RAND MINING LIMITED — Interim / Quarterly Report 2015

Apr 21, 2015

ASX ANNOUNCEMENT

22 April 2015

Australian Securities Exchange Code: RND

Board of Directors:

Mr Otakar Demis Chairman and Joint Company Secretary

Mr Anton Billis Managing Director

Mr Gordon Sklenka Non-Executive Director

Mr Roland Berzins Joint Company Secretary

Suite G1, 49 Melville Parade South Perth WA 6151 T: +61 8 9474 2113 F: +61 8 9367 9386 E: info@randmining.com.au W: www.randmining.com.au

ABN: 41 004 669 658

Quarterly Report for March 2015

Highlights

• During the quarter, 145,980 tonnes of EKJV ore were processed at the Kanowna Plant.
• 18,975.399 oz of gold and 3,789.234 oz of silver were credited to Rand and Tribune Bullion Accounts.

(Rand's share is 25%)

At the end of the quarter

EKJV STOCKPILES
ROM pad	Ore SourceOreGrade			Rand's Entitlement
		t	g/t Au	%
Raleigh	Raleigh	6,098	8.9	12.50
Rubicon	Rubicon & Hornet	10,245	10.1	12.25
Pegasus	Pegasus	7,893	7.1	12.25
Kanowna Belle	Raleigh	-	-	12.50
Kanowna Belle	Rubicon & Hornet	34,794	10.9	12.25
Kanowna Belle	Pegasus	17,975	4.9	12.25

GEOLOGY AND MINING

EAST KUNDANA JOINT VENTURE

Raleigh Underground Mine Production

Stope production from the Raleigh 5795, 5778, 5722 and 5688 levels continued during the quarter. Rehabilitation of the levels damaged in the February earthquake is proceeding.

Contained gold in stope development and stope ore mined during the quarter, estimated by grade control face chip sampling, is tabulated below:

RALEIGH UNDERGROUND GRADE CONTROL ESTIMATES
Month	Tonnes	Grade	Ounces
	t	g/t	troy oz
January	4,739	5.75	876
February	4,664	8.89	1,367
March	5,939	9.19	1,756
March 15 Q	15,342	8.0	3,965
December 14 Q	14,169	9.8	4,477

Rand's Entitlements (12.5%)

March 15 Q	1,918	8.0	496
December 14 Q	1,771	9.8	560

Raleigh Underground Mine Development

At the end of the quarter, the bottom of the Raleigh Decline is at 5618 m RL, 727 m from the surface.

Development of the Skinners structure, which started in December 2014, progressed on the 5932, 5915, 5898, 5881 and 5864 levels.

RALEIGH UNDERGROUND DEVELOPMENT
Month		Capital		Operating
	DeclineSecondary		WasteOre		Paste Fill
	(m)	(m)	(m)	(m)	(m)
January	0.0	0.0	0.0	4.9	12.0
February	0.0	0.0	0.0	18.4	6.0
March	0.0	0.0	0.0	50.2	0.0
March 15 Q	0.0	0.0	0.0	73.5	18.0
December 14 Q	0.0	0.0	0.0	5.3	12.0

The diagrams below show the status of the mine at the end of each month of the quarter.

Development of the Skinners structure is hidden

Mine operating costs, incurred by the EKJV, incurred by the EKJV during March 2015 Quarter were $150 per tonne mined or $581 per ounce mined compared with the December 2014 Quarter costs of $268 and $849 respectively.

Rubicon Underground Mine Production

Development progressed on the 6035 and 6015 levels at Rubicon and the 5925, 5905 and 5885 levels at Hornet. Stope production from the Rubicon 6055 and 6035 levels and the Hornet 6085, 6065, 6045, 6025, 6005, 5985, 5965, 5945 and 5925 levels continued during the quarter. Again the production schedule at Rubicon and Hornet was re-optimized, using some of the resources from Raleigh, to minimize the production shortfall at Raleigh.

Contained gold in stope development mined during the quarter, estimated by grade control face chip sampling, is tabulated below:

UNDERGROUND GRADE CONTROL ESTIMATES
ORE BODY		RUBICON & HORNET			PEGASUS
Month	TonnesGradeOunces			Tonnes	Grade	Ounces
	t	g/t	troy oz	t	g/t	troy oz
January	43,442	7.34	10,252	7,797	6.37	1,597
February	35,161	7.85	8,877	13,075	3.27	1,374
March	37,724	9.95	12,073	19,422	7.15	4,465
March 15 Q	116,327	8.3	31,201	40,294	5.7	7,436
December 14 Q	132,058	10.8	45,768	21,094	5.0	3,403

Rand's Entitlements (12.25%)

March 15 Q	14,250	8.3	3,822	4,936	5.7	911
December 14 Q	16,177	10.8	5,607	2,584	5.0	417

Rubicon Underground Mine Development

During the quarter, decline development at Rubicon, Hornet and Pegasus continued. At the end of the quarter, the bottom of the Rubicon Decline is at 5999m RL, 344 m from the surface, the bottom of the Hornet Decline is at 5854 m RL, 489m from the surface, the top of the Pegasus Incline is at 6160 m RL, 183 m from the surface and the bottom of the Pegasus Decline is at 6075 m RL, 268 m from the surface.

UNDERGROUND DEVELOPMENT
ORE BODY			RUBICON & HORNET					PEGASUS
Month	Capital			Operating		Capital		Operating
	Decline	Other	Waste	Ore	Paste	Decline	Other	Waste	Ore	Paste
	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)
January	45.5	76.8	0.0	269.4	42.0	122.5	203.2	0.0	115.0	0.0
February	109.9	6.0	0.0	244.9	54.0	141.8	119.4	0.0	145.8	0.0
March	85.7	108.0	0.0	204.5	30.0	108.0	171.4	0.0	183.6	0.0
Mar 15 Q	241	191	0	719	126	372	494	0	444	0
Dec 14 Q	186	307	20	828	144	346	518	0	184	0

The diagrams below show the status of the mine at the end of each month of the quarter.

Mine operating costs, for Rubicon & Hornet, incurred by the EKJV during March 2015 Quarter were $97 per tonne mined or $362 per ounce mined compared with the December 2014 Quarter costs of $106 and $306 respectively.

Mine operating costs, for Pegasus, incurred by the EKJV during March 2015 Quarter were $46 per tonne mined or $248 per ounce mined compared with the December 2014 Quarter costs of $60 and $369 respectively.

Toll Processing

EKJV Ore hauled to Kanowna Belle (tonnes-wet)
QuarterRaleighRubiconPegasus
March 15	13,795	115,534	33,542
December 14	12,766	167,436	8,920

During the quarter, 145,980 tonnes of EKJV ore were processed.

Bullion accredited to RAND and TRIBUNE from Kanowna Belle
QuarterGold (oz)Silver (oz)Rand's share gold
March 15	18,975.399	3,789.234	4,743.848
December 14	28,286.626	6,992.618	7,071.656

OTHER EXPLORATION

Seven Mile Hill Joint Venture (Rand's Interest 50%)

An auger soil sampling programme has been planned and will start when a rig is available.

Tapeta Iron Ore Project, Liberia, West Africa

All operations remain suspended due to the Ebola virus.

Corporate – Share Buy-Back

The Company has commenced the previously announced (Dec 2014) Share Buy -Back program and it has subsequently acquired and cancelled 320,234 FPO shares in the Company at a cost of $227,366 in total.

INTERESTS IN MINING TENEMENTS

Project/Tenements	Location	Held at end of	Acquired	Disposed during the
		quarter	during the	quarter
			quarter
Kundana	WA, Australia
M15/1413		12.25%
M15/993		12.25%
M16/181		12.25%
M16/182		12.25%
M16/308		12.25%
M16/309		12.25%
M16/325		12.25%
M16/326		12.25%
M16/421		12.25%
M16/428		12.25%
M24/924		12.25%
Seven Mile Hill	WA, Australia
M15/1291		50.00%
M15/1388		50.00%
M15/1394		50.00%
M15/1409		50.00%
M15/1743		50.00%
M26/563		50.00%
P15/5182		50.00%
P15/5183		50.00%
P15/5184		50.00%
P26/3617		50.00%
Tapeta Iron Ore Project	Liberia, West Africa	100% (under
(currently under option to		option)
acquire issued capital of
Iron Resources Ltd, the
owner of the project)

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001, 01/06/10.

	Rand Mining Ltd
--	-----------------	--

41 004 669 658 31 March 2015

ABN Quarter ended ("current quarter")

Consolidated statement of cash flows

		Current quarter	Year to date
	Cash flows related to operating activities	$A'000	(9 months)
			$A'000
1.1	Receipts from product sales and related debtors	6,391	17,590
1.2	Payments for(a) exploration & evaluation	(371)	(1,711)
	(b) development	(814)	(2,577)
	(c) production	(3,629)	(9,882)
	(d) administration	(252)	(664)
1.3	Dividends received	-	-
1.4	Interest and other items of a similar nature
	received	6	26
1.5	Interest and other costs of finance paid	(2)	(2)
1.6	Income taxes paid	(886)	(2,737)
1.7	Other (provide details if material)	-	-
	Net Operating Cash Flows	443	43
	Cash flows related to investing activities
1.8	Payment for purchases of:(a) prospects	-	-
	(b) equity investments	(50)	(253)
	(c) other fixed assets	(480)	(1,358)
1.9	Proceeds from sale of:(a) prospects	-	-
	(b) equity investments	-	-
	(c) other fixed assets	-	-
1.10	Loans to other entities	-	(250)
1.11	Loans repaid to other entities	-	-
1.12	Loans repaid by other entities	250	250
	Net investing cash flows	(280)	(1,611)
1.13	Total operating and investing cash flows (carried
	forward)	163	(1,568)

+ See chapter 19 for defined terms.

1.13	Total operating and investing cash flows (brought
	forward)	163	(1,568)
	Cash flows related to financing activities
1.14	Proceeds from issues of shares, options, etc.	-	-
1.15	Proceeds from sale of forfeited shares	-	-
1.16	Proceeds from borrowings	-	-
1.17	Repayment of borrowings	-	-
1.18	Dividends paid	-	-
1.19	Other – Share buy-back	(227)	(227)
	Net financing cash flows	(227)	(227)
	Net increase (decrease) in cash held	(64)	(1,795)
1.20	Cash at beginning of quarter/year to date	1,148	2,879
1.21	Exchange rate adjustments to item 1.20	-	-
1.22	Cash at end of quarter	1,084	1,084

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

		Current quarter$A'000
1.23	Aggregate amount of payments to the parties included in item 1.2	(66)
1.24	Aggregate amount of loans to the parties included in item 1.10	-

1.25 Explanation necessary for an understanding of the transactions

(1) Directors fees and superannuation (included in administration 1.2(d)) (65) Royalty payment (included in production 1.2(c)) (1)

(2) Repayment of loan by Tribune Resources Ltd (included in loan to other entities 1.12) 250

(3) Expenditure incurred re settlement of share buy‐back transactions (included in 1.19) (227)

Non-cash financing and investing activities

2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

Not applicable

2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

Not applicable

+ See chapter 19 for defined terms.

Financing facilities available

Add notes as necessary for an understanding of the position.

		Amount available$A'000	Amount used$A'000
3.1	Loan facilities	-	-
3.2	Credit standby arrangements	-	-

Estimated cash outflows for next quarter

	Total	3,950
4.4	Administration	150
4.3	Production	3,000
4.2	Development	700
4.1	Exploration and evaluation	100
		$A'000

Reconciliation of cash

Reconciliation of cash at the end of the quarter (asshown in the consolidated statement of cash flows) tothe related items in the accounts is as follows.		Current quarter$A'000	Previous quarter$A'000
5.1	Cash on hand and at bank	1,084	1,148
5.2	Deposits at call	-	-
5.3	Bank overdraft	-	-
5.4	Other (provide details)	-	-
	Total: cash at end of quarter (item 1.22)	1,084	1,148

Changes in interests in mining tenements

		Tenementreference	Nature of interest(note (2))	Interest atbeginningof quarter	Interest atend ofquarter
6.1	Interests in miningtenements relinquished,reduced or lapsed

+ See chapter 19 for defined terms.

6.2 Interests in mining tenements acquired or increased

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

		Total number	Number quoted	Issue price persecurity (see note3) (cents)	Amount paid up persecurity (see note 3)(cents)
7.1	Preference
	+securities
	(description)
7.2	Changes during
	quarter
	(a) Increases
	through issues
	(b) Decreases
	through returns
	of capital, buy
	backs,
	redemptions
7.3	+Ordinarysecurities	60,520,975	60,520,975
7.4	Changes during
	quarter
	(a) Increases
	through issues
	(b) Decreases	(320,234)	(320,234)
	through returns
	of capital, buy
	backs
7.5	+Convertibledebt securities
	(description)
7.6	Changes during
	quarter
	(a) Increases
	through issues
	(b) Decreases
	through
	securities
	matured,
	converted
7.7	Options
	(description and
	conversionfactor)
7.8	Issued during
	quarter
7.9	Exercised during
	quarter

+ See chapter 19 for defined terms.

7.10	Expired duringquarter
7.11	Debentures(totals only)
7.12	Unsecurednotes (totalsonly)

Compliance statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).
• 2 This statement does give a true and fair view of the matters disclosed.

Sign here: ............................................................ Date: 22 April 2015 (Director/Company secretary)

Print name: Anthony Billis

Notes

• 1 The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.
• 2 The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.
• 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities*.*
• 4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.
• 5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

== == == == ==

+ See chapter 19 for defined terms.