Nova Minerals Ltd — Interim / Quarterly Report 2011

Apr 28, 2011

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Quantum Resources Limited ABN 84 006 690 348

29 April 2011

Manager Companies Australian Securities Exchange Level 6, 20 Bridge Street Sydney NSW 2000

By E-Lodgement

REPORT FOR THE QUARTER ENDED 31[ST ] MARCH 2010

Quantum Resources Limited ABN 84 006 690 348

Level 8 580 St Kilda Road Melbourne, VIC, 3004

PO Box 6315 St Kilda Road Central Melbourne, VIC, 8008

OVERVIEW

 Gardner Range Project

o 2010 exploration program identified anomalous multicommodity mineralization o Specific targets selected for detailed exploration in 2011 o Work Program Meeting scheduled for 5[th] May

Telephone: +61 3 8532 2840

 Ware Range Project

www.qur.com.au

Directors

Mr Joseph Gutnick Chairman / Managing Director

Dr David S Tyrwhitt Non-Executive Director

Mr Craig Michael Director / Executive General Manager

o AAPA Certificate expected to be received during May o Drilling of calcrete deposit planned for June

 Telfer Project

o Application now being assessed by Western Desert Lands Aboriginal Corporation to negotiate and prepare Heritage Agreement

Senior Management

Mr Peter Lee CFO & Company Secretary

Quantum Resources Limited, March 2011 Quarterly Report

Page 1

REGIONAL EXPLORATION

Gardner Range (Quantum 100%)

During September to November 2010, three periods of exploration activity were undertaken at the Gardner Range Project, south east of Halls Creek, Western Australia (Figure 1). This work comprised RadonX surveys, MMI sample lines, rock chip sampling, stream gravel sampling and mapping. The sampling program was a first pass reconnaissance style program undertaken by Quantum to identify areas for more focussed exploration in 2011.

Results were reported in the December 2010 Quarterly ASX Report. Sample results plus a review of geophysical data and aerial photo-geological mapping work has highlighted a number of areas warranting follow-up for uranium and rare earth mineralisation, with some potential for gold and base metals.

During 2011, planned work will build on the 2010 results and includes additional MMI plus conventional soil geochemical sampling, rock chip sampling and a greater emphasis on geological mapping in order to define hosting stratigraphy. A more regional program of stream gravel sampling has been proposed which produces heavy mineral concentrates that can be assayed for REE and uranium indicator minerals.

A summary of planned sampling is shown on Figure 2. The 2011 field program is planned to commence following a Work Program Meeting, currently scheduled for early May, and receipt of written approval from the Kimberley Land Council.

Area 1

Work during 2010 in this area comprised rock chip sampling and MMI sampling to follow-up work undertaken by BHP/CER in the 1980’s. Historical sampling in this area had outlined a zone of interest that returned high uranium and REE values from shallow pits. The 2010 program located these pits and sampling returned elevated uranium (>50ppm) and REE. Two rock chip samples also returned gold values >50ppb. The 2010 program confirmed and validated the presence of mineralisation providing encouragement to undertake further exploration to determine the hosting stratigraphy and style of mineralisation present and potential economics of any identified deposit. Proposed drill testing of mineralisation has been postponed until targets have been more accurately defined in particular the REE mineralisation.

MMI samples collected during the 2010 program over a coincident magnetic and radiometric anomaly reported base metal response ratios (including Fe, Ni, Cu) up to 9 times background over the anomaly and elevated uranium and REE’s near the margins of the anomaly. Further work here will involve detailed spectrometer surveying and field geological mapping, and the collection of rock chip and conventional soil geochemical samples.

Area 2

The 2010 MMI sampling program returned gold response ratios up to 400 times background. This sampling was reconnaissance only and no detailed geological information was obtained to assist with the interpretation of the results. Further infill MMI sampling and detailed geological mapping is planned to follow-up this potentially exciting result. In addition several stream gravel samples will be collected to test for the presence of alluvial gold particles.

Area 3

Reconnaissance MMI sampling in 2010 targeted a WNW trending structure that hosts a uranium occurrence off-tenement to the east. A photo-feature reported coincident elevated response ratios for Ce, La, Y, Ni, Pb and Mg. Several additional sampling lines reported anomalous response ratios and infill MMI sampling is planned along with more detailed

Quantum Resources Limited, March 2011 Quarterly Report

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spectrometer surveying, geological mapping and rock chip sampling to identify mineralised zones. The Company also intends to complete the 2010 program which was terminated due to unseasonal weather.

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Figure 1. Gardner and Ware Range Project Location

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Figure 2. Planned Sampling Locations

Quantum Resources Limited, March 2011 Quarterly Report

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Work Program Meeting

The licences are subject to a Heritage Agreement, which includes the requirement of Work Program Meetings and written approval by the KLC prior to undertaking any field activities. The KLC have advised that a Work Program Clearance Meeting is scheduled for the first week of May. During this meeting Quantum will be given the opportunity to present the 2011 field programs to the Traditional Owners. If the Traditional Owners consider a Heritage Clearance Survey is necessary then this will be scheduled by the KLC and completed prior to exploration being permitted.

Ware Range (Quantum 100%)

The Ware Range project is located approximately 200km northeast of Gardner Range (Figure 1). The Company intends to drill test a mapped calcrete deposit (Figure 3) as it represents an attractive uranium target with well known examples in WA (eg Yeelirrie, Lake Maitland) and Namibia (Langer-Heindrich) highlighting the potential for this style of mineralisation. A RadonX[TM] survey completed within the drainage in September 2009 defined several anomalous responses that the Company also intends to drill test. In addition to the drilling a program of reconnaissance geological mapping, spectrometer surveying and MMI soil sampling will be undertaken over several identified geophysical (airborne radiometric) features.

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Figure 3. Ware Range calcrete deposit

AAPA Certificate

In November 2010 the Company applied for an Aboriginal Areas Protection Authority (AAPA) Certificate under the Native Title Act. During April the AAPA advised the field survey component is complete and the Certificate is likely to be issued by the end of the month or

Quantum Resources Limited, March 2011 Quarterly Report

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early May. A Mining Management Plan for the drilling has already been approved by the NT Department of Resources.

The Company intends to undertake the drilling program upon receipt of the AAPA certificate and engagement of a suitable drilling contractor.

Officer Hill Joint Venture

Newmont Australia have joint ventured into Exploration Licence EL23150, which is located 34 kilometres southwest of The Callie gold mine, also owned by Newmont. Previous explorers located sporadic mineralization from drilling such 4 metres @ 4.64g/t, numerous short intervals of 1-4g/t, and several wide intercepts of 0.1-1g/t. The prospect is considered to have excellent potential to host steeply plunging shoots such as those at the Tanami Gold Mine. An apparent fold closure to the east offers the possibility of discovery of Callie-style mineralization at depth. This licence, located on Aboriginal Land, is currently under application hence no work has been undertaken.

Telfer Project

The Company holds a single Exploration Licence Application E45/2401 located six kilometres to the northeast of the Newcrest Mining Ltd Telfer gold mine (Figure 4). The Telfer gold mine is host to one of Australia's largest gold deposits with a reported ore reserve of 18.0 million ounces of gold and 0.685 million tonnes of copper within a mineral resource of approximately 27 million ounces gold.

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Previous drilling within the tenement has identified gold mineralisation at the Chicken Ranch Prospect, which include results of 6 metres @ 15.8 g/t gold. A brief evaluation of the drilling data has demonstrated that the mineralisation is discontinuous along a strike length greater than 300m and appears to be limited to 50m depth. The Company intends to undertake further wide spread deeper drilling to test the depth of continuity.

Heritage Agreement

A Heritage Agreement is required prior to the licence being granted and the Company has been advised by the Western Desert Lands Aboriginal Corporation (WDLAC) that it’s application is currently being assessed. Once the agreement is finalised the licence application can proceed to grant under the Mining Act.

Figure 4. Telfer project location

Quantum Resources Limited, March 2011 Quarterly Report

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The technical information in this report has been reviewed and approved by Dr D S Tyrwhitt who is a Fellow of the Australasian Institute of Mining and Metallurgy and has 50 years experience in the industry and has more than 5 years experience which is relevant to the style of mineralisation being reported upon to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Dr Tyrwhitt consents to the inclusion in the report of the matters based on the information in the form and context to which it appears. Attached is a copy of the Company’s Mining Exploration Entity Quarterly Report in accordance with Listing Rule 5.3.

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J I GUTNICK Chairman & Managing Director 29 April 2011.

Quantum Resources Limited, March 2011 Quarterly Report

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Appendix 5B Mining exploration entity quarterly report

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10

Name of entity

QUANTUM RESOURCES LIMITED

ABN 84 006 690 348

Quarter ended (“current quarter”) 31 MARCH 2011

Consolidated statement of cash flows

Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration & 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 (GST credits) Net Operating Cash Flows	Current quarter $A’000	Year to date (9 months) $A’000
	10 (49) ‐ ‐ (12) ‐ ‐ ‐ ‐ 11	10 (508) ‐ ‐ (125) ‐ 2 ‐ ‐ 11
	(40)	(610)
Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects (b) equity investments (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 (Security deposits) Net investing cash flows 1.13 Total operating and investing cash flows (carried forward)	‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 6	‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 6
	6	6
	(34)	(604)

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

Appendix 5B Mining exploration entity quarterly report
1.13 Total operating and investing cash flows (brought forward)	(34)	(604)
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 (provide details if material) Net financing cash flows	‐ ‐ ‐ ‐ ‐ ‐	‐ ‐ ‐ ‐ ‐ ‐
	‐	‐
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	(34) 442 ‐	(604) 1,012 ‐
	408	408

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
		5
		‐
1.25	Explanation necessaryfor an understandingof the transactions
	-

Non‐cash financing and investing activities

2.1 2.2	Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows
	‐
	Details of outlays made by other entities to establish or increase their share in projects in which the reportingentityhas an interest
	‐

Financing facilities available

Add notes as necessary for an understanding of the position.

• See chapter 19 for defined terms.

Appendix 5B Page 2

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Appendix 5B Mining exploration entity quarterly report

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 Development 4.3 Production 4.4 Administration	$A’000
	120
	‐
	‐
	50
Total	170

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)	$A’000	$A’000
to the related items in the accounts is as follows.
5.1 Cash on hand and at bank	408	442
5.2 Deposits at call	‐	‐
5.3 Bank overdraft	‐	‐
5.4 Other (provide details)	‐	‐
Total: cash at end of quarter(item 1.22)	408	442

Changes in interests in mining tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed	Tenement reference	Nature of interest (note (2))	Interest at beginning ofquarter	Interest at end of quarter
	‐	‐	‐	‐

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

6.2 Interests in mining tenements acquired or increased	‐	‐	‐	‐

• See chapter 19 for defined terms.

Appendix 5B Page 4

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Appendix 5B Mining exploration entity quarterly report

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 note3) (cents)	Amount paid up per security (see note3) (cents)
7.1 Preference +securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy‐ backs, redemptions	NIL
7.3 +Ordinary securities 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy‐ backs	814,703,218	814,703,218
	1,162 ‐	1,162 ‐
7.5 +Convertible debt securities (description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted	NIL
7.7 Options (description and conversion factor) 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	32,875,597 68,378,151 7,250,000	32,875,597 68,378,151 ‐	Exercise price $0.09275 $0.04275 $0.06275	Expiry date 30/04/2012 30/11/2012 19/10/2011
	‐
	‐
	‐
7.11 Debentures (totals only)	NIL

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

	7.12 Unsecured notes(totals only)	NIL

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 5).

• 2 This statement does give a true and fair view of the matters disclosed.

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Sign here: ............................................................ Date: 29 APRIL 2011 (Company Secretary)

Print name: PETER LEE

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 .

• 4 The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report.

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

17/12/2010