EV RESOURCES LTD — Interim / Quarterly Report 2013

Apr 25, 2013

ASX ANNOUNCEMENT

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Quarterly Activity Report

For the period ending 31 March 2013

South East Asia Resources Limited (ASX: SXI ) ( “SEAE” or “ the Company ”), (previously Victory West Metals Limited ASX: SEAE) is pleased to provide shareholders with this Quarterly Activities Report for the three (3) months ending 31 March 2013.

Corporate Matters

• As announced by the Company on 18 December 2012, the directors of SEAE have signed a formal agreement with PT Debbia Mining in the production of semi soft coking coal form PT PAR. This Management Licence Agreement provides SEAE full title to all coal and production to existing jetty port facilities 34kms from the mine. All infrastructure is in place for immediate mine production including camp, mining equipment, haul road and processing crushing facilities. The management licence agreement grants SEAE exclusivity to the project during the due diligence period. For additional information, please refer to the announcement to the ASX lodged on 18 December 2012.

• As announced by the Company on the 21[st] February 2013, the Company had entered into a nonbinding Term Sheet with option to acquire Tiger Coal Pty Limited and Energy Investments Pty Limited the holders of three coal exploration licenses in Tasmania. Preliminary die diligence has bee completed and legal agreements are being completed for commencement of exploration and detailed due diligence to commence April .For additional information, please refer to the announcement to ASX lodged on 21 February 2012

Overview / South East Asia Energy Resources Pte Ltd

SEAE is a Singapore company, which currently holds, and has the ability to secure further, interests in a number of Indonesian and Australian thermal and coking coal projects. It currently has an interest in the Penajam East thermal coal and PT PAR coking coal projects and has identified a number of additional projects for future review including Australia SEAE is also a party to certain service contracts which will provide the necessary skills to acquire, explore, develop and mine Indonesian coal assets.

The acquisition is consistent with SEAE’s current stated business objectives of acquiring and developing resources projects in South East Asia.

SEAE is highly experienced in the identification of high quality resource assets in both Indonesia and Australia, and have a well-connected team of local based and expatriate engineers and geologists who work with local and regional mine concession owners on a regular basis. Upon completion, SEAE’s team will combine with SEAE’s management team to identify potential mineral, thermal and coking coal assets, review existing assets, and conduct full asset due diligence (legal and technical) with an aim of securing significant JORC Code compliant resources for SEAE.

South East Asia Resources Limited ACN 009 144 503

311-313 Hay Street Subiaco, Western Australia 6008 T:+61 (0) 8 9381 5819 F: +61 (0) 8 9388 3701 www.victorywest.com.au

SEAE has an experienced management team with international mining, engineering, infrastructure and equipment experience which is capable of undertaking solutions from exploration, development to full capabilities in Processing, Open Cut, High wall & Underground Mining projects. The team has been working together for the last seven years with a focus in Indonesia, Australia and Mongolia. For the past three years they have focused on identifying projects in Indonesia.

Penajam East Project

The Penajam East coal project consists of two concessions located in the Penajam Regency of East Kalimantan, Indonesia. The project is within the Kutai Basin and includes a haul road and port facilities. The Penajam East project has been subject to previous mining and exploration which should advance the development process however, this information has not been obtained for review by SEAE.

Highlights of the Penajam East project include the following:

• Substantial concession areas of 185.13ha, with mining approval over the entire concession areas with granting of Production Operation IUP’s.

• 5 mining pits already open with overburden removed, and available for recommissioning leading to reduced start-up costs and time.

• Coal outcrop/exposed coal only found in ex mining activities. Coal thickness ranges between 0.45m and 1.1m.

• Additional opportunities for further exploration.

• Both concessions share the same haul road and jetty infrastructure.

• Rights to use haul road and jetty/port services granted to PT1, or a party nominated by PT1;

• Short transportation with distance to the jetty only 8 – 10 kms.

• Low progressive entry for entry in imminent mining concessions.

• Availability of third party coal in the immediate region identified for blending.

• Significant growth opportunities with minimal future investment.

• Future growth potential to take-over surrounding concessions.

Certified Sample Analysis	Certified Sample Analysis
(PT Geosciences Laboratory)
	Range
Calorific Value (abd)	5,825 – 5,971 Kcal/kg
Calorific Value (gar)	5,535 - 5,755 Kcal/kg
Ash (adb)	1.8% - 4.5%
Total Sulphur (adb)	1.79% - 2.65%
Inherent Moisture (ar)	16% – 17%
Total Moisture (ar)	20% - 21.5%

Figure 1: Technical Analysis of Coal Samples undertake from 3 locations with previous pits

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Concession 1
Concession 2
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Figure 2 : Location of Penejam East project, showing proximity to Balikpapan Coal Terminal

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Figure 3 : Location of Penjam East project, showing proximity to Jetty

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The development/production strategy is to begin operations in concession 1 in the most recently mined open pit, where the coal seam is exposed. Coal produced from concession is expected to have medium to high sulphur. The Company proposes to blend this coal with appropriate medium grade, low sulphur coal to reduce the project’s sulphur content to produce medium grade coal with less than >1% sulphur suitable for exporting.

Following initial production, stage 2 of production will involve further exploration of the concession, in particular concession 2. Further drilling and exploration will continue throughout both concessions to look for additional mining opportunities.

The concessions are currently owned by cooperatives of local landowners, who have entered into exclusive coal sales contracts with a local special purpose Indonesian PT company ( PT1 ), with rights to reject coal of less than agreed specifications. PT1 has entered into an exclusive coal sales contract with SEAE for the sale of all coal from the concessions.

Management Committees, consisting of representatives of SEAE, PT1 and the respective concession holders, will give directions to the concession holders with respect to exploration and mining of coal, including the party to be appointed to undertake mining activities.

The haul road and jetty to service both concessions is owned by one of the concession holders. PT1 has rights to use the haul road and jetty services, or nominate a third party to use such services.

PT PAR Coking Coal Project

PT PAR is initially a 191 ha coking coal concession located in East Kalimantan. The mining area is currently opened up in a 10ha area and mining activity has commenced with 7,000 tons already extracted and in a stockpiled and a further 10,000 tons with a large percentage of overburden already removed. Three full sets of mining machinery is mobilised on the site ready to be used for mining activities which will be operating under SEAER form April

The 191 ha area has previously undergone a drilling program. SEAER have independently tested the coal and it is high quality CSN 8- 9, low Volatility (26% VM) coking coal

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The hauling road distance from the boundary of concession of PT. PAR is 32 km to the jetty facility (port, weight bridge and belt loading conveyor capacity 1000 mt/hour) has barge load capacity of 320 feet and transshipment estimation approximately 10 hours to loading to Handimax and Panamax vessels

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All mining operations will be undertaken PT Debbia Mining, a Jakarta based mining services contractor under SEAER management. Mining works are to commence with SEAER April with first coal production April and shipping may 2013

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Malala Molybdenum Project, Sulawesi, Indonesia

The Malala Project is located in the Toli Toli Regency of Central Sulawesi Province, Indonesia, approximately 150km to the north of Palu (Figure 1). The project comprises five IUP concessions: PT Inti Cemerlang, PT Promistis, PT Era Moreco, PT Sembilan Sumber Mas & PT Indo Surya. The total area forming the Malala Project is in excess of 240km2 (Figure 2) spread across the five concessions all of which are located within 15km of the coast.

Since acquisition, SEAE has worked diligently at compiling and reviewing the historical data and reinitiating the exploration process. The majority of work has targeted Anomaly B, the key area of Rio Tinto/Santos exploration efforts in the 1970’s and 1980’s. Rio Tinto had defined a non-JORC compliant resource at Anomaly B which is the basis of SEAE’s exploration target of 105-115Mt @ 660-900ppm Mo[1] . In FY2009, SEAE began the task of proving up this initial exploration target, with this work continuing throughout FY2010. The Company has significantly advanced its understanding of the Anomaly B prospect area, with detailed trenching and geophysical surveying making large contributions to this improved understanding.

1 In accordance with Clause 18 of the JORC Code, it is important to note that no JORC Mineral Resources or Ore Reserves have been established on these tenements and any current assessment remains subject to ongoing exploration work and drilling. The current interpretation remains preliminary and is based on exploration, evaluation and resource definition work performed by Rio Tinto, Santos and SEAE.

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Malala Moly Project
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Figure 1 – Location of Malala Molybdenum Project in northern Sulawesi, Indonesia.

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Figure 2 – Malala Molybdenum Project area

About South East Asia Resources Limited

South East Asia Resources Limited is a resources focused resource exploration company listed on the Australian Securities Exchange (ASX code: SXI) and Frankfurt Stock Exchange (FSE code: R1E), with a vision to find, prove and extract value from world class resource projects in South East Asia.

Forward looking statements

This announcement contains forward-looking statements which involve a number of assumptions, risks and uncertainties. These forward looking statements are expressed in good faith and believed to have a reasonable basis. These statements reflect current expectations, intentions or strategies regarding the future and assumptions based on currently available information. Should one or more of the risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary from the expectations, intentions and strategies described in this announcement. No obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments.

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Competent Persons Statement

The data in this announcement that relates to Malala Molybdenum Project Exploration Results, Resources and Reserves is based on information reviewed and evaluated by Mr. Brett Gunter who is a member of The Australian Institute of Mining and Metallurgy (MAusIMM) and who has sufficient experience 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 (the “JORC Code”). Mr. Gunter is a fulltime employee of GMT Indonesia and he consents to the result as they appear.

The data in this announcement that relates to the Penajam East Project Exploration Results, Resources and Reserves is based on information compiled by Mr. William Park, BSc (Geology), BEcon, MAIG, who is a member of the Australian Institute of Geoscientists. Mr. Park is a full time employee of NRM, and has sufficient experience which is relevant to the style and type of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify him 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. Park consents to the inclusion in the report of the matters based on his information in the form and content as they appear.

* JORC Exploration Targets

It is common practice for a company to comment on and discuss its exploration in terms of target size and type. The information in this announcement relating to exploration targets should not be misunderstood or misconstrued as an estimate of Mineral Resources or Ore Reserves. Hence the terms Resource(s) or Reserves(s) have not been used in this context. The potential quantity and grade is conceptual in nature, since there has been insufficient work completed to define them beyond exploration targets and that it is uncertain if further exploration will result in the determination of a Mineral Resource. In accordance with Clause 18 of the JORC Code, it is important to note that no JORC Mineral Resources or Ore Reserves have been established on these tenements and any current assessment remains subject to ongoing exploration work and drilling. The current interpretation remains preliminary and is based on exploration, evaluation and resource definition work performed by previous owners.

For further information on SEAE, please visit www.victorywest.com.au

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