Anglo Saxon Gold Mine – Trousers Legs Joint Venture

70% HAW, manager; 30% Gel Resources Pty Ltd

The Anglo-Saxon gold project is a joint venture between Hawthorn (70%) and Gel Resources Pty Ltd (30%) located at Pinjin,140 kilometers north east of Kalgoorlie.

The JV began open pit operations in Dec 2017 and completed a profitable mining campaign in Jan 2020, treating 672,595t @2.4g/t for 50,370 ozs.

Toll treatment of the Anglo-Saxon ore was carried out at Northern Star’s Carosue Dam operation, 35 kms to the east via our dedicated haul road.

Drilling and modelling has confirmed the potential for a profitable underground operation via a decline off the bottom of the open pit.  Alternatively, a remodelling of the current pit shell and cut back are currently being assessed.

The JV confirmed an underground Mineral Resource Estimate (MRE) of 796,000t @ 6.1g/t gold (cut) for 157,000 ozs in an update to the ASX on 30 Oct 2020.

With record A$ gold prices, the JV is assessing alternative options for the development of Anglo Saxon.

These include a cut back of the current pit shell and or the introduction of new JV funding partners.