Announcement PDF ABN 96 122 995 073 TO: DATE: COMPANY ANNOUNCEMENTS OFFICE ASX LIMITED ASX Code: BML 29 JANUARY 2016 Highlights: QUARTERLY REPORT TO 31 DECEMBER 2015  2015 Drilling program completed, with over 12,043 m of drilling completed during the year.  Further significant sulphide zones sulphides intersected directly along strike to the east and west from Maibele North Orebody.  Further zones of high-grade Ni-Cu mineralisation revealed in assays received subsequent to the quarter.  Total strike length of drilled, continuous sulphide mineralisation is approximately 1,375m, open in all directions.  Pre-Feasibility Study and EIA at Maibele North commence: o the study will include a revised Resource Estimate.  Applications for 2-year extensions for the three JV PLs submitted to the Department of Mines (DoM) in Botswana.  Drilling completed on BML’s 100% Owned PL 59/2008: o Two holes intersect significant sulphide zones coincident with SQUID conductor targets. Cash Position: Cash Balance at 31 December 2015 was ~$184,000. An Appendix 5B report is attached. Operational Highlights for the quarter. Botswana Metals Limited Suite 3, 16 Cotham Road, Kew, Victoria 3101 P: +61 3 9855 1885; F: +61 3 9855 2885 Email info@botswanametals.com.au www.botswanametals.com.au ABN 96 122 995 073 BML has four focused business objectives: 1. PL 110/94 MAIBELE NORTH: TO EXPAND KNOWN RESOURCE FOR POTENTIAL MINING.  Grow and reclassify the current JORC resource status from inferred to indicated or Measured by infill drilling and met drilling.  Extend the known resource by step out drilling of new SQUID TDEM and DHEM conductor targets. Action:  The 2015 Drilling Program was completed during the quarter with over 12,170m drilled for the year, 2348m in the quarter.  Numerous significant sulphide intersections returned both from within, and along strike to the east and west of the orebody.  Assay results continue to confirm high-grade Ni+Cu+Co mineralisation in strong sulphide zones both within, and outside of, the existing resource.  Strike of mineralisation extended over 475m to the east and over 125m to the west.  Independent consultant commenced new Resource Estimate, Pre-Feasibility Study and EIA.  Applications for 2-year extensions for the three JV PLs 110/94, 111/94 and 54/98 submitted to DoM in Botswana. 2. PL 54/98 TAKANE: TO EXPLORE THE UNTAPPED POTENTIAL FOR SEVERAL NEW DISCOVERIES Action:  Trenching designed to enhance targets and facilitate drill hole design commenced at the 4 priority prospects. Botswana Metals Limited Suite 3, 16 Cotham Road, Kew, Victoria 3101 P: +61 3 9855 1885; F: +61 3 9855 2885 Email info@botswanametals.com.au www.botswanametals.com.au ABN 96 122 995 073 The BML board believes this area has the potential to be declared a new mineralised province located along the well-known Limpopo Belt as it extends into Botswana on its eastern border from Zimbabwe. 3. PL 59/2008: 100% OWNED BY BML TO EXPLORE FOR THE EASTERN EXTENSION TO MAIBELE NORTH ORE BODY. Action:  Three Hole, 775m drill program completed at Maibele North Extension in October: o Two holes intersect significant sulphide zones coincident with SQUID conductor targets. 4. BML EXPLORATION PORTFOLIO: TO GROW THE CURRENT PORTFOLIO FOCUSING ON THE EASTERN BOARDER OF BOTSWANA ALONG THE LIMPOPO BELT.  1000sq km under licence of which  184sq km under JV with BCL Limited. Action:  3000sq km of new PL applications were lodged in 2015 and are pending processing by the DOM.  During the quarter, work continued on BML’s 100% owned PL 59/2008. BML is committed to its total exploration portfolio of which 184km is under JV with BCL Limited. In 2015 BML made applications for several new prospecting licences that if granted will significantly increase the total exploration area secured by BML under its management. The board strategy is to secure the most prospective ground along the Limpopo belt where BML has accumulated in-depth geological and geophysical knowledge during nearly 10 years of exploration. (see Figure 2) Botswana Metals Limited Suite 3, 16 Cotham Road, Kew, Victoria 3101 P: +61 3 9855 1885; F: +61 3 9855 2885 Email info@botswanametals.com.au www.botswanametals.com.au ABN 96 122 995 073 Progress achieved in the quarter to 31 December 2015: SUMMARY PL 110/94: Maibele North JV with BCL Limited The JV completed the aggressive resource infill and extension drilling program at Maibele North with a total of 12,043m completed to for 2015.  A total of 54 holes were completed.  Step out holes continue to intersect significant sulphides outside the existing resource with mineralisation now extending to over 475m to the east and over 125m to the west.  Total strike length of drilled, continuous mineralisation is approximately 1,375m, open in all directions. Step out holes have intersected significant sulphides: o 200m beneath the known ore body. o 250 m to the east of the known ore body. o 480m to the north-east of the known ore body. o 125m south west of the known are body. It should be noted that none of the new extents of mineralisation have been included in the 2015 Maiden Inferred Resource and will be considered for the new resource estimate. The drilling program also continued to confirm: o Numerous thick sulphide intersections within the existing orebody. o Highly encouraging sulphide intersections at SQUID EM conductor targets along strike and adjacent to existing orebody. o Evidence that the mineralising system continues at depth as well as along strike to the east and west. PL 54/98: Takane JV with BCL Limited o A program of trenching at the priority SQUID TDEM targets identified during the June 2015 quarter commenced in preparation for drill testing in 2016. Botswana Metals Limited Suite 3, 16 Cotham Road, Kew, Victoria 3101 P: +61 3 9855 1885; F: +61 3 9855 2885 Email info@botswanametals.com.au www.botswanametals.com.au PL 59/2008: Shashe South ABN 96 122 995 073 o A three Hole, 775m drill program completed at Maibele North Extension in October: o Two holes intersected significant sulphide zones coincident with SQUID conductor targets. Corporate: Cash Position and Capital Raising As at 31 December 2015 cash at bank was ~$184,000. Exploration Activities for the December 2015 quarter: Location Map and Schedule of Prospecting Licences held by BML. Figure 1: Location of Botswana Metals Limited Exploration portfolio in Botswana Exploration areas held in Botswana The Company holds the following prospecting licences in Botswana: Botswana Metals Limited Suite 3, 16 Cotham Road, Kew, Victoria 3101 P: +61 3 9855 1885; F: +61 3 9855 2885 Email info@botswanametals.com.au www.botswanametals.com.au ABN 96 122 995 073 Tenement Magogaphate PL 110/94 Mokoswane PL 111/94 Takane PL 54/98 Shashe South PL 059/2008 Central PL 070/2008 Central Sampa PL 111/2011 Renewal / Expiry Date Percentage Holding 100 African Metals (Pty) Ltd 31/03/2016 100 African Metals (Pty) Ltd 31/03/2016 100 African Metals (Pty) Ltd 30/09/2016 100 African Metals (Pty) Ltd 30/09/2016 100 African Metals (Pty) Ltd 30/06/2014 100 African Metals (Pty) Ltd 31/03/2016 Title Holder Comment J/V with BCL Ltd effective 01/04/14. J/V with BCL Ltd effective 01/04/14 J/V with BCL Ltd effective 01/04/14 Renewal granted until 30/09/16 Renewal granted until 30/09/16 Renewal application lodged 31/03/14 African Metals (Pty) Ltd is a wholly owned subsidiary of the Company. Minerals Holdings (Botswana) Pty Ltd holds a 5% net profit share interest in PL 110/94, PL 111/94 & PL 54/98. PL 110/94, PL 111/94 and PL 54/98 were extended for a further two years to 31 March 2016. On 1 April 2014 a Farm-In Joint Venture agreement with BCL Limited became effective where BCL Limited can earn an initial 40% interest in 3 PLs based on making certain expenditure commitments. If BCL Limited funds to the end of a Bankable Feasibility Study then BCL can earn a 70% equity interest in the 3 JV PL’s being 110/94, 111/94 and 54/98. Several new PL applications were lodged with the Department of Mines in the March 2015 quarter which are still being processed. These are shown in light green in figure 2 below. Prior to the end of the December quarter, the Company submitted 2-year extension applications for the JV PLs 110,94, 111/94 and 54/98, in accordance with the requirements of the Mining Act in Botswana. Other than the details above, the Company did not acquire or dispose of any other tenements or beneficial interests in farm-in agreements during the quarter. Botswana Metals Limited Suite 3, 16 Cotham Road, Kew, Victoria 3101 P: +61 3 9855 1885; F: +61 3 9855 2885 Email info@botswanametals.com.au www.botswanametals.com.au ABN 96 122 995 073 Figure 2: BML exploration tenement portfolio in Botswana. Prospecting Licences subject to the Joint Venture with BCL are shaded light blue. JOINT VENTURE EXPLORATION ACTIVITIES FOR THE QUARTER LODGEMENT OF EXTENTION APPLICATIONS FOR THE 3 PROSPECTING LICENCES UNDER JOINT VENTURE WITH BCL LIMITED. Prior to 31 December 2015, BML lodged three extension applications with the Department of Mines (DOM) in Botswana for PL 110/94, PL 111/94 and PL 54/98, in accordance with Botswana’s Mines and Minerals Act (1999). These three Prospecting Licences (PL’s) are currently under Joint Venture with BCL Limited. It is expected that the DOM will advise the company of the outcome of its applications after the licences expire on 31 March 2016 (most likely in the second quarter of 2016). WORK PROGRAM – PL 110/94 - Maibele North During the December 2015 Quarter, the Joint Venture partners, BCL Limited, completed the extensive program of Infill, Metallurgical and Extension drilling at the Maibele North deposit. Totalling 12,043m the program was divided between in-resource drill holes and extension holes targeting the number of significant conductor targets along strike and adjacent to the main orebody (Figure 3, Table 3). A total of 2347.5m was completed during the December quarter. Botswana Metals Limited Suite 3, 16 Cotham Road, Kew, Victoria 3101 P: +61 3 9855 1885; F: +61 3 9855 2885 Email info@botswanametals.com.au www.botswanametals.com.au ABN 96 122 995 073 Figure 3: shows the Maibele North orebody and in yellow the 54 holes completed in the 2015 program. The pink shapes represent modelled SQUID conductors. The figure outlines the extents of mineralisation intersected along strike to the east and west. These new discoveries bring the total strike of drilled mineralisation to approximately 1375m. The focus of the program was to both upgrade and grow the JORC-compliant Inferred resource that was announced to the market during the March quarter. The estimate was performed by independent consultants, MSA South Africa, from an extensive drill program undertaken in 2014 in conjunction with BML’s Joint Venture partners BCL Limited. At a 0.3% Ni cut-off the resource stands at: Cut-off (%Ni) Tonnes (Mt) Ni (%) Cu (%) Pt (g/t) Pd (g/t) Rh (g/t) Ru (g/t) Au (g/t) 0.30 2.38 0.72 0.21 0.08 0.36 0.04 0.05 0.10 By the end of December, a total of 54 holes had been completed for a total of ~12,043m drilled at Maibele North during 2015. Receipt of all assay results will facilitate an upgrade of the current resource status and will also indicate the potential to increase the resource along strike and at depth. The drill program continued to intersect broad zones of sulphide mineralisation within the Maibele North orebody as well as significant massive and disseminated sulphide zones along strike to the east and west. The continuing good results are extremely encouraging and demonstrate the size and potential of the mineralised system at Maibele North. The strong commitment of the Joint Venture partners, BCL Limited, to progressing Maibele North shows the importance of this resource to potentially add Botswana Metals Limited Suite 3, 16 Cotham Road, Kew, Victoria 3101 P: +61 3 9855 1885; F: +61 3 9855 2885 Email info@botswanametals.com.au www.botswanametals.com.au ABN 96 122 995 073 additional tonnes for processing at the nearby Selebi Phikwe plant and smelter. The results have so far highlighted the potential to upgrade the resource to an Indicated or Measured status and also the great potential to increase the resource size with additional sulphide zones discovered along strike and at depth. Highlights of the December Quarter drilling include: Table 1: All Significant sulphide intersections from the holes completed in the December quarter HOLE ID MADD0143 MADD0144 MADD0145 TOTAL Min Min DEPTH WIDTH TYPE FROM TO (m) Extension to East 250 219.74 220.30 0.56 Disseminated Extension to East 300 Extension to East 280 254.37 255.20 0.83 Sulphide stringers PURPOSE COMMENTS Moderate No significant intersection Incl. 0.15m massive and Massive and Semi0.14m + 0.72m semi massive sulphide massive MADD0147 Extension to East 323.3 189.13 189.6 0.47 Sulphide stringers Massive sulphides MADD0148 Extension to East 302.35 278 283 5 and stringers MADD0149 Extension to East 253.0 No Sig Int. Stopped Short of min? Weak to mod MADD0150 Extension to East 320 274.20 278.71 4.51 disseminated Weak to mod MADD0151 Extension to West 260.3 201.55 224.00 22.45 Numerous stringers disseminated Weak to mod MADD0152 Extension to West 158.3 129.90 137.00 7.10 disseminated *Note: All intersections are quoted as down-hole lengths MADD146 Extension to East 292 251.15 255.52 4.37 Botswana Metals Limited Suite 3, 16 Cotham Road, Kew, Victoria 3101 P: +61 3 9855 1885; F: +61 3 9855 2885 Email info@botswanametals.com.au www.botswanametals.com.au ABN 96 122 995 073 Figure 4: Results from drill holes completed during the December 2015 Quarter Botswana Metals Limited Suite 3, 16 Cotham Road, Kew, Victoria 3101 P: +61 3 9855 1885; F: +61 3 9855 2885 Email info@botswanametals.com.au www.botswanametals.com.au ABN 96 122 995 073 Assays A total of 403 samples were prepared and submitted for assay during the quarter. The first batch of assay results were received during the September quarter and significant results are included in the table 2 below. All outstanding results are expected during 2016 and will be released when received. Table 2: All Significant intercepts from the recently received first batch of assay results Hole ID MARD0103 From (m) 112.47 Thick (m) 4.26 1.07 incl. 114.47 0.83 incl. and 112.47 0.75 Ni% 0.39 Co ppm 611 Au g/t 0.08 Pt g/t 0.04 Pd g/t 0.37 Rh g/t 0.08 Ru g/t 0.18 1.44 0.49 766 0.07 0.06 0.52 0.11 0.31 2.09 0.88 134.86 133 5.23 3.37 2.67 0.53 MARD0108 208.33 1.36 0.79 0.24 0.34 1140 MARD0101 119.28 3.17 0.71 incl 119.96 0.56 2.89 incl 208.33 119.28 0.36 1.24 2.07 1.58 0.4 1260 incl. incl. 1.85 Cu% 0.08 0.1 1.15 485 0.02 0.11 0.14 299 0.03 0.06 1040 0.01 0.27 599 110.54 0.98 2.64 0.48 1330 1410 MARD0105 171.32 3.55 0.55 0.25 318 and 181.73 1.52 0.24 0.25 159 0.2 0.05 181 and MARD0112 115.46 178.59 185 0.29 0.62 3 2.5 1.59 0.05 852 1196 MARD0104 and 0.09 0.26 0.2 712 0.01 0.01 0.02 1.06 0.66 0.63 0.26 0.04 0.08 0.06 0.23 0.04 0.17 0.01 0.7 0.17 0.72 0.13 0.39 0.03 0.09 0.64 0.46 0.09 0.13 0.41 0.07 0.01 0.67 0.7 0.16 0.03 0.06 0.16 0.02 0.02 0.68 0.3 0.05 0.17 0.02 0.03 0.03 0.03 0.02 0.01 0.56 0.43 0.45 0.05 387 MARD0113 171 16.58 0.18 0.39 0.1 0.16 169 359 0.2 0.03 0.2 MARD0106 357 2 0.14 0 119 0.01 0.01 0.05 0.58 0.1 0.3 187.57 187 0.2 0.27 incl incl. 0.07 0.34 0.1 0.01 0.9 0.16 0.23 0.05 Comment RESOURCE INFILL HOLES 0.25 0.07 0.05 0.04 0.01 0.02 0.01 0.01 0.01 0.01 RESOURCE EXTENSION HOLES Note: Holes MARD00100, 102, 107, 109 and 110 returned no significant intersections above 0.3%Ni. All widths are down hole thicknesses. Botswana Metals Limited Suite 3, 16 Cotham Road, Kew, Victoria 3101 P: +61 3 9855 1885; F: +61 3 9855 2885 Email info@botswanametals.com.au www.botswanametals.com.au ABN 96 122 995 073 Assay Results Received Subsequent to the end of the December Quarter Botswana Metals Limited was pleased to receive a second batch of assay results from Joint Venture partners, BCL Limited, for the ~12,000m drilling campaign completed in 2015 at Maibele North. (Table 3 – Significant Intersections). The company received results from further 26 completed infill and extension holes from assays that were undertaken at an offsite independent laboratory as well as from onsite analysis at BCL’s in-house laboratory facilities at both the Tati-Ni and Selebi Phikwe Ni-Cu mines during mid-January. Results from the final 5 holes are all that remain to complete the analysis of the program. Highlights of the second batch of assay results include: MARD0122:  4.0m @ 1.80% Ni, 0.59% Cu, 882 ppm Co, 0.08g/t Au, 1.51g/t 4PGEs from 134.23m. Including: o 1.59m @ 2.17% Ni, 0.74% Cu, 1,054ppm Co, 0.06g/t Au, 2.07g/t 4PGEs from 134.23m. o 1.23m @ 2.21% Ni, 0.4% Cu, 1,040ppm Co, 0.04g/t Au, 1.64g/t 4PGEs from 137m. MARD0129:  2.18m @ 1.55% Ni, 1.28% Cu, 917 ppm Co from 200.27m. Including: o 1.03m @ 2.17% Ni, 2.22% Cu, 1,300ppm Co from 200.27m. o 0.40m @ 1.7% Ni, 0.38% Cu, 900ppm Co from 202.05m. (note: Assays performed at BCL Limited in-house laboratory - Au and PGEs not assayed for) MARD0127:  0.59m @ 2.35% Ni, 0.56% Cu, 1130 ppm Co, 0.12g/t Au, 1.05g/t 4PGEs from 73.46m. MARC0099:  1.0m @ 2.27% Ni, 2.02% Cu from 240m. (Note: Assays performed at BCL Limited in-house laboratory - Co, Au and PGEs not assayed for. MARC0099 is a RC hole) MARD0146:  0.14m @ 2.13% Ni, 0.15% Cu from 252.58m.  0.72m @ 1.17% Ni, 0.54% Cu from 254.80m. Botswana Metals Limited Suite 3, 16 Cotham Road, Kew, Victoria 3101 P: +61 3 9855 1885; F: +61 3 9855 2885 Email info@botswanametals.com.au www.botswanametals.com.au ABN 96 122 995 073 (Note: Assays performed at BCL Limited in-house laboratory - Co, Au and PGEs not assayed for) All widths are down hole thicknesses. A full compilation of significant intersections is included in Table 3 below. Samples assayed at BCL’s in-house facilities were analysed mostly at the laboratory at the Selebi Phikwe Ni-Cu mine, with checks undertaken at the company’s Phoenix Laboratory at the Tati Ni Mine. The Phoenix laboratory at Tati-Ni is SANAS accredited to the ISO 17025 international standard. The laboratory at the Selebi Phikwe Ni-Cu mine is currently un-certified. Identical QAQC protocols were applied to samples for all three laboratories and QAQC results were deemed to be acceptable for all sample batches. The drilling of SQUID EM conductors along strike to the east of the resource has returned laterally continuous mineralisation for over 480m. Drilling of this extension is in the early stage but the series of 80m spaced fences of have intersected sulphide mineralisation that remains open at depth and along strike. This exciting new zone of mineralisation has the potential to add significant tonnes to the Maibele North resource. Further deep potential exists at Maibele North, with the mineralisation open at depth across the entire deposit to date. Of particular encouragement is the intersection in 2014 drill hole MARD0094, where nearly 7m of Ni sulphide mineralisation was intersected some 200m below, and potentially down-dip, of the recently discovered extension zone (Figures 5 and 6). Figure 5: Plan view of the 2015 drill hole traces (yellow) showing the highlight intersections from the recent batch of assay results. Pink shapes represent SQUID EM conductor plates. Botswana Metals Limited Suite 3, 16 Cotham Road, Kew, Victoria 3101 P: +61 3 9855 1885; F: +61 3 9855 2885 Email info@botswanametals.com.au www.botswanametals.com.au ABN 96 122 995 073 Figure 6: Cross section through holes MARD0116, 0146, 0025 and 0094. The section is located approximately 180m northeast of the current resource and shows the relationship between recently discovered massive and semi-massive sulphide mineralisation hole MARD0116 and MADD0146. Hole MARD0094 was drilled in 2014 and possibly marks the extension of this mineralisation, some 320m down dip and ~225m vertically below the recently discovered sulphide zone. Historic hole, MADD0025, intersected minor pyrrhotite disseminations approximately 130m down dip of MADD0146. The Board of Botswana Metals is highly encouraged by the continuing good results from the Maibele North Project. This batch of results has continued to return encouraging Ni, Cu, Co, Au and 4PGE (Pt, Pd, Rh, Ru) from sulphide zones both within the existing resource and along strike for over 400m to the east of the current resource. The results now complete assaying on holes from MARC0099 through to MADD0146. Results from the final five holes, MADD0147 to MADD0152 remain outstanding. Table 3: All Significant intercepts from the recently received batch of assay results Hole ID From Thick Ni% Cu% Co Au Pt Pd Rh Ru (m) (m) ppm g/t g/t g/t g/t g/t MADD0117* 92 0.65 0.31 0.07 n/a n/a n/a n/a n/a n/a and 188.8 1 0.33 0.07 n/a n/a n/a n/a n/a n/a Botswana Metals Limited Suite 3, 16 Cotham Road, Kew, Victoria 3101 P: +61 3 9855 1885; F: +61 3 9855 2885 Email info@botswanametals.com.au www.botswanametals.com.au Comment ABN 96 122 995 073 Hole ID MARD0100* and MARD0119 and and incl and MARD0121* MARD0122 and incl incl and MARD0123* MARD0125* MARD0126 MARD0127 MARD0128 MARD0130 MARD0131 MARD0132 and MARD0134* MARD0135 MARD0136 MARD0138* MADD0140* MADD0143* and MADD0145* MADD0146* incl incl MADD0148* incl MARC0099* and MARD0115 From (m) 126 130 137 140.52 146.1 147 151.5 NSR 127.55 134.23 134.23 137 139.88 NSR NSR 74 73.46 162 174.72 66.42 NSR 67.3 76 NSR NSR NSR 228 NSR 219.74 225 256 251.15 252.58 254.8 279 279.82 240 245 NSR Thick (m) 1 1 1 1.24 1.9 1 0.35 Ni% Cu% 0.04 0.06 0.29 0.69 0.27 0.34 0.05 Co ppm n/a n/a 263 352 589 874 367 Au g/t n/a n/a 0.03 0.07 0.03 0.03 0.02 Pt g/t n/a n/a 0.07 0.02 0.03 0.03 0.02 Pd g/t n/a n/a 0.19 0.32 0.38 0.56 0.04 Rh g/t n/a n/a 0 0.08 0.1 0.14 0.06 Ru g/t n/a n/a 0.07 0.1 0.18 0.25 0.12 0.35 4 1.59 1.23 1.12 1.85 1.8 2.17 2.21 0.33 0.1 0.59 0.74 0.4 0.08 880 882 1054 1040 208 0.03 0.08 0.06 0.04 0 0.07 0.07 0.05 0.03 0.03 0.59 0.8 1.02 0.83 0.12 0.24 0.18 0.27 0.14 0.02 0.72 0.46 0.73 0.33 0.04 0.65 0.59 1 0.32 0.9 1.22 2.35 0.35 1.84 0.66 0.48 0.56 0.06 0.16 0.25 594 1130 242 541 360 0.09 0.12 0 0.19 0.01 0.05 0.04 0.04 0.33 0.03 0.48 0.81 0.19 0.89 0.25 0.11 0.2 0.07 0.24 0.04 0.29 0.59 0.22 0.58 0.03 1.7 2.1 0.52 0.38 0.06 0.09 362 222 0.02 0.04 0.04 0.15 0.03 0.06 0.22 0.02 0.04 0.01 1 0.4 0.02 300 n/a n/a n/a n/a n/a 0.46 0.52 2 4.37 0.14 0.72 2 0.28 1 1 0.37 0.3 0.74 0.38 2.13 1.17 0.66 1.06 2.27 0.76 0.2 0.08 0.1 0.12 0.15 0.54 0.87 0.47 2.02 0.18 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 0.35 0.34 0.39 0.47 0.99 1.42 0.73 Botswana Metals Limited Suite 3, 16 Cotham Road, Kew, Victoria 3101 P: +61 3 9855 1885; F: +61 3 9855 2885 Email info@botswanametals.com.au www.botswanametals.com.au Comment RESOURCE INFILL HOLES RESOURCE EXTENSION HOLES ABN 96 122 995 073 Hole ID From Thick (m) (m) MARD0116 206.59 0.35 MARD0129* 200.27 2.18 incl 200.27 1.03 incl 202.05 0.4 NSR = No Significant Result Ni% 2.06 1.55 2.17 1.7 Cu% 0.41 1.28 2.22 0.38 Co ppm 914 917 1300 900 Au g/t 0.14 n/a n/a n/a Pt g/t 0.05 n/a n/a n/a Pd g/t 0.99 n/a n/a n/a Rh g/t 0.15 n/a n/a n/a Ru g/t 0.2 n/a n/a n/a Comment * Holes marked by an asterisk were analysed at BCL Limited’s in-house mining laboratory at the Selebi Phikwe Ni-Cu mine, with checks undertaken at the company’s Phoenix Laboratory at the Tati Ni Mine. All other holes were assayed by SGS South Africa. Identical QAQC protocols and sample handling/preparation techniques were employed across all holes. QAQC analysis for all samples from each laboratory was deemed to be within acceptable limits. The BCL Limited laboratory at Tati-Ni is SANAS accredited to the ISO 17025 international standard. The in-house laboratory at the Selebi Phikwe Ni-Cu mine is currently un-certified. Feasibility Study During the September Quarter the Joint Venture partners appointed Worley Parsons RSA (Pty) Ltd to perform a Pre-Feasibility Study on the Maibele North Project. AquaLogic was also appointed to carry out an Environmental Impact Assessment (EIA) at the project. These appointments confirm the Joint Venture plan is to complete a Pre-feasibility study in order to proceed to a Bankable Feasibility in preparation for a mining licence application. The Botswana Metals Board is extremely pleased with BCL’s decision to progress to Feasibility Studies at Maibele North. The aggressive 2015 drilling campaign is now complete, and will allow the reclassifying of the known resource from a JORC inferred status to a JORC indicated or measured status to facilitate the Study. Feasibility and EIA studies are necessary requirements in the application for a mining licence with the Department of Mines in Botswana. Table 4: Details of holes drilled to 31 December 2015 from the Maibele North Prospect Hole ID MARC0099 MARD0107 MARD0106 MARD0100 MARD0101 MARD0102 MARD0104 East (UTM) 633088 633823 632301 632235 632357 632455 632492 North (UTM) 7595875 7595878 7595148 7595389 7595477 7595457 7595541 Dip -60 -75 -60 -55 -55 -55 -55 AZI 335 335 330 330 330 330 330 Botswana Metals Limited Depth (m) 255.00 550.40 376.18 183.05 140.10 175.05 125.10 Suite 3, 16 Cotham Road, Kew, Victoria 3101 P: +61 3 9855 1885; F: +61 3 9855 2885 Email info@botswanametals.com.au www.botswanametals.com.au RL 849 851 840 841 849 843 842 ABN 96 122 995 073 Hole ID MARD0105 MARD0103 MARD0110 MARD0126 MARD0127 MARD0123 MARD0130 MARD0108 MARD0136 MARD0109 MARD0132 MARD0133 MARD0134 MARD0131 MARD0137 MARD0122 MARD0119 MARD0128 MARD0135 MARD0139 MARD0124 MARD0121 MARD0125 MARD0120 MARD0138 MADD0117 MADD0111 MADD0118 MADD0142 MADD0141 MARD0113 MARD0112 MARD0115 MARD0114 MARD0116 East (UTM) 632688 632285 632523 632436 632391 632432 632285 632384 632314 632367 632082 632111 632124 632163 632630 632611 632642 632731 632196 632692 632781 632512 632581 632800 632734 632258 632340 632340 632546 632711 633128 633081 633036 633172 632943 North (UTM) 7595596 7595434 7595492 7595546 7595532 7595400 7595515 7595354 7595274 7595405 7595359 7595296 7595378 7595393 7595499 7595586 7595588 7595636 7595334 7595511 7595551 7595615 7595638 7595610 7595520 7595346 7595376 7595376 7595453 7595556 7595916 7595891 7595864 7595941 7595734 Dip -55 -55 -55 -55 -55 -55 -55 -55 -55 -55 -55 -55 -55 -55 -55 -55 -55 -55 -55 -55 -60 -55 -55 -60 -55 -55 -55 -55 -55 -55 -60 -60 -60 -60 -60 AZI 330 330 330 330 330 330 330 330 330 330 330 330 330 330 330 330 330 330 330 330 330 330 330 330 330 330 330 330 330 330 330 330 330 330 330 Botswana Metals Limited Depth (m) 203.10 156.75 180.06 110.00 110.15 242.30 80.20 227.1 275.60 212.05 95.15 140.15 92.20 124.2 220.00 150.06 170.10 200.20 170.20 246.00 300.90 85.20 100.00 260.00 263.25 229.56 19.23 260.12 240 270 215.10 244.13 250.15 185.02 248.15 Suite 3, 16 Cotham Road, Kew, Victoria 3101 P: +61 3 9855 1885; F: +61 3 9855 2885 Email info@botswanametals.com.au www.botswanametals.com.au RL 846 845 844 845 839 846 850 843 840 846 846 847 845 844 844 849 845 851 844 847 849 849 851 850 851 842 847 847 845 850 859 850 848 852 851 ABN 96 122 995 073 Hole ID MARD0129 MADD0140 MADD0144 MADD0143 MADD0145 MADD0146 MADD0147 MADD0148 MADD0149 MADD0150 MADD0151 MADD0152 East (UTM) 632868 632807 632971 633152 632894 632966 632992 633132 633067 633218 632048 632015 North (UTM) 7595699 7595614 7595791 7595866 7595656 7595689 7595757 7595810 7595807 7595856 7595209 7595275 Dip -55 -55 -55 -55 -55 -55 -55 -55 -55 -55 -55 -55 Regional Potential of Maibele North Trend AZI 330 330 330 330 330 330 330 330 330 330 330 330 Depth (m) 245.60 250 296 250 280 292 323.3 302.35 253 320 260.3 158.3 RL 853 853 853 853 854 853 850 849 856 857 846 846 Examination of regional geological and geophysical images shows linear features that correlate strongly with the zone of mineralisation and extend a considerable distance to the east towards the Maibele North Extension prospect and further still towards the Mashambe Prospect (see Figure 5). Both prospects are marked by prominent VTEM anomalism and the presence of ultramafic lithology and geochemical anomalies. PL 59/2008 “Maibele Extension and Mashambe lie some 5km and 6km respectively east of the Maibele “new zone” and exhibit similar surface geological indicators to those at Maibele North that mark the presence of significant Ni + Cu + PGEs mineralisation. PL 59/2008 is 100% owned by BML and not currently subject to the JV with BCL. The same linear trend can be traced 5km to the west of Maibele North and Airstrip Copper to VTEM Anomaly 10380a, where a single historic drill hole into a conductor plate returned 0.3%Ni in sulphides down hole. Evidence is mounting that Maibele North – Airstrip Copper lie on a regional geological horizon of at least 16km in length prospective for Ni-Cu sulphide mineralisation and containing a number of prominent conductive anomalies associated with ultramafic lithology. BML believes this trend is grossly under explored. Botswana Metals Limited Suite 3, 16 Cotham Road, Kew, Victoria 3101 P: +61 3 9855 1885; F: +61 3 9855 2885 Email info@botswanametals.com.au www.botswanametals.com.au ABN 96 122 995 073 Figure 7: Regional perspective view from above, looking northeast, of the linear horizon along which the Maibele North-Airstrip mineralised trend lies. Background image is VTEM db/dt Tau and shows numerous prominent conductive anomalies along the horizon. Sulphide Ni mineralisation has been intersected