m $/oz $m $/oz $m 150 (75) (6) (10) 1,833 (17) 2,182 41 NPV @ 7% IRR $m %pa 33.3 110% USD/oz AUD:USD AUD/oz % 1,950 0.65 3,000 7% ASSUMPTIONS Au Price Exchange rate Au Price Discount rate W. www.Vertexminerals.com E. info@vertexminerals.com.au Corporate tax Notes: • • % 30% 2 Life of mine is calculated on commencement of underground development to the cessation of processing activity. 3 All in sustaining costs (AISC) includes all onsite costs associated with mining, processing, administration, royalties and sustaining capital. in costs (AIC) is the AISC with the addition of pre-production capital. Figure 3 – Production and cashflow profile The Study team comprised: § Study Compilation - Vertex § Geology - Vertex § Resource Estimation - HGS Australia § Geotechnical - Ground Control Engineering § Hydrogeological - Ground Control Engineering § Mining Engineering - Ground Control Engineering § Mining Costing - Vertex § Metallurgy - Gekko Systems § Process Engineering - Gekko Systems § Tailings Storage - Vertex § Power Supply - Vertex W. www.Vertexminerals.com E. info@vertexminerals.com.au All § Environmental - Vertex § Heritage and Native Title - Vertex § Social and Community - Vertex § ESG - Vertex § Risk, Health -Vertex § Financial Model Ground Control Engineering – Vertex KEY PROJECT PARAMETERS The PFS is based on the following key project parameters: • Indicated Mineral Resource makes up 75% of LOM gold production with 25% of LOM gold production from Inferred Mineral Resource. • Probable Ore Reserve estimated at a gold price $3,000/oz. • 92% gold recovery using gravity separation at the Hill End Gold Plant. • 10-month mine development timeframe. • 6-month processing plant upgrade. • Underground mining to be undertaken by Vertex to focus on quality production. • Processing plant operation to be undertaken by Vertex. • Infrastructure to be managed by Vertex. • Project implementation to be undertaken by Vertex. • Ready for commencement after securing funding. PROJECT SETTING Hill End, population 111 (2021 Census), is a gold mining town located in the Bathurst Regional Council in New South Wales, Australia. The town was originally a part of the Tambaroora area and was known as Bald Hills in the 1850s. In 1860, a village was proclaimed, first as Forbes, then in 1862 it was altered to Hill End. The town's peak population was estimated at 8,000 served by two newspapers, five banks, eight churches, and twenty-eight pubs. Economic quantities of gold were first discovered at Hill End in 1851 and were famed for their richness and coarse-grained nature. During the early history of the Hill End goldfield, as much as 50t’s of gold was produced (Wilkins & Quales 2021). Hill End was made particularly famous following the discovery of the 286kg BeyersHoltermann Nugget in 1872, the largest non-alluvial gold specimen ever mined. Mining operations, specifically The Reward Mine, by Hill End Gold Limited (“HEGL”) during 2007 to 2010, allowed underground access to unmined, mineralised vein systems for the first time in more than 100 years before high operating costs relative to the value of gold forced the mine to close. Today, Hill End is a well-preserved gold mining town, regional arts precinct and camping/tourist attraction. The Historic Site can be accessed either via Mudgee from the north (66 km) or Bathurst from the south (71 km). W. www.Vertexminerals.com E. info@vertexminerals.com.au Figure 4 – Vertex tenements around Hill End W. www.Vertexminerals.com E. info@vertexminerals.com.au EXISTING PROCESSING PLANT AND INFRASTRUCTURE The existing gravity gold recovery plant has a nominal capacity of 35,000tpa and includes a ROM bin with grizzly, jaw crusher, screens, vertical shaft impact crusher, 30” Knelson Centrifugal Bowl Concentrator, spirals, ball mill, gold room Wilfley and Wave table, furnace and the associated conveyor belts, hoppers, pumps and pipelines. A tails storage facility was also constructed to contain the residue from the processing of ore from trial mining activities. The Hawkins Hill and Reward deposits have been developed from the Amalgamated Adit at the 650RL level over a strike length of approximately 800m. A 230m raise bore shaft was developed in 2008 to provide access to ten development levels, provide a second means of egress to the 640 Level and facilitate ventilation for underground operations. No work has been completed underground since May 2010. The new plant will be constructed alongside the below existing infrastructure. ü Gold Room ü Water systems ü Power generation ü Offices ü Change Rooms ü Workshop ü Storeroom ü Crib Room ü Gold Plant ü Sumps ü Settling tanks ü Access Roads ü Security System MINING These key metrics are based on establishing a modern, mechanised mine, utilising long hole open stoping with waste rock as a backfill medium. Capital and operating development consists of level and inclined drives and crosscuts 3.5m wide by 3.5m high. Commencement of mining activities requires the stripping of existing Amalgamated Adit from around 2.4m wide by 2.4m high to 3.5m x 3.5m to facilitate access for suitably sized loaders and trucks. Figure 5 illustrates the production profile showing development and stope tonnages. The first stope production occurs 12 months after the commencement of development activities. There is sufficient ore from development to commission the processing plant around Month 10. W. www.Vertexminerals.com E. info@vertexminerals.com.au Figure 5 – Mine Production Profile The physical and economic analysis included a Probable Reserve containing 40,900 ounces of gold and additional material, referred to as mining inventory, which contained an additional 13,300 ounces of gold. This mining inventory represented the Inferred Resource contained within the stopes and development drives created from an optimisation targeting the Indicated Resource. The economic analysis included all material summarised in Table 5. The breakdown of production from the mining inventory and the Probable Reserve is shown in Figure 6 and detailed by quarters in Error! Reference source not found.. Figure 6 – Gold mined by resource category. W. www.Vertexminerals.com E. info@vertexminerals.com.au Table 6 – Mining Inventory and Probable Reserve Item Probable Reserve Mining Inventory Material tonnes 130,722 50,753 Gold Grade g/t 9.74 8.14 Contained Gold oz 40,936 13,289 PROCESSING The preferred processing route for the Project involves crushing and grinding to 600 micron and then separating gold from the ore stream in batch centrifugal concentrators (BCC) and scavenging in an InLine Pressure Jig (IPJ), as illustrated in figure 7. Processing only utilises gravity methods, and no cyanide or other leachate is used. The concentrate from the BCC is passed directly to the gold room, where the BCC concentrate is passed over a Wilfley Table to further clean the concentrate ready for direct smelting. A feature of the Reward Deposit is excellent recoveries of around 92% at the grind size contemplated in this flow sheet. W. www.Vertexminerals.com E. info@vertexminerals.com.au To Process Water Figure 7 – Processing Flowsheet W. www.Vertexminerals.com E. info@vertexminerals.com.au The capital cost of the processing plant was estimated to be $3.5 million, with operating costs of $33.52 per tonne processed. The coarse grind size means that residual material from processing is a fine sand that can be easily dewatered and dry stacked. The cost of tailing management was estimated to be $6.65, bringing total processing costs to $40.17 per tonne of ore processed. ORE RESERVE The PFS established the maiden Ore Reserve for the Reward Gold Mine, with the Probable Ore Reserve estimated to be 130,722 tonnes at 9.7g/t Au and containing 40,936 ounces of gold. The estimated Ore Reserve is derived from Indicated Mineral Resources and dilution material. Dilution material comprises either low grade Indicated Mineral Resources or material with no noticeable grade. No Measured Mineral Resources have been established for this deposit. The classification of resources relies on evaluating geological confidence considering geological and mineralisation continuity. Table 7 – Probable Ore Reserve Estimate Classification Proved Ore Reserve Tonnes - Au (g/t) - Contained Au (Oz) - Probable Ore Reserve 130,722 9.74 40,936 Note: Ore reserves are susceptible to economic, geotechnical, permitting, metallurgical, and other factors. Lower production rates can increase costs and cutoff grades, reducing reserves. Geotechnical challenges may elevate cutoff grades, further impacting Ore reserves. MINERAL RESOURCE The Minerals Resource Estimate for the Reward Gold Project was completed by HGS Australia (HGS) in June 2023, and summarised in Table 8. Table 8 – Mineral Resource Estimate Classification Cut-off g/t Tonnes Au (g/t) Ounces Indicated 4.0 141,000 15.54 70,500 Inferred 4.0 278,000 17.28 154,700 Total 4.0 419,000 16.72 225,200 The mineral resource estimate is based on the following factors and assumptions: • • • The data was supplied by Vertex including an access database with all original sample files, previous model and interpretations, historical mine development, surface contours, and reports. All past validation work was considered and used in this report. Mineralised outlines were interpreted by HGS within the coordinates: 6341000N to 6341800N, 725220E to 725400E and 550RL to 1000RL. • • A new interpretation to minimum 1m width was used in compositing the sample data. Sample data was composited over 0.25m intervals for drill gold assays. W. www.Vertexminerals.com E. info@vertexminerals.com.au • • • • • • • • Underground face assays were incorporated into the database but only used in interpretation continuity. A surface topography profile was supplied by Vertex. Geological block models were constructed by HGS using Surpac. The model cell sizes are 10m N, 1m East and 5m RL and sub-celled to 2.5m N, 0.25m E and 1m RL. Bulk densities were supplied by Vertex from metallurgical assessments of 2.7t/m³. Ordinary Kriging interpolation method was used for the evaluation of gold. Inverse distance squared interpolations were conducted for validation purposes. A comparison evaluation was conducted using all data including underground face sampling to demonstrate the potential upside of the resource. High-grade cutting of 120ppm Au was used. In comparison high-grade cutting incorporating the underground face sampling was 1200g/t. The resource is classified as indicated and inferred due to data density, structural definition and continuity from the underground drives, stopes and face sampling. PROJECT GEOLOGY Gold occurs along the 25km strike length of the Hill End anticline (Harper, 1918; Joplin 1949; Seccombe and Hicks, 1989; Windh, 1995), including the historically important Hawkins Hill mines at Hill End, where the late Silurian Chesleigh Formation hosts gold-bearing, bedding-parallel, laminated quartz veins and associated structures on the east limb of the Hill End anticline. At Hill End, the anticlinal hinge consists of two closely spaced anticlines and an intervening syncline. Previous mining at Hawkins Hill worked a series of rich, gold-bearing veins over a strike length of 1 km and to a depth of 200m from the surface in places (Figure 8). Figure 8 - Long-section of Hawkins Hill mines with the more recent Reward Mine Source: Modified from HEGL Exploration north from Hawkins Hill to Reward and Germantown indicated that bedding-parallel veins only showed significant gold mineralization (>10 g/t) in a subvertical and N-striking mineralized corridor (Fig. 3) on the east limb of the westernmost anticline in the core of the Hill End anticline. W. www.Vertexminerals.com E. info@vertexminerals.com.au From 2007 to 2010, the Amalgamated adit (640 Level) was extended to intersect a new 286m shaft, known as Reward Shaft. The shaft also provides access to the Paxton’s vein set above the 640 Level, as shown in Figure 8. The Consolidated 695 Level (35m above Amalgamated) was widened (from 1.5m to 2.3m) and heightened (to 2.5m) from the adit to the Phillipsons Vein. Figure 9 shows a cross section at 6,341,555mN through the Reward shaft. East dipping metasandstones and shales with associated mineralized bedding-parallel quartz veins are illustrated. Both are crosscut by late Wdipping faults (e.g., the Reward fault). High-grade gold shoots, mined from the Paxton’s vein system, were concentrated between levels 671 and 695. Figure 9 - Cross section at 6,341,555mN through the Reward shaft Source: Wilkins and Quayle, 2021 Level