Definitive Feasibility Study WA Kaolin Limited Wickepin Kaolin Project Complied by: September 2020 19-AUS-WAK-1004-DFS REPORT V5.DOCX Revision V5 Revision Status Revision Date Description Author Approver Name Position Name Position Title Title V2 200810 Draft for internal review DB Director DB Director V3 200826 Draft for client review DB Director DB Director V4 200901 Draft for client review DB Director DB Director V5 200903 Final, issued to client DB Director DB Director TABLE OF CONTENTS 1. EXECUTIVE SUMMARY.............................................................................................. 1 2. INTRODUCTION .........................................................................................................10 2.1 Sources of Information and Reliance on Other Experts ...................................................... 10 2.2 Prior Association and Independence ................................................................................... 10 2.6 Contributors ......................................................................................................................... 12 2.7 BDB Process Relevant Experience ..................................................................................... 13 3. OVERVIEW AND HISTORY .......................................................................................14 4. LOCATION AND OWNERSHIP ..................................................................................15 4.1 Location ............................................................................................................................... 15 4.2 Tenements and Permits ...................................................................................................... 15 4.3 Climate and Physiography................................................................................................... 16 4.4 Exploration History .............................................................................................................. 17 4.5 Previous Mineral Resource Estimates ................................................................................ 17 4.6 Mining Status ....................................................................................................................... 17 5. PROJECT HISTORY ..................................................................................................18 5.1 Approvals ............................................................................................................................. 18 5.1.1 Historic ......................................................................................................................... 18 5.1.2 Approved Project ......................................................................................................... 19 5.1.3 Current Stage ............................................................................................................... 20 5.1.4 Current and Future....................................................................................................... 20 5.2 Existing Environment ........................................................................................................... 22 5.2.1 Previous Study ............................................................................................................. 22 5.2.2 Regional Setting........................................................................................................... 23 5.2.3 Geology ........................................................................................................................ 23 5.2.4 Soils ............................................................................................................................. 23 5.2.5 Hydrogeology ............................................................................................................... 23 5.2.6 Surface Hydrology ....................................................................................................... 24 5.2.7 Climate ......................................................................................................................... 24 5.2.8 Vegetation and Flora ................................................................................................... 25 5.2.9 Social Environment ...................................................................................................... 26 5.2.10 Cultural Heritage .......................................................................................................... 26 5.3 Project Description .............................................................................................................. 26 5.3.1 Overview ...................................................................................................................... 26 5.3.2 Area of Disturbance ..................................................................................................... 28 5.3.3 Pipelines ...................................................................................................................... 29 5.3.4 Wedin Rail Siding......................................................................................................... 29 5.3.5 Mining .......................................................................................................................... 30 5.3.6 Processing ................................................................................................................... 30 5.3.7 Water Supply and Recycling ........................................................................................ 33 5.3.8 Tailings ......................................................................................................................... 34 5.3.9 Infrastructure ................................................................................................................ 34 6. ENVIRONMENTAL IMPACTS AND MANAGEMENT .................................................37 6.1 Soils ..................................................................................................................................... 37 6.2 Groundwater ........................................................................................................................ 37 Page | i 19-AUS-WAK-1004-DFS September 2020 6.3 Surface Water ...................................................................................................................... 37 6.3.1 Vegetation and Flora ................................................................................................... 37 6.4 Fauna ................................................................................................................................... 38 6.5 Atmospheric Emissions ....................................................................................................... 38 6.5.1 Approved Project ......................................................................................................... 38 6.5.2 Current Stage ............................................................................................................... 39 6.6 Noise .................................................................................................................................... 39 6.7 Light ..................................................................................................................................... 40 6.8 Hazardous Materials ............................................................................................................ 40 6.9 Transport ............................................................................................................................. 41 6.10 Waste Management ............................................................................................................ 41 6.10.1 Mineral Waste .............................................................................................................. 41 6.10.2 Domestic Waste ........................................................................................................... 41 6.10.3 Industrial Waste ........................................................................................................... 42 7. SOCIAL ENVIRONMENT ...........................................................................................43 8. REHABILITATION AND CLOSURE ...........................................................................44 9. GEOLOGICAL SETTING AND MINERALISATION ....................................................47 9.1 Introduction .......................................................................................................................... 47 9.2 Regional Geology ................................................................................................................ 47 9.3 Property Geology ................................................................................................................. 47 9.4 Deposit Geology and Mineralisation .................................................................................... 48 9.4.1 Lithology, Weathering and Oxidation ........................................................................... 48 9.4.2 Summary of Mineralisation and Controls ..................................................................... 48 9.4.3 Factors Affecting Continuity of Grade and Geology .................................................... 48 9.5 Sampling Techniques and Data .........................................................................................