IGO LIMITED — Interim / Quarterly Report 2014

Mar 3, 2014

GROWING A GREAT AUSTRALIAN MINING COMPANY

Euroz Securities Institutional Conference 2014 4[th] March 2014

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Certain oral and written statements contained or incorporated by reference in this presentation, including information as to the future financial or operating performance of the Company and its projects, constitute forward-looking statements. All statements, other than statements of l historical fact, are forward-looking statements. The words “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “intend”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule” and similar expressions identify forward-looking statements.

Forward-looking statements include, among other things, statements regarding targets, estimates and assumptions in respect of nickel, gold or other metal production and prices, operating costs and results, capital expenditures, mineral reserves and mineral resources and anticipated grades and recovery rates. Forward-looking statements are necessarily based upon a number of estimates and assumptions related to future business, economic, market, political, social and other conditions that, while considered reasonable by the Company, are inherently subject to significant uncertainties and contingencies. Many known and unknown factors could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward-looking statements. Such factors include, but are not limited to: competition; mineral prices; ability to meet additional funding requirements; exploration, development and operating risks; uninsurable risks; uncertainties inherent in ore reserve and resource estimates; dependence on third party smelting facilities; environmental regulation and liability; currency risks; effects of inflation on results of operations; factors relating to title to properties; native title and aboriginal heritage issues; dependence on key personnel; and share price volatility and also include unanticipated and unusual events, many of which are beyond the Company’s ability to control or predict.

The Company disclaims any intent or obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. All forward-looking statements made in this presentation are qualified by the foregoing cautionary statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and, accordingly, not to put undue reliance on such statements.

Independence Group NL

ABN 46 092 786 304

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Capital Structure:

ASX 200 Code : IGO

233.3M shares

Financials:

FY2014 First Half Result:

FY2013 Full Year Final Result:

Market Cap. (24/02/14): A$961.2M Cash (at 31/12/13): A$45.8M Debt (at 31/12/13): (A$63.7M) EBITDA: A$63.3M NPAT: A$21.5M EBITDA: A$56.8M NPAT: A$18.3M

Dividends paid to date:

A$91.3M

Interim Fully Franked Dividend (payable 28[th] March 2014)

3.0 cps

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 Positive net profit contribution from all operations

 Strong production and successful cost management

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 Debt steady following Tropicana completion

 Interim dividend increased

HALF YEAR RESULTS 31 DECEMBER	H1 FY2014	H1 FY2013	% INCREASE
Total Revenue	$166.7M	$122.1M	36.5%
Underlying EBITDA	$63.3M	$36.7M	72.5%
Profit Before Tax	$31.5M	$23.5M	34.0%
Profit After Tax	$21.5M	$16.5M	30.3%
Net Cash Flow From Operating Activities	$57.0M	$38.2M	49.2%
Interim Dividend*	3.0 cps	1.0 cps	200%

*** Post March 2014 Interim Dividend - 59cps fully frankable dividends available under current capital structure**

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• Combination of low cost cash flows from current operating mines with significant l

• long-life development projects and highly prospective exploration portfolio

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IGO 30%, AGA (MANAGER) 70%

PLANT COMMISSIONING AND RAMP UP ON TRACK ~~l~~  First gold was ahead of schedule and on budget – 26[th] September 2013

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• Maiden Qtr Dec 2013: Focus on Plant Commissioning

• 82% Plant Utilisation

▪ 1,184,000t Milled

• 88% Recovery

▪ 94,949 oz Au Produced (100%)

 IGO Attributable Production Dec Qtr 2013*:

▪ Cash Cost $A612/oz Au

• 24,740 oz Au Sold

• All in sustaining cost A$687/oz Au**

• Ave realised gold price A$1,372/oz

• Spot gold price A$1,493/oz (27/2/14)

Tropicana JV First Gold Pour

• IGO ASX Release 30/01/2014 : Independence Group Quarterly Activities Report

• ** The World Gold Council (WGC) encourages gold mining companies to report an All-in Sustaining Costs metric see WGC press release 27[th] June 2013

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 HAVANA PIT - EARLY STAGE MINING

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l First Ore Mined Feb 2013

• ROM Stockpile >2.5Mt

• Grade control 3 months ahead of mining

• Pre-strip underway at Tropicana Pit

• First ore from Tropicana pit in March Qtr 2014

• Cash cost estimate years 1-3 A$590-630/oz Au

• Average IGO attributable production years 1-3 141-147,000 oz Au pa

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 GLOBAL RESOURCE TO GRADE CONTROL CONVERSION

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• Results from grade control in line with ore body models

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TROPICANA GOLD PROJECT
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PLANT FLOW SHEET
2500tph Capacity 64kt Capacity Duty/Standby l
P(80) 2mm
Coarse
HPGR Feed
Primary Ore Secondary
Bin HPGR
Crusher Stockpile Crusher
Over Size
Ore Stockpile
41hr Residence 5.8 Mtpa
P(80) 75um
91% Recovery
Fine Ore
Stockpile
Ball
Mill
TSF
CIL
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 PLANT FLOW SHEET

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 UPDATED MINERAL INVENTORY

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References : IGO ASX Release 28/02/2014 Mineral Resources and Ore Reserve Estimates for Tropicana Gold Project

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• HAVANA DEEPS PRE-FEASIBILITY STUDY

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• Enhanced pre-feasibility commenced

• Phased exploration targeting

• additional high grade shoots

• 3D Seismic survey planned to map high grade shoots down plunge

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• Funded separately to Regional Exploration

• REGIONAL EXPLORATION

• Near mine targets in host stratigraphy

• Host stratigraphy targeted over 35kms in strike length

• Under cover and largely untested by

• aircore drilling

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 FLY THROUGH

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• Focus on: ▪ consistent low cost production

▪ brownfields exploration

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 H1 FY2014: ▪ realised nickel price down 21% (cf H1 FY2013)

▪ profit contribution A$14.1M ▪ payable cash costs including royalties down 17% (cf H1 FY2013)

LONG OPERATION	FY2013	FY2014	H1 FY2104
	ACTUAL	GUIDANCE	ACTUAL
Production (Ni Tonnes)	^11,180	9,000 – 10,000	5,728
*Payable Cash Costs (A$/lb Ni)	$4.34	$4.30 - $4.70	$3.59
Ore Tonnes	291,196	230,000 – 270,000	137,634

• Cash Costs are reported based on Payable Metal Including Royalties

^Record during the eleven years of IGO ownership

 FY2014 Hedging: 1,000 tonnes @ A$8.57/lb Ni

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 DEPOSITS & TARGETS LONGITUDINAL PROJECTION

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Reference: * IGO ASX Release dated 25/10/2013 : Mineral Resources and Ore Reserves Estimates for Long Nickel Operation

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▪  Focus on: consistent and lower cost production

▪  H1 FY2014: realised zinc price up 2% (cf H1 FY2013)

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▪ profit contribution A$24.6M

▪ payable cash costs including royalties down 33% (cf H1 FY2013)

JAGUAR OPERATION	FY2013	FY2014	H1 FY2104
	ACTUAL	GUIDANCE	ACTUAL
Production (Zn Tonnes)	33,809	43,000 – 45,000	19,573
Production (Cu Tonnes)	4,992	5,000 – 6,000	3,741
Production (Ag ozs)	1,376,804	900,000 – 1,100,000	737,855
*Cash Costs (A$/lb Zn)	$0.49	$0.40 - $0.60	$0.34

*** Cash costs are reported based on payable metal including royalties**

 FY2014 Hedging : 1,100 Cu tonnes @ A$3.63/lb

• FY2015 Hedging : 1,500 Cu tonnes @ A$3.77/lb

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BENTLEY DEPOSIT

• New mining plan achieving more consistent production

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• Balance of production changing to Stoping rather than Development

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Reference: IGO ASX Release 25/10/2013 : Mineral Resources and Ore Reserves Estimates for Jaguar Operation

BENTLEY DEPOSIT

 On going drilling at “Flying Spur” discovery

 Infill drilling of existing Inferred Mineral Resources

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Reference: IGO ASX Release 20/02/2014 : Jaguar Operation New Flying Spur Sulphide Lens

PERMITTING PROCESS UNDERWAY

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• Enhanced feasibility study targeting a 30% capital reduction

• Mine Life based on Ore Reserves – 9 yrs

• Exploration upside - Bigfoot and Eureka discoveries

• Permitting approvals expected mid 2014

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DISCOVERING NEW MINES BY

• Technical Innovation:

▪ Geophysical tools

▪ Geochemical techniques to detect “blind” deposits

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▪ Proprietary databases (e.g. De Beers)

• Partnering in New Joint Ventures:

▪ Lake Mackay, Darlot, Rebecca, Bryah Basin

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ADD VALUE TO OPERATIONS AND ADVANCED PROJECTS

• Long Operation:

• Moran

• McLeay

• Long North discoveries

• Jaguar Operation:

• Bentley discovery

• Stockman Project:

• Bigfoot and Eureka discoveries

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GROWING A GREAT AUSTRALIAN MINING COMPANY

 H1 FY2014 Result

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• NPAT up 30% on previous corresponding period to A$21.5M

• Tropicana commissioning and ramp up on track

• Maiden profit contribution from Tropicana A$6.5M

• Interim fully franked dividend increased to 3.0 cents per share

 H2 FY2014 Outlook

• Appoint new Managing Director

• Target nameplate throughput at Tropicana mine

• Continue operational discipline

 Planning for the Future

• Target low cash costs

• Pay consistent dividends

• Adding value by focusing on our core strengths - Mining & Exploration

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CONTACT DETAILS

Perth Office Brett Hartmann, Acting CEO Suite 4, Level 5, South Shore Centre 85 South Perth Esplanade South Perth, Western Australia, 6151 PO Box 496, South Perth, Western Australia, 6951 Telephone: +61 8 9238 8300 Facsimile: +61 8 9238 8399 Email: contact@igo.com.au Website: www.igo.com.au ASX Code: IGO

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APPENDIX RESERVES AND RESOURCES STATEMENTS

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JORC Code Competent Persons Statements

Exploration Results

The information in this report that relates to Exploration Results is based on information compiled by Mr Tim Kennedy. Mr Kennedy is a full-time employee of the Company and is a member of the Australasian Institute of Mining and Metallurgy. Mr Kennedy 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 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (the JORC Code) and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Resources and Reserves

The information in this report that relates to Mineral Resources or Ore Reserves is a compilation of previously published data for which Competent Persons consents were obtained. Their consents remain in place for subsequent releases by the Company of the same information in the same form and context, until the consent is withdrawn or replaced by a subsequent report and accompanying consent. The information in this report has been extracted from the IGO ASX Release for Mineral Resources and Ore Reserves dated 25 October 2013 and is available on the IGO website www.igo.com.au. The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

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RESERVES AND RESOURCES LONG NICKEL OPERATION Mineral Resources 30 June 2013 Classification Tonnes Ni% Ni Tonnes LONG Measured 61,000 5.4 3,300 Indicated 213,000 5.2 11,100 Inferred 116,000 5.1 5,900 Sub Total 390,000 5.2 20,300 VICTOR SOUTH Measured - - - Indicated 212,000 2.4 5,000 Inferred 28,000 1.4 400 Sub Total 240,000 2.3 5,400 McLEAY Measured 79,000 6.7 5,300 Indicated 164,000 5.7 9,300 Inferred 75,000 4.5 3,400 Sub Total 318,000 5.6 18,000 MORAN Measured 181,000 6.7 12,200 Indicated 241,000 7.4 17,700 Inferred 11,000 4.5 500 Sub Total 433,000 7.0 30,400 TOTAL 1,381,000 5.4 74,100
	Ore Reserves 30 June 2013
	Classification Tonnes Ni% Ni Tonnes
	LONG Proven 45,000 3.1 1,400 Probable 66,000 2.9 1,900
	Sub Total 111,000 3.0 3,300
	VICTOR SOUTH Proven - - - Probable 20,000 3.9 800
	Sub Total 20,000 3.9 800
	McLEAY Proven 46,000 3.0 1,400 Probable 70,000 3.6 2,500
	Sub Total 116,000 3.3 3,900
	MORAN Proven 229,000 4.5 10,300 Probable 405,000 3.9 15,600
	Total 634,000 4.1 25,900
	TOTAL 881,000 3.8 33,900

Notes:

1. Mineral Resources are reported using a 1% Ni Cut-off grade as at 30 June.

Notes:

1. Ore Reserves are reported above an economic Ni Cut-off value as at 30 June.

2. Excludes Victor South disseminated mineralisation of 175,000t @ 1.3% Ni using a cut-off grade of 0.6% Ni.

3. A Net Smelter Return (NSR) value of $239 per ore tonne has been used in the evaluation of the 2013 reserve.

4. Mining depletion as at 30 June 2013 has been removed from the 2013 resource estimate.

5. Resources are inclusive of Reserves.

6. Ore tonnes have been rounded to the nearest thousand tonnes and nickel tonnes have been rounded to the nearest hundred tonnes.

7. Mining depletion as at 30 June 2013 has been removed from the 2013 reserve estimate.

8. Ore tonnes have been rounded to the nearest thousand tonnes and nickel tonnes have been rounded to the nearest hundred tonnes.

9. Revenue factor inputs (US$): Ni $18,087/t, Cu $7,694/t. Exchange rate AU$1.00 : US$1.01.

10. The Competent Persons statement is incorporated in the JORC Code and Forward-Looking Statements section.

11. The Competent Persons statement is incorporated in the JORC Code and Forward-Looking Statements section.

Reference : ASX Release dated 25 October 2013 Mineral Resources and Ore Reserves Estimates at 30 June 2013

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Reference : ASX Release dated 25 October 2013 Mineral Resources and Ore Reserves Estimates at 30 June 2013

TROPICANA GOLD PROJECT

Mineral Resource 31 December 2013

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Ore Reserve 31 December 2013

TROPICANA GOLD PROJECT Mineral Resource 31 December 2013	TROPICANA GOLD PROJECT Mineral Resource 31 December 2013	TROPICANA GOLD PROJECT Mineral Resource 31 December 2013	TROPICANA GOLD PROJECT Mineral Resource 31 December 2013	TROPICANA GOLD PROJECT Mineral Resource 31 December 2013	Ore Reserve 31 December 2013	Ore Reserve 31 December 2013	Ore Reserve 31 December 2013	Ore Reserve 31 December 2013	Ore Reserve 31 December 2013	Ore Reserve 31 December 2013
Classification Tonnes Mt Au g/t Contained Au Moz 100% Project					Classification Tonnes Mt Au g/t Contained Au Moz 100% Project
OPEN PIT	Measured	28.6	2.4	3.4		OPEN PIT	Proved	24.9	2.26	1.81
	Indicated	74.0	1.8	2			Probable	29.9	2.02	1.95
	Inferred	5.8	2.6	2.7
Sub Total 108.4 1.97 6.85
UNDERGROUND	Measured	-	-	-
	Indicated	2.4	3.58	0.27
	Inferred	6.1	3.07	0.60
Sub Total 8.5 3.21 0.87
TOTAL TROPICANA	Measured	28.6	2.06	1.89
	Indicated	76.4	1.94	4.75
	Inferred	11.9	2.83	1.08
GRAND TOTAL 116.8 2.06 7.72					GRAND TOTAL 54.8 2.13 3.76
N ot es:1 For the Open Pit M ineral Resource estimate, mineralisation in the Havana, Havana South, Tropicana and Boston Shaker areas was calculated within a US$1,550/oz pit optimisation at an AUD:USD exchange rate of 1.03 (A$1,500/oz).						N ot es:1 The Proved and Probable Ore Reserve (31 December 2013) is reported above economic break-even gold cut-off grades of 0.4 g/t for Transported/Upper Saprolite material, 0.5 g/t for Lower Saprolite material, 0.6g/t for Sap-Rock (Transitional) material and 0.7g/t for Fresh material at nominatedgoldprice US$1,100/oz,and exchange rate 0.88 AUD:USD(A$1,249/oz Au).
2 The Open Pit M ineral Resources have been estimated using the geostatistical technique of Uniform Conditioning, using cut-off grades of 0.3g/t Au for Transported and Saprolite material, 0.4g/t Au for Transitional and Fresh material.						2 The estimate is based on the actual survey position for the end of September 2013 with Resource models depleted by the monthly forecast production for the remainder of CY2013.
3 The Havana Deeps Underground M ineral Resource estimate has been reported outside the US$1,550/oz pit optimisation at a cut-off grade of 1.73g/t Au, which was calculated using a gold price of US$2,000/oz (AUD:USD 1.05) (A$1,896/oz). The Havana Deeps Underground M ineral Resource was estimated using the geostatistical technique of Ordinary Kriging using average drill hole intercepts.						3 The Competent Persons statement is incorporated in the JORC Code Statements within the ASX Release.
4 Resources are inclusive of Reserves.						4 JORC (2012) Table 1 Parameters are set out Appendix A to this report.
5 The Competent Persons statement is incorporated in the JORC Code Statements below.						R ef erence:ASX Release dated 28 February 2014.
6 JORC (2012) Table 1 Parameters are set out Appendix A to this report.
R ef erence:ASX Release dated 28 February 2014.

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RESERVES AND RESOURCES	RESERVES AND RESOURCES	RESERVES AND RESOURCES	RESERVES AND RESOURCES	RESERVES AND RESOURCES	RESERVES AND RESOURCES	RESERVES AND RESOURCES
JAGUAR /	BENTLEY OPERATION
	Mineral Resources 30 June 2013						Ore Reserves 30 June 2013
	Classification	Tonnes	Cu%	Zn%	Ag g/t	Au g/t	Classification	Tonnes	Cu%	Zn%	Ag g/t	Au g/t
JAGUAR	Measured	264,000	2.4	3.4	47	-	JAGUAR
	Indicated	181,000	1.8	2.0	28	-	Proven	20,000	1.7	0.4	15	-
	Inferred	30,000	2.6	2.7	42	-	Probable	3,000	1.8	0.3	11	-
	Stockpiles
	Sub Total	475,000	2.2	2.8	39	-	Sub Total	23,000	1.7	0.4	14	-
BENTLEY	Measured	453,000	1.6	17.1	212	1.0	BENTLEY
	Indicated	1,442,000	1.7	7.9	103	0.6	Proven	431,000	1.3	13.4	163	0.8
	Inferred	849,000	2.4	8.4	161	1.0	Probable	830,000	1.8	7.7	107	0.6
	Stockpiles	27,000	1.3	11.0	135	0.4
	Sub Total	2,771,000	1.9	9.6	139	0.8	Sub Total	1,261,000	1.6	9.6	126	0.7
		Mineral Resources -		2009			GRAND TOTAL	1,284,000	1.6	9.4	124	-
TEUTONIC	Measured	-	-	-	-	-	Notes:
BORE	Indicated	946,000	1.7	3.6	65	-	1. Cut-off values were based on NSR values of $180 per ore tonne for direct mill			feed and $120 per ore tonne for HMS feed.
							2. Revenue factor inputs (US$): Cu $7,694/T, Zn $2,270/t, Ag $33/troy oz, Au $1,740/troy oz. Exchange rate AU$1.00 :
	Inferred	608,000	1.4	0.7	25	-	US$1.01.
	Sub Total	1,554,000	1.6	2.5	49	-	3. Metallurgical recoveries – 82% Cu, 53% Ag, 43% Au in Cu concentrate; 83% Zn and 22% Ag in Zn concentrate.
GRAND TOTAL		4,800,000	1.8	6.6	100	-	4. Longitudinal sub-level long hole stoping will be used at Bentley and Jaguar.

Notes:

1. Teutonic Bore Mineral Resource estimate is as at August 2009 and was previously reported in accordance with the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

2. All Measured Resource and associated dilution was classified as Proved Reserve. All Indicated Resource and associated dilution was classified as Probable Reserve.

3. Mining depletion as at 30 June 2013 has been removed from the 2013 reserve estimate.

4. Mineral Resources include massive sulphide and stringer sulphide mineralisation. Massive sulphide resources are geologically defined, stringer sulphide resources are reported above cut-off grades of 0.5% Cu for Bentley and Jaguar, 0.7% Cu for Teutonic Bore.

5. The Bentley underground reserves have decreased by 1.1 million ore tonnes as a result of depletion 313,000 ore tonnes, changes in realised (AUD) metal prices within the net smelter return cut off valuation process and increases in the site cut-off values ( 2013 $180/t direct feed and $120/t marginal feed versus 2012 $160/t direct feed and $100/t marginal feed ) have impacted mainly in the Arnage stringer material resulting in a reduction of 590,000 ore tonnes, changes in resource interpretation along boundaries on ore surfaces, and minor changes in mining method in the Brooklands surface of 16,000 ore tonnes.

6. Block modelling used ordinary kriging grade interpolation methods within wireframes for all elements and density.

7. The Competent Persons statement is incorporated in the JORC Code and Forward-Looking Statements section of this report.

8. Mining depletion as at 30 June 2013 has been removed from the 2013 resource estimates for Jaguar and Bentley.

9. Resources are inclusive of Reserves.

Reference : ASX Release dated 25 October 2013 Mineral Resources and Ore Reserves Estimates at 30 June 2013

1. The Competent Persons statement is incorporated in the JORC Code and Forward-Looking Statements section of this report.

Reference : ASX Release dated 25 October 2013 Mineral Resources and Ore Reserves Estimates at 30 June 2013

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ESER	VES AND RESOURCES	VES AND RESOURCES	VES AND RESOURCES	VES AND RESOURCES	VES AND RESOURCES	VES AND RESOURCES	VES AND RESOURCES
STOCKMAN	PROJECT
	Mineral Resources		30 June	2013			Ore Reserves 30		June 2013
								Tonnes
	Classification	Tonnes	Cu%	Zn%	Ag g/t	Au g/t	Classification	Mt	Cu%	Zn%	Ag g/t	Au g/t
CURRAWONG	Measured	-	-	-	-	-	CURRAWONG
	Indicated	9,548,000	2.0	4.2	42	1.2	Proved	-	-	-	-	-
	Inferred	781,000	1.4	2.2	23	0.5	Probable	7.3	2.2	4.1	40	1.2
	Sub Total	10,329,000	2.0	4.0	40	1.1	Sub-Total	7.3	2.2	4.1	40	1.2
WILGA	Measured	-	-	-	-	-	WILGA
	Indicated	2,987,000	2.0	4.8	31	0.5	Proved	-	-	-	-	-
	Inferred	670,000	3.7	5.5	34	0.4	Probable	1.1	2.5	5.3	30	**0.53 **
	Sub Total	3,657,000	2.3	4.9	32	**0.53 **	Sub Total	1.1	2.5	5.3	30	**0.53 **
GRAND TOTAL		13,986,000	2.1	4.3	38	**1.03 **	GRAND TOTAL	8.4	2.3	4.3	39	**1.13 **

Notes:

1. All Resources tonnes have been rounded to the nearest one thousand tonnes and grade to the nearest 1/10th percentage/gram per tonne.

2. Mineral Resources include massive sulphide and stringer sulphide mineralisation. Massive sulphide resources are geologically defined, stringer sulphide resources are reported above cut-off grades of 0.5% Cu.

3. Au grades for Wilga are all inferred due to paucity of Au data in historic drilling.

4. Block modelling used ordinary kriging grade interpolation methods within wireframes for all elements and density.

5. Mining depletion as at end of historic mine life (1996) has been removed from the Resource estimate for Wilga.

Notes:

1. All Reserves tonnes have been rounded to the nearest one hundred thousand tonnes and grade to the nearest 1/10th percentage/gram per tonne.

2. No Ore Reserves were reported in 2012.

3. Gold (Au) grades are Inferred at Wilga due to a paucity of gold assays in historic drilling. Revenue from gold in the Wilga ore was included in the estimation of the Ore Reserve. The contribution to Revenue of this gold was estimated to be $3.84 per gram of gold in situ . This inclusion was not material to the value of the mining envelopes considered and did not warrant downgrading of any portion of the Ore Reserve attributable to Wilga. The contribution from Wilga represents 13% of the Total Ore Reserve.

4. Historic mining depletion for Wilga has been removed from the 2013 reserve estimate.

5. The Competent Persons statement is incorporated in the JORC Code and Forward-Looking Statements section of this report.

6. Resources are inclusive of Reserves. The Resource estimate is unchanged since 2012.

7. The Competent Persons statement is incorporated in the JORC Code and Forward-Looking Statements section of this report.

Reference : ASX Release dated 25 October 2013 Mineral Resources and Ore Reserves Estimates at 30 June 2013

Reference : ASX Release dated 25 October 2013 Mineral Resources and Ore Reserves Estimates at 30 June 2013

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KARLAWINDA-BIBRA PROSPECT	KARLAWINDA-BIBRA PROSPECT
		Mineral Resources 30 June 2013
	Classification	Tonnes Mt	Au g/t	Contained Au (oz)
	Measured	-	-	-
	Indicated	-	-	-
	Inferred	18.0	1.1	650,800
GRAND TOTAL		18.0	1.1	650,800

Notes:

1. The Mineral Resource estimate was estimated within a conceptual A$1,600/oz Au pit optimisation completed in 2012 and for the area of drill coverage at 100m x 50m spacing or less. Contained gold (oz) figures have been rounded to the nearest one hundred ounces.

2. Mostly RC drilling with 1m cone split samples analysed for Au by 50g fire assay.

3. Mineralisation was wireframed at a cut-off grade of 0.3g/t Au and Mineral Resources were reported above a cut-off grade of 0.5g/t Au.

4. The 2013 Mineral Resource estimate has reduced slightly from the 2012 estimate due to the closer spaced drilling in certain areas allowing refinement of the wireframes and grade interpolation search distances.

5. Block modelling used ordinary kriging grade interpolation methods for composites that were top-cut to 10g/t Au in the supergene zone and 16g/t Au for the remaining mineralisation. Top-cuts are not severe, trimming no greater than 0.5% of the samples.

6. There are no Ore Reserves for Karlawinda.

7. The Competent Persons statement is incorporated in the JORC Code and Forward Looking Statements section of this report.

Reference : ASX Release dated 25 October 2013 Mineral Resources Estimates at 30 June 2013

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