Amur Minerals Updated Kun Manie resource “doubled the mineral inventory”

• Updated Kubuk mineral resource contains 25.7mt at 0.52%Ni and 0.15%Cu for 133.0kt nickel and 39.4kt copper.
• MI category accounts for 14% of the resource in tonnage terms and c.20% on the nickel and copper contained.
• MI resource contains 3.7mt at 0.77%Ni and 0.20%Cu for 28.5kt nickel and 7.3kt copper.
• The resource is split into high grade (COG 0.5%Ni) and low grade (COG 0.2%Ni) parts with the high grade portion accounting for 75% and 67% of nickel and copper contained.
• Average grades for the high grade part of the deposit stand at 0.75%Ni and 0.20%Cu.
• New resource is provided below (incl Mar/15 estimates for comparison):

• This completes the mineral resource review at four deposits of the Kun-Manie project forming the basis for future mining operation.
• Deposits currently included in development plans are Maly Kurumkon/Flangovy (MKF), Ikense/Sobolevsky (IKEN), Kubuk and Vodorazdelny (VOD).
• Mineral reserves review at respective deposits to start in due course.
• MKF, IKEN, Kubuk deposits are expected to be developed using a combination of open pit and underground mining methods.
• VOD is envisaged as an open pit operation only.
• Gorny was considered as having sub-economic grades for inclusion in future reserves at this stage.

SP Angel Conclusion: Updated Kun Manie resource doubled the mineral inventory in the MI category in tonnage terms and increased it 66%/75% on the nickel/copper contained basis. An expanded MI category provides a good basis for recalculation of the reserve accounting for both high grade and low grade sections of deposits in planning the sequencing of mining operations.

While the average grade of the total resource has come down, the latest resource has delineated high grade parts of the deposit to the amount of c. 510kt nickel and 130kt copper contained at 0.82%Ni and 0.21%Cu  which account for 70% and 60% of the total resource, respectively. In turn, some 340kt nickel and 85kt copper at 0.84%Ni and 0.21%Cu included in the new MI resource will be used for an optimisation of the available reserve and potentially lead to improved economics of the Kun Manie project.

Total Kun Manie mineral resource (incl Mar/15 estimates for comparison):

*SP Angel act as Nomad and Broker to Amur Minerals

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