RAND MINING LIMITED — Interim / Quarterly Report 2013

Mar 14, 2013

Rand Mining Limited ABN 41 004 669 658

Interim Report - 31 December 2012

Rand Mining Limited Review of Operations 31 December 2012

East Kundana Joint Venture (‘EKLV) (Rand Mining Limited (‘Rand’) Interest 12.25%)

Raleigh

Production at the Raleigh Underground Mine that commenced on 1 December 2004 continues.

Capital development ceased in the September Quarter 2011. The depth of the decline is approximately 727 metres below the surface.

Operating development for the half-year was 107.3 metres in ore and 115.0 metres through paste fill. Operating development in waste and ore ceased in the September Quarter 2012.

Mine production during the half-year totalled 103,537 tonnes grading 13.3 g/t containing 44,385 ounces of gold, based on grade control estimates. (The previous half-year 126,725 tonnes grading 14.0 g/t containing 57,075 ounces of gold were estimated to be mined.) Rand’s entitlement of the gold is 5,548 ounces.

A total of 54,610 tonnes (wet) of Rand and Tribune’s combined entitlement to Raleigh ore was hauled from the Bed Blend Stockpiles on the ROM pad at the Raleigh Mine to the ROM pad at the Greenfields Plant.

Rubicon

The first portal cut of the Decline for the Rubicon Underground Mine was completed on 27 February 2011. During the half-year, the first ore was produced.

Capital development for the half-year totalled 1,551.5metres; 885.4 metres for decline development and 665.7 metres for secondary development. By the close of the half-year period, the bottom of the Rubicon Decline is 276 metres below the surface and the bottom of the Hornet decline is 330 metres below the surface.

Operating development for the half-year totalled 1,629.7 metres; 140.8 metres in waste, 1,453.9 metres in ore and 35.0 metres through paste fill.

Mine production during the half-year totalled 131,554 tonnes grading 10.2 g/t containing 43,445 ounces of gold, based on grade control estimates. Rand’s entitlement of the gold is 5,322 ounces.

A total of 63,055 tonnes (wet) of Rand and Tribune Resources Limited (‘Tribune’) combined entitlement to Rubicon ore was hauled from the Bed Blend Stockpiles on the ROM pad at the Rubicon Mine to the ROM pad at the Greenfields Plant.

Processing

Two toll treatment campaigns at the Greenfields Plant, from 23 July 2012 to 29 August 2012 and 17 October 2012 to 20 November 2012, processed 130,993 tonnes of Raleigh and Rubicon ore during the half-year. A total of 55,370 ounces of gold and 9,844 ounces of silver were credited to the Rand and Tribune Bullion Accounts. Rand’s share of gold bullion was 13,842 ounces.

Exploration

The drilling program for the K2 Shear Prospects is continuing. The planned drilling programs at Golden Hind and Startrek are expected to commence in the June Quarter 2013.

Other Projects

Wongan Hills (Rand’s Interest 100%)

A drilling program to test previously reported anomalies has been planned and will start when a drill rig is available.

Tapeta Iron Ore Project, Liberia, West Africa

Construction of the camp on the lease has finished. Drilling will start when the wet season has finished.

1

Rand Mining Limited Review of Operations 31 December 2012

EKJV Resource Table

Total Resource Including Mine Stockpiles

Project	Measured	Indicated	Inferred	**Total **
	t g/t **oz **	t g/t **oz **	t g/t **oz **	t g/t **oz **
Raleigh UG	341,000 21.6 237,254	105,000 12.1 40,635	110,000 21.0 73,908	555,000 19.7 351,797
Hornet UG	130,000 16.7 69,881	503,000 12.3 198,965	193,000 8.4 52,314	827,000 12.1 321,160
Rubicon UG	39,000 16.1 20,343	244,000 6.5 51,006	400,000 6.8 87,793	682,000 7.3 159,142
Hornet Open Pit	- - -	169,000 3.7 20,020	3,000 1.5 153	172,000 3.6 20,173
Pegasus UG	- - -	17,000 11.7 6,254	47,000 9.3 13,890	63,000 9.9 20,144
Pegasus Open Pit	- - -	820,000 3.2 85,223	86,000 2.6 7,270	906,000 3.2 92,493
Total	510,000 20.0 327,478	1,858,000 6.7 402,103	839,000 8.7 235,329	3,205,000 9.4 964,910

Rand & Tribune Share

Rand & Tribune Share
Project	Measured	Indicated	Inferred	**Total **
	t g/t **oz **	t g/t **oz **	t g/t **oz **	t g/t **oz **
Raleigh UG	165,000 21.6 115,945	52,000 12.0 20,011	55,000 20.9 36,954	272,000 19.7 172,910
Hornet UG	64,000 16.6 34,242	246,000 12.3 97,493	94,000 8.4 25,634	405,000 12.1 157,369
Rubicon UG	19,000 16.1 9,968	120,000 6.5 24,993	196,000 6.8 43,019	334,000 7.3 77,980
Hornet Open Pit	- - -	83,000 3.7 9,810	1,000 1.5 75	84,000 3.6 9,885
Pegasus UG	- - -	9,000 10.6 3,064	23,000 9.2 6,806	31,000 9.9 9,871
Pegasus Open Pit	- - -	402,000 3.2 41,759	42,000 2.6 3,562	444,000 3.2 45,322
Total	248,000 20.0 160,155	912,000 6.7 197,130	411,000 8.7 116,050	1,570,000 9.4 473,336
Rand’s Share	62,000 20.1 40,039	228,000 6.7 49,283	102,750 8.8 29,013	392,500 9.4 118,334

2

Rand Mining Limited Review of Operations 31 December 2012

Total Reserve Including Mine Stockpiles

Project	**Proven **	Probable	**Total **
	t g/t **oz **	t g/t **oz **	t g/t **oz **
Raleigh UG	395,000 13.8 174,794	23,000 6.8 5,074	419,000 13.4 179,868
Hornet Open Pit	- - -	165,000 3.9 20,480	165,000 3.9 20,480
Rubicon Hornet UG	172,000 14.9 82,790	561,000 9.9 178,964	733,000 11.1 261,753
Total	567,000 14.1 257,584	749,000 8.5 204,517	1,317,000 10.9 462,102

Rand & Tribune Share

Project	**Proven **	Probable	**Total **
	t g/t **oz **	t g/t **oz **	t g/t **oz **
Raleigh UG	192,000 14.0 86,134	11,000 7.2 2,532	204,000 13.5 88,665
Hornet Open Pit	- - -	81,000 3.9 10,035	81,000 3.9 10,035
Rubicon Hornet UG	84,000 15.0 40,567	275,000 9.9 87,692	359,000 11.1 128,259
Total	276,000 14.3 126,701	367,000 8.5 100,259	644,000 11.0 226,960
Rand’s Share	69,000 14.3 31,675	91,750 8.5 25,065	161,000 11.0 56,740

• The gold price used for the Raleigh UG, the Rubicon-Hornet UG and the Pegasus Open Pit Resources was US$1650/oz

• The gold price used for the Pegasus UG Resources was US$1400/oz

• The gold price used for the Hornet Open Pit Resource and Reserve was US$1200/oz

• The gold price used for the Raleigh UG and the Rubicon-Hornet UG Reserves was US$1500/oz

3

Rand Mining Limited Directors' report 31 December 2012

The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity') consisting of Rand Mining Limited (referred to hereafter as the 'company' or 'parent entity') and the entities it controlled for the half-year ended 31 December 2012.

Directors

The following persons were directors of Rand Mining Limited during the whole of the financial half-year and up to the date of this report, unless otherwise stated:

Otakar Demis - Chairman Anthony Billis Gordon Sklenka

Principal activities

The principal activities of the consolidated entity during the financial half-year were exploration, development and production activities at the consolidated entity’s East Kundana Joint Venture tenements.

Review of operations

The profit for the consolidated entity after providing for income tax amounted to $5,003,412 (31 December 2011: $942,637).

Refer to 'Review of Operations' report for detailed commentary which precedes this directors' report.

Significant changes in the state of affairs

There were no significant changes in the state of affairs of the consolidated entity during the financial half-year.

Auditor's independence declaration

A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out on the following page.

This report is made in accordance with a resolution of directors, pursuant to section 306(3)(a) of the Corporations Act 2001.

On behalf of the directors

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________ Anthony Billis Director

15 March 2013 Perth

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==> picture [206 x 39] intentionally omitted <==

Grant Thornton Audit Pty Ltd ACN 130 913 594

10 Kings Park Road West Perth WA 6005 PO Box 570 West Perth WA 6872

T +61 8 9480 2000 F +61 8 9322 7787 E info.wa@au.gt.com W www.grantthornton.com.au

Auditor’s Independence Declaration To The Directors of Rand Mining Limited

In accordance with the requirements of section 307C of the Corporations Act 2001, as lead auditor for the review of Rand Mining Limited for the half-year ended 31 December 2012, I declare that, to the best of my knowledge and belief, there have been:

• a no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and

• b no contraventions of any applicable code of professional conduct in relation to the review.

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GRANT THORNTON AUDIT PTY LTD Chartered Accountants

==> picture [86 x 65] intentionally omitted <==

C A Becker Partner - Audit & Assurance

Perth, 15 March 2013

Grant Thornton Australia Limited is a member firm within Grant Thornton International Ltd. Grant Thornton International Ltd and the member firms are not a worldwide partnership. Grant Thornton Australia Limited, together with its subsidiaries and related entities, delivers its services independently in Australia.

Liability limited by a scheme approved under Professional Standards Legislation

5

Rand Mining Limited Financial report 31 December 2012

Contents

Contents
	Page
Financial report
Statement of comprehensive income	7
Statement of financial position	8
Statement of changes in equity	9
Statement of cash flows	10
Notes to the financial statements	11
Directors' declaration	17
Independent auditor's review report to the members of Rand Mining Limited	18

General information

The financial report covers Rand Mining Limited as a consolidated entity consisting of Rand Mining Limited and the entities it controlled. The financial report is presented in Australian dollars, which is Rand Mining Limited's functional and presentation currency.

The financial report consists of the financial statements, notes to the financial statements and the directors' declaration.

Rand Mining Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is:

Suite G1, 49 Melville Parade South Perth WA 6151

A description of the nature of the consolidated entity's operations and its principal activities are included in the directors' report, which is not part of the financial report.

The financial report was authorised for issue, in accordance with a resolution of directors, on 15 March 2013. The directors have the power to amend and reissue the financial report.

6

Rand Mining Limited Statement of comprehensive income For the half-year ended 31 December 2012

Note 4 5 6 7 7 15 15 Available-for-sale financial assets - current year losses Available-for-sale financial assets - reclassification to profit or loss Share of other comprehensive income of associates and joint ventures Items that may be reclassified subsequently to profit or loss Other comprehensive income Profit after income tax expense for the half-year attributable to the owners of Rand Mining Limited Income tax expense Other income Revenue Share of profits of associates accounted for using the equity method Impairment of available-for-sale assets Depreciation and amortisation expense Administration expenses Mining expenses Impairment of equity accounted investments Processing expenses Royalty expenses Finance costs Expenses Changes in inventories Employee benefits expense Management fees Impairment of exploration and evaluation Diluted earnings per share Basic earnings per share Other comprehensive income for the half-year, net of tax Total comprehensive income for the half-year attributable to the owners of Rand Mining Limited Profit before income tax expense	31 Dec 2012 31 Dec 2011 $ $ 14,793,323 4,879,553 2,945,783 504,915 111,264 - 2,164,242 3,513,272 (231,899) (283,583) (150,187) (207,950) (1,807,612) (1,722,616) (70,943) (19,920) (457,150) (207,711) (1,866,847) - (806,441) (632,626) (4,578,644) (3,245,457) (1,844,445) (700,173) (595,545) (314,788) (174,488) (114,310) 7,430,411 1,448,606 (2,426,999) (505,969) 5,003,412 942,637 (25,739) (112,130) - 19,920 (5,786) (104,202) (31,525) (196,412) 4,971,887 746,225 Cents Cents 8.22 1.55 8.22 1.55 Consolidated	31 Dec 2012 31 Dec 2011 $ $ 14,793,323 4,879,553 2,945,783 504,915 111,264 - 2,164,242 3,513,272 (231,899) (283,583) (150,187) (207,950) (1,807,612) (1,722,616) (70,943) (19,920) (457,150) (207,711) (1,866,847) - (806,441) (632,626) (4,578,644) (3,245,457) (1,844,445) (700,173) (595,545) (314,788) (174,488) (114,310) 7,430,411 1,448,606 (2,426,999) (505,969) 5,003,412 942,637 (25,739) (112,130) - 19,920 (5,786) (104,202) (31,525) (196,412) 4,971,887 746,225 Cents Cents 8.22 1.55 8.22 1.55 Consolidated
	7,430,411 (2,426,999)	1,448,606 (505,969)
	5,003,412 (25,739) - (5,786)	942,637 (112,130) 19,920 (104,202)
	(31,525)	(196,412)
	4,971,887	746,225
	Cents 8.22 8.22	Cents 1.55 1.55

The above statement of comprehensive income should be read in conjunction with the accompanying notes

7

Rand Mining Limited Statement of financial position As at 31 December 2012

Note 8 9 Reserves Property, plant and equipment Total liabilities Mine development Liabilities Total non-current assets Current assets Assets Cash and cash equivalents Retained profits Trade and other receivables Inventories Deferred tax Total current liabilities Current liabilities Non-current assets Total current assets Investments accounted for using the equity method Available-for-sale financial assets Total equity Total non-current liabilities Net assets Deferred tax Borrowings Trade and other payables Borrowings Income tax Provisions Total assets Issued capital Equity Non-current liabilities Provisions	31 Dec 2012 30 Jun 2012 $ $ 2,309,077 1,685,256 971,718 767,042 20,361,844 18,197,602 23,642,639 20,649,900 15,381,837 14,308,686 221,511 318,194 2,417,282 2,576,573 8,468,353 8,008,703 193,693 209,538 26,682,676 25,421,694 50,325,315 46,071,594 3,436,930 3,251,117 3,500,000 3,250,000 508,929 273,354 164,003 135,429 7,609,862 6,909,900 - 1,750,000 2,483,760 2,150,784 351,889 352,993 2,835,649 4,253,777 10,445,511 11,163,677 39,879,804 34,907,917 17,573,427 17,573,427 1,929,383 1,960,908 20,376,994 15,373,582 39,879,804 34,907,917 Consolidated	31 Dec 2012 30 Jun 2012 $ $ 2,309,077 1,685,256 971,718 767,042 20,361,844 18,197,602 23,642,639 20,649,900 15,381,837 14,308,686 221,511 318,194 2,417,282 2,576,573 8,468,353 8,008,703 193,693 209,538 26,682,676 25,421,694 50,325,315 46,071,594 3,436,930 3,251,117 3,500,000 3,250,000 508,929 273,354 164,003 135,429 7,609,862 6,909,900 - 1,750,000 2,483,760 2,150,784 351,889 352,993 2,835,649 4,253,777 10,445,511 11,163,677 39,879,804 34,907,917 17,573,427 17,573,427 1,929,383 1,960,908 20,376,994 15,373,582 39,879,804 34,907,917 Consolidated
	23,642,639	20,649,900
	15,381,837 221,511 2,417,282 8,468,353 193,693	14,308,686 318,194 2,576,573 8,008,703 209,538
	26,682,676	25,421,694
	50,325,315	46,071,594
	3,436,930 3,500,000 508,929 164,003	3,251,117 3,250,000 273,354 135,429
	7,609,862	6,909,900
	- 2,483,760 351,889	1,750,000 2,150,784 352,993
	2,835,649	4,253,777
	10,445,511	11,163,677
	39,879,804	34,907,917
	17,573,427 1,929,383 20,376,994	17,573,427 1,960,908 15,373,582
	39,879,804	34,907,917

The above statement of financial position should be read in conjunction with the accompanying notes

8

Rand Mining Limited Statement of changes in equity For the half-year ended 31 December 2012

- - - - - - - - - - - - Balance at 31 December 2012 Other comprehensive income for the half-year, net of tax Profit after income tax expense for the half-year Total comprehensive income for the half-year Balance at 1 July 2012 Other comprehensive income for the half-year, net of tax Profit after income tax expense for the half-year Total comprehensive income for the half-year Balance at 31 December 2011 Consolidated Consolidated Balance at 1 July 2011	$ 17,573,427 - - Issued capital	$ 2,245,655 - (196,412) Reserves	$ 12,184,155 942,637 - profits Retained	Total equity $ 32,003,237 942,637 (196,412)
	-	(196,412)	942,637	746,225
	17,573,427	2,049,243	13,126,792	32,749,462
	$ 17,573,427 - - capital Issued	$ 1,960,908 - (31,525) Reserves	$ 15,373,582 5,003,412 - Retained profits	Total equity $ 34,907,917 5,003,412 (31,525)
	-	(31,525)	5,003,412	4,971,887
	17,573,427	1,929,383	20,376,994	39,879,804

The above statement of changes in equity should be read in conjunction with the accompanying notes

9

Rand Mining Limited Statement of cash flows For the half-year ended 31 December 2012

Proceeds from borrowings Payments for mine development Cash flows from operating activities Receipts from customers (inclusive of GST) Interest received Payments for property, plant and equipment Payments to suppliers and employees (inclusive of GST) Interest and other finance costs paid Net cash from/(used in) operating activities Cash and cash equivalents at the beginning of the financial half-year Cash and cash equivalents at the end of the financial half-year Cash flows from investing activities Net cash from/(used in) financing activities Proceeds from sale of property, plant and equipment Payments for investments Income taxes paid Repayment of borrowings Net increase/(decrease) in cash and cash equivalents Cash flows from financing activities Net cash used in investing activities	31 Dec 2012 31 Dec 2011 $ $ 14,755,090 4,805,450 (7,599,403) (5,412,251) 38,227 74,103 (174,488) (123,905) (1,632,034) (913,054) 5,387,392 (1,569,657) - (50,000) (392,344) (1,378,208) (2,872,527) (2,052,474) 1,300 - (3,263,571) (3,480,682) - 3,725,000 (1,500,000) - (1,500,000) 3,725,000 623,821 (1,325,339) 1,685,256 2,625,332 2,309,077 1,299,993 Consolidated	31 Dec 2012 31 Dec 2011 $ $ 14,755,090 4,805,450 (7,599,403) (5,412,251) 38,227 74,103 (174,488) (123,905) (1,632,034) (913,054) 5,387,392 (1,569,657) - (50,000) (392,344) (1,378,208) (2,872,527) (2,052,474) 1,300 - (3,263,571) (3,480,682) - 3,725,000 (1,500,000) - (1,500,000) 3,725,000 623,821 (1,325,339) 1,685,256 2,625,332 2,309,077 1,299,993 Consolidated
	5,387,392	(1,569,657)
	- (392,344) (2,872,527) 1,300	(50,000) (1,378,208) (2,052,474) -
	(3,263,571)	(3,480,682)
	- (1,500,000)	3,725,000 -
	(1,500,000)	3,725,000
	623,821 1,685,256	(1,325,339) 2,625,332
	2,309,077	1,299,993

The above statement of cash flows should be read in conjunction with the accompanying notes

10

Rand Mining Limited Notes to the financial statements 31 December 2012

Note 1. Significant accounting policies

These general purpose financial statements for the interim half-year reporting period ended 31 December 2012 have been prepared in accordance with Australian Accounting Standard AASB 134 'Interim Financial Reporting' and the Corporations Act 2001, as appropriate for-profit oriented entities. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 'Interim Financial Reporting'.

These general purpose financial statements do not include all the notes of the type normally included in annual financial statements. Accordingly, these financial statements are to be read in conjunction with the annual report for the year ended 30 June 2012 and any public announcements made by the company during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.

The principal accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, except for the policies stated below.

Property, plant and equipment

During the period to 31 December 2012 there was a change in the accounting estimate of depreciation of mining plant and equipment (other than mobile plant and equipment). The change is to reflect the life of the asset rather that being based on unit of production. These financials have been based on the new method (refer note 2).

New, revised or amending Accounting Standards and Interpretations adopted

The consolidated entity has adopted all of the new, revised or amending Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period.

Any new, revised or amending Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.

The following amending Accounting Standard and Interpretation is most relevant to the consolidated entity:

AASB 2011-9 Amendments to Australian Accounting Standards - Presentation of Items of Other Comprehensive Income

The consolidated entity has applied AASB 2011-9 amendments from 1 July 2012. The amendments require the grouping together of items within other comprehensive income on the basis of whether they will eventually be 'recycled' to the profit or loss (reclassification adjustments). The change provides clarity about the nature of items presented as other comprehensive income and the related tax presentation.

Note 2. Critical accounting judgements, estimates and assumptions

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Property, plant and equipment

The directors have made a change in estimate with regards to depreciation of mining plant and equipment (other mobile plant and equipment). The change from a units of production method determined by depletion of mined resources percentage to that of a useful life assessment has been made to align the expected benefits of mining plant and equipment with its own individual expected asset life. The effect of the change in depreciation method has resulted in a $436,181 amount of depreciation recognised in the current period, a decrease of $1,092,389 on the prior period depreciation.

11

Rand Mining Limited Notes to the financial statements 31 December 2012

Note 3. Operating segments

Identification of reportable operating segments

The consolidated entity has one operating segment. Based on the internal reports that are reviewed and used by the Board of Directors (who are identified as the Chief Operating Decision Makers ('CODM')) in assessing performance and in determining the allocation of resources.

Operating segment

As the consolidated entity only has one segment, being the production of gold, the information relating to this segment is detailed throughout the financial statements.

Note 4. Revenue

- - Sales of gold Sales revenue Interest Other revenue Revenue	31 Dec 2012 31 Dec 2011 $ $ 14,755,096 4,805,450 38,227 74,103 14,793,323 4,879,553 Consolidated	31 Dec 2012 31 Dec 2011 $ $ 14,755,096 4,805,450 38,227 74,103 14,793,323 4,879,553 Consolidated
	38,227	74,103
	14,793,323	4,879,553

Note 5. Share of profits of associates accounted for using the equity method

- - Hire of equipment Other income Note 6. Other income Share of profit - associates EKJV - release of management fee accrual	31 Dec 2012 31 Dec 2011 $ $ 2,945,783 504,915 31 Dec 2012 31 Dec 2011 $ $ 102,444 - 8,820 - 111,264 - Consolidated Consolidated	31 Dec 2012 31 Dec 2011 $ $ 2,945,783 504,915 31 Dec 2012 31 Dec 2011 $ $ 102,444 - 8,820 - 111,264 - Consolidated Consolidated
	111,264	-

12

Rand Mining Limited Notes to the financial statements 31 December 2012

Note 7. Expenses

- - - - - - Note 8. Current assets - inventories Ore stockpiles Gold on hand Gold in transit Total depreciation and amortisation Plant and equipment Amortisation Total depreciation Rental expense relating to operating leases Superannuation expense Defined contribution superannuation expense Finance costs Mine development Interest and finance charges paid/payable Minimum lease payments Profit before income tax includes the following specific expenses: Mining plant and equipment Depreciation	31 Dec 2012 31 Dec 2011 $ $ 1,096 1,326 550,511 572,708 551,607 574,034 1,256,005 1,148,582 1,807,612 1,722,616 174,488 114,310 4,384 3,826 16,769 33,599 31 Dec 2012 30 Jun 2012 $ $ 1,714,168 3,312,189 317,600 627,573 18,330,076 14,257,840 20,361,844 18,197,602 Consolidated Consolidated	31 Dec 2012 31 Dec 2011 $ $ 1,096 1,326 550,511 572,708 551,607 574,034 1,256,005 1,148,582 1,807,612 1,722,616 174,488 114,310 4,384 3,826 16,769 33,599 31 Dec 2012 30 Jun 2012 $ $ 1,714,168 3,312,189 317,600 627,573 18,330,076 14,257,840 20,361,844 18,197,602 Consolidated Consolidated
	20,361,844	18,197,602

Gold on hand at 31 December 2012 has a net realisable value of $40,657,926 (30 June 2012: $99,260,879) measured at spot rate of $1,604.06 (30 June 2012: $1,573.15). Gold in transit had a net realisable value of $676,066 (30 June 2012: $4,341,756) measured at spot rate of $1,604.06 (30 June 2012: $1,573.15).

13

Rand Mining Limited Notes to the financial statements 31 December 2012

Note 9. Non-current assets - investments accounted for using the equity method

- - Less: provision for impairment Investment in associate - Tribune Resources Limited	31 Dec 2012 30 Jun 2012 $ $ 22,014,191 19,074,193 (6,632,354) (4,765,507) 15,381,837 14,308,686 Consolidated	31 Dec 2012 30 Jun 2012 $ $ 22,014,191 19,074,193 (6,632,354) (4,765,507) 15,381,837 14,308,686 Consolidated
	15,381,837	14,308,686

Refer to note 13 for further information on investments in associates.

The market value of the listed investment in associates at 31 December 2012 is $15,381,836 (30 June 2012: $14,308,686). As at 31 December 2012 the share price of Tribune Resources Limited has increased to $1.29 from June ($1.20). The investment has been impaired by $1,866,847 (31 December 2011: $nil) to reflect the fair value as the company considers the recoverable amount to be fair value less costs to sell.

Included in the movements is a revaluation included in the available for sale asset which has been recognised in the statement of comprehensive income of $5,786 (31 December 2011: $104,022).

Note 10. Equity - dividends

There were no dividends paid, recommended or declared during the current or previous financial half-year.

Note 11. Contingent liabilities

Native title claims have been made with respect to areas which include tenements in which the consolidated entity has interests. The consolidated entity is unable to determine the prospects for success or otherwise of the claims and, in any event, whether or not and to what extent the claims may significantly affect the consolidated entity or its projects.

The consolidated entity has the following performance guarantees with the Minister for State Development:

- - Performance guarantees: ML15/993 ML16/309	31 Dec 2012 30 Jun 2012 $ $ 55,370 55,370 129,850 129,850 185,220 185,220 Consolidated	31 Dec 2012 30 Jun 2012 $ $ 55,370 55,370 129,850 129,850 185,220 185,220 Consolidated
	185,220	185,220

Joint Venture participants have reached an in-principle agreement on a resolution to the dispute regarding the management fee, although not formally signed at the time of this report. This agreement is a fixed fee, based on total tonnes of ore mined. The new agreed rates are to be applied to the 2011 to 2013 calendar years over a range of outputs.

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Rand Mining Limited Notes to the financial statements 31 December 2012

Note 12. Commitments

			Consolidated	Consolidated
			31 Dec 2012	30 Jun 2012
			$	$
Capital commitments - Property, plant and equipment
Committed at the reporting date but not recognised as
liabilities, payable:
Within one year			1,860,905	3,226,754
One to five years			9,800	3,695,365
	-	-	1,870,705	6,922,119
Lease commitments - operating
Committed at the reporting date but not recognised as
liabilities, payable:
Within one year			133,045	95,311
One to five years			506,556	381,244
	-	-	639,601	476,555
Commitment for Liberia expenditure
Committed at the reporting date but not recognised as
liabilities, payable:
Within one year			174,879	880,000
Note 13. Investments in associates
Interests in associates are accounted for using the equity method of accounting.		Information relating to		associates is
set out below:
			Consolidated
			Percentage interest
			31 Dec 2012	30 Jun 2012
Associate	Principal activities		%	%
Tribune Resources Limited			23.70	23.70

Note 14. Events after the reporting period

No matter or circumstance has arisen since 31 December 2012 that has significantly affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial years.

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Rand Mining Limited Notes to the financial statements 31 December 2012

Note 15. Earnings per share

Profit after income tax attributable to the owners of Rand Mining Limited Weighted average number of ordinary shares used in calculating diluted earnings per share Basic earnings per share Weighted average number of ordinary shares used in calculating basic earnings per share Diluted earnings per share	31 Dec 2012 31 Dec 2011 $ $ 5,003,412 942,637 Number Number 60,841,209 60,841,209 60,841,209 60,841,209 Cents Cents 8.22 1.55 8.22 1.55 Consolidated	31 Dec 2012 31 Dec 2011 $ $ 5,003,412 942,637 Number Number 60,841,209 60,841,209 60,841,209 60,841,209 Cents Cents 8.22 1.55 8.22 1.55 Consolidated
	Number 60,841,209	Number 60,841,209
	60,841,209	60,841,209
	Cents 8.22 8.22	Cents 1.55 1.55

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Rand Mining Limited Directors' declaration

In the directors' opinion:

• the attached financial statements and notes thereto comply with the Corporations Act 2001, Australian Accounting Standard AASB 134 'Interim Financial Reporting', the Corporations Regulations 2001 and other mandatory professional reporting requirements;

• the attached financial statements and notes thereto give a true and fair view of the consolidated entity's financial position as at 31 December 2012 and of its performance for the financial half-year ended on that date; and

• there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

Signed in accordance with a resolution of directors made pursuant to section 303(5) of the Corporations Act 2001.

On behalf of the directors

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________ Anthony Billis Director

15 March 2013 Perth

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Grant Thornton Audit Pty Ltd ACN 130 913 594

10 Kings Park Road West Perth WA 6005 PO Box 570 West Perth WA 6872

T +61 8 9480 2000 F +61 8 9322 7787 E info.wa@au.gt.com W www.grantthornton.com.au

Independent Auditor’s Review Report To the Members of Rand Mining Limited

We have reviewed the accompanying half-year financial report of Rand Mining Limited (‘Company’), which comprises the consolidated financial statements being the statement of financial position as at 31 December 2012, and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the half-year ended on that date, notes comprising a statement or description of accounting policies, other explanatory information and the directors’ declaration of the consolidated entity, comprising both the Company and the entities it controlled at the half-year’s end or from time to time during the half-year.

Directors’ responsibility for the half-year financial report

The directors of the Company are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that is free from material misstatement, whether due to fraud or error.

Auditor’s responsibility

Our responsibility is to express a conclusion on the consolidated half-year financial report based on our review. We conducted our review in accordance with the Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity, in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the consolidated entity’s financial position as at 31 December 2012 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. As the auditor of Rand Mining Limited, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

Grant Thornton Australia Limited is a member firm within Grant Thornton International Ltd. Grant Thornton International Ltd and the member firms are not a worldwide partnership. Grant Thornton Australia Limited, together with its subsidiaries and related entities, delivers its services independently in Australia.

Liability limited by a scheme approved under Professional Standards Legislation

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A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Independence

In conducting our review, we complied with the independence requirements of the Corporations Act 2001.

Conclusion

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of Rand Mining Limited is not in accordance with the Corporations Act 2001, including:

• a giving a true and fair view of the consolidated entity’s financial position as at 31 December 2012 and of its performance for the half-year ended on that date; and

• b complying with Accounting Standard AASB 134 Interim Financial Reporting and Corporations Regulations 2001.

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GRANT THORNTON AUDIT PTY LTD Chartered Accountants

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C A Becker Partner - Audit & Assurance

Perth, 15 March 2013

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