EASTERN GOLDFIELDS LIMITED

(FORMERLY SWAN GOLD MINING LIMITED)

ACN 100 038 266

SUPPLEMENTARY PROSPECTUS

This is a supplementary prospectus intended to be read with the prospectus dated 24 December 2015, relating to shares of Eastern Goldfields Limited ACN 100 038 266.

This is an important document. Please consult your professional adviser(s) if you have any questions. Investment in the Shares offered by this Prospectus should be regarded as speculative in nature.

1 IMPORTANT INFORMATION

This is a supplementary prospectus issued by Eastern Goldfields Limited ACN 100 038 266 (Company) dated 9 February 2016 (Supplementary Prospectus). This Supplementary Prospectus is supplementary to the prospectus issued by the Company on 24 December 2015 (Prospectus).

This Supplementary Prospectus was lodged with the Australian Securities and Investments Commission (ASIC) on 9 February 2016. ASIC does not take any responsibility for the contents of this Supplementary Prospectus.

This Supplementary Prospectus must be read together with the Prospectus. If there is a conflict between the Prospectus and this Supplementary Prospectus, this Supplementary Prospectus will prevail to the extent of any inconsistency. Capitalised terms in this Supplementary Prospectus will have the same meaning as those defined in the Prospectus.

The Company will send a copy of the Supplementary Prospectus to all Applicants who have applied for Shares pursuant to the Prospectus prior to the date of this Supplementary Prospectus.

The Supplementary Prospectus will be issued with the Prospectus as an electronic document and may be downloaded from the Company's website at www.easterngoldfields.com.au.

This document is important and should be read in its entirety. Please consult your legal, financial or other professional advisor if you do not fully understand its contents.

Other than the changes set out below, all other details in relation to the Prospectus remain unchanged. The Directors believe that the changes in this Supplementary Prospectus are not materially adverse from the point of view of an investor.

Accordingly, no action needs to be taken if you have already subscribed for Shares under the Prospectus. The Company will communicate with all Applicants who have subscribed for Shares under the Prospectus prior to the issue of the Supplementary Prospectus advising them of this Supplementary Prospectus.

2 PURPOSE OF THIS DOCUMENT

The purpose of this Supplementary Prospectus is to:

(a) provide clarifying disclosure in relation to the use of funds information provided in the Prospectus;
(b) provide clarifying and further disclosure in relation to JORC Mineral Resource disclosures provided in the Prospectus; and
(c) provide clarifying disclosure regarding the use of audited financial information in the Investigating Accountant's Report.

3 AMENDMENT TO PROSPECTUS

3.1 Use of funds raised under the Offer

Clarification to use of funds – exploration and expenditure budget

The Company has identified inconsistencies between the use of funds table in the Investment Overview and section 1.6 of the Prospectus, and the exploration budget for a 3 year period contained in page 33 of the Independent Geological Report (set out in section 4 of the Prospectus).

The use of funds table in the Investment Overview and section 1.6 of the Prospectus remains correct and is replicated below. The Company has now provided additional disclosure relating to the funds allocated towards working capital expenditure.

Use of funds	Minimum raise \$6 million	Maximum raise \$10 million	Oversubscription \$15 million
Reserve Definition Drilling	-	\$750,000	\$3,000,000
Plant refurbishment	-	\$750,000	\$3,000,000
Working capital
 Geochemical auger drilling	\$84,854	\$171,520	\$238,187
 RAB drilling	\$84,854	\$171,520	\$238,187
 RC drilling	\$84,854	\$171,520	\$238,187
 Rents & rates	\$500,000	\$500,000	\$500,000
 Corporate overheads	\$720,000	\$720,000	\$720,000
Total working capital	\$1,474,562	\$1,734,562	\$1,934,562
Repayment to Stirling under Stirling Settlement Deed	\$350,000	\$350,000	\$350,000
Repayment to creditors associated with Mr Michael Fotios	\$750,000	\$2,750,000	\$2,750,000
Repayment to third party trade creditors	\$3,065,438	\$3,065,438	\$3,065,438
Cost of Offer	\$360,000	\$600,000	\$900,000
TOTAL	\$6,000,000	\$10,000,000	\$15,000,000

The proposed exploration and expenditure budget for a 3 year period in page 33 of the Independent Geological Report was based on a superseded budget and accordingly should be disregarded.

The table in page 33 of the Independent Geological Report in the Prospectus is to be deleted and replaced with the table below.

		Proposed expenditure
	\$6 million	\$10 million	\$15 million
Resource definition drilling
RC and Diamond Drilling and Sampling	-	\$750,000	\$3,000,000
Regional exploration for new targets
Geochemical auger drilling	\$84,854	\$171,520	\$238,187
RAB Drilling	\$84,854	\$171,520	\$238,187
RC Drilling	\$84,854	\$171,520	\$238,187
Rent & Rates	\$500,000	\$500,000	\$500,000
Plant refurbishment		\$750,000	\$3,000,000
Total	\$754,562	\$2,514,560	\$7,214,561

The Company wishes to clarify that:

(a) as indicated in the use of funds table above, it does not currently intend to allocate any funds raised under the Offer and 2015 Lender Agreements for exploration activities if only the minimum subscription (\$6 million) is raised, rather, it is intended that these activities will be funded through project financing under debt facilities. While the Company is currently in discussions with debt financiers to obtain project finance, these discussions have not been finalised as at the date of this Supplementary Prospectus; and
(b) it has not contemplated using funds raised under the Offer and 2015 Lender Agreements for minimum expenditure obligations, and rents and rates on its Tenements if only the minimum subscription is raised, as the minimum subscription figure relates to an amount determined to meet certain criteria imposed by the ASX

for re-instatement of the Company's securities to quotation. The Company intends, particularly in the minimum raise scenario, to fund its minimum expenditure obligations through future debt or equity capital raisings.

Other significant liabilities – Unpaid rents and royalties

The Prospectus contained the following disclosures in relation to certain unpaid rents and royalties in respect of the Company's Tenements.

(a) Section 10.5 of the Prospectus noted that The Shire of Menzies has commenced proceedings against Carnegie Gold in the District Court of Western Australia claiming \$406,160 plus interest plus costs in unpaid rates for 2014/15 and 2015/16, and that Carnegie Gold did not dispute the amount and considered the dispute will be resolved shortly (Unpaid Rents).
(b) Page 17 of the Independent Solicitor's Report (contained in section 5 of the Prospectus) disclosed a settlement agreement between Carnegie Hold and a third party in respect of a dispute relating to mining leases 30/91 and 30/99, being tenements held by Carnegie Gold. Specifically, the Independent Solicitor's Report noted the following:

"A condition precedent to the settlement deed between the parties was that Carnegie Gold obtain Ministerial Consent for the transfer of mining leases 30/91 and 30/99 to the third party. Carnegie Gold received notification that this consent was provided on 26 April 2013. The consent was conditional upon, among other things, all outstanding royalties as required under the Mining Act and Regulations having been paid. Carnegie Gold has not paid all outstanding royalties and the DMP placed Royalty Compliance Notices (RCNs) on these tenements. The RCNs relate to an outstanding royalty of \$113,911.45 owed by Carnegie Gold to the DMP (Outstanding Royalty). Carnegie Gold satisfied all other conditions precedent to the settlement deed.

….

The Company is pursuing a solution to the matter and once resolved, the DMP will remove the RCNs from mining leases 30/91 and 30/99 and notify the Company that the transfer of the tenements can proceed" (Unpaid Royalties).

The Company wishes to clarify that Company is intending to pay the amounts owing in respect of the Unpaid Rents and Unpaid Royalties following completion of the Offer, and such amounts are included in the \$3,065,438 allocated for repayment of third party creditors in the use of funds table above.

3.2 Amended risk factor – Title Risk

The risk factor titled "Title Risk" in the Investment Overview and section 8.2(c) of the Prospectus is to be deleted and replaced with the following:

"The Company could lose the right to explore, or its interest in, or its title to, the Tenements, if licence conditions are not met or if insufficient funds are available to meet expenditure conditions. There is no guarantee that any Tenement or conversions to mining leases in which the Company has a current or potential interest

in will be granted or that the Tenement conditions, obligations and terms can be economically complied with.

The Company is intending, particularly if only the minimum subscription is raised, to fund its future exploration costs (including minimum expenditure obligations on its Tenements) through debt or equity capital to be raised in the future. Accordingly, meeting the Company's minimum expenditure obligations is contingent on such future capital raisings being successful. There is no assurance that the funding will be available on acceptable terms, or at all. If the Company cannot raise further capital as and when required, then the Company may continue to become subject to forfeiture applications in respect of its Tenements.

The Company's wholly owned subsidiary, Siberia, is a party to an Exemption Application in respect of the Exemption Tenements. In the event that the Warden refuses to grant the Exemption Application to Siberia (and consistent with the general policy of the Department of Mines and Petroleum) it is likely that the Warden will commence proceedings for the forfeiture of the Exemption Tenements.

Siberia originally received an unfavourable decision in relation to the Exemption Application, and applied for, and was successful in, a judicial review of the decision. Accordingly, the matter will now go back to the Warden and the Company expects that, in light of the decision of the judicial review, the Warden will grant the Exemption Application to Siberia. However, if the decision of the Warden is not in favour of the Company and the Exemption Tenements are forfeited, this will have an adverse effect on the Mineral Resource in respect of the Davyhurst Gold Project. Please refer to section 9.1 for further details."

3.3 JORC Mineral Resource disclosures

Current reporting of Mineral Resource Information under 2004 JORC Code

The Prospectus contains, in various sections and footnotes including in the Investment Overview, section 2.1, 2.3, 2.4 and 2.6(a), disclosures in relation to the Company's mineral resource estimates (Mineral Resource Information).

The Company wishes to clarify that the Mineral Resource Information was prepared and disclosed under the 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code), and has not been updated to comply with the 2012 edition of the JORC Code on the basis that the information has not materially changed since it was last reported.

Future reporting of Mineral Resource Information under 2012 JORC Code

Page 15 and 29 of the Independent Geological Report notes the following:

"• The estimates are historical estimates and are not reported in accordance with the 2012 JORC Code and the Mineral Resources as referred to do not constitute any resources under the 2012 JORC Code;
• A competent person has not done sufficient work to classify the historical estimates as mineral resources in accordance with the 2012 JORC Code; and

• It is uncertain that following evaluation and/or further exploration work that the historical estimates will be able to be reported as mineral resources in accordance with the 2012 JORC Code."

In respect of future reporting of Mineral Resource Information under the 2012 JORC Code, the Company notes that while it may be possible that a re-assessment of the mineral resource data might lead to a determination that a resource exists within the meaning of the 2012 JORC Code, the probability is that additional infill drilling may be required in each instance to enable recalculation of any possible resource within the meaning of the 2012 JORC Code. Therefore, at this time, there can be no assurance that the Company will be able to establish a 2012 JORC Code compliant resource at the Davyhurst and Mt Ida Projects.

3.4 Revised Independent Geological Report

As noted above, the Independent Geologist has provided a revised Independent Geological Report, attached as Annexure A to this Supplementary Prospectus, which supersedes the Independent Geological Report contained in the Prospectus.

Shareholders are encouraged to read the revised Independent Geological Report.

The Independent Geologist, Agricola Mining Consultants Pty Ltd has given, and has not, before lodgement of this Supplementary Prospectus withdrawn, its consent to being named as the Independent Geologist in the form and context in which it is named and to the inclusion of the revised report in the form and context in which it is included.

3.5 Use of audited financial information in the Investigating Accountant's Report

The Company refers to the use of audited financial information in the Investigating Accountant's Report set out in section 5 of the Prospectus. The audit of the Company's financial information was undertaken by Ernst & Young.

The Prospectus noted, in the Corporate Directory, that Ernst & Young was not involved in the preparation of the Prospectus and had not consented to being named in the Prospectus, and that its name had been included for information purposes only.

The Company considers that in the absence of Ernst & Young's consent to be named, the inclusion of the audited financial information may be misleading for investors and their professional advisers. Accordingly, the footnote in relation to Ernst & Young in the Corporate Director is to be deleted, and section 10.2 of the Prospectus is to be amended by inclusion of a new subsection (e) as follows:

"(e) Ernst & Young has given and has not, before lodgement of this Prospectus, withdrawn its consent to being named as the Auditor of the Company in the form and context in which it is named and to the inclusion of the audited financial information of the Company in the Investigating Accountant's Report included in section 6 of the Prospectus in the form and context in which it is included".

4 REVISED SUMMARY OF IMPORTANT DATES

The revised dates for the Offer and Cleansing Offer are as follows:

Event	Original Date	Revised Date
Lodgment of Prospectus	24 December 2015	-
Despatch of Prospectus and Opening Date	4 January 2016	-
Closing Date for Offer	15 January 2016	19 February 2016
Expected allotment of Shares under the Offer	25 January 2016	2 March 2016
Expected date for despatch of holding statements for Shares under the Offer	27 January 2016	4 March 2016
Closing Date for Cleansing Offer	29 January 2016	7 March 2016
Expected Official Quotation of Shares on ASX	19 February 2016	28 March 2016

All references to dates relating to the Offer and Cleansing Offer in the Prospectus are to be adjusted according to the revised timetable above. The above dates are indicative only and may vary. The Company reserves the right to change the key dates of the Offer without prior notice. This may have a consequential impact on other dates.

ANNEXURE A

INDEPENDENT GEOLOGICAL REPORT

Malcolm Castle Agricola Mining Consultants Pty Ltd Consulting Geologist P.O. Box 473, South Perth, WA 6951 Mobile: 04 1234 7511 Email: [email protected] ABN: 84 274 218 871

29 January 2016

The Directors Eastern Goldfields Limited Level 1, 24 Mumford Place Balcatta WA 6021

Dear Sirs,

Re:

INDEPENDENT GEOLOGIST'S REPORT ON MINERAL PROJECTS IN WESTERN AUSTRALIA at DAVYHURST and MT IDA

Agricola Mining Consultants Pty Ltd ("Agricola") has been commissioned by Eastern Goldfields Limited, formerly Swan Gold Mining Limited, (the "Company") to provide an independent technical report ("Report") on mineral exploration projects in the Davyhurst and Mt Ida areas of Western Australia held by the Company ("Projects"). This Report is to be included in a Prospectus to be lodged by the Company with the Australian Securities and Investments Commission ("ASIC"). The Company proposes to raise up to a minimum of \$6 million and a maximum of \$10 million with the ability to accept oversubscriptions to raise an additional \$5 million.

The present status of the tenements in Western Australia is based on information made available by the Company and has been verified by Agricola. The Report has been prepared on the assumption that the tenements are lawfully accessible for evaluation.

The Projects

The Davyhurst Project, which includes the Riverina, and Siberia deposits, is situated approximately 120km northwest of Kalgoorlie. The Riverina deposit is located 45 km north of the Davyhurst plant and is connected directly to Davyhurst by a gravel road suitable for road train operation. The Siberia project area is about 40 km east of Davyhurst and 25 km west of the Goldfields Highway. The Davyhurst Project comprises operational and exploration prospects, including a mineral resource base at 30 June 2008 of 0.2 million tonnes at 2.8g/t Au in the Measured Resource category, 9.8 million tonnes at 2.2g/t Au in the Indicated Resource category and 8.6 million tonnes at 2.3g/t Au in the Inferred Category and Exploration Tenements (excluding Miscellaneous Licences) with an area of 1,107 km² .

The Mt Ida Project and associated assets are located 200 kilometres north-west of Kalgoorlie-Boulder and 70 kilometres north-west of Menzies. The Mt Ida deposits are situated 120km north of Davyhurst and are connected via gravel roads. The Mt Ida Project tenements cover part of the prospective Ularring Greenstone Belt. The Mt Ida Project comprises operational and exploration prospects, including a mineral resource base at 6 May 2010 of 135 ktonnes at 18.6g/t Au in the Indicated category and 180 ktonnes at 10.2g/t Au in the Inferred Resource Category and Exploration Tenements (excluding Miscellaneous Licences) with an area of 174 km² .

The Davyhurst and Mt Ida Project areas are considered to be prospective for gold and base metals. Known deposit styles include high grade shear/vein hosted gold and base metal sulphides. Historically 300,000 ounces of gold have been mined from the various mines in the Copperfield/Mt Ida area. The most recent mining episode targeted the the Baldock lode. Numerous exploration opportunities remain on the known lode surfaces namely Meteor, Whinnen, Meteor North, Baldock South and Timoni lodes combined with the potential to make new discoveries.

DECLARATIONS

Relevant codes and guidelines

This Report does not provide a valuation of the mineral assets and has been prepared as a technical assessment in accordance with the 2005 edition of the "Code for Technical Assessment and Valuation of Mineral and Petroleum Assets and Securities for Independent Expert Reports" (the "VALMIN Code"), which is binding upon Members of the Australasian Institute of Mining and Metallurgy ("AusIMM") and the Australian Institute of Geoscientists ("AIG"), as well as the rules and guidelines issued by the ASIC and the ASX Limited ("ASX") which pertain to Independent Expert Reports (ASIC Regulatory Guides RG111 and RG112, March 2011).

Where mineral resources have been referred to in this report, the information was prepared and first disclosed under the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ("JORC Code"), prepared by the Joint Ore Reserves Committee of the AusIMM, the AIG and the Minerals Council of Australia 2004. Some of the information has not been updated since the estimation date to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

Under the definition provided by the VALMIN Code, the Projects are classified as 'advanced exploration areas' with identified mineral resources, which is inherently speculative in nature. The properties are considered to be sufficiently prospective, subject to varying degrees of risk, to warrant further exploration and development of its economic potential.

Sources of Information

The statements and opinion contained in this report are given in good faith and this review is based on information provided by the title holders, along with technical reports by consultants, previous tenements holders and other relevant published and unpublished data for the area. Agricola has endeavoured, by making all reasonable enquiries, to confirm the authenticity, accuracy and completeness of the technical data upon which this report is based. A final draft of this report was provided to the Company, along with a written request to identify any material errors or omissions in the technical information prior to lodgement.

In compiling this report, Agricola did not carry out a site visit to the Company's Project areas. Based on previous visits and exploration work in the general area, its professional knowledge, experience and the availability of extensive databases and technical reports made available by various Government Agencies, Agricola considers that sufficient current information was available to allow an informed appraisal to be made without such a visit.

The independent valuation report has been compiled based on information available up to and including the date of this report. Consent has been given for the distribution of this report in the form and context in which it appears. Agricola has no reason to doubt the authenticity or substance of the information provided.

Qualifications and Experience

The person responsible for the preparation of this report is:

Malcolm Castle, B.Sc.(Hons), GCertAppFin (Sec Inst), MAusIMM

Malcolm Castle has over 40 years' experience in exploration geology and property evaluation, working for major companies for 20 years as an exploration geologist. He established a consulting company over 20 years ago and specializes in exploration management, technical audit, due diligence and property valuation at all stages of development. He has wide experience in a number of commodities including uranium, gold, base metals, iron ore and mineral sands. He has been responsible for project discovery through to feasibility study in Australia, Fiji, Southern Africa and Indonesia and technical audits in many countries. He has completed numerous Independent Geologist's Reports and Mineral Asset Valuations over the last decade as part of his consulting business.

Mr Castle is a qualified and competent witness in a court or tribunal capable of supporting his valuation reports or to give evidence of his opinion of market value issues.

Mr Castle completed studies in Applied Geology with the University of New South Wales in 1965 and has been awarded a B.Sc.(Hons) degree. He has completed postgraduate studies with the Securities Institute of Australia in 2001 and has been awarded a Graduate Certificate in Applied Finance and Investment in 2004.

Competent Persons Statement

The information in this report that relates to Exploration Results and Mineral Resources of the Company has been reviewed by Malcolm Castle who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Castle has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity, which they are undertaking to qualify as an Expert and Competent Person as defined under the VALMIN Code and in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Castle consents to the inclusion in this report of the matters based on the information in the form and context in which they appear.

Independence

Agricola or its employees and associates are not, nor intend to be a director, officer or other direct employee of the Company and have no material interest in the Projects. The relationship with the Company is solely one of professional association between client and independent consultant. The review work and this report are prepared in return for professional fees of \$5,000 plus GST based upon agreed commercial rates and the payment of these fees is in no way contingent on the results of this Report.

Yours faithfully

Malcolm Castle B.Sc.(Hons), MAusIMM, GCertAppFin (Sec Inst)

DAVYHURST PROJECT

Davyhurst Project Tenements

LOCATION AND TENURE

The Davyhurst Project is situated approximately 120km northwest of Kalgoorlie. The area is connected to Kalgoorlie by the sealed Kalgoorlie-Menzies highway, with good quality gravel roads providing access throughout the Project. The Mt Ida deposits are situated 120km north of Davyhurst and are connected via gravel roads. The Riverina deposit is located 45km north of the Davyhurst plant. Riverina is connected directly to Davyhurst by a gravel road suitable for road train operation. The Siberia area is located approximately 40km east of the Davyhurst plant. Siberia is connected directly to Davyhurst by a gravel road suitable for road train operation.

Davyhurst Project
TENEMENTS	No	Total Area, km2
Mining Leases	71	284.40
Prospecting Licences	44	51.30
Exploration Licences	18	771.20
Total Area		1,106.90

Details of the tenements are attached to this report

GEOLOGICAL SETTING

The Davyhurst Project is located within the north to north-north-west striking Davyhurst-Mt Ida Greenstone Belt, a western branch of the Norseman-Wiluna Belt. The Project is centred on the Davyhurst Gold Camp which includes he Lights of Israel/Great Ophir Complex and Waihi –Walhalla trend, and extends south covering the Callion , and Lady Ida Deposits. The project extends northwards to include the Mulline and Riverina Gold Camps and to the east to include the Siberia Gold Camp

The Project straddles the boundary between the Eastern Goldfields Province and Southern Cross Province and includes portions of two crustal scale faults: the Ida Fault and Zuleika Shear. The Ida Fault marks the boundary between the Barlee Terrane of the Southern Cross Province and the Kalgoorlie Terrane of the Eastern Goldfields Province. The Zuleika Shear separates the Coolgardie and Ora Banda Domains of the Kalgoorlie Terrane.

The Ora Banda stratigraphy hosts the Siberia Mining Centre. The base of the exposed greenstone sequence is consistently represented by deformed or intrusive contacts with granitoids. The thickest sections (about 2.5 km) of the lowermost formation, the Wongi Basalt, are in the Wongi Hill area. The basal group of the Ora Banda Domain, the Pole Group, comprises the Wongi Basalt and the Missouri Basalt. The Wongi Basalt includes a diverse range of volcanic rocks and layered mafic sills, however the lack of correlation between different localities suggests that individual components may not be regionally extensive.

Basalt flows with variolitic and/or coarse pyroxene spinifex textures are abundant. Other basalt flows contain small (<1 mm) acicular amphibole grains, which may pseudomorph skeletal pyroxene, but could also be of metamorphic origin. In the Wongi Hill area, there are quartz-filled amygdales in non-variolitic flows in the lower part of the Wongi Basalt.

The Missouri Basalt comprises a uniformly tholeiitic formation up to 1 km thick. It lacks distinctive textures, although acicular amphibole occurs locally. Pillow structures are exposed in open pit mines at Sand King and Missouri. A unit of felsic porphyroclastic schist, the Black Rabbit Member, is interbedded with the basalt near Siberia, and becomes dominant near Black Rabbit Dam where it may be more than 800m thick.

Davyhurst Project geology and Mineral Deposits

REGIONAL MINERALISATION

Primary gold mineralisation in the region occurs in structurally controlled lodes comprising veins and hydrothermal alteration zones in mafic, ultramafic, sedimentary and granitic host rocks. The mineralogy of the ore assemblage varies across the region, reflecting host rock composition and changes in pressure and temperature due to elevated temperatures around intrusions and variations in the regional metamorphic grade.

There appear to be two major controls on mineralisation in the Davyhurst area. Both mineralisation styles rely on mineralisation taking place during reactivation of earlier ductile shear zones. In the case of the Lights of Israel group of deposits, the early shears are moderately to gently west dipping, whereas in the Federal Flag – Lady Eileen group of deposits, the early shear is steeply west dipping.

There is good evidence at Lady Eileen South and Federal Flag that the mineralisation is related to overprinting of the earlier fabric by a later structure, probably faults developed during or just after formation of a D2 crenulation foliation at Federal Flag, and associated with a cross-cutting fault at Lady Eileen South. The dextral movement would suggest compression from a north easterly direction. At Lights of Israel, the movement direction during mineralisation is not well constrained. Reverse reactivation of gently dipping shears is consistent with either easterly or north easterly compression.

For mineralisation in the area east of the Zuleika Shear there seems to be much less control on the deposits by early ductile structures, and the overall open synclinal macroscopic structure differs significantly from the more tightly folded areas east of Davyhurst and the separate western domains.

DEPOSIT GEOLOGY

Gold mineralisation at the Davyhurst deposit is typical of Late Archaean greenstone hosted mesothermal gold deposits with variations in alteration, ore mineralogy and structural controls of deposits throughout the area. The Project covers the historical and recent gold mining centres of Mulline, Davyhurst/Round Dam, Callion, Siberia, Lady Ida, Riverina and Mt Ida. The Siberia component of the Project includes the Sand King and Missouri mines.

In the northern portion of the Davyhurst tenements, most gold mineralisation is aligned in planar corridors that have N-to NW-trends. The overall dip of the mineralised corridors is mostly steep (>75º) E-or W-dipping with moderate to steep (~60º) and shallow-dipping (~15º) ore zones at the Federal Flag and Lady Gladys deposits, respectively. Within these planar corridors of mineralisation linear trends to gold distribution are mostly shallowly plunging. Internal variations within the corridors at individual deposits are common. Mineralisation at the Lights of Israel and Makai deposits differs from the other examined deposits in that mineralisation has a linear form that plunges moderately (~20º) to the NNW.

Mines in the Siberia district lie on a broad NE trend which transgresses the contact between Missouri Basalt and the Walter Williams Formation at a low angle, however mineralised structures within this zone display diverse orientations. The main host rocks in the Siberia district are the uppermost, weakly plagioclase-phyric unit within the low-Mg series Missouri Basalt (at the NE end of the mineralised trend), and the overlying ultramafic rocks (Walter Williams Formation and Siberia Komatiite, at the SW end of the mineralised trend). Although the largest historic mines (Three Eights, Siberia Consols) were hosted by ultramafic rocks, basalt-hosted deposits form the basis of modern open pit operations.

PREVIOUS EXPLORATION

Gold was first discovered in the Davyhurst area in 1897, with production of 108,000ozs of gold between 1897 and 1937 reported. Modern exploration commenced in the 1980s with several companies exploring around the historical workings. Prior to tenement consolidation by Consolidated Gold, Croesus Mining NL ("Croesus"), Siberia Mining, and eventually Monarch Gold Mining Company Ltd ("Monarch"), tenement holding was fragmented with companies exploring primarily around the old gold mining centres of Davyhurst, Siberia, Mulline, Riverina and Callion.

In 1983, Western Mining Corporation ("WMC") commenced exploration around the old Golden Eagle and Waihi workings and established a 300,000tpa CIP treatment plant at Golden Eagle to mill ore recovered from the Golden Eagle and Waihi lodes. Between 1984 and 1987, Jones Mining and Billiton Australia in Joint Venture and Hill Minerals began exploring leases adjacent to and surrounding the WMC leases. In 1988, Consolidated Exploration Limited ("Consolidated") acquired the Davyhurst assets of WMC and Jones Mining (Billiton withdrawing from the Jones JV in 1987) through a series of acquisitions and direct purchases. Consolidated continued mining at Golden Eagle and developed open cuts at Great Ophir, Lady Eileen, Lady Eileen South and Homeward Bound. Consolidated ceased mining operations in 1991 and the CIP treatment plant was sold.

Hill Minerals formed a JV with Aberfoyle in 1988 and commenced mining the Lights of Israel ("LOI") deposit, with the ore being trucked to Bardoc Mill. In 1993, the Bardoc JV purchased M30/73 from Consolidated to extend the LOI Open cut, which subsequently lead to the discovery of the LOI underground resource. In 1996, the leases of Consolidated Gold NL ("CGNL" -formerly Consolidated) were amalgamated via the acquisition of Bardoc Gold Mines Pty Ltd from Aberfoyle Resources Ltd. The Bardoc Mill was subsequently moved from Bardoc to Davyhurst and upgraded to 1.2 Mta. The mill commenced operations at Davyhurst in July 1997. Total production from the project area during the period 1986 – 1999 was approximately 523,840oz of gold.

Croesus Mining NL acquired the Davyhurst Project in 2000. Croesus production at Davyhurst, from the date mining operations commenced to 2005, totalled 4.75Mt @ 2.67g/t gold for 387,000 ounces recovered. Ore was sourced from several deposits including Giles, Lady Gladys, Lights of Israel, Waihi, Golden Eagle, Callion and various laterite resources at Mulline. Of these, only the Giles deposit was a previously unexploited resource.

Exploration work completed by Croesus on the tenement group includes geological mapping over the southern portion of the Davyhurst Mine area, an IP survey over the Davyhurst Mine area, RC drilling programmes at Federal Flag, Golden Eagle and Walhalla, and diamond drilling at Lights of Israel. The Mulline area has been explored by numerous companies since the early 1980s.

Pancontinental Mining produced 368,756t at 3.08g/t Au for 36,000 oz Au from open pit mining at Lady Gladys in the late 1980s. A further 119,600t at 3.38g/t Au for 12,600 oz Au was extracted from the Lady Jane open cut. A number of laterite resources were also delineated in the Mulline area. During 1996 to 1998, Consolidated Mining in joint venture with Riverina Gold Mines undertook heap leach processing of the Charlie and Echo laterite mineralisation, producing 3,034 oz Au from 180,013t grading 1.17g/t Au.

Davyhurst Project Drilling

In the Siberia area, numerous small gold workings are located within the basal units of the Ora Banda Domain. Historical gold production and defined resources identified gold mineralisation in excess of 750,000 oz along the Siberia Gold Belt. The Siberia area has had a long history of exploration and mining. Early efforts in the 1960s concentrated on nickel and, to a lesser extent, PGEs of the ultramafic units. WMC explored the area for nickel in the 1970s in conjunction with its ground holdings to the west at Davyhurst. This work included ground geophysics (TEM and IP) and widely-spaced vertical RAB drillholes. WMC conducted open pit mining in the 1980s at Missouri, Sand King and Palmerston. The project tenure cuts across the north-south striking invincible trend which hosts the Palmerston, Camperdown and Berwick Moreing deposits. Mining by WMC to the south of the tenement boundary on the Invincible Shear produced the Palmerston pit, whilst mining by Julia NL to the north produced the Camperdown and Berwick Moreing pits.

Siberia Mining NL acquired the Siberia project in 2003 and the adjoining Camperdown tenement in late 2003. Mining commenced in February 2004 after optimisations studies identified open-pittable reserves. Mining was conducted by BCG contracting and ore was treated at the Davyhurst treatment facility, held by Croesus at the time. Recovery for fresh rock material averaged >94%. Siberia Mining closed the operation in March 2005 and less than 40% of identified reserves were depleted. Exploration by Siberia Mining focused on expanding the existing resources at Missouri, Sand King and Black Rabbit, with regional work including extensive RAB drilling, aeromagnetic interpretation and aerial photography.

The Lady Ida area was explored by Delta Gold NL ("Delta") and MPI Mines, covering an area from Lizard to Callion. Exploration by the companies advanced the project through extensive programmes of soil sampling, auger drilling and RAB drilling. This work has defined large linear anomalous gold zones. Delta mined the Lizard, Iguana and Blue Tongue deposits in 2000-01. Material was transported 75km to the Greenfields mill in Coolgardie. Production from these pits was 699,152t at 2.92 g/t Au. Recovery was in excess of 94% on average over all deposits for 61,700 oz Au bullion produced.

Monarch acquired the Davyhurst Project from Croesus Mining NL ("Croesus") in November 2005. In early 2006, Monarch expanded its position at Davyhurst through a merger with Siberia Mining Corporation Pty Ltd. This merger resulted in the strategic consolidation of the nearby Siberia and Ida Gold Camp deposits into Monarch's existing holding at Davyhurst. In 2007, Monarch also acquired the Riverina mining centre approximately 40km north of Davyhurst. This lease area extended the northern Davyhurst leases approximately 20km to the north and is contiguous with Davyhurst's northern leases.

In 2008 Monarch was re-named Swan Gold Mining Limited.

There is a long history of modern gold exploration in the Davyhurst area spanning a period of in excess of 20 years during which time there has been a significant collection of data. Monarch exploration work undertaken between 2006 and 2008 involved additional resource drilling at several deposits to better define mineralisation prior to mining in conjunction with the completion of regional studies over the Davyhurst Project tenements to define targets for the delineation of new resources. During 2006 to 2008, Monarch undertook RC resource definition drilling at various locations in the area. RAB drilling has been completed in a number of areas to test targets defined by geochemistry studies and to test conceptual targets identified through regional-scale structural interpretations based upon aeromagnetic data.

Davyhurst Project TMI Magnetics

From 2006 to 2008, Monarch undertook RC resource definition drilling at Sand King, Walhalla, Federal Flag, Makai, Iguana, and most recently in the Riverina Mining area, including Forehand. Resource estimations were updated for the deposits prior to mining. RC drilling was also undertaken along the Round Dam trend and has defined the additional resources of Mt Banjo, Walhalla North and Macedon.

RAB drilling has been completed in a number of areas to test targets defined by geochemistry studies and to test conceptual targets identified through regional-scale structural interpretations based upon aeromagnetic data. The main areas of RAB drilling have been in the Callion area, the Python Trend, the Round Dam trend, the Riverina area and in the Siberia area. Minor mineralisation was intersected at the Burkes Dam East, Legless and Pole Prospects that require follow up RAB drilling.

Swan Gold's exploration work has involved additional drilling at several deposits to better define mineralisation prior to mining (Riverina, Forehand, Walhalla, Sand King, Federal Flag and Salmon Gums) in conjunction with the completion of regional studies over the Davyhurst Project tenements to define targets. Several of the regional targets have been tested by RAB drilling.

In 2015 Swan Gold Mining Limited was renamed Eastern Goldfields Limited.

MINERAL RESOURCES

A resource estimate in accordance with the JORC Code has been compiled for the Davyhurst Project. As at 30 June 2008, the Davyhurst Project contained mineral resource as detailed below:

PIT / PROJECT	MEASURED		INDICATED		INFERRED			TOTAL MATERIAL
		(g/t		(g/t		(g/t		(g/t
	('000t)	Au)	('000t)	Au)	('000t)	Au)	('000t)	Au)	('000oz.)
CALLION			86	2.8	83	2.3	169	2.6	14
FEDERAL FLAG	32	2.0	112	1.8	238	2.5	382	2.3	28
GOLDEN EAGLE			345	2.5	311	2.6	656	2.5	54
LADY GLADYS			1,858	1.9	190	2.4	2,048	1.9	128
LIGHTS OF ISRAEL
UNDERGROUND			74	4.3	180	4.2	254	4.2	35
MAKAI SHOOT			1,985	2.0	153	1.7	2,138	2.0	136
SALMON GUMS			199	2.8	108	2.9	307	2.8	28
WAIHI			805	2.4	109	2.4	914	2.4	71
WALHALLA			448	1.8	216	1.4	664	1.7	36
WALHALLA NORTH			94	2.4	13	3.0	107	2.5	9
MT BANJO			109	2.3	126	1.4	235	1.8	14
MACEDON					186	1.8	186	1.8	11
SAND KING			516	3.1	935	3.0	1,451	3.0	142
MISSOURI	98	1.7	831	2.0	909	2.2	1,838	2.1	123
PALMERSTON /
CAMPERDOWN			118	2.3	174	2.4	292	2.4	22
BERWICK MOREING					50	2.3	50	2.3	4
BLACK RABBIT					434	3.5	434	3.5	49
THEIL WELL					18	6.0	18	6.0	3
IGUANA			690	2.1	2,032	2.0	2,722	2.0	177
LIZARD	106	4.0	75	3.7	13	2.8	194	3.8	24
RIVERINA AREA			941	2.4	1,644	2.5	2,585	2.5	205
FOREHAND			386	1.7	436	1.9	822	1.8	48
SILVER TONGUE			155	2.7	19	1.3	174	2.5	14
TOTAL	236	2.8	9,827	2.2	8,577	2.4	18,640	2.3	1,372

Davyhurst Mineral Resource Estimate

	Tonnes	Grade	Ounces
	('000t)	(g/t Au)	('000)
Measured	236	2.8	21
Indicated	9,827	2.2	691
Measured + Indicated	10,063	2.2	712
Inferred	8,577	2.4	660
TOTAL	18,640	2.3	1,372

Davyhurst Mineral Resource Summary

The information contained in this Mineral Resource summary has been compiled by the Company from a number of internal Mineral Resource estimation reports and this Report replicates information contained in the Company's reports. So far as it relates to ore and mineralisation, this Report is based on information compiled by Mr Mark Nelson, who is a Member of the Australian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. Mr Nelson has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity, which he is undertaking, to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves. Mr Nelson was a full time employee of the Company. This Report accurately reflects the information compiled by Mr Nelson.

The estimates are historical estimates and are not reported in accordance with the 2012 JORC Code and the Mineral Resources as referred to do not constitute any resources under the 2012 JORC Code;
A competent person has not done sufficient work to classify the historical estimates as mineral resources in accordance with the 2012 JORC Code; and
It is uncertain that following evaluation and/or further exploration work that the historical estimates will be able to be reported as mineral resources in accordance with the 2012 JORC Code.
Please refer to the section "Compliance of the mineral resource estimates with the JORC Code 2012" towards the end of this Report.

The information contained in this Mineral Resource summary replicates information contained in the Company's Davyhurst Mineral Resource Estimate.

The author of this Report is not aware of any new information or data that materially affects the information included in the Company's reports referred to above and, in the case of mineral resources that all the material assumptions and technical parameters underpinning the estimates in the Information Memorandum continue to apply and have not materially changed. The form and context in which Mr Nelson's findings are presented have not been materially modified.

MINING OPERATIONS

At the cessation of operations at Davyhurst, the Missouri, Sand King and Riverina open pits were being mined. All geological practices were undertaken under the supervision of Monarch staff. Monarch grade control practises involved the utilisation of reverse circulation (RC) drilling. The orientation, spacing and depth of grade control holes varied according to the geometry of individual ore zones and the continuity of mineralisation. When deemed necessary samples were also collected from drill and blast rigs. Samples were generally collected at 1m intervals and sent to laboratories in Kalgoorlie and Leonora to determine gold content. Aqua Regia digest, solvent extraction, AAS nominal 50g charge was the routine analytical method due to the quicker turn around and the lower cost per samples. Routine check sampling took place.

Digitising of sectional interpretations of ore zones was completed on receipt of grade control data. The ore zones were then transferred across from section to flitch plan "on sectional" five-metre intervals, ultimately outlining any ore polygons for that 2m bench. Tonnes and grade were then assigned to each polygon. All grade control modelling was completed using Surpac Software on site. Ore blocks were marked out by the survey department and inspected by a geologist before being mined. Ore mining was commonly completed under geological supervision.

Mining was carried out under a modified owner operator methodology whereby Monarch hired operational labor and equipment and managed the direct mining operation itself with suitably qualified staff. Contract personnel were sourced from QFS Australia, mining equipment was sourced from Emeco, and mining was carried out under the direct control of Monarch staff. During 2007/08 mining was completed at two Gums, Walhalla and Federal Flag and was underway at Missouri, Sand King and Riverina.

The mining department operated two satellite mining areas and equipped and manned each as a standalone operation, sharing technical resources, geology, survey and mine planning etc. Each operation was equipped with a portable workshop, fuel facilities, crib and ablutions, and basic communications back to Davyhurst. It was planned to "leap frog" each operation as it finished to the next operation, with one operation at or in ore and the other operation starting a new pit, this way guaranteeing ore supply.

Davyhurst Processing Plant

The Davyhurst Processing Plant has a throughput capacity of approximately 1.2Mtpa on a primary – oxide ore blend. The plant comprises a three stage crushing plant, a two stage milling circuit and a conventional leach and adsorption circuit. The crushing circuit, from the ROM ore bin up to the head sheave of the conveyor feeding the fine ore bin, belongs to Crushing Services International ("CSI"). The crushing of ore was carried out under contract by CSI during the 2007/08 operating period.

Ore is fed by front-end loader into a 100 tonne capacity ROM bin. A 30kW Malco vibratory feeder directs coarse ore to a 1220mm x 1020mm single toggle Kemco jaw crusher. Fine ore bypasses the jaw crusher and falls onto a conveyor feeding a Ludowici triple deck 6 x 16 vibratory screen. Topsize (nominally plus 40 mm) is directed to a 54 inch Eljay secondary crusher. The second deck oversize (-40+16mm) is fed to a 54 inch Eljay tertiary crusher. 185kW motors power both Eljay crushers. Crusher product of minus 14mm is fed to a 1,600 tonne cylindrical fine ore bin.

The Allis Chalmers overflow primary mill is fed via a conveyor from a passive feeder under the fine ore bin. Quicklime is added to the ore as required, for pulp alkalinity control. The 1,300kw mill is in closed circuit with a Malco vibratory screen, via an 8/6 Warman pump. Underflow from the scalping screen passes to a secondary mill. Both mills are rubber lined and the primary mill has polymet lifter bars fitted to extend the life of the rubbers. The secondary mill discharge is pumped to a Warman cyclone cluster of 6 x 380mm cyclones. The underflow passes back to the secondary mill with a cut being directed to the manual dump 30 inch Knelson concentrator. Cyclone overflow gravitates to a Transfield 1.8 x 4.8m trash screen. Overflow from the trash screen reports to the trash bay. Screen underflow reports to the first of the three 1,500 cubic metre leach tanks. Dual propellor 782Q100 Lightning agitators are fitted to the leach tanks. Liquid cyanide is added as required to the leach tank(s). The main oxygen input point is via a proprietary pulp-shearing device through a 6/4 Warman recirculating pump located at the base of Leach tank#1. Additional oxygen can be sparged into the remaining two tanks as required.

Leach tank#3 discharges to the first of 8 x 260 cubic metre volume adsorption tanks. The tanks are agitated by double prop 77Q20 Lightning agitators, powered by motors in the range of 15 to 18.5kw motors. The inter-tank screens are cylindrical and mechanically wiped. Carbon concentrations within the tanks are around 15g/l with the exception of tank#1 where the concentrations are generally around 40g/l. Tails pulp exits the circuit over a 1.8 x 4.8 meter vibratory safety screen before being pumped to the tailings dam. The current TSF is the Homeward Bound open pit, which is linked to the Waihi set of pits. The conventional 35 hectare paddock tails dam is drying out after filling to 8 metres, the height of the dam after its first lift. Supernatant water from the TSFs is pumped back to the mill holding dam for reuse.

Loaded carbon is transferred to a 4 tonne elution column. The split AARL method is deployed for stripping the carbon. An Armstrong rotary kiln is used for carbon regeneration. Electrowinning of eluate is via 3 electrowinning cells, the cathodes are acid washed prior to calcining and smelting.

Mains power is sourced from the Goldfields grid, tapping into the source approximately 60km to the south at Ora Banda.

Process water is extracted from the (Lake Wangine) Battery borefield, around 25km to the south east of Davyhurst. The borewater is extracted from a paleochannel with a maximum depth of around 50 metres. The water quality is hypersaline and averages around 85,000 TDS. All pumping is powered from the adjacent HV line running to the Davyhurst site. Potable water is produced via a reverse osmosis plant on site. The source of the brackish water is the Papertalk Brook borefield, located about 8km to the north east of the plant site. Power for both the abstraction and pumping to the plant is provided by a diesel driven generator.

Tailings Disposal

Paddock Storage - A conventional paddock type tailings storage facility is located approximately 600m to the east of the plant. It was constructed in 2001 and has a footprint of approximately 35 hectares. The starter embankments were constructed of oxidised waste rock from the Golden Eagle mine. The initial dam wall height averaged approximately 4.5m. Due to the slope of the countryside upon which the dam was built, the north eastern section of the dam was built to 6 metres whist the banks above the higher topography to the South West were only 1 metre high. The cell was further raised by approximately 2m in 2004, using dried tailings exclusively used for this lift. The dam was filled by October 2004 and allowed to dry out in preparation for the next lift in April 2008.

In Pit - The alternate tailings repository is in the Great Ophia pit, around 1 kilometre to the north of the plant. Return water was collected initially from the ramp access by a pontoon mounted electric pump and pumped to a surface holding tank. As the pit filled, water was collected in a central decant tower that had been clarified after passing through a rock embankment. An alternate tailings dam is the Waihi tailings dam. Waihi has been used historically for the deposition of tailings and has reached its design capacity.

EXPLORATION POTENTIAL

Exploration activities by the Company at the Davyhurst operation have historically been focused on the delineation of additional mineral resources and advancing the current Inferred Resources to Indicated Resource status to allow the evaluation of Ore Reserves, although some regional exploration in the way of RAB drilling has also been undertaken. Swan's forward-looking strategy will see a more balance approach to regional exploration versus Resource definition.

There are a number of prospects in the Davyhurst Project with encouraging drilling results that require follow up, a number of prospects where some drilling and geochemistry have already defined significant anomalism, and a large number of prioritised brownfield and greenfield exploration targets, supported by detailed analysis of the existing geological, geochemical and geophysical databases.

The company has completed a thorough review of the high priority targets within the project. The prospects the company will initially focus on will be the Sand King Deposit at Siberia, the Maiki Deposit which forms the northern part of the LIO/Great Ophir Complex at Davyhurst , and the Riverina Deposit.

Extensions of Known Mineralisation Riverina/Reggies/Forehand

The historic Riverina Gold Mine workings extend over 1.5km and have produced 99,500 tonnes grading 15.8 g/t for 50,490 ounces of gold. In the mid-80s, extensive exploration drilling was conducted in the area by Aztec Mining with highly encouraging results. Since this time ownership has changed a number of times with continued encouraging drill intersections by Barminco Pty Ltd, Barra Resources Limited and Riverina Resources Pty Ltd. Monarch acquired the tenements from Riverina in 2007.

The geology of the Riverina Mine area consists of a sequence of basalts with minor sediments and ultramafics that have a northerly strike and sub vertical to steep east dip. The area has been affected by upper greenschist to lower amphibolite grade metamorphism with many minerals exhibiting strong preferred orientations. All rock units are foliated with shear zones common. The most intense shear zones have been locally referred to as mylonite zones. Contemporaneous strike faults and late stage faults have dislocated these mylonite zones.

RC drilling by the Company has delineated an Indicated and Inferred resource covering the Riverina and Reggies Lodes. Potential exists to extend the resource to the north and at depth. RC drilling was undertaken in early 2008 by Monarch to infill areas of the main Riverina proposed pit and determine continuity of mineralisation, and also three traverses north of Reggies pit to define the northern extent of mineralisation Additional drilling by Monarch at the nearby Forehand and Silver Tongue deposit has also delineated Indicated and Inferred resources.

Round Dam Trend

The Round Dam Trend covers the line of mineralisation including Salmon Gums to the south, and Macedon, Mt Banjo, Walhalla, Federal Flag Lady Eileen and Waihi heading to the north. The Round Dam Trend covers a strike extent of greater then 17km and covers eight previously mined deposits and a further five unmined smaller resources. Mineralisation is focused along a De structure reactivated during D2, defining the contact between a tremolite-actinolite-chlorite amphibolite and a fine-grained basalt.

At Lady Eileen South and Lady Eileen, gold mineralisation is similar to that at Federal Flag in that it is located on or close to the same ultramafic-mafic geological contact, and the ultramafic rocks are strongly sheared to talc tremolite schist. At Lady Eileen South, quartz veins show a similar asymmetry to those at Federal Flag, however the controlling fault is at a lower dip angle, and can be seen to transect the earlier foliation and rotate the foliation in a sinistral offset. The fault is west-dipping, indicating apparent thrust movement in section, as seen at Federal Flag.

Previously mined open cut deposits along the Round Dam Trend include the Waihi pits, Lady Eileen North and South, Federal Flag and Federal Flag North, and Walhalla. Potential exists to incrementally increase the size of the resources through further drilling. Unmined resources include Salmon Gums, Mt Banjo, Macedon and Walhalla North. The latter two resources require further drilling to determine the extent of mineralisation.

Davyhurst Mine Area

At the Lights of Israel ("LOI") Deposit, production totalled 4.0Mt at 3.1g/t Au for 400,000 ounces. The Barminco – Croesus JV between 2002 and 2004 produced 862,000t at 3.65g/t Au for 101,000 ounces. The LOI underground mine supplied between 30,000 and 45,000 ore tonnes per month during the most recent mining phase. The northern extension of the Lights of Israel shoot has been defined by wide spaced drilling and infill drilling is required to fully assess the potential of extending the underground mine. Diamond drilling is also recommended to locate footwall and hanging wall mineralisation around the LOI shoot.

The Makai Shoot is a parallel lode to the Lights of Israel Shoot where potential for underground mining and cut-back of the existing pit requires further evaluation. After recent RC drilling by Monarch, an inhouse Indicated and Inferred resource has been estimated for Makai. At the Golden Eagle Deposit, a mineral resource was estimated by Croesus. Exploration drilling is planned to extend the current mineral resources within and adjacent to the pit area and deeper holes are recommended at the northern strike extensions to target a high-grade shoot with potential for underground mining. The recent IP survey has highlighted anomalies to the north of the Golden Eagle mine that require further assessment.

Callion

Gold mineralisation occurs in several sub-parallel, mostly steeply-dipping, north-to north northweststriking quartz veins in pillow basalts. North-northeast-striking veins of variable dip are also observed at the deposit, including the Callion Fault, which sinistrally offsets dolerite and gabbro rock units. Gold distribution at the Callion deposit has an overall north-northwest strike and is sub-vertical to steeply (>80º) east-northeast-dipping, with internal north and north-northwest-striking mineralisation trends.

No additional drilling has been undertaken by the Company at Callion, but an Indicated and Inferred resource has been estimated. Potential exists to extend the resource to the south and at depth below the southern extent of the current pit. There also may be potential to define an underground resource through additional drilling. However, significant underground mining was undertaken in the late 1980s and early 1990s and the extent of this mining has not been determined as no underground survey data is available.

Palmerston/Camperdown

The Palmerston deposit is part of the Invincible Shear Zone and is located within the Siberia Gold Camp. The Palmerston pit was mined by WMC in the 1980s with mineralisation continuing northwards across a tenement boundary into the Camperdown deposit, as mined by Julia Mines NL at the same time. This resulted in sub-optimal mining practices and the multiple names attributed to the mineralizing structures.

The Palmerston Deposit is hosted within mafic lithologies with a very shallow weathering profile. Mineralisation occurs within a steep dipping shear zone 1-10m wide with associated quartz veining and alteration. The zone takes a sigmoidal form as it curves from 090° at the south-western portion of the deposit and changes strike to approximately 030° through the central portion before curving to 070° at the north-east portion of the deposit. The dip remains reasonably consistent at approximately 70° to the north and west. A number of peripheral mineralised zones are also developed at the deposit.

Black Rabbit

Mineralisation is hosted by mainly ultramafic rocks (Siberia Komatiite), with some production from underlying quartz-biotite-plagioclase schist. The two main mineralised structures approximately follow the contact between komatiitic rocks and underlying felsic schists. The more northerly structure trends 110-120° and dips NE; the more southerly structure trends 150-160°, and dips 40-60° E. Both shear zones are 12 m wide and contain minor quartz veins only. Monarch has undertaken a resource estimate based upon drilling completed by Siberia Mining. Due to issues with the drilling database the resource is Inferred category only.

Regional Exploration Targets

Swan has completed a review of the company's extensive exploration data base and has identified a number of priority targets that have the potential to host economic gold mineralisation. During 2013 the company completed approximately 8,000 auger geochemical samples within the project area targeting structural positions not previously tested by surface geochemistry. In addition the company completed 4,196 m of RC drilling testing a number of structural targets within the immediate Davyhurst area. Significant results were obtained from the Golden Eagle South East Prospect as well as the identifying extensions to the Iguana Deposit. The company intends to identify and advance exploration targets in order to discover the next generation of gold deposits within the t project Brief Review of Mining and Processing operations

The Davyhurst mining operations and processing facilities have been on care and maintenance since operations ceased in mid June 2008.

MT IDA PROJECT

The Mt Ida Project is located 200 km north of Kalgoorlie in the Northern Goldfields of Western Australia. Monarch acquired the Mt Ida Project from International Goldfields ("IGL") in April 2007, acquiring the rights to mine in the "Excluded Area" as part of a JV where Monarch held 70% of the JV. The areas surrounding the Excluded Area were also acquired from IGL later, in July 2007.

The Mt Ida Project is a mining and exploration project only and does not have its own treatment facilities. In 2007/2008, ore mined at Mt Ida was transported to and treated at Davyhurst, approx 130 km to the south, and at Lawlers 120km to the north.

LOCATION AND TENURE

Access from Kalgoorlie is via the Goldfields Highway to Menzies (~130km) and via the Menzies to Sandstone Rd, past Lake Ballard, and the Mt Ida road which are all weather gravel surfaced roads (~100km).

The Mt Ida Project is located approximately 90km due west of the township of Leonora in the North Eastern Goldfields. The project includes 41 tenements covering an area of approximately 175 sq. km Details of the tenements are included at the end of this Report. The tenements extend over a northsouth distance of 64 km extending from south of the Menzies-Sandstone Rd at Lake Ballard to the north of the Mt-Ida/Copperfield area. From east to west the tenements stretch over variable distances from 2 to 20 km. Details of the tenements are included at the end of this Report.

Davyhurst and Mt Ida Project Tenement Location

Mt Ida Project
	No	Total Area, km2
Mining Leases	3	8.31
Prospecting Licences	37	50.28
Exploration Licences	3	115.65
Total Area		174.24

Details of the tenements are attached to this report

GEOLOGICAL SETTING

The Mt Ida Project area is located in the northern-most part of the Mt Ida (or Ularring) Greenstone Belt which is the western-most subdivision of the regionally extensive Norseman-Wiluna belt. The Ularring Greenstone Belt occupies an extensive sequence of mafic and ultramafic rocks with interbedded (volcanogenic) sediments and felsic to intermediate volcanics. The geology is structurally complex, consisting of cross cutting and regional shear zones, a regional anticline, intrusive porphyries and basal ultramafic contacts. The Ularring Greenstone Belt is represented by narrow linear belt that extends from south of Davyhurst to Mt Alexander in the north. The belt corresponds to the western most subdivision of the extensive north-northwest trending Norseman-Wiluna Greenstone Belt and covers a strike extent of approximately 150km.

In the Mt Ida area, the greenstone belt is folded into a southerly plunging antiform, called the Kurrajong Anticline, which has the Copperfield Granite at its core. The antiform is a SSE trending, tight isoclinal fold that plunges at a low angle (20°-40°) to the south. The fold has been overturned to the eat-north east. Dips on the eastern Mt Ida limb are steep to vertical while on the western Timoni/Bottle Creek limb the dips are orientated steeply to the west. Foliations identified to date indicate a strong mineral lineation plunging at shallow angles to the south, sub-parallel to the local regional antiform fold axis. The axial plane cleavage to the regional fold has been identified from observations along the granitic margins. The two limbs of the antiform are the Timoni/Bottle Creek Belt in the west and Mt Ida Belt in the east.

REGIONAL MINERALISATION

Targeting economic gold mineralisation in the Ularring Greenstone Belt is difficult on account of the narrow, shear zone hosted nature of mineralisation, and the relatively narrow alteration halos associated with this style of mineralisation. A number of historic mining centres are present in the Mt Ida region, the most significant being the Copperfield Mining Centre from which the Timoni Mine alone produced 265,298 ounces of gold until production ceased in 1965. More recently, the Bottle Creek deposits were mined by Norgold in the late 1980s and the Boudie Rat and Forrest Belle deposits were mined by Consolidated Gold in the mid-1990s. Mining at Copperfield, notably the Dave and Baldock lodes, continued until Monarch ceased production in July 2008.

Mineralisation occurred late in the evolution of the orogen, possibly either the peak metamorphic phase, or more commonly in the retrogressive phase. Lithological complexity is important for establishing physical and chemical heterogeneities and gradients. Furthermore, mineralised structures will invariably develop along major discontinuities, the most abundant of which are lithological contacts.

Mt Ida Project Regional Geological Setting

Mineralisation tends to occur in structures that are orientated favourably to the far field stress, or exhibit changes in orientation. Rheologically competent, iron rich rock types, and particularly those with high Fe/Fe+Mg ratios, make favourable host rocks, such as the granophyric dolerites at Kalgoorlie, Kambalda and Coolgardie. Experimental chemistry indicates that gold was transported on sulphur complexes, and that iron in the host rocks reacted with the sulphur to form sulphide, causing gold and other solutes to precipitate out of solution.

Ore consists of laminated quartz-carbonate veins, with 3-5% sulphide. Pyrrhotite and pyrite are the most abundant sulphides in volcanic rocks, while arsenopyrite is the dominant sulphide in interflow sedimentary rocks. Schistose rocks host the ore. Alteration halos are narrow and coincident with shearing, although carbonate alteration may proceed outwards from the schist. Biotite, chlorite and amphibole (actinolite) form the principle alteration minerals. Cross structures appear to play a significant role in the mineralisation process via their interaction with mineralising shear zones.

Deposit Geology

The Ida Fault is interpreted to pass through the Bottle Creek Trend, which is located in the west of the Mt Ida area. Examples of mineralisation associated with the Bottle Creek Trend are the abandoned E.M.U., VB and Boags pits and the historic Piantos Find workings. Geology associated with the Bottle Creek trend comprises dominantly mafic and ultramafic extrusive volcanic flow rocks interspersed with interflow, mainly pelitic, metasediments. Felsic porphyry intrusive rocks are also present. Gold mineralisation is associated with a major shear zone along a zone of graphitic pelitic metasediments enveloped by ultramafic volcanic rocks. Gold occurs both within the altered, weathered shale horizon and in minor quartz veins.

The Timoni Trend is a structure located adjacent to the western margin of the Copperfield Granite, and is located to the east of, and parallel to, the Bottle Creek Trend. The structure hosts the Copperfield Mining Centre and the Bombay mineralisation to the north. Mineralisation along the Timoni Trend generally comprises narrow, high grade quartz veins hosted predominantly by mafic volcanics (amphibolites), ultramafic intrusions and anorthosite. Gold mineralisation is primarily associated with strike shear zones containing lenticular quartz veins with free gold, pyrite, pyrrhotite, galena and minor amounts of chalcopyrite and sphalerite within a strongly developed carbonate-biotite wall rock alteration envelope.

The Ballard Shear is located in the east of the Mt Ida area and is interpreted to be the northern continuation of the Zuleika Shear. The Ballard Fault hosts the Golden Ridge, Spotted Dog, Toms Find and Kestral mineralisation. The structure is represented as a series of shear zones which trend north-south through the eastern portion of the Mt Ida area and is approximately conformable to stratigraphy. Geology associated with the Ballard Shear comprises a series of mafic and ultramafic flows with associated interflow sediments. Conformable dolerites and gabbros are present plus a small pegmatite and aplite intrusives. The shear zone follows a unit apparent as a chert at surface, but which probably represents silicified interflow sediments since drilling has intersected graphitic, calcareous schist with abundant sulphides. Gold mineralisation is commonly associated with surficial gossans and is hosted by quartz veinlets within the shear, accompanied by pyrite, arsenopyrite and pyrrhotite.

Mt Ida Gold Deposits

Mt Ida Project Mineralised Shoots

Known gold mineralisation at Mt Ida is related to three main structures, The Bottle Creek Trend, The Timoni Trend and the Ballard Shear.

The Mt Ida/Copperfield region has been explored by many companies for gold and base metals since the 1960s and for gold since the 1890s.

017-8099-7095/1/AUSTRALIA

Copperfield

The Copperfield Mining Centre has produced over 300,000 ounces of gold from underground mining operations, working thin, high-grade quartz veins hosted predominantly by mafic volcanics (amphibolites), ultramafic intrusions and anorthosite. The Copperfield area contains four NW-striking shear zones, each extending for more than one kilometre along strike. The shears/lodes are, from west to east, Fred Lode, Tim Lode, Dave Lode and Dick Lode. The lodes have been mined to some extent during the past 90 years via shafts and shallow pits. Fred Lode is the Northern extension of the Federation orebody, which is accessed by the Federation Shaft in the south. Tim Lode has been mined at depth from North Shaft, Timoni Shaft and South Shaft with some near-surface stopes south of Timoni Shaft. Several shoots on Dave Lode have been stoped to surface near Copperfield Shaft and between Meteor and Whip Shafts, while numerous shallow shafts and pits define the surface position of Dick Lode.

The Dick Lode

Hosted within amphibolite, approximately 50m to the east of the Copperfield Granite, the Dick Lode is the least exploited of the mineralised trends. No geological data exists for the historical workings. Numerous small shafts, many of which appear to have involved only minor excavation, define the lode trace. Copper staining is also observed on the mullock heaps of several of the shafts. A second line of workings is located approximately 20m to the east, and continues further south. This may represent the offsetting of a single structure.

The Dave Lode

The Dave Lode was discovered during the early development years of the Copperfield camp. Mining was centred on the Meteor and David Copperfield shafts. In 2001, a southern continuation (the Whinnen Shoot) was located, and defined through drilling, by Hamill Resources Ltd. Detailed drilling indicates the shoot plunges shallowly to the north. The southern limit of the shoot truncates against a cross-cutting structure named the Northern cross-cut. More recently, the Baldock Shoot was located to the south of the Northern crosscut, where the lode has been displaced eastwards by approximately 120m. The upper surface of the Baldock shoot is approximately 100m deeper than the Whinnen Shoot, and is also interpreted to have a shallow northerly plunge, although it remains open at depth. A common feature highlighted by the extensive drilling along the Dave Lode is its composite nature, with as many as five distinct mineralised horizons intersected. Only one of these, the W2, has consistently returned economic values, and is host to both the Whinnen and Baldock Shoots. W2 ranges from 1-4m in width, with a gross trend of 340°/70°-80°W. Local deviations from this trend are common. The position of the lode is in part controlled by slithers of fine-grained amphibolite, which are normally intersected within 5m of, and frequently adjacent to, the higher-grades. Inspection of drill-core indicates the lode structure to be dominantly chlorite-biotite-plagioclase schist, enveloping a quartz-sulphide vein. The width from the centre of the structure to massive anorthosite is generally <1.5m. The Lode structure was produced by the milling and hydration of coarse-grained peak metamorphic calcic plagioclase + amphibole to a fine grained assemblage incorporating some or all of the following minerals: quartz, albite, chlorite, epidote, actinolite, biotite, hornblende and potassium feldspar. Titanite, ilmenite, apatite and zircons have all been observed microscopically, and represent preserved igneous and peak metamorphic phases.

Mt Ida Project Dave Load Cross Section

The Unexpected Lode

Hosted within ultramafic, the Unexpected line is situated towards the southern end of the Copperfield Mine Area. The lode correlates with a thickening of ultramafic, which probably reflects its proximity to the hinge of the Timoni Anticline. The strike of ultramafic where it hosts mineralisation is 330° although, in the vicinity of the Main shaft, the trace of the lode is approximately north-south. High grade mineralisation was won from lenticular quartz veins within the talc-chlorite schist. The lode dips steeply to the west.

The Timoni Lode

A sequence of fine-to medium-grained amphibolites host the Timoni Lode. Hornblende schist, biotitehornblende schist and actinolite schist form the wall rocks to the lode structure, with biotite content increasing inwards. The transgressive nature of the lode is similar to that observed on the Dave Lode. The structure has a sigmoidal geometry in plan view, striking 340°/70°W at its northern and southern ends, and rotating to 330°/65°W in the middle segment. Shearing rarely exceeds 3m in width. A 25-30° southerly plunge to certain structural features in the lode (e.g. striae on veins, mineral lineations and drag folds) was interpreted to reflect a structural control on mineralisation, although no explanation was given as to what the structural control may be. The best mineralisation was confined to the strike length between the Northern Cross-course and the A-Fault (Timoni Main). Whilst the lode was re-located to the north and south of these cross-faults, mineralisation was either less extensive or of lower grade.

The ore from Mt Ida is a sulphide containing some copper. Test work has been carried out, and Swan is of the opinion that the ore will be treatable in the Davyhurst plant if it is blended as a fixed ratio to the much larger tonnage of open pit feed. A lower recovery and higher cyanide consumption have been allowed for in estimating the costs and recoveries.

MINERAL RESOURCES

A resource estimate in accordance with the JORC Code has been compiled for the Mt Ida Project and has been announced to the ASX in past releases and reports. As at 6 May 2010, the Mt Ida Project contains a Mineral Resource set out in the following table.

	Tonnes	Grade	Ounces
	('000)	(g/t Au)	(000)
Indicated	135	18.6	81
Inferred (Meteor)	143	9.3	43
Inferred (Whinnen)	39	13.3	17
TOTAL	317	13.8	140
Mt Ida Project Mineral Resources Summary

The information contained in this Mineral Resource summary replicates information contained in the Company's ASX announcement entitled "Swan Gold targets July gold production", released to the ASX on 6 May 2010. Insofar as it relates to the resources and reserves, has been prepared by Mr Robin Simpson of SRK Consulting, Mr Mark Nelson of Monarch and Mr Ian Price of Mining One Consultants. Mr Robin Simpson, Mr Mark Nelson and Mr Ian Price each have sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the JORC Code. This Report accurately reflects the information compiled by Mr Simpson, Mr Nelson and Mr Price.

The estimates are historical estimates and are not reported in accordance with the 2012 JORC Code and the Mineral Resources as referred to do not constitute any resources under the 2012 JORC Code;
A competent person has not done sufficient work to classify the historical estimates as mineral resources in accordance with the 2012 JORC Code; and
It is uncertain that following evaluation and/or further exploration work that the historical estimates will be able to be reported as mineral resources in accordance with the 2012 JORC Code.

Please refer to the section "Compliance of the mineral resource estimates with the JORC Code 2012" towards the end of this Report.

The information contained in this Mineral Resource summary replicates information contained in the Company's Mt ida Mineral Resource Estimate.

BRIEF DESCRIPTION OF MT IDA MINING OPERATIONS

The Copperfield Mining Centre has produced over 300,000 ounces of gold from a number of underground mining operations between the 1890s and 1960s. The largest mine, Timoni, produced 265,000 ounces at an average head grade of 16.3 g/t Au.

In recent time, development access to the Baldock Lodes of the Mt Ida Gold Mine continued, following the change in ownership to Monarch in April 2007. The 6 and 7 Level access drives were driven approximately 300m east of the Timoni shaft with the 6 Level intersecting the Baldock orebody in August 2007, followed by 7 Level intersecting in December 2007. A total of 17,033 ore tonnes were mined at an average grade of 12.48 g/t gold over the 10 month period to June 2008, with higher grades coming towards the end as stoping volumes increased and higher grade areas were developed. Most of this ore was processed through a CIP plant located at Davyhurst, with the final 4,834 tonnes @ 13.2 g/t treated at the Lawlers Processing Plant.

EXPLORATION POTENTIAL

There are four existing targets on the Timoni Lode. The areas will require additional definition drilling if the programmes are successful prior to the commencement of mining. The planned drilling is not suitable for drilling from existing underground development due to the obliqueness of the intersections. The target areas are at the northern and southern extents of the current Timoni workings, as well as testing for the existence of a mineralised footwall lode, approximately 50m east of the currently defined lode, based on results of 1m at 20g/t Au (TIC0192) and 1m at 11.2g/t Au (UGDDH6) in previous drilling.

Within the current Baldock area, the mineralisation from 7 Level down to 8 Level requires additional infill drilling to improve confidence in the geological and grade continuity. Potential also exists to define additional underground ore above the current development levels where there has been limited drilling to target mineralisation. South of the Southern Concourse/Fault, further drilling is warranted to test for down plunge mineralisation to the Baldock Lode. Limited previous drilling has intersected 0.3m at 52.7g/t Au, 1.0m at 9.3g/t Au, 1.0m at 8.8g/t Au and 3m at 14.9g/t Au. This area will require subsequent in-fill drilling if the initial drilling programme is successful.

The existing Meteor underground resource requires in-fill drilling to increase confidence in the global resource. Current spacing is approximately 50m by 75m. There is the potential to increase the resource base by 29,000oz Au if drilling is successful and the mineralised envelope may possibly be enlarged. Existing drilling at Whinnen East has identified a possible mineralised footwall to Whinnen Shoot on Dave Lode. Drilling is required to confirm the existence and extent of this mineralisation.

There is potential to outline open pit mineralisation above the 2006 Meteor resource, south of the David Copperfield shaft and above the Whinnen Shaft. A geological model prepared in November 2007 identified the potential for a small open pit above the Whinnen/Copperfield workings. Current drilling data is insufficient and of poor quality therefore additional drilling is required. The mineralisation is limited in extent and may provide approximately 7,000oz Au at 7.5g/t Au.

Regional Exploration Targets

The Bombay prospect is located 7km to the northwest of the Copperfield Mining Centre and is interpreted to lie on the Timoni Trend. The prospect covers mainly high Mg basalts and minor ultramafic rocks between the Bottle Creek structure to the immediate west and the Copperfield Granite to the east. Mafic rocks only crop out in the western parts of the prospect, the remaining area being covered with ferruginous and lateritic soils and alluvium associated with the major drainage courses. In the central west of the area, several old workings are associated with a gossanous and siliceous (chalcedonic silica) outcrop while in the southern part of the prospect a line of old workings (Star of the East) has exploited narrow quartz veins in sheared basalt.

Gold mineralisation is associated with narrow quartz veins and stringers which have carbonate and sericite alteration selvages. At the Star of the East gold mine, gold mineralisation is hosted by quartzveined sericite schist at the contact between pyritic carbonaceous schist and medium grained amphibolite. The sericite schist may be a sheared and altered amphibolite. RAB and RC drilling was completed, covering 3,100m strike extent. Significant mineralisation was intersected in the southern portion of the grid. There appears to be a zone of surface depletion as generally there are few significant intersections from 15m to 30m vertical depth from surface. Oxide intersections below the zone of depletion may be associated with supergene enrichment. The main zone of mineralisation covers 650m strike extent, although only the southern 250m has been comprehensively tested with RC drilling. Further drilling is required to determine the extent of mineralisation associated with the broader drilling results to the north of the main zone.

The Kestral Prospect is located 7km to the east of the Copperfield Mining Centre. RC drilling has been completed over 900m strike extent with the main mineralised zone covering 350m. A potential zone of economic mineralisation has been outlined to 40m vertical depth. A deep diamond hole by La Mancha intersected low grades at depth. Mineralisation comprises multiple steeply east dipping zones, associated with a talc-chlorite schist horizon that is interpreted to represent the Ballard Shear. There does not appear to be any significant historic workings in the area. Depth of weathering was not recorded in drilling. Based on a line of RAB drilling to the south of the Kestral Main Zone, oxidation is probably less than 30m vertical depth. Drilling density is sufficient to estimate an inferred resource, however additional drilling is required to determine the extent and continuity of mineralisation. Based on deeper drilling, economic mineralisation may be confined to the oxide zone.

The West Nell Prospect is located immediately to the south of the historic Mt Ida Mining Centre. The prospect covers 600m strike extent based on previous drilling and historic workings. The South Nell workings are hosted by sheared anorthositic gabbro and, when highly deformed, the resulting shear zones are represented by sericite schist. The stratigraphic setting is analogous to the Copperfield Mining Centre mineralisation. Historic drilling comprises relatively shallow vertical RAB fences at 200m spacing with deeper angle RAB infill on 100m alternate lines to initial drilling. Drilling intersected a supergene horizon from 18m to 35m vertical depth. The regolith above the supergene zone appears depleted of gold. Drill intersections indicate shallow (30°) east dipping mineralisation in lower saprolite. Mineralisation is generally low grade and/or narrow with better values of 4m at 2.17g/t Au in drill hole MIB559 and 6m at 3.28g/t Au in drill hole MIB556 on consecutive traverses.

COMPLIANCE OF THE MINERAL RESOURCE ESTIMATES WITH THE JORC CODE 2012

Such details of the historic estimates of Mineral Resources at Davyhurst and Mt Ida as calculated under the then current version of the JORC Code (2004) are as set out in this report and the references. It is made clear that all such historic estimates do not constitute Mineral Resources within the meaning of the 2012 JORC Code
Those categories of Mineral Resources relating to Davyhurst and Mt Ida are calculated under the then current JORC Code (2004) which used less rigorous standards than apply under the current 2012 JORC Code. The primary differences are inclusion of Table 1 reporting on an 'if not, why not?' basis and formal Competent Person Attributions.
The historical estimates of mineralisation as contained in this report are of significant materiality and relevance to the Company as they represent the only assessments of the prospectivity of the mineralisation, which are available to the Company. In context it is made clear they are not misleading as it is made clear the mineralisation referred to does not, in any case, constitute a "resource" of any kind under the 2012 JORC Code. If the references were unable to be included the report would be misleading by omission as investors would not be able to form any opinion as to the prospectivity or otherwise of prospects involved.
The historic estimates have the reliability attached thereto which any report as to Mineral Resources have under the version of the JORC Code under which they were complied. Until adoption of the 2012 JORC Code, those estimates of Mineral Resources were compliant with the reporting standards required under the Listing Rules.
To the extent known, the data on which the historic estimates of Mineral Resources were based are as disclosed in the report and they were prepared under and in accordance with the standards required by the provisions of the JORC Code as in force at the time they were calculated.
No more recent estimates been made and there no more recent data available save and except as referred to in the report in each instance.
While it may be possible that a re-assessment of the data might lead to a determination that a resource exists within the meaning of the 2012 JORC Code, the probability is that additional infill drilling may be required in each instance to enable recalculation of any possible resource within the meaning of the 2012 JORC Code.

Competent Persons Statement – This Report

The information in the Independent Geological Report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by the Company and reviewed by Malcolm Castle, a competent person who is a Member of the Australasian Institute of Mining and Metallurgy ("AusIMM"). Malcolm Castle is a consultant geologist employed by Agricola Mining Consultants Pty Ltd. Mr Castle has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (JORC Code). Malcolm Castle consents to the inclusion in this Report of the matters based on his information in the form and context in which it appears.

PROPOSED EXPLORATION AND BUDGET

The Company proposes to raise a minimum of \$6 million and a maximum of \$10 million with the ability to accept oversubscriptions to raise an additional \$5 million as a compliance listing. The funds raised will be used to undertake detailed geological exploration and mine development planned for the Projects, plant refurbishment, and working capital. The quantum of the minimum raise of \$6m is set primarily for the satisfaction of certain financial conditions imposed by the ASX for re-quotation of the Company's shares to trading on the ASX. In the minimum raise scenario (and in the maximum and oversubscription scenarios to a lesser extent), it is intended that ongoing exploration costs will be met by future debt or equity capital raisings.

Exploration expenditure commitments are currently \$4.6 million per annum, which will reduce to approximately \$3.4 million once a planned tenement amalgamation process has been completed

The Company is planning an exploration program to expand known resources and drill test identified regional targets. Exploration at the Davyhurst Project has defined a number of exploration areas discussed above. The Company has proposed an exploration budget, based on raising various amounts under the Offer.

The Company has defined a three pronged exploration strategy that ultimately aims to expand the Projects' mineral resource base. The three areas that will be specifically targeted will include areas known to hold open pit mining potential, underground mining potential and areas that could potentially yield a new gold discovery.

Proposed Exploration

The Company will also aim to expand and raise the confidence level of some existing resource areas that will be the subject of:

(a) future open pit mine evaluation work. This resource definition work will include, but will not be limited to Sand King, Riverina and the Mulline Laterites area; and

(b) future underground mine evaluation work. The key areas of focus will include, but will not be limited to Callion, Sand King, Riverina and Mt Ida.

Other exploration strategies will include a focussed evaluation of the second order geochemical anomalies that already exists within the geochemical soil sampling database. Advanced targeting work remains ongoing with some of the more immediate targets including the Peachtree prospect and LOI footwall repeats.

Eastern Goldfields Limited		Proposed Expenditure
	\$6 million	\$10 million	\$15 million
	Raised	Raised	Raised
Resource definition drilling
RC and Diamond Drilling and Sampling		\$750,000	\$3,000,000
Regional exploration for new targets
Geochemical auger drilling	\$84,854	\$171,520	\$238,187
RAB Drilling	\$84,854	\$171,520	\$238,187
RC Drilling	\$84,854	\$171,520	\$238,187
Rent & Rates	\$500,000	\$500,000	\$500,000
Plant refurbishment		\$750,000	\$3,000,000
Total	\$754,562	\$2,514,560	\$7,214,561

The exploration budget will be subject to modification on an ongoing basis depending on the results obtained from exploration and development activities as they progress. The Company is intending, particularly in the minimum raising scenario, to cover its minimum expenditure obligations primarily through future debt and equity raisings.

It is considered that the Company has a reasonable proposed exploration budget over two years consistent with its stated objectives and that this program is warranted and justified on the basis of the historical exploration activity and demonstrated potential for discovery of gold mineralisation.

TENEMENT LISTING

	DAVYHURST PROJECT
TENEMENT	STATUS	REGISTERED HOLDER	Area_Km	GRANT DATE	EXPIRY DATE /RENEWAL DUE
E16/0332	GRANTED	CARNEGIE GOLD PTY LTD	40.70	28/05/07	27/05/17
E16/0337	GRANTED	CARNEGIE GOLD PTY LTD	11.20	9/04/08	8/04/18
E16/0344	GRANTED	SIBERIA MINING CORPORATION PTY LTD	27.90	29/04/08	28/04/18
E16/0347	GRANTED	SIBERIA MINING CORPORATION PTY LTD	3.00	12/03/08	11/03/18
E16/0456	GRANTED	SIBERIA MINING CORPORATION PTY LTD	77.70	11/07/14	10/07/19
E16/0473	GRANTED	CARNEGIE GOLD PTY LTD	38.60	5/10/15	4/10/20
E16/0474	PENDING	CARNEGIE GOLD PTY LTD	32.60
E16/0475	GRANTED	CARNEGIE GOLD PTY LTD	50.20	5/10/15	4/10/20
E29/0955	GRANTED	SIBERIA MINING CORPORATION PTY LTD	14.80	13/01/16	12/01/21
E30/0332	GRANTED	CARNEGIE GOLD PTY LTD	2.00	2/09/08	1/09/18
E30/0333	GRANTED	BARRA RESOURCES LTD	17.90	2/09/08	1/09/18
E30/0334	GRANTED	CARNEGIE GOLD PTY LTD	5.90	21/04/08	20/04/18
E30/0335	GRANTED	CARNEGIE GOLD PTY LTD	104.30	19/12/08	18/12/18
E30/0336	GRANTED	CARNEGIE GOLD PTY LTD	105.20	2/07/08	1/07/18
E30/0338	GRANTED	CARNEGIE GOLD PTY LTD	96.10	20/05/08	19/05/18
E30/0454	GRANTED	CARNEGIE GOLD PTY LTD	13.30	10/07/14	9/07/19
E30/0464	PENDING	CARNEGIE GOLD PTY LTD	128.00
E30/0468	PENDING	CARNEGIE GOLD PTY LTD	1.80
Subtotal			771.20
M16/0220	GRANTED	CARNEGIE GOLD PTY LTD	3.90	27/03/01	26/03/22
M16/0262	GRANTED	SIBERIA MINING CORPORATION PTY LTD	9.90	12/03/99	11/03/20
M16/0263	GRANTED	SIBERIA MINING CORPORATION PTY LTD	10.00	12/03/99	11/03/20
M16/0264	GRANTED	SIBERIA MINING CORPORATION PTY LTD	9.90	12/03/99	11/03/20
M16/0268	GRANTED	CARNEGIE GOLD PTY LTD	3.70	10/08/01	9/08/22
M16/0470	GRANTED	CARNEGIE GOLD PTY LTD	5.80	9/12/03	8/12/24
M24/0039*	GRANTED	CHARLES ROBERT GARDNER	7.50	16/01/85	15/01/27
M24/0051	GRANTED	SIBERIA MINING CORPORATION PTY LTD	0.90	5/10/84	4/10/26
M24/0115	GRANTED	SIBERIA MINING CORPORATION PTY LTD	1.90	11/06/87	10/06/29
M24/0159	GRANTED	SIBERIA MINING CORPORATION PTY LTD	4.00	9/02/88	8/02/30
M24/0208	GRANTED	SIBERIA MINING CORPORATION PTY LTD	4.20	18/05/88	17/05/30
M24/0290	GRANTED	SIBERIA MINING CORPORATION PTY LTD	7.90	15/06/89	14/06/31
M24/0352	GRANTED	SIBERIA MINING CORPORATION PTY LTD	4.30	13/06/90	12/06/32
M24/0376	GRANTED	SIBERIA MINING CORPORATION PTY LTD	3.20	19/02/91	18/02/33
M24/0427	GRANTED	SIBERIA MINING CORPORATION PTY LTD	-	14/12/93	13/12/35
M24/0633	GRANTED	SIBERIA MINING CORPORATION PTY LTD	0.40	20/04/04	19/04/25
M24/0754	GRANTED	SIBERIA MINING CORPORATION PTY LTD	-	11/01/99	10/01/20

M24/0755	GRANTED	SIBERIA MINING CORPORATION PTY LTD	1.60	28/11/07	27/11/28
M24/0830	GRANTED	SIBERIA MINING CORPORATION PTY LTD	0.10	30/08/12	29/08/33
M24/0845	GRANTED	SIBERIA MINING CORPORATION PTY LTD	9.00	25/03/04	24/03/25
M24/0846	GRANTED	SIBERIA MINING CORPORATION PTY LTD	6.10	25/03/04	24/03/25
M24/0847	GRANTED	SIBERIA MINING CORPORATION PTY LTD	8.10	25/03/04	24/03/25
M24/0848	GRANTED	SIBERIA MINING CORPORATION PTY LTD	7.90	25/03/04	24/03/25
M30/0001	GRANTED	CARNEGIE GOLD PTY LTD	0.10	9/05/84	8/05/26
M30/0005	GRANTED	CARNEGIE GOLD PTY LTD	6.60	22/10/85	21/10/27
M30/0007	GRANTED	CARNEGIE GOLD PTY LTD	4.70	27/06/84	26/06/26
M30/0016	GRANTED	CARNEGIE GOLD PTY LTD	-	16/12/86	15/12/28
M30/0021	GRANTED	CARNEGIE GOLD PTY LTD	0.70	17/03/86	16/03/28
M30/0034	GRANTED	CARNEGIE GOLD PTY LTD	2.00	12/06/87	11/06/29
M30/0039	GRANTED	CARNEGIE GOLD PTY LTD	3.30	18/05/88	17/05/30
M30/0042	GRANTED	CARNEGIE GOLD PTY LTD	0.50	2/12/87	1/12/29
M30/0043	GRANTED	CARNEGIE GOLD PTY LTD	1.40	3/11/87	2/11/29
M30/0044	GRANTED	CARNEGIE GOLD PTY LTD	0.10	30/10/87	29/10/29
M30/0048	GRANTED	CARNEGIE GOLD PTY LTD	9.50	18/05/88	17/05/30
M30/0059	GRANTED	CARNEGIE GOLD PTY LTD	1.10	29/03/88	28/03/30
M30/0060	GRANTED	CARNEGIE GOLD PTY LTD	1.30	22/01/88	21/01/30
M30/0063	GRANTED	CARNEGIE GOLD PTY LTD	7.30	22/04/88	21/04/30
M30/0072	GRANTED	CARNEGIE GOLD PTY LTD	9.60	4/11/88	3/11/30
M30/0073	GRANTED	CARNEGIE GOLD PTY LTD	8.70	4/11/88	3/11/30
M30/0074	GRANTED	CARNEGIE GOLD PTY LTD	3.60	4/11/88	3/11/30
M30/0075	GRANTED	CARNEGIE GOLD PTY LTD	3.10	8/09/88	7/09/30
M30/0080	GRANTED	CARNEGIE GOLD PTY LTD	2.90	4/11/88	3/11/30
M30/0084	GRANTED	CARNEGIE GOLD PTY LTD	1.00	12/01/89	11/01/31
M30/0097	GRANTED	CARNEGIE GOLD PTY LTD	0.10	3/08/90	2/08/32
M30/0098	GRANTED	CARNEGIE GOLD PTY LTD	0.30	15/11/90	14/11/32
M30/0100	GRANTED	CARNEGIE GOLD PTY LTD	0.40	1/08/91	31/07/33
M30/0102	GRANTED	CARNEGIE GOLD PTY LTD	1.20	11/12/92	10/12/34
M30/0103	GRANTED	CARNEGIE GOLD PTY LTD	2.20	27/01/93	26/01/35
M30/0106	GRANTED	CARNEGIE GOLD PTY LTD	5.50	25/10/93	24/10/35
M30/0107	GRANTED	CARNEGIE GOLD PTY LTD	7.70	25/10/93	24/10/35
M30/0108	GRANTED	CARNEGIE GOLD PTY LTD	3.00	12/10/93	11/10/35
M30/0109	GRANTED	CARNEGIE GOLD PTY LTD	7.90	1/11/93	31/10/35
M30/0111	GRANTED	CARNEGIE GOLD PTY LTD	5.40	22/02/94	21/02/36
M30/0122	GRANTED	CARNEGIE GOLD PTY LTD	10.00	29/09/04	28/09/25
M30/0123 M30/0126	GRANTED GRANTED	CARNEGIE GOLD PTY LTD CARNEGIE GOLD PTY LTD	10.00 3.30	29/09/04 13/10/09	28/09/25 12/10/30
M30/0127	GRANTED	CARNEGIE GOLD PTY LTD	1.90	12/06/07	11/06/28
M30/0129	GRANTED	CARNEGIE GOLD PTY LTD	-	28/11/07	27/11/28
M30/0131	GRANTED	CARNEGIE GOLD PTY LTD	0.10	4/12/96	3/12/17
M30/0132	GRANTED	CARNEGIE GOLD PTY LTD	0.10	4/12/96	3/12/17
M30/0133	GRANTED	CARNEGIE GOLD PTY LTD	0.10	9/07/99	8/07/20

M30/0135	GRANTED	CARNEGIE GOLD PTY LTD	-	6/11/07	5/11/28
M30/0137	GRANTED	CARNEGIE GOLD PTY LTD	-	18/03/98	17/03/19
M30/0148	GRANTED	CARNEGIE GOLD PTY LTD	0.10	17/11/99	16/11/20
M30/0150	GRANTED	CARNEGIE GOLD PTY LTD	0.10	4/04/01	3/04/22
M30/0157	GRANTED	CARNEGIE GOLD PTY LTD	6.10	19/12/02	18/12/23
M30/0159	GRANTED	CARNEGIE GOLD PTY LTD	9.30	26/11/01	25/11/22
M30/0178	GRANTED	CARNEGIE GOLD PTY LTD	9.80	18/12/02	17/12/23
M30/0182	GRANTED	CARNEGIE GOLD PTY LTD	9.30	27/06/03	26/06/24
M30/0187	GRANTED	CARNEGIE GOLD PTY LTD	10.00	2/10/02	1/10/23
M30/0253	PENDING	CARNEGIE GOLD PTY LTD	2.70
Subtotal			284.40
P16/2514	GRANTED	CARNEGIE GOLD PTY LTD	0.20	19/12/08	18/12/16
P16/2774	GRANTED	SIBERIA MINING CORPORATION PTY LTD	1.40	17/01/13	16/01/17
P16/2775	GRANTED	SIBERIA MINING CORPORATION PTY LTD	1.20	17/01/13	16/01/17
P24/4182	GRANTED	SIBERIA MINING CORPORATION PTY LTD	1.40	20/02/08	19/02/16
P24/4750	GRANTED	SIBERIA MINING CORPORATION PTY LTD	1.10	20/01/14	19/01/18
P24/4751	GRANTED	SIBERIA MINING CORPORATION PTY LTD	0.90	20/01/14	19/01/18
P24/4752	GRANTED	SIBERIA MINING CORPORATION PTY LTD	1.60	11/02/14	10/02/18
P24/4753	GRANTED	SIBERIA MINING CORPORATION PTY LTD	1.90	11/02/14	10/02/18
P24/4754	GRANTED	SIBERIA MINING CORPORATION PTY LTD	1.80	11/02/14	10/02/18
P30/1017	GRANTED	CARNEGIE GOLD PTY LTD	0.40	2/09/08	1/09/16
P30/1018	GRANTED	CARNEGIE GOLD PTY LTD	0.20	2/09/08	1/09/16
P30/1020	GRANTED	CARNEGIE GOLD PTY LTD	0.40	2/09/08	1/09/16
P30/1021	GRANTED	BARRA RESOURCES LTD	2.00	2/09/08	1/09/16
P30/1023	GRANTED	CARNEGIE GOLD PTY LTD	0.10	2/09/08	1/09/16
P30/1024	GRANTED	BARRA RESOURCES LTD	1.20	2/09/08	1/09/16
P30/1025	GRANTED	CARNEGIE GOLD PTY LTD	0.20	2/09/08	1/09/16
P30/1026	GRANTED	CARNEGIE GOLD PTY LTD	1.90	2/09/08	1/09/16
P30/1027	GRANTED	CARNEGIE GOLD PTY LTD	1.10	2/09/08	1/09/16
P30/1033	GRANTED	CARNEGIE GOLD PTY LTD	1.90	2/09/08	1/09/16
P30/1034	GRANTED	CARNEGIE GOLD PTY LTD	0.80	2/09/08	1/09/16
P30/1038	GRANTED	CARNEGIE GOLD PTY LTD	0.10	2/09/08	1/09/16
P30/1040	GRANTED	CARNEGIE GOLD PTY LTD	1.70	2/09/08	1/09/16
P30/1042	GRANTED	CARNEGIE GOLD PTY LTD	1.60	1/04/08	31/03/16
P30/1043	GRANTED	CARNEGIE GOLD PTY LTD	1.90	1/04/08	31/03/16
P30/1051	GRANTED	CARNEGIE GOLD PTY LTD	1.70	22/09/08	21/09/16
P30/1056	GRANTED	CARNEGIE GOLD PTY LTD	0.30	20/05/08	19/05/16
P30/1060 P30/1074	GRANTED GRANTED	CARNEGIE GOLD PTY LTD CARNEGIE GOLD PTY LTD	0.70 0.70	21/04/08 6/01/10	20/04/16 5/01/18
P30/1107	GRANTED	CARNEGIE GOLD PTY LTD	2.00	4/12/13	3/12/17
P30/1108	GRANTED	CARNEGIE GOLD PTY LTD	1.90	4/12/13	3/12/17
P30/1109	GRANTED	CARNEGIE GOLD PTY LTD	1.10	4/12/13	3/12/17
P30/1110	GRANTED	CARNEGIE GOLD PTY LTD	0.70	4/12/13	3/12/17
P30/1111	GRANTED	CARNEGIE GOLD PTY LTD	0.50	4/12/13	3/12/17

P30/1112	GRANTED	CARNEGIE GOLD PTY LTD	1.90	4/12/13	3/12/17
P30/1113	GRANTED	CARNEGIE GOLD PTY LTD	2.00	4/12/13	3/12/17
P30/1114	GRANTED	CARNEGIE GOLD PTY LTD	1.90	4/12/13	3/12/17
P30/1115	GRANTED	CARNEGIE GOLD PTY LTD	1.80	4/12/13	3/12/17
P30/1116	GRANTED	CARNEGIE GOLD PTY LTD	1.00	4/12/13	3/12/17
P30/1117	GRANTED	CARNEGIE GOLD PTY LTD	1.50	4/12/13	3/12/17
P30/1118	GRANTED	CARNEGIE GOLD PTY LTD	1.20	4/12/13	3/12/17
P30/1119	GRANTED	CARNEGIE GOLD PTY LTD	1.40	4/12/13	3/12/17
P30/1120	GRANTED	CARNEGIE GOLD PTY LTD	1.20	4/12/13	3/12/17
P30/1121	GRANTED	CARNEGIE GOLD PTY LTD	0.20	4/12/13	3/12/17
P30/1122	GRANTED	CARNEGIE GOLD PTY LTD	0.60	4/12/13	3/12/17
Subtotal			51.30

	Mt Ida Project
TENEMENT	STATUS	REGISTERED HOLDER	Area_Km	EXPIRY DATE
Mining Licences
M29/0002	GRANTED	INTERNATIONAL PETROLEUM LTD	3.83	21/12/24
M29/0165	GRANTED	CAPE LAMBERT RESOURCES LTD & STUART LESLIE HOOPER	1.60	20/12/15
M29/0422	GRANTED	MT IDA GOLD PTY LTD	2.88	21/11/34
Subtotal			8.31
Prospecting Licences
P29/1938	GRANTED	MT IDA GOLD PTY LTD	1.99	16/09/16
P29/1939	GRANTED	MT IDA GOLD PTY LTD	1.59	16/09/16
P29/1940	GRANTED	MT IDA GOLD PTY LTD	1.67	16/09/16
P29/1941	GRANTED	MT IDA GOLD PTY LTD	1.86	10/09/16
P29/1942	GRANTED	INTERNATIONAL PETROLEUM LTD	1.77	10/09/16
P29/1943	GRANTED	INTERNATIONAL PETROLEUM LTD	1.96	10/09/16
P29/1944	GRANTED	MT IDA GOLD PTY LTD	1.99	10/09/16
P29/1945	GRANTED	INTERNATIONAL PETROLEUM LTD	1.88	10/09/16
P29/1946	GRANTED	MT IDA GOLD PTY LTD	1.98	10/09/16
P29/1947	GRANTED	MT IDA GOLD PTY LTD	1.95	10/09/16
P29/1948	GRANTED	MT IDA GOLD PTY LTD	1.96	10/09/16
P29/1949	GRANTED	MT IDA GOLD PTY LTD	1.87	10/09/16
P29/1950	GRANTED	MT IDA GOLD PTY LTD	1.65	10/09/16
P29/2291	GRANTED	WAYNE CRAIG VAN BLITTERSWYK	0.10	25/07/17
P29/2292	GRANTED	WAYNE CRAIG VAN BLITTERSWYK	0.08	26/06/17
P29/2293	GRANTED	WAYNE CRAIG VAN BLITTERSWYK	0.42	26/06/17
P29/2294	GRANTED	WAYNE CRAIG VAN BLITTERSWYK	0.11	26/06/17
P29/2295	GRANTED	WAYNE CRAIG VAN BLITTERSWYK	0.49	26/06/17
P29/2296	GRANTED	WAYNE CRAIG VAN BLITTERSWYK	0.85	26/06/17
P29/2297	GRANTED	WAYNE CRAIG VAN BLITTERSWYK	0.51	31/03/18
P29/2298	GRANTED	WAYNE CRAIG VAN BLITTERSWYK	0.45	25/07/17

P29/2299	GRANTED	WAYNE CRAIG VAN BLITTERSWYK	0.17	26/06/17
P29/2300	GRANTED	WAYNE CRAIG VAN BLITTERSWYK	0.12	26/06/17
P29/2301	GRANTED	WAYNE CRAIG VAN BLITTERSWYK	0.16	26/06/17
P29/2302	GRANTED	WAYNE CRAIG VAN BLITTERSWYK	0.21	26/06/17
P29/2303	GRANTED	WAYNE CRAIG VAN BLITTERSWYK	2.00	24/07/17
P29/2304	GRANTED	WAYNE CRAIG VAN BLITTERSWYK	1.84	24/07/17
P29/2305	GRANTED	WAYNE CRAIG VAN BLITTERSWYK	0.92	24/07/17
P29/2310	GRANTED	MT IDA GOLD PTY LTD	0.80	6/10/17
P29/2311	GRANTED	MT IDA GOLD PTY LTD	0.10	6/10/17
P29/2312	GRANTED	MT IDA GOLD PTY LTD	1.56	6/10/17
P29/2313	GRANTED	MT IDA GOLD PTY LTD	1.50	6/10/17
P29/2314	GRANTED	MT IDA GOLD PTY LTD	1.45	6/10/17
P29/2315	GRANTED	MT IDA GOLD PTY LTD	1.50	6/10/17
P29/2316	GRANTED	MT IDA GOLD PTY LTD	2.00	6/10/17
P29/2317	GRANTED	MT IDA GOLD PTY LTD	2.00	6/10/17
P29/2318	GRANTED	MT IDA GOLD PTY LTD	2.00	6/10/17
P29/2319	GRANTED	MT IDA GOLD PTY LTD	0.85	3/11/17
P29/2320	GRANTED	MT IDA GOLD PTY LTD	0.21	3/11/17
P29/2321	GRANTED	MT IDA GOLD PTY LTD	0.14	3/11/17
P29/2322	GRANTED	MT IDA GOLD PTY LTD	0.75	3/11/17
P29/2323	GRANTED	MT IDA GOLD PTY LTD	0.24	4/11/17
P29/2324	GRANTED	MT IDA GOLD PTY LTD	0.24	31/10/17
P29/2325	GRANTED	MT IDA GOLD PTY LTD	0.20	31/10/17
P29/2326	GRANTED	MT IDA GOLD PTY LTD	1.26	3/11/17
P29/2327	GRANTED	MT IDA GOLD PTY LTD	0.72	3/11/17
P29/2328	GRANTED	MT IDA GOLD PTY LTD	0.21	31/10/17
Subtotal			50.28
Exploration Licences
E29/0640	GRANTED	MT IDA GOLD PTY LTD	109.33	23/06/18
E29/0641	GRANTED	MT IDA GOLD PTY LTD	2.52	23/06/18
E29/0895	GRANTED	MT IDA GOLD PTY LTD	3.80	6/04/19
Subtotal			115.65

REFERENCES

Castle, M,J, 2012, Independent Valuation Of The Mineral Assets Of Swan Gold Mining Ltd, At Carnegie And Mt Ida Projects In Western Australia, 3 October 2012

Castle, M,J, 2014, "Independent Geologist's Report On Mineral Projects In Western Australia At Davyhurst And Mt Ida, 7 August 2014

PCF Capital Group, 2010, Carnegie Gold Project Information Memorandum for Swan Gold Limited, 21 October 2010

PCF Capital Group, 2010, Mt Ida Gold Project Information Memorandum for Swan Gold Limited, 21 October 2010

Swan Gold to commence Mining in May, ASX Release 25 March 2010

Swan Gold Targets July Production. ASX Release 6 May 2010

GLOSSARY OF TECHNICAL TERMS

aeolian	Formed or deposited by wind.
aerial photography	Photographs of the earths surface taken from an aircraft.
aeromagnetic	A survey undertaken by helicopter or fixed-wing aircraft for the
	purpose of recording magnetic characteristics of rocks by measuring
	deviations of the earths magnetic field.
airborne geophysical data	Data pertaining to the physical properties of the earths crust at or near
	surface and collected from an aircraft.
aircore	Drilling method employing a drill bit that yields sample material which
	is delivered to the surface inside the rod string by compressed air.
alluvial	Pertaining to silt, sand and gravel material, transported and deposited
	by a river.
alluvium	Clay silt, sand, gravel, or other rock materials transported by flowing
	water and deposited in comparatively recent geologic time as sorted
	or semi-sorted sediments in riverbeds, estuaries, and flood plains, on
	lakes, shores and in fans at the base of mountain slopes and estuaries.
alteration	The change in the mineral composition of a rock, commonly due to
	hydrothermal activity.
amphibolite facies	An assemblage of minerals formed at moderate to high temperatures
	during regional metamorphism.
andesite	An intermediate volcanic rock composed of andesine and one or more
	mafic minerals.
anomalies	An area where exploration has revealed results higher than the local
	background level.
anticline	A fold in the rocks in which strata dip in opposite directions away from
	the central axis.
antiformal	An anticline-like structure.
Archaean	The oldest rocks of the Precambrian era, older than about 2,500
	million years.
assayed	The testing and quantification metals of interest within a sample.
Au	Chemical symbol for gold.
auger sampling	A drill sampling method using an auger to penetrate upper horizons
	and obtain a sample from lower in the hole.
axial plane	The plane that intersects the crest or trough of a fold, about which the
	limbs are more or less symmetrically arranged.
basalts	A volcanic rock of low silica (<55%) and high iron and magnesium
	composition, composed primarily of plagioclase and pyroxene.
polymetallics	A non-precious metal, usually referring to copper, lead and zinc.

bedrock	Any solid rock underlying unconsolidated material.
BIF	A rock consisting essentially of iron oxides and cherty silica, and
	possessing a marked banded appearance.
BLEG sampling	Bulk leach extractable gold analysis; an analytical method for
	accurately determining low levels of gold.
brittle	Rock deformation characterised by brittle fracturing and brecciation.
Cainozoic	An era of geological time spanning the period from 65 million years
	ago to the present.
carbonate	Rock of sedimentary or hydrothermal origin, composed primarily of
	calcium, magnesium or iron and CO3. Essential component of
	limestones and marbles.
chert	Fine grained sedimentary rock composed of cryptocrystalline silica.
chlorite	A green coloured hydrated aluminium-iron-magnesium silicate mineral
	(mica) common in metamorphic rocks.
clastic	Pertaining to a rock made up of fragments or pebbles (clasts).
clays	A fine-grained, natural, earthy material composed primarily of hydrous
	aluminium silicates.
colluvium	A loose, heterogeneous and incoherent mass of soil material deposited
	by slope processes.
conduits	The main pathways that facilitate the movement of hydrothermal
	fluids.
conglomerate	A rock type composed predominantly of rounded pebbles, cobbles or
	boulders deposited by the action of water.
copper	A reddish metallic element, used as an electrical conductor an the
	basis of brass and bronze.
dacite	An extrusive rock composed mainly of plagioclase, quartz and
	pyroxene or hornblende or both.
depletion	The lack of gold in the near-surface environment due to leaching processes during weathering.
diamond drill hole	Mineral exploration hole completed using a diamond set or diamond
	impregnated bit for retrieving a cylindrical core of rock.
dilational	Open space within a rock mass commonly produced in response to
	folding or faulting.
dolerite	A medium grained mafic intrusive rock composed mostly of pyroxenes
	and sodium-calcium feldspar.
DoIR	Department of Industry and Resources, WA.
ductile	Deformation of rocks or rock structures involving stretching or bending
	in a plastic manner without breaking.
dykes	A tabular body of intrusive igneous rock, crosscutting the host strata at
	a high angle.
en-echelon	Repeating parallel, but offset, occurrences of lenticular bodies such as
	ore veins.
erosional	The group of physical and chemical processes by which earth or rock material is loosened or dissolved and removed from any part of the
	earths surface.
fault zone	A wide zone of structural dislocation and faulting.
feldspar	A group of rock forming minerals.

017-8099-7095/1/AUSTRALIA

felsic	An adjective indicating that a rock contains abundant feldspar and silica.
folding	A term applied to the bending of strata or a planar feature about an axis.
foliated	Banded rocks, usually due to crystal differentiation as a result of metamorphic processes.
follow-up	A term used to describe more detailed exploration work over targets
	generated by regional exploration.
g/t	Grams per tonne, a standard volumetric unit for demonstrating the concentration of precious metals in a rock.
gabbro	A fine to coarse grained, dark coloured, igneous rock composed mainly of calcic plagioclase, clinopyroxene and sometimes olivine.
geochemical	Pertains to the concentration of an element.
geophysical	Pertains to the physical properties of a rock mass.
GIS database	A system devised to present partial data in a series of compatible and interactive layers.
gneissic	Coarse grained metamorphic rocks characterised by mineral banding of the light and dark coloured constituent minerals.
granite	A coarse-grained igneous rock containing mainly quartz and feldspar minerals and subordinate micas.
granoblastic	A term describing the texture of a metamorphic rock in which the crystals are of equal size.
granodiorite	A coarse grained igneous rock composed of quartz, feldspar and hornblende and/or biotite.
greenschist	A metamorphosed basic igneous rock which owes its colour and schistosity to abundant chlorite.
greenstone belt	A broad term used to describe an elongate belt of rocks that have undergone regional metamorphism to greenschist facies.
greywackes	A sandstone like rock, with grains derived from a dominantly volcanic origin.
GSWA	Geological Survey of Western Australia.
gypsum	Mineral of hydrated, or water-containing, calcium sulphate.
halite	Impure salt deposit formed by evaporation.
hangingwall	The mass of rock above a fault, vein or zone of mineralization.
hematite	Iron oxide mineral, Fe2O3.
hinge zone	A zone along a fold where the curvature is at a maximum.
hydrothermal fluids	Pertaining to hot aqueous solutions, usually of magmatic origin, which may transport metals and minerals in solution.
igneous	Rocks that have solidified from a magma.
infill	Refers to sampling or drilling undertaken between pre-existing sample points.
insitu	In the natural or original position.
interflow	Refers to the occurrence of other rock types between individual lava flows within a stratigraphic sequence.
intermediate	A rock unit which contains a mix of felsic and mafic minerals.
intrusions	A body of igneous rock which has forced itself into pre-existing rocks.
intrusive contact	The zone around the margins of an intrusive rock.
ironstone	A rock formed by cemented iron oxides.

isoclinal	A series of folds that dip in the same direction at the same angle.
joint venture	A business agreement between two or more commercial entities.
komatiitic	Magnesium-rich mafic to ultramafic extrusive rock.
laterite	A cemented residuum of weathering, generally leached in silica with a
	high alumina and/or iron content.
lead	A metallic element, the heaviest and softest of the common metals.
lineament	A significant linear feature of the earth's crust, usually equating a
	major fault or shear structure.
lithological contacts	The contacts between different rock types.
lithotypes	Rock types.
magnetite	A mineral comprising iron and oxygen which commonly exhibits
	magnetic properties.
metamorphic	A rock that has been altered by physical and chemical processes
	involving heat, pressure and derived fluids.
metasedimentary	A rock formed by metamorphism of sedimentary rocks.
monzogranite	A granular plutonic rock containing approximately equal amounts of
	orthoclase and plagioclase feldspar, but usually with a low quartz
	content.
Moz	Millions of ounces.
Mt	Million Tonnes.
mylonite	A hard compact rock with a streaky or banded structure produced by
	extreme granulation of the original rock mass in a fault or thrust zone.
nickel	Silvery-white metal used in alloys.
nickel laterite	Nickel ore hosted within the laterite profile, usually derived from the
	weathering of olivine-rich ultramafic rocks.
open pit Orthoimage	A mine working or excavation open to the surface. A geographically located composite plan using aerial photography as a
	base.
outcrops	Surface expression of underlying rocks.
palaeochannels	An ancient preserved stream or river.
pegmatite	A very coarse grained intrusive igneous rock which commonly occurs in
	dyke-like bodies containing lithium-boron-fluorine-rare earth bearing
	minerals.
pisolitic	Describes the prevalence of rounded manganese, iron or alumina-rich
	chemical concretions, frequently comprising the upper portions of a
	laterite profile.
playa lake	Broad shallow lakes that quickly fill with water and quickly evaporate,
	characteristic of deserts.
polymictic	Referring to coarse sedimentary rocks, typically conglomerate,
	containing clasts of many different rock types.
porphyries	Felsic intrusive or sub-volcanic rock with larger crystals set in a fine
	groundmass.
ppb	Parts per billion; a measure of low level concentration.
Proterozoic	An era of geological time spanning the period from 2,500 million years to 570 million years before present.
pyroxenite	A coarse grained igneous intrusive rock dominated by the mineral
	pyroxene.
quartz reefs	Old mining term used to describe large quartz veins.

quartzofeldspathic	Compositional term relating to rocks containing abundant quartz and feldspar, commonly applied to metamorphic and sedimentary rocks.
quartzose	Quartz-rich, usually relating to clastic sedimentary rocks.
RAB drilling	A relatively inexpensive and less accurate drilling technique involving
	the collection of sample returned by compressed air from outside the
	drill rods.
rafts	A relatively large block of foreign rock incorporated into an intrusive magma.
RC drilling	A drilling method in which the fragmented sample is brought to the surface inside the drill rods, thereby reducing contamination.
regolith	The layer of unconsolidated material which overlies or covers insitu basement rock.
residual	Soil and regolith which has not been transported from its point or origin.
resources	Insitu mineral occurrence from which valuable or useful minerals may be recovered.
rhyolite	Fine-grained felsic igneous rock containing high proportion of silica and felspar.
rock chip sampling	The collection of rock specimens for mineral analysis.
saline	Salty
saprock	Zone of weathered rock preserved within the weathered profile.
saprolite	Disintegrated, in-situ rock, partially decomposed by the chemical and physical processes of oxidation and weathering.
satellite imagery	The images produced by photography of the earth's surface from satellites.
schist	A crystalline metamorphic rock having a foliated or parallel structure due to the recrystallisation of the constituent minerals.
scree	The rubble composed of rocks that have formed down the slope of a hill or mountain by physical erosion.
sedimentary	A term describing a rock formed from sediment.
sericite	A white or pale apple green potassium mica, very common as an alteration product in metamorphic and hydrothermally altered rocks.
shale	A fine grained, laminated sedimentary rock formed from clay, mud and silt.
sheared	A zone in which rocks have been deformed primarily in a ductile manner in response to applied stress.
sheet wash	Referring to sediment, usually sand size, deposited over broad areas characterised by sheet flood during storm or rain events. Superficial deposit formed by low temperature chemical processes associated with ground waters, and composed of fine grained, water-bearing minerals of silica.
silcrete	Superficial deposit formed by low temperature chemical processes associated with ground waters, and composed of fine grained, water bearing minerals of silica.
silica	Dioxide of silicon, SiO2, usually found as the various forms of quartz.
sills	Sheets of igneous rock which is flat lying or has intruded parallel to stratigraphy.

silts	Fine-grained sediments, with a grain size between those of sand and clay.
soil sampling	The collection of soil specimens for mineral analysis.
stocks	A small intrusive mass of igneous rock, usually possessing a circular or elliptical shape in plan view.
strata	Sedimentary rock layers.
stratigraphic	Composition, sequence and correlation of stratified rocks.
stream sediment sampling	The collection of samples of stream sediment with the intention of analysing them for trace elements.
strike	Horizontal direction or trend of a geological structure.
subcrop	Poorly exposed bedrock.
sulphide	A general term to cover minerals containing sulphur and commonly associated with mineralization.
supergene	Process of mineral enrichment produced by the chemical remobilisation of metals in an oxidised or transitional environment.
syenite	An intrusive igneous rock composed essentially of alkali feldspar and little or no quartz and ferromagnesian minerals.
syncline	A fold in rocks in which the strata dip inward from both sides towards the axis.
talc	A hydrous magnesium silicate, usually formed due to weathering of magnesium silicate rocks.
tectonic	Pertaining to the forces involved in or the resulting structures of movement in the earth's crust.
tholeiitic	A descriptive term for a basalt with little or no olivine.
thrust fault	A reverse fault or shear that has a low angle inclination to the horizontal.
tremolite	A grey or white metamorphic mica of the amphibole group, usually occurring as bladed crystals or fibrous aggregates.
ultramafic	Igneous rocks consisting essentially of ferromagnesian minerals with trace quartz and feldspar.
veins	A thin infill of a fissure or crack, commonly bearing quartz.
volcaniclastics	Pertaining to clastic rock containing volcanic material.
volcanics	Formed or derived from a volcano.
zinc	A lustrous, blueish-white metallic element used in many alloys including brass and bronze.

Eastern Goldfields Limited ACN 100 038 266 Application form

Fill out this Application form if you wish to apply for Shares in Eastern Goldfields Limited

Please read the prospectus dated 24 December 2015 and supplementary prospectus dated 9 February 2016 (together, Prospectus).
Follow the instructions to complete this Application form (see reverse).
Print clearly in capital letters using black or blue pen.

A	Number of shares you are applying for			B Total amount payable
	C Write the name(s) you wish to register the Shares in (see reverse for instructions) Applicant 1

	Name of Applicant 2 or < Account Designation >
	Name of Applicant 3 or < Account Designation >

	D Write your postal address here
	Number / Street


	Suburb/Town				State	Postcode
E	CHESS participant – Holder Identification Number (HIN) X		C H E S S ,	Important please note if the name & address details above in s e c t i o n s C & D d o n o t m a t c h e x a c t l y w i t h y o u r d e t a i l s , a n y S e c u r i t i e s i s s u e d w i l l b e h e l d o n t h e I s s u e r S p o n s o r e d s u b r e g i s t e r .
F Enter your Tax File Number(s), ABN, or exemption category Applicant #1 Applicant #2 Applicant #3
G Payment details – PIN CHEQUE(S) OR CONFIRMATION OF ELECTRONIC FUNDS TRANSFER HERE Please enter details of the cheque(s) or the confirmation of Electronic Funds Transfer that accompany this application. Name of drawer of cheque/Payee BSB No. Account No. Payment Amount A\$ Cheque No./ EFT Confirmation No.

	H Contact telephone number (daytime/work/mobile)	I	Email address

reverse of the Application form and declare that all details and statements made by me/us are complete and accurate. I/We agree to be bound by the constitution of Eastern Goldfields Limited (the Company). I/We was/were given access to the Prospectus together with the application form. I/We represent, warrant and undertake to the Company that our subscription for the above Shares will not cause the Company or me/us to violate the laws of Australia or any other jurisdiction which may be applicable to this subscription for Shares in the Company.

Guide to the Application Form

YOU SHOULD READ THE PROSPECTUS CAREFULLY BEFORE COMPLETING THIS APPLICATION FORM.

Please complete all relevant sections of the appropriate Application Form using BLOCK LETTERS. These

instructions are cross-referenced to each section of the Application Form.

Instructions

A. If applying for Shares insert the number of Shares for which you wish to subscribe at Item A multiplied by \$0.15 AUD to calculate the total for Shares and enter the \$amount at B.
C. Write your full name. Initials are not acceptable for first names.
D. Enter your postal address for all correspondence. All communications to you from the Company will be mailed to the person(s) and address as shown. For joint Applicants, only one address can be entered.
E. If you are sponsored in CHESS by a stockbroker or other CHESS participant, you may enter your CHESS HIN if you would like the allocation to be directed to your HIN.

NB: your registration details provided must match your CHESS account exactly.

F. Enter your Australian tax file number ("TFN") or ABN or exemption category, if you are an Australian resident. Where applicable, please enter the TFN /ABN of each joint Applicant. Collection of TFN's is authorised by taxation laws. Quotation of your TFN is not compulsory and will not affect your Application Form.

G. Complete Payment details as requested. If paying by cheque, make your cheque payable to Eastern Goldfields Limited, cross it and mark it "Not negotiable". Cheques must be made in Australian currency, and cheques must be drawn on an Australian Bank. Cheques must be attached to this Application Form. If paying by Electronic Funds Transfer, transfers must be made in Australian dollars and sent to:

Bank:	National Australia Bank Limited

Account Name: Eastern Goldfields Limited – Share Subscription Account

BSB: 086-492

Account Number: 15-342-1041

If paying by Electronic Funds Transfer, the confirmation of Electronic Funds Transfer must be attached to this Application Form

H. Enter your contact details so we may contact you regarding your Application Form or Application Monies.
I. Enter your email address so we may contact you regarding your Application Form or Application Monies or other correspondence.

Correct Forms of Registrable Title

Note that ONLY legal entities can hold the Shares. The Application must be in the name of a natural person(s), companies or other legal entities acceptable to the Company. At least one full given name and surname is required for each natural person.

Type of Investor	Correct Form of Registrable Title	Incorrect Form of Registrable Title
Individual	Mr John David Smith	J D Smith
Company	ABC Pty Ltd	ABC P/L or ABC Co
Joint Holdings	Mr John David Smith & Mrs Mary	John David & Mary Jane Smith
Trusts	Jane Smith Mr John David Smith	John Smith Family Trust
Deceased Estates	Mr Michael Peter Smith <est john<="" lte="" td="">	John Smith (deceased)	John Smith (deceased)
Partnerships	Smith A/C> Mr John David Smith & Mr Ian Lee Smith	John Smith & Son
Clubs/Unincorporated Bodies	Mr John David Smith <smith investment<="" td="">	Smith Investment Club	Smith Investment Club
Superannuation Funds	A/C> John Smith Pty Limited	John Smith Superannuation Fund

Examples of the correct form of registrable title are set out below.

Lodgement

Mail your completed Application Form with attached cheque(s) or Electronic Funds Transfer (as appropriate) to the following address:

Mailing address:

Eastern Goldfields Limited Level 1, 24 Mumford Place Balcatta WA 6021

The Offer closes at 5.00pm (WST) 19 February 2016*

* The Company reserves the right to vary the times and dates of the Public Offer without prior notice, including to close the Public Offer early or extend the Public Offer to accept late Applications

It is not necessary to sign or otherwise execute the Application Form.

Privacy Statement:

The Company advises that Chapter 2C of the Corporations Act 2001 (Cth) requires information about you as a shareholder (including your name, address and details of the shares you hold) to be included in the public register of the entity in which you hold shares. Information is collected to administer your shareholding and if some or all of the information is not collected then it might not be possible to administer your shareholding. We may disclose your personal information to our related bodies corporate and to other individuals or companies who assist us in supplying our services or who perform functions on our behalf. For further details, including how to access and correct your personal information, and information on our privacy complaints handling procedure, please contact the Company at its registered office.

AI assistant

ORA BANDA MINING LTD — Capital/Financing Update 2016

65475_rns_2016-02-08_43d31166-0714-408c-8f37-272360356b4d.pdf

EASTERN GOLDFIELDS LIMITED

(FORMERLY SWAN GOLD MINING LIMITED)

ACN 100 038 266

SUPPLEMENTARY PROSPECTUS

1 IMPORTANT INFORMATION

2 PURPOSE OF THIS DOCUMENT

3 AMENDMENT TO PROSPECTUS

3.1 Use of funds raised under the Offer

Clarification to use of funds – exploration and expenditure budget

Other significant liabilities – Unpaid rents and royalties

3.2 Amended risk factor – Title Risk

3.3 JORC Mineral Resource disclosures

Future reporting of Mineral Resource Information under 2012 JORC Code

3.4 Revised Independent Geological Report

3.5 Use of audited financial information in the Investigating Accountant's Report

4 REVISED SUMMARY OF IMPORTANT DATES

ANNEXURE A

INDEPENDENT GEOLOGIST'S REPORT ON MINERAL PROJECTS IN WESTERN AUSTRALIA at DAVYHURST and MT IDA

The Projects

DECLARATIONS

Relevant codes and guidelines

Sources of Information

Qualifications and Experience

Malcolm Castle, B.Sc.(Hons), GCertAppFin (Sec Inst), MAusIMM

Competent Persons Statement

Independence

DAVYHURST PROJECT

LOCATION AND TENURE

GEOLOGICAL SETTING

REGIONAL MINERALISATION

DEPOSIT GEOLOGY

PREVIOUS EXPLORATION

MINERAL RESOURCES

MINING OPERATIONS

Davyhurst Processing Plant

Tailings Disposal

EXPLORATION POTENTIAL

Extensions of Known Mineralisation Riverina/Reggies/Forehand

Round Dam Trend

Davyhurst Mine Area

Callion

Palmerston/Camperdown

Black Rabbit

Regional Exploration Targets

MT IDA PROJECT

LOCATION AND TENURE

GEOLOGICAL SETTING

REGIONAL MINERALISATION

Deposit Geology

Mt Ida Gold Deposits

Copperfield

The Dick Lode

The Dave Lode

The Unexpected Lode

The Timoni Lode

MINERAL RESOURCES

BRIEF DESCRIPTION OF MT IDA MINING OPERATIONS

EXPLORATION POTENTIAL

Regional Exploration Targets

COMPLIANCE OF THE MINERAL RESOURCE ESTIMATES WITH THE JORC CODE 2012

Competent Persons Statement – This Report

PROPOSED EXPLORATION AND BUDGET

Proposed Exploration

TENEMENT LISTING

REFERENCES

GLOSSARY OF TECHNICAL TERMS

Eastern Goldfields Limited ACN 100 038 266 Application form

Guide to the Application Form

YOU SHOULD READ THE PROSPECTUS CAREFULLY BEFORE COMPLETING THIS APPLICATION FORM.

Instructions

Correct Forms of Registrable Title

Lodgement

Mailing address:

The Offer closes at 5.00pm (WST) 19 February 2016*

Privacy Statement:

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ORA BANDA MINING LTD Capital/Financing Update 2016