Nova Minerals Ltd — Interim / Quarterly Report 2013

Mar 6, 2013

Quantum Resources Limited ACN 006 690 348

INTERIM FINANCIAL REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2012

Quantum Resources Limited ACN 006 690 348

Table of Contents

	Page
Chairman’s Report	2
Directors’ Report	4
Auditor’s Independence Declaration	5
Statement of profit or loss and other comprehensive	6
income
Statement of financial position	7
Statement of changes in equity	8
Statement of cash flows	9
Notes to the interim financial statements	10
Directors’ Declaration	13
Independent Auditor’s Review Report	14

1

Quantum Resources Limited ACN 006 690 348

Chairman’s Report

Dear Shareholder

Quantum Resources Limited (ASX: QUR) continues to actively explore for a wide range of commodities including uranium, gold, rare earth elements and base metals. The suite of project tenements covers approximately 900 sq km within Western Australia and the Northern Territory and the current focus is on the Company’s key projects; Gardner Range and Telfer Project.

Gardner Range Update

A multidisciplinary study of all available Gardner Range exploration results has led to a reprioritisation of the Company’s targets in these tenements. Based on this study the Company considers that rare earth elements offer the most potential for being present in economic quantities.

Elevated rare earth element assays from the contact between the Killi Killi Beds and overlying basal conglomerates of the Gardner Sandstone provide evidence for hydrothermal rare earth element mineralisation. The magnitude of total rare earth element contours in the soil samples of the Company’s Gardner Range prospect are of the same order as the main anomaly reported by Northern Minerals at the Browns Range project.

The Company is encouraged by the rare earth element results to date and an exploration program will be designed to define the nature and extent of potential mineralisation.

Gardner Range Background (Quantum 100%)

The Company has collected over 1,000 samples, as summarised in the table below:

Sample Type	Number of
	Samples
Conventional soil geochemical	765
Mobile Metallic Ion (MMI)	115
Stream sediment	84
Rock chip	78

Rock sampling, ground radiometric measurements, MMI and conventional soil sampling was carried out 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.

Elevated rare earth element assays from the contact between the Killi Killi Beds and overlying basal conglomerates of the Gardner Sandstone provide evidence for hydrothermal rare earth element mineralisation. The magnitude of total rare earth element contours in the soil samples of the Company’s Gardner Range prospect are of the same order as the main anomaly reported by Northern Minerals at the Browns Range project.

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

2

Quantum Resources Limited ACN 006 690 348

Chairman’s Report

point of the fluid pathway. Preliminary assessment of grade and occurrence of mineralisation will require a program of drilling.

Orientation stream sediment sampling to define rare earth distribution was completed and it was found that the coarse fraction of the active streams is most effective. This exploration method can be applied over the wider tenement area in streams draining the unconformity to detect additional hydrothermal centres.

Telfer Project

The Company holds a single Exploration Licence E45/2401 located 6km to the northeast of the Newcrest Mining Ltd Telfer gold mine (Figure 3). The Telfer gold mine is host to one of Australia's largest gold deposits with a reported ore reserve of 11.9 million ounces of gold and 0.510 million tonnes of copper within a mineral resource of approximately 18.5 million ounces gold. 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.

Previous drilling within the tenement identified gold mineralisation at the Chicken Ranch Prospect, which include results from hole CR-RC-1 of 7m @ 13.64g/t gold. Evaluation of the historical drilling data has highlighted the fact that the spacing and depth extent of the holes sampled only the shallow, possibly supergene enriched, saprolite.

The Company will now re-evaluate the historical data with a view to defining an appropriate exploration program.

Corporate

The Company is concluding the documentation for a rights issue to raise funds for ongoing working capital purposes. Mailing of the documentation is expected shortly.

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Joseph Gutnick Chairman and Managing Director

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.

3

Quantum Resources Limited ACN 006 690 348

Directors’ Report

The Directors present their report for the half year ended 31 December 2012.

Directors

The Directors of the Company at any time during or since the end of the interim period are:

J I Gutnick Executive Chairman and Managing Director D S Tyrwhitt Non-Executive Director P L Lee Executive Director

Review and Results of Operations

During the half-year to December 2012, the Company has continued with its exploration programs.

As an exploration company, Quantum does not have an ongoing source of revenue. Its revenue stream is normally from ad-hoc tenement disposals, sale of fixed assets and interest received on cash in bank.

The results of operations for the six months ended 31 December 2012 was a loss of $125,328 (2011: $126,141). Exploration expenditure written off during the half year was $31,137 (2011: $13,709) as a result of expenditure incurred on tenements not yet granted being written off in accordance with accounting standards. Costs incurred and written off on tenements in 2012 were the result of the write down of relinquished and non-prospective tenement interests and expenditure incurred. Administration expenses for the six months ended 31 December 2012 were $40,468 (2011: $49,201) and audit fees were $25,165 (2011: $25,500).

At 31 December 2012, the Company had cash at bank of $5,215.

Signed in accordance with a resolution of the Directors:

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Joseph Gutnick Executive Chairman and Managing Director

Dated at Melbourne this 6[th] day of March 2013

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.

4

Tel: +61 3 9603 1700 L evel 14, 140 W illiam St Fax: +61 3 9602 3870 M elbourne VIC 3 000 www.bdo.com.au G PO Box 5099 M elbourne VIC 3001 A ustralia

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DECLARATION OF INDEPENDENCE BY JAMES MOONEY TO THE DIRECTORS OF QUANTUM RESOURCES LIMITED

As lead auditor for t he review of Quantum R esources Li m ited for th e half-year e nded 31 De c ember 2012, I d eclare that to the best of my know l edge and b e lief, there h ave been:

• no c ontraventi o ns of the auditor indep e ndence req u irements o f the Corpo ra tions Act 2001 in rel a tion to the r eview; and

• • no c ontraventi o ns of any a p plicable co d e of profes s ional condu c t in relatio n to the review.

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James M ooney

Partner

BDO East Coast Partnership Melbou r ne, 6 March 2013

BDO Ea s t Coast Partnership ABN 83 236 985 72 6 is a member of a n a tional association o f independent entities which are all memmbers of BDO (Aust r alia) Ltd ABN 77 0 50 110 275, an Aus t ralian company lim i ted by guarantee. B DO East Coast Partnership and BDO (Au s tralia) Ltd are membbers of BDO Interna t ional Ltd, a UK company limited b y guarantee, and f o rm part of the inte r national BDO network of independent m ember firms. Liabiliity limited by a scheme approv e d under Professional Standards Legislation (other than for t h e acts or omissions of financial service s licensees) in each SState or Territory other than Tasman i a.

Quantum Resources Limited ACN 006 690 348

Statement of Profit or Loss and Other Comprehensive Income for the half year ended 31 December 2012

Note Revenue 2 Employee benefits expense Consultancy fees Audit fees Exploration impaired 4 Administration expenses Loss from continuing operations Finance expense Loss before income tax Income tax expense Loss for the period Other comprehensive income for the period, net of income tax Total comprehensive loss for the period Loss attributable to members of Quantum Resources Limited Total comprehensive loss attributable to members of Quantum Resources Limited Basic loss per share (cents per share) Dilutive loss per share (cents per share)	2012 $ 2011 $
	- 358 (28,088) (37,970) (342) - (25,165) (25,500) (31,137) (13,709) (40,468) (49,201)
	(125,200) (126,022)
	(128) (119)
	(125,328) (126,141) - -
	(125,328) (126,141)
	- -
	(125,328) (126,141)
	(125,328) (126,141)
	(125,328) (126,141)
	(0.02) (0.02) (0.02) (0.02)

The accompanying notes form part of these half year financial statements.

6

Quantum Resources Limited ACN 006 690 348

Statement of Financial Position as at 31 December 2012

Note Assets Current assets Cash and cash equivalents Receivables Total current assets Non-current assets Plant and equipment Exploration and evaluation expenditure 4 Total non-current assets Total assets Liabilities Current liabilities Trade and other payables Total current liabilities Total liabilities Net assets Equity Contributed equity Accumulated losses Total Equity	31 December 2012 $ 30 June 2012 $
	5,215 4,584 13,376 13,967
	18,591 18,551
	1,523 1,865 1,275,223 1,281,980
	1,276,746 1,283,845
	1,295,337 1,302,396
	392,765 274,496
	392,765 274,496
	392,765 274,496
	902,572 1,027,900
	56,604,226 56,604,226 (55,701,654) (55,576,326)
	902,572 1,027,900

The accompanying notes form part of these half year financial statements.

7

Quantum Resources Limited ACN 006 690 348

Statement of Change in Equity for the half year ended 31 December 2012

Balance at 1 July 2011 Loss for the period Other comprehensive loss for the period, net of income tax Total comprehensive loss for the period, net of tax Transactions with owners in their capacity as owners: Expiry of options Balance at 31 December 2011 Balance at 1 July 2012 Loss for the period Other comprehensive loss for the period, net of income tax Total comprehensive loss for the period, net of tax Transactions with owners in their capacity as owners: Balance at 31 December 2012	Contributed equity $ Option premium reserve $ Share based payment reserve $ Accumulated losses $ Total equity $
	56,604,226 619,690 94,250 (55,885,853) 1,432,313
	- - - (126,141) (126,141) - - - - -
	- - - (126,141) (126,141) - - - - - - - (94,250) 94,250 -
	56,604,226 619,690 - (55,917,744) 1,306,172
	56,604,226 - - (55,576,326) 1,027,900
	- - - (125,328) (125,328)
	- - - - -
	- - - (125,328) (125,328)
	- - - - -
	56,604,226 - - (55,701,654) 902,572

The accompanying notes form part of these half year financial statements.

8

Quantum Resources Limited

ACN 006 690 348

Statement of Cash Flows for the half year ended 31 December 2012

Cash flows from operating activities Payments to suppliers and employees (inclusive of GST) Interest received Net cash used in operating activities Cash flows from investing activities Payments for exploration expenditure Loans from other entity Net cash from/ (used in) investing activities Net increase/ (decrease) in cash and cash equivalents Cash and cash equivalents at 1 July Cash and cash equivalents at 31 December	2012 $ 2011 $
	(17,930) (78,183) - 9
	(17,930) (78,174)
	(14,439) (243,252)
	33,000 -
	18,561 (243,252)
	631 (321,426) 4,584 372,684
	5,215 51,258

The accompanying notes form part of these half year financial statements.

9

Quantum Resources Limited ACN 006 690 348

Notes to the Interim Financial Statements for the half year ended 31 December 2012

1. Basis of preparation

Quantum Resources Limited (the ‘Company’) is a company domiciled in Australia. These interim financial statements were approved by the Directors on 7 March 2013.

The half year financial report has been prepared in accordance with the requirements of the Corporations Act 2001 and Australian Accounting Standards (AASBs) including AASB 134 Interim Financial Reporting.

Except as described below, these interim financial statements have been prepared by a for profit entity on the basis of accounting policies and methods of computation consistent with those applied in the 30 June 2012 annual financial statements contained within the Annual Report of the Company.

The half year financial report does not include notes of the type normally included in the annual financial report. This half year financial report is to be read in conjunction with the annual report for the year ended 30 June 2012 and any public announcements made during the interim period in accordance with the continuous disclosure requirements of the ASX Listing Rules.

Going concern

The Company has incurred a loss of $125,328 in the half year to 31 December 2012, had net cash operating outflow of $17,930 for the half year ended 31 December 2012 and has working capital of $(374,174) at 31 December 2012. These conditions indicate a material uncertainty that may cast significant doubt about the Company’s ability to continue as a going concern. The half year financial report has been prepared on the basis of going concern which contemplates continuity of normal business activities and the realisation of assets and settlement of liabilities in the ordinary course of business. The Directors believe this basis to be appropriate. In order to continue as a going concern, the Company will be required to raise further capital to meet its commitments. The Directors are satisfied that adequate plans are in place and that the Company will be able to raise sufficient cash for a minimum of 12 months from the date of signature of the half year financial report to the date of signature of the half year financial report for the half year ending 31 December 2013. The Company is concluding the documentation for a rights issue to raise funds for ongoing working capital purposes. Mailing of the documentation is expected shortly. The Directors are also confident of of a successful capital raising due to the success the Company has previously had raising capital and preliminary indications from brokers and investors. Should the Company be unable to continue as a going concern, it may be required to realise its assets and discharge its liabilities other than in the ordinary course of business, and at amounts that differ from those stated in the half year financial statements. These half year financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts or classification of liabilities and appropriate disclosures that may be necessary should the Company be unable to continue as a going concern.

Historical cost convention:

The half-year financial report is prepared in accordance with historical cost, except for some categories of investments and some financial instruments which are recorded at fair value. Cost is the fair value of the consideration given in exchange for net assets acquired.

Critical accounting judgements and key sources of estimation uncertainty:

Management is required to make judgements, estimates, and assumptions about carrying values of assets and liabilities that are not readily apparent from other sources.

10

Quantum Resources Limited ACN 006 690 348

Notes to the Interim Financial Statements for the half year ended 31 December 2012

The Company makes certain estimates and assumptions concerning the future. Estimates and assumptions have been utilised for the impairment testing of exploration assets. Actual results may differ from estimates. By their nature, these estimates incorporate inherent risks as they are based on future events which could have a material impact on the value of assets and liabilities in this financial year.

(a) Change in accounting policy

There are no new and revised Standards and amendments thereof and Interpretations effective for the current reporting period that are relevant for the Company.

2. Revenue

Interest income Total Revenue	31 December 2012 $ 31 December 2011 $
	- 358
	- 358

3. Finance expense

Bank charges Total finance expense Exploration and evaluation expenditure Balance at beginning of period Expenditure incurred during the period Amount written off during the period Carrying amount at end of period	31 December 2012 $ 31 December 2011 $
	(128) (119)
	(128) (119)
	31 December 2012 $ 30 June 2012 $
	1,281,980 1,283,634 24,380 239,039 (31,137) (240,693)
	1,275,223 1,281,980

4. Exploration and evaluation expenditure

5. Segment reporting

Operating segment information is disclosed on the same basis as information used for internal reporting purposes by the board of Directors. At regular intervals, the board is provided with management information for the Company’s cash position, the carrying values of exploration permits and a Company cash forecast for the next twelve months of operation. On this basis, no segment information is included in these financial statements.

11

Quantum Resources Limited ACN 006 690 348

Notes to the Interim Financial Statements for the half year ended 31 December 2012

All operating revenue has been derived in Australia. All exploration and evaluation assets are held in Australia.

6. Contingent liabilities

There is no change to contingent liabilities that the Company has become aware of since 30 June 2012.

7. Subsequent events

There have been no significant events subsequent to the end of the interim reporting period.

12

Quantum Resources Limited ACN 006 690 348

Directors’ Declaration

In the opinion of the Directors of Quantum Resources Limited (the ‘Company’):

1. the financial statements and notes, set out on pages 6 to 12, are in accordance with the Corporations Act 2001, including:

2. (a) giving a true and fair view of the Company’s financial position as at 31 December 2012 and of its performance, for the half year ended on that date; and

3. (b) complying with the Australian Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001; and

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.

Signed in accordance with a resolution of the Directors.

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Joseph Gutnick Executive Chairman and Managing Director

Dated at Melbourne this 6[th] day of March 2013.

13

Tel: +61 3 9603 1700 Level 14, 140 William St Fax: +61 3 9602 3870 Melbourne VIC 3000 www.bdo.com.au GPO Box 5099 Melbourne VIC 3001 Australia

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INDEPENDENT AUDITOR’S REVIEW REPORT

To the members of Quantum Resources Limited

Report on the Half-Year Financial Report

We have reviewed the accompanying half-year financial report of Quantum Resources Limited, which comprises the statement of financial position as at 31 December 2012, and the statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows for the half-year ended on that date, notes comprising a statement of significant accounting policies and other explanatory information, and the directors’ declaration.

Directors’ Responsibility for the Half-Year Financial Report

The directors of the company 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 company’s financial position as at 31 December 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 Quantum Resources 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.

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 Quantum Resources Limited, would be in the same terms if given to the directors as at the time of this auditor’s review report.

BDO East Coast Partnership ABN 83 236 985 726 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 East Coast Partnership 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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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 Quantum Resources Limited is not in accordance with the Corporations Act 2001 including:

• (a) giving a true and fair view of the company’s financial position as at 31 December 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

Without modifying our conclusion, we draw attention to Note 1 "Going Concern" in the financial report, which indicates that the company incurred a net loss of $125,328 for the half year, and had net cash outflows from operating activities of $17,930. These conditions, along with other matters as set forth in Note 1, give rise to a material uncertainty which may cast significant doubt about the ability of the company to continue as a going concern, and therefore the company may be unable to realise its assets and discharge its liabilities in the normal course of business.

BDO East Coast Partnership

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James Mooney Partner

Melbourne, 6 March 2013