AURELIA METALS LIMITED — Investor Presentation 2012

Sep 25, 2012

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BUILDING A MID-TIER MINING COMPANY IN A

WORLD CLASS TERRAIN

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DISCLAIMER

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• This presentation has been prepared by YTC Resources Limited (“YTC” or the “Company”). It should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation. It is not to be distributed to third parties without the consent of YTC.

• This presentation contains forward-looking statements and projected drilling schedules that are not based on historical fact, including those identified by the use of forward-looking terminology containing such words as “believes”, “may”, “will”, “estimates”, “continue”, “anticipates”, “intends”, “expects”, “should”, “schedule”, “program” , “potential” or the negatives thereof and words of similar import.

• Management of YTC cautions that these forward-looking statements are subject to risks and uncertainties that could cause actual events or results to differ materially from those expressed or implied by the statements. Management believes that the estimates are reasonable, but should not unduly be relied upon.

• YTC makes no representation, warranty (express or implied), or assurance as to the completeness or accuracy of these projections and, accordingly, expresses no opinion or any other form of assurance regarding them. Management does not intend to publish updates or revisions of any forwardlooking statements included in this document to reflect YTC’s circumstances after the date hereof or to reflect subsequent market analysis.

• By its very nature exploration for gold and copper is a high risk business and is not suitable for certain investors. YTC securities are speculative. Potential investors should consult their stockbroker or financial advisor. There are a number of risks, both specific to YTC and of a general nature which may affect the future operating and financial performance of YTC and the value of an investment in YTC including and not limited to economic conditions, stock market fluctuations, gold, copper and silver price movements, regional infrastructure constrains, securing drilling rigs, timing of approvals from relevant authorities, regulatory risks, operational risks, reliance on key personnel and foreign currency fluctuations.

• You should not act or refrain from acting in reliance on this presentation material. This overview of YTC does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the Company’s prospects. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decision.

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INVESTMENT HIGHLIGHTS

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HERA-NYMAGEE PROJECT

NEAR TERM DEVELOPMENT OF AN EVOLVING MAJOR COBAR STYLE MINERAL SYSTEM

STAGE 1 : HERA DEPOSIT (YTC-100%) – DFS COMPLETE – PERMITTING APPROVED

• Near-term, high-grade gold-lead-zinc-silver development

• Project financing pending

• Operating costs of A$395/ounce (after Pb-Zn credits)

• Hera deposit open to north and south

STAGE 2: NYMAGEE DEPOSIT (YTC-95%) – EXPANDING COPPER DISCOVERY

• Maiden Resource: 8.1Mt @ 1.2% Cu, 0.3% Pb, 0.7% Zn and 9g/t Ag

• High grade copper-lead-zinc & silver open to north and at depth

• Strong geological analogue to the giant CSA Mine

Hera –Nymagee Deposit: Contained Metal in JORC Resources*

	Gold (Oz)	Silver (Oz)	Copper (Tonnes)	Lead (Tonnes)	Zinc (Tonnes)
HERA DEPOSIT	321,832	1,308,320	4,042	67,278	93,870
NYMAGEE DEPOSIT	-	2,342,638	95,935	26,964	52,963
TOTALS	321,832	3,650,958	99,977
				94,242	146,833

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CORPORATE SNAPSHOT

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Shares on issue 252.7 m
Options on issue 2.915m
Market Cap (at 30c/share ) $75.8m
Cash (30 June 2012) $15.1m
Enterprise Value $ 60.7m
Major Shareholders (approx. %)
Board & Management
Glencore
Retail (49%)
YTG Institutional (30%)
Retail
Yunnan Tin Group (12.3%)
Institutional
Glencore (6.5%)
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Board and Management (2.5%)

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PROJECT LOCATION COBAR BASIN IS A WORLD CLASS METALLIFEROUS PROVINCE

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CSA Copper Mine +1.5Mt Cu endowment

Bourke

Cobar Gold Field +7Moz Au Eq production

Endeavour Mine Toho Zinc Zn-Pb-Ag

A u s t r a l i a

Girilambone Cu Mine CSA Mine Straits Resources Glencore

NSW

Tritton Straits Nyngan Cu

Cu

Cobar

COBAR BASIN METAL INVENTORY 6.4Moz Au, 200Moz Ag, 2.2Mt Cu, 4Mt Zn, 3Mt Pb

Mt Boppy Mine Polymetals Au

The Peak Mine NewGold Au-Cu

Nymagee Cu Deposit

Cobar Basin

Mineral Hill Kimberley Metals Cu-Au-Pb-Zn

YTC Office

Hera Au-Pb-Zn Deposit

Newcastle

Northparkes Mine Rio Tinto Cu-Au Parkes

ORANGE

100kms

Armidale

Lithgow

Cadia Mine Newcrest Cu-Au

Bathurst

Cowra

5

SYDNEY

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COBAR BASIN DEPOSITS

LONG LIFE, HIGH GRADE – VERTICAL CONTINUITY

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COBAR DISTRICT – LONG SECTION

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Long Section: Cobar Gold Field +7Moz Au Eq production CSA +1.5Mt Cu
Western
Eastern
Perseverance The Peak New Occidental Chesney New Cobar Great Cobar System
System
500m
10km
1000m
1500m
QTS
QTS
South
North
HERA - NYMAGEE PROJECT – LONG SECTION
Hera Gold and Base Metals
Nymagee Cu Deposit
Resource: 670koz Au Eq
96kt Cu, 92kt Pb, 147kt Zn, 2.3Moz Ag
Reserve: 423koz Au Eq.
500m
1000m
1500m
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PROSPECTIVITY

HERA-NYMAGEE CORRIDOR

• The Hera & Nymagee deposits are both marked by prominent gravity highs

• Numerous gravity targets defined by detailed ground gravity along 7km of strike.

• Hera-Nymagee corridor evolving into Cobar field equivalent

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Poorly Tested Gravity High
Untested Gravity High
Nymagee Copper
Deposit
Untested Gravity Highs
Untested Gravity High
Nymagee JV: YTC 95%
EL 6162: YTC 100%
Hera Gold Deposit
Nymagee JV: YTC 95%
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Zeus Gravity Anomaly
N Untested Gravity Highs
2km
7
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STAGE 1 – HERA DEVELOPMENT HERA DFS COMPLETE – SEPTEMBER 2011** • Hera DFS confirms a financially & technically robust project producing gold-silver doré bars and a bulk lead-zinc concentrate

• Resource 677,200 ounces Au Eq. at grade of 8.6g/t Au Eq*

• Reserve 423,471 ounces Au Eq. at grade of 7g/t Au Eq*

• Minimum 7.3 year mine life

• A$510 million revenue generated in Stage 1

• Net Revenue (pre tax profit): $94.8m at Au = A$1450/oz

• $152m at Au = A$1750/oz

• Production of >390,000 ounces (gold equivalent) over life of mine

• Average annual production exceeds 50,000 Au Eq. ounces over life of mine

• Life of Mine gold recovery of 94%

• Operating costs of A$395 per ounce (after Pb-Zn credits)

• Pre-Production capital of $73.5m

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*Refer Appendix 2– Gold Equivalent Calculations

** Refer Appendix 5 – Hera DFS Detail

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STAGE 1 – HERA DEVELOPMENT

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DEVELOPMENT STATUS

• Stage 1 earthworks complete including Hera boxcut under existing Part 5 Approval

• Mining Lease Lodged January 2012

• NSW State Project Approval Received – 1[st] August 2012

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Magazine
Box Cut
Rom Pad
Contractors
Laydown
Processing Area
Settling Ponds
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Process Area Layout – 3D View

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STAGE 1 – HERA DEVELOPMENT

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DEVELOPMENT STATUS

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Hera Boxcut Complete

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Hera Boxcut – August 2012
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Completing the Decline Sediment Ponds

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HERA EXPLORATION

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HERA DEPOSIT EXPANDING

DHEM EXTENDS HERA TO NORTH, SOUTH AND EAST

Hera Downhole EM (DHEM) survey now complete, with three high priority targets generated.

All three target areas generated by the DHEM provide support to Hera hosting a “double plunge”

Drilling underway.

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6447800mN
NEW EM
CONDUCTORS
NORTH
NEW EM
6447400mN CONDUCTOR
KERSHAWS
EXISTING
HERA
RESOURCE
6447000mN
N
200m
NEW EM
CONDUCTORS
436000mE SOUTH 436400mE
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HERA EXPLORATION

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HERA DEPOSIT EXPANDING

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‘The Peak’
Key
Main Lens
$125 grade shell
Far West Lens
$125 grade shell
Hays Lens
$125 grade shell 200mASL
North Drill hole pierce point
Recent drill hole
Results Pending
100m
Recent drill hole HRD042W1
With Results 11m @ 107g/t Ag,
7.2% Pb, 12.3% Zn and
0.15g/t Au
HRD043 CNYDD019:
20.7m @ 0.31g/t Au, 50g/t Ag , 0mASL
EM TARGETS 2.9% Pb, 1.9% Zn HRD042W2
4.75m @ 0.34g/t Au, 359g/t Ag,
10.9% Pb and 22.2% Zn and
TNY019 1.90m @ 0.89g/t Au, 601g/t Ag
4m @ 52g/t Ag, 15% Pb
HRD040W1
HERA NORTH HRD046
TARGET -200mASL
HRD026 HRD042
7.7m @ 5.7g/t Au, 0.41% Cu, 2.1% Pb, 2.8% Zn 7m @ 343g/t Ag, 2.2%
Pb and 6.7% Zn
PNDD5A
HRD040 11m @ 2.2g/t Au HRD021 2m @ 0.13g/t Au, 50g/t Ag 6.52%Pb,
6m @ 4.54g/t Au, 3.3% 14.2% Zn (east of Hera North structure)
12
12 Pb and 2.0% Zn
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NYMAGEE

BIG COPPER SYSTEM: OPEN AT DEPTH

• Maiden JORC Nymagee Resource in Dec 2011, after discovery of high grade copper in Oct 2010.

• 8.1Mt @ 1.2% Cu, 0.3% Pb, 0.7% Zn and 9g/t Ag

• Open to the north and at depth

• Represents an analogue to the upper part of a CSA style copper system

• Deep drilling results show the Nymagee copper system now extends beyond 500m vertical

• High-grade massive sulphide to ~400m vertical, including:

• NMD038: 18m @ 6.3% Cu and 26g/t Ag NMD001: 8.9m @ 7.2% Cu and 24 g/t Ag NMD008W1: 20m @ 3.9% Cu

• Results for deepest hole to date show the copper system continuing at depth:

• NMD50W1: 240m @ 0.4% Cu (bulk interval) includes 33.3m @ 0.96% Cu from 422.42m, and 61.0m @ 0.8% Cu from 547m,

• Results strongly encouraging for vertical extensions of economic mineralisation

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NYMAGEE COPPER DEPOSIT vs CSA

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SCHEMATIC CROSS SECTION COMPARISON - LOOKING NORTH

• Nymagee evolving as the upper part of a ‘CSA’ style Cobar deposit

• Model suggests increasing copper grade with increasing depth

• Additional 1.5km depth potential to explore

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SHALLOW
MAIN SHAFT
COPPER ZONE
Pb-Zn-Ag Lens
(off section)
MAIN LENS
-200m
-200m
Low-Grade Cu Mineralisation
High-Grade Cu Mineralisation
Pb-Zn Mineralisation
INTERPRETED
-400m -400m ROYAL LODE
DEPTH LIMIT OF INTERPRETED
DEEPEST CLUB HOUSE
DRILLING LODE
100m
-600m -600m NOMINAL
>0.25% Cu
100m ENVELOPE
WESTERN
SYSTEM QTS NORTH 100m
CZ
EASTERN
LENS
SYSTEM 100m
-800m
-800m
POTENTIAL
“QTS”
TARGETS AT
CSA – Cross Section Nymagee – Cross Section DEPTH
>1.5Mt Cu Production MINERALISATION >100kt Cu in Resource
CONTINUES TO
>12mt @ 5% Cu Resource >2000m Open at Depth
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NYMAGEE EXPLORATION OPEN TO NORTH AND AT DEPTH

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NMRC090:
3m @ 2.75% Cu and 50g/t Ag Recent drill hole
Results Pending
Recent drill hole
NMD068:
With Results
300m ASL 14m @ 63g/t Ag, 2.7% Pb and 5.2% Zn
NYMAGEE RESOURCE:
NEW DHEM TARGETS
200m ASL 8.1Mt @ 1.2% Cu, 0.3% Pb, 0.7% Zn and 9g/t Ag
NYMAGEE NORTH
100m ASL
0m ASL
NMD060: OPEN
-100m ASL 8m @ 2.0% Cu from 301m, and
10m @ 2.0% Cu from 357m
-200m ASL
NMD50W1 (Deepest Hole)
NMD075
240m@ 0.4% Cu
18m @ 1g/t Au, 23g/t Ag, 0.9% Cu, 0.6% Pb and 1.3% Zn, and
6m @ 0.5g/t Au, 149g/t Ag, 5% Pb and 11.6% Zn
North
-400m ASL
NYMAGEE LONG SECTION
15
15 100m
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SUMMARY

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• Hera DFS confirms a financially & technically robust project as Stage 1

• $510 million in revenue in Stage 1 alone

• Operating Costs of A$395/oz (after Pb-Zn credits)

• Stage 1 development establishes strong foundation for development of Nymagee in Stage 2

• Hera Project Permits Approved – August 2012

• First Stage of Hera Earthworks complete

• Project Financing pending

• Feasibility Study evaluating integration of Hera-Nymagee continuing

• Hera & Nymagee are expanding deposits

• Economic intersections along strike and at depth

• Experienced management and board assembled for transition from explorer to developer/producer

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GROWTH
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THANK YOU

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YTC Resources Limited ASX:YTC 2 Corporation Place ORANGE NSW 2800 T: +61 2 6361 4700 E: office@ytcresources.com www.ytcresources.com

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APPENDIX 1: RESOURCES AND RESERVES

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MINERAL RESOURCE ESTIMATE- HERA DEPOSIT - JUNE 2011

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Category Indicated Inferred Total	Tonnes	NSR (A$)	Aug/t	Ag g/t	Cu %	Pb %	Zn %	Au Eq (g/t)	Contained Au Ozs Eq
	2,113,000	243	4.2	17.0	0.2	2.8	3.9	9.2
	330,000	207	3.5	14	0.1	2.3	3.3	7.5
	2,444,000	238	4.1	16.7	0.2	2.8	3.8	8.6	677,200

PROBABLE ORE RESERVE: HERA DEPOSIT – DFS: SEPT 2011

SOURCE	Tonnes	Au (g/t)	Ag (g/t)	Cu (%)	Pb (%)	Zn (%)	Au Eq (g/t)	Contained Au Ozs Eq
Development Sub-total	278,158	2.86	13.06	0.13	2.26	3.19
Stope Sub-Total	1,597,760	3.72	15.39	0.17	2.56	3.55
MINE PROBABLE RESERVE	1,875,918	3.59	15.04	0.16	2.51	3.50	7.00	423,471

MINERAL RESOURCE ESTIMATE- NYMAGEE DEPOSIT – DEC 2011

Description	Cut Off	Tonnes	Cu %	Pb %	Zn %	Ag g/t
INDICATED
Shallow Cu Resource (above 90mRL)	0.3% Cu	5,147,000	1.00	0.10	0.20	5
Deeper Cu Resource (below 90m RL)	0.75% Cu	1,984,000	1.80	0.30	0.60	11
Lead-Zinc-Silver Lens	5% Pb + Zn	364,000	0.50	4.40	7.80	41
INFERRED
Deeper Cu Resource (below 90m RL)	0.75% Cu	601,000	1.30	0.10	0.20	8
GLOBAL		8,096,000	1.20	0.30	0.70	9
Contained Metal (tonnes)			96,000	27,000	53,000	69

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APPENDIX 2

GOLD EQUIVALENT CALCULATIONS – HERA DFS & HERA RESERVE

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This presentation makes references to the Hera Ore Reserve, DFS outputs and metal equivalents. It is the Company's opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered.

Au Equivalent calculation formula = (Metal price x metal grade) ÷ (gold price per oz ÷ 31.1)

The following metal prices, exchange rates and metal recoveries and payabilities were used for the calculation of a gold equivalent.

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Metal Recovery Payability Source
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Au	94%	100%	YTC Metallurgical testwork and Marketing Study
Cu	88%	0%	YTC Metallurgical testwork and Marketing Study
Pb	91%	95%	YTC Metallurgical testwork and Marketing Study
Zn	90%	85%	YTC Metallurgical testwork and Marketing Study
Ag to dore	47%	100%	YTC Metallurgical testwork and Marketing Study
Agto Bulk Con	46%	0%	YTC Metallurgical testwork and MarketingStudy

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Metal Price Source
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Au	US$1450/oz	20% discount to spot
Pb	US$2,500/t	LME 15 month buyer
Zn	US$2,318t	LME 15 month buyer
Ag	US$32/oz	20% discount to spot
AUD/USD	1.00	Consensus Forecast

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APPENDIX 3

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GOLD EQUIVALENT CALCULATIONS – HERA RESOURCE

This presentation makes a number of references to metal equivalents. These metal equivalent values refer to those included with Hera Resource Estimate released to the ASX on 2nd June 2011

It is the company's opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered.

Au Equivalent calculation formula = (Metal price x metal grade) ÷ (gold price per oz ÷ 31)

The following metal prices, exchange rates and metal recoveries and payabilities were used in the estimation of “net recoverable ore value per tonne (NSR)” and for the calculation of a gold equivalent.

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Metal Recovery Payability Source
Au 94% 100% YTC Metallurgical testwork and Marketing Study
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Metal Au	Recovery 94%	Payability 100%	Source YTC Metallurgical testwork and Marketing Study
Cu	88%	0%	YTC Metallurgical testwork and Marketing Study
Pb	91%	95%	YTC Metallurgical testwork and Marketing Study
Zn	90%	85%	YTC Metallurgical testwork and Marketing Study
Ag to dore	47%	100%	YTC Metallurgical testwork and Marketing Study
Ag to Bulk Con	46%	0%	YTC Metallurgical testwork and Marketing Study

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Metal Price Source
Au US$1200/oz 90% of Consensus forecast, to May 2013 Consensus economics, May2011
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Au	US$1200/oz	90% of Consensus forecast, to May	2013	Consensus economics, May2011
Cu	US$8,370/t	90% of Consensus forecast, to May	2013	Consensus economics, May2011
Pb	US$2,420/t	90% of Consensus forecast, to May	2013	Consensus economics, May2011
Zn	US$2,425/t	90% of Consensus forecast, to May	2013	Consensus economics, May2011
Ag	US$27/oz	90% of Consensus forecast, to May	2013	Consensus economics, May2011
AUD/USD	0.90

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APPENDIX 4

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BOARD OF DIRECTORS

Anthony Wehby Non-Executive Chairman		Partner of PricewaterhouseCoopers Australia (Coopers & Lybrand) for 19 years specialising in the provision of corporate finance advice. Anthony is based in Sydney and maintains a consulting practice providing advice on mergers and acquisitions, IPO's, funding and valuations
Gary Comb Non-Executive Director		Mr Comb is an engineer and mining industry veteran with over 26 years experience in the Australian Mining Industry. From 2003, Mr Comb was Managing Director of Jabiru Metals Limited, taking the Jaguar Copper/Zinc Project from discovery through feasibility, construction to operations. Jabiru Metals was taken over by Independence Group Limited for A$532 million in 2011.
Mark Milazzo Non-Executive Director		Mr Milazzo is a Mining Engineer with 30 years experience in mining operations. Mr Milazzo was previously the General Manager of BHP’s Olympic Dam Mine, Western Mining Corporation’s Kambalda Nickel Operations and the General Manager of mining contractor HWE Mining. He is a Fellow of the Australasian Institute of Mining and Metallurgy.
Robin Chambers Non-Executive Director		A lawyer with over 30 years experience in the resources sector. He is the Senior Partner of Chambers & Company, an international law firm based in Melbourne, and Special Counsel – China for its affiliate, the New York law firm of Chadbourne & Parke (Beijing, China).
Christine Ng Non-Executive Director		Christine is an Executive Director of China Yunnan Tin Minerals Group Co. Ltd (listed on Hong Kong Stock Exchange).
Dr Wenxiang Gao Non-Executive Director		Over 20 years experience as a senior mining engineer in China. Dr Gao is the General Manager of Yunnan Tin Group, the world’s largest tin producer.
Rimas Kairaitis Managing Director		Geologist with over 18 years experience in minerals exploration and resource development in gold, base metals and industrial metals. Mr Kairaitis has a strong record of exploration success in NSW.

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APPENDIX 5: STAGE 1 – HERA DEVELOPMENT

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DFS – SEPTEMBER 2011

	HERA DFS
Diluted Reserve(tonnes)	1,875,918
Diluted Reserve Grade  g/t Au (on gold equivalent basis)  Net Smelter Return (NSR)	7g/t Au Eq. $218 / tonne
Mine Life(box cut to last revenue)	7.3 years
Mining & Process Rate	350,000 tpa
Payable Metal Production  Gold Production (to dore)  Silver Production (to dore)  Zinc Production  Lead Production  Gold Equivalent Production	204,274 ounces 426,860 ounces 63,439 tonnes 43,399 tonnes 352,324 ounces
Operating Costs  Mining  Milling  Offsite costs  Administration	$72.79 / tonne $34.55 / tonne $49.33 / tonne $14.25 tonne
Operating Margin(after mining and milling)	$105.33 / tonne
Operating Costs(after Pb-Zn credits)	$394.60 / Au ounce
Pre-Production Capital Costs(to first ore)	$73.5 million
Net Revenue(pre-tax Profit)  A$1,450/oz gold price  A$1,750/oz gold price	$94.8 million $152 million

3D view of Hera Mine Design showing mine capital development, final stope design and CRF fill .

Item	Input	Units	Source
Lead Price	$2,500	US$/Tonne	LME 15 month buyer
Zinc Price	$2,318	US$/Tonne	LME 15 month buyer
Gold Price	$1,450	US$/Ounce	20% discount to spot
Silver	$32	US$/Ounce	20% discount to spot
Gold Recoveryto Dore	94%	Recovery	DFS Metallurgy Study
Silver Recoveryto Dore	47%	Recovery	DFS Metallurgy Study
Lead Recoveryto bulk Con	91%	Recovery	DFS Metallurgy Study
Zinc Recoveryto bulk Con
	90%	Recovery	DFS Metallurgy Study
Bulk Concentrate Grade	56%	Pb + Zn	DFS Metallurgy Study
Exchange Rate	1.00	AUD/USD	Consensus Forecast

23 All $ figures are as Australian Dollars

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APPENDIX 6: YTC SENIOR MANAGEMENT BUILDING AN EXPERIENCED OPERATIONS TEAM

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Dean Fredericksen –Chief Operations Officer (COO)

Dean closely involved with YTC for the last 2.5 years as a consultant. Dean was closely involved on the assessment and Feasibility of the Hera and Nymagee Projects since 2009. Dean brings over 20 years mine geology and project assessment experience to YTC with companies including ACM, MPI, Newcrest & Sino Gold.

Sean Pearce –Hera Project – General Manager

Sean Pearce is a Mining Engineer and has over 23 years operational experience in underground metalliferous mines. Sean joins the company from Peak Gold Mines in Cobar, where he was Mining Manager since 2007. Sean will initially be based in the YTC offices in Orange, and will work closely with Dean and Stuart Jeffrey on the completion of the Hera DFS. He will then take on the site management as the Project moves into mine construction and commissioning.

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Stuart Jeffrey – Principal Geologist – Hera & Nymagee Projects

Stuart brings 20 years of both exploration and mine geology experience to the Hera and Nymagee Projects, including a close association with the Hera Project extending back to 2004. Stuart has experience with a broad range of Companies including BHP, Triako and CBH Resources

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COMPETENT PERSONS STATEMENTS

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Competent Persons Statement – Exploration Results

The information in this presentation that relates to Exploration Results is based on information compiled by Rimas Kairaitis, who is a Member of the Australasian Institute of Mining and Metallurgy. Rimas Kairaitis has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.’ Mr Kairaitis consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Competent Persons Statement – Hera Resource Estimate

The Resource Estimation has been completed by Mr Dean Fredericksen the Chief Operating Officer of YTC Resources Ltdwho is a Member of the Australasian Institute of Mining and Metallurgy. Mr Dean Fredericksen has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.’ Mr Fredericksen consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Competent Persons Statement – Hera Ore Reserve

The Information in this report relating to Ore Reserves is based on work undertaken by Mr Michael Leak of Optiro Pty Ltd under supervision of Mr Sean Pearce. This report has been compiled by Sean Pearce, who is a Member of the Australasian Institute of Mining and Metallurgy. Sean Pearce has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.’ Mr Pearce consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

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