Nova Minerals Ltd — Interim / Quarterly Report 2014

Apr 29, 2014

Quantum Resources Limited ABN 84 006 690 348

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30 April 2014

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

By E-Lodgement

REPORT FOR THE QUARTER ENDED 31 MARCH 2014

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 www.qur.com.au Directors

Mr Joseph Gutnick Chairman / Managing Director

OVERVIEW

Telfer Project

• Magnetic and Electromagnetic targets identified for geochemical drilling program

• Re-evaluation of Chicken Ranch prospect to commence

Tanami Project (Officer Hill)

• Newmont Mining is managing the project to earn 75% by spending $500,000 within three years and $100,000 within Year 1.

• Newmont on track to meet first year commitment.

Dr David S Tyrwhitt Non-Executive Director

Mr Peter Lee Director, CFO & Company Secretary

Senior Management

Mr Mike Kammermann Exploration Manager

Quantum Resources Limited March 2014 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 in Western Australia and the Northern Territory (Figure 1 & Table 1). The projects are all located on granted titles and are prospective for gold, base metals, rare earths and uranium.

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FIGURE 1 – Project Location Plan

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 deposits with a reported Ore Reserve of 6.3 million ounces of gold and 0.295 million tonnes of copper within a Mineral Resource of approximately 15 million ounces of gold (December 2013). 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.

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Quantum Resources Limited ABN 84 006 690 348

Reprocessing and interpretation of historic airborne electromagnetic and magnetic data by an external consultant identified the extension of a dome structure, which hosts the 17 Mile hill deposit, into the tenement area. The consultant identified a new target area associated with the structure and a potential granite intrusion satisfying a number of important exploration criteria in the Telfer region.

A limited amount of wide-spaced geochemical drilling has been undertaken in the target area (see Figure 2). The drill holes are relatively shallow and typically terminated at the base of the transported overburden. Geological logs reveal that anomalous gold values in some holes may be associated with lateritic residuum at the base of the transported overburden and have not been adequately followed up. This is encouraging and represents an opportunity for immediate investigation through either extending the grid or drilling closer spaced holes to test the fresh bedrock.

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Chicken Ranch Prospect
17 Mile Hill
Au ppm
> 50
20 to 50
10 to 20
0 to 10
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FIGURE 2 – Major Features over E45/2401. Background image is 1VD Bouger Gravity. GDA94.

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Quantum Resources Limited ABN 84 006 690 348

Magnetic Target Areas

Further review of the drill hole geochemical assay data identified that maximum down-hole gold values are spatially associated with areas of subdued magnetic response such as Area 1 in Figure 3. The subdued magnetic response possibly represents destruction of magnetite due to hydrothermal alteration, which may be associated with mineralisation. Additional areas with a subdued magnetic response have been identified (eg Area 2 and Area 3), which have not been adequately drilled and are considered valid targets for reconnaissance geochemical drilling.

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Au ppm
> 50
20 to 50
10 to 20
0 to 10
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FIGURE 3 – Historical Drilling over Reduced to Pole Magnetics. Areas of subdued magnetic response defined by pink polygons.

Electromagnetic Target Areas

Historic airborne electromagnetic data (Time Domain Electromagnetic Survey) was reprocessed to produce a number of images. Figure 4 shows the Channel 10 survey data, which highlights the stratigraphy folding around the interpreted dome structure.

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Quantum Resources Limited ABN 84 006 690 348

Maximum down-hole gold values appear to be associated with the northern arm of a conductive zone within the Punta Punta Formation. The southern arm has not been drilled and is considered a valid target for reconnaissance geochemical drilling.

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Au ppm
> 50
20 to 50
10 to 20
0 to 10
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FIGURE 4 – Historical Drilling over Electromagnetics

Background image is Channel 10 TDEM Survey Data. GDA94.

Re-evaluation of Chicken Ranch Prospect

Gold mineralisation at the Chicken Ranch prospect (Figure 2) is associated with deeply oxidised sediments of the Punta Punta Formation and includes mineralised intercepts of up to 7m @ 13 grams per tonne including a maximum of 1m @ 53 grams per tonne. The potential for the Punta Punta Formation to host economic mineralisation is considered high as shown by the Fallows Field deposit southwest of Telfer Mine. The Fallows Field deposit is hosted by Punta Punta Formation and in the 1990’s Newcrest defined a mineral resource and mined approximately 50,000 ounces of gold. Quantum considers a re-evaluation of the potential of the Chicken Ranch prospect to host economic mineralisation is warranted and will endeavour to undertake this during the next quarter.

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Quantum Resources Limited ABN 84 006 690 348

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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 2013 had 3.01 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.

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 advised that no field work was completed during the quarter.

GARDNER RANGE

(Quantum 100%)

The Gardner Range project comprises a single exploration licence 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.

During the quarter the Company surrendered tenements E80/3411 and E80/3412 (see Figure 5). The Company continues to hold the remaining tenement E80/3410, which hosts the Mt Mansbridge mineralisation.

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Quantum Resources Limited

ABN 84 006 690 348

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GDA94
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FIGURE 5 – Gardner Range Project Tenement Status.

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J I GUTNICK Chairman & Managing Director 30 April 2014

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 2012 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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Quantum Resources Limited ABN 84 006 690 348

Table 1. Quantum Resources Limited Tenement Holdings

Tenement	Project	State	% holding start of quarter	% holding end of quarter
E80/3410	Gardner Range	Western Australia	100%	100%
E80/3411*	Gardner Range	Western Australia	100%	100%
E80/3412*	Gardner Range	Western Australia	100%	100%
E45/2401	Telfer	Western Australia	100%	100%
EL23150**	Tanami (Officer Hill)	Northern Territory	100%	100%

• Surrendered 8 January 2014

• ** Farm out of 75% interest

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Quantum Resources Limited ABN 84 006 690 348

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Sampling	 Nature and quality of sampling (eg cut	Exploration results reported in Figures 2, 3 and 4 in the ASX Quarterly Report include the
techniques	channels, random chips, or specific specialised industry standard measurement tools	maximum down-hole gold value only. Sample results were derived from historical data that was obtained from air-core, rotary-air-
	appropriate to the minerals under investigation,	blast, reverse circulation and diamond drill holes.
	such as down hole gamma sondes, or	No further interpretation of data has been undertaken at this time.
	handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.  Include reference to measures taken to ensure	Non-core drill samples comprise either 4m composites or individual 1m samples. Core drill hole sample lengths varied and may include composite intervals or specific intervals based on visual interpretation of core.
	sample representivity and the appropriate
	calibration of any measurement tools or
	systems used.
	 Aspects of the determination of mineralisation
	that are Material to the Public Report.
	 In cases where ‘industry standard’ work has
	been done this would be relatively simple (eg
	‘reverse circulation drilling was used to obtain 1
	m samples from which 3 kg was pulverised to
	produce a 30 g charge for fire assay’). In other
	cases more explanation may be required, such
	as where there is coarse gold that has inherent
	sampling problems. Unusual commodities or
	mineralisation types (eg submarine nodules)
	may warrant disclosure of detailed information.
Drilling	 Drill type (eg core, reverse circulation, open-	Historical drilling techniques used to obtain samples includes air-core, rotary-air-blast,
techniques	hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple	reverse circulation, and diamond core drilling.
	or standard tube, depth of diamond tails, face-

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Quantum Resources Limited ABN 84 006 690 348

Criteria	JORC Code explanation	Commentary
	sampling bit or other type, whether core is
	_oriented and if so, by what method, etc). _
Drill sample	 Method of recording and assessing core and	Figure 2, 3 and 4 in the ASX Quarterly Report include maximum down-hole gold value only.
recovery	chip sample recoveries and results assessed.  Measures taken to maximise sample recovery	Recovery methods and measures taken to maximize recovery have not been assessed at this time as they are not considered material to the results in the way in which they have
	and ensure representative nature of the	been reported.
	samples.	Relationship between sample recovery and gold value has not been assessed at this time
	 Whether a relationship exists between sample	as it is not considered material to the results in the way in which they have been reported.
	recovery and grade and whether sample bias
	may have occurred due to preferential loss/gain
	of fine/coarse material.
Logging	 Whether core and chip samples have been	Geological logs have been captured and partially entered into a database. Numerous
	geologically and geotechnically logged to a	geological codes and code systems have been used. A review of all data is ongoing to
	level of detail to support appropriate Mineral	allow the reclassification of all logs into a useable database with a single set of geological
	Resource estimation, mining studies and	codes.
	metallurgical studies.	Geotechnical logs have not been captured and it is not know whether such logging was
	 Whether logging is qualitative or quantitative in	undertaken.
	nature. Core (or costean, channel, etc)	A Mineral Resource has not been estimated.
	photography.
	 The total length and percentage of the relevant
	intersections logged.
Sub-	 If core, whether cut or sawn and whether	Not assessed at this time as they are not considered material to the results in the way in
sampling techniques and sample preparation	quarter, half or all core taken.  If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.  For all sample types, the nature, quality and	which they have been reported.
	appropriateness of the sample preparation
	technique.
	 Quality control procedures adopted for all sub-
	sampling stages to maximise representivity of
	samples.
	 Measures taken to ensure that the sampling is

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Quantum Resources Limited ABN 84 006 690 348

Criteria	JORC Code explanation	Commentary
	representative of the in situ material collected,
	including for instance results for field
	duplicate/second-half sampling.
	 Whether sample sizes are appropriate to the
	grain size of the material being sampled.
Quality of	 The nature, quality and appropriateness of the	A number of reputable laboratories were used to assay drill samples including Genalysis,
assay data and laboratory tests	assaying and laboratory procedures used and whether the technique is considered partial or total.  For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in	Ultra Trace and Amdel. Assay techniques used were industry standard methods for gold assay and included appropriate duplicates and blanks. A detailed assessment of QA/QC procedures has not been undertaken at this time as they are not considered material to the results in the way in which they have been reported.
	determining the analysis including instrument
	make and model, reading times, calibrations
	factors applied and their derivation, etc.
	 Nature of quality control procedures adopted
	(eg standards, blanks, duplicates, external
	laboratory checks) and whether acceptable
	levels of accuracy (ie lack of bias) and
	precision have been established.
Verification	 The verification of significant intersections by	Data was obtained from the Western Australian Department of Mines Western Australian
of sampling and assaying	either independent or alternative company personnel.  The use of twinned holes.  Documentation of primary data, data entry	Mineral Exploration Index (WAMEX) system. Diamond drill holes were completed to investigate anomalous results from air-core and reverse circulation drill holes but are not considered twinned holes. The data was acquired in electronic format and also transcribed from pdf (or similar) format.
	procedures, data verification, data storage	Compiled data has been validated using Micromine software.
	(physical and electronic) protocols.	Data includes maximum gold value for each drill hole only.
	 Discuss any adjustment to assay data.	Significant intersections have been checked against original reports by the Exploration
		Manager.
Location of	 Accuracy and quality of surveys used to locate	The accuracy of drill hole collars including topographic control has not been assessed at
data points	drill holes (collar and down-hole surveys), trenches, mine workings and other locations	this time as it is not considered material to the results in the way in which they have been reported.
	used in Mineral Resource estimation.	Data has been converted to GDA94 Zone 51.
	 Specification of the grid system used.

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Quantum Resources Limited ABN 84 006 690 348

Criteria	JORC Code explanation	Commentary
	 Quality and adequacy of topographic control.
Data	 Data spacing for reporting of Exploration	A mineral resource has not been estimated hence data spacing is not relevant.
spacing and distribution	Results.  Whether the data spacing and distribution is sufficient to establish the degree of geological
	and grade continuity appropriate for the Mineral
	Resource and Ore Reserve estimation
	procedure(s) and classifications applied.
	 Whether sample compositing has been applied.
Orientation	 Whether the orientation of sampling achieves	Not assessed at this time as it is not considered material to the results in the way in which
of data in relation to geological	unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.  If the relationship between the drilling	they have been reported. It is not known whether such an assessment will identify sampling bias.
structure	orientation and the orientation of key
	mineralised structures is considered to have
	introduced a sampling bias, this should be
	assessed and reported if material.
Sample	 The measures taken to ensure sample security.	Not assessed at this time as it is not considered material to the results in the way in which
security		they have been reported.
Audits or	 The results of any audits or reviews of sampling	No audits have been completed at this time as they are not considered material to the
reviews	techniques and data.	results in the way in which they have been reported.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral	 Type, reference name/number, location and	Quantum Resources Limited is the 100% holder of exploration licence E45/2401.
tenement	ownership including agreements or material	The licence was granted on 19thDecember 2012 for a period of 5 years.
	issues with thirdparties such asjoint ventures,

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Quantum Resources Limited ABN 84 006 690 348

Criteria JORC Code explanation	Commentary	Commentary	Commentary	Commentary	Commentary	Commentary	Commentary
and land tenure status partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.  The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	Quantum signed a Native Title Agreement with the traditional owners of the land.
Exploration done by other parties  Acknowledgment and appraisal of exploration by other parties.	Data reported in Figures 2, 3 and 4 in the ASX Quarterly Report was obtained from the Western Australian Department of Mines Western Australian Mineral Exploration Index (WAMEX) system. All data is historical having been generated by a number of companies.
Geology  Deposit type, geological setting and style of mineralisation.	The Project is located within the Proterozoic Paterson Province and underlain by the moderately deformed sedimentary rocks of the Neoproterozoic Lamil Group, the upper part of the Yeneena Supergroup. The Yeneena Supergroup is intruded by both granitoids (O’Callaghans suite and Mt Crofton suite) and mafic rocks in the Telfer Area. The Puntapunta Formation and Wilki Quartzite dominate the geology of the tenement. The Puntapunta Formation comprised sequence of moderate to steeply dipping siltstone, carbonate siltstone, dolomite and subordinate fine-grained sandstone. Drilling intercepted a deeply oxidised package of predominantly argillaceous rocks manifesting as saprolitic clays. Mineralisation is directly associated with zones containing quartz veining and goethitic alteration after oxidised sulphide zones with influence by supergene processes.
Drill hole Information  A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length.	Historic reports indicated that significant drill intercepts were not continuous between drill holes and that economic mineralization was not defined. Quantum has not yet undertaken a detailed assessment of gold mineralization using 3D software hence it is not known which drill holes may be considered Material. Selected historical drill hole intersections with maximum down-hole gold value >5,000 ppb include: Hole_id Sample_id From To East_GDA9 4 North_GDA94 Au1-ppb YRB4053 1126207 25 29 424055 7612518 280000 YRB4055 1126273 85 89 423995 7612437 185000
	Hole_id	Sample_id	From	To	East_GDA9 4	North_GDA94	Au1-ppb
	YRB4053	1126207	25	29	424055	7612518	280000
	YRB4055	1126273	85	89	423995	7612437	185000

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Criteria JORC Code explanation	Commentary	Commentary
 If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	YRB4054	1126245	74	78	424025	7612478	64000
	YRB4053	1126224	89	93	424055	7612518	54000
	CR046	QA2952	24	25	424048	7612170	52000
	YRB4055	1126268	65	69	423995	7612437	42000
	YRB4053	1126206	21	25	424055	7612518	40000
	CRRC001	QA55072	71	72	424063	7612168	39000
	YRB4054	1126248	86	90	424025	7612478	39000
	CRB390	TD1595	29	30	424073	7612034	30600
	CRRC012	TF00544	23	24	424040	7612147	26690
	YRB2423	893556	85	86	424694	7611857	26300
	CR012	QA40024	6	7	424038	7612158	26000
	CR228	QA67110	29	30	424264	7612038	22500
	CR095	QA57025	43	44	424223	7612068	22000
	CRRC001	QA47812	69	73	424063	7612168	22000
	CRRC001	QA55076	72	73	424063	7612168	22000
	YRB4052	1126183	29	33	424085	7612559	22000
	CRB390	TD1596	30	31	424073	7612034	21700
	YRB1023	893134	71	72	424103	7612075	20400
	CRRC019	TF01770	26	27	424034	7612150	19600
	CR228	QA67111	30	31	424264	7612038	18500
	YRB4054	1126246	78	82	424025	7612478	17000
	YRB2423	893555	84	85	424694	7611857	16700
	CR012	QA40023	5	6	424038	7612158	15500
	CRRC005	TF00023	22	23	424083	7612032	15390
	CRB390	TD0948	28	32	424073	7612034	14400

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Criteria JORC Code explanation	Commentary	Commentary
	YRB2423	1163226	83	87	424694	7611857	13200
	CR063	QA54914	62	63	424269	7612045	12500
	YRB1023	893142	79	80	424103	7612075	12500
	YRB5057	893790	65	66	422426	7612399	12100
	CRD93-1	QA67515	122.2	122.8	423965	7612058	11800
	YRB1023	893128	53	54	424103	7612075	11000
	CRRC005	TF00022	21	22	424083	7612032	10800
	CR245	QA67136	24	25	424230	7612025	10000
	CRRC001	QA55078	74	75	424063	7612168	10000
	YRB5046	893824	64	65	422722	7612118	10000
	CR046	QA2955	27	28	424048	7612170	9800
	CRRC001	QA47813	73	75	424063	7612168	9800
	CR105	QA57051	51	52	424063	7612105	9600
	CRRC016	TF00773	42	43	424013	7612154	9150
	CRB390	TD1597	31	32	424073	7612034	8810
	CR324	QA69201	13	17	423746	7610525	8800
	CR095	QA55487	42	46	424223	7612068	8600
	YRB5088	893914	38	39	422855	7611961	8560
	CR104	QA56917	41	42	424442	7611956	7800
	YRB2026	893316	39	40	423700	7612093	7670
	CR055	QA2983	34	35	424025	7612139	7400
	CRRC016	TF00769	38	39	424013	7612154	7060
	CR046	QA2953	25	26	424048	7612170	7000
	CRRC001	QA55077	73	74	424063	7612168	7000
	CR122	QA55882	21	25	424295	7611995	6200

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Criteria JORC Code explanation	Commentary	Commentary
	CRD93-1	QA67521	153.6	154.1	423965	7612058	6200
	YRB1002	893636	36	37	424649	7611796	6190
	YRB1002	893638	38	39	424649	7611796	6020
	CR065	QA46279	36	37	424239	7612004	6000
	YRB2455	893521	114	115	423815	7610620	5990
	CR063	QA54911	59	60	424269	7612045	5800
	CR245	QA67241	20	21	424230	7612025	5600
	CR234	QA67222	33	34	424256	7612044	5400
	CRRC019	TF01754	10	11	424034	7612150	5400
	YRB5088	893913	37	38	422855	7611961	5330
	CR012	QA40025	7	8	424038	7612158	5200
	CR110	QA56904	32	33	424534	7612063	5200
	CRRC001	QA55079	75	76	424063	7612168	5200
	CRRC020	TF01812	28	29	424019	7612163	5060
Data aggregation methods  In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.  Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.  The assumptions used for any reporting of metal equivalent values should be clearly	Reported data includes down-hole maximum gold value only. Cut-off grades are not applicable. Non-core drill samples comprise either 4m composites or individual 1m samples. Core drill hole samples varied and may include composite intervals or specific intervals based on visual interpretation of core.

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Criteria	JORC Code explanation	Commentary
	stated.
Relationship	 These relationships are particularly important in	The geometry of the mineralization with respect to the drill hole angle has not been
between	the reporting of Exploration Results.	assessed at this time as it is not considered material to the results in the way in which they
mineralisati on widths and	 If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.  If it is not known and only the down hole	have been reported. Down-hole length has been reported however the true width is not known at this time.
intercept	lengths are reported, there should be a clear
lengths	statement to this effect (eg ‘down hole length, _true width not known’). _
Diagrams	 Appropriate maps and sections (with scales)	Figures 2, 3 and 4 in the ASX Quarterly Report include the maximum down-hole gold value
	and tabulations of intercepts should be included	for the project area.
	for any significant discovery being reported	No drill sections have been produced at this time.
	These should include, but not be limited to a
	plan view of drill hole collar locations and
	appropriate sectional views.
Balanced	 Where comprehensive reporting of all	Sufficient information has been reported to avoid misleading reporting of results.
reporting	Exploration Results is not practicable, representative reporting of both low and high
	grades and/or widths should be practiced to
	avoid misleading reporting of Exploration
	Results.
Other	 Other exploration data, if meaningful and	Historical geophysical data was acquired, reprocessed and interpreted to assist with target
substantive	material, should be reported including (but not	generation.
exploration data	limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of	This is discussed in the ASX Quarterly Report.
	treatment; metallurgical test results; bulk
	density, groundwater, geotechnical and rock
	characteristics; potential deleterious or
	contaminating substances.
Further	 The nature and scale of planned further work	Entry of geological logs into a database requires completion.
	(eg tests for lateral extensions or depth	 3D modeling of mineralization isrequired using software suchasMicromine.

Quantum Resources Limited March 2014 Quarterly Report

Page 17

Quantum Resources Limited ABN 84 006 690 348

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Criteria	JORC Code explanation	Commentary
work	extensions or large-scale step-out drilling).	Future drilling programs may be undertaken as discussed in the ASX Quarterly Report.
	 Diagrams clearly highlighting the areas of
	possible extensions, including the main
	geological interpretations and future drilling
	areas, provided this information is not
	commercially sensitive.

Quantum Resources Limited March 2014 Quarterly Report

Page 18

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	31 MARCH 2014

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
	- (16) - - (25) - - - - -	- (28) - - (57) - - - - 15
	(41)	(70)
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)	- - - - - - - - -	- - - - - - 29 - -
	-	29
	(41)	(41)

• 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)	(41)	(41)
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	- - 48 - - -	- - 48 - - -
	48	48
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	7 3 -	7 3 -
	10	10

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
		11
		-
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
	65	-
	-	-

Estimated cash outflows for next quarter

4.1 Exploration and evaluation 4.2 Development 4.3 Production 4.4 Administration	$A’000
	26
	-
	-
	39
Total	65

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	10	3
5.2 Deposits at call	-	-
5.3 Bank overdraft	-	-
5.4 Other (provide details)	-	-
Total: cash at end of quarter(item 1.22)	10	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
	E80/3411 E80/3412	Surrendered Surrendered	6 Bl 22 Bl	0 Bl 0 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: 30 APRIL 2014 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.

17/12/2010 Appendix 5B Page 5