EMMERSON RESOURCES LIMITED — Interim / Quarterly Report 2012

Apr 25, 2012

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Quarterly Report for the Period Ending 31 March 2012

26 April 2012

Emmerson Resources Limited ABN 53 117 086 745

3 Kimberley St. West Leederville WA 6007

PO BOX 1573 West Perth WA 6872

Tel: (08) 9381 7838 Fax: (08) 9381 5375

Email: info@emmersonresources.com.au

Web: www.emmersonresources.com.au

ASX Code: ERM 260.6 million ordinary shares 18.0 million unlisted options

Market Cap ~A$58.6 million (@ $0.225)

Available Cash ~ A$ 11.2 million (31-03-12)

Directors

Andrew McIlwain Non-executive Chairman

Rob Bills Managing Director & CEO

Timothy Kestell Non-executive Director

Simon Andrew Non-executive Director

March Quarter Highlights

The highlight for this quarter was an outstanding result from drill hole GRC1373 at Goanna which returned:

• 26m at 4.75% copper (from 338 metres); including

• 18m at 6.34.% or 8m at 9.32% copper (from 339 metres); and

• 3m at 11.9% copper (from 342 metres);

• 2m at 2.15g/t gold (from 400 metres).

This hole not only adds to the other high grade intersections from this project but also contains very high consistent bismuth grades which typically signals nearby gold mineralisation (figure 1).

The 1 metre splits of previously reported, 3 metre composite assay results have also been returned this quarter and confirm the very high grade nature of the mineralisation and potential for gold (table 1).

The best intercepts from Goanna include:

• GRC1367 returned 17m at 3.5g/t gold, 1.53g/t silver and 4.12% copper from 288m;

• including 4m at 11.3g/t gold, 3.95g/t silver, 0.15% bismuth and 9.99% copper from 294m;

• GRC1372 returned 6m at 4.13% copper, 0.69g/t gold from 408m.

The best intercepts from Monitor include:

• GRC1371 returned 3m at 7.68% copper, 0.62g/t gold, 75.1g/t silver and 0.60% bismuth from 349m and,

• 6m at 4.9% copper, 0.12g/t gold, 26.8g/t silver and 0.17% bismuth from 370m.

Peter Reeve Non-executive Director

Emmerson Resources Managing Director, Rob Bills, said, “The Monitor and Goanna discoveries have important implications for the entire Gecko Structural Corridor by confirming that there is excellent potential to unlock a new generation of high-grade deposits within the Tennant Creek Mineral Field (TCMF). So far Emmerson has assessed only one of the five blocks that were flown by HeliTEM in 2011 and which comprises just a small portion of the company’s 3,300 sq km tenement package”.

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“Diamond drilling to deepen existing Reverse Circulation (RC) holes at both the Goanna and Monitor projects is underway and is aimed at better understanding the geometry of the ore shoots. Already this is having a profound geological impact, with the first diamond drill hole underway (post end of the March Quarter) now optimised to give a better insight into the true width of these ore shoots and potential for high grade gold under the copper. A further (RC) rig will start drilling in late April and will be deployed on both regional greenfield targets in the Ivanhoe JV area and also in the 100% ERM Goanna-Gecko-Monitor areas”.

Overview

The January-March period is typically the wet season at our Tennant Creek project however this year Emmerson commenced early, and drilling has been underway since mid-February. Unfortunately drilling has been intermittently interrupted by rain.

The 2012 Emmerson Strategy was finalised in late January and approved by the board in March and is underpinned by 3 core objectives:

• 1) Ascertain the gold potential within the 100% ERM Monitor-Gecko-Goanna blocks – this will require trialling some new ground-based geophysics and some detailed structural studies to guide the drilling.

• 2) Leverage our understanding of this new style of mineralisation and associated exploration techniques to make additional discoveries within the JV and 100% ERM areas – this will largely be confined to the Gecko corridor, where we have HeliTEM coverage and believe that there is great potential for additional Monitor/Goanna style deposits.

• 3) Undertake additional drilling to establish a resource at both Goanna and Monitor – this has the potential to add significant shareholder value given that discoveries are close to existing infrastructure including underground development, and our 100% owned Warrego Mill.

At this stage our planned expenditure is approximately $7m within the 100% Emmerson blocks, and for Ivanhoe Australia a further $3m within the IVA/ERM JV area – pending approval from the IVA Board. A large component of this combined $10m program will consist of drilling, approximately 26,000m and also additional ground based geophysics.

Emmerson is funding the Goanna-Gecko-Monitor programs within its 100% owned blocks, whilst the regional programs will be funded as part of the $28m JV with Ivanhoe Australia.

The first drilling campaign for 2012 consisted of extending a number of the pre-existing RC drill holes at both projects. The main aim of this program was to collect additional geological and structural information ahead of designing the resource delineation phase of drilling – specifically to better understand the style of mineralisation and its geometry. To date we have completed some 1,140m of diamond tails and this has been fundamental to re-interpreting the orientation of both the Goanna and Monitor orebodies, leading to the revelation that whilst this drilling is orientated to define the geometry of the shear zones, it is not optimised for defining the true width of the ore shoots that are bounded by the shear zones.

Further, the diamond drill core has provided confirmation that the mineralisation at both Monitor and Goanna is a new style of mineralisation for the Tennant Creek Mineral Field (TCMF), consisting of quartz-sulphide-chlorite tension vein arrays (TVAs) and/or haematitic alteration with pervasive chlorite and sericite alteration. This style is largely “blind” to techniques used by previous explorers but is detected by using a new generation of powerful electrical geophysics such as the HeliTEM and Induced Polarisation methods – pioneered in the TCMF by Emmerson Resources in April 2011.

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The Monitor and Goanna discoveries have important implications for the rest of the field, confirming that there is excellent potential to unlock a new generation of deposits that have largely gone undetected by previous explorers. So far Emmerson has only assessed one of the five blocks that were flown by HeliTEM and that collectively comprise just a small portion of the company’s 3,300 sq km tenement package.

Goanna Discovery

Goanna was initially identified from a series of HeliTEM anomalies within the Gecko Structural Corridor (figure 2). A combination of additional ground geophysics (mainly Induced Polarisation), and new geological and structural concepts indicated potential outside of the traditional magnetic targets. The Goanna mineralisation is 200m east of the known Gecko mineralisation (and underground mine development) and remains open in all directions.

The discovery hole at Goanna was GODD004 which intersected multiple zones of very high grade copper including 2m @ 4.9% copper from 289m; 21m @ 2.63% copper from 297m including 7m @ 4.96% copper from 299m, or including 12m @ 3.89% copper.

Since then drilling has delineated four separate shear zones, each appears to be subvertical and consists of a shear-link system with multiple quartz-sulphide-chlorite vein assemblages occurring within the dilational jogs (figures 3 & 4). These jogs in the shear zones can also incorporate pervasive hematitic-chlorite-sericite alteration (traditionally referred to as hematite ironstones). Of particular significance are assay results that were announced early in the quarter from GRC1373 – this intersected 26m at 4.75% copper (assays from the 1m splits) and confirms that the Southern and Central Shear Zones have excellent potential for thick high grade mineralisation (figures 2 & 3). Moreover, the high grade bismuth suggests good potential for gold mineralisation either at depth or in the near vicinity.

Best 1m assay splits from 3m composite samples at Goanna include

• GRC1373 returned 26m at 4.75% copper, 1.08g/t silver, and 0.14% bismuth from 338m;

• GRC1368 returned 13m at 2.37% copper, 0.21% bismuth and 0.76g/t silver from 152m and,

• 8m at 2.60% copper, 0.15g/t gold, 2.11g/t silver and 0.44% bismuth from 186m.

• GRC1365 returned 2m at 4.14% copper, 4.62g/t silver, 0.49g/t gold from 176m and,

• 12m at 1.19% copper, 0.35g/t gold, 0.46g/t silver from 277m and,

• 1m at 5.45g/t gold, 0.40g/t silver and 0.29% copper from 327m.

Monitor Discovery

The Monitor project, like Goanna, represents a totally new ore position within the Gecko Structural Corridor (figure 2). The discovery drill hole, GRC1355 at the Monitor project, 2km to the west of Goanna, intersected 27m @ 1.75% copper including 6m @ 2.67% copper but consisted of sulphide mineralisation over some 98m. Assays from the individual 1m splits from drill hole GRC1355 at Monitor have confirmed the high copper grades, with one interval assaying up to 13.8% copper. This drill hole also had high-grade bismuth, which typically is a pathfinder element for gold.

‐ Further drilling in the December quarter under the copper, intersected a very thick zone of gold copper from 437m down‐hole in GODD008 including:

• 12m @ 16.9g/t gold, 0.13% bismuth, 2.00% copper, 1.59g/t silver and within this zone,

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• 4m @ 37.4g/t gold, 1.64g/t silver, including 1m @ 93.7g/t gold and 4.06g/t silver from 437m and 440m respectively down the hole.

‐ An adjacent, but separate gold copper zone, from 441m down the drill hole produced intersections of:

• 3m @ 17.4g/t gold and 2.66g/t silver, 0.36% bismuth, 4.33% copper ‐ including 1m @ 18.9g/t gold, 3.02g/t silver, 8.47% copper from 442m (figure 1).

Much of the focus for this quarter has been at Goanna, thus at the end of the March period only one diamond tail was successfully completed with assay results outstanding.

The Monitor mineralisation remains open in all directions with excellent potential to extend the strike of the highgrade copper and also given the associated high grade bismuth, to locate additional high grade gold at depth.

Best 1m assay splits from 3m composite samples at Monitor include:

• GRC1371 returned 3m at 7.68% copper, 0.62g/t gold, 75.1g/t silver and 0.60% bismuth from 349m and,

• 6m at 4.9% copper, 0.12g/t gold, 26.8g/t silver and 0.17% bismuth from 370m.

Horner Project

The Horner project was initially identified from the HeliTEM data flown in April 2011 (figure 2). Since then Emmerson have systematically worked up the targets with ground based geophysics, 3D structural studies and a compilation of historical exploration. Interestingly, an old drill log from ADL Resources work in the 1990’s records assays of 6.7m at 1.9% copper including 2.4m at 4.7% copper – this is referred to as Horner 1 which plotted on our HeliTEM data, reveals an association with a weak anomaly. Note that our proposed drilling is at Horner 2, where there is a prominent untested HeliTEM anomaly, within the 12 km long Gecko corridor.

Horner 2 represents a new greenfields target within the ERM/IVA JV area and will be drill tested during the next quarter.

Planned Activities for the June Quarter

As indicated above, the overall plan is to establish a resource at both Goanna and Monitor this year plus test a number of high calibre regional targets.

The diamond drill rig has just finished the first of two holes at Goanna, based on the new structural understanding and utilising a new drill hole azimuth. Depending on results, more holes will be planned at both Goanna and Monitor to capitalise on this new understanding.

The RC rig arrives in late April and will undertake a combination of RC pre collars for the diamond program and also test the Horner 2 target within the ERM/IVA JV ground.

The geophysical crew are working on completing further IP surveys within the Goanna-Gecko-Monitor project areas ahead of designing additional drilling. They are also trialling some new geophysical techniques which we hope may assist in developing deeper gold targets beneath the Gecko copper mineralisation.

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About Tennant Creek

Emmerson Resources is using a new generation of high technology search techniques to explore the Tennant Creek Mineral Field (TCMF), which historically produced over 5.5 Mozs of gold and 470,000 tonnes of copper. Emmerson Resources has consolidated 95% of the highly prospective TCMF where only 8% of the historical drilling has penetrated below 150m. Some of the most prospective rocks in the field lie hidden beneath recent cover.

Recently two high-grade discoveries at Goanna and Monitor were made, demonstrating the potential of this new approach but importantly ushering in a new style of mineralisation that has gone undetected by previous explorers. The value of these discoveries is enhanced by their proximity to the underground mine development at the historical Gecko deposit. In addition Emmerson owns the Warrego ore processing facility, currently on care and maintenance, just 24 km from the new discoveries.

About Emmerson Resources

Emmerson Resources (ASX: ERM), is exploring the TCMF in joint venture with Ivanhoe Australia Limited pursuant to a Farm-in agreement whereby Ivanhoe is sole funding $28 million in exploration to acquire and retain 51%.

Within the TCMF Emmerson also owns the only gold ore treatment facility in the region (the Warrego carbon-inpulp processing plant) and a substantial geological database plus extensive infrastructure and equipment. Emmerson is led by a board and management group of experienced Australian mining executives including former MIM and WMC mining executive Andrew McIlwain as non-executive chairman, and former senior BHP Billiton and WMC executive Rob Bills as managing director and CEO.

Announcements since Jan 1 2012

12/01/2012 Results of Meeting

18/01/2012 Trading Halt

19/01/2012 Very high grade and wide intercepts at Goanna

20/01/2012 Boardroom Radio Broadcast

20/01/2012 Appendix 3B

20/01/2012 Section 708A Notice

20/01/2012 Change of Director`s Interest Notice x 3

25/01/2012 Change in substantial holding

30/01/2012 Quarterly Activities Report

30/01/2012 Quarterly Cashflow Report

01/02/2012 Lapse of Unlisted Options

15/02/2012 Drilling Program Commences at Tennant Creek

16/02/2012 Boardroom Radio Broadcast

16/02/2012 Change of Director`s Interest Notice x 2

14/03/2012 Half Yearly Report and Accounts

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Yours Sincerely

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Mr. Rob Bills Managing Director and Chief Executive Officer

Media Enquiries: Ian Howarth Collins Street Media Ph: (+61-3) 9223 2465 ian@collinsstreetmedia.com.au

On behalf of: Mr Rob Bills Managing Director & Chief Executive Officer Emmerson Resources Ltd

Telephone: (+61-8) 9381 7838 www.emmersonresources.com.au

Competency Statement

The information in this report relating to Exploration Results and Mineral Resources is based on information compiled by Mr Steve Russell who is a Member of the Australian Institute of Geoscientists and has sufficient exploration experience which is relevant to the style of mineralisation under consideration 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 Russell is a full time employee of Emmerson Resources Ltd and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears (attachment: Figures 1, 2, 3, & 4, and Tables 1 & 2.)

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Figure 1: Monitor – Gecko – Goanna Discovery History

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Figure 2: HeliTEM highlighting the Gecko Corridor (red/white = highest conductivities)

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Figure 3: Goanna Discovery with drill hole collars. Background is the HeliTEM anomaly (red/white = highest conductivities)

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Figure 4: Cross section at Goanna showing latest assays from GRC1373

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Table 1: Significant Intercepts

Goanna Significant Intercepts

Hole ID	East (MGA94_53)	North (MGA94_53)	RL AHD	Dip (deg)	AZI mag (deg)	From (m)	To (m)	Width (m)	Au (ppb)	Ag (g/t)	Bi (ppm)	Cu (%)	Fe (%)	Pb (ppm)	Zn (ppm)	Sample Type	Zone
GRC1365	403072.11	7851392.48	347.51	-58	200	176	178	2	490	4.62	119	4.14	23.5	681	409	1m	Northern Shear
						263	264	1	195	0.27	9.53	2.71	14.6	7.10	391	1m	Central Shear
						270	274	4	346	0.65	37.8	0.81	21.3	32.6	215	1m
						277	289	12	345	0.46	138	1.19	24.2	28.1	67.2	1m
						292	293	1	337	0.38	17.1	2.35	14.6	7.20	140	1m
						327	328	1	5.45 g/t	0.40	116	0.29	13.4	14.7	469	1m	Southern Shear
						345	348	3	259	1.24	65.7	1.78	8.70	18.5	174	1m
Hole ID	East (MGA94_53)	North (MGA94_53)	RL AHD	Dip (deg)	AZI mag (deg)	From (m)	To (m)	Width (m)	Au (g/t)	Ag (g/t)	Bi (ppm)	Cu (%)	Fe (%)	Pb (ppm)	Zn (ppm)	Sample Type	Zone
GRC1367	403171.91	7851281.45	348.48	-58	200 including	288	305	17	3.50	1.53	518	4.12	18.6	59	268	1m	Southern Shear
						294	298	4	11.3	3.95	0.15%	9.99	23.3	187	167	1m
GRC1368	402894.95	7851089.85	350.88	-60	018 including	98	100	2	-	-	59.5	1.13	3.02	-	13	1m	Far South Shear
						152	165	13	0.02	0.76	0.21%	2.37	16.1	1.2	117	1m
						186	194	8	0.15	2.11	0.44%	2.60	16.8	99	184	1m
						187	188	1	0.41	1.63	0.47%	9.14	16.9	70	85	1m	Central Shear
						331	332	1	0.43	0.08	18.4	0.83	10.0	-	173	1m
						343	344	1	0.04	0.14	590	1.09	14.3	8.0	142	1m
						406	410	4	0.10	0.89	626	1.12	16.3	3.0	125	1m
Hole ID	East (MGA94_53)	North (MGA94_53)	RL AHD	Dip (deg)	AZI mag (deg)	From (m)	To (m)	Width (m)	Au (ppb)	Ag (ppm)	Bi (ppm)	Cu (%)	Fe (%)	Pb (ppm)	Zn (ppm)	Sample Type	Zone
GRC1372	402960.13	7851055.49	352.46	-60	018 including	91	93	2	-	0.09	184	2.05	2.46	2.0	11.5	1m	Far South Shear
						107	108	1	11	0.54	157	0.70	4.5	3.0	32	1m	Far South Shear
						114	116	2	-	0.07	8.23	0.64	13.1	-	89	1m	Far South Shear
						346	348	2	25	0.22	4.01	0.80	4.82	6.5	73	1m	Southern Shear
						356	357	1	2.73 g/t	0.13	814	0.38	4.68	7.0	47	1m	Southern Shear
						383	384	1	149	0.19	160	1.36	21	-	211	1m	Central Shear
						408	414	6	690	0.77	810	4.13	18.8	3.7	98	1m	Central Shear
						408	411	3	1.08 g/t	1.05	0.15%	5.81	19.6	8.3	83	1m	Central Shear

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Hole ID	East (MGA94_53)	North (MGA94_53)	RL AHD	Dip (deg)	AZI mag (deg)	From (m)	To (m)	Width (m)	Au (g/t)	Ag (g/t)	Bi (ppm)	Cu (%)	Fe (%)	Pb (ppm)	Zn (ppm)	Sample Type	Zone
GRC1373	403055.10	7851020.03	354.04	-70	018	169	170	1	0.00	-	1.45	1.14	4.53	5.1	33	1m	Far South Shear
						174	175	1	0.00	0.14	359	1.12	4.75	1.9	42	1m	Far South Shear
						219	220	1	0.03	0.4	0.38%	2.27	8.53	22.9	54	1m	Far South Shear
						338	364	26	0.09	1.08	0.14%	4.75	35.6	16.9	64.7	1m	Southern Shear
					including	339	357	18	0.13	1.33	0.18%	6.34	36.2	19.6	49.9	1m	Southern Shear
					including	340	348	8	0.23	1.92	0.27%	9.32	26.9	27.2	57.9	1m	Southern Shear
					including	341	344	3	0.30	0.50	0.17%	11.8	20.7	10.0	48.3	1m	Southern Shear
						369	370	1	0.02	0.24	0.12%	3.27	17.6	9.8	121	1m	Southern Shear
						400	402	2	2.15	0.43	45.6	0.02	6.43	7.05	51.5	1m	Southern Shear
						404	405	1	0.13	1.02	523	2.47	14.9	21.4	94	1m	Southern Shear
Hole ID	East (MGA94_53)	North (MGA94_53)	RL AHD	Dip (deg)	AZI mag (deg)	From (m)	To (m)	Width (m)	Au (ppb)	Ag (ppm)	Bi (ppm)	Cu (%)	Fe (%)	Pb (ppm)	Zn (ppm)	Sample Type	Zone
GRC1374	403135.32	7850950.45	353.48	-60	018	137	138	1	7	0.21	156.6	1.21	5.15	3.0	21	1m	Far South Shear
						228	229	1	33	0.19	121.6	3.53	7.57	3.4	59	1m	Southern Shear
GODD010	402960.13	7851055.49	352.46	-60	018	449	450	1	10	0.08	136.6	1.31	23.3	11	64	½ NQ2	Northern Shear
						457	458	1	1.37 g/t	0.19	33.2	0.18	25.2	9	104	½ NQ2	Northern Shear

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Monitor Significant Intercepts

Hole ID	East (MGA94_53)	North (MGA94_53)	RL AHD	Dip (deg)	AZI mag (deg)	From (m)	To (m)	Width (m)	Au (g/t)	Ag (g/t)	Bi (ppm)	Cu (%)	Fe (%)	Pb (ppm)	Zn (ppm)	Sample Type
GRC1369	401450.39	7851950.39	348.42	-52	213	165	171	6	-	17.3	1.09	1.71	14.0	5.52%	4.29%	1m
GRC1370	401170.19	7851669.84	352.96	-60	025	148	149	1	0.00	0.36	821	1.83	6.00	4.6	24	1m
						161	162	1	0.03	0.72	282	1.42	8.93	9.7	50	1m
						208	210	2	0.02	0.24	280	1.19	13.5	27.8	162	1m
GRC1371	401379.69	7851999.85	348.71	-52	213 including	349	352	3	0.62	75.1	0.60%	7.68	26.4	2265	472	1m
						370	376	6	0.12	26.8	0.17%	4.90	20.6	882	294	1m
						370	372	2	0.14	21.5	0.07%	10.5	20.1	366	451	1m

• Note: (1) All GRC samples consist of 1m riffle samples.

• (2) All GODD010 samples are half NQ2 diamond core samples.

• (3) Au analysis method by 25g Fire Assay digestion with AAS finish.

(4) Cu analysis method by four acid digestion with AAS finish.

(5) Multi element analysis method by four acid digestion with ICP-MS / ICP-OES finish.

(6) Intersections are reported as downhole lengths and not true width.

(7) Minimum cut-off of 1% Cu. No maximum cut-off.

(8) Minimum cut-off of 1g/t Au. No maximum cut-off.

(9) Minimum cut-off of 1g/t Ag. No maximum cut-off.

(10) Maximum internal dilution of 2 metres.

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Table 2: Drilling Statistics

2012 January, February & March

Prospect	Hole Number	GDA Easting	GDA Northing	Dip (Deg)	Magnetic Azimuth (deg)	Total RC Depth (m)	Total Pre Coll (m)	Total RAB / Aircore (m)	Rock Roller (m)	Tail (HQ) Length (m)	Tail (NQ) Length (m)	Final Hole Depth (m)	Number of Samples	Drill Type	Date Drilled
Goanna	GODD010	402960.13	7851055.49	-60.0	18.00		444.50				92.90	537.40	108	DDH	16/02/2012
Goanna	GODD007	403053.33	7851107.67	-67.0	18.00		158.20				379.80	538.00	418	DDH	15/03/2012
Monitor	GODD011	401170.19	7851669.84	-60.0	25.50		323.00				136.80	459.80	147	DDH	10/03/2012
Goanna	GODD012	402894.95	7851089.85	-60.0	18.00		423.80				117.00	540.80	128	DDH	19/03/2012
Goanna	GODD013	403224.97	7851255.53	-65.0	200.00		305.10				121.50	426.60		DDH	22/03/2012
Goanna	GODD014	403072.11	7851392.48	-58.0	200.00		329.60				225.80	555.40		DDH	29/03/2012
Goanna	GODD015A	403325.00	7851005.00	-50.0	297.5				48.00			48.00		DDH	29/03/2012
Goanna	GODD015W2	403325.00	7851005.00	-50.0	297.5				50.90	66.30		117.20		DDH	31/03/2012
Prospect	Hole Number	GDA Easting	GDA Northing	Dip (Deg)	Magnetic Azimuth (deg)	Total RC Depth (m)	Total Pre Coll (m)	Total RAB / Aircore (m)	Total Rock Roller (m)	Tail (HQ) Length (m)	Tail (NQ) Length (m)	Final Hole Depth (m)	Number of Samples	Drill Type
Quarter Total	8					0.00	1,984.20	0.00	`	66.30	1,073.80	3,223.20	801	DDH

Appendix 5B Mining exploration entity quarterly report

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

Name of entity

	Emmerson Resources Limited
	ABN 53 117 086 745 Consolidated statement of cash flows		Quarter ended (“current quarter”) 31 March 2012
	Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Management fee received Reimbursement of costs from Ivanhoe Other income Net Operating Cash Flows	Current quarter $A’000		Year to date (9 months) $A’000
		(1,015) (435) 142 40 636 -		(5,650) (1,503) 429 55 848 17
		(632)		(5,804)
	Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets 1.9 Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Proceeds from withdrawal of security deposits Net investing cash flows 1.13 Total operating and investing cash flows (carried forward)	(12) -		(37) 718
		(12)		681
		(644)		(5,123)

• See chapter 19 for defined terms.

Appendix 5B Page 1

Appendix 5B Mining exploration entity quarterly report

1.13 Total operating and investing cash flows (brought forward)	(644)	(5,123)
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Share issue costs Payment of finance lease liabilities Net financing cash flows	735 (472) -	7,467 (507) (2)
	263	6,958
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end ofquarter	(381) 11,621	1,835 9,405
	11,240	11,240

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

1.23 1.24	Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10	Current quarter $A'000
		142
1.25	Explanation necessaryfor an understandingof the transactions
	Amounts in 1.23 are in relation to: Salary and superannuation paid to managing director; and Directors fees and superannuation paid to non-executive directors

Non-cash financing and investing activities

• 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

Pursuant to the Tennant Creek Mineral Field Exploration Joint Venture Agreement between Ivanhoe Australia Limited (IVA) and Emmerson Resources Limited (Emmerson), as at 31 March 2012 $17.9 million of the $18.0 million Earning Obligation required of IVA to earn a 51% interest in the majority of Emmerson's Tennant Creek Mineral Field exploration and mining tenements had been incurred.

• See chapter 19 for defined terms.

Appendix 5B Page 2

Appendix 5B Mining exploration entity quarterly report

Financing facilities available

Add notes as necessary for an understanding of the position.

3.1	Loan facilities
3.2	Credit standby arrangements

Amount available	Amount used
$A’000	$A’000

Estimated cash outflows for next quarter

4.1 Exploration and evaluation 4.2 Development 4.3 Production 4.4 Administration	$A’000
	2,000
	500
Total	2,500

Reconciliation of cash

Reconciliation of cash
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Current quarter $A’000	Previous quarter $A’000
5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other (provide details)	131	97
	11,109	11,524
Total: cash at end of quarter(item 1.22)	11,240	11,621

Changes in interests in mining tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased	Tenement reference	Nature of interest (note(2))	Interest at beginning ofquarter	Interest at end of quarter

• See chapter 19 for defined terms.

Appendix 5B Page 3

Appendix 5B Mining exploration entity quarterly report

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

	Total number	Number quoted	Issue price per security (see note 3) (cents)	Amount paid up per security (see note 3) (cents)
7.1 Preference +securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs, redemptions
7.3 +Ordinary securities 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital,buy-backs	260,585,213	260,585,213
	3,340,911	3,340,911
7.5 +Convertible debt securities (description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured,converted
7.7 Options (description and conversion factor) 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	500,000 5,000,000 5,000,000 500,000 7,000,000	- - - - -	Exercise price $0.25 $0.25 $0.30 $0.25 $0.50	Expiry date 31/07/12 13/12/12 13/12/12 10/03/13 24/11/12
	5,000,000	-	$0.25	31/07/12
7.11 Debentures (totals only)
7.12 Unsecured notes (totals only)

• See chapter 19 for defined terms.

Appendix 5B Page 4

Appendix 5B Mining exploration entity quarterly report

Compliance statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 5).

• 2 This statement does give a true and fair view of the matters disclosed.

==> picture [103 x 52] intentionally omitted <==

Sign here: ............................................................ Date: 26 April 2012 Company Secretary

Print name: Trevor Verran

Notes

• 1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

• 2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

• 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .

• 4 The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report.

• 5 Accounting Standards ASX will accept, for example, the use of International Financial Reporting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

== == == == ==

• See chapter 19 for defined terms.

Appendix 5B Page 5