RESERVES AND RESOURCES

Ore Reserve and Mineral Resource.

Beadell has mineral resources of approx. 3.5Moz and reserves of approx. 1.5Moz, with over 2,500km² of highly prospective contiguous gold exploration tenements in Brazil.

Ore Reserves

The Company’s Proved and Probable Ore Reserves as at 31 December 2015 was 28.9 million tonnes @ 1.59 g/t gold for 1.5 million ounces including underground reserves of 3.0 million tonnes @ 3.61 g/t gold for 345,000 ounces and stockpiles of 4.8 million tonnes at 0.73 g/t gold for 113,000 ounces. Open pit reserves are estimated using a gold price of US$1,100 per ounce and underground reserves a gold price of US$1,120 per ounce.

As at 31 December 2015 (scroll left and right to view full table)

BrazilProved ReserveProbable ReserveTotal Ore ReserveCut-off

g/t

Tonnes (‘000)Grade

g/t Au

Ounces (‘000)Tonnes (‘000)Grade

g/t Au

Ounces (‘000)Tonnes (‘000)Grade

g/t Au

Ounces (‘000)
Urucum Open Pit Oxide4601.18171751.2176351.19240.6
Tap AB Open Pit Oxide2,7631.541371,7411.42794,5041.492160.5
Tap C Open Pit Oxide2391.1291661.0254051.08140.5
Tap D Open Pit Oxide241.271241.2710.5
Duckhead Open Pit Oxide1836.10211836.10211.0
Total Oxide3,5041.641852,0821.37915,5861.54276
Urucum Open Pit Primary4,8851.442266,9221.5534511,8071.505710.6
Urucum Underground Primary2,9723.613452,9723.613451.6
Tap AB Open Pit Primary1,5641.46731,5791.35693,1431.401420.5
Tap C Open Pit Primary2291.35103721.53186011.46280.5
Tap D Open Pit Primary51.33051.3300.5
Duckhead Open Pit Primary113.901113.9011.0
Total Primary6,6841.4431011,8452.0477718,5291.821,087
Urucum Open Pit Total5,3451.422447,0971.5435212,4421.495960.6
Urucum Underground Total2,9723.613452,9723.613451.6
Tap AB Open Pit Total4,3271.512103,3201.391487,6471.46358 0.5
Tap C Open Pit Total4681.23195381.37231,0061.3142 0.5
Tap D Open Pit Total291.281291.281 0.5
Duckhead Open Pit Total1934.43211934.4421 1.0
Total Oxide and Primary10,1881.5149513,9271.9486824,1151.761,363
Open Pit Stockpile1,8220.67391,8220.67390.5
Spent Ore Stockpile3,0080.77743,0080.77740.5
Total Stockpiles4,8300.731134,8300.73113
Total Brazil15,0181.2660813,9271.9486828,9451.591,476

Mineral Resources

The Company’s Measured, Indicated and Inferred Mineral Resources as at 31 December 2015 was 67.2 million tonnes @ 1.64 g/t gold for 3.5 million ounces.

As at 31 December 2015 (scroll left and right to view full table)

BrazilMeasuredIndicatedInferredTotalLower Cut-off

g/t

Tonnes (‘000)Grade g/t AuOunces (‘000)Tonnes (‘000)Grade g/t AuOunces (‘000)Tonnes (‘000)Grade g/t AuOunces (‘000)Tonnes (‘000)Grade g/t AuOunces (‘000)
Urucum Surface Oxide#1,1081.06387371.20281731.0062,0181.11720.4
Tap AB Surface Oxide*3,1501.601623,4561.551731,1081.17417,7141.523760.4
Tap C Surface Oxide6210.88175430.73133070.5451,4710.75350.4
Tap D Surface Oxide491.2221531.166911.4442931.26120.4
Duckhead Surface Oxide6114.8229274.414842.1161726.95391.0
Total Oxide4,9891.552484,9161.412241,7631.106211,6681.42534
Urucum Surface Primary#5,8011.452718,8691.584521,7121.689216,3821.558150.4
Urucum Underground Primary2584.09342,5784.283559,5282.0362112,3642.541,0101.1
Tap AB Surface Primary1,7651.57893,6561.722016861.53346,1071.653240.4
Tap AB Underground Primary3,0861.891873,0861.891871.1
Tap C Surface Primary5071.14192,2851.13831,3871.15524,1791.141540.4
Tap D Surface Primary621.112190.980111.741921.1630.4
Duckhead Surface Primary1973.2421842.8082701.78155512.46441.0
Total Primary8,5901.5843617,4911.951,09916,6801.871,00242,7611.852,537
Urucum Surface Total#6,9091.393099,6061.554801,8851.619818,4001.508870.4
Urucum Underground Total2584.09342,5784.283559,5282.0362112,3642.541,0101.1
Tap AB Surface Total4,9151.592517,1121.643741,7941.317513,8211.587000.4
Tap AB Underground Total3,0861.891873,0861.891871.1
Tap C Surface Total1,1281.00362,8281.05961,6941.04575,6501.041890.4
Tap D Surface Total1111.1641721.1461021.4753851.23150.4
Duckhead Surface Total2585.97501113.20123541.86217233.53831.0
Total Oxide and Primary13,5791.5768422,4071.841,32318,4431.791,06454,4291.753,071
Open Pit Stockpile1,8220.67391,8220.67390.5
Spent Ore Stockpile3,0080.77743,0080.77740.5
Marginal Ore Stockpiles1,4730.45211,4730.45210.3
Total Stockpiles6,3030.671346,3030.67134
Tartaruga6,4511.633376,4511.633370.5
Total Brazil19,8821.2881822,4071.841,32324,8941.751,40167,1831.643,542 

*Tap AB surface oxide includes 13,000oz that was classified at a lower cut off of 1.1g/t.

#Urucum resource includes 25,000oz at Urucum East that is located in the MVR joint venture ground (Beadell 70%). The total resource has been included in the statement.

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