RAND MINING LIMITED — Interim / Quarterly Report 2017

Oct 30, 2016

ASX ANNOUNCEMENT

31 October 2016

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

EKJV Exploration Report

September 2016 Quarter

Rand Mining Ltd (ASX code: RND) has pleasure in providing the Quarterly EKJV Exploration Report dated 31 October 2016.

For further information, please contact:

Roland Berzins E: rberzins@gcpcapital.com.au Ph: +61 8 9474 2113

EAST KUNDANA JOINT VENTURE

September 2016 Quarterly EKJV Exploration Report

For distribution to JV Partners:

• Northern Star Resources Limited
• Tribune Resources Limited
• Rand Mining Limited

SUMMARY 3EXPLORATION ACTIVITY3Far Kundana West Geophysics3FUTURE WORK4APPENDIX 15

Table 1 - EKJV exploration activity for the September Quarter.	3
Figure 1 - Far Kundana West SAM survey results.	3

1. SUMMARY

No exploration drilling was undertaken on the EKJV tenements in the September quarter of FY1617. Exploration focus moved from near mine activity to longer term generative development of the tenure.

A large geophysical survey covering the western part of the tenement package was the completed during the quarter. This will assist in the generation of exploration targets away from the main operating mines.

Project	Prospect	Tenement	SAM Geophysical Surveys
EKJV		M16/421	789 Ha
EKJV	Far Kundana West	M15/1413	17 Ha
EKJV		M15/993	129 Ha
TOTAL			935 Ha

Table 1 - EKJV exploration activity for the September Quarter.

2. EXPLORATION ACTIVITY

2.1. Far Kundana West Geophysics

A sub-audio magnetics (SAM) geophysical survey was undertaken over EKJV tenements M15/1413, M16/421 and M15/993 through the latter part of August. The survey was designed to complement and combine with a 2014 survey on the WKJV tenement M16/213.

Results for the survey received in September have identified several linear structures. These structures are orientated NW-SE (304-360), slightly oblique to stratigraphy and subparallel to regional significant structures such as the Zuleika shear zone, located 5km to the east. Future RAB drilling will test the target areas identified in the SAM survey.

Figure 1 - Far Kundana West SAM survey results.

Importantly, this survey identified a series of sub-parallel structures generated by a recent regional project as strong conductors. This geophysical response both validates the regional study interpretation and further refines future drilling of these structures.

Several other linear features, both conductors and linear discontinuities, were identified. These features will all be targeted with an upcoming RAB drilling campaign.

3. FUTURE WORK

A comprehensive RAB program (circa 10,000m) will be undertaken on the defined target areas in from the results of the SAM survey the Far West Kundana area.

RC drilling for the next quarter is in the early stages of planning for the Papa Bear target and other anomalies on the lower contact of the Kurrawang basin sedimentary rocks. This work is likely to involve around 1,000m of RC drilling.

Competency statement

The information in this report relating to Exploration Results is based on information compiled by Dr Rick Gordon who is a Member of the Australian Institute of Geoscientists 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'. Dr Gordon is a full time employee of Northern Star Resource Limited and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

4. APPENDIX 1

JORC Code, 2012 Edition – Table 1 Far Kundana West

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 (e.g.cut channels, random chips, or specific-specialised industry standard measurement tools appropriate to the mineralsunder investigation, such as down hole gamma sondes, or handheld XRFinstruments, etc.). These examples should not be taken as limiting thebroadmeaning of sampling.	NA-No drilling or other sampling techniquesrelate to this report.
	Include reference to measures taken to ensure sample representivity and the-appropriate calibration of any measurement tools or systems used.
	Aspects of the determination of mineralisation that are Material to the Public-Report.
	In cases where 'industry standard' work has been done this would be relatively-simple (e.g.'reverse circulation drilling was used to obtain 1 m samples fromwhich 3 kg was pulverised to produce a 30 g charge for fire assay'). In other casesmore explanation may be required, such as where there is coarse gold that hasinherent sampling problems. Unusual commodities or mineralisation types (e.g.submarine nodules) may warrant disclosure of detailed information.
Drilling techniques	Drill type (e.g.core, reverse circulation, open-hole hammer, rotary air blast,-auger, Bangka, sonic, etc.) and details (e.g.core diameter, triple or standardtube, depth of diamond tails, face-sampling bit or other type, whether core isoriented and if so, by what method, etc.).	NA-No drilling or other sampling techniquesrelate to this report.
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results-assessed.	NA-No drilling or other sampling techniquesrelate to this report.
	Measures taken to maximise sample recovery and ensure representative nature-of the samples.
	Whether a relationship exists between sample recovery and grade and whether-sample bias may have occurred due to preferential loss/gain of fine/coarsematerial.

Criteria	JORC Code Explanation	Commentary
Logging	Whether core and chip samples have been geologically and geotechnically-logged to a level of detail to support appropriate Mineral Resource estimation,mining studies and metallurgical studies.	NA-No drilling or other sampling techniquesrelate to this report.
	Whether logging is qualitative or quantitative in nature. Core (or costean,-channel, etc.) photography.
	The total length and percentage of the relevant intersections logged.-
Sub-sampling	If core, whether cut or sawn and whether quarter, half or all core taken.-	NA-No drilling or other sampling techniques
techniques and samplepreparation	If non-core, whether riffled, tube sampled, rotary split, etc.and whether sampled-wet or dry.	relate to this report.
	For all sample types, the nature, quality and appropriateness of the sample-preparation technique.
	Quality control procedures adopted for all sub-sampling stagesto maximise-representivity of samples.
	Measures taken to ensure that the sampling is representative of the in situ material-collected, including for instance results for field duplicate/second-half sampling.
	Whether sample sizes are appropriate to the grain size of the material being-sampled.
Quality of assay dataand laboratory tests	The nature, quality and appropriateness of the assaying and laboratory-procedures used and whether the technique is considered partial or total.	NA-No drilling or other sampling techniquesrelate to this report.
	For geophysical tools, spectrometers, handheld XRF instruments, etc., the-parameters used in determining the analysis including instrument make andmodel, reading times, calibrations factors applied and their derivation, etc.
	Nature of quality control procedures adopted (e.g.standards, blanks, duplicates,-external laboratory checks) and whether acceptable levels of accuracy (i.e.lack of bias) and precision have been established.
Verification of samplingand assaying	The verification of significant intersections by either independent or alternative-company personnel.	NA-No drilling or other sampling techniquesrelate to this report.
	The use of twinned holes.-
	Documentation of primary data, data entry procedures, data verification, data-storage (physical and electronic) protocols.
	Discuss any adjustment to assay data.-

Criteria	JORC Code Explanation	Commentary
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole-surveys), trenches, mine workings and other locations used in Mineral Resourceestimation.Specification of the grid system used.-Quality and adequacy of topographic control.-	NA-No drilling or other sampling techniquesrelate to this report.
Data spacing and	Data spacing for reporting of Exploration Results.-	NA-No drilling or other sampling techniques
distribution	Whether the data spacing and distribution is sufficient to establish the degree of-geological and grade continuity appropriate for the Mineral Resource and OreReserve estimation procedure(s) and classifications applied.Whether sample compositing has been applied.-	relate to this report.
Orientation of data inrelation to geological	Whether the orientation of sampling achieves unbiased sampling of possible-structures and the extent to which this is known, considering the deposit type.	NA-No drilling or other sampling techniquesrelate to this report.
structure	If the relationship between the drilling orientation and the orientation of key-mineralised structures is considered to have introduced a sampling bias, thisshould be assessed and reported if material.
Sample security	The measures taken to ensure samplesecurity.-	NA-No drilling or other sampling techniquesrelate to this report.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.-	NA-No drilling or other sampling techniquesrelate to this report.

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code Explanation	Commentary
Mineral tenement andland tenure status	Type, reference name/number, location and ownership including agreements or-material issues with third parties such as joint ventures, partnerships, overridingroyalties, native title interests, historical sites, wilderness or national park andenvironmental settings.The security of the tenure held at the time of reporting along with any known-impediments to obtaining a licence to operate in the area.	All work mentioned in this report are locatedwithin the M16/421, M15/1413 and M15/993Mining leases held by The East Kundana JointVenture (EKJV). The EKJV is majorityowned andmanaged by Northern Star Resources Ltd (51%).The minority holding in the EKJV is held by TribuneResources Ltd (36.75%) and Rand Mining Ltd(12.25%).
		A royalty of $1.00 per ton of ore mined is payableto Lake Grace Exploration for all mining onM15/993. The other tenements have no thirdparty royalties'payable.
		No known impediments exist and the tenementsare in good standing
Exploration done byother parties	Acknowledgment and appraisal of exploration by other parties.-	Previous work on the Far Kundana West areaconsists only of very sparse and patchy RABdrilling by previous owners prior to the mid-1990s.The area has received very limited attentionsince that time.
Geology	Deposit type, geological setting and style of mineralisation.-	The Kundana camp is situated within theNorseman-Wiluna Greenstone Belt, in an areadominated by the Zuleika shear zone, whichseparates the Coolgardie domain from the OraBanda domain.The Zuleika Shear Zone in theKundana area comprises multiple anastomosingshears the most important ofwhich are the K2,the K2A and Strzelecki shears.
		Information contained in this report relates to apackageofasyetundifferentiatedvolcanogenic sedimentary rocks in the core of aten-kilometre scale antiform west of the Zuleikashear apparent due to the folding of the Powder

Criteria	JORC Code Explanation	Commentary
		Sill Gabbro a large differentiated mafic sillintruding the Black Flag Group stratigraphy.
		The results of the survey that is the primary subjectof this report indicate significant internal structurewithin the sedimentary package at the core ofthis antiform, however other work has not yetbeen undertaken to further understand thecontext of the internal structures.
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:	NA-No drilling or other sampling techniquesrelate to this report.
	easting and northing of the drill hole collar-
	elevation or RL (Reduced Level –elevation above sea level in metres) of the drill-hole collar
	dip and azimuth of the hole-
	down hole length and interception depth-
	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 aggregationmethods	In reporting Exploration Results, weighting averaging techniques, maximum-and/or minimum grade truncations (e.g. cutting of high grades) and cut-offgrades are usually Material and should be stated.	NA-No drilling or other sampling techniquesrelate to this report.
	Where aggregate intercepts incorporate short lengths of high grade results and-longer lengths of low grade results, the procedure used for such aggregationshould be stated and some typical examples of such aggregations should beshown in detail.
	The assumptions used for any reporting of metal equivalent values should be-clearly stated.
Relationship betweenmineralisation widths	These relationships are particularly important in the reporting of Exploration-Results.	NA-No drilling or other sampling techniquesrelate to this report.
and intercept lengths	If the geometry of the mineralisation with respect to the drill hole angle is known,-its nature should be reported.

Criteria	JORC Code Explanation	Commentary
	If it is not known and only the down hole lengths are reported, there should be a-clear statement to this effect (e.g. '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 reported These should include,but not be limited to a plan view of drill hole collar locations and appropriatesectional views.	NA-No drilling or other sampling techniquesrelate to this report.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable,-representative reporting of both low and high grades and/or widths should bepracticed to avoid misleading reporting of Exploration Results.	NA-No drilling or other sampling techniquesrelate to this report.
Other substantiveexploration 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 rockcharacteristics; potential deleterious or contaminating substances.	This report relates to a 935 Ha Sub-AudioMagnetic (SAM) survey.Thesurvey wasdesigned to be contiguous with a similar, butslightly smaller,survey undertaken on behalf ofEKJV Management Pty Ltd in 2014.
Further work	The nature and scale of planned further work (e.g. tests for lateral extensions or-depth extensions or large-scale step-out drilling).Diagrams clearly highlighting the areas of possible extensions, including the main-geological interpretations and future drilling areas,provided this information is notcommercially sensitive.	The identification and confirmation of significantstructures in the Far Kundana West area from thissurvey will permit accurate targeting of thosestructures with RAB drilling in Q2 of FY2016/17.That RAB drilling is dueto start in November 2016,barring logistical delays.