MacPhersons Resources Limited

Resources Inventory

July 2015

Nimbus-Boorara silver-gold-zinc project near Kalgoorlie continues to grow, with the recent announcement of Nimbus increased mineral resource of 12.1 million tonnes at 52 g/t silver, 0.2g/t gold and 0.9% zinc containing 20.2 million ounces of silver, 78,000oz of gold and 104,000 tonnes of zinc. (See table below and ASX announcement 30 April 2015.) This represents a 58% increase in silver, a 60% increase in zinc and a 66% increase in gold compared with the previous 2013 Mineral Resource Estimate Statement.

The Nimbus resources are in addition to the 340,000 oz of gold located at Boorara deposit 1km southwest of Nimbus.

This includes a high-grade core silver-zinc lode comprising 1.2 million tonnes at 175g/t silver and 3.5% zinc containing 6.9Moz silver and 42,000t of zinc. The expanded JORC Mineral Resource provided by Independent Consultants CSA Global has also delivered a higher level of confidence with 83% of silver and 72% of zinc now in the measured and indicated resource categories.

In addition to Nimbus, MacPhersons announced a 47% increase in the gold resource at Boorara deposit (1km southwest of Nimbus) to 340,000 ounces of gold located just 1km southwest of the Nimbus mine (see ASX announcement 26 February 2015).

Independent Resource Consultants CSA Global have also delivered a higher level of confidence with 74% of the gold now in the measured and indicated resource categories at Boorara. ASX–Nimbus JORC Resource Update – 30 April 2015

This is important because it increases MacPhersons’ confidence that the Nimbus tonnes will convert to mining inventory and further extend the forecast life of Nimbus. As a result, there will be increased material available for both the Nimbus zinc-silver sulphide plant and for the heap leach portion of the overall Nimbus-Boorara project.

The cost of discovering these ounces has been just ~30c/oz of silver, which reflects the quality of the Nimbus deposit and the MacPhersons geology team.

The resources have been subdivided into silver-zinc, silver-only, silver-gold, gold-only and zinc-only lodes. Metallurgical testwork has been commenced on the individual lode types.

MacPhersons’ 100%-owned Nimbus Project is located 10km east of Kalgoorlie’s Super Pit gold mine. Nimbus is located 1km north-east of the Company’s 100% owned Boorara gold project.

Both Nimbus and Boorara deposits boast outstanding exploration potential, with the mineralisation remaining open along strike and at depth.

Nimbus - All Lodes - JORC-compliant Resource Summary (April 2015)
Category Tonnes Ag (ppm) Au (ppm) Zn (%) Ag (oz) Au (oz) Zn (t)
oxide Measured 355,000 84 0.04 - 956,400 500 -
Indicated 71,000 9 0.97 - 21,200 2,200 -
Inferred 9,000 - 1.43 - - 400 -
trans Measured 614,000 83 0.13 - 1,646,300 2,600 -
Indicated 270,000 62 0.40 - 535,900 3,400 -
Inferred 6,000 - 1.25 - - 200 -
fresh Measured 2,428,000 113 0.08 1.8 8,857,300 6,200 44,800
Indicated 2,841,000 47 0.17 1.1 4,318,400 15,500 30,400
Inferred 5,142,000 20 0.27 0.6 3,228,500 45,400 28,600
Stockpile Resources Measured 223,600 64 0.08 0.1 458,600 597 224
Indicated - - - - - - -
Inferred 126,000 57 0.13 0.0 229,400 530 38
Total Measured 3,620,600 102 0.09 1.2 11,918,600 9,897 45,024
Indicated 3,182,000 48 0.21 1.0 4,875,500 21,100 30,400
Inferred 5,283,000 20 0.27 0.5 3,457,900 46,530 28,638
Total 12,085,600 52 0.20 0.9 20,252,000 77,527 104,062

For Silver/Zinc Lode, Silver Lode, Zinc Lode, and Gold Lode summary tables and for full details and JORC statement see 30 April 2015 announcement.

Boorara JORC Classified Mineral Resource Statement (26 February 2015)
Category Oxidation Tonnes (t) Au (g/t) Au (oz)
Measured tailings 40,000 0.45 600
oxide 1,850,000 0.96 57,000
transitional 1,900,000 0.97 59,400
fresh 1,140,000 0.91 33,600
Sub Total 4,930,000 0.96 150,600
Indicated oxide 250,000 0.93 7,600
transitional 760,000 0.96 23,500
fresh 2,350,000 0.96 72,500
Sub Total 3,360,000 0.95 103,600
Inferred oxide 170,000 1.11 6,000
transitional 190,000 0.95 5,700
fresh 2,150,000 1.10 75,700
Sub Total 2,500,000 1.09 87,300
Total 10,790,000 0.99 341,500

As at 26th February 2015. Mineral resource reported at a cut-off of 0.3 g/t Au.

The Boorara Ore Reserve Statement is under review.

For Silver/Zinc Lode, Silver Lode, Zinc Lode, and Gold Lode summary tables and for full details and JORC statement see 30 April 2015 announcement.

Full details of the Boorara gold resource are contained in the Company’s ASX announcement dated 26 February 2015. Details of the MacPhersons gold resource are contained in the Company’s ASX announcement dated 3 Dec 2013.

Rounding errors may occur in tables.