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For Personal Use Only Use Personal For 8. Independent Geological Expert Report For personal use only Independent Geological Expert Report 123 Report Independent Geological Expert’s Report U&D Mining Industry (Australia) Pty Ltd and Company U&D Coal Limited Site Various Date December 2013 Doc No UDM1707-01 For personal use only 124 Independent Geological Expert Report U&D Mining Industry (Australia) Pty Ltd and U&D Coal Limited Independent Geological Expert’s Report Important Notice U&D Mining Industry (Australia) Pty Ltd and U&D Coal Limited (“the Client”) This document has been produced by or on behalf of Palaris Australia Pty Ltd (“Palaris”) solely for use by the Client for inclusion in the Replacement Prospectus dated on or around 5th December 2013 (“the Purpose”) in the form and context in which it appears in this report. Use of this document is otherwise subject to the provisions of Palaris’ Terms and Conditions of Service. Palaris owns copyright in this document. Palaris grants the Client a non-transferable royalty-free licence to use this report for the Purpose and to make copies of this report as it requires for the Purpose. Third Parties If the Client wishes to make this document or information contained herein, available to a third party for purposes other than the Purpose, it must obtain Palaris’ prior written consent. Palaris will not be responsible for any loss or damage suffered by any third party who relies on anything within this report; even if Palaris knows that the third party may be relying on this report, unless Palaris provides the third party with a written warranty to that effect. The full extent of Palaris’ liability in respect of this report, if any, will be specified in that written warranty. Scope of the Document This document should only be used for the Purpose. Palaris will not be liable for any use of this document outside its intended scope. If the Client has any queries regarding the appropriate use of this document, it should address its concerns in writing to Palaris. Currency of Information Palaris has used its best endeavours to ensure the information included in this report is as accurate as possible, based upon the information available to Palaris at the time of its creation. Any use of this document should take into account that it provides a ‘point in time’ based assessment and may need to be updated. That is, any information provided within this document may become outdated as new information becomes available. Before relying upon this document, the Client, or an approved third party, should consider its appropriateness based upon the currency of the information it contains. Palaris is under no obligation to update the information within this document at any time. Completeness of Information This document has been created using information and data provided by the Client and third parties. Palaris is not liable for any inaccuracy or incompleteness of the information or data obtained from, or provided by, the Client, or any third party. Reliance on Information Palaris is proud of its reputation as a provider of prudent and diligent consultancy services when addressing risks associated with mining operations. Nevertheless, mining has inherent risks which can never totally be removed. As such the contents of this document, including any findings or opinions contained within it are not warranted or guaranteed by Palaris in any manner, expressed or implied. The Client and any approved third party should accommodate for such risk when relying upon any information supplied in this report. Such risks include, but are not limited to: . Mining and geological condition of the site . Environmental constraints or hazards and natural disasters . Plant and equipment constraints . Capability and availability of management and employees (of Palaris, the Client and relevant third parties) . Workplace health and safety issues . Availability of funding to the operation . Availability and reliability of supporting infrastructure and services . Efficiency considerations For personal use only . Variations in cost elements . Market conditions and global demand . Industry development . Regulatory and policy changes Dec13 | UDM1707-01 | Page 2 of 43 Independent Geological Expert Report 125 U&D Mining Industry (Australia) Pty Ltd and U&D Coal Limited Independent Geological Expert’s Report Contents 1 U&D Mining Projects ............................................................................................................................... 4 2 Orion Downs – Meteor Downs South and Inderi ..................................................................................... 7 3 Broughton .............................................................................................................................................. 12 4 Rockwood .............................................................................................................................................. 16 5 Stockyard Creek .................................................................................................................................... 21 6 Nebo ...................................................................................................................................................... 24 7 Talwood and Sullivan Creek .................................................................................................................. 27 8 Springton ............................................................................................................................................... 30 9 Essex ..................................................................................................................................................... 32 10 Expedition Peak ..................................................................................................................................... 34 11 Pretoria Hill JV ....................................................................................................................................... 36 12 Other U & D Mining Tenure ................................................................................................................... 38 13 References ............................................................................................................................................ 43 For personal use only Dec13 | UDM1707-01 | Page 3 of 43 126 Independent Geological Expert Report U&D Mining Industry (Australia) Pty Ltd and U&D Coal Limited Independent Geological Expert’s Report 1 U&D Projects (i) Introduction Palaris Australia Pty Ltd (Palaris) was commissioned by U&D Mining Industry (Australia) Pty Ltd and U&D Coal Limited (U&D) to undertake a review of U&D’s coal tenements and complete an Independent Geological Expert’s Report for inclusion in the Replacement Prospectus for U&D’s initial public offering (IPO). U&D acquired Australian junior coal explorer Endocoal Limited (Endocoal) in April, 2013. Endocoal had an extensive tenure base in the Bowen Basin, Queensland and had successfully identified coal resources at Meteor Downs South and Inderi (Orion Downs), and Rockwood. Additionally, Endocoal had applied for a mining lease application (MLA) over the proposed Meteor Downs South open cut. U&D acquired the Broughton project (EPC818) in 2012 and combines this asset into U&D’s extensive portfolio. Broughton has an existing resource which was identified in 2005 and further studies are currently underway, with U&D aiming for the transition from explorer to producer. Palaris has undertaken a review of U&D’s exploration assets (EPCs) in the Bowen and Basin and provide a summary of the location, geological setting and stratigraphy, coal quality, historical and recent exploration, resource base and exploration potential. The location of U&D’s Bowen Basin assets is shown in Figure 1.1. Recent exploration permit – coal (EPC) applications located in the Galilee Basin are also included in this report. (ii) Geological Setting The Bowen Basin is part of a connected group of Permian coal basins in Eastern Australia that includes the Sydney and Gunnedah Basins (Mallett et al, 1995). Coal rank in the basin is largely related to relative position to a Triassic thrust front and Early Cretaceous intrusions. These conditions resulted in relatively shallow and undisturbed coal seams developed over large areas of the central and north-western parts of the basin. These coal seams are medium to high volatile bituminous with coking characteristics. On the eastern edge of the basin, coal rank varies from low volatile bituminous to anthracite with complex structure. Towards the south-western limits of the Bowen Basin, coal rank decreases and coking properties show a general deterioration. (iii) Stratigraphy Coal-bearing sequences occur in numerous stratigraphic levels throughout the Bowen Basin; however, those that have economic significance are classified as four distinct groups, referred to as Group I to IV. These are described by Mutton in Queensland Coals (2003) and a simplified stratigraphic table is presented in Table 1.1 below. Group I coal measures are the oldest coal-bearing sequence and are largely confined to the Denison Trough in the south west of the Bowen Basin. This group is represented by the Reid Dome Beds (RDB), deposited in extensional basins during the Early Permian. Group I coal seams have variable thicknesses and while targeted at Minerva on the Springsure Anticline, generally occur at significant depths. Group II coal measures consist of several unconnected Permian sub-basins;
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