GENESIS RESOURCES LIMITED — Board/Management Information 2013

Feb 17, 2013

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ASX Release

GENESIS RESOURCES LIMITED

(ASX:GES)

18 February 2013

New Drilling Program and Managing Director Contract

Drilling Agreement with Spektra

Genesis Resources Limited (the Company ) is pleased to advise that it has entered into a further agreement ( New Agreement ) with its drilling contractor Spektra Jeotek Sanayi ve Ticaret A.S. ( Spektra ), to bolster the Company’s ongoing drilling program at the Plavica Project.

As previously announced to the market, Spektra had previously been contracted to undertake a minimum of 7,000 meters of reverse circulation drilling and 2,500 meters of diamond core drilling at the Plavica Project ( Previous Plavica Drilling Program ).

As at the date of this announcement, under the Previous Plavica Drilling Program, there are approximately 2,352 and 1,064 remaining meters from the minimum meterage of reverse circulation drilling and diamond core drilling respectively.

Under the New Agreement, the Company has contracted Spektra to undertake a minimum of 22,000 metres of diamond core drilling and 44,000 metres of reverse circulation drilling in 2013. This is in addition to any drilling to be completed under the Previous Plavica Drilling Program. The Board expects that the drilling under the New Agreement will be at a cost of approximately $6 million over the term of the agreement, which is expected to be around 12 months.

This aggressive drilling program is designed to progress the Plavica Project towards a final feasibility study.

Terms of Managing Director Contract

The Company is pleased to announce that the Company has entered into a new agreement ( MD Agreement ) with Mr Peter Kong, in relation to his position as Managing Director.

A summary of the key terms of the MD Agreement is as follows:

(a) Duration of the agreement

Mr Kong’s term of employment as Managing Director will continue until terminated in accordance with the MD Agreement.

GENESIS RESOURCES LIMITED ACN 114 787 469 Level 1, 61 Spring Street, Melbourne, Victoria 3000, Australia T + 61 3 9286 7500 | F + 61 3 9662 1472 | www.genesisresourcesltd.com.au

(b) Remuneration

• i. Fixed remuneration – Mr Kong’s fixed remuneration is $240,000 per annum, plus statutory superannuation contributions at 9% per annum.

• ii. Benefits – In addition to the fixed remuneration, the Company may provide to Mr Kong additional benefits at its discretion. Benefits, if not used, cannot be accumulated and cannot be converted into cash. As at the date of this announcement, no benefits have been provided by the Company to Mr Kong.

• iii. Review – The Company may review Mr Kong’s performance periodically and may, following a review, elect at its discretion to increase Mr Kong’s fixed remuneration or vary his benefits (if any).

(c) Termination of employment

• i. Termination by the Company – Mr Kong’s employment may be terminated at any time by the Company giving Mr Kong 1 month’s written notice of termination (or payment in lieu of such notice). The Company may terminate Mr Kong’s employment immediately in certain circumstances including serious misconduct and material breach of the employment agreement. The Company may also terminate Mr Kong’s employment if he is incapacitated for an extended period.

• ii. Termination by Mr Kong – Mr Kong may terminate his employment at any time by giving the Company 1 month’s written notice of termination.

If Mr Kong’s employment is terminated for any reason, he must resign from the Board and the board of directors of any group company without claim for compensation for loss of office.

(d) Non-competition and non-solicitation

Mr Kong must not, during his employment, except with the written consent of the Company, engage in (directly or indirectly) any undertaking or business of a similar nature to, or in competition with, the business of the Company.

After termination of Mr Kong’s employment for any reason, Mr Kong may not be involved in any business in competition with the Company for one year. This restriction applies to Australia. Mr Kong must not solicit or interfere with suppliers, contractors, customers or employees of the Company for one year after termination.

-Ends

For further information, please contact:

Sophie Karzis Company Secretary Genesis Resources Limited T: +61 3 9286 7501 M: 0409 540 827 E: sk@ccounsel.com.au

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