KGL RESOURCES LIMITED — Interim / Quarterly Report 2012

Sep 12, 2012

KENTOR GOLD LIMITED AND ITS SUBSIDIARIES ABN 52 082 658 080

Financial statements for the half-year ended 30 June 2012

TABLE OF CONTENTS

	Page Number
Directors’ Report	2
Auditor’s Independence Declaration	5
Statement of Comprehensive Income	6
Statement of Financial Position	7
Statement of Cash Flows	8
Statement of Changes in Equity	9
Notes to the Financial Statements	10
Directors’ Declaration	21
Independent Auditor’s Review Report	22

KENTOR GOLD LIMITED AND ITS SUBSIDIARIES ABN 52 082 658 080

FINANCIAL STATEMENTS FOR THE HALF‐YEAR ENDED 30 JUNE 2012

DIRECTORS’ REPORT

The directors of Kentor Gold Limited submit herewith the financial statements of the consolidated entity consisting of Kentor Gold Limited and the entities it controlled for the halfyear ended 30 June 2012.

Directors

Kentor Gold directors during the half-year and up to the date of this report were:

Director Position Held John Barr Non-Executive Chairman Andrew Daley Non-Executive Director John Taylor Non-Executive Director Simon Milroy Managing Director Hugh McKinnon Executive Director

Principal Activity

The principal activity of the consolidated entity during the period was exploration and development of gold and base metals projects in the Kyrgyz Republic and Australia.

Review of Operations

In the six months ended 30 June 2012, Kentor Gold commenced gold mining and commissioning at the Murchison Gold Project in Western Australia and initiated the Jervois Copper-Silver-Gold Project Feasibility Study following a positive scoping study, encompassing drilling and metallurgical test work. At the same time, the Company enjoyed multiple drilling successes at both Murchison and Jervois where drilling programs have added significant value to the Company’s Australian assets.

Murchison is the first of the Company’s current pipeline of three projects to be brought into production. During the half year, mining of ore was undertaken from the Reward pit and quantities of pre-existing high grade stockpile material was crushed ready for the commencement of milling early in July 2012. The upgraded CIL plant was completed and wet commissioning of the plant began. First gold was poured on 31 July 2012 followed by a more significant pour of 16.86kg on the 28[th] August 2012.

The project is scheduled to produce gold at the initial rate of 24,000 oz. a year from the CIL plant with studies currently underway into options to increase production.

During the half year, the Company completed a successful 20,000m drilling program at Murchison. As a result, the current Inferred Resource (15.1 million tonnes @ 1.5g/t gold for a total of 719,000 oz. gold at a 0.5g/t gold cut-off) is being updated and a revised mining schedule prepared.

High grade gold was intersected at the historic Alliance pit which is now likely to be added to the mine plan. Alliance is only 2km south of the Murchison processing plant and adjacent to the main haul road from the Lewis and Reward pits from which initial production is being sourced.

The potential to increase the Resource and to expand production was indicated strongly by the results of subsequent drilling at the Federal North and NOA 7 and 8 deposits, none of which is currently included in the mine plan.

High grade gold was also intersected by drilling at Gabanintha.

Work on updating the total Resource and revising mining plans at Murchison is under way and is expected to be completed in October 2012.

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KENTOR GOLD LIMITED AND ITS SUBSIDIARIES ABN 52 082 658 080

FINANCIAL STATEMENTS FOR THE HALF‐YEAR ENDED 30 JUNE 2012 DIRECTORS’ REPORT

Review of Operations (continued)

At the Jervois Copper-Silver-Gold Project, a scoping study found that it will be a robust project, supporting the Company’s confidence in Jervois as a future significant Australian multi-metals mine. The study found that the project would produce strong financial returns based on existing Resources, and that the returns would improve further when based on additional tonnages from the exploration potential that has been identified.

The study examined annual processing rates of 1.5Mtpa, 2Mtpa and 2.5Mtpa. It found that, at the 2.5Mtpa rate, Jervois will produce 181,000 tonnes of copper in concentrate, or approximately 26,000 tonnes a year for seven years, plus significant by-products of gold, silver and magnetite, and provide free cash flow of $388 million (assuming US$ = A$) on revenue of $1.985 billion.

The 2.5Mtpa case assumes tonnage from exploration potential additional to the existing Inferred Resource of 11.9 million tonnes @ 1.3% copper and 25.2 g/t silver for a total of 150,500 tonnes copper and 9.66 million oz silver. Exploration Potential[(1)] has been identified at Reward and Bellbird adjoining the current Resource is 5 – 10Mt @ 0.75 to 1.25% copper and 10 to 25 g/t silver at a 0.5% copper cut off (for 50,000 to 100,000 tonnes copper and 3 to 5 M oz. silver).

• (1) The potential quantity and grade of the Exploration Potential is conceptual in nature and there has been insufficient exploration to define a Mineral Resource. It is uncertain if further exploration will result in the determination of a Mineral Resource.

The Company proceeded immediately to a full feasibility study which has been enhanced considerably by recent drill results. Exceptional near surface, high grade results confirm the open pit potential of the Reward Deposit at Jervois. Other high grade copper results 6km to the south at Bellbird point to the potentially large scale of the overall project.

The drilling results at Jervois include good gold grades, increasing the expectation that gold will be included for the first time in an increased Mineral Resource later this year.

The good results of the recent aggressive drilling program strengthen the potential of Jervois to become Kentor Gold’s largest project.

Progress towards the development of the Andash Gold-Copper Project in the Kyrgyz Republic was slow but positive during the half year.

In order to advance negotiations with the local community at Andash, the Kyrgyz Government presented to parliamentary committee meetings in April and May plans for an independent environmental review of the Andash project. A small minority group has used erroneous claims of environmental risk to raise anxiety in the local community about the proposed development.

The review, being conducted by the Russian environmental auditing partnership EMAS, is expected to be completed by the end of September. Kentor Gold is confident that reputable environmental auditors will endorse the Andash development plan, finding that the environmental impact will be minimal.

The Andash project is expected to produce an average of 70,000 oz gold and 7,400 tonnes copper a year for an initial six years. When local approval is obtained and site access gained, the Company will commence a three month geotechnical investigation program and then proceed with a 12 month construction program.

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KENTOR GOLD LIMITED AND ITS SUBSIDIARIES ABN 52 082 658 080

FINANCIAL STATEMENTS FOR THE HALF‐YEAR ENDED 30 JUNE 2012 DIRECTORS’ REPORT

Review of Operations (continued)

Andash has an estimated JORC Ore Reserve of 539,730 oz gold and 63,486 tonnes copper, and a 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.

Financial Position

For the half year ended 30 June 2012, the Kentor group recorded losses from continuing operations after taxation of $3,208,158 (2011: $933,549).

Foreign exchange gains $286,613 resulted from realised gains on US Dollar cash holdings held by Kentor.

Employee expenses increased in the half year to 30 June 2012 to $2,260,786 (2011: $860,919) due to the significant growth in the Australian operations to support Murchison Project and the Jervois feasibility study. To 30 June 2012 Employee expenses included the issue of share options to directors and key management personal of $236,765.

Property, plant and equipment has increased in 30 June 2012 to $59,209,298 (2011: $40,763,227) due to the investment in the Murchison refurbishment.

The Kentor Gold cash reserve as at 30 June 2012 was $9.3 million.

In August 2012 Kentor Gold raised $20.5m in equity through a combination of rights and equity placement. A further €4.5m will be raised in September 2012 through the successful disposal of the 6MW Ball Mill purchased for Andash and cancellation of the commitment for the second 6MW Ball Mill.

Auditor's Independence Declaration

A copy of the independence declaration by the lead auditor under section 307C is included on page 5 to this directors’ report.

This report is made in accordance with a resolution of the Board of Directors and is signed for and on behalf of the directors by

WHJ BARR AM

Chairman 13 September 2012

Competent Persons Statements

The information in this report that relates to mineral resource estimation for Gabanintha is based on work completed by Mr Jonathon Abbott. Mr Abbott is a full-time employee of MPR Geological Consultants Pty Ltd and a member of the Australian Institute of Geoscientists. Mr Abbott 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 Abbott consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The data in this report that relates to Mineral Resource Estimates and Exploration Potential for Jervois is based on information evaluated by Mr Simon Tear who is a Member of The Australasian 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 Tear is a full-time employee of Hellman & Schofield Pty Ltd and he consents to the inclusion in the report of the Mineral Resource in the form and context in which they appear.

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.

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Level 18, 300 Queen St Brisbane QLD 4000, GPO Box 457 Brisbane QLD 4001 Australia

Tel: +61 7 3237 5999 Fax: +61 7 3221 9227 www.bdo.com.au

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DECLARATION OF INDEPENDENCE BY A J WHYTE TO THE DIRECTORS OF KENTOR GOLD LIMITED

As lead auditor of Kentor Gold Limited for the half-year ended 30 June 2012, I declare that, to the best of my knowledge and belief, there have been no contraventions of:

• the auditor independence requirements of the Corporations Act 2001 in relation to the review; and

• any applicable code of professional conduct in relation to the review.

This declaration is in respect of Kentor Gold Limited and the entities it controlled during the period.

A J Whyte

Director

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BDO Audit Pty Ltd

Brisbane: 13 September 2012

BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation (other than for the acts or omissions of financial services licensees) in each State or Territory other than Tasmania.

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KENTOR GOLD LIMITED AND ITS SUBSIDIARIES ABN 52 082 658 080

FINANCIAL STATEMENTS FOR THE HALF‐YEAR ENDED 30 JUNE 2012

Statement of comprehensive income for the half-year ended 30 June 2012

Note Revenue and other income Foreign exchange gains Employment benefits expense Depreciation and amortisation expense Consultancy expense Overseas administrative expenses Head office facility overheads expenses Other expenses Impairment of exploration and evaluation assets Loss before income tax expense Income tax expense Net loss for the half year Other comprehensive income Change in fair value of cash flow hedges Foreign currency translation differences Other comprehensive income for the half year, net of tax Total comprehensive income for the half year Net loss attributable to:- Non-controlling interests Owners of Kentor Gold Limited Total comprehensive income attributable to:- Non-controlling interests Owners of Kentor Gold Limited Basic and diluted earnings per share (cents per share)	Consolidated Half-year ended 30 Jun 2012 Half-year ended 30 Jun 2011 $ $ 134,700 838,390 286,613 11,758 (2,260,786) (860,919) (98,017) (21,732) (567,579) (486,704) (151,516) (162,553) (274,635) (89,389) (276,938) (125,335) - (37,065) (3,208,158) (933,549) - - (3,208,158) (933,549) - (1,732,831) (252,144) (815,207) (252,144) (2,548,038) (3,460,302) (3,481,587) (25,485) (29,809) (3,182,673) (903,740) (3,208,158) (933,549) (92,881) (192,860) (3,367,421) (3,288,727) (3,460,302) (3,481,587) (3.02) (0.88)	Consolidated Half-year ended 30 Jun 2012 Half-year ended 30 Jun 2011 $ $ 134,700 838,390 286,613 11,758 (2,260,786) (860,919) (98,017) (21,732) (567,579) (486,704) (151,516) (162,553) (274,635) (89,389) (276,938) (125,335) - (37,065) (3,208,158) (933,549) - - (3,208,158) (933,549) - (1,732,831) (252,144) (815,207) (252,144) (2,548,038) (3,460,302) (3,481,587) (25,485) (29,809) (3,182,673) (903,740) (3,208,158) (933,549) (92,881) (192,860) (3,367,421) (3,288,727) (3,460,302) (3,481,587) (3.02) (0.88)
		(933,549) -
		(933,549)
		(1,732,831) (815,207)
		(2,548,038)
		(3,481,587)
		(29,809) (903,740)
		(933,549)
		(192,860) (3,288,727)
		(3,481,587)
		(0.88)

The above statement of comprehensive income should be read in conjunction with the accompanying notes.

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KENTOR GOLD LIMITED AND ITS SUBSIDIARIES ABN 52 082 658 080

FINANCIAL STATEMENTS FOR THE HALF‐YEAR ENDED 30 JUNE 2012

Statement of financial position as at 30 June 2012

Note Current assets Cash and cash equivalents Trade and other receivables Prepayments Inventories 3 Total current assets Non-current assets Deposits Property, plant and equipment 4 Exploration and evaluation assets 5 Other non-current assets Total non-current assets TOTAL ASSETS Current liabilities Trade and other payables 6 Total current liabilities TOTAL LIABILITIES NET ASSETS Equity Contributed equity 7 Reserves Accumulated losses Total parent entity interest Non-controlling interests Total equity	Consolidated 30 Jun 2012 31 Dec 2011 $ $ 9,303,295 34,134,415 987,794 605,814 426,022 422,787 693,604 386,189 11,410,715 35,549,205 747,000 747,000 59,209,298 40,763,227 31,037,816 24,367,065 167,612 164,306 91,161,727 66,041,598 102,572,442 101,590,803 7,674,887 3,469,712 7,674,887 3,469,712 7,674,887 3,469,712 94,897,555 98,121,091 122,404,505 122,404,505 53,152 1,135 (29,349,263) (26,166,592) 93,108,394 96,239,048 1,789,161 1,882,043 94,897,555 98,121,091	Consolidated 30 Jun 2012 31 Dec 2011 $ $ 9,303,295 34,134,415 987,794 605,814 426,022 422,787 693,604 386,189 11,410,715 35,549,205 747,000 747,000 59,209,298 40,763,227 31,037,816 24,367,065 167,612 164,306 91,161,727 66,041,598 102,572,442 101,590,803 7,674,887 3,469,712 7,674,887 3,469,712 7,674,887 3,469,712 94,897,555 98,121,091 122,404,505 122,404,505 53,152 1,135 (29,349,263) (26,166,592) 93,108,394 96,239,048 1,789,161 1,882,043 94,897,555 98,121,091
		35,549,205
		747,000 40,763,227 24,367,065 164,306
		66,041,598
		101,590,803
		3,469,712
		3,469,712
		3,469,712
		98,121,091
		122,404,505 1,135 (26,166,592)
		96,239,048 1,882,043
		98,121,091

The above statement of financial position should be read in conjunction with the accompanying notes.

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KENTOR GOLD LIMITED AND ITS SUBSIDIARIES ABN 52 082 658 080

FINANCIAL STATEMENTS FOR THE HALF‐YEAR ENDED 30 JUNE 2012

Statement of cash flows for the half-year ended 30 June 2012

Cash flows from operating activities GST Refunded Payments to suppliers and employees Interest received Net cash used in operating activities Cash flows from investing activities Payments for exploration and evaluation assets Payments for property, plant and equipment Payments for deposits Net cash used in investing activities Cash flows from financing activities Share issue costs relating to prior period Net cash used in financing activities Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at the beginning of the period Effect of exchange rate changes on cash and cash equivalents Cash and cash equivalents at end of period	Consolidated Half-year ended 30 Jun 2012 Half-year ended 30 Jun 2011 $ $ 2,493,594 494,215 (6,623,119) (2,340,112) 147,716 989,977 (3,981,809) (855,920) (7,261,199) (9,126,311) (13,807,330) (15,082,632) - (747,000) (21,068,529) (24,955,943) - (73,989) - (73,989) (25,050,338) (25,885,852) 34,134,415 71,371,022 219,218 (1,732,831) 9,303,295 43,752,339	Consolidated Half-year ended 30 Jun 2012 Half-year ended 30 Jun 2011 $ $ 2,493,594 494,215 (6,623,119) (2,340,112) 147,716 989,977 (3,981,809) (855,920) (7,261,199) (9,126,311) (13,807,330) (15,082,632) - (747,000) (21,068,529) (24,955,943) - (73,989) - (73,989) (25,050,338) (25,885,852) 34,134,415 71,371,022 219,218 (1,732,831) 9,303,295 43,752,339
		(855,920)
		(9,126,311) (15,082,632) (747,000)
		(24,955,943)
		(73,989)
		(73,989)
		(25,885,852)
		71,371,022 (1,732,831)
		43,752,339

The above statement of cash flows should be read in conjunction with the accompanying notes.

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KENTOR GOLD LIMITED AND ITS SUBSIDIARIES ABN 52 082 658 080

FINANCIAL STATEMENTS FOR THE HALF‐YEAR ENDED 30 JUNE 2012

Statement of changes in equity for the half year ended 30 June 2012 Balance at 1 January 2011 Loss for the half year Foreign currency translation Cash flow hedge Total comprehensive income for the half-year Issue of share capital Cost of share capital issued in prior years Share-based payments Balance at 30 June 2011 Balance at 1 January 2012 Loss for the half year Foreign currency translation Total comprehensive income for the half-year Share-based payments Balance at 30 June 2012	Contributed Equity Accumulated losses Foreign Currency translation reserves Share-based payments reserve Hedge Reserve Parent entity interest Non- controlling interest Total equity $ $ $ $ $ $ $ $
	122,109,423 (22,314,130) (3,306,144) 3,174,602 (434,483) 99,229,268 1,915,737 101,145,005 - (903,740) - - - (903,740) (29,809) (933,549) - - (652,156) - - (652,156) (163,051) (815,207) - - - - (1,732,831) (1,732,831) - (1,732,831)
	- (903,740) (652,156) - (1,732,831) (3,288,727) (192,860) (3,481,587)
	18,000 - - (18,000) - - - - (73,988) - - - - (73,988) - (73,988) - - - 220,750 - 220,750 - 220,750
	122,053,435 (23,217,870) (3,958,300) 3,377,352 (2,167,314) 96,087,303 1,722,877 97,810,180 122,404,505 (26,166,592) (2,881,789) 3,502,749 (619,825) 96,239,049 1,882,043 98,121,091
	- (3,182,673) - - - (3,182,673) (25,485) (3,208,158) - - (184,748) - - (184,748) (67,396) (252,144)
	- (3,182,673) (184,748) - - (3,367,421) (92,881) (3,460,302)
	- - - 236,765 - 236,765 - 236,765
	122,404,505 (29,349,263) (3,066,537) 3,739,514 (619,825) 93,108,394 1,789,162 94,897,555

The above statement of changes in equity should be read in conjunction with the accompanying notes.

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KENTOR GOLD LIMITED AND ITS SUBSIDIARIES ABN 52 082 658 080

Notes to the financial statements for the half-year ended 30 June 2012

Note 1. Summary of significant accounting policies

Statement of compliance

The half-year consolidated financial report is a general purpose financial report prepared in accordance with the requirements of the Corporations Act 2001 and Australian Accounting Standard AASB 134: Interim Financial Reporting.

Kentor Gold Limited is a listed public company, incorporated and domiciled in Australia.

It is recommended that this financial report be read in conjunction with the annual financial report for the year ended 31 December 2011 and any public announcements made by Kentor Gold Limited and its controlled entities during the half-year in accordance with continuous disclosure requirements arising under the Corporations Act 2001.

The half-year report does not include full disclosures of the type normally included in an annual financial report.

In the current period, the Group has adopted all the new and revised Standards and Interpretations issued by the Australian Accounting Standards Board (the AASB) that are relevant to its operations and effective for annual reporting periods beginning on or after 1 January 2012. The adoption of these new and revised Standards and Interpretations has resulted in no changes to the Group’s financial results.

The financial statements have been prepared on a going concern basis which contemplates the continuity of normal business activities and the realisation of assets and settlement of liabilities in the ordinary course of business.

New accounting policies

Inventories

Inventories are measured at the lower of cost and net realisable value. The cost of raw materials and stores is determined on the weighted average cost basis.

Inventories of gold in circuit and ore stock piles are physically measured or estimated. Cost comprises of direct costs and an appropriate proportion of fixed and variable production overheads.

Net realisable value is assessed annually based on the amount estimated to be obtained from sale of items of inventory in the normal course of business, less any anticipated costs to be incurred prior to its sale.

During the production phase, where the costs of extracting the ore exceed the likely recoverable amount, work in progress inventory is written down to net realisable value.

Significant accounting judgments, estimates and assumptions

The carrying amount of certain assets and liabilities are often determined based on estimates and assumptions of future events.

In addition to the significant accounting judgments, estimates and assumptions disclosed in the 31 December 2011 financial statements, the following new judgments have been applied in the preparation of the 30 June 2012 half year financial report.

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KENTOR GOLD LIMITED AND ITS SUBSIDIARIES ABN 52 082 658 080

Notes to the financial statements for the half-year ended 30 June 2012

Note 1. Summary of significant accounting policies (continued)

Significant accounting judgments, estimates and assumptions (continued)

1. Consideration of asset impairment for Andash mining project

On 4 February 2011, Kentor was advised that the Kyrgyz Government was to establish a Commission of Enquiry for the Andash mining project, with a view to expediting the approval process. Kentor agreed to suspend on-site activities whilst this review is undertaken. The Commission was due to deliver its final report to the Standing Committee on Energy and Minerals on 21 June 2011. The Standing Committee adopted a resolution to be put to the plenary session of parliament which recommended that the Andash deposit not be developed until an understanding was reached between the local population and Andash Mining Company LLC.

On 24 June 2011, the last day of parliament before the break for the northern summer, a private member put a motion to the house recommending to Government that the licences and rights of Andash Mining Company LLC be cancelled. The motion was adopted in controversial circumstances.

On 28 June 2011, the Minister for Natural Resources issued a letter that Andash Mining Company LLC’s licences are, and remain, in good standing.

In March 2012, a Parliamentary Committee directed the government to complete a review of the environmental aspect of the Andash project by the 10[th] April 2012.

At 31[st] December 2011 the Andash Exploration licence expired. All documents for the renewal of the licence have been filed. A current obligation under the Andash Mining licence is that production commences by June 2012. In October 2011 Andash Mining Company applied for a two year extension of the production commencement date to June 2014.

The government commission handling the exploration licence renewal and the application for the extension of the production commencement date under the current mining licence was disbanded in 2011. The Kyrgyz government established new regulations for the governing and issuance of licences in 2012 and a new commission was established under these new regulations and is working through the backlog of licence renewal applications.

On 18[th] April 2012 in a letter to the Parliamentary Committee on Economic Development, the Kyrgyz Government called for the Parliamentary Decree 8092-V dated 24[th] June 2011 to be amended to remove the requirement to revoke permits and cancel land use permits, while requiring that an independent international environmental review of the project be conducted.

On the 16[th] July 2012 a Russian independent environmental auditing partnership EMAS, commenced an environmental review of the impact of developing Andash copper-gold project. The process will take three months to complete. Subsequently, on the 22[nd] August 2012 the Kyrgyz government formed an InterDepartmental Commission that will work with EMAS to resolve the issue of expediency of development of the Andash copper-gold deposit.

With the establishment of the Inter-Departmental Commission, the appointment of international environmental experts and formation of the new commission to work through the licence renewal applications the directors are confident that progress will be made to further advance the Andash Gold project in the coming months.

The directors have considered a detailed risk assessment of the project’s likely development at the half year end, considering the developments in the last six months, and are confident that the project is still very likely to proceed. Therefore, no impairment losses have been recognised at 30[th] June 2012.

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KENTOR GOLD LIMITED AND ITS SUBSIDIARIES ABN 52 082 658 080

Notes to the financial statements for the half-year ended 30 June 2012

Note 2. Segment Information

Description of Segments

Operating segments have been determined based on reports reviewed by the chief operating decision makers being the executive directors. This has resulted in the recognition of the following reportable segments:

– Development Projects Kyrgyz Republic

This segment consists of projects that are in the process of being developed. The Andash mining project was the only project in this reportable segment for the half year to 30 June 2012.

Development Projects – Australia

This segment consists of projects that are in the process of being developed. The Murchison project was the only project in this reportable segment for the half year to 30 June 2012.

- Exploration Projects Kyrgyz Republic

This segment consists of projects in the Kyrgyz Republic that are still in the exploration and evaluation phase.

Exploration Projects - Australia

This segment consists of projects in Australia that are still in the exploration and evaluation phase.

Information Provided to the Executive Directors

Segment information provided to the executive directors for the half year to 30 June 2012 is as follows:

	Development	Exploration	Development	Exploration	Total
Half-year ended 30 Jun 2012	Projects - Kyrgyz	Projects - Kyrgyz	Projects - Australia	Projects - Australia
	Republic	Republic
	$	$	$	$	$
Segment Revenue
Total segment revenue	-	21	-	-	21
Segment Result
Net profit/(loss) for the period	-	(132,947)	-	(247,226)	(380,173)
Assets
Segment assets	44,289,622	905,856	12,120,650	20,560,151	77,876,279

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KENTOR GOLD LIMITED AND ITS SUBSIDIARIES ABN 52 082 658 080

Notes to the financial statements for the half-year ended 30 June 2012

Note 2. Segment Information (cont’d)

Half-year ended 30 Jun 2011	Development Projects - Kyrgyz Republic	Exploration Projects - Kyrgyz Republic	Development Projects - Australia	Exploration Projects - Australia	Total
	$	$	$	$	$
Segment Revenue
Total segment revenue	208	1,158	-	33,156	34,522
Segment Result
Net profit/(loss) for the period	208	(7,649)	-	25,540	18,099
Assets
(31 December 2011)
Segment assets	44,805,853	957,983	7,417,142	13,865,960	67,046,938

Other Segment Information

Segment asset amounts provided to the executive directors are measured in the same way that they are measured in the financial statements. Assets are allocated based on the operations of the segment and the physical location of the assets. Segment result reconciles to total loss for the period as follows:

Segment result Interest revenue Other income Corporate expenses Exploration impairment expense Net loss for the half year per statement of comprehensive income Note 3. Inventories At Cost Raw materials and stores	Half-year ended 30 Jun 2012 Half-year ended 30 Jun 2011 $ $ (380,173) 18,099 134,700 803,868 286,613 11,758 (3,249,298) (1,730,209) - (37,065) (3,208,158) (933,549) 30 Jun 2012 31 Dec 2011 $ $ 693,604 386,189

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KENTOR GOLD LIMITED AND ITS SUBSIDIARIES ABN 52 082 658 080

Notes to the financial statements for the half-year ended 30 June 2012

Note 4. Property, plant and equipment At the start of the half year, net of accumulated depreciation Additions Transfers from exploration () Transfers between classes of assets Acquisitions through asset purchase () Disposals Reclassification from hedge reserve Effect of movement in exchange rates Depreciation At the end of the half year, net of accumulated depreciation* Cost Accumulated depreciation Net carrying amount	Consolidated Plant & Equipment 30 Jun 2012 Mine Development 30 Jun 2012 Total property plant and equipment 30 Jun 2012 Plant & Equipment 31 Dec 2011 Mine Development 31 Dec 2011 Total property plant and equipment 31 Dec 2011 $ $ $ $ $ $ 9,765,134 30,998,093 40,763,227 9,433,572 27,701,477 37,135,049 13,500,854 5,206,641 18,707,496 210,645 3,217,262 3,427,907 - - - - 93,986 93,986 - - - 146,792 (146,792) - - - - 1,086 - 1,086 (8,358) - (8,358) - - - - - - - 117,670 117,670 (64,322) (85,231) (149,553) 43,255 14,490 57,745 (103,514) - (103,514) (70,216) - (70,216)
	23,089,794 36,119,502 59,209,298 9,765,134 30,998,093 40,763,227
	23,552,058 36,119,502 59,671,562 10,157,025 30,998,093 41,155,118 (462,264) - (462,264) (391,891) - (391,891)
	23,089,794 36,119,502 59,209,298 9,765,134 30,998,093 40,763,227

(*) In the prior period, exploration and evaluation assets of $93,986 relating to the Andash Mining project were transferred from exploration and evaluation assets to mine development.

(**) In the prior period, Kentor Gold Limited acquired property, plant and equipment though the acquisition of Jinka Minerals Limited on the 27 April 2011, totalling $3,570,711 for the full year.

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KENTOR GOLD LIMITED AND ITS SUBSIDIARIES ABN 52 082 658 080

Notes to the financial statements for the half-year ended 30 June 2012

Note 5. Exploration and evaluation assets Deferred exploration and evaluation assets Deferred exploration and evaluation assets Balance at beginning of the half year Effect of movement in exchange rate Current period expenditure Transfers to mine development (*) Disposals Adjustment to acquisition through asset purchases Impairment of area of interest Balance at end of the half year	Consolidated 30 Jun 2012 31 Dec 2011 $ $ 31,037,816 24,367,065 24,367,065 18,302,598 (13,083) 63,867 6,685,474 6,441,832 - (93,686) (1,640) (213,297) - (134,111) - (139)
	31,037,816 24,367,065

• (*) In the prior period, exploration and evaluation assets of $93,686 relating to the Andash Mining project were transferred from exploration and evaluation assets to mine development.

Ultimate recovery of the exploration and evaluation assets is dependent upon successful development and commercial exploitation, or alternatively, sale of the respective areas of interest.

Note 6. Trade and other payables Unsecured trade payables Employee benefits	Consolidated 30 Jun 2012 31 Dec 2011 $ $ 7,245,995 3,252,929 428,892 216,783
	7,674,887 3,469,712

(i) Trade payables are non-interest bearing and are usually settled on 30 day terms.

(ii) Contractual cashflows from trade and other payables approximate their carrying value.

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KENTOR GOLD LIMITED AND ITS SUBSIDIARIES ABN 52 082 658 080

Notes to the financial statements for the half-year ended 30 June 2012

Note 7. Contributed equity

Note 7. Contributed equity
(a) Issued and paid up capital Ordinary shares fully paid (b) Movements in shares on issue Details Beginning of the half year Movements during the half year Share consolidation in the ratio of 1:10 on 10 February 2012 Refund of GST on prior year share issue costs Costs of share issues in prior year Closing balance	30 Jun 2012 31 Dec 2011 Number Number 106,209,8741,062,092,950 30 Jun 2012 31 Dec 2011 Number of Shares issued Issued capital $ Number of Shares issued Issued capital $ 1,062,092,950 122,404,504 1,062,092,950 122,053,434 (955,883,076) - - - - - - 349,348 - - - 1,722
	106,209,874 122,404,504 1,062,092,950 122,404,504

(c) Terms and conditions of issued capital

Ordinary shares

Ordinary shares have the right to receive dividends as declared and, in the event of winding up of the Company, to participate in the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on shares held. Ordinary shares entitle their holder to one vote, either in person or by proxy, at a meeting of the Company.

Ordinary shares have no par value and the Company does not have a limited amount of authorised capital.

(d) Share options

Options over ordinary shares

At the end of the half year, there were 5,781,769 (31 December 2011: 2,736,923 – adjusted for share consolidation) unissued ordinary shares in respect of which the following options were outstanding:

Expiry date/Duration Unlisted options 16 Dec 2012 Total unlisted options Unlisted employee options 30 days after ceasing employment 30 days after ceasing employment 30 days after ceasing employment 30 days after ceasing employment 30 days after ceasing employment 30 days after ceasing employment Earlier of 11 Sept 2014 or 30 days after ceasing employment Earlier of 11 Sept 2014 or 30 days after ceasing employment Earlier of 04 June 2015 or 30 days after ceasing employment Earlier of 04 June 2015 or 30 days after ceasing employment Earlier of 04 June 2015 or 30 days after ceasing employment Earlier of 04 June 2015 or 30 days after ceasing employment Earlier of 30 May 2016 or 30 days after ceasing employment Earlier of 30 May 2016 or 30 days after ceasing employment Earlier of 31 May 2016 or 30 days after ceasing employment Earlier of 31 May 2016 or 30 days after ceasing employment Earlier of 31 May 2016 or 30 days after ceasing employment

Number Exercise price $ 1,076,927 1.433 1,076,927 30,000 6.058 30,000 7.308 30,000 8.558 100,000 1.808 95,000 2.308 95,000 2.808 150,000 1.176 350,000 1.449 50,000 1.688 50,000 1.378 50,000 1.408 50,000 1.728 50,000 1.455 50,000 1.746 50,000 2.078 50,000 2.493 100,000 1.218

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KENTOR GOLD LIMITED AND ITS SUBSIDIARIES ABN 52 082 658 080

Notes to the financial statements for the half-year ended 30 June 2012

Note 7. Contributed equity (continued)

(d) Share options (continued)

Expiry date/Duration Earlier of 31 May 2016 or 30 days after ceasing employment Earlier of 01 July 2016 or 30 days after ceasing employment Earlier of 01 July 2016 or 30 days after ceasing employment Earlier of 25 July 2016 or 30 days after ceasing employment Earlier of 25 July 2016 or 30 days after ceasing employment Earlier of 19 July 2016 or 30 days after ceasing employment Earlier of 19 July 2016 or 30 days after ceasing employment Earlier of 01 March 2017 or 30 days after ceasing employment Earlier of 01 March 2017 or 30 days after ceasing employment Earlier of 16 February 2017 or 30 days after ceasing employment Earlier of 16 February 2017 or 30 days after ceasing employment Earlier of 01 March 2017 or 30 days after ceasing employment Earlier of 01 March 2017 or 30 days after ceasing employment Earlier of 01 February 2015 or 30 days after ceasing employment Earlier of 28 May 2017 or 30 days after ceasing employment Earlier of 28 May 2017 or 30 days after ceasing employment Earlier of 28 May 2017 or 30 days after ceasing employment Earlier of 28 May 2017 or 30 days after ceasing employment Earlier of 28 May 2017 or 30 days after ceasing employment Earlier of 28 May 2017 or 30 days after ceasing employment Earlier of 28 May 2017 or 30 days after ceasing employment Earlier of 28 May 2017 or 30 days after ceasing employment Earlier of 28 May 2017 or 30 days after ceasing employment Earlier of 28 May 2017 or 30 days after ceasing employment Earlier of 28 May 2017 or 30 days after ceasing employment Earlier of 28 May 2017 or 30 days after ceasing employment Earlier of 28 May 2017 or 30 days after ceasing employment Total unlisted employee options Total options granted

Number Exercise price 100,000 1.462 50,000 1.256 50,000 1.507 25,000 1.137 25,000 1.365 25,000 1.1330 25,000 1.3690 12,500 1.5830 12,500 1.8990 25,000 1.5610 25,000 1.8740 12,500 1.5830 12,500 1.8990 24,842 1.5790 500,000 1.0403 500,000 1.0820 500,000 1.1652 500,000 1.0820 100,000 1.0403 100,000 1.0820 100,000 1.1652 100,000 1.0403 100,000 1.0820 100,000 1.1652 100,000 1.0403 100,000 1.0820 100,000 1.1652 4,704,842 5,781,769

Note 8. Share based payments

Share based payment expense recognised during the half year

		Consolidated
30	Jun 2012	31 Dec 2011
	$	$
	236,765	346,147

Employee options

Employee options are either granted at date of commencement or at the discretion of the Board based on a formal review process. 3,074,842 options over unissued shares of the Company were granted to employees during the period and none were forfeited. Information with respect to the number of options granted are as follows:

Balance at beginning of period - consolidation in the ratio of 1:10 on 10 February 2012 - granted - forfeited - exercised Balance at end of period	30 Jun 2012 31 Dec 2011 Number of options Weighted average exercise price Number of options Weighted average exercise price 16,300,000 $0.23 11,800,000 $0.15 (14,670,000) - - - 3,074,842 $1.31 5,500,000 $0.16 - - (1,000,000) $0.20 - - - -
	4,704,842 $1.85 16,300,000 $0.23

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KENTOR GOLD LIMITED AND ITS SUBSIDIARIES ABN 52 082 658 080

Notes to the financial statements for the half-year ended 30 June 2012

Note 8. Share based payments (continued)

Detail regarding options granted during the half year:

No. of options	Grant date	Vesting date	Expiry date	Weighted	Fair value
				average	at grant
				exercise	date
				price
At 30 June 2012				$	$
25,000	9 May 2012	9 May 2012	19 July 2016	1.1330	0.5578
25,000	9 May 2012	9 May 2012	19 July 2016	1.3690	0.5171
12,500	1 March 2012	1 March 2012	1 March 2017	1.5830	0.8670
12,500	1 March 2012	1 March 2012	1 March 2017	1.8990	0.8160
25,000	16 February 2012	16 February 2012	16 February 2017	1.5610	0.5600
25,000	16 February 2012	16 February 2012	16 February 2017	1.8740	0.5160
12,500	1 March 2012	1 March 2012	1 March 2017	1.5830	0.8670
12,500	1 March 2012	1 March 2012	1 March 2017	1.8990	0.8160
24,842	1 February 2012	1 February 2012	1 February 2015	1.5790	0.5150
500,000	28 May 2012	31 Jan 2013	28 May 2017	1.0403	0.4299
500,000	28 May 2012	31 Jan 2013	28 May 2017	1.0820	0.4230
500,000	28 May 2012	31 Jan 2014	28 May 2017	1.1652	0.4099
500,000	28 May 2012	31 Jan 2013	28 May 2017	1.0820	0.4230
100,000	28 May 2012	31 Jan 2013	28 May 2017	1.0403	0.4299
100,000	28 May 2012	31 Jan 2013	28 May 2017	1.0820	0.4230
100,000	28 May 2012	31 Jan 2014	28 May 2017	1.1652	0.4099
100,000	28 May 2012	31 Jan 2013	28 May 2017	1.0403	0.4299
100,000	28 May 2012	31 Jan 2013	28 May 2017	1.0820	0.4230
100,000	28 May 2012	31 Jan 2014	28 May 2017	1.1652	0.4099
100,000	28 May 2012	31 Jan 2013	28 May 2017	1.0403	0.4299
100,000	28 May 2012	31 Jan 2013	28 May 2017	1.0820	0.4230
100,000	28 May 2012	31 Jan 2014	28 May 2017	1.1652	0.4099
At 31 December	2011
1,000,000	31 May 2011	31 May 2011	31 May 2016	0.1218	0.0791
1,000,000	31 May 2011	31 May 2011	31 May 2016	0.1462	0.0750
500,000	31 May 2011	31 May 2011	31 May 2016	0.2078	0.0667
500,000	31 May 2011	31 May 2011	31 May 2016	0.2493	0.0623
500,000	08 Aug 2011	08 Aug 2011	01 Jul 2016	0.1256	0.0533
500,000	08 Aug 2011	08 Aug 2011	01 Jul 2016	0.1507	0.0500
500,000	08 Aug 2011	08 Aug 2011	30 May 2016	0.1455	0.0507
500,000	08 Aug 2011	08 Aug 2011	30 May 2016	0.1746	0.0474
250,000	08 Aug 2011	08 Aug 2011	25 July 2016	0.1137	0.0554
250,000	08 Aug 2011	08 Aug 2011	25 July 2016	0.1365	0.0522

• Options valuations at 31 December 2011 are based on pre-consolidation values.

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KENTOR GOLD LIMITED AND ITS SUBSIDIARIES ABN 52 082 658 080

Notes to the financial statements for the half-year ended 30 June 2012

Note 8. Share based payments (continued)

The fair value of the options were determined using a binomial model. Where relevant, the expected life used in the model has been adjusted based on management’s best estimate for the effects of non-transferability, exercise restrictions and behavioural considerations.

Key inputs used in the calculation of the value of options issued during the half year ended 30 June 2012 are:

Spot price $1.25, $1.09, $0.80, $1.41 Grant date 1 February 2012, 16 February 2012, 28 May 2012, 1 March 2012 Expiry date 1 February 2017, 16 February 2017, 28 May 2017, 1 March 2017 Volatility 70% Risk free rate 3yr and 5yr rates of 2.42% and 2.62%

Expected volatility was determined based on historic volatility adjusted for any expected changes to future volatility based on publicly available information. All options granted during the half year, other than those granted on 28 May 2012, vested on grant date. The vesting dates of the options granted on 28 May 2012 were estimated to be 31 January 2013 and 31 January 2014. Three tranches of options were granted which had vesting conditions attached. Tranche 1 is dependent upon the Murchison project operating at design capacity and having produced 10,000 oz. gold. Tranche 2 and 3 are dependent upon the Andash and Jervois projects, respectively, obtaining all permits, approvals and financing for development of the project and construction having commenced.

Note 9. Commitments

Capital expenditure commitments Not longer than 1 year Between 1 and 5 years Greater than 5 years Operating lease commitments Not longer than 1 year Between 1 and 5 years Greater than 5 years	Consolidated 30 Jun 201231 Dec 2011 $ $ 793,104 5,640,906 2,206,249 2,544,868 5,822,935 6,961,068
	8,822,288 15,146,842
	399,591 264,990 1,089,659 817,850 873,440 -
	2,362,691 1,082,840

Capital Commitments

Capital commitments comprise of tenements ranging from $4,360 to $100,000 per annum with expiry terms of between 1 to 19 years.

Operating lease commitments

Operating lease commitments comprise leases over a rail siding storage facility and office space in the Kyrgyz Republic, the corporate office operating lease rental in Brisbane Australia, and the office space in Perth Australia. The annual rental commitments on these leases range from $13,686 to $154,560 per annum with expiry terms of between 1 month to 5 years.

Note 10. Contingent liabilities and assets

There have been no material changes to contingent liabilities and assets since the 31 December 2011 financial report.

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KENTOR GOLD LIMITED AND ITS SUBSIDIARIES ABN 52 082 658 080

Notes to the financial statements for the half-year ended 30 June 2012

Note 11. Events subsequent to reporting date

On the 17 July 2012 Kentor announced a 5 for 17 non-renounceable Rights Issue offering 34,179,375 ordinary shares at $0.60 per new share fully paid share intending to raise $20,507,625. At 22 August 2012 15,497,356 new shares we placed raising $9,298,413. In addition KMP Investments agreed to underwrite a further 8,333,333 shares at $0.60 raising $5,000,000.

On the 23 July 2012 Kentor placed 10,000,000 new fully paid ordinary shares with sophisticated and institutional investors at $0.62 raising $6,200,000.

In August 2012 Kentor agreed to sell one 6MW Ball Mill back to Outotec Pty Limited and to cancel subsequent commitments on the second 6MW Ball Mill, refunding the deposit paid. Total proceeds anticipated are €4,503,980.

Note 12. Subsidiaries

The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries.

• (i) Details of investment in foreign controlled entities are:

	Country of	30 Jun 2012	31 Dec 2011
Name	Incorporation	% Held	%Held
CJSC Kentor	Kyrgyz Republic	80	80
Kaldora Limited BVI Company	British Virgin Islands	100	100
Tatianna Limited BVI Company	British Virgin Islands	100	100
Andash Mining Company LLC	Kyrgyz Republic	80*	80
Kentor Gold Kazakhstan LLP	Kazakhstan	100	100

• Kentor owns 100% of Andash Mining Company. Kentor does not have the right to exercise control over 20% of this interest which has been offered to the Kyrgyz Government.

• (ii) Details of investment in domestic controlled entities are:

	Country of	30 Jun 201231 Dec 2011	30 Jun 201231 Dec 2011
Name	Incorporation	% Held	% Held
Dunmarra Uranium Ltd	Australia	100	100
Jinka Minerals Ltd	Australia	100	100
Kentor Energy Pty Ltd	Australia	100	100
Kentor Minerals (Aust) Pty Ltd	Australia	100	-
Kentor Minerals (NT) Pty Ltd	Australia	100	-
Kentor Minerals (WA) Pty Ltd	Australia	100	-

During the half year Kentor Gold Limited incorporated Kentor Minerals (Aust) Pty Ltd, Kentor Minerals (NT) Pty Ltd and Kentor Minerals (WA) Pty Ltd to support the assets acquired from Jinka Minerals in Western Australian and the Northern Territory.

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KENTOR GOLD LIMITED AND ITS SUBSIDIARIES ABN 52 082 658 080

Directors’ Declaration

The directors of the company declare that in their opinion:

1. The financial statements, comprising the Statement of Comprehensive Income, Statement of Financial Position, Statement of Cash Flows, Statement of Changes in Equity and accompanying notes, are in accordance with the Corporations Act 2001 and:

2. a) Comply with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001; and

3. b) Give a true and fair view of the consolidated entity's financial position as at 30 June 2012 and of its performance for the half-year ended on that date.

4. There are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the Board of Directors and is signed for and on behalf of the directors by:

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WHJ BARR AM Chairman

Brisbane 13 September 2012

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Tel: +61 7 3237 5999 Level 18, 300 Queen St Fax: +61 7 3221 9227 Brisbane QLD 4000, www.bdo.com.au GPO Box 457 Brisbane QLD 4001 Australia

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INDEPENDENT AUDITOR’S REVIEW REPORT

To the members of Kentor Gold Limited

We have reviewed the accompanying half-year financial report of Kentor Gold Limited, which comprises the statement of financial position as at 30 June 2012, and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the half-year ended on that date, notes comprising a summary of significant accounting policies and other explanatory information, and the directors’ declaration of the consolidated entity comprising the disclosing entity and the entities it controlled at the half-year’s end or from time to time during the half-year.

Directors’ Responsibility for the Half-Year Financial Report

The directors of the disclosing entity are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that is free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity , in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the consolidated entity’s financial position as at 30 June 2012 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 . As the auditor of Kentor Gold Limited, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation (other than for the acts or omissions of financial services licensees) in each State or Territory other than Tasmania.

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Independence

In conducting our review, we have complied with the independence requirements of the Corporations Act 2001 . We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of Kentor Gold Limited, would be in the same terms if given to the directors as at the time of this auditor’s review report.

Conclusion

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of Kentor Gold Limited is not in accordance with the Corporations Act 2001 including:

• A. giving a true and fair view of the consolidated entity’s financial position as at 30 June 2012 and of its performance for the half-year ended on that date; and

• B. complying with Accounting Standard AASB 134 Interim Financial Reporting and Corporations Regulations 2001 .

Emphasis of Matter

We draw attention to the disclosure in Note 1 to the financial statements regarding “Consideration of asset impairment for Andash mining project”. The matters raised in this note are of such importance that they are fundamental to the users’ understanding of the financial report. Our conclusion is not qualified in respect of these matters.

BDO Audit Pty Ltd

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A J Whyte

Director

Brisbane: 13 September 2012

BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation (other than for the acts or omissions of financial services licensees) in each State or Territory other than Tasmania.

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