KGL RESOURCES LIMITED — Interim / Quarterly Report 2012

Oct 30, 2012

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31 October 2012

Australian‐based Kentor Gold Limited (ASX: KGL)has entered the ranks of operating gold mining companies in 2012. The Company is progressing a pipeline of advanced projects in Australia and the Kyrgyz Republic.

The Murchison Gold Project in Western Australia ‐ commenced production in mid‐2012, with the potential to add gold‐copper production from the neighbouring Gabanintha deposit.

The high grade, very low cost Andash Gold‐Copper Project in the Kyrgyz Republic – development‐ ready, awaiting site access and targeting production at 70,000 oz gold and 7,400 tonnes copper pa for an initial six years, with high potential for expansion.

The Jervois Copper‐Silver‐Gold Project in the Northern Territory – targeting 2014 start‐up following current studies into developing the high grade copper‐silver resource with potential for gold, magnetite and other base metals.

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Issued capital:

140.0 million ordinary shares 5.8 million unlisted options

Market Capitalisation

30October 2012: $79 million

Quarterly Activities Report Period Ended 30 September 2012

 Jervois Copper-Silver-Gold Project, NT

• Multiple high grade drill results culminate in highest ever gold grade at Jervois

• Resource update to be completed shortly

• Andash Gold-Copper Project, Kyrgyz Republic

• International environmental auditors endorse Andash

• Government Inter-Departmental Commission formed to address issues at Andash

• Hiring out items from the Andash Mining equipment fleet to a civil contractor is now covering in country costs.

 Murchison Gold Mine, WA

• Ramping up production after first gold pour

• Successful drilling program leading to Resource increase

• Revised five year mine plan to increase production and reduce costs

Quarterly Overview

At the Jervois Copper-Silver-Gold Project, the bankable feasibility was boosted by further multiple high grade drill results that extended mineralisation down dip and along strike at the Marshall, Reward and Bellbird ore bodies. Results included the highest gold assays of up to 35 g/t gold ever recorded at Jervois.

In the Kyrgyz Republic, the Government established an InterDepartmental Commission to resolve the issues at the Andash Copper-Gold Project. The Commission is required to involve international independent experts to conduct an environmental audit of the project. In their report, the auditors found that the project fully complied with Kyrgyz and international environmental standards. The Company has started the process of communicating the findings to the local community, as part of progress towards achieving final approval of the project’s development.

Five items of mining equipment from the Andash mining fleet are being hired out to a construction contractor. The revenue from this is now covering all of the costs from the team in country while we wait for a go ahead at Andash. Discussions are taking place to hire out additional equipment items going forward..

Kentor Gold Limited

www.kentorgold.com.au

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Kentor Gold Limited (“Kentor Gold” or “the Company”) entered the ranks of Australian gold producers during the quarter.

Shortly after first gold from the Murchison Gold Project was poured, the Company announced a revised five year mine plan to increase production and reduce costs following successful exploration drilling. Average production is now scheduled at 30,700 ounces gold per year at an average cash cost of $1075 per ounce.

The September quarter at the Murchison Gold Mine was a commissioning quarter, we now have a fully staffed and operational gold mine. The focus now shifts to building the production and reducing costs.

Australia

Jervois Copper-Silver-Gold Project, NT (Kentor Gold 100%)

The Company announced multiple high-grade drill results from the 2012 drilling programme at Jervois. The program comprised 5,000m of diamond drilling and 9,000m of RC drilling, undertaken as part of a bankable feasibility study being conducted into the early development of Jervois. A preliminary scoping study completed prior to the 2012 drilling program found that Jervois would produce strong financial returns.

The drill results extend the mineralisation across and along strike at three of the known ore bodies at Jervois. They also include the highest gold assays ever recorded at Jervois of up to 35 g/t gold.

Following high grade, near surface copper-silver-gold results at the adjoining Reward and Marshall deposits in June, the Company announced in August a new shallow, high grade copper-silver-gold zone immediately west of Marshall interpreted as a northern extension of the Green Parrot prospect 500m to the south along strike.

The discovery of parallel ore zones is very significant because this is likely to significantly enhance the economics of mining an open pit due to the reduction in the stripping ratio.

The Company also announced the intersection of significant copper-silver-gold in deep drilling at the northern end of Reward that remains open at depth and along strike. The two deepest intersections returning 4.8% copper and 4.9% copper with high grades of silver and gold.

During the quarter, the Company announced high grade drill results for the Bellbird deposit 6km south of Reward/Marshall. The results were significant in extending the strike length of Bellbird to approximately 900m. Shallow mineralisation continued to be intersected up to 500m north of the existing Resource at Bellbird and remains open to the north. The mineralisation throughout the extended Bellbird deposit differs from that at Bellbird North where high lead and zinc grades have previously been intersected.

This extension at Bellbird was intersected with shallow RC drilling hence the mineralisation is likely to be economically mined by open pit methods.

Several previously unknown and unexplored copper-gold zones were also identified to the south-east during the quarter. Named the Chubko Prospect, the new zones lie outside the current Resource area. Collaborative work by the Northern Territory Geological Survey and the CSIRO-led Centre of Excellence for 3D Mineral Mapping prompted Kentor Gold to undertake surveys that identified the new zones. There is no recorded historical exploration in the area. In preliminary field work, extremely high gold grades of 50 to 56 g/t gold were identified using a handheld XRF tool on outcropping mineralisation. A comprehensive sampling and mapping program has commenced and is expected to direct a drilling program planned for early next year.

With assaying of the 2012 drilling program completed during the quarter, the following significant results are presented:

Reward

60m @ 1.3% copper, 113.3 g/t silver (hole JMET 11) 33.8m @1.79% copper, 28.5 g/t silver (RJ201)

31 October 2012

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Kentor Gold Limited

www.kentorgold.com.au

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53.5m @1.08% copper, 24.9 g/t silver (RJ202) 16.3m @ 1.87% copper, 55.3 g/t silver (JMET3) 10.3m @ 2.1% copper, 13.3 g/t silver (JMET4) 12m @ 3.72% copper, 40.7 g/t silver (RJ206) 4.2m @ 6.6% copper, 30 g/t silver (JMET2) 21.4m @ 3% copper, 40.1 g/t silver (JMET6) 7m @ 2.3% copper, 23.4 g/t silver (JMET8) 25m @ 1.5% copper, 28.2 g/t silver (JMET12)

Reward North

8m @ 4.8% copper, 62.1 g/t silver, 0.35 g/t gold 9m @ 4.9% copper, 66.2 g/t silver, 1.22 g/t gold

Marshall West

32m @ 1.1% copper, 1.2% lead, 1.4% zinc, 60.4 g/t silver, 0.12 g/t gold from surface  Potential extension of Green Parrot prospect

Bellbird

18.9m @ 2.44% copper, 16.3 g/t silver (RJ222) 15.5m @ 1.55% copper, 28.5 g/t silver (RJ221) 10m @ 4.64% copper, 23.5 g/t silver (RJ217)

Bellbird Extension

6m @ 1.2% copper, 10.3 g/t silver, 12.43 g/t gold from 64m (down hole), including

 2m @ 2.3% copper, 21 g/t silver, 35.2 g/t gold from 65m

Murchison Gold Mine, WA (Kentor Gold 100%)

Initial Production: Milling of ore began during the first week of July, and gold production commenced with the first gold pour in early August. By mid-October, approximately 1,350 ounces of gold had been shipped from the plant and 1,160 ounces of gold added to the gold in circuit. While lower than forecast grades were achieved from historical ore stockpiles, processing costs and mill availability were on budget during August and September.

Mining costs in the initial phase of the Lewis and Reward pits have been higher than forecast, principally due to the earlier than planned interception of primary rock, resulting in higher drill and blast costs.

Delays in the availability and supply of explosives suitable for wet blasting also led to reduced mining rates and higher fixed costs. An explosives storage facility has now been established on-site and a longer term explosives supply contract is being negotiated. The current mining contractor finishes at site at the end of October and a new mining contractor will commence at site in November. The new contract is structured as a variable rate contract which will result in a lower cost of mining.

Production and net cash flow from the operation to date has been lower than planned in the initial months as a result of lower grades from historical stockpiles and higher initial mining costs. The open pit mining to date has been slower than planned resulting in the need to feed ore from low grade stockpiles to the plant. This will improve going forward as the majority of the waste from the Lewis pit has been mined and the stripping ratio reduces.

As anticipated the grade is improving with depth and mining will be moving into higher grade ore in the next few weeks. Murchison’s working capital requirements have been funded by the recent equity issue and necessary adjustments to expenditure. Any further expenditure requirements are currently expected to be met by production cash flow, expenditure adjustments and/or an additional corporate working capital facility.

31 October 2012

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Kentor Gold Limited

www.kentorgold.com.au

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During the quarter, the NOA 2 pit has been pumped out and the NOA 2 underground mine dewatered to a depth of approximately 50m below the portal (Figure 1). The ground conditions in the decline have been found to be in good condition. Underground mining of High grade ore is due to commence in November.

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Figure 1. NOA 2 Portal

The grade of the ore feed to the CIL plant will increase as high grade ore from underground is blended with the lower grade ore from the open pits. The quarterly production schedule for the remainder of 2012 and 2013 is shown in Table 1 below:

Table 1: Quarterly Production Schedule

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Increase in Resources : In October, mineral resources at Murchison were increased with the release of updated resources for the NOA 7/8 deposit. The NOA7/8 deposit increased in both size and grade and the ore body remains open at depth.

A scoping study was completed for the NOA 7/8 deposit showing that the ore body is suitable for mining using long hole open stoping similar to the methods employed at the NOA 2 underground mine (Figure 1).

31 October 2012

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Kentor Gold Limited

www.kentorgold.com.au

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Figure 2. NOA 7/8 proposed decline, ore drives and stopes

Increased Production and Reduced Costs: In October, the Company announced a revised five year plan under which production will be increased and costs will be reduced at the Murchison operation.

The new five year plan includes an increase in forecast average annual gold production from 24,000 to 30,700 ounces per year, a reduction in average cash costs of production from $1,223 to $1,075 per ounce of gold and strong cash flow at a range of gold prices. The forecast performance improvements follow completion of pit optimisation and design work and the revised mining schedule.

Table 2: Five Year Plan

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Figure 1: Pit scheduling in the Five Year Plan (insert from announcement of 19 Oct)

Figure 3: Five Year Production Schedule

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The key change in the schedule is the incorporation of the high grade primary ore identified at NOA 7/8 which will be sourced from underground, and the incorporation of open pit mining at the Alliance pit. A scoping study at NOA 7/8 generated a Probable Ore Reserve of 310,487 tonnes at 4.36 g/t gold for 43,560 oz gold (detailed in ASX announcement 19 October 2012). The underground mine at NOA 7/8

31 October 2012

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Kentor Gold Limited

www.kentorgold.com.au

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will provide a longer term source of high grade ore which increase the planned feed grade of ore to the plant to 4 g/t gold, thereby lowering cast costs.

While initial mining at Murchison is being undertaken at pits on the Burnakura site where the processing plant is located, ore from the nearby Gabanintha site is scheduled in the Murchison five year plan. Results of drilling at Gabanintha during the quarter indicated significant mineralisation in targeted areas. An initial RC drilling program intersected good grades and a new zone of mineralisation adjacent to the Yagahong North deposit. A best assay of 2m @ 32.15 g/t gold and 1.6% copper from 73m was recorded (detailed in ASX announcement 27 July 2012).

The addition of a heap leaching circuit and an expansion of the CIL circuit remain as expansion options to the five year plan. Drilling to upgrade the resources suitable for heap leaching is expected to be completed in the March 2013 quarter.

October Performance : Throughput issues stemming mainly from poor blasting performance have persisted in October. To date, gold production for the month has been below plan. As a result ,cash costs for the month have also exceeded plan. The focus remains on improving performance by consolidating the project improvements listed above.

Kyrgyz Republic

Andash Gold-Copper Project (Kentor Gold 80%)

During the quarter, the Kyrgyz Government established an Inter-Departmental commission to resolve the issue of expediency of development of the Andash Project. The Commission was formed by the order of the Minister for Economic and Antitrust Policy on instructions from the Head of the Government Office, the Minister required the Commission to involve independent international experts to conduct an environmental audit. A leading Russian environmental auditing company, EMAS, conducted the audit and presented the results to the Commission and the general public.

The report concluded that the design of the Andash project is in full compliance with all applicable legislation and Kyrgyz and international standards.

The report made several recommendations all of which the Company plans to adopt. The Company has begun the process of communicating the findings to the local community in a coordinated manner in conjunction with local and government officials.

Five items of mining equipment from the Andash mining fleet are being hired out to a construction contractor. The revenue from this is now covering all of the costs from the Kyrgyz workforce. Discussions are taking place to hire out additional equipment items going forward.

Despite delays experienced in the approval process, these are positive steps towards the development of Andash. Andash is a very low cost project planned to produce 70,000 oz gold and 7,400 tonnes copper a year for an initial six years. Andash has a JORC Ore Reserve of 539,730 oz gold and 63,486 tonnes copper, and Resource of 19.2 million tonnes @ 1.1 g/t gold and 0.4% copper for 679,023 oz gold and 77,300 tonnes copper.

Bashkol Exploration Licence (Kentor Gold 80%)

Extension of the term of the Bashkol Exploration Licence for 5 years was delayed for some months due to reorganisation of the State Agency for Geology and Mineral Resources. Confirmation of the extension was received during the Quarter. As a result, in a shorter field season work was restricted to trenching and channel sampling at Bashkol and reconnaissance over the length of the licence area. Assay results are expected during the fourth Quarter.

Corporate

In July and August 2012, the Company raised $20.5 million before costs in equity through a combination of rights and equity placement. The Company’s major shareholder, KMP Investments, strongly supported the capital raising, participating in the placement and providing $5 million in

31 October 2012

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Kentor Gold Limited

www.kentorgold.com.au

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underwriting for the rights issue. As a result, KMP increased its holding in the Company from 14.67% to 27.3% or 38,260,794 shares.

Outlook

The Company plans to continue ramping up gold production at Murchison into 2013 and reducing cash costs.

The Resource estimates for the Alliance pit at the Murchison gold project and Jervois are expected to be increased shortly following the completion of drilling programs.

Metallurgical test work has commenced on the PQ diamond core drilled at Jervois as part of the feasibility study. Previous metallurgical test work during the scoping study produced 25% copper concentrate @ 93% recovery.

In the Kyrgyz Republic, the Company will communicate the results of the environmental audit on the Andash Project to the local community and work cooperatively with the Inter-Departmental Commission on Andash, with the objective of achieving final approval and development.

For further information contact:

Mr Simon Milroy Managing Director Phone: (07) 3071 9003 Email: info@kentorgold.com.au

Mr. David Waterhouse Investor Relations Phone (03) 9670 5008 Email: dwaterhouse@waterhouseir.com.au

31 October 2012

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Kentor Gold Limited

www.kentorgold.com.au

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Competent Persons Statements

The Resource estimates for Andash in this report are based on information compiled by Dr. Phil Newall, who is a Chartered Engineer and Fellow of the Institute of Materials Minerals and Mining and a full time employee of Wardell Armstrong International. Dr. Newall has sufficient experience which is relevant to the style of the mineralisation and the type of deposit under consideration and to the activity to 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. Dr. Newall has consented to the inclusion of this information in the form and context in which it appears in this report.

The information in this report that relates to exploration results for Burnakura and Gabanintha is based on work completed by Mr Keith Mayes who is a full-time employee of Kentor Gold Limited and a Fellow of the Geological Society of London. Mr Mayes 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 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Mayes has consented to the inclusion of this information in the form and context in which it appears in this report.

The data in this report that relates to exploration results for Jervois is based on information compiled by Rudy Lennartz, who is a member of the Australasian Institute of Mining and Metallurgy and a full time employee of Kentor Minerals (NT) Pty Ltd. Mr. Lennartz has sufficient experience which is relevant to the style of the mineralisation and the type of deposit under consideration and to the activity to 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. Mr. Lennartz has consented to the inclusion of this information in the form and context in which it appears in this report.

The information in this report that relates to Ore Reserve Estimates is based on information compiled by Mr Denis Grubic, who is a member of the Australasian Institute of Mining and Metallurgy (MAusIMM). Mr. Grubic is a full-time employee of Rock Team and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity 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 Grubic consents to the inclusion in the report of the Ore Reserves in the form and context in which it appears.

31 October 2012

Page 8 of 8

Appendix 5B Mining exploration entity quarterly report

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.

	Name of entity		Quarter ended (“current quarter”) 30 September 2012	Quarter ended (“current quarter”) 30 September 2012
	Kentor Gold Limited
	ABN 52 082 658 080 Consolidated statement of cash flows
			30 September 2012
Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a)exploration and 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 Other (provide details if material) Foreign Exchange differences Net Operating Cash Flows		Current Quarter $A’000		Year to date (9 months) $A’000
		(2,323) (763) (2,801) (1,288) - 103 - - - -		(7,239) (8,110) (2,801) (3,320) - 180 - - - -
		(7,072)		(21,290)
Cash flows related to investing activities 1.8 Payment for purchases of: (a)prospects (b)equity investments (c) purchase options (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 Other (provide details if material) Net investing cash flows 1.13 Total operating and investing cash flows (carried forward)		- - (11,217) - 5,615 - - -		- - (21,523) 5,615 - - -
		(5,602)		(15,908)
		(12,674)		(37,198)

• See chapter 19 for defined terms.

Appendix 5B Page 1

Appendix 5B Mining exploration entity quarterly

1.13 Total operating and investing cash flows (brought forward)	(12,674)	(37,198)
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 Other (Capital raising costs) Net financing cash flows	20,474 - - - - (1,105)	20,474 - - - - (1,105)
	19,369	19,369
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 of quarter	6,695 9,932 (55)	(17,829) 34,135 266
	16,572	16,572

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
		214
		-
1.25	Explanation necessaryfor an understandingof the transactions
	Remuneration and expenses paid to executive and non-executive directors for the quarter.

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
	reportingentityhas an interest

• 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 $A’000	Amount used $A’000
	-	-
	-	-

Estimated cash outflows for next quarter

4.1 Exploration and evaluation 4.2 Investment 4.3 Operations 4.4 Admin 4.5 Asset Disposal 4.6 Capital Raising (net of costs)	$A’000
	658
	6,258
	1,120
	1,109
Total	(9,145)

Reconciliation of cash

Reconciliation of cash
Reconciliation of cash at the end of the quarter (as	Current Quarter	Previous Quarter
shown in the consolidated statement of cash flows) to	$A’000	$A’000
the related items in the accounts is as follows.
5.1 Cash on hand and at bank	6,988	8,361
5.2 Deposits at call*	9,584	1,571
5.3 Bank overdraft
5.4 Other (provide details)
Total: cash at end of quarter(item 1.22)	16,572	9,932

*Deposits at call includes $747,000 provided as security against environmental bonds.

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

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 share consolidation	140,040,563
	10,000,000 23,830,689		0.62c 0.60c	0.62c 0.60c
7.5 +Convertible debt securities (description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted

• See chapter 19 for defined terms.

Appendix 5B Page 4

Appendix 5B Mining exploration entity quarterly report

7.7 Options (description and conversion factor) 7.8 Issued during quarter 7.9 Expired during quarter 7.10 Decrease through consolidation	5,781,769	Unlisted Options	Exercise price	Expiry date
7.11 Debentures (totals only)
7.12 Unsecured notes(totals only)

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 4).

• 2 This statement does / ~~does not*~~ (delete one) give a true and fair view of the matters disclosed.

Sign here: ............................................................ Date: 31/10/2012..............

( ~~Director~~ /Company secretary)

Print name: ...Kylie Anderson......................................................

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 .

• See chapter 19 for defined terms.

Appendix 5B Page 5

Appendix 5B Mining exploration entity quarterly

• 4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.

• 5 Accounting Standards ASX will accept, for example, the use of International Accounting 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 6