Independent Specialist Report on the mineral assets held by Avenira Limited Report Prepared for RSM Corporate Australia Pty Ltd Report Prepared by SRK Consulting (Australasia) Pty Ltd AVE001 August 2019 SRK Consulting Page i Independent Specialist Report on the mineral assets held by Avenira Limited Avenira Limited Suite 19, 100 Hay Street, Subiaco WA 6008 RSM Corporate Australia Pty Ltd Level 32/2, The Esplanade, Perth WA 6000 SRK Consulting (Australasia) Pty Ltd Level 1, 10 Richardson Street, West Perth WA 6005 e-mail:
[email protected] website: www.asia-pacific.srk.com Tel: +61 8 9288 2000 Fax: +61 8 9288 2001 SRK Project Number: AVE001 August 2019 Compiled by Peer Reviewed by Jeames McKibben Karen Lloyd Principal Consultant Principal Associate Consultant Email:
[email protected] Authors: I Baidoo; L Collin; S McEwing; S Walsh; R Getty; M Davis MCKI/LLOY/wulr AVE001_RSM_Avenira ISR_Rev2 15 August 2019 SRK Consulting Page ii Executive Summary Avenira Limited (Avenira or the Company) has entered into an agreement for the proposed sale of the Baobab Phosphate Project (the Project) in the Republic of Senegal to related parties of the Company (Proposed Transaction). The Wonarah Project in Australia’s Northern Territory is to remain with the Company post transaction. Once the proposed sale is complete, the Company intends to review its holding in the Wonarah Project, including whether to commence a Scoping Study during the December 2019 quarter. RSM Corporate Australia Pty Ltd (RSM) has been appointed by Avenira to provide an Independent Expert Report (IER) in relation to the Proposed Transaction.