Nova Minerals Ltd — Interim / Quarterly Report 2014

Oct 30, 2013

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Quantum Resources Limited ABN 84 006 690 348

31 October 2013

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

By E-Lodgement

REPORT FOR THE QUARTER ENDED 30 September 2013

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

Telephone: +61 3 8532 2840

OVERVIEW

Telfer Project

• Geophysical review completed and integrated with existing database.

• Key findings support the potential for additional discovery.

• Target areas identified for immediate investigation.

Tanami Project

www.qur.com.au

Directors

Mr Joseph Gutnick Chairman / Managing Director

Dr David S Tyrwhitt Non-Executive Director

• The licence was granted during the quarter allowing exploration to commence.

• Newmont Mining is managing the project to earn 75% by spending $500,000 within three years.

Mr Peter Lee Director, CFO & Company Secretary

Senior Management

Mr Mike Kammermann Exploration Manager

Quantum Resources Limited September 2013 Quarterly Report

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Quantum Resources Limited ABN 84 006 690 348

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OVERVIEW

Quantum Resources Limited (“Quantum” or “the Company”) is an Australian explorer with a suite of projects that cover 470 square kilometres in Western Australia and the Northern Territory (Figure 1). The projects are all located on granted titles and are prospective for gold, base metals, rare earths and uranium.

During the quarter work continued on the Telfer Project with the identification of exploration targets for immediate investigation. The Tanami Project exploration licence was granted allowing on-ground exploration to now commence. As part of the joint venture agreement Newmont are required to spend $100,000 in the first year. No field work was completed at the Gardner Range Project.

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FIGURE 1 – Project Location Plan

Quantum Resources Limited September 2013 Quarterly Report

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Quantum Resources Limited ABN 84 006 690 348

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TELFER PROJECT

(Quantum 100%)

The Company’s Telfer Project comprises a single exploration licence in a tightly held area 6km from the Telfer Gold Mine within the world class Paterson Province in Western Australia, which is host to significant deposits of various styles of mineralisation including the Telfer Mine, O’Callaghans tungsten and base metals skarn deposit, the Kintyre uranium deposit and the Nifty copper deposit. The Telfer deposit is one of Australia's largest with a reported Ore Reserve of 11.6 million ounces of gold and 0.66 million tonnes of copper within a Mineral Resource of approximately 20.2 million ounces gold (December 2012). The O’Callaghan’s ore body, 10km south east of Telfer mine, is also owned by Newcrest and hosts significant resources of tungsten, copper, lead and zinc.

Geophysical Review

During the quarter a geophysical review was completed by an external consultant, which involved acquisition and reinterpretation of geophysical and geological data. The findings from this review were integrated with the substantial amount of historical drilling, surface sampling and assay data held in the Company’s database. This dataset represents a valuable resource for the Company and has not yet been fully evaluated.

Key findings so far include;

• Drilling data has clearly demonstrated the presence of a gold mineralising system with results of up to 7m @ 13.64g/t gold.

• 70% of the licence has been inadequately explored possibly due to younger cover sequences limiting the effectiveness of surface geochemical methods.

• 97% of historic drill holes were to less than 100m depth thereby testing only the shallow, possibly supergene enriched saprolite.

• Known mineralisation appears to be spatially associated with disrupted areas of subdued magnetic response, which possibly represent destruction of magnetite due to hydrothermal alteration.

• Other areas with subdued magnetic responses were identified that have not been drilled.

• Structural target identified in under-explored area.

The electromagnetic and magnetic data provided detailed imaging of the interpreted Proterozoic basement and strongly implies the extension of a domal structure, which hosts the 17 Mile hill deposit, into the tenement area. The review identified a new target area associated with the structure and a potential granite intrusion satisfying a number of the important exploration criteria in the Telfer region (Figure 2).

Quantum Resources Limited September 2013 Quarterly Report

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Quantum Resources Limited ABN 84 006 690 348

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FIGURE 2 – Major Features over E45/2401.

Background image is 1VD Bouger Gravity. Gold occurrences denoted by symbol. GDA94.

Potential Target Areas

The target area in Figure 2 is not amenable to surface sampling due to the thick transported overburden. A limited amount of wide-spaced geochemical drilling has been undertaken, which is considered the most effective exploration method applied in such terrain. This method effectively samples the base of the transported overburden and is a proven exploration method having been used to discover the Bronzewing gold deposit in the Western Australian goldfields.

Quantum Resources Limited September 2013 Quarterly Report

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Quantum Resources Limited ABN 84 006 690 348

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Review of the drill hole geochemical assay data and geological logs determined that anomalous gold values in this area are often associated with lateritic residuum at the base of the transported overburden. This is encouraging and represents an opportunity for immediate investigation as these anomalous drill holes were not followed up with either extending the grid or drilling closer spaced holes to test the fresh bedrock. The target areas are also within or at the edge of magnetically subdued areas associated with possible magnetite destruction (Figure 3).

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FIGURE 3 – Potential Target Areas

Background image is RTP 1VD Magnetics. Gold occurrences denoted by symbol. GDA94.

Quantum Resources Limited September 2013 Quarterly Report

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Quantum Resources Limited ABN 84 006 690 348

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Furthermore a substantial portion of the tenement, which the Company considers prospective for gold mineralisation, has not been drilled and represents additional opportunity for discovery. A program of regional geochemical drilling is warranted in these areas to obtain samples at the base of the transported overburden.

GARDNER RANGE

(Quantum 100%)

The Gardner Range project comprises three exploration licences located approximately 130km southeast of Halls Creek, in the Birrindudu Basin region of Western Australia (Figure 1). Prior to the Company’s entry into the area the main recorded exploration was the discovery of uranium and rare earths at the Mt Mansbridge location. Results of 980ppm uranium and 0.16ppm Au and 7% total rare earth elements were reported by BHP with the presence of xenotime noted within veined Killi Killi beds.

The main target model has been an unconformity-style system whereby basement sourced and fracture connected hydrothermal cells delivered metals in solution to the area of the Gardner Sandstone unconformity and flowed through into the sandstone host above the unconformity.

The Company completed airborne and ground geophysical surveys, rock sampling, ground radiometric measurements, MMI and conventional soil sampling to confirm previous findings, increase understanding of the hydrothermal system and to extend the zone of mineralisation where possible. The sample results together with factors such as a measured low zone of electrical conductivity and an enhanced radiometric response confirm the existence of a distinct hydrothermal cell in the Mt Mansbridge area.

One significant exploration implication of the Company’s mineralisation model is that elevated values of light rare earth elements in the Gardner Sandstone may indicate uranium and heavy rare earth elements at depth. This interpretation is suggested by the fact that mineralisation above the basal portion of the Gardner Sandstone records a decline in uranium and heavy rare earth elements with increasing distance from the exit point of the fluid pathway. No field work was completed during the quarter and the Company is continuing with its evaluation of whether to proceed with a program of drilling to conduct a preliminary assessment of grade and occurrence of mineralisation.

TANAMI (OFFICER HILLS JV) PROJECT

(Quantum 100%, Newmont Option to earn up to 75%)

The Officer Hill JV Project is located within the Tanami geological province, which hosts world class orogenic gold deposits including the Granites gold deposits and the operating Callie Gold Mine owned by Newmont Mining (Figure 1). The Company holds a single Exploration Licence located 34 kilometres southwest of the Callie Gold Mine, which at the end of 2012 had 2.2 million ounces of gold reserves. The licence was granted on 29[th] July 2013 for a period of six years.

The project is prospective for gold mineralisation with historical drilling intercepts of 4 metres @ 4.64 g/t, multiple intervals of 1-4 g/t, and several wide intercepts of 0.1-1 g/t.

Quantum Resources Limited September 2013 Quarterly Report

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Quantum Resources Limited ABN 84 006 690 348

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The project is being managed by Newmont under joint venture with the Company. Newmont are earning a 75% interest by spending $500,000 within three years. Under the terms of the agreement Newmont must spend $100,000 within the first 12 months.

Newmont have advised that no field work was completed during the quarter.

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J I GUTNICK Chairman & Managing Director 31 October 2013

The information in this report that relates to exploration results is based on information compiled by Dr DS Tyrwhitt who is a Fellow of the Australasian Institute of Mining and Metallurgy. Dr DS Tyrwhitt is a consulting geologist employed by DS Tyrwhitt & Associates Pty Ltd. Dr DS Tyrwhitt 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.

Quantum Resources Limited September 2013 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”)
84 006 690 348	30 SEPTEMBER 2013

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 (3 months) $A’000
	- (1) - - (30) - - - - 5	- (1) - - (30) - - - - 5
	(26)	(26)
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 from 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)	- - - - - - 26 - -	- - - - - - 26 - -
	26	26
	(0)	(0)

• See chapter 19 for defined terms.

17/12/2010 Appendix 5B Page 1

Appendix 5B Mining exploration entity quarterly report

1.13 Total operating and investing cash flows (brought forward)	(0)	(0)
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	(0) 3 -	(0) 3 -
	3	3

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
		9
		-
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
	-

• See chapter 19 for defined terms.

Appendix 5B Page 2

17/12/2010

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
	120	-
	-	-

Estimated cash outflows for next quarter

4.1 Exploration and evaluation 4.2 Development 4.3 Production 4.4 Administration	$A’000
	67
	-
	-
	40
Total	107

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	3	3
5.2 Deposits at call	-	-
5.3 Bank overdraft	-	-
5.4 Other (provide details)	-	-
Total: cash at end of quarter(item 1.22)	3	3

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
	-	-	-	-
	EL23150	Granted title	64 Bl	64 Bl

• See chapter 19 for defined terms.

17/12/2010 Appendix 5B Page 3

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 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
	- -	- -
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	-	-	-	-
	-	-	-	-
	-	-	-	-
	-	-	-	-
7.11 Debentures (totals only)	NIL
7.12 Unsecured notes(totals only)	NIL

• See chapter 19 for defined terms.

Appendix 5B Page 4

17/12/2010

Appendix 5B Mining exploration entity quarterly report

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: 31 OCTOBER 2013 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.

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• See chapter 19 for defined terms.

17/12/2010 Appendix 5B Page 5