Exploration Project – Overview

Doray has an exploration tenement portfolio of over 50,000kmin both Western Australia (‘WA’) and South Australia (‘SA’).

In the northern Murchison Region of WA, Doray is actively exploring for gold mineralisation, which has the potential to provide additional near-term development opportunities for the Andy Well Gold Project. The Company is building a footprint of projects within trucking distance of the Andy Well processing plant – such as the Gnaweeda Project, where recent Reverse Circulation (‘RC’) drilling results have highlighted the prospectivity of this project only 15km from the Andy Well treatment facility.

At the Deflector Project in WA, the Company has a strategic 600km2 tenement package, covering the entire Gullewa Greenstone Belt. This Project area covers not only the prospective stratigraphy for Deflector-style gold-copper mineralisation, but also the previously mined Gullewa Gold deposits. An aggressive near-mine exploration effort is actively exploring for both styles of mineralisation to provide near term additions to the mining schedule at Deflector.

The Company has entered into strategic, highly prospective regional exploration joint ventures, such as the Horse Well Project (Alloy Resources Ltd), the Mt Fisher Project (Rox Resources Ltd), and the Farm-in Agreement with Iluka Resources Limited to explore its highly prospective and virtually unexplored Western Gawler tenement portfolio in South Australia. These Projects all cover strategic tenement positions over under-explored prospective geology, where Doray believes that sustained and focussed exploration has the potential to discover significant new deposits to grow its production base.

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