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EQUITY RESEARCH

RCR AUGUST 2014 Disclaimer & disclosure attached. Copyright© 2014 by RCR Pty Ltd. All rights reserved. 1

INVESTMENT POINTS

♦ With a renewed focus on exploration targeting highly prospective graphite and gold tenements at Nachingwea in Tanzania (85% IMX), IMX offers low cost leverage into the graphite and gold exploration sectors.

♦ The Nachingwea Property also hosts the advanced Ntaka Hill Nickel Sulphide Project, a quality flagship asset and potential ‘company maker’. Current resource 56.2mt @ 0.63% Ni, 0.14% Cu (360kt contained Ni). PEA completed.

♦ Mid-tier base metals group MMG was farming into Nachingwea, (to earn up to 60%), but has elected to cease sole-funding after earning 15%. MMG’s target was a very large higher grade resource, but leaves IMX with an extensive enhanced database and many follow up targets for higher grade resources.

♦ The immediate exploration focus for drilling in 4Q14 will be the Chilalo Graphite Prospect and the Kishugu Gold Prospect.

♦ Chilalo is adjacent to Uranex’s (ASX:UNX) Nachu Graphite Project and in a belt that also hosts Syrah Resources’ (ASX:SYR) massive Balama graphite deposit. Geophysics and rock chip sampling indicates potential for a very large high grade deposit with coarse flake graphite mineralisation.

♦ The Kishugu Gold Prospect is a large unexplored (5.5km by 4km) gold anomaly with particularly high peak gold values along a central 2km strike.

♦ Mt Woods Magnetite Project (SA) - Scoping Study released. Potential 2.5mtpa low opex (A$77/t CIF) and low capex (A$295m) project, IMX is seeking a development partner, also a JV partner for separate Mt Woods Cu-Au IOCG exploration project – could be a sleeper if a JV partner (negotiations underway) comes in to explore this demonstrated province.

♦ Share price catalysts include further soil sampling and IP results at Kishugu to be released soon, drilling of Chilalo and Kishugu early in 4Q14, further target definition at Ntaka Hill, and possible developments in attracting a JV partner to Mt Woods IOCG and sale/partnering progress for Mt Woods Magnetite Project.

19 AUGUST 2014

TANZANIA, AUSTRALIA (SA), CANADA

GOLD, GRAPHITE, NICKEL, IRON ORE,

COPPER, PGM’S

SCOPING STUDIES,ADVANCED EXPLORATION

EXCHANGES: ASX:IXR; TSX:IXR, FRA:GDM

CAPITAL PROFILE

DIRECTORS

Derek Fisher (Non Exec Chairman) Gary Sutherland (Managing Director) Sun Wei (Non Exec Director) Kellie Benda (Non Exec Director)

Mr Gary Sutherland Managing Director IMX Resources Limited Tel: +(61) 8 8311 1110 North Adelaide, SA, Australia www.imxresources.com.au

Analyst: Dr Tony Parry [email protected]

52 week range (A$/share) 0.019 to

Debt (A$m) - Sep 14F

Enterprise value (A$m)

Avg monthly volume (m)

Cash (A$m) - Sep 14F *

Price/Cash (x)

Price/Book (x)

Listed company options: * Assumes completion of placement of 110m shares to raise A$2.97m.

13.5

2.2

7.2

0.8

Yes

Market capitalisation (undiluted) (A$m) 16.2

3.0

17.0

Major shareholders: Sichuan Taifeng Group (11.5%),

Options and warrants (m) 22.0

Converting notes (m) 0.0

Fully diluted (m) * 528.5

Share price (A$) 0.032

0.098

Number of shares (m) * 506.5

0.00

0.01

0.02

0.03

0.04

0.05

0.06

0.07

0.08

0.09

0.10

Au

g-1

3

Se

p-1

3

Oct-

13

No

v-1

3

Ja

n-1

4

Feb

-14

Ma

r-14

Ap

r-1

4

Ju

n-1

4

Ju

l-14

Sh

are

Pri

ce

(A

$/S

ha

re)

IXR - IMX Resources Limited

Source: CommSec

IMX RESOURCES LIMITED

Price: A$0.032 SPECULATIVE BUY

INVESTMENT COMMENT

On face value the recent headlines don’t read well for IMX. Its 51%-owned Cairn Hill iron ore operation in South Australia has recently shut down after the collapse in iron ore prices, and diversified base metals group MMG has ceased sole funding of a US$60m farm-in deal after spending over US$10m earning 15% at IMX’s Nachingwea Property in Tanzania. However, IMX’s highly diversified commodity focus (often seen as a negative) has proved to be a big plus. IMX has renewed its regional exploration at Nachingwea, focused on graphite and gold, with exciting large scale targets set for initial drilling in 4Q14. The graphite and gold targets show significant promise for developing major potential resources. With a current market capitalisation well under A$20m, we consider that any exploration success with these major graphite and gold targets could see the IMX share price move into a range of A$0.05 to A$0.07 by the end of 4Q14.

EXPLORATION AND FINANCIAL FORECASTS

Exploration and evaluation (A$m)

Corporate (A$m)

Exploration/(Expl.+ Corporate) (%)

Funding duration at current burn (years)

Shares on issue (pr end) (m shares)

Drilling - RAB (m) *

Drilling - RC/Diamond (m) *

Capital raisings (A$m)

Funding from JV partners (A$m)

Cash (A$m)

Cash backing (Ac/share)

Net asset backing (Ac/share)

* All drilling metres are RCR estimates, includes drilling by JV partners.

0.4 0.4 6.6 0.0 0.2

11.3 12.0 12.5 0.3 8.7

0 0 0 0 0

1.7 2.2 26.4 1.7 1.4

0.0 3.0 3.4 0.0 9.0

7,500 1,500 66,658 15,500 16,500

396.5 506.5 396.5 396.5 728.7

0 0 0 0 0

16 52 61 65 52

1.1 0.1 0.1

0.24 1.20 14.75 10.24 4.80

1.29 1.10 9.47 5.58 4.40

Year End June Jun-14a Sep-14F 2013a 2014F 2015F

EQUITY RESEARCH


KEY PROJECTS

* The Ntaka Hill Nickel Sulphide Project is part of the Nachingw ea Project

Mibango

Sc Studyna

ABE Res. Intrusive

100% Ni,Cu

100%Mt Woods Magnetite

Ntaka Hill Ni Sulphide*

Fe

MMG

Project

PEA completed

Early Expl

Status

na

na

Intrusive

Project

Canada

Intrusive

JV

Tanzania

Tanzania

Aust (SA)

Location

Tanzania

na Early Expl

na

Early Expl Aust (SA)

Early Expl

RouteMetal

Target

na

Ownership/

St Stephen

Cu,AuMt Woods IOCG 100%

Nachingwea

50% Ni-Cu

85%

85%

TypeOption Partner

Ni,Au,C,Cu MMG Various

Process

Ni,Cu

na IOCG

BIF

Float conc

Fe mag sep

COMPANY COMMENT Overview: IMX’s flagship project is the highly prospective 6,800km2 Nachingwea Property in Tanzania which hosts the large scale Ntaka Hill Nickel Sulphide Project (360kt contained Ni in the current resource). Nachingwea has demonstrated prospectivity for nickel, gold, graphite, base metals, and PGM’s. IMX is now intensifying its exploration focus on the graphite and gold prospectivity after 15% JV partner MMG terminated further farm-in expenditure at Ntaka Hill. IMX has reduced focus on its South Australian iron ore assets after ceasing production at the 51%-owned Cairn Hill mine. It is seeking a partner or sale of the Mt Woods Magnetite project which exhibits attractive economics even in the current lower iron ore price regime. Board Changes: IMX has recently announced that Managing Director Gary Sutherland will depart at the end of 3Q14. Recently announced Board and management changes reflect a commitment to reduce overheads and a shift of focus from Australian iron ore assets to Nachingwea exploration. The MMG Nachingwea JV: Global mid-tier base metals group MMG Limited (“MMG”) had agreed to farm into IMX’s 100%-owned Nachingwea Property and take control of the exploration to earn up to a 60% interest by sole funding expenditure of US$60m (US$10m by Sept ‘14) over a five year period. MMG’s target was to outline a “Tier 1” higher grade resource of at least 400,000t contained Ni (27mt at >1.5% Ni) at Ntaka Hill, targeting potential higher grade mineralised zones. High grade zones had already been identified in IMX’s previous drilling (e.g. 7.60m @ 9.11% Ni from 66.45m; 13.65m @ 3.46% Ni from 357.9m). However after spending >US$10m in the past nine months to earn 15%, MMG decided not to exercise its right to proceed further. IMX has now taken back control of exploration. Work carried out by MMG: From 4Q13 to 2Q14 MMG spent over US$10m – mainly on 9,185m of drilling at Ntaka Hill and on an extensive soil-sampling program (7,801 samples collected over various prospects). This has left IMX with an extensive exploration database to review, which it believes will provide numerous further targets for follow up. Ntaka Hill Status: Although Ntaka Hill did not initially meet MMG’s tier 1 resource requirements, there is still excellent potential for the commercial development of a nickel sulphide project, if IMX can continue to delineate higher grade zones (without the very large scale resource hurdles that MMG was applying). The grade of current Measured and Indicated resources is 0.58% Ni and 0.13% Cu. Importantly, metallurgical testwork has indicated the potential to produce clean, high grade (16-18%) Ni concentrates with average Ni recoveries ~80% using conventional flotation technology. Such concentrates are increasingly scarce and likely to be in strong demand from nickel smelters and refineries. Kishugu Gold Prospect: The prospectivity of the Nachingwea Property for metals other than nickel was demonstrated in May 2014 when IMX announced that a soil sampling program had identified a significant new gold exploration target. An extensive soil sampling campaign (400m x 200m grid) revealed a large, coherent gold-in-soil anomaly at Kishugu measuring 4km by 5.5km which is open along to the NE (see map page 6). Of particular note is a central 2km linear zone which returned peak gold values of 904ppb (0.9g/t), 793ppb (0.8g/t) and 437ppb (0.4g/t). This is a large, prime target for follow up drilling, which is expected to commence in October 2014. Results of further soil sampling and an IP survey will be released by end Sep ‘14. Chilalo Graphite Prospect: The high prospectivity of the Nachingwea Project was further reinforced by the announcement that IMX had confirmed significant graphite

potential at the Chilalo Prospect, 25km north west of the Ntaka Hill Nickel Sulphide Project. Rock chip sampling returned grades between 4.8% and 29.6% with an average grade of 12.9% graphite for the 65 samples. The graphitic bearing units are up to 500m wide, at surface and extend over several kilometres of strike, open to the north-east and south-west. Chilalo Geophysics Analysis: Further analysis of the extensive geophysics (VTEM) data generated by MMG (released 18 August 2014) confirms the Chilalo Prospect exhibits multiple layered graphite horizons measuring between 50m and +200m in thickness, accounting for over 54 lineal kilometres of strike. It also indicated graphite targets are apparent over the entire Nachingwea tenement area, with a further large high grade target identified at Chilalo North. Encouragingly, drill core from drilling at Ntaka Hill indicates premium grade coarse flake graphite mineralisation. This seems to be a very significant discovery with high grade potential over an extensive strike length. Regional Setting: The Chilalo Graphite Prospect is in the right graphite address, located in the globally significant Usagaran belt, which hosts the massive Balama deposit (ASX:SYR) and the Nachu project (ASX:UNX). The latter project is immediately adjacent to IMX’s tenement boundary (see page 5). Although graphite prices have approximately halved since peaking in 2011/2012, new graphite projects are still attracting strong investor interest with long term demand forecast to rise strongly due to growing demand for applications such as lithium-ion batteries and petroleum coke substitution in electric furnace anodes. Chinese supply may also further shrink due to restructuring of the Chinese production sector. Cairn Hill Iron Ore Operation (51%): 55km SE of Coober Pedy (SA). Open pit mining 1.8mtpa of magnetite-copper DSO product. Operations were scheduled to run until mid-2015, however, the collapse in iron ore prices in 1Q14 saw the cessation of operations on 18 June 2014. Broader Iron Ore Exploration: IMX has identified exploration potential for DSO hematite on the Cairn Hill/Mt Woods tenements, underpinned by some initial drilling hits and the proximity to Arrium Mining’s Peculiar Knob resource (63.1% Fe). Not currently a high priority to continue this exploration. Mt Woods Magnetite Project (100%): JORC resource of 569mt @ 27.1% Fe currently defined over a 3km strike at Snaefell, which is only 15km from Cairn Hill. Exploration targets of 1.5-1.8bt have been outlined. In order to ‘piggy back’ off existing Cairn Hill rail and port infrastructure, IMX is looking at a modest sized 2.5mtpa initial operation (with potential future expansion), as detailed in a Scoping Study released in June 2013 (see box, page 7). Importantly, the Scoping Study, which was based on long term Fe price of US$97.50/t (close to current) and A$/US$ = 0.85 (versus 0.94 current), indicated potentially attractive project economics (NPV A$288m). This project should not be summarily “written off” - IMX is maintaining its search for a Chinese development partner (or potential buyer), and we could still see a near term result that could add significant value to IMX shareholders. Mt Woods Copper-Gold (100%): In a previous JV, ASX:OZL spent A$14m looking for IOCG copper-gold prospects, but only explored about 5% of the tenement area, in a highly prospective IOCG mineral province which hosts three operating copper mines (including Prominent Hill). IMX has identified a preferred JV partner to fund non-iron exploration, who is currently carrying out further due diligence.

EQUITY RESEARCH


RESERVES AND RESOURCES

THE IMX PORTFOLIO

Code for reporting mineral resources: Nickel-Copper (Canadian NI 43-101); Iron Ore (Australian JORC)

Base Metals - Nickel/Copper Cont. Cu kt

3.3

23.0

50.3

19.50.06

0.02

Classification

98.4

Ntaka Hill Inferred 85% 35.9 0.66 0.14 0.02

Ntaka Hill Indicated 85% 19.2 0.51 0.12 0.02

Ntaka Hill Measured 85% 1.1 1.74 0.29

154.20

Equity Ore mt Ni% Cu% Co% Cont. Ni kt

Project

Mt Woods Magnetite Inferred 100% 569.0 27.10

Iron Ore Classification Project Ore mt Fe% Cut Off % Fe (t)

117.9 26.3

238.5

Ntaka Hill

18.00

Total M & I 85% 20.3 0.58 0.13

IMX exhibits a highly

diversified (commodity and geographical)

portfolio of exploration, development and recently

mothballed production assets (Cairn Hill Iron

Ore), which has stood the company in good stead

during a period when the iron ore price has

weakened severely.

The Nachingwea Property in Tanzania is an outstanding exploration asset covering

6,800km2. Over US$60m has been spent by MMG, IMX and

previous operators, identifying and defining the large-scale nickel sulphide

resource at Ntaka Hill, as well as generating a large

database of possible targets including gold at Kishugu. In particular the tenement-wide

VTEM survey flown has generated a geophysics

database which has enabled IMX to hone in on exciting

graphite prospects

EQUITY RESEARCH


THE GRAPHITE SECTOR

Syrah Resources is developing the Balama graphite deposit in Mozambique (BFS underway) which is

the largest graphite resource in the world. Of significance to IMX is the performance of smaller players such as Talga Resources and Uranex, whose market capitalisations have increased by A$40m and

A$37m respectively, primarily due to recent graphite exploration success.

Why does graphite produce such investor interest? Apart from having significant demand growth potential from growing applications such as lithium-ion batteries for electric vehicles, the graph below

showing gold grade equivalents gives an indication of the potential economics: High grade flake graphite resources (>12% total graphite content) have an in situ grade value equivalent to high grade

gold resources – and are typically shallow open-pittable deposits that require relatively straightforward flotation upgrade processing. The price band for flake graphite we have used (US$1,000/t to US$1,500/t)

represents our expectation for average large and medium flake graphite prices in the medium term (currently ~US$1,300/t and US$1,200/t respectively).

100

200

300

400

500

600

700

06-A

ug-1

3

03-S

ep-1

3

01-O

ct-1

3

29-O

ct-1

3

26-N

ov-

13

24-D

ec-

13

24-J

an-1

4

24-F

eb-

14

24-M

ar-

14

23-A

pr-1

4

22-M

ay-

14

20-J

un-1

4

18-J

ul-1

4

Reb

ased

to

100

THE GRAPHITE FACTORRelative price performance

Syrah Resources Talga Resources Uranex ASX All Ordinaries

Source: Commsec

Company ASX

Share

Price^

(A$)

Market

Cap.

(A$m)

12 Month

Market Cap.

Increase

(A$m)

12 Month

Share

Price

Increase

Main Project Resource/Resource Target

Syrah Resources SYR 5.10 830 512 137%

BFS underway on large scale Balama

graphite and vanadium project in

Mozambique

Inferred: 1,160mt @ 10.2% graphite

and 0.23% V2O5 *

Talga Resources TLG 0.37 44 40 362%Developing high grade Nunasavaara

graphite deposit in Sweden. 7.6mt @ 24.4% graphite

Uranex UNX 0.185 49 37 270% Nachu graphite deposit (Tanzania)Resource Target:

55-115mt @ 6-12% graphite

^ Share prices as at August 18 2014

* Syrah Balama Resource includes tw o higher grade zones w ith upgraded resources:

Ativa Zone: 11.6mt @19.9% graphite and 0.40% V2O5 (Measured Resource)

Mepiche Zone: 54.3mt @ 16.2% graphite and 0.45% V2O5 (Measured & Indicated Resource)

0.00

2.00

4.00

6.00

8.00

10.00

6% 12% 18% 24%Go

ld G

rad

e E

qu

ival

en

t (g

/t)

Flake Graphite Grade

Gold Grade Equivalent of Graphite Resource Grades(Based on US$1,300/oz gold price)

Coarse Flake Price US$1,500/t Coarse Flake Price US$1,000/t

Despite a significant easing of graphite prices since the 2011-2012 price surges, this

graph demonstrates that there is still significant

market interest in companies that are

demonstrating exploration success and establishing high grade flake graphite

resources.

EQUITY RESEARCH


THE CHILALO GRAPHITE PROSPECT

The Chilalo Graphite Prospect in the north east corner of the Nachingwea tenements is in a proven high grade coarse flake graphite belt, which hosts Syrah Resources’ (ASX:SYR) Balama deposit (further to the east in Mozambique). Chilalo is adjacent to Uranex Limited’s (ASX:UNX) Nachu Graphite Project.

Uranex has reported an exploration target of 55-115mt @ 6-12% Total Graphite Content (TGC) at Nachu.

Source: IMX

At Chilalo an extensive VTEM survey and a rock chip sampling campaign has defined a graphitic gneiss unit over a strike length of >10km, and up to 500m wide. Of the 65 rock chip samples collected, the average grade was 12.9% carbon (highest was 29.6% carbon). The VTEM analysis has confirmed

Chilalo is large scale - composed of multiple layers of graphite horizons ranging in thickness from 50m to >200m. The horizons account for >54 lineal kilometres of strike. Chilalo North also presents as a

very high intensity VTEM anomaly – potentially an additional large high-grade mineralised zone.

Source: IMX

EQUITY RESEARCH


KISHUGU GOLD PROSPECT

At Kishugu in the north western region of the Nachingwea Project, IMX has discovered a large gold anomaly which it believes has the potential to host a significant gold deposit. This expectation is

derived from the large size of the anomaly (5.5km x 4km, open to the NE) and the relatively high grades seen in the extensive soil sampling program undertaken by IMX (including peak grades of 0.9g/t, 0.8g/t, 0.4g/t seen in soil samples in a central linear trend – shown in white in the map below). These are very high values for a surface soil sampling campaign. Further soil sampling data and an IP survey results will be released in September, after which IMX is likely to finalise a drilling program to test this target,

commencing in October 2014.

Source: IMX SOUTH AUSTRALIAN IRON ORE PROJECTS

IMX’s South Australian assets are based on 3,200km2 of highly prospective exploration

ground. The Mt Woods Magnetite Project (see following page) is underpinned by a 569mt

resource at Snaefell. The copper-gold IOCG potential is derived from the location in the

Gawler Craton and proximity to existing major mines such as Prominent Hill.

The Cairn Hill Iron Ore JV (51% IMX) produced solid

cashflow during 2012 and 2013, but always had a limited life (to mid 2015) based on reserves in the immediate

vicinity. It plunged into negative cashflow in 2014 as the iron ore price dived, and was shut down on June 18 2014.

EQUITY RESEARCH


THE MOUNT WOODS PROJECT (SA)

The Mt Woods Scoping Study (released June 2013) indicated that the after-tax NPV (based on the operating parameters in the table below and using a 9% real discount rate) is A$288m (IRR 21%) assuming a long term iron ore price of US$97.50/t (62% basis) and A$/US$ = 0.85. Despite the increased gloom and doom in the iron ore sector this year, this project may yet find the buyer or partner IMX is seeking. That would be a boost as there is nothing in the

current IMX share price for the Mt Woods Magnetite Project or the IOCG exploration potential.

The capital intensity of new magnetite projects (due to the need to build a concentrator and infrastructure costs) presents a major challenge to development. However, based on the

Scoping Study, the capital intensity for the Mt Woods project (2.5mtpa base case) is relatively low (~A$120/annual tonne - similar to DSO hematite projects) due to the plan to use existing Cairn Hill infrastructure. This could be a factor in attracting a development

partner, or buyer.

MT WOODS MAGNETITE PROJECT SCOPING STUDY *

BASE CASE: 2.5 mtpa export through Port Adelaide (Panamax vessels) with >25 year mine life.

MINEABLE RESOURCE ESTIMATES

Fe Contained

Mt % Fe (mt)

Current Inferred Resource (Snaefell deposit) 568.9 27.1 154.2

Assumed LOM Resource for Scoping Srudy 218.3 26.4 57.6

Snaefell deposit is 15km from current Cairn Hill operation.

Existing Cairn Hill infrastructure can be utilised.

MINING METHOD Open pit

Open pit strip ratio: 0.99:1 Total 435.0 mt ore plus waste to be mined.

PROCESS METHOD Crushing, milling , dry and wet magnetic separation to produce a coarse-grained high grade magnetite concentrate.

Grind size 80% < 80 microns.

PRODUCTION RATE :mtpa ore (wet) 2.5 LOM assumed constant. Equivalent to 2.3mtpa dry.

:ktpa concentrate product 657.0 LOM average.

PRODUCT SPECIFICATIONS :% Fe in concentrate 68.5 High grade premium product.

:% SiO2 in concentrate < 3.5 Impurities: <1% Al2O3; <0.015%P; <0.004%S.

CAPITAL COSTS :A$m 294.6 Pre-production capex (including A$56.9m pre-strip)

:A$m 87.6 LOM sustaining capex (A$1.53/t)

INFRASTRUCTURE :Rail Existing Cairn Hill

:Port Existing Port Adelaide

:Power Spur from Prominent Hill

LOM AVERAGE OPERATING COSTS (C1) :A$/t 77.44 Includes: A$22.84/t mine, US$17.08/t processing; A$24.65 rail.

SHIPPING COST :A$/t 16.30 Panamax vessels to Northern China.

TAX :% 30.0

ROYALTY (SOUTH AUSTRALIA) :% 5.0 After 2.0% concesional rate in first five years

MINE LIFE :Years 25+

COMMISSION DATE : na Subject to full feasibility study and engaging a project partner.

Assumed Life of Mine Resources

* These figures are preliminary in nature (derived from Scoping Study released on 4 June 2013) and are intended to provide only a general indication of project potential scale and economic

robustness. The study is based on Inferred Resources only. No JORC Reserves have yet been established.

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

Mt W

oo

ds

Jack Hills

Rid

ley

Sou

thd

ow

n

Sino

Iron

Pro

ject

Karara Iro

n O

re

JV

Balm

oral So

uth

Cap

ital

Inte

nsi

ty (

A$

/An

nu

al T

on

ne)

Capital Intensity of Selected Australian Magnetite Projects

Source: Company reports.

EQUITY RESEARCH


Source: IMX

CONTACT

Resource Capital Research ACN 111 622 489

Level 33, Australia Square 264 George Street Sydney NSW 2000

T +612 9439 1919 F +612 9439 1919 E [email protected]

www.rcresearch.com.au

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Cautionary Note to U.S. Investors Concerning Estimates of Measured, Indicated and Inferred Resources: RCR publishes mineral resources based on standards recognized and required under securities legislation where listed mining and exploration companies make their exchange filings and uses the terms “measured", "indicated" and "inferred" mineral resources. U.S. investors are advised that while such terms are recognized and required under foreign securities legislation, the SEC allows disclosure only of mineral deposits that can be economically and legally extracted. United States investors are cautioned not to assume that all or any part of measured, indicated or inferred resources can be converted into reserves or economically or legally mined. We recommend that US investors consult Securities and Exchange Commission Industry Guide 7 – “Description of Property by Issuers Engaged or to Be Engaged in Significant Mining Operations” for further information about the use of defined terms and the presentation of information included in this report.

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