Announcement • Dec 21
Tombola Gold Limited, Annual General Meeting, Jan 30, 2023 Tombola Gold Limited, Annual General Meeting, Jan 30, 2023, at 10:01 E. Australia Standard Time. Location: Colin Biggers & Paisley on Level 35, Waterfront Place, 1 Eagle Street, Brisbane City QLD 4000 BRISBANE Australia Agenda: To consider and Approval for the Issue of the Gold Tenements Consideration Shares; to consider the Ratification of Previously Issued Consideration Securities; to consider the Ratification of Previously Issued Placement Shares; and to consider other matters. Announcement • Dec 13
Tombola Gold Limited Announces Commencement of Gold Processing Tombola Gold Ltd. announced the achievement of a significant milestone with commencement of gold processing and the first gold pour on track for completion by the 19th of December, with pours expected to occur on a weekly basis. In October 2022, Tombola entered a definitive agreement for the short term lease of the Great Australian Mine Plant from True North Copper Pty Ltd, with the Company since successfully refurbishing the GAM Plant. In late October 2022, Tombola commenced initial hauling of Ore material to the GAM Plant, with a total of 28,000 tonnes of material now on the ROM Pad, with haulage continuing to provide continuity of gold production. An addition fleet of haulage trucks commenced operation to day as scheduled to ramp up and increase ore haulage to GAM. At the Mt Freda Gold Complex, Tombola is currently continuing to construct a 40,000t reusable VAT which is due for completion by Second Quarter 2023. The Company expects that the VAT's will significantly reduce the All In Sustaining Cost (AISC) once operational. Civil construction of the VAT's is complete with environmental permits are in place. As announced on 13 July 2022, the Company entered an agreement to acquire the Lorena Processing Facility including fully permitted mining and exploration leases, the existing open cut gold and copper mine and a 250,000 - 300,000 tonne per annum processing plant. Recent Insider Transactions • Dec 02
MD & Chairman recently bought AU$54k worth of stock On the 30th of November, Byron Miles bought around 2m shares on-market at roughly AU$0.027 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Byron has been a buyer over the last 12 months, purchasing a net total of AU$162k worth in shares. Announcement • Nov 22
Tombola Gold Limited Announces Positive Results from the Initial Drilling Program At the Mt Scheelite Target, Golden Mile Complex in Cloncurry, Queensland Tombola Gold Limited announced continued positive results from the Company's initial drilling program at the Mt Scheelite Target, within the highly prospective Golden Mile Complex in Cloncurry, Queensland. Mt Scheelite Drilling Program: The completion of the last drill hole at Mt Scheelite (MS22DD001) in the current program, and the only diamond hole drilled in the initial exploration program, marked the end of the company's first exploration drilling program at Mt Scheelite. Following compilation and assessment of all available geological data, the current plan is to resume drilling at Mt Scheelite early in 2023 to take the project to a resource estimation stage. At Mt Scheelite 24 RC holes (for a total of 2,060.6m) and 1 DD hole (90.6m) have now been completed, "Further Significant Gold Intersections at Mt Scheelite" (9 June 2022, and Tombola Delivers Further Significant Gold Intercepts. Significant intersections previously reported included: 21m @ 3.27 g/t from 34m; (MS22RC001), including: 4m @ 11.53 g/t from 34m. 19m @ 1.5 g/t Au from 51m; (MS22RC002), including: 5m @3.35 g/t Au from 51m. 6m @ 6.9 g/t Au from 47m; (MS22RC003). 18m @ 5.1 g/t Au from 23m; (MS22RC004), including: 6m @ 5.5 g/t Au from 23m. 3m @ 1.8 g/t Au from 30m. 5m @ 8.7 g/t Au from 36m. 14m @ 16.22 g/t Au from 26m; (MS22RC009), including 4m @ 51.89 g/t Au from 27m, including 2m @ 83.90 g/t Au from 28m. 9m @ 4.59 g/t Au from 36m; (MS22RC019), including 2m @13.45 g/t Au from 36m. 4m @ 3.34 g/t Au from 41m. 2m @14.98 g/t Au from 43m; (MS22RC020). 1m @ 4.29 g/t Au from 33m; (MS22RC021). 3m @ 4.39 g/t Au from 39m; (MS22RC021). 1m @ 11.70 g/t Au from 0m (MS22RC023). Drilling Results: Initial drilling at Mt Scheelite was carried out along a 380m north-south strike, drill testing the length of the interpreted quartz veining in outcrop and costeans previously mapped and excavated. The main zone of gold mineralisation is now seen to have a length of around 150m and is open at depth with more drilling also required along strike, particularly to the north where outcropping quartz has been mapped but not previously drilled. Diamond drill hole (MS22DD001) aimed to test the strike extent of the mineralisation encountered in the first holes drilled (MS22RC001 - 004) and has increased the along strike length of the mineralised zone to >150m. The hole was drilled to the south of MS22RC001 to primarily obtain drill core tom better understand the structural controls on the mineralisation, provide samples for petrographic work and also to test continuity of the mineralised zone. The next hole 15m to the south (MS22RC006 failed to intersect the zone), most likely due to some structural complexity /possible fault off-set that requires further drilling. Following completion of the next drilling program at Mt Scheelite, the next objective will be to complete a maiden resource estimate. It is important to note that Mt Scheelite is approximately 600m from the current Golden Mile producing centres of Comstock and Shamrock and can leverage off established site infrastructure. The main vein (mineralised zone) at Mt Scheelite is interpreted to be sub-vertical and located along a lithological contact between quartzites and a volcanic unit. Mineralisation is associated with quartz and carbonate veins, with sulphides (pyrite) seen to be disseminated within the main zone of mineralisation. Following completion of the planned infill /extensional drilling proposed early in the new year, the step will be to progress Mt Scheelite to a geological resource for it to be included in the future Golden Mile development planning. In cross section the mineralised zone is interpreted to be steeply dipping, and in long section the mineralised zone is seen to be continuous along strike, although with additional drilling some geological structural complexity is expected. Interpretation to date indicates there may be some structural off-sets across cross- cutting structures, although the limited drilling to date has only involved one drill hole on each cross section, and no deeper holes have yet been drilled, hence, the main zone is still open at depth and along strike, particularly to the north where outcropping quartz can be mapped at surface. In long section the mineralised zone as currently defined is greater than 100m along strike and open at depth and along strike. Announcement • Nov 18
Tombola Advances to 100% Ownership of Golden Mile Tombola Gold Ltd. announced that the Company has advanced to 100% ownership of the Golden Mile Project in Cloncurry, Queensland, increasing its ownership from 93%, via successful negotiations with ASX-listed Aeris Resources Ltd. Mining at Golden Mile is underway, and it will continue to play a key role in Tombola's vision of becoming a significant Australian gold producer, as mining activities continue at the Mt Freda Gold Complex and haulage to the GAM Plant is currently in progress. The Tombola Mineral Resources have been reported to the ASX as per the above release information. The Company confirms that it is not aware of any new information or data that materially affects the information ncluded in that release and that all material assumptions and technical parameters underpinning the estimates in the relevant market releases continue to apply and have not materially changed. Board Change • Nov 16
No independent directors There are 3 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). MD & Chairman Byron Miles is the most experienced director on the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Announcement • Oct 29
Tombola Gold Ltd Announce the Achievement of A Major Milestone with the First Material from Comstock and Shamrock Tombola Gold Ltd. announce the achievement of a major milestone with the first material from Comstock and Shamrock being delivered from the Mt Freda Run of Mine pad, 54km to the Great Australian Mine ("GAM") plant for crushing and processing in November. An initial 90,000 tones are set for delivery with the cartage contractor commencing cartage operations on 27 October 2022. Full time haulage has commenced and will be ongoing 7 days a week to ensure adequate feed, with the GAM Plant recommissioning on schedule and well advanced. The short 54 km journey from Mt Freda to the GAM Plant was completed by the first trucks in approximately 80 minutes. The Company is also pleased to announce that mining continues well above scheduled rates with both Shamrock and Comstock being concurrently mined and ongoing grade control practices in place. Announcement • Oct 21
Tombola Gold Limited Announces Board Changes Tombola Gold Ltd. advised of the resignation of Mr. Samuel Kennedy from the Board, effective immediately. Mr. Kennedy will be replaced by Mr. Trevor Coombe, who has previously been a Director of the Company and now re-joins the Board, and will act as the Company's Chief Operating Officer to assist with the Company's emergence into mining and gold production. Mr. Coombe was previously Managing Director of Young Australia Mines Limited, and Norske Hydro's Head of Global Alumina and Smelter Growth for the Oceania Region. Norske Hydro is one of the major global integrated aluminium producers. Mr. Coombe served in these roles for a period of over 13 years. Prior to entering the aluminium industry, Mr. Coombe was involved in the mining industry for over 30 years, including as CEO of Savage Resources' coal mining operation at Liddell Mine in the Hunter Valley, and General Manager of Pasminco's silver-lead-zinc-gold-copper mining operations at Rosebery, Tasmania. Announcement • Oct 18
Tombola Gold Ltd Announces Mining Update and GAM Plant Agreement Tombola Gold Ltd. announced that mining activities continue to progress well at the Company's two operating mines Comstock and Shamrock, wher currently 61,000 tonnes of ROM material are stockpiled for haulage to the Great Australia Mine (GAM) processing plant, the subject of a short-term lease which has now been definitively agreed with True North Copper. First gold production is scheduled for late November, and carting of the ROM material to GAM will commence in coming weeks. Announcement • Oct 06
Tombola Gold Ltd, Annual General Meeting, Nov 25, 2022 Tombola Gold Ltd, Annual General Meeting, Nov 25, 2022, at 10:30 E. Australia Standard Time. Announcement • Sep 20
Tombola Gold Ltd Announces Further Prospective Drilling Results from Mt Sheelite Tombola Gold Ltd. announced continued positive results from the Company's initial drilling program at the Mt Scheelite Target, situated to the west of the highly prospective Golden Mile Complex in Cloncurry, Queensland 1. An initial four-hole drilling program was previously carried out at the Mt Scheelite Target in April/May this year. In this program, all four holes drilled (MS22RC001 - 004) encountered strong gold mineralisation within 50m of surface, interpreted within sub-vertically dipping quartz-sulphide veins. Significant intersections previously reported included: 21m @ 3.27 g/t from 34m; (MS22RC001), including: 4m @ 11.53 g/t from 34m 19m @ 1.5 g/t Au from 51m; (MS22RC002), including: 5m @3.35 g/t Au from 51m 6m @ 6.9 g/t Au from 47m; (MS22RC003) 18m @ 5.1 g/t Au from 23m; (MS22RC004), including: 6m @ 5.5 g/t Au from 23m; 3m @ 1.8 g/t Au from 30m & 5m @ 8.7 g/t Au from 36m. An additional 20 RC holes have been completed at Mt Scheelite (bringing the total number of holes drilled to 24 in the initial program) testing along a 380m north-south strike, drill testing the length of the interpreted quartz veining in outcrop and costeans previously mapped and excavated. The main zone of gold mineralisation is now seen to have a length of around 150m and is open at depth with more drilling also required along strike, particularly to the north where outcropping quartz has been mapped but not previously drilled. The initial drilling program at Mt Scheelite has now been completed with twenty-four (24) RC holes drilled (for a total RC drill meterage of 2,060.6m) with all assays now returned. One diamond drill hole was also drilled (MS22DD001) in the drilling program to 90.6m, with assay results from this hole still outstanding (MS22DD001). The program aimed to test the strike extent of the mineralisation encountered in the first holes drilled (MS22RC001 - 004) and has increased the along strike length of the mineralised zone to >150m. Announcement • Sep 16
Tombola Increases the Resource Base Upon Completion of the Acquisition of the Gold Projects of True North Copper Tombola Gold Ltd. announced that following its own internal geological assessment and working in conjunction with the technical team at True North Copper, a Mineral Resource estimate of 72,000 oz Au can be publicly reported for the first time for the Wynberg and Wallace South Projects. Completion of the acquisition will be subject to the usual approvals by third parties (the responsible Minister, native title holders and novation of existing contracts). Completion of this acquisition will significantly add to the resource inventory of the Company and will provide feed for the Lorena processing facility, once commissioned. As announced on 13 July 2022, Tombola entered a Binding Term Sheet with True North Copper Pty Ltd. ("True North") for the acquisition of various interests in five additional projects around the Cloncurry region. The tenements that comprise the TNC Gold Portfolio consist of three mining leases (MLs) and two exploration permits for minerals (EPMs) located in the Cloncurry district of north Queensland. The majority are sited directly east and southeast of the township of Cloncurry. Resources can be reported for the first time at Wynberg and Wallace South. Other projects, including Buena Vista, Victory, and Wallace East, cannot be publicly reported at this time, with Tombola prioritising the update to these Mineral Resource estimates at these prospects after transfer of the projects. The Wallace Project consists of ML 10077 and ML 90236 (that lie within EPM 15923), located approximately 40 km southeast of Cloncurry. The Wallace Project comprises two main mineralised prospects, namely Wallace South (gold dominant), and Wallace East (gold-copper). There is also a smaller prospect located at Buena Vista (Figure 1). The Mineral Resource reported here relates to Wallace South alone - where there has previously been mining in 2018-19, and the resource relates to resources remaining below the existing pit floors and between the two open pits. The Wynberg Project consists of EPM 12409 and ML 10011 and is located approximately 30 km east-southeast of Cloncurry (Figure 2). The main zone of mineralisation comprises seven individual prospects, designated as Wynberg Pits (Pit 1 - Pit 7). A Mineral Resource estimate (MRE) for Wallace South was updated in September 2018, following new drilling carried out as part of mining the deposit. The mine comprises two open pits. The mine was owned and operated by Round Oak Minerals Ltd. (ROM), an unlisted mining company. The ore was hauled and treated at the Great Australia gold plant in Cloncurry. Mining took place between March 2018 through to December 2019. Historical records reflect that the mine produced 558kt at 1.23g/t Au for 22koz. The September 2018 MRE has been depleted for this mining activity. A total of 14.6koz of gold has been estimated and classified as Indicated and Inferred using JORC 2012 Code (JORC Table 1 appended to this release). The MRE is reported above a 0.5g/t Au cut-off grade and lies within 120m of surface. The Wallace South orebody remains open and poorly explored at depth, particularly the area between the two current pits. Announcement • Jun 24
Tombola Gold Ltd Announces Positive Results from the First Hole of Proposed Five-Hole Diamond Drilling Program At Little Duke Tombola Gold Ltd. ("Tombola" or the "Company") announced positive results from the first hole of a proposed five-hole diamond drilling program at Little Duke, within the highly prospective Golden Mile Complex in Cloncurry, Queensland. Drillhole LD22DD001 was proposed to test extensions to the south of the mineralisation intersected in previous drilling programs carried out at Little Duke in 2018-19. The most recent drilling program carried out at Little Duke was in 2019, with drill hole LD22DD001 drilled 40m south-west of LD19RD025 (68m (0-68m) @ 1.44 g/t Au; 0.53% Cu) and 20m south-west of LD19RC023 (40m (76-116m) @ 2.21 g/t Au; 0.40 % Cu), extending the trend of mineralisation to the south-west. The aim of the drilling program was to test continuity of gold and copper mineralisation previously identified as well as testing geophysical VTEM and magnetics targets. Electromagnetic plate modelling was carried out by GeoDiscovery Group over portions of an earlier airborne (2015) VTEM survey in early 2019. Plate modelling suggested that the area around Little Duke consisted of several north-south trending basement conductors. The drilling at Little Duke has been centered over one of these conductors (A). Host lithologies are a package of intercalated sub-vertical mafic volcanics and sediments (shales, siltstones and sandstones). The mineralised zones are interpreted to be structurally controlled sub-vertical shears that have focused fluids and are oriented in a north-west direction (i.e. oblique to the lithology). The zones of mineralisation are predominantly composed of quartz-carbonate breccia with abundant pyrrhotite as stringers, veins, and massive sulphides. Copper (chalcopyrite) occurs as disseminated sulphide, veins, and blebs. There appears to be a correlation of copper and gold. The main mineralised zone appears to be plunging to the south-east, although more drilling is required to confirm this. The mineralisation is interpreted to be an iron-sulphide (pyrrhotite-dominant) copper gold (ISCG) style with IOCG (magnetite) components, although petrography work is underway to confirm this. Zones of mineralisation consist of chalcopyrite (cpy) as disseminations, blebs and veins, within a quartz-carbonate breccia + magnetite and pyrrhotite. The system is pyrrhotite (po) dominant, occurring as veins, disseminations and massive sulphides exhibiting ductile deformation of massive (pyrrhotite) sulphides. Further drilling is underway in the Little Duke area to gain a better geological understanding on the distribution of these structurally controlled massive sulphide zones and the +/- copper +/- gold association. A geophysical IP survey is planned to commence at the end of July 2022 to delineate additional targets for drilling. The area to be covered by the IP survey is extending north and south of Little Duke, covering an area of approximately 4 kms north-south by 1.2 kms east west. Petrography studies are also underway with results expected in early August 2022. Announcement • Jun 10
Tombola Gold Ltd Announces Board Changes Tombola Gold Ltd. announced the appointment of Mr. Ken Stapleton as an Executive Director to replace Mr. Geoff Kidd who has decided to retire as an Executive Director for health reasons. Mr. Stapleton is a Mining Engineer with excess of 40 years of mining industry experience in consulting, planning and management of open cut mining operations including iron ore, coal, porphyry copper/gold/silver, lateritic nickel and gold mines. He is experienced in feasibility studies, resource and reserve estimation, owner-operator and contractor mine cost estimation and budgeting, mine planning, drilling and blasting, in-pit crushing/conveying, mine rehabilitation, and the development and operation of coal and base metal mines in Australia, Papua New Guinea, New Caledonia and Indonesia. Mr. Stapleton has extensive experience in planning and management for mining companies and major mining contractors. He also has extensive experience as a consultant to the metalliferous and coal industry. He founded MineOp Consulting in 2007, and in recent years has worked as an expert witness and provided advisory services to a number of metal and coal companies on Partner/Alliance style contract formation and negotiations. Mr. Stapleton has an Associateship Diploma of Mining Engineering from the Royal Melbourne Institute of Technology, a Mine Managers Certificate (Unrestricted for Qld, NT and PNG), an Open Cut Coal Examiners Certificate (NSW), and is a member of AusIMM. Announcement • May 20
Tombola Gold Ltd Announces Company Secretary Changes Tombola Gold Ltd. announced the appointment of Mr. Karl Schlobohm as Company Secretary as part of its ongoing initiatives to focus its operations and management in Queensland. Karl will be replacing Pamela Menzies. Karl has extensive Australian and international stock exchange experience, having served as Company Secretary for numerous companies over the past 15 years predominantly in the resources sector - including DGR Global Ltd., SolGold Plc, Atlantic Lithium Ltd. and Discovery Metals. Announcement • May 18
Tombola Gold Ltd Announces Positive Results from the First Two Drill Holes of A Four-Hole Drilling Program At the Mt Scheelite Target Tombola Gold Ltd. announced positive results from the first two drill holes of a four-hole drilling program at the Mt Scheelite Target, within the highly prospective Golden Mile Complex in Cloncurry, Queensland. Mt Scheelite Drilling Program: An initial four-hole drilling program commenced at the Mt Scheelite Target as part of a broader program across the company's Golden Mile Complex. The Mt Scheelite drilling sites were centred around some old workings and below where gold was intersected in recent costean activities. The holes were targeted under the old workings /costeans with target depth of between 30-50m, and both intersected significant intervals of gold mineralization which is extremely encouraging for the resource potential of the Mt Scheelite target to host a significant gold resource. The two drill holes both encountered mineralization within depths of 30-60m and are interpreted to have intersected gold contained within sub-vertically dipping quartz-sulphide veins. An additional four holes have been proposed along strike and these will be drilled once the results are returned from the remaining two holes, the board looks forward to continuing to report results and progress to the market in coming weeks. Announcement • May 04
Tombola Gold Ltd Announces Executive Changes Tombola Gold Ltd. advised that the Directors of the Company have appointed Byron Miles as the Executive Chairman of the Company following the resignation of Andrew Firek as a Non-Executive Director and Chairman at the conclusion of the 2021 Annual General Meeting held on 29 April 2022. Mr. Miles is taking on the role of Executive Chairman in addition to his role as Managing Director of the Company. His appointment as Executive Chairman is effective from the date of this Announcement. Recent Insider Transactions • May 04
MD & Director recently bought AU$59k worth of stock On the 29th of April, Byron Miles bought around 992k shares on-market at roughly AU$0.059 per share. This was the largest purchase by an insider in the last 3 months. Byron has been a buyer over the last 12 months, purchasing a net total of AU$108k worth in shares. Board Change • Apr 27
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. 1 independent director (4 non-independent directors). Independent Non-Executive Chairman of the Board Andrew Firek is the most experienced director on the board, commencing their role in 2021. They were also the last independent director to join the board. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Mar 29
Tombola Gold Ltd, Annual General Meeting, Apr 29, 2022 Tombola Gold Ltd, Annual General Meeting, Apr 29, 2022, at 14:00 E. Australia Standard Time. Agenda: To consider Discussion of 2021 Annual Report; to consider Re-Election of Directors appointed since the 2020 Annual General Meeting; to consider Remuneration Report; to consider Approval of Issue of Shares to Solidify Capital Pty Ltd; to consider Approval of Issue of Performance Options to Solidify Capital Pty Ltd; to consider Approval of Issue of Performance Options to Geoffrey William Kidd; to consider Approval of Issue of Performance Options to Roderick Watt; to consider Ratification of Issue of New Shares; and to consider Resignation of Andrew Firek as Chairman and Director. Announcement • Mar 04
Tombola Gold Ltd Appoints Rod Watt as Exploration Director Tombola Gold Ltd. announced the appointment Rod Watt, to the company's board as Exploration Director. Mr. Watt is a highly experienced Geologist with over 30 years' experience in both major and junior exploration companies, specialising in project management and taking projects from discovery through to feasibility studies. Announcement • Feb 28
Tombola Gold Ltd announced that it expects to receive AUD 2.939184 million in funding Tombola Gold Ltd announced a private placement of 108,858,653 shares at the price of AUD 0.027 per share for gross proceeds of $2,939,183.631 on February 28, 2022. The transaction is expected to close on March 8, 2022. Announcement • Feb 02
Tombola Gold Ltd Announces Executive Changes Tombola Gold Ltd. appointed Byron Miles as managing director, effective February 2, 2022. Byron brings a wealth of experience to the company with over 15 years experience in capital markets as a stockbroker and fund manager focusing on the resources sector Byron's focus is to transform Tombola Gold from explorer to producer by fast-tracking the production of the company's Mt Freda complex project in first half 2022. The board also wishes to advise that Aaron Day has resigned as managing director of the company effective, February 2, 2022. Announcement • Feb 01
Tombola Gold Ltd Announces Changes to Its Board Tombola Gold Ltd. appointed Byron Miles as director, effective February 2, 2022. Byron brings a wealth of experience to the company with over 15 years experience in capital markets as a stockbroker and fund manager focusing on the resources sector Byron's focus is to transform Tombola Gold from explorer to producer by fast-tracking the production of the company's flagship Mt Freda complex project in first half 2022. The board also advised that Aaron Day has resigned as an executive director of the company, effective February 2, 2022. Announcement • Jan 22
Tombola Gold Ltd Announces Company Update Tombola Gold Ltd. announced With the recent news of the Queensland Government Environmental Authority (EA) approval for the Mt Freda Gold Complex the company has forged ahead with the construction of the three large processing ponds, being, the Pregnant Liquor Solution Pond (PLS), Barren Liquor Solution Pond (BLS) and the Process Plant Raw Water Pond (RWP) while at the same time continuing to take delivery of the off-site constructed Carbon-in-Column process plant for on- site completion. The Cyanide and Caustic Soda handling and mixing circuits are already in transit for delivery to site. Once construction of the three processing ponds is complete construction will then continue on the two 40,000t re-useable Leach Vats, all in preparation for the commencement of mining. Announcement • Nov 29
Tombola Gold Ltd Announces Company Update Tombola Gold Ltd. announced Rehabilitation works at Mt Freda are nearly completed awaiting the Environmental Authority (EA) approvals for the construction of the Mt Freda Gold Process Plant Ponds and Vats incorporating 3 Processing Ponds and two Leach Vats that were designed by ATC Williams. Additional rehabilitation works has also commenced so that the Company can commence construction of several sediment ponds and catchments ponds within the Mt Freda Complex. With the heavy wet season already setting in the newly constructed Raw Water Dam (RWD) is already being put to good use. Whilst the Company's primary focus is on Gold Production at its Mt Freda and Golden Mile projects, the company's commitment for the upkeep of all Exploration Permits for Mineral (EPM) continues. Tombola's exploration goals are aligned for the potential to increase the Gold Resource within the Tombola Gold suite of tenements. The Company reported the granting of EPM27763 (ASX: TBA 23rd September 2021) located South of the Company's Mt Freda Group and the company has continued with exploration activities within this newly granted EPM. The first round of exploration activities on the newly granted EPM consisted of field mapping and reconnaissance in the search for multiple historical Copper, Gold and Cobalt mines. During the program the Company discovered multiple workings of historical Cobalt/Copper mines within the EPM. One historical Copper/Cobalt mine was located within an alteration zone with surface rocks oozing with Cobalt in the form of erythrite (Cobalt bloom). Grades of up to 3.1% Cobalt, 11.25% Copper and 8.56 g/t Gold were lab assayed and fully reported in this document. The Company is in discussions with a potential JV partner for the EPM. GBX2010 - 0.59 g/t Au and 11.25% Cu, GBX2014 - 8.56 g/t Au and 6.13% Cu, GBX2017 - 1.42 g/t Au and 7.05% Cu, GBX2021 - 1.17 g/t Au and 3.10% Co, GBX2030 - 1.89 g/t Au and 3.42% Cu, GBX2035 - 0.69 g/t Au and 1.02% Co GBX2036 - 2.95% Co. More recently additional mineral samples have been taken from in and around these historical workings and the Company is waiting for mineral assaying from the laboratories. Several Thematic maps have been produced from data sourced from the Mount Isa database block, which is one of the 5 databases that make up the Queensland Exploration Geochemistry and Drill hole database. The database is a comprehensive record of information extracted from open-file company reports archived in the Geological Survey of Queensland's Digital Exploration Reports (QDEX) system. Announcement • Sep 27
Tombola Gold Ltd Provides Comstock Gold Production Update Tombola Gold Ltd. announced that the progress at the Comstock historical Gold Mine is well under way. The blast hole drill rig has nearly completed its 182-hole program for the first blast. The first blast will contain approx. 14 tonnes of explosives in the first step in the development of the open cut mine at the Comstock Gold mine. Comstock is one of 8 historical Gold Mines located within the 2 klms wide zone known as the Golden Mile which is a granted mining lease (ML). The two adjacent Gold mines, the Falcon and the Shamrock are awaiting their EA approval and depending on Mt Freda's readiness status could be the next to be developed. Ore being mined at Comstock by open cut, will be stockpiled for processing. The company expects to commence mining at the rate of 20,000 tonnes of ore per month. The EA on the Falcon, Shamrock and Mt Freda Gold Mines are expected to be issued by the Queensland Government over the next month. Announcement • Aug 18
Tombola Gold Ltd announced that it expects to receive AUD 6 million in funding Tombola Gold Ltd announced a private placement of 171,428,571 shares at a price of AUD 0.035 per share for gross proceeds of AUD 6,000,000 on August 18, 2021. The placement price of AUD 0.035 per share represents a 26% discount to the company’s last closing price of $0.047 on the August 13, 2021 and a 24% discount to the 5-day VWAP of $0.046. The transaction will include participation from new institutional and sophisticated investors. The transaction will be undertaken in two tranches. The first tranche of the placement, comprising 80,000,000 shares for gross proceeds of AUD 2,800,000 will close on August 20, 2021. The transaction is expected to be closed on September 30, 2021. Announcement • Jul 15
Tombola Gold Ltd Announces Update Tombola Gold Ltd. is forging ahead with bringing the Golden Mile historical Gold Mines and the Mt Freda Gold Mine into production as quickly as possible. At present the only hold up is the Scoping and Feasibility studies expected to be completed by end of this week and regulatory approvals. A big step this week was the QLD Government issuing the Environmental Authority Approvals (EA0002309), for the development of Comstock Gold Mine. The Company has a binding agreement with EXCO Resources the subsidiary of the diversified investment group WH Soul Pattinson for the processing of the ore from the Golden Mile which includes the Comstock, Falcon and Shamrock historical Gold
Mines. The process plant is located at the Great Australia Mine in Cloncurry approx. 60klms by road. Final Scoping Studies for Mt Freda and Golden Mile completed by CSA Global Ltd. are expected to be signed off this coming week. With the further investigation of the Copper and Cobalt historical workings south of King Brown using the Queensland Mines Department database indicate that only limited information is available and that there has been no drilling to date. The Mt Freda Gold Mine is a granted mining lease and was in production until 1990 operating as an open cut mine and processing using CIP for Gold recovery. The mine shut in 1990 when the Gold price plunged. The grade being mined was approx. 4.4g/t Au with dilution and a 98% recovery in the CIP process plant established on site. Tombola Gold Ltd. has reported a JORC resource of 1.01 million tonnes @ 2.66g/t Au for a total of 86,000 ounces to a depth of 200m. Indicated 613,000 tonnes @ 2.91g/t Au and inferred 393,000 tonnes @ 2.27g/t Au, 524,000 tonnes @ 2.57g/t Au at a cutoff @ 0.5g/t Au plus a deeper 482,000 tonnes 2.76g/t Au at a 1 g/t Au cutoff. Drilling will recommence once Mt Freda commences production, with the view to increase the Gold mineralisation at depth. The Golden Mile has only been drilled to a depth of 50m at Comstock and 100m on the Falcon and Shamrock. The reason for the limited drilling, was so that the close to surface mineralisation could be established, that would warrant the immediate start to mining after granting of the Mining Lease. Once mining and cash flow commenced, the drilling would restart, to drill deeper, with the view to increase the resource. The total resource for the Golden Mile from surface is 294,000 tonnes for 24,600 ounces. Total ounces for the Golden Mile and Mt Freda combined and close to surface, easy mining, is 110,000 ounces. A third prospect nearby, Little Duke only had limited drilling for a further resource of 13,600 ounces. Indications from the old timber supports and historical iron material discovered around the workings, indicates workings possible late 1800's to early 1900's. It appears high grade Cobalt and Copper was mined during its operations. The Company intends to commence a drilling campaign soon once mining
commences within the Mt Freda Complex to assess the size and grade of the area. The Cobalt lode appears to occur in altered slates at an intrusive granite contact. The lode in which cobalt minerals are found strike 18 degrees and appears to be on a southernly continuation of a Copper lode which outcrops 50m to the north. The lode evidently occupies a fault, as the material is in part, brecciated. The Cobalt minerals at the surface consist of Erythrite and Cobaltite. The nearby Copper lode is in altered, ferruginous slates and contains Chalcopyrite, Pyrite, Malachite and Azurite. The high Arsenic values surrounding the Cobalt (the pink-coloured rocks) indicating the possibility of Gold
mineralization. Samples have been sent for laboratory testing. Announcement • May 18
Ausmex Mining Group Limited Announces Cloncurry Exploration and Mining Update Ausmex Mining Group Limited announced exploration on the King Brown EPM 14163 encompasses numerous historical Gold and Gold/Copper producing Mines. The area near King Brown to the West is being explored by the Company, whilst waiting for the regulatory processes for granting of the Mining Lease for the Golden Mile. The Golden Mile consists of 8 historical high grade North South striking Gold mines that are within a 2 klms wide mineralised zone, with a combined strike length of approx. 8 klms. The first three Gold mines to be mined are the Comstock, Falcon and the Shamrock that all produced at an average grade greater than 45g/t Au. All three have laid dormant since the early 1900's. The historical mines will be mined by open cut method and pit optimization studies already completed and now awaiting the final feasibility study. Ausmex is currently negotiating the final toll treating charges at this moment with Round Oak Minerals Pty Ltd. The Golden Mile is a JV between Ausmex and Round Oak Minerals. The King Brown on EPM14163 which forms part of the Mt Freda Complex (image 25) contains several historical producing high-grade Copper and Gold Mines that include Tiger, Nugget Hill, Jiyer Prospect, Golden Hill, LLomas, Adder, Mt Scheelite, and Carpet. On the Adjoining EPM the Golden Mile which forms the JV between Ausmex and Round Oak Minerals the following historical Gold and Gold/Copper/Cobalt mines include Comstock, Falcon, Shamrock, Jewell, Ducat, Little Duke, Iron Duke and Weatherly. And the Mt Freda Group are the Mt Freda, Evening Star, Canteen, Evening Star extension and Drillers Camp. Exploration on the King Brown EPM has proven to suggest that there is possibly a large Copper/Copper Gold resource within the zones of mineralization already announced since the Company commenced exploration on this EPM in 2017 and had great success and shows that there is a +2 klms N/S continuous zone of Cu/Au mineralization from sampling of outcrops from South to North. The current exploration is all a follow up from those exploration results, to determine the possible size of the mineralised zone. The transition from exploration to Gold producer, from the Golden Mile and the Mt Freda tenements has been extremely frustrating. After completing exhausting regulatory and landowner compensation agreements, including having a recent favorable determination for compensation by Land Courts, (now determined) the Company can now move a giant step towards the commencement of mining. These events have been frustrating to shareholders and to the Board to say the least. The Ausmex Board can only apologise for the unanticipated holdups, due to these events, which were out of the Boards control. At this time, the Company is expecting and anticipating that the Mining Lease (MLA 100201) for Golden Mile to be granted shortly. The Company can now complete and submit the final plan of operations for approval by the Queensland Government. Following completion of these regulatory requirements, the Company plans to commence mining and production as soon as physically possible. Recent Insider Transactions • Apr 24
Insider recently bought AU$101k worth of stock On the 16th of April, Wayne McCrae bought around 2m shares on-market at roughly AU$0.055 per share. In the last 3 months, they made an even bigger purchase worth AU$163k. Insiders have collectively bought AU$264k more in shares than they have sold in the last 12 months. Announcement • Mar 15
Ausmex Mining Group Limited Announces an Updated Mineral Resource Estimate for Mt Freda Ausmex Mining Group Limited announced an increase of Gold metal of 14% and Gold grade of 18% Au spurs Directors towards production at Mt Freda (granted Mining Lease). Priority fast track study underway for commencement of mining by open cut. With the anticipated increase of the upgraded Mt Freda JORC Mineral Resource Estimate (MRE) of Gold metal by 14% and an increase in the Gold grades by 18%, at Mt Freda the Directors of Ausmex, on the probability of the increase in contained Gold metal and grade, authorised the commencement of an engineering and pre-feasibility study and possible open cut mining prior to underground mining. The recently announced JORC MRE also outlined 2 x Gold mineralised unmined, zones near surface containing 141,569 tonnes. The zones are located at the West end of the Mt Freda Historical open cut pit and just below surface at the East end of the Mt Freda Historical open cut pit. With the increase in Gold metal and the increasing Gold grades, below the bottom of the open cut, the study to date illustrates the possibility of mining + 300,000 tonnes at ~ 3g/t Au, by open cut method, prior to commencing underground mining by decline method as first option. Mt Freda was a prominent producing Gold mine in the early 1900's and again from 1987 to 1990 and only closed due to the collapse of the Gold price in late 1989. Based on the increase in Gold and an increase in Gold of grade of 18%, recently reported (ASX: AMG 4th March 2021) the Company studies are focused on the feasibility of open cutting the existing pit deeper, "dependent on viability", with the view to extend the current pit depth, while transitioning to possible underground mining by decline. Mt Freda is also a Granted Mining Lease. Plan of Operations Mt Freda: The underground mine plan for Mt Freda is also currently underway by independent mining engineers CSA Global in Brisbane. The open cut option prior to the underground option is being completed by Alpha Mine Planning. The original plan was for the commencement by underground, but with the recent discovery of ore during the recent JORC upgrade may provide the opportunity to mine by opencut for approx. 300,000 tonnes prior to the commencement of the underground mining by decline method. The Plan of operations for Mt Freda has been lodged with the regulatory authorities, (subject to the feasibility study), and is almost complete. The plan of operations application is for an extension of the 2018 plan of operations, already submitted to the mines dept, originally to treat some 100,000 tonnes of low-grade Au material +2g/t Au from the historical dumps via a vat leach process. Subsequently the 100,000 tonnes of ore were sold to Round Oak Minerals Pty Ltd. for $2.5 million. The previous Plan of Operations will now be adjusted to compensate for the waste material from mining Mt Freda. The plan is to include the waste to be stockpiled over the original DMR historical tailings dump (during the open cut phase). All water management and test holes are complete, and an EA approved. In 1989, Diversified Mineral Resources (DMR) operated a Vat leach program in addition to the CIP processing plant, with 10,000 tonnes of low-grade ore, (+2g/t - 4g/t Au in 1988) that recovered over 90% of the Gold over a 3-month period. The test Vat was constructed for testing to low grade Au material which at the time had a cut-off of 4g/t Au. Additional Metallurgical Test work and Mining Engineering Studies Underway: Cyanide test work was previously carried out by Amdel Mineral Laboratories using the Mt Freda ore that produced high Gold recoveries of above 95%. Additional Metallurgical test work using the latest diamond core material from is currently being undertaken by metallurgical group, Process Engineering Options Pty Ltd. in Brisbane. The metallurgical team together with the Project Management Group, Minecraft Holdings Pty Ltd. and Australian Mining Engineering Consultants Pty Ltd, will be on site on 15 th March 2021 for final on-site planning prior to and subject to the positive pre-feasibility study. Once completed the commencement of construction of the processing plant to begin soon after. Golden Mile Comstock, Falcon and Shamrock historical Gold Mines: The Company is awaiting the granting of the Mining Lease for these three Gold projects located approx. 500m to the North of Mt Freda. The final 2 diamond core holes for the geotechnical data for the open cut optimisation study completed on 12th March 2021. The holdup of the granting of the ML has come from an unexpected unforeseen issue with the Grazier that leases the property for grazing cattle from the QLD government. Ausmex offered compensation and an independent valuation for the area of the lease, not accepted by the grazier. The land court is expected to make a determination/recommendation before end March so the Mining Lease can be granted. Plan of Operations is ready to be lodged. Announcement • Mar 05
Ausmex Mining Group Announces an Updated Mineral Resource Estimate for Mt Freda Ausmex Mining Group announced an updated Mineral Resource estimate for Mt Freda. The Mineral Resource estimate for Mt Freda, was completed by Dr. Andrew Richmond (FAIG, MAusIMM) following infill drilling since the maiden Mt Freda Mineral Resource estimate by Ausmex announced to the ASX on the 3rd June 2020. The 8-hole diamond and reverse circulation infill drilling program by Ausmex in late 2020 provided valuable information on mineralisation continuity that enabled reinterpretation of the Mt Freda Lode system. The 31 lodes used for the June 2020 maiden estimate were reduced to just 3 lodes, which is more consistent with historical mining reports. The Mt Freda drill hole database used for lode interpretation and block grade estimation was based on an amalgamation of recent drilling completed by Ausmex and Queensland Mining Corporation (QMC), as well as historical drilling by various explorers, including the previous Mt Freda open pit operator, Diversified Mineral Resources, (DMR). Scoping Studies The company has commenced assessing several mining scenarios for the Mt Freda Complex including initial open cut mining, with all ore treated off site at third Party processing facilities. With the current infrastructure in place including haul road access, the Company will assess a low-cost early development mining start up. The Company plans to utilize near term cash flow from the Mt Freda Complex to continue to upgrade the Maiden resource estimate, as well as additional drilling targets identified within the Ausmex tenure. The Mt Freda Mineral Resource is located in three zones of gold mineralisation that fall within a shear zone; the Main Lode, the NW Lode, and the NE Lode. Mt Freda has been mined historically, with remaining resources below the historical open pit controlled in their lateral and vertical extents by a geological model. The geological model was created from lithological descriptions and geochemical data collected from holes drilled by several explorers since the 1980s. The mineralised lodes were defined on a nominal 0.3 g/t Au cut-off with the Main Lode comprising the bulk of the Mineral Resource. Gold values were estimated by Inverse Distance Squared (IDS)methods for blocks of 4 m by 2 m by 2 m within the interpreted mineralised lodes that were sub-blocked to 1 m by 0.25 m by 1 m. A cut-off grade of 0.5 g/t Au has been assumed to calculate potential open pit Mineral Resources above the 160 RL (around 120 m below the original topography). Below this level, a 1.0 g/t Au cut-off has been assumed for potential underground Mineral Resources. Mining methods, cut-off grades, and metallurgical recoveries have either been assumed or are preliminary in nature and are subject to confirmation by feasibility work on the project. Recent Insider Transactions • Feb 07
Insider recently bought AU$163k worth of stock On the 5th of February, Wayne McCrae bought around 2m shares on-market at roughly AU$0.074 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Announcement • Feb 02
Ausmex Mining Group Limited Announces Latest Assay Results for Comstock Ausmex Mining Group Limited announced the latest assay results for Comstock, confirm the high-grade Gold ore near the surface remains unmined. Only three additional diamond core holes were required for the Comstock infill drilling program to complete resource upgrade. The assay results from this drill hole intersected (results received above) confirm near surface high grade Gold. The resource upgrade drilling is now completed at Comstock, with remaining two holes waiting to be assayed. The Comstock, historically, recorded production in the Queensland mining journals, an average grade of 80.1g/t Au between 1932-1935. The Comstock is one of eight, high grade historical Gold mines that form a portion of a 2-kilometre-wide mineralised zone, named the Golden Mile Gold Project. The latest result indicates an abundance of high-grade Gold is still in situ at the shallow level, confirming that mining in the early 1900's only mined underground to shallow depths. Comstock: Additional previous drilling results. Shallow high grade Gold mineralisation easily accessible by open cut mining: CO18RC009: 11m @ 4.39 g/t Au (21-32m) incl 2m @ 18.31 g/t Au; CO18RC014: 12m @ 5.00 g/t Au (25-37m) incl 4m @ 10.00 g/t Au; CO18RC015: 10m @ 4.49 g/t Au (23-33m) incl 5m @ 6.86 g/t Au; CO18RC001: 15m @ 7.27 g/t Au (8-23m, incl 2m void) incl 3m @ 13.91 g/t Au; CO18RC003: 7m @ 7.60 g/t Au (8-15m) incl 3m @ 12.10 g/t Au. The high-grade Gold at shallow depths, contribute positively to early cash flows in mining operations. All drilling at the three mines, on the Golden Mile, drilled so far, have intersected high grade Gold at shallow depths. The drilling and visual inspections confirms mining ceased at around 8-15 metres depth on all three mines. All mining at the turn of the century was mined by hand, with no mechanical mining equipment available. Since 1935 these high-grade Gold mines have remained undiscovered. It was only in 2018 that they were rediscovered by an Ausmex Geologists, in dense undergrowth and scrub. The drilling to date has concentrated on shallow drilling, (50m depth) with the plan to bring the mines into cash flow as quickly as possible. The Golden Mile Project is a JV Ausmex 80% and Round Oak Minerals Pty Ltd, a subsidiary of one of Australia's largest diversified investment groups, W.H. Soul Pattinsons Ltd. All ore mined at the Golden Mile is to be processed under the JV agreement at the Round Oaks Minerals, 650,000 tpa Gold processing CIP plant, located at Cloncurry in NWQ approx. 60klms by road. Announcement • Jan 17
Ausmex Mining Group Limited Announces Infill Drilling Results for the Resource Upgrade At the Mt Freda Project Ausmex Mining Group Limited announced infill drilling results for the resource upgrade at the Mt Freda Project. Mt Freda was a producing Gold Mine until 1990 and ceased operations when the Gold price went below $380 in the late 1980's. Mt Freda mine is located approx. 60klms by road (27klms straight line) from the regional mining town of Cloncurry in NW Queensland. The Infill drilling program was designed to drill between, already drilled holes to establish continuity of the Gold grades and mineralization. With the recent diamond core holes announced and the RC holes just received, confirms the continuity of grade and Gold mineralization, both at depth. This will now be used for the upgraded JORC resource estimates. The Gold mineralization continues at a depth of 230m, which is almost five times deeper than the bottom of the historical open cut Mt Freda mine. Infill RC Drill Results Just Received MF20RC010: 12metres @ 2.23g/t Au from 181-193m including 4m @ 3.60g/t Au from 189-193m; MF20RC011: 6metres @ 4.37g/t Au from 97-103m including 2m @ 5.37g/t Au from 97-99m and 3metres @ 5.01g/t Au from 100-103; MF20RC008: 3metres @ 2.01g/t Au from 243-246m. Announcement • Jan 08
Ausmex Mining Group Limited Announces Another High Grade Gold Intersect At Mt Freda Ausmex Mining Group Limited announced that as part of the 10-hole program, 5 RC holes were drilled simultaneously with the Diamond Core holes. All were completed by mid-December 2020, with the samples logged and delivered to the mineral laboratories. Assays for the RC holes are expected shortly. At the completion of all the data being installed into the Mt Freda Mine data base, the company will release immediately an upgraded JORC Mineral Resources Estimate. The mining and engineering studies and design for the mining by decline method to be updated, based on the updated data from the new JORC resource estimate. Mt Freda is an historical high-grade Gold Mine, first operated as an underground mine in the 1940's and again by Diversified Mineral Resources in the mid to late 1980's. The ore was processed by an onsite CIP processing plant but ceased operations due to the collapse of the Gold price. Mt Freda mine is located approx 60klms by road from the regional mining town of Cloncurry in NW Queensland. The Company has also commenced infill drilling on the Comstock for JORC upgrade resource estimation. At Falcon and Shamrock Gold projects located (approx. 500 metres north of Mt Freda), 3 x resource infill diamond core holes and two additional geotechnical diamond core holes for the pit design are underway. The Company is waiting for the granting of the Mining lease that encompass the project known as the Golden Mile. The Company plans to mine the Golden Mile, commencing on completion of the upgraded JORC resource and finalizing the feasibility study subject to the granting of the mining lease. The Company has an agreement with its JV partners WH Soul Pattinsons 20%, Ausmex 80% for all the ore mined at the Golden Mile must be processed at the WH Soul Pattinson CIP processing plant located in Cloncurry approx. 60 klm's to the NNW of the Golden Mile. Announcement • Dec 03
Ausmex Mining Group Limited Announces Diamond Core Drill Hole At Trump Copper/Gold Project Confirms A Possible New Discovery of A High-Grade Gold System Ausmex Mining Group Limited announced that the Diamond Core Hole Was Drilled to Test A New Zone of High-Grade Gold That Intersected Up to 172 G/T Au in Hole Tr17rc07. the Drill Hole Intersected A Seperate Zone of Gold (6M @ 32.90g.t Au Including 4M @ 48.90g/t Au UP TO 172g/t Au). The Diamond Core Hole Drilled Was in an Opposing Direction to Test the Intersection, Which Then Identified 3 New Mineralised Vein Systems Including: A Steep West Dipping High Grade Gold System 3M @ 9.03 g/t Au incl 1m @ 19.88g/t. A Steep Northwest Dipping Vein System. A Steep North Dipping Vein System. Geophysics Show A Large Gravity High System Below the Trump. Announcement • Nov 03
Ausmex Mining Group Limited, Annual General Meeting, Nov 26, 2020 Ausmex Mining Group Limited, Annual General Meeting, Nov 26, 2020, at 11:00 AUS Eastern Standard Time. Agenda: To consider the Annual Report of the Company for the financial year ended 30 June 2020, which includes the Directors Report, Financial Report, and the Auditor's Report; to consider Remuneration Report (Non-Binding); to consider Re-Election of Mr. Trevor Coombe as a Director; and to consider other matter. Announcement • Oct 05
Ausmex Mining Group Limited Announces Drilling to Recommence at Burra Project, SA Ausmex Mining Group updated shareholders on the completion of the close spaced MT survey and 3D modelling over the southern portion of the historically producing Princess Royal Copper Mine and are now engaging the services of contract drillers to follow up drilling of pre-collar reverse circulation holes completed in February 2020. RC pre-collars drilled down to 250m followed by diamond tails to extend the hole to +500m. The new high-resolution survey will assist with the differentiation of discrete conductors from lithological graphitic units. 
