IMPACT MINERALS LIMITED — M&A Activity 2013

Jun 12, 2013

ASX ANNOUNCEMENT

Date: 13 June 2013

Number: 099/130613

INVICTUS COMPLETES AHEAD OF SCHEDULE THE ACQUISITION OF ENDEAVOUR MINERALS PTY LTD

Invictus Gold Limited (ASX: IVG) is pleased to announce that it has now completed ahead of schedule the acquisition of all outstanding shares in Endeavour Minerals Pty Ltd, which owns 100% of the Commonwealth high grade gold-VMS Project in New South Wales.

The acquisition is part of a transaction with Invictus Gold’s 75% shareholder, Impact Minerals Limited (ASX: IPT), to acquire the projects and shares of Endeavour as announced on 30 January 2013 and 8 March 2013.

As completion of this acquisition Invictus has issued 3,317,857 Company shares to Endeavour shareholders under the Company’s 15% capacity under listing rule 7.1.

A review and synthesis of previous data is ongoing at the Commonwealth Project with re-logging of old drill core and ground geophysical surveys underway to identify drill targets. Previously unknown high-grade drill intercepts have been identified of up to 30 m at 6 g/t gold from 28 m and including 2 m at 77 g/t gold, in addition to six new targets (see Announcements dated 28 May 2013 and 4 June 2013).

Dr Mike Jones, Impact’s Managing Director said,

“New work by Invictus at the Commonwealth Project is now proving the value of the Endeavour acquisition. The Commonwealth Project’s location within a prolific gold-copper region of Australia was a key attraction for us. In addition our recent unearthing of new high-grade drill intercepts in the project’s database and the identification of several previously unrecognised mineralised trends in and around the dormant Commonwealth Mine support the Company’s view that the Project is highly prospective for bulk tonnage mining.”

On ground exploration has commenced and ground electromagnetic and induced polarisation surveys are in progress. Initial re-logging and sampling of previous drill core has also been completed and about 130 samples have ben sent for assay. Results are expected by early August.

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Dr Michael G Jones Managing Director

309 Newcastle Street, Northbridge, Western Australia 6003 t: +61 (0) 8 9328 5789 f: +61 (0) 8 6454 6667 e: info@invictusgold.com.au www.invictusgold.com.au

ABN 34 145 891 907

The review of exploration activities and results contained in this report is based on information compiled by Dr Mike Jones, a Member of the Australian Institute of Geoscientists. He is a director of the company and works for Invictus Gold Limited. He has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2004 edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). Mike Jones has consented to the inclusion in the report of the matters based on his information in the form and context in which it appears.

ABOUT THE COMMONWEALTH PROJECT (INVICTUS 100%)

The Commonwealth Project is located 95 km north of Orange in New South Wales and occurs within the highly prospective Lachlan Fold Belt that is host to many major gold-silver-base metal mines including the Cadia-Ridgeway deposits (Newcrest) that contain 70 million ounces of gold and 12 million tonnes of copper (Figure 1).

The project area covers about 8 sq km and includes 4 km of the prospective Mine Series volcanic rocks (Figures 2 and 3). Previous exploration focused solely on 300m of strike stretching from the Commonwealth Mine to the Commonwealth South area and only 66 drill holes for 3,695 m at an average depth of only 56 m were drilled (Figure 8).

A review of previous drill hole data has confirmed the potential to significantly increase the size and extent of the high-grade gold-silver-base metal massive and disseminated sulphide deposits (Figure 2). This work includes reinterpreting the results of 66 drill holes, five low frequency EM surveys and 460 soil samples completed between 1952 and 2007. New maps and cross-sections have since been created for the area (Figures 3 to 7).

Re-analysis of previous drill results has identified a new target between the Commonwealth Mine and the Commonwealth South Prospect with gold and silver mineralisation between the two areas thought to be continuous with the presence of two high-grade shoots (Figure 3). These high-grade drill intercepts have not been followed up and include:

At the Commonwealth Mine:

• 4.7 m at 5.5 g/t gold and 253 g/t silver from 54.3 m in CW30;

• 9.8 m at 8.4 g/t gold and 357 g/t silver from 54.2 m in CW29; and

16 m at 3.5 g/t gold and 193 g/t silver from 41 m in EMC06.

At Commonwealth South:

• 30 m at 6 g/t gold and 17 g/t silver including 2 m at 77 g/t gold from 24 m in PHC04;

• 26 m at 2.5 g/t gold and 20 g/t silver from 32 m in PHC09;

6.9 m at 3.4 g/t gold and 72 g/t silver from 29.7 m and 5.5 m at 3.8 g/t gold and 45 g/t silver from 46.4 m in Hole CW20.

Importantly these results do not include any credits for the high grade base metal mineralisation that is present in both areas. Most holes have not been systematically sampled for all the ore metals and in addition, zones of sulphide mineralisation remain un-sampled in several drill holes.

A new study of the previous drill core that is stored in Sydney has now commenced and shows that the high-grade mineralisation occurs in fresh rock (Figure 4).

NEW TARGET AREAS

The review has also identified six new target areas for follow-up work.

At the Commonwealth Mine:

1. A strong conductive trend in the EM data to the north of the deposit suggests a northerly plunge to the massive sulphide mineralisation that has not been drilled.

2. A second zone of mineralisation below the main massive sulphide lens has been intersected in EMC4 (Figures 3 and 5) that is open along strike. This could be the strike extension of a lower mineralised zone intersected in CW24 at Commonwealth South (Figure 4).

3. An area of gold-in-soil assays up to 0.5 g/t with coincident silver-in-soil of up to 23 g/t occurs 250 m north of the mine that has not been drilled.

4. Isolated low frequency EM anomalies located between the Commonwealth Mine and the Coronation Mine to the north are also target for further massive sulphides (Figure 2).

At Commonwealth South:

1. Strong low frequency EM anomalies located 200 m along strike to the south of Commonwealth South deposit (Figure 2), where narrow zones of massive sulphide mineralisation have been intersected by reconnaissance drilling and trenching, including 4 m at 1.4 g/t Au and 38 g/t Ag from 22 m in PHC7; and

2. Highly elevated gold-in-soil assays up to 4 g/t as well as zinc up to 440 ppm located 350 m west of the deposit that has also not been drilled.

NEW EXPLORATION TARGET IDENTIFIED

The review and synthesis of the previous exploration data has identified an Exploration Target between the Commonwealth Mine and the Commonwealth South deposit of:

2.8 Mt to 2.9 Mt at between 7 g/t and 8 g/t gold equivalent for between 640,000 oz and 700,000 oz of gold equivalent (see Notes 1 and 2[i] ).

There is clear potential to at least double this Target Mineralisation to more than 1 million ounces gold equivalent along strike.

Company Contact Michael G Jones Managing Director t: +61 8 6454 6666

Media Contact

Kevin Skinner Field PR t: +61 8 8234 9555 e: kevin@fieldpr.com.au

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Figure 1. Location of the Commonwealth Project and significant gold-copper mines and prospects within the Late Ordovician volcanic and intrusive belts of the Lachlan Fold Belt.

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Figure 2. Interpreted bedrock geology of the Commonwealth Project (Exploration Licence 5874).

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9.8 m at 8.4 g/t Au, 357 g/t Ag
6.9 m at 3.4 g/t Au, 72 g/t Ag
16 m at 3.5g/t Au, 193 g/t Ag
and 5.5 m at 3.8 m Au, 45 g/t Ag
26 m at 2.5 g/t Au, 20 g/t Ag
4.8 m at 5.5 g/t Au, 316 g/t Ag
30 m at 6 g/t Au, 17 g/t Ag
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Figure 3: Long Section from the Commonwealth Mine to the Commonwealth South Prospect.

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Figure 4: Volcanogenic Massive Sulphide mineralisation from 57.2 m in CW30 with banded pyrite, sphalerite, galena and chalcopyrite. Assay over the 0.5 m interval returned 3.3 g/t Au, 447 g/t Ag, 17.0% Zn, 4.1% Pb and 0.2% Cu.

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Figure 5: Cross Section 1 at 6,392,880 mN. Geology and assays for previous drilling.

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Figure 6: Cross Section 2 at 6,392,680 mN. Geology and assays for previous drilling.

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Figure 7: Cross Section 4 at 6,392,625 mN. Geology and assays for previous drilling.

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Figure 8: Photograph of diamond drill core from CW27 at 40 m depth. Zones of massive and semi-massive sulphide mineralisation have not been assayed.

Note 1: Calculation of gold equivalent grades.

Metal prices used for the gold equivalent grades are:

Gold: $1,350/oz, Silver: $22/oz, Copper: $7,300/t, Zinc: $1,800/t, Lead: $2,000/t

Given the high grade base metal results it is assumed that very high recoveries of all metals will be achieved. However investors should note that the gold equivalent grades and contained ounces quoted are for comparative purposes only. They should not be used as a basis for investment.

Note 2: Parameters used for the calculation of the Exploration Target.

The Exploration Target described in this report is conceptual in nature and should not be construed as a resource calculated in accordance with the JORC Code. The Exploration Target is based on projections of established grade ranges over appropriate widths and strike lengths having regard for geological considerations including mineralisation style, specific gravity and expected mineralisation continuity as determined by qualified geological assessment. There is insufficient information to determine whether further exploration will result in the definition of a mineral resource.

The Exploration Target quoted is based on a combined Exploration Target for the VMS mineralisation at the Commonwealth Mine and the gold-silver mineralisation discovered in the footwall and along strike to the Commonwealth South area.

For the Commonwealth Mine area the following parameters were used:

Average thickness: 5 m to 6 m as defined by underground mapping and drilling;

Length: 130 m to 150 m as defined by drilling between Main and South Shaft; Depth: 500 m; Specific gravity: 5 kg/t as defined from samples taken underground; Grades: 5.9 g/t gold, 275 g/t silver, 0.3% copper, 3% lead and 11.4% zinc. For the Commonwealth South area the following parameters were used: Average thickness: 4 m to 5 m as defined by underground mapping and drilling; Length: 300 m to 350 m as defined by drilling; Depth: 500 m. Specific gravity: 2.5 kg/t; Grades: 1.8 g/t gold, 34 g/t silver.

Company Information

Invictus Gold Limited

ACN 145 891 907 ABN 34 145 891 907

Share Registry

Computershare Investor Services Pty Ltd GPO Box D182 Perth WA 6840 Australia

Telephone: +61 (8) 9323 2000 Facsimile: +61 (8) 9323 2033

Directors

Peter Unsworth Non-Executive Chairman Michael Jones Managing Director Michael Busbridge Technical Director Richard Basham Non-Executive Director

Email: perth.services@computershare.com.au

Australian Stock Exchange Listing

Shares IVG Options IVGOA

Company Secretary

James Cooper-Jones

Major shareholders as at 21.1.13 Impact Minerals Limited 75%

Registered & Administrative Office

309 Newcastle Street Northbridge Western Australia 6003

Telephone: +61 (8) 6454 6666 Facsimile: +61 (8) 6454 6667 Email: info@invictusgold.com.au Website: www.invictusgold.com.au

Capital Structure as at 21.1.13

Ordinary Shares on Issue 108,018,018 Total Listed Options 8,000,000 Total Unlisted Options 27,700,000

Following issue and allotment of shares issued as part of the Offer.