REGIS RESOURCES LIMITED — Investor Presentation 2017

Jun 26, 2017

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11
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REGIS RESOURCES LTD

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JUNE 2017

INVESTOR PRESENTATION

22

DISCLAIMER & COMPETENT PERSONS STATEMENT

This presentation contains only a brief overview of Regis Resources Limited and its associated entities (“Regis or RRL") and their respective activities and operations. The contents of this presentation, including matters relating to the geology of Regis’ projects, may rely on various assumptions and subjective interpretations which it is not possible to detail in this presentation and which have not been subject to any independent verification.

This presentation contains a number of forward-looking statements. Known and unknown risks and uncertainties, and factors outside of Regis’ control, may cause the actual results, performance and achievements of Regis to differ materially from those expressed or implied in this presentation. To the maximum extent permitted by law, Regis does not warrant the accuracy, currency or completeness of the information in this presentation, nor the future performance of Regis, and will not be responsible for any loss or damage arising from the use of the information. The information contained in this presentation is not a substitute for detailed investigation or analysis of any particular issue. Current and potential investors and shareholders should seek independent advice before making any investment decision in regard to Regis or its activities.

The information in this presentation that relates to Exploration Results is extracted from the ASX announcement released 21 April 2017 entitled “Quarterly Report to 31 March 2017” and for which Competent Person’s consents were obtained. The Competent Person’s consents remain in place for subsequent releases by the Company of the same information in the same form and context, until the consent is withdrawn or replaced by a subsequent report and accompanying consent.

The information in this presentation that relates to Mineral Resources or Ore Reserves is extracted from the Mineral Resource and Ore Reserve Statement released to the Australian Securities Exchange on 7 July 2016 and the ASX announcement released on 6 June 2017 entitled “Maiden Ore Reserve at Tooheys Well to Further Boost Duketon Production” and for which Competent Person’s consents were obtained. The Competent Person’s consents remain in place for subsequent releases by the Company of the same information in the same form and context, until the consent is withdrawn or replaced by a subsequent report and accompanying consent.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original ASX announcements released on 7 July 2016, 21 April 2017 and 6 June 2017 and, in the case of estimates or Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the original ASX announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original ASX announcement.

ASX announcements are available on the Company’s website at www.regisresources.com.au

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33

CORPORATE

CAPITAL STRUCTURE

Shares on issue 501m Last price A$3.66 Market capitalisation A$1,834m Daily turnover (no. shares) 5.4m Unlisted options 10m

OPERATIONS SNAPSHOT

Duketon operations (WA) 10Mtpa for >300kozpa McPhillamys project (NSW) 2.2Moz resource Resources (total) 8.6Moz Reserves 2.1Moz

FINANCIALS

NPAT H1 FY17 A$61.0m Cash & bullion (31 Mar 17) A$114.5m 2017 Interim dividend 7cps (A$35m) 2016 Full year dividend 13cps (A$65m)

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SHARE PRICE & VOLUME
4.5 30
4
25
3.5
3 20
2.5
15
2
1.5 10
1
5
0.5
0 0
vOLUME (Millions)
SHARE PRICE A$)
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44

REVIEW OF FY2017 Q3 OPERATIONS

DUKETON CONTINUES TO DELIVER STRONG CASHFLOW

	Q3	Q2	OPERATIONS
	FY17	FY17	Q3 gold production 79,223 ounces
Ore mined (Mbcm)	1.0	1.1	Run rate above FY16 and in upper half of FY17 guidance of 300-330koz
Waste mined (Mbcm)	6.4	7.3	Excellent result given mining & haulage days lost to rain
Stripping ratio (w:o)	6.6	6.5	Q3 throughput (-10%) & recovery (+2%) v Q2 Throughput affected by lower oxide ore supply
Ore mined (Mtonnes)	2.3	2.8	Will improve as Gloster, Erlistoun & RMT South come on
			Major mill shuts at both GW & RMT in Q3
Ore milled (Mtonnes)	2.25	2.50	Q3 grade of 1.17g/t: 8% higher than Q2
Head grade (g/t)	1.17	1.08	Positive impact of grade from Gloster & Erlistoun
			COSTS
Recovery (%)	94	92	Q3 cash costs $798/oz & AISC $1,024/oz
Gold production (ounces ‘000)	79	80	AISC at mid-point of FY17 guidance range 8% higher than Q2 – start up strip ratio (39:1) at
Cash cost (A$/oz)	798	804	Erlistoun and completed cutback at Rosemont
Cash cost inc royalty (A$/oz)	872	874	Q3 operating cashflow $57.8m (Q2: $64.5m) OPERATING CASH-FLOW
All in Sustaining Cost (A$/oz)1	1,024	951	Continued strong operating cashflow underpinning cash build and dividends

• Will improve as Gloster, Erlistoun & RMT South come on

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1 AISC calculated on a per ounce of production basis 2 operating cash flow is quoted under the Appendix 5B classification protocol and as such does not include payments for pre-strip and deferred mining costs as these are classified as investing activities.

55

DUKETON FY2017 Q3

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66

CASHFLOW WATERFALL

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Cash & Gold on Hand Movements – Q3 FY17 Year to Date
$350.0m
$181.9m
$300.0m
$250.0m
($80.1m)
$200.0m
($39.1m)
$150.0m ($20.5m)
$123.3m ($19.2m) $114.5m
$100.0m ($27.2m) ($4.8m)
$50.0m
Strong cash-flow from operations of $182m for YTDQ3
Cash build of $71m after allowing for payment of dividend of $80m.
Significant expenditures in Q3 above usual run rate – expect to reduce in coming quarters
 Development spend ($15.8m) includes Erlistoun start up & completion of Rosemont cutback
 Exploration ($9.4m) for major drill-outs at Tooheys Well & McPhillamys
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STRONG PERFORMANCE ON ALL PROFIT MEASURES

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1 FY2014 NPAT, EBITDA & EPS adjusted to underlying result by excluding $202.7m after tax impairment charge

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DIVIDENDS

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Earnings & Dividend Per Share
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25
22.4
20
17.4
15
13
12.2
11.0
10
7
6
5
0
0
FY2014 FY2015 FY2016 FY2017 (H1)
EPS Dividend per Share
Cents per Share
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Fully franked interim dividend of 7cps ($35.1m) declared and paid in Q3

• Increase on FY16 interim dividend of 4cps

• Payout ratio 14% of revenue and 57% of NPAT

• c4% dividend yield (c6% grossed up for franking credits) at current share price $3.66

• Regis is committed to dividends and delivering industry leading dividend metrics

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99

OPERATIONS OUTLOOK

2017 – 2019 DUKETON PROJECT PRODUCTION GUIDANCE & TARGETS

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380,000
370,000
360,000 350,000 2019
TARGET
340,000 2018
330,000 340,000
TARGET
320,000 2017
320,000
GUIDANCE
300,000
2016 300,000
ACTUAL
280,000
305,084
260,000
240,000
220,000
200,000
2016 2017 2018 2019
Organic growth at Duketon to deliver increasing production profile over medium term
GOLD PRODUCTION (OUNCES)
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Midpoint of cumulative 2017-2019 production guidance/target range is based on 98% Probable Ore Reserves and 2% Inferred Mineral Resources (IMR). No Exploration Targets included.

Cautionary statement: there is a low level of geological confidence associated with IMR and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised.

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1010

DELIVERING ORGANIC GROWTH OPPORTUNITIES

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MINE LIVES @ 31/3/16

MINE LIVES@ 31/3/16
Project Mine Life	Mill tpa
Garden Well 7 years	≈ 5 MT
Rosemont 6 years	≈ 2 MT
Moolart Well 5 years	≈ 3 MT

SATELLITES EXTENDING MINE LIFE

Project	Reserves at 31/3/16
Gloster	7.0Mt @ 1.00g/t for 226koz1
Erlistoun	3.8Mt @ 1.48g/t for 181koz1
Baneygo	3.6Mt @ 1.16g/t for 136koz1
Tooheys Well	7.1Mt @ 1.61g/t for 366koz2

• Proximity to mill capacity

• Known gold hosting structures

• Shallow & poorly tested

• Strong extensions expected to continue

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1 Reserve as at 31/3/2016 2 Maiden Reserve as at 1/3/17

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SATELLITE DEPOSITS FAMOUS BLUE GEOLOGY

GLOSTER

• 26km west of Moolart Well

• Mining commenced Q1, milling Q2

• Processed 300kt ore at 1.35g/t in Q3

• Processed 590kt ore at 1.26g/t YTD

• Adds 3+ years of mill feed to MW

• Grade increases production & recovery

ERLISTOUN

• 9km south of Garden Well

• Mining commenced Q2, milling Q3

• Processed 130kt ore at 1.2g/t in Q3

• Adds 4+ years of mill feed to GW

• Grade increases production & recovery

OUTLOOK

• Proving the quality & simplicity of strategy

• Full year production & falling strip in FY18

• Tooheys Well, Baneygo etal to follow

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TOOHEYS WELL GOLD PROJECT

MAIDEN RESERVE REPLACES REGIS FY17 PRODUCTION

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• Located only 2.5km south of GW

• Gold shear zones hosted by chert, shale and BIF

• Extensive drill-out in 2015 and 16 culminated in maiden resource July 16

• Maiden Reserve quoted June 17:

	Tonnes	Grade	Gold
	(Mt)	(g/t)	(koz)
0.5g/t lower cut	7.1	1.61	366

• Replaces Duketon FY17 gold production

• Discovery cost of $24 per reserve ounce

• Mining to commence March18 quarter

• Production to commence Dec18 quarter

• Approx 2MTpa for 90kozpa

• Will increase group production due to higher grade than displaced ore from GW

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EXPLORATION UPDATE

DUKETON - SIGNIFICANT RESULTS IN Q3

Completed 32,943m (Q2: 49,223m) of drilling on 4 gold projects

• Lower metres in Q3 due to weather, rig availability & limited RMT pit access

• Tooheys Well – 2.5km S of Garden Well

• 547,000 oz resource estimated in Q1

• 28,561m RC in Q3 completes resource drill-out

• Infill drilling continues to return high grades

• EM survey nearing completion to target extensional drilling

• Rosemont South & Main

• Strong intercepts outside current reserves

• Opportunity to add O/P & U/G inventory

• Limited Q3 drilling (3,301m) as available RC drill focused on completing TW drill-out

• Programme recommenced in Q4

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Proximity to 10mtpa milling infrastructure presents excellent exploration opportunity

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ROSEMONT SOUTH & MAIN UNDERGROUND OPPORTUNITIES

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3D long section from south east showing planned Rosemont South & Main drilling, phase 1 and 2

Phase 1 drill programmes underway at Rosemont South and below Rosemont Main Pit:  Returning numerous high grade intercepts  Drilling to continue in Q4 and beyond

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ROSEMONT MAIN PIT

UNDERGROUND PROJECT

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POTENTIAL FOR UNDERGROUND MINING INVENTORY EXTENSION

• Testing high grade shoots 100-200m vertically below ultimate open pit design depth

• Early holes drilled to date are encouraging for underground opportunities

• Approx 10,000m drilling remaining in phase 1 programme

• Only 3,301m of RC drilled in Q3 as available rigs used at TW, drilling underway again in Q4

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DRILL OUTS COMPLETE SO FOCUS 16 16 RETURNS TO REGIONAL EXPLORATION

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NEXT 6 SIGNIFICANT SCALE REGIONAL TARGETS

• Post successful delivery of Maiden Reserve at Tooheys Well, focus has returned to generating next suite of regional exploration targets.

• 6 new regional targets generated from data review and field investigations

• Each has between 1 – 2.5km of untested greenstone strike

• Targets based on combination of structure, lag anomalies, magnetics and no or ineffective previous drilling

• Total untested strike in this suite of targets ≈12km

• Targets have been ground-truthed and are ready to drill

 Proposed first pass drilling:

• 224 holes to approx. 120m depth

• 27,000 metres over 16 lines

• Generally 200m spaced lines over targets

• 6 months of work

Continued generation of significant scale targets within trucking distance of Regis mills

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REGIONAL TARGETS

Prospect	Location	Target	Untested Strike	Planned Drilling
Camel Hump	32km S of GW	 Soil anomaly over prospective structure  No previous drilling	2km	 18 AC holes to 120m  1 line of holes
Mt Varden	33km S of GW	 Soil anomaly over prospective structure  Anomalous nearby drilling	2.5km	 66 AC holes to 120m  5 lines x 200m
Corktree North	41km S of GW	 Target under tertiary cover  Over prospective structure	1km	 26 AC holes to 120m  2 lines x 200m
Cuthbert Bore	15km SW of GW	 Soil anomaly over prospective structure  Ineffective earlier drilling	2km	 40 AC holes to 120m  3 lines x 200m
Steer Creek	13km SW of RMT	 Soil anomaly over prospective structure  Ineffective earlier drilling	2km	 40 AC holes to 120m  4 lines x 200m
Speights	5km NE of RMT	 Soil anomaly over prospective structure  No previous drilling	2.5km	 34 AC holes to 120m  2 lines x 200m

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REGIONAL TARGETS

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2km 2,000m 2.5km 8,000m
Camel Hump Mt Varden
strike Aircore strike Aircore
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REGIONAL TARGETS

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1km 3,000m 2km 5,000m
Corktree North Cuthbert Bore
strike Aircore strike Aircore
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REGIONAL TARGETS

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2km 5,000m 2.5km 4,000m
Steer Creek Speights
strike Aircore strike Aircore
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2121

McPHILLAMYS (NSW)

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INFILL DRILLING UNDERWAY FOR PFS

• Located Central-West NSW

• Well established gold mining district

• Cadia, Cowal, Northparkes+45Moz*

• Gold resource 2.2Moz - 100% Regis owned

• Infill Drilling Underway

• 25,000m programme - 5 diamond & 1 RC rigs working

• Reduce drill pattern to 50x25m (nominal)

• 55 holes (18,060m) drilled in Q3.

• Significant results include:

  • 279m @ 1.45g/t Au from 192m

  • 246m @ 1.20g/t Au from 199m

  • 207m @ 1.27g/t Au from 178m

  • 192m @ 1.20g/t Au from 140m

  • 211m @ 1.69g/t Au from 187m

  • 130m @ 1.44g/t Au from 85m

• Phase 2 programme of 14,000m underway

• Basis for resource update & ultimately reserve estimate

• Moving towards PFS

• Focus on securing key infrastructure

• Advancing other long lead PFS/EIS works

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• Recent quoted resources from public information

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McPHILLAMYS (NSW)

EXPANDING MCPHILLAMYS RESOURCES AND FOOTPRINT

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• Entered into binding agreement to acquire the Blayney Gold Project for A$3.25m

  • Subject to one remaining condition precedent

• Tenement lies contiguous to the McPhillamys project licence and hosts two quoted Mineral Resource Estimates*:

• Discovery Ridge:13.84Mt at 1.1g/t for 501koz

• Bald Hill: 37.0Mt at 0.5g/t for 595koz

• Acquisition expands the McPhillamys Gold Project footprint by 493 km[2]

• Discovery Ridge deposit located 32km away from the McPhillamys Gold Project by a major highway

• Economics of Discovery Ridge will be studied with a view to generating a satellite operation to be developed with the McPhillamys Project

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2323

RECAP OF PRESENTATION

 Q3 gold production 79,223 ounces at AISC of A$1,024/oz

 Production in line with Q2 (80,090oz) despite significant rainfall impact on operations

 Production run rate in upper half of FY17 guidance

 Gloster & Erlistoun making contribution & will increase in coming quarters

 Q3 AISC at midpoint of guidance range

 High strip at start up of Erlistoun and completion of cutbacks at Rosemont

 Cash-flow from operations $57.8m for Q3 (Q2: $64.5m)

• Cash and bullion holdings $114.6m (Q2: $129.7m)

• $20m cash build after $35.1m paid in dividends

 Maiden Tooheys Well reserve 366koz – replaces FY17 Duketon production

 6 new regional targets at Duketon - 12km of strike, 27,000m first pass programme

• Major infill drill programme completed at McPhillamys – strong results to date

 Pushing project towards PFS

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APPENDIX 1 JORC COMPLIANT ORE RESERVE ESTIMATES 31 MARCH 2016*

Group Ore Reserves

as at 31 March 2016

Gold	Gold	Gold	Proved	Proved	Proved	Probable	Probable	Probable	Total Ore Reserve	Total Ore Reserve	Total Ore Reserve	Competent Person3
Project	Type	Cut-Off (g/t)2	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)
Moolart Well1	Open-Pit	> 0.4	1.6	0.77	39	3.3	1.00	105	4.8	0.93	144	D
Garden Well1	Open-Pit	> 0.4	2.9	0.58	55	25.9	0.93	772	28.8	0.89	827	D
Rosemont1	Open-Pit	> 0.4	3.4	1.45	157	8.3	1.53	407	11.6	1.51	564	D
Duketon Main Deposits	Sub Total		7.9	0.99	251	37.4	1.07	1,284	45.3	1.05	1,535
Gloster	Open-Pit	> 0.5	-	-	-	7.0	1.00	226	7.0	1.00	226	D
Erlistoun	Open-Pit	> 0.5	-	-	-	3.8	1.48	181	3.8	1.48	181	D
Baneygo	Open-Pit	> 0.4	-	-	-	3.6	1.16	136	3.6	1.16	136	D
Petra	Open-Pit	> 0.5	-	-	-	0.6	1.26	25	0.6	1.26	25	D
Dogbolter	Open-Pit	> 0.5	-	-	-	0.3	1.57	16	0.3	1.57	16	D
Anchor	Open-Pit	> 0.5	-	-	-	0.1	2.07	6	0.1	2.07	6	D
Duketon Satellite Deposits	Sub Total		-	-	-	15.5	1.18	590	15.5	1.18	590
Regis	Grand Total		7.9	0.99	251	52.9	1.10	1,874	60.8	1.09	2,125

Notes

The above data has been rounded to the nearest 100,000 tonnes, 0.01 g/t gold grade and 1,000 ounces. Errors of summation may occur due to rounding.

1. Mineral Resources and Ore Reserves are reported inclusive of ROM Stockpiles at cut-off grade of 0.4 g/t.

2. Cutoff grades vary according to oxidation and lithology domains. Refer to Group Ore Reserves Lower Cut Notes.

3. Refer to Group Competent Person Notes.

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• A maiden Ore Reserve estimate was quoted for Tooheys Well Gold Project as at 1 March 2017 – refer Appendix 3.

2525

APPENDIX 2 JORC COMPLIANT MINERAL RESOURCES 31 MARCH 2016*

				Group Mineral Resources as at 31 March 2016	Group Mineral Resources as at 31 March 2016	Group Mineral Resources as at 31 March 2016	Group Mineral Resources as at 31 March 2016	Group Mineral Resources as at 31 March 2016	Group Mineral Resources as at 31 March 2016	Group Mineral Resources as at 31 March 2016	Group Mineral Resources as at 31 March 2016	Group Mineral Resources as at 31 March 2016	Group Mineral Resources as at 31 March 2016	Group Mineral Resources as at 31 March 2016	Group Mineral Resources as at 31 March 2016
Gold				Measured		Indicated			Inferred			Total Resource			Competent Person2
Project	Type	Cut-Off (g/t)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)
Moolart Well1	Open-Pit	0.4	1.9	0.72	45	24.9	0.74	596	9.3	0.62	184	36.1	0.71	825	A
Garden Well1	Open-Pit	0.4	2.9	0.58	55	64.8	0.89	1,859	8.0	0.89	228	75.8	0.88	2,141	B
Rosemont1	Open-Pit	0.4	4.5	1.42	204	20.5	1.42	938	3.0	1.95	189	28.0	1.48	1,331	B
Duketon Main Deposits	Sub Total		9.4	1.01	303	110.2	0.96	3,393	20.3	0.92	600	139.8	0.96	4,297
Tooheys Well3	Open-Pit	0.0	-	-	-	-	-	-	14.6	1.16	547	14.6	1.16	547	A
Gloster	Open-Pit	0.4	-	-	-	14.7	0.79	374	6.6	0.73	154	21.3	0.77	528	A
Baneygo	Open-Pit	0.4	-	-	-	9.2	0.96	283	1.9	0.95	57	11.1	0.96	340	A
Erlistoun	Open-Pit	0.4	-	-	-	5.7	1.34	247	1.1	1.00	37	6.9	1.28	284	A
Dogbolter	Open-Pit	0.4	-	-	-	3.5	1.11	128	0.5	1.02	16	4.0	1.10	144	A
Russells Find	Open-Pit	0.4	-	-	-	2.1	1.07	71	0.3	0.90	10	2.4	1.05	81	A
Petra	Open-Pit	0.4	-	-	-	1.2	1.08	42	0.1	1.09	2	1.3	1.08	44	A
KingJohn	Open-Pit	0.4	-	-	-	-	-	-	0.8	1.56	42	0.8	1.56	42	A
Reichelts Find	Open-Pit	0.4	-	-	-	-	-	-	0.8	1.11	28	0.8	1.11	28	A
Anchor	Open-Pit	0.4	-	-	-	0.2	1.75	9	0.1	0.95	2	0.2	1.53	11	A
Duketon Satellite Deposits	Sub Total		-	-	-	36.6	0.98	1,155	26.8	1.04	895	63.4	1.01	2,049
Duketon	Total		9.4	1.01	303	146.8	0.96	4,548	47.1	0.99	1,495	203.2	0.97	6,346
McPhillamys	Total	0.4	-	-	-	69.2	0.94	2,087	3.9	0.98	123	73.2	0.94	2,210	B
Regis	Grand Total		9.4	1.01	303	216.0	0.96	6,635	51.0	0.99	1,618	276.4	0.96	8,556

Notes

The above data has been rounded to the nearest 100,000 tonnes, 0.01 g/t gold grade and 1,000 ounces. Errors of summation may occur due to rounding. All Mineral Resources are reported inclusive of Ore Reserves to JORC Code 2012 unless otherwise noted.

1. Mineral Resources and Ore Reserves are reported inclusive of ROM Stockpiles at cut-off grade of 0.4 g/t.

2. Refer to Group Competent Person Notes.

3. As reported 29th July 2016

4. An updated Mineral Resource Estimate was quoted for Tooheys Well Gold Project as at 1 March 2017 – refer Appendix 3.

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2626

APPENDIX 3 – TOOHEYS WELL ONLY*

UPDATED JORC COMPLIANT MINERAL RESOURCES & ORE RESERVES 1 MARCH 2017

Tooheys Well Mineral Resource Estimate

as at 1 March 2017

		Gold			Measured	Measured	Measured			Indicated			Inferred		Total Resource	Total Resource	Total Resource
	Project	Type	Cut-Off (g/t)	Tonnes (Mt)		Gold Grade (g/t)		Gold Metal (koz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)	Competent Person1
	Tooheys Well	Open-Pit	0.4	-		-		-	15.9	1.17	598	1.1	0.89	31	17.0	1.16	630	A

Notes

The above data has been rounded to the nearest 100,000 tonnes, 0.01 g/t gold grade and 1,000 ounces. Errors of summation may occur due to rounding.

All Mineral Resources are reported inclusive of Ore Reserves to JORC Code 2012 unless otherwise noted

1. Refer to Competent Person Statement

Tooheys Well Ore Reserve Estimate

Tooheys Well Ore Reserve Estimate	Tooheys Well Ore Reserve Estimate	Tooheys Well Ore Reserve Estimate	Tooheys Well Ore Reserve Estimate	Tooheys Well Ore Reserve Estimate	Tooheys Well Ore Reserve Estimate	Tooheys Well Ore Reserve Estimate	Tooheys Well Ore Reserve Estimate	Tooheys Well Ore Reserve Estimate	Tooheys Well Ore Reserve Estimate	Tooheys Well Ore Reserve Estimate	Tooheys Well Ore Reserve Estimate	Tooheys Well Ore Reserve Estimate
as at 1 March 2017
Gold			Proved			Probable			Total Ore Reserve			Competent Person2
Project	Type	Cut-Off (g/t)1	Tonnes (Mt)	Gold Grade (g/t)	Gold		Gold	Gold		Gold	Gold Metal (koz)
					Metal (koz)	Tonnes (Mt)	Grade (g/t)	Metal (koz)	Tonnes (Mt)	Grade (g/t)
Tooheys Well	Open-Pit											B
		> 0.5	-	-	-	7.1	1.61	366	7.1	1.61	366
Notes

The above data has been rounded to the nearest 100,000 tonnes, 0.01 g/t gold grade and 1,000 ounces. Errors of summation may occur due to rounding.

1. Cutoff grades vary according to oxidation and lithology domains. Refer to Ore Reserve Lower Cut-off Grade Note in Material Information Summary.

2. Refer to Competent Person Statement

Project	Profile	Domain	Lower Cut (g/t)
Tooheys Well	Oxide		0.5
	Transitional		0.6
	Fresh	Low Recovery	0.8
	Fresh		0.6

• For the Tooheys Well Gold Project only these tables update the Mineral Resource and Ore Reserve estimates quoted as at 31 March 2016 in Appendices 1 and 2.

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