RAND MINING LIMITED — Interim / Quarterly Report 2014

Apr 28, 2014

==> picture [379 x 135] intentionally omitted <==

29 April 2014

Company Announcements Office Australian Securities Exchange Ltd 4[th] Floor 20 Bridge Street Sydney NSW 2000

Dear Sir/Madam

EKJV March 2014 Quarterly Exploration Report

Rand Mining Ltd (ASX code: RND) has pleasure in providing the EKJV March 2014 Quarterly Exploration Report.

Yours sincerely Rand Mining Ltd

==> picture [71 x 43] intentionally omitted <==

Roland Berzins Company Secretary

==> picture [175 x 85] intentionally omitted <==

==> picture [88 x 9] intentionally omitted <==

----- Start of picture text -----

ACN 139 342 859
----- End of picture text -----

29th April 2014

Mr Anton Billis Director Rand Mining Ltd PO Box 307 West Perth WA 6872

Dear Anton,

RE: EKJV March 2014 Exploration Report

As you requested, I have reviewed the following Northern Star report:

• 2014 Q1 EKJV Exploration Report

• Accompanying tables and diagrams

The report is in a form that can be released to the market.

Yours sincerely

==> picture [145 x 43] intentionally omitted <==

Matthew Sullivan B. App. Sc., M. Aus.I.M.M

Competency Statement

The information in this report relation to Exploration Results and Mineral Resources is based on information reviewed by Mr Matthew Sullivan who is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient exploration experience which is relevant to the style of mineralisation under consideration to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves’. Mr Sullivan is a consultant working for Rand Mining and consents to the inclusion of the matters based on his information in the form and context in which it appears.

Northern Star Resources Ltd

==> picture [60 x 50] intentionally omitted <==

Kalgoorlie Project

EKJV Exploration Quarterly Report

March 2014

1 SUMMARY

East Kundana Joint Venture

A total of 7795.16m of diamond drilling and 3767.3m of RC drilling were completed during the quarter. The drilling was undertaken at the Kundana camp at two prospects, Pegasus and Ambition. At Ambition 7 RC drill holes were completed for a total of 1110m. At Pegasus 2657.3m of RC was completed drilling 12 diamond pre‐collars and 3 RC drill holes, and 15 diamond drill holes and 4 diamond drill tails were completed for a total of 7795.16m.

1

==> picture [59 x 50] intentionally omitted <==

2 DRILLING

7795.16m of diamond and 3767.3m of RC was drilled during the Quarter. Drilling was at two prospects in the EKJV, Ambition and Pegasus. Ambition is a drill testing stage project and is in the initial stage of drill testing a distinct soil geochemical anomaly along strike to the north of the K2 structure and stratigraphy.

Table 1. Drilling Summary

			Metres ‐	No.	Metres ‐	No.	Metres ‐	No.
Project	Prospect	Tenement							Comments
			RAB/AC	Samples	RC	Samples	DD	Samples
EKJV	Ambition	M16/326			1110	685
EKJV	Pegasus	M16/309			2657.3	1473	7795.16	2630
		TOTAL			3767.3	2158	7795.16	2630

2.1 Ambition

A soils and lag sampling programme north of the Arctic Mine (K2 structure) in the Kundana area defined a tungsten‐arsenic anomaly consistent with the other deposits along the Zulieka shear. A stratigraphic diamond hole drilled in late 2013 tested this anomaly and identified elevated gold grades in a laminated shear vein on a major structural contact (0.25m @ 0.27g/t).

A RC drill programme commenced in late February to define the position of K2 and test the tenor of veining on that contact. A total of 168m were drilled under Barrick Gold ownership in February, with one hole completed. The remaining holes were drilled in March for 942m giving a total programme of seven RC holes for 1,110m.

All holes drilled to date have positively identified the position of the mineralised structure. A key aim of the project was to determine the location and structural position of the gold anomalism and improve the geological interpretation in the northern Kundana Zuleika area. Previous structural interpretations have been limited to aeromagnetic imagery. Three holes have identified elevated gold grades on the structure of a magnitude consistent with the grade of the structure proximal (~200m) to the Kundana‐style orebodies to the south. All assay jobs returned for Ambition have passed QAQC checks.

2

==> picture [59 x 50] intentionally omitted <==

==> picture [445 x 642] intentionally omitted <==

Figure 1. Ambition collar locations shown over the regional geology.

3

==> picture [59 x 50] intentionally omitted <==

2.2 Pegasus

During the quarter, three surface diamond rigs drilled a total of 7795.16m for advanced exploration and resource definition drilling programmes throughout the Pegasus prospect, focusing on three main areas of mineralisation, Polaris, Centauri, and the Jewellery Box (Figures 2 and 3). An RC rig was also present during the quarter drilling pre‐collars and RC holes for a total for a total of 2657.3m. In total, 10,452.46m were drilled at Pegasus during the March Quarter.

Two advanced exploration holes (PGCD14003, PGCD14005) were drilled at depth below the Pegasus resource, at approximately the 5750 level, to help bring the area up to a sub inferred category (based on 160m x 80m drill spacing). These two holes had RC pre collars drilled in February; with PGCD14005 intersecting a thin but well mineralised K2 intersection with multiple visible gold crystals.

Four advanced exploration holes (PGDD14002, 14009, 14021, and 14029) were drilled at varying depths throughout the Polaris area, an area to the north of the Jewellery Box with four holes drilled in 2012 that returned significant K2 intersections. These four holes were drilled as part of the longer term aim to upgrade the area as an inferred resource category (80m x 80m drill spacing), as well as filling in the area between the Jewellery Box and Polaris areas to a sub‐indicated resource category (40m x 80m drill spacing). Three holes, PGDD14009, 14021, and 14029, all intersected highly favourable K2 veining, with visible gold in 14009 and 14029. PGDD14009 is highly mineralised and wide (~4m), and returned very favourable results (9.0m @ 37.8 g/t Au).

In total thirteen RC pre‐collars (PGCD14003, PGCD14005 – 14007, PGCD14020‐14027), ranging from 60 ‐ 270m depth, were drilled at approximately the 5850 level across the width of the Polaris and Centauri areas (combined strike of approximately 600m). To date five of the diamond tails have been drilled (PGCD14003, PGCD14005‐14007 and PGCD14021), with another seven yet to be drilled.

Two shallow advanced exploration holes were drilled on the northern edge of the Pegasus resource in an area with previous sparse drilling, the majority of which was RC drilling only. These two holes were drilled to target the possibility of northerly plunging shoots extending downwards from the northern proposed pit edge towards high grade intercepts in the Polaris area. PGDD14018 (~6100 level) was thin but well mineralised with visible gold and but provided much needed structural and textural data in an area that previously contained only RC intercepts.

Three resource definition holes (PGDD14012, 14019, 14028) were drilled as a down dip extension to the Jewellery Box mineralisation, with the aim of adding width to the highly mineralised vertical plane defined by PGDD13033 and 13034 drilled late 2013. Both PGDD14012 and 14028 were thick (3m and 6m respectively) and highly mineralised, with common visible gold. PGDD14028 should return favourable results based on its mineralogy, visible gold content and width (PGDD14019 was aborted due to significant swing to the south and was redrilled as PGDD14028).

4

==> picture [59 x 50] intentionally omitted <==

==> picture [495 x 243] intentionally omitted <==

==> picture [495 x 242] intentionally omitted <==

----- Start of picture text -----

Pegasus
Mineralistion
----- End of picture text -----

Figure 2. Pegasus collar locations shown over aerial photography.

5

2.3 Assay Results ‐ Drilling

Assays for samples submitted from Ambition and Pegasus Prospects were received, details given below.

Ambition Drill Testing	Ambition Drill Testing	Ambition Drill Testing	Ambition Drill Testing	Ambition Drill Testing	Ambition Drill Testing	Ambition Drill Testing
Drill Hole #	Easting (GDA94)	Northing (GDA94)	Drill Hole Collar RL (GDA94)	Dip (Degrees)	Azimuth (Degrees, GDA94)	End of Hole Depth	Downhole From(m)	Downhole To(m)	Downhole Intersection (m)	Au (gpt) uncut	Comments
AMRC14001	328238	6605383	372	‐60	60	180	56.0	57.0	1.0	1.69
AMRC14002	328315	6605215	369	‐60	60	150	115	117	2.0	1.80
AMRC14003	328409	6605015	368	‐60	60	174	151	153	2.0	5.95
AMRC14004	328811	6604848	367	‐60	60	174				NSI
AMRC14005	328617	6604680	368	‐60	60	150	128	129	1.0	NSI
AMRC14006	328686	6604496	366	‐60	60	156				NSI
AMRC14010	328248	6605136	332	‐60	225	126	109	110	1.0	0.3
Pegasus Resource Drilling
Drill Hole #	Easting (Local Grid)	Northing (Local Grid)	Drill Hole Collar RL (Local Grid)	Dip (Degrees)	Azimuth (Degrees, Local Grid)	End of Hole Depth	Downhole From(m)	Downhole To(m)	Downhole Intersection (m)	Au (gpt) uncut	Est True Thickness (m)	Comments
PGDD14001	9665	17177	6345	‐63	79	416.7	115.6	116.4	0.8	49.2	0.6	New structure?
							193.7	202.2	8.5	4.2	6.4	Pode/K2B
							369.0	372.0	3.0	2.6	2.3	Silicified sediments zone between victorias basalt and shale
							380.2	381.4	1.2	19.5	0.9	K2
PGDD14002	9602	17376	6345	‐60	92	498.2	411.0	412.9	1.9	2.6	1.4	K2
PGCD14003	9487	17389	6345	‐66	90	750.0						Waitingto beprocessed.
PGDD14004	9494	17229	6347	‐59	94	597.2	62.9	65.7	2.8	3.8	2.1
							290.9	293.0	1.1	15.7	0.8	Pode
							533.4	536.0	2.6	4.9	2.0
							562.2	563.1	0.9	5.2	0.6	K2
PGCD14005	9448	17224	6346	‐61	94	672.0	113.0	123.0	10.0	2.3	7.5	Pre‐collar results only
PGCD14006	9502	17051	6345	‐65	91							Pre‐collar drilled only
PGCD14007	9511	16915	6344	‐65	96							Pre‐collar drilled only
PGDD14008	9671	17259	6344	‐70	79	456.0	187.8	192.1	4.3	1.5	3.2	Pode
							419.7	420.9	1.2	4.9	0.9	K2
PGDD14009	9645	17129	6345	‐63	90	452.3	205.3	208.2	2.9	3.9	2.2	Pode
							402.6	411.6	9.0	37.8	6.8	K2
PGDD14010A	9690	16976	6345	‐62	90	89.6	191.6	194.9	3.3	2.7	2.5	K2B
							200.0	202.0	2.0	3.9	1.5	K2B
							343.0	345.6	2.6	9.5	2.0	K2
PGDD14011	9730	17011	6345	‐62	90	336.0	155.0	157.0	2.0	3.5	1.5	K2B, Includes 0.4m of core loss
							292.8	294.0	1.2	4.7	0.9	K2

6

Pegasus Resource Drilling	Pegasus Resource Drilling	Pegasus Resource Drilling
Drill Hole #	Easting (Local Grid)	Northing (Local Grid)	Drill Hole Collar RL (Local Grid)	Dip (Degrees)	Azimuth (Degrees, Local Grid)	End of Hole Depth	Downhole From(m)	Downhole To(m)	Downhole Intersection (m)	Au (gpt) uncut	Est True Thickness (m)	Comments
PGDD14012	9573	17069	6348	‐59	90	555.0						Waiting results
PGDD14013	9723	17124	6345	‐62	89	321.0	142.2	147.0	4.8	3.1	3.6	K2B
							285.6	286.0	0.4	6.1	0.3	K2
PGRC14014	9792	17099	6348	‐63	90	222.0	42.0	43.0	1.0	4.8	0.8
							196.0	198.0	2.0	4.5	1.5	K2
PGRC14015	9787	17143	6347	‐63	90	240.0	208.0	214.0	6.0	1.7	4.5	K2
PGRC14016	9798	17238	6345	‐63	90	204.0				NSI
PGDD14017	9713	17193	6344	‐62	85	336.0						Waitingto beprocessed.
PGDD14018	9803	17165	6346	‐63	90	213.0						Waitingto beprocessed.
PGDD14019	9567	16992	6343	‐63	90	141.0						Waiting to be processed, hole deviated and was stopped and redrilled as PGDD14028
PGCD14020	9506	17467	6348	‐67	90							Pre‐collar drilled only
PGCD14021	9530	17426	6343	‐65	90	637.7						Waitingto beprocessed.
PGCD14022	9558	17341	6346	‐65.5	90	564.0						Waitingto beprocessed.
PGCD14023	9519	17255	6350	‐62	86							Pre‐collar drilled only
PGCD14024	9546	17124	6347	‐65.5	91							Pre‐collar drilled only
PGCD14025	9534	16962	6345	‐63	90							Pre‐collar drilled only
PGCD14026	9567	16842	6345	‐61	88							Pre‐collar drilled only
PGCD14027	9566	16842	6345	‐63.5	91							Pre‐collar drilled only
PGDD14028	9566	16991	6343	‐63	90	597.0						Waitingto beprocessed.
PGDD14029	9586	17128	6343	‐64.5	90	552.0						Waitingto beprocessed.

Note: Local grid is the Kundana 10 grid.

7

Figure 3. Pegasus Long Projection

==> picture [955 x 515] intentionally omitted <==

----- Start of picture text -----

6200RL 6200RL
6000RL
6000RL
5800RL
----- End of picture text -----

8

3 ASSAY QAQC

Overall laboratory performance for these jobs was good with none of the submitted company standards and one laboratory standards falling outside of +/- 3 standard deviations out of and only three warnings for outside 2 standard deviations (Table 2). Two blanks failed, both relating to a swap of material for a screen fire assay (decision on appropriate response pending). One lab standard failed in January, and four other lab standards reported warnings outside 2 standard deviations over 3 month reporting period. No lab blanks were above 0.05 g/t gold.

All grind checks passed at both the 3mm (113 samples) and 75µm (198 samples) levels.

Repeatability for the reporting period was slightly poorer than for the previous reporting period. There is a slight bias towards higher grades in the original compared to repeat (LR1, LR2, LR3) assays, however, this is an artefact related to the lab procedure for selection of repeat samples which selectively targets the top percentile of assays in the original data. (high values that come back low are repeated, but low values that would have come back higher are not selected). There were insufficient field duplicate samples to undertake any meaningful analysis.

Table 2. Summary of controls for 50 g Fire Assay Jobs received for the reporting period

STANDARDID	Total Returned	Sum of Warm	Sum of Fail	%Fail
BLANK	266	3	2	0.75%
ControlBlank	85	0	0	0.00%
G310‐10	46	0	0	0.00%
G310‐4	1	0	0	0.00%
G900‐5	10	0	0	0.00%
G900‐7	19	0	0	0.00%
G901‐8	21	0	0	0.00%
G904‐1	42	1	0	0.00%
G909‐1	24	0	0	0.00%
G909‐3	19	0	0	0.00%
G910‐5	56	0	0	0.00%
G912‐5	52	2	0	0.00%
Total NSR Standards	290	3	0	0.00%
OxD107	51	1	0	0.00%
Oxi96	46	2	1	2.17%
OxP91	57	2	0	0.00%
ST463	53	0	0	0.00%
ST517	55	0	0	0.00%
OxC109	6	0	0	0.00%
OxG84	10	0	0	0.00%
ST502	1	0	0	0.00%
OxC102	1	0	0	0.00%
Total Genalysis Stds	280	5	1	0.36%
Total Standards and Blanks	921	11	3	0.33%

9

Table 3. Summary of lab repeats (LR1, LR2, LR3), pulp duplicates (LS1) and field duplicates (DUP)

		**Where Original assay >0.05g/t **	**Where Original assay >0.05g/t **
**Repeat Type **	Number Submitted	# outside +/‐ 10%	# outside +/‐20%
LR1 LR2 LR3	326 139 33	41 (13%) 78 (56%) 27(82%)	25 (8%) 50 (36%) 22(67%)
Repeats Total	498	146(29%)	97(19%)
LS1 418 DUP 70		52 (12%) 34 (8%) 10(14%) 5(7%)

Competency Statement

The information in this report relating to Exploration Results and Mineral Resources is based on information compiled by Mr Glenn Grayson who is a Member of the Australian Institute of Mining and Metallurgy and has sufficient exploration experience which is relevant to the style of mineralisation under consideration 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’. Mr Grayson is a full time employee of Northern Star Resource Ltd and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

10

Table 4. JORC Code, 2012 Edition

Section 1 Sampling Techniques and Data

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

Criteria	JORC Code explanation	Commentary
Sampling techniques	 Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma	Sampling was completed using a combination of Reverse circulation (RC) and Diamond Drilling (DD). RC drilling was used to drill pre- collars for many of the Resource definition holes with diamond tails.
	sondes, or handheld XRF instruments, etc). These examples should	Diamond drilling constitutes the rest of the drilling.
	not be taken as limiting the broad meaning of sampling.	Diamond core was transferred to core trays for logging and sampling.
	 Include reference to measures taken to ensure sample representivity	Half core samples were nominated by the geologist from both NQ and
	and the appropriate calibration of any measurement tools or systems	HQ diamond core, with a minimum sample width of either 20cm (HQ)
	used.	or 30cm (NQ).
	 Aspects of the determination of mineralisation that are Material to the	RC samples were split using a rig-mounted cone splitter on 1m
	Public Report.	intervals to obtain a sample for assay. 4m Composite spear samples
	 In cases where ‘industry standard’ work has been done this would be	were collected for most of each hole, with 1m samples submitted for
	relatively simple (eg ‘reverse circulation drilling was used to obtain 1	areas of known mineralization or anomalism.
	m samples from which 3 kg was pulverised to produce a 30 g charge	Samples were taken to Genalyis Kalgoorlie for preparation by drying,
	for fire assay’). In other cases more explanation may be required,	crushing to <3mm, and pulverizing the entire sample to <75µm. 300g
	such as where there is coarse gold that has inherent sampling	Pulps splits were then dispatched to Genalysis Perth for 50g Fire
	problems. Unusual commodities or mineralisation types (eg	assay charge and AAS analysis.
	submarine nodules) may warrant disclosure of detailed information.
Drilling techniques	 Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other	7 RC pre-collars were drilled followed by diamond tails. Pre-collar depth was to 180m or less if approaching known mineralization. RC Drilling was completed using a 5.75” drill bit, downsized to 5.25” at
	type, whether core is oriented and if so, by what method, etc).	depth.
		On all other holes, diamond drilling was used from surface. HQ
		(63.5mm) diameter core was drilled for all resource definition holes,
		elsewhere both HQ and NQ (50.5mm) diameter core was drilled.
		Core was orientated using the Reflex ACT Core orientation system.
Drill sample recovery	 Method of recording and assessing core and chip sample recoveries and results assessed.  Measures taken to maximise sample recovery and ensure	RC drilling contractors adjust their drilling approach to specific conditions to maximize sample recovery. Moisture content and sample recovery is recorded for each RC sample. No recovery issues
	_representative nature of the samples. _	were identified during2013 RC drilling. Recoverywaspoor at the

11

Criteria	JORC Code explanation	Commentary
	 Whether a relationship exists between sample recovery and grade	very beginning of each hole, as is normal for this type of drilling in
	and whether sample bias may have occurred due to preferential	overburden.
	loss/gain of fine/coarse material.	For diamond drilling the contractors adjust their rate of drilling and
		method if recovery issues arise. All recovery is recorded by the
		drillers on core blocks. This is checked and compared to the
		measurements of the core by the geological team. Any issues are
		communicated back to the drilling contractor.
		Recovery was excellent for diamond core and no relationship
		between grade and recovery was observed. For RC drilling, pre-
		collars were ended before known zones of mineralization and
		recovery was very good through any anomalous zones, so no issues
		occurred.
Logging	 Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate	All diamond core is logged for Regolith, Lithology, veining, alteration, mineralisation and structure. Structural measurements of specific
	Mineral Resource estimation, mining studies and metallurgical	features are also taken through oriented zones. All logging is
	studies.	quantitative where possible and qualitative elsewhere. A photograph
	 Whether logging is qualitative or quantitative in nature. Core (or	is taken of every core tray.
	costean, channel, etc) photography.	RC sample chips are logged in 1m intervals. For the entire length of
	 The total length and percentage of the relevant intersections logged.	each hole. Regolith, Lithology, alteration, veining and mineralisation
		are all recorded.
Sub‐sampling techniques and sample preparation	 If core, whether cut or sawn and whether quarter, half or all core taken.  If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.  For all sample types, the nature, quality and appropriateness of the	All Diamond core is cut and half the core is taken for sampling. The remaining half is stored for later use. All RC samples are split using a rig-mounted cone splitter to collect a 1m sample 3-4kg in size. These samples were submitted to the lab from any zones approaching known mineralization and from any
	sample preparation technique.	areas identified as having anomalous gold. Outside of mineralized
	 Quality control procedures adopted for all sub-sampling stages to	zones spear samples were taken over a 4m interval for composite
	maximise representivity of samples.	sampling.
	 Measures taken to ensure that the sampling is representative of the in	Field duplicates were taken for RC samples at a rate of 1 in 20
	situ material collected, including for instance results for field	Sample preparation was conducted at Genalysis Kalgoorlie,
	duplicate/second-half sampling.	commencing with sorting, checking and drying at less than 110°C to
	 Whether sample sizes are appropriate to the grain size of the material	prevent sulphide breakdown. Samples are jaw crushed to a nominal -
	being sampled.	6mm particle size. If the sample is greater than 3kg a Boyd crusher
		with rotary splitter is used to reduce the sample size to less than 3kg
		(typically 1.5kg) at a nominal <3mm particle size. The entire crushed
		sample(if less than 3kg)or sub-sample is thenpulverized to 90%

12

Criteria	JORC Code explanation	Commentary
		passing 75µm, using a Labtechnics LM5 bowl pulveriser. 300g Pulp
		subsamples are then taken with an aluminium scoop and stored in
		labelled pulp packets.
		Grind checks are performed at both the crushing stage(3mm) and
		pulverising stage (75µm), requiring 90% of material to pass through
		the relevant size.
Quality of assay data and laboratory tests	 The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.  For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument	A 50g Fire assay charge is used with a lead flux, dissolved in the furnace. The prill is totally digested by HCl and HNO3 acids before Atomic absorption spectroscopy (AAS) determination for gold analysis. No geophysical tools were used to determine any element
	make and model, reading times, calibrations factors applied and their	concentrations
	derivation, etc.	Certified reference materials (CRMs) are inserted into the sample
	 Nature of quality control procedures adopted (eg standards, blanks,	sequence randomly at a rate of 1 per 20 samples to ensure correct
	duplicates, external laboratory checks) and whether acceptable levels	calibration. Any vaules outside of 3 standard deviations are re-
	of accuracy (ie lack of bias) and precision have been established.	assayed with a new CRM.
		Blanks are inserted into the sample sequence at a rate of 1 per 20
		samples, This is random, except where high grade mineralisation is
		expected. Here, a Blank is inserted after the high grade sample to
		test for contamination. Failures above 0.2g/t are followed up, and re-
		assayed. New pulps are prepared if failures remain.
		Field Duplicates are taken for all RC samples (1 in 20 sample). No
		Field duplicates are submitted for diamond core.
Verification of sampling and assaying	 The verification of significant intersections by either independent or alternative company personnel.  The use of twinned holes.  Documentation of primary data, data entry procedures, data	All significant intersections are verified by another geologist during the drill hole validation process, and later by a Competent person to be signed off No Twinned holes were drilled for this data set
	verification, data storage (physical and electronic) protocols.	Geological logging was captured using excel templates. Both a
	 Discuss any adjustment to assay data.	hardcopy and electronic copy of these are stored, as well as being
		loaded in to the database using automatic acquire loaders. Assay
		files are received in csv format and loaded directly into the database
		by the Database administrator (DBA). A geologist then checks that
		the results have inserted correctly. Hardcopy and electronic copies of
		these are also kept. No adjustments are made to this assay data.
Location of	 Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations	A planned hole is pegged using a Differential GPS by the field assistants

13

Criteria		JORC Code explanation	Commentary
data points		used in Mineral Resource estimation.	During drilling single-shot surveys are every 30m to ensure the hole
		 Specification of the grid system used.	remains close to design. This is performed using the Reflex Ez-Trac
		 Quality and adequacy of topographic control.	system. Upon hole completion, a Gyroscopic survey is conducted by
			ABIMS, taking readings every 5m for improved accuracy. This is done
			in true north.
			The final collar is picked up after hole completion by Differential GPS
			in the MGA 94_51 grid.
			Good quality topographic control has been achieved through Lidar
			data and survey pickups of holes over the last 15 years.
Data spacing and distribution		 Data spacing for reporting of Exploration Results.  Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and	Drillhole spacing across the area varies. For the Resource definition drilling, spacing was typically 40m x 40m, to allow the resource to be upgraded to indicated. For the Pode drilling spacing was approximately 20m x 20m. The HRPD drilling was mich more wide
		classifications applied.	spaced, as this is largely unclassified. Spacing is wider than 160m in
		 Whether sample compositing has been applied.	some areas.
			No compositing has been applied to these exploration results,
			although composite intersections are reported.
Orientation of data in relation to geological structure		 Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.  If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a	The majority of the structures in the Kundana camp dip steeply (80°) to WSW. The Pode structure has a much shallower dip in a similar direction, approximately 60° . To target these orientations the drillhole dips of 60-70° towards ~060° achieve high angle intersections on all structures.
		sampling bias, this should be assessed and reported if material.	No sampling bias is considered to have been introduced by the
			drilling orientation
Sample security		 The measures taken to ensure sample security.	Prior to laboratory submission samples are stored by Barrick Kanowna in a secure yard. Once submitted to the laboratories they are stored in a secure fenced compound, and tracked through their
			chain of custody via audit trails
Audits reviews	or	 The results of any audits or reviews of sampling techniques and data.	No audits or reviews have recently been conducted on sampling techniques.

14

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	 Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.  The security of the tenure held at the time of reporting along with any	All holes mentioned in this report are located within the M16/309 and M16/326 Mining leases and are held by The East Kundana Joint Venture (EKJV). The EKJV is majority owned and managed by Northern Star Resources Ltd (51%) purchased from Barrick Gold Corporation on February 28, 2014. The minority holding in the EKJV
	known impediments to obtaining a licence to operate in the area.	is held by Tribune Resources Ltd (36.75%) and Rand Mining Ltd
		(12.25%).
		The tenement on which the Pegasus deposit is hosted (M16/309) is
		subject to two royalty agreements; however neither of these is
		applicable to the actual Pegasus deposit. The agreements that are on
		M16/309 but not relevant to the Pegasus project are the Kundana-
		Hornet Central Royalty and the Kundana Pope John Agreement No.
		2602-13.
		No known impediments exist and the tenements are in good standing
Exploration done by other parties	 Acknowledgment and appraisal of exploration by other parties.	The first reference to the mineralization style encountered at the Pegasus project was the mines department report on the area produced by Dr. I. Martin (1987). He reviewed work completed in 1983 – 1984 by a company called Southern Resources, who
		identified two geochemical anomalies, creatively named Kundana #1
		and Kundana #2. The Kundana #2 prospect was subdivided into a
		further two prospects, dubbed K2 and K2A.
		Between 1987 and 1997, limited work was completed.
		Bewteen 1997 and 2006 Tern Resources (subsequently Rand Mining
		and Tribune Resources), and Gilt-edged mining focused on shallow
		open pit potential which was not considered viable.
		In 2011, Pegasus was highlighted by an operational review team and
		follow-up drilling was planned through 2012.
		This report is concerned solely with 2013 drilling that led on from this
		period.
Geology	 Deposit type, geological setting and style of mineralisation.	The Kundana camp is situated within the Norseman-Wiluna Greenstone Belt, in an area dominated by the Zuleika shear zone,
		which separates the Coolgardie domain from the Ora Banda domain.
		K2-style mineralisation(Pegasus,Rubicon,Hornet)consists of

15

Criteria	JORC Code explanation	Commentary
		narrow vein deposits hosted by shear zones located along steeply-
		dipping overturned lithological contacts. The K2 structure is present
		along the contact between a black shale unit (Centenary shale) and
		intermediate volcaniclastics (Sparogville formation).
		Minor mineralization, termed K2B, also occurs further west, on the
		contact between the victorious basalt and Bent Tree Basalt (both part
		of the regional upper Basalt Sequence).
		A 60° W dipping fault, offsets this contact and exists as a zone of
		vein-filled brecciated material hosting the Pode-style mineralisation.
Drill hole Information	 A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:	Significant intercepts that form the basis of this Resource estimate have been released to the ASX in previous announcements by Tribune Resources and Rand Mining, with appropriate tables
	o easting and northing of the drill hole collar	incorporating Hole ID, Easting, Northing, Dip, Azimuth, Depth and
	o elevation or RL (Reduced Level – elevation above sea level in	assay data of mineralised intervals. Appropriate maps and plans also
	metres) of the drill hole collar	accompany all previous exploration announcements.
	o dip and azimuth of the hole
	o down hole length and interception depth
	o hole length.
	 If the exclusion of this information is justified on the basis that the
	information is not Material and this exclusion does not detract from the
	understanding of the report, the Competent Person should clearly
	_explain why this is the case. _
Data aggregation methods	 In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.  Where aggregate intercepts incorporate short lengths of high grade	All reported assay results have been length weighted to provide an intersection width. A maximum of 2m of barren material between mineralized samples has been permitted in the calculation of these widths.
	results and longer lengths of low grade results, the procedure used for	No assay results have been top-cut for the purpose of this report. A
	such aggregation should be stated and some typical examples of such	lower cut-off of 1g/t has been used to indentify significant results,
	aggregations should be shown in detail.	although lower results are included as internal dilution where a known
	 The assumptions used for any reporting of metal equivalent values	ore zone has been intercepted
	should be clearly stated.	No metal equivalent values have been used for the reporting of these
		exploration results
Relationship between mineralisation widths and	 These relationships are particularly important in the reporting of Exploration Results.  If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.	True widths have been calculated for intersections of the known ore zones, based on existing knowledge of the nature of these structures. Both the downhole width and true width have been clearly specified when used.

16

Criteria	JORC Code explanation	Commentary
intercept	 If it is not known and only the down hole lengths are reported, there
lengths	should be a clear statement to this effect (eg ‘down hole length, true
	_width not known’). _
Diagrams	 Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being	Appropriate plans and section have been included in the body of this report
	reported These should include, but not be limited to a plan view of drill
	_hole collar locations and appropriate sectional views. _
Balanced reporting	 Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of	Both high and low grades have been reported accurately, clearly identified with the drillhole attributes and ‘From’ and ‘To’ depths.
	_Exploration Results. _
Other substantive exploration data	 Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential	Metallurgical testwork was conducted on 9 Pegasus samples. The results are summarized as follows: ・All Pegasus recoveries were above 91% for the leach tests ・Gravity gold recovery estimated at 55%
	deleterious or contaminating substances.	・Cyanide consumption 0.62 kg/t; Lime 2.29 kg/t
		・Oxygen Consumption 60 g/t per hour
		・Bond Ball mill work index average 18.1 kWh/t
		・Bond Abrasion Index average 0.1522
Further work	 The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).	Further work will commence in 2014 to extend the indicated resource deeper by infill drilling. Advanced exploration work will also attempt to
	 Diagrams clearly highlighting the areas of possible extensions,	upgrade an area at depth spanning 1km of strike to an inferred
	including the main geological interpretations and future drilling areas,	resource. The continuation of the ‘HRPD’ trend will continue to be drill
	provided this information is not commercially sensitive.	tested at depth, with the intention of linking the known deposits of
		Hornet, Rubicon, Pegasus and Drake.

17