Resolute Mining Limited — Annual Report 2013

Aug 26, 2013

APPENDIX 4E

FOR THE YEAR ENDED 30 JUNE 2013

HIGHLIGHTS

• Reported net profit after tax attributable to members of $85m after non-cash impairment charges of $79m.
• Positive cash flow from operations in excess of $154m despite weaker gold price environment.
• Full year gold production of 435,855 ounces at a cash cost of $811/oz, both ahead of guidance.
• Total market value of group cash, bullion and investments of $156m at 30 June 2013.
• Ongoing commitment to disciplined cash management including detailed review of operating costs, capital costs and mine plans.
• Conservative balance sheet maintained with nondeclaration of dividend ensuring the Company is in a strong and flexible financial position to pursue growth opportunities.
• Payment of a dividend to be re-assessed at next half year results for six months to 31 Dec 2013.
• Fully unhedged production with strong leverage to gold price – profitable and cash generating over wide gold price range.

FINANCIAL RESULTS

• Revenue from gold sales increased by 7% to $619m (2012: $577m).

• Average cash price received on 395,181 ounces of gold sold during the year (2012: 353,321) was $1,562/oz (2012: $1,627/oz).

• Average cash cost per ounce of gold produced during the year was $811/oz (2012: $761/oz).

• Reported net profit after tax attributable to members of $84.9m (2012: $105.1m), including a $79.3m impairment charge primarily related to the market value of investments in Noble Mineral Resources Limited ("Noble") and other gold equity investments, and a $40.5m unrealised foreign currency gain on intercompany loans with subsidiaries.

• Net operating cash inflows during the year were $154.5m (2012: $179.2m).

• Net investing cash outflows of $234.7m (2012: $93.3m) including $85.4m accumulation of other financial assets (primarily the subscription for Noble Convertible Notes), and $113.3m of development expenditure (mostly for the Syama Expansion Project).

• Net financing inflows of $8.2m (2012: $45.1m outflow) including $51.5m received from borrowings, $11.0m in share buy-backs and a $31.6m dividend payment.

OPERATIONS

• The Group gold production for the year was 435,855 ounces (2012: 398,451) at an average cash cost of $811/oz (2012: $761/oz).
• Syama mine in Mali, Africa, produced 196,182 ounces (2012: 145,197) of gold at a cash cost of $796/oz (or US$818/oz) (2012: $784/oz or US$813/oz).
• Ravenswood mine in Queensland, Australia, produced 141,846 ounces (2012: 137,965) of gold at a cash cost of $760/oz (2012: $756/oz).
• Golden Pride mine in Tanzania, Africa, produced 97,827 ounces (2012: 115,289) of gold at a cash cost of $916/oz (or US$938/oz) (2012: $737/oz or US$764/oz).
• All in sustaining costs ("AISC") for the year were Syama – $1,217/oz, Ravenswood – $1,079/oz, Golden Pride – $1,007/oz and for the Group – $1,131/oz. Syama's AISC included $43.4m of waste stripping expenditure capitalised during the year.
• All in costs ("AIC") for the year were Syama $1,712/oz, Ravenswood – $1,122/oz, Golden Pride – $1,067/oz and for the Group – $1,375/oz. Syama's AIC included $96.1m of expansion and development expenditure during the year.

DEVELOPMENT

Mali

• At 30 June 2013 work on the Syama Expansion Project (excluding the Grid Connection) reached 34% completion with US$82.9m expenditure.
• MoU signed with Government of Mali to progress the High Voltage Grid Connection to Syama.
• Very encouraging reverse circulation drilling intersections were received from further resource drilling along the BA01 - A21 deposit trends increasing near plant oxide resources.

Queensland

• At Ravenswood, significant intercepts were received from recent resource drilling below the 600mRL at Mt Wright, which included 12m @ 12.86g/t Au, 23m @ 6.42g/t Au, 40m @ 4.67g/t Au, 17m @ 5.02g/t Au and 21m @ 4.12g/t Au.
• An infill and extension diamond drilling campaign was completed at the Sarsfield gold deposit.An updated resource calculation is being carried out and used to revise the pit optimisation for the Sarsfield expansion project. Work continued on the Environmental Impact Statement.

EXPLORATION

Exploration drilling was carried out in Mali, Tanzania and Queensland while target definition work continued in Cote d'Ivoire.

Tanzania

• Resource drilling commenced on the Leeuwin and Grange prospects at the Nyakafuru project. Significant intercepts included 14m @ 11.94g/t Au from 20m, and 23m @ 3.92g/t Au from 18m. Drilling is continuing.
• Reverse circulation drilling was carried out on the Mwaguguli prospect located in the GP West JV with African Barrick. Better results included 16m @ 7.87g/t Au from 24m, and 7m @ 9.17g/t Au from 13m.
• The resource drilling program on the Voyager, Mentelle and Cullen gold systems was completed and a new resource estimate will be completed in due course. Significant results from Voyager-Mentelle included 3m @ 59.72g/t Au from 160m,

and 4m @ 17.03g/t Au from 69m. Results from Cullen were also very encouraging with many holes recording multiple intersections including 9m @ 5.81g/t Au from 7m.

Mali

• Reverse circulation drilling results from Cashew were encouraging with best intervals including 9m@ 7.50g/t Au from 21m.
• At Paysans, results received from diamond drilling carried out at the end of the prior year were very positive with best results of 5m @ 12.85g/t Au from 164m, and 4m @ 7.25g/t Au from 90m.

Queensland

As part of the ongoing Sarsfield assessment, a reevaluation of the Buck Reef West area commenced. The Buck Reef West shear zone and associated high grade quartz vein lodes have the potential to add significantly to the open pit resources in the area.

Cote d'Ivoire

Field work has commenced at the Toumodi and Goumere Research Permit areas following licence approvals.

CORPORATE

• Market value of Group cash, bullion and investments at 30 June 2013 was $156m (30 June 2012: $139m). Included in the year-end balance is 29,046oz of gold bullion on hand with a market value of $37.9m, and investments with a market value of $115.5m. The 29,046oz of gold bullion on hand is recorded on the Consolidated Statement of Financial Position within Inventories at its production cost of $30.7m.
• At 30 June 2013, the face value of Resolute's total borrowings was $92.2m (2012: $11.0m). As at year end, the weighted average interest rate payable on the borrowings was 5.4%.
• Acquisition of 19.99% equity interest in Noble as well as completion of $85m convertible note finance offer to Noble.
• A new US$50m revolving secured loan facility jointly provided by Barclays Bank Plc and Investec

Bank (Australia) Limited was drawn-down to facilitate completion of the Noble financing.

• Bank du Mali increased the size of its unsecured bank overdraft facility to Sociêtê des Mines de Syama SA (an 80% owned Resolute subsidiary that owns the Syama gold mine) from CFA 7.5b (approximately US$15m) to CFA 15b (approximately US$30m). The other terms and conditions of this facility remain unchanged.
• A 5 cent per share interim dividend was paid during the year, totalling $31.6m.
• $11.0m was utilised pursuant to the on market Share Buyback Program, with 9.4m shares bought back and cancelled.

OUTLOOK

Operations

Group gold production is forecast to be 345,000 ounces in FY2014 year following Golden Pride reaching the end of its mine life. Cash costs for FY2014 are forecasted to be $890/oz (based on an assumed exchange rate of 1 A$ = US$0.93).

Development and Exploration

• The Company will continue with a comprehensive review of the US$266m Syama expansion in light of the prevailing market conditions particularly impacting the gold sector. US$113m has already been identified for immediate deferral, with no adverse effect on the mine plan or longer term revenue.
• Further reduction in capital spend and improved operating costs expected at Syama as pit revised to two stage expansion. Modified mine plan to deliver capital management benefits and robust cash flows. Further details regarding the revised Syama development are set out in a separate announcement released today.
• The project development team for the Syama High Voltage Grid Connection will now submit the necessary environmental-social impact and infrastructure engineering studies for approval, and finalise the Power Implementation and Supply

Agreements prior to construction commencing. These agreements are expected to be completed during the first half of FY2014.

• At Mt Wright, infill drilling has commenced from the 600RL level testing targets down to 550RL. Drilling is expected to continue over the next three months. It is planned to update the resource block model and undertake a mining evaluation for the zone below 600RL in the coming months.
• At Sarsfield, the Environmental Impact Study is due to be submitted to the Queensland Department of Environment and Heritage Protection during the first half of FY2014. Additionally, investigations are continuing towards a revised feasibility study which hopes to deliver improved project economics through operating cost and capital expenditure reductions, as well as mining inventory increases.
• Exploration will continue around Syama in Mali, Ravenswood in Queensland and at the Nyakafuru project in Tanzania. Total exploration of $15m budgeted for the 2014 financial year.

Corporate

• As previously announced, Resolute continues to critically review all operating costs and mine plans with a view to reducing the cash cost base. In support of this disciplined cash management approach, a pay freeze has also been implemented for all senior management positions.
• The Company continues to monitor and assess the deployment of its capital across its existing growth projects, new projects, and overall capital management program ensuring the Company remains in a strong and flexible financial position.

PR SULLIVAN

Chief Executive Officer 27 August 2013

TABLE OF CONTENTS

Appendix 4E	6
Consolidated Statement of Comprehensive Income	7
Consolidated Statement of Financial Position	9
Consolidated Statement of Changes in Equity	11
Consolidated Cash Flow Statement	13
Notes to the Financial Statements	14

REPORTING PERIOD

The reporting period is the year ended 30 June 2013 with the corresponding reporting period being for the year ended 30 June 2012.

RESULTS FOR ANNOUNCEMENT TO THE MARKET

Results				A$'000
Revenue from gold sales	up	7%	to	618,602
Profit before tax attributable to members of the parent	down	16%	to	107,167
Net profit after tax attributable to members of the parent	down	19%	to	84,878

Dividends	Amount persecurity	Franked amountpersecurity
Final dividend	n/a	n/a
Interim dividend	n/a	n/a
Record date for determining entitlements to the dividend	n/a

The above results should be read in conjunction with the notes and commentary contained within this report.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

	Note	For theyear ended30‐Jun‐13	For theyear ended30‐Jun‐12
		$'000	$'000
Continuing Operations
Revenue from gold and silversales	3(a)	618,602	576,710
Costs of production relating to gold sales	3(b)	(315,692)	(262,173)
Gross profit before depreciation, amortisation and other operatingcosts		302,910	314,537
Depreciation and amortisation relating to gold sales	3(c)	(63,860)	(73,221)
Other operating costs relating to gold sales	3(d)	(40,222)	(35,076)
Gross profit		198,828	206,240
Other revenue	3(e)	3,204	1,504
Other income	3(f)	3,798	345
Exploration and business development expenditure		(20,617)	(15,877)
Asset impairment expenses and share of associates' losses	3(g)	(79,300)	(4,070)
Administration and other corporate expenses	3(h)	(6,546)	(8,373)
Treasury ‐ realised gains/(losses)	3(i)	483	(175)
Treasury ‐ unrealised gains/(losses)	3(j)	32,763	(43,194)
Profit before interest and tax		132,613	136,400
Finance costs	3(k)	(4,130)	(11,970)
Profit before tax		128,483	124,430
Tax expense		(23,040)	(22,571)
Profit for the year		105,443	101,859
Profit/(loss) attributable to:
Members of the parent		84,878	105,103
Non‐controlling interest		20,565	(3,244)
		105,443	101,859

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (continued)

	Note	Fortheyear ended30‐Jun‐13	Fortheyear ended30‐Jun‐12
		$'000	$'000
Profit for the year (brought forward)		105,443	101,859
Other comprehensive income/(loss)
Items that may be reclassified subsequently to profit or loss
Exchange differences on translation of foreign operations:
‐ Members of the parent		29,748	15,604
‐ Non‐controlling interest		(1,803)	3,028
Changes in the fair value of available forsale financial assets, netof tax		252	(364)
Other comprehensive income for the year, net of tax		28,197	18,268
Total comprehensive income for the year		133,640	120,127
Total comprehensive income/(loss) attributable to:Members of the parent		114,878	120,343
Non‐controlling interest		18,762	(216)
		133,640	120,127
Earnings pershare for net profit attributable to the ordinary equityholders of the parent:
Basic earnings pershare	5	13.29	18.62
Diluted earnings pershare	5	13.26	16.13

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

	As at	As at
	30‐Jun‐13	30‐Jun‐12
	$'000	$'000
Current assets
Cash	3,040	48,404
Other financial assets ‐ restricted cash	‐	42,267
Receivables ‐ other	9,147	5,957
Inventories	202,913	141,901
Available forsale financial assets	28,909	374
Financial derivative assets	‐	2,364
Tax receivable	‐	621
Other	4,156	4,567
Total current assets	248,165	246,455
Non current assets
Receivables	1,875	2,143
Other financial assets	64,788	‐
Exploration and evaluation expenditure	11,539	9,522
Development expenditure	322,444	208,543
Property, plant and equipment	181,734	167,388
Deferred mining costs	73,470	28,229
Investment in associate	604	2,223
Total non current assets	656,454	418,048
Total assets	904,619	664,503
Current liabilities
Payables	71,329	42,948
Interest bearing liabilities	34,941	7,878
Tax liabilities	2,266	‐
Provisions	26,126	21,573
Total current liabilities	134,662	72,399
Non current liabilities
Interest bearing liabilities	56,384	3,142
Provisions	54,970	45,483
Deferred tax liabilities	‐	486
Total non current liabilities	111,354	49,111
Total liabilities	246,016	121,510
Net assets	658,603	542,993

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued)

	Note	As at30‐Jun‐13$'000	As at30‐Jun‐12$'000
Equity attributable to equity holders of the
parent
Contributed equity	6	380,225	368,047
Reserves		33,816	2,424
Retained earnings		259,139	205,861
Parent interest		673,180	576,332
Non‐controlling interest		(14,577)	(33,339)
Total equity		658,603	542,993

CONSOLIDATED STATEMENT OF CHANGES INEQUITY

	ibutdityContreequ	lisedNet unrea/in(los)gasreserve	harionStoepsityequreserve	loyityEmpeeequbefitsnereserve	igForen currencylationtransreserve	inedingRetaearns	llingNotron‐conintstere	lTota
	$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000
lyAt1Ju2012	368,047	()252	5,987	4,626	()7,937	205,861	()33,339	542,993
fforheitiodProtper	‐	‐	‐	‐	‐	84,887	20,655	104435,
/(),Otheheiveinclosfnettaxcormprensomeso	‐	225	‐	‐	29,874	‐	()8031,	28,917
lheiveincforheiod,fTottnettaxacomprensomepero	‐	252	‐	‐	29,748	84,878	18,762	133,640
ionithTractnsawsowners
hardSissesue	23,210	‐	‐	‐	‐	‐	‐	23,210
harSisstseuecos	()44	‐	‐	‐	‐	‐	‐	()44
harbuy‐baksSec	()10,988	‐	‐	‐	‐	‐	‐	()10,988
deddDiviinpa	‐	‐	‐	‐	‐	()31,600	‐	()31,600
harbasloySdntstoe‐epaymeempees	‐	‐	‐	1,392	‐	‐	‐	1,392
At30Jun2013e	380,225	‐	5,987	6,018	21,811	259,139	()14,577	658,603

CONSOLIDATED STATEMENT OF CHANGES INEQUITY (continued)

	Conibutditytreequ	lisedNet unrea/() reinlosasserveg	Conibletotevernsityequreserve	Shariontoepsityequreserve	loyityEmpeeequfbenitsereserve	igForen currencylationtransreserve	inedingRetaearns	llingNoontn‐crointetres	lTota
	$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000
lyAt1Ju2011	287125,	112	13,764	5,987	3,236	()23,541	100758,	()33,123	354318,
fit/(los)forhedProiotsper	‐	‐	‐	‐	‐	‐	105103,	()3,244	101859,
herhen(los)/f taOtiveincet ocompressome, nx	‐	()364	‐	‐	‐	15,604	‐	3,028	18,268
lhen(los)/forhed, nf taTotiveinciotet oacompressomeperx	‐	()364	‐	‐	‐	15,604	105103,	()216	120127,
hTraionitctnsawsowners
hardSissuese	112235,	‐	‐	‐	‐	‐	‐	‐	112235,
harSissuostee cs	()41	‐	‐	‐	‐	‐	‐	‐	()41
harbuy‐baksSec	()31,272	‐	‐	‐	‐	‐	‐	‐	()31,272
f codfinlf taEquityioniainsttruntst oporompounancme, nex
diontttsanransaccos	‐	‐	()13,764	‐	‐	‐	‐	‐	()13,764
Sharbasdloyents toe‐epaymempees	‐	‐	‐	‐	1,390	‐	‐	‐	1,390
At30Jun2012e	368047,	()252	‐	5,987	4,626	()7,937	205861,	()33,339	542993,

CONSOLIDATED CASH FLOW STATEMENT

	Consolidated
	For the	For the
	year ended	year ended
	30‐Jun‐13	30‐Jun‐12
	$'000	$'000
Cash flows from operating activities
Receipts from customers	618,602	591,175
Payments to suppliers, employees and others	(430,278)	(362,597)
Income tax paid	(16,273)	(23,425)
Exploration expenditure	(16,763)	(15,881)
Interest paid	(1,742)	(11,604)
Interest received	937	1,504
Net cash flows from operating activities	154,483	179,172
Cash flows from investing activities
Payments for property, plant & equipment	(23,417)	(24,412)
Proceeds from sale of available forsale financial assets	5,989	‐
Payments for acquisition of available forsale financial assets	(13,427)	‐
Payments for other financial assets	(85,363)	(43,103)
Payments for development activities	(113,306)	(24,818)
Payments for evaluation activities	(3,932)	‐
Loan to associate	(14,376)	‐
Repayment of loan by associate	14,535	‐
Other	(1,441)	(990)
Net cash flows from investing activities	(234,738)	(93,323)
Cash flows from financing activities
Dividends paid	(31,600)	‐
Proceeds from issuing ordinary shares	2,562	31,911
Costs of issuing ordinary shares	(44)	(41)
Payments forshare buy backs	(10,988)	(31,272)
Repayment of borrowings	‐	(43,959)
Repayment of lease liability	(3,213)	(3,760)
Proceeds from finance facilities	51,530	1,974
Net cash flows from financing activities	8,247	(45,147)
Net (decrease)/increase in cash and cash equivalents	(72,008)	40,702
Cash and cash equivalents at the beginning of the financial period	43,143	3,671
Exchange rate adjustment	722	(1,231)
Cash and cash equivalents at the end of the period	(28,143)	43,142
Cash and cash equivalents comprise the following:
Cash	3,040	48,404
Bank overdraft	(31,183)(28,143)	(5,262)43,142

NOTE 1: BASIS OF PREPARATION OF PRELIMINARY FINAL REPORT

a) Corporate information

The preliminary final report of Resolute Mining Limited and its subsidiaries ("Resolute" or the "Group") for the full year ended 30 June 2013 was authorised for issue in accordance with a resolution of directors.

Resolute Mining Limited ("RML") is a company incorporated in Australia and limited by shares, which are publicly traded on the Australian Securities Exchange.

b) Basis of preparation

This report is based on accounts that are in the process of being audited.

This report does not include all of the notes of the normally included in an annual financial report. Accordingly this report is to be read in conjunction with the financial report for the year ended 30 June 2012 and any public announcements made by RML during the reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.

c) Change in accounting policy – Waste removal costs

Resolute has elected to early adopt the new accounting standard IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine effective from 1 July 2012. The new accounting standard has a compulsory start date of 1 July 2013 but early adopters can commence a year earlier.

The new accounting standard has the effect of recognising the Syama pit in its separate stages, rather than treating it as one single stage (per current industry standards). The recognition of a staged pit (of which we are currently operating in stages 1 and 2 only) has had the effect of lowering the total strip ratio of the current operating areas, and hence a greater proportion of recent waste removal has been capitalised as a life‐to‐date adjustment into this year's results. This is a timing difference only, and mining future stages in later years will be charged at higher costs, which is commensurate with the real cost of mining deeper in the pit where stripping ratios will be higher. The impact of this change on the comparative period has been assessed with nil effect.

NOTE 2: ANNUAL GENERAL MEETING

The annual general meeting will be held as follows:

Place:	To be advised
Date:	To be advised
Time:	To be advised
Approximate date the annual report will be available:	Late October 2013

NOTE 3: PROFIT FROM CONTINUING OPERATIONS

		Consolidated
		For theyear ended30‐Jun‐13	Fortheyear ended30‐Jun‐12
		$'000	$'000
(a)	Revenue from gold and silversales
	Gold and silversales	618,602	576,710
(b)	Costs of production relating to gold sales
	Costs of production (excluding gold in circuit inventories movement)	353,569	303,104
	Gold in circuit inventories movement	(37,877)	(40,931)
		315,692	262,173
(c)	Depreciation and amortisation relating to gold sales
	Amortisation of evaluation, development and rehabilitation costs	38,312	36,342
	Depreciation of mine site properties, plant and equipment	25,548	36,879
		63,860	73,221
(d)	Other operating costs relating to gold sales
	Royalty expense	33,965	28,676
	Operational support costs	6,257	4,284
	Write‐off of obsolete spares and consumables	‐	2,116
		40,222	35,076
(e)	Otherrevenue
	Interest income	3,204	1,504
(f)	Otherincome
	Rehabilitation provision adjustment from non operating mine sites	‐	258
	Profit on sale of non operating mine sites	1,957	‐
	Profit on sale of shares	1,775	‐
	Other	66	87
		3,798	345

NOTE 3: PROFIT FROM CONTINUING OPERATIONS (continued)

		Consolidated
		For theyear ended30‐Jun‐13$'000	For theyear ended30‐Jun‐12$'000
(g)	Asset impairment expenses and share of associates' losses
	Share of associates' losses (i)	21,379	1,285
	Impairment of gold equity investments (ii)	31,794	1,584
	Impairment of accounts receivable	6,127	1,201
	Impairment of convertible notes held in associate (ii)	20,000	‐
		79,300	4,070

(i) The share of associates' losses includes a share of the loss of Noble Mineral Resources Limited ("Noble") for the year ended 30 June 2013 of $20.648m.

(ii) The lower gold price has impacted the market value of the gold equity investments held by Resolute. Due to the sustained period of lower prices for these gold equity investments, a non‐cash impairment charge of $31.794m has been recorded against the investment in gold equity investments. In addition to this a fair value adjustment of $20.000m has been recorded in the statement of comprehensive income against the carrying value of convertible notes held in Noble.

(h) Administration and other corporate expenses

Other management and administration expenses	3,892	4,979
Non mine site insurance costs	297	619
Operating lease expenses	829	821
Share based payments expense	1,179	1,390
Rehabilitation provision adjustment from non operating mine sites	61	‐
Depreciation of non mine site assets	104	196
Loss on sale of property, plant and equipment	‐	196
Other	184	172
	6,546	8,373

(i) Treasury ‐ realised gains/(losses)

Realised foreign exchange gain	483	3,839
Realised loss on gold put options	‐	(4,014)
	483	(175)

NOTE 3: PROFIT FROM CONTINUING OPERATIONS (continued)

		Consolidated
		Forthe	Forthe
				year ended
			30‐Jun‐12
		$'000	$'000
		‐	4,002
		(2,364)	2,364
		(5,333)	(4,622)
		40,460	(44,938)
		32,763	(43,194)
(i)	Duetoanaccountingstandardrequirementtheunrealisedforeignexchangegainsandlossesonintercompany balances between entities in the GrouparetakendirectlytotheGroup'sstatementofcomprehensive income.
		Treasury ‐ unrealised gains/(losses)Unrealised gain on gold put optionsUnrealised (loss)/gain on financial derivative assetsUnrealised foreign exchange lossUnrealised foreign exchange gain/(loss) on intercompany balances (i)	year ended30‐Jun‐13

(k) Finance costs

Interest and fees	2,735	10,445
Rehabilitation provision accretion	1,395	1,525
	4,130	11,970

NOTE 4: DIVIDENDS PAID OR PROVIDED FOR

The final dividend of $31.600m that was declared for the year ended 30 June 2012 was paid on 16 November 2012. No dividend has been declared for the year ended 30 June 2013.

FRANKING CREDITS

The amount of franking credits available forsubsequent financial years is as follows. The amount has been determined using a tax rate of 30%. 103 7,417

NOTE 5: EARNINGS PER SHARE

	Consolidated
	Jun‐13	Jun‐12
Basic earnings pershareProfit attributable to ordinary equity holders of the parent for basic earningspershare ($'000)	84,878	105,103
Weighted average number of ordinary shares outstanding during theperiod used in the calculation of basic EPS	638,425,204	564,360,652
Basic EPS (cents pershare)	13.29	18.62
Diluted earnings pershareProfit used in calculation of basic earnings pershare ($'000)	84,878	105,103
Weighted average number of ordinary shares outstanding during theperiod used in the calculation of basic EPSWeighted average number of notional shares used in determining diluted EPS	638,425,2041,805,281	564,360,65287,044,675
Weighted average number of ordinary shares outstanding during theperiod used in the calculation of diluted EPS	640,230,485	651,405,327
Number of potential ordinary shares that are not dilutive and hencenot included in calculation of diluted EPS	1,866,066	977,400
Diluted EPS (cents pershare)	13.26	16.13

NOTE 6: ISSUED & CONTRIBUTED EQUITY

		TotalNumber	NumberQuoted	$'000
Ordinary securities
As at 1 July 2012		635,928,623	635,928,623	368,047
Changes during current period, net of issue costs
Increases through exercise of unlisted options		3,540,668	3,540,668	2,518
Decrease through on‐market share buy backs		(9,400,000)	(9,400,000)	(10,988)
Increase through issue of shares as consideration forpurchasing 19.99% of Noble Mineral Resources Limited		10,924,933	10,924,933	20,648
As at 30 June 2013		640,994,224	640,994,224	380,225
	Total	Number	Exercise	Expiry
	Number	Quoted	Price	Date
Options on issue
As at 30 June 2013	51,000	‐	$1.62	29/08/2013
	194,999	‐	$0.42	31/01/2014
	450,000	‐	$1.09	14/02/2015
	39,000	‐	$1.21	15/07/2015
	135,000	‐	$1.43	15/11/2015
	2,000,000	‐	$1.36	4/01/2016
	915,666	‐	$1.43	24/01/2016
	130,000	‐	$1.18	15/07/2016
	764,400	‐	$1.85	26/01/2017
	4,680,065	‐	$1.39
	Total	Number	Exercise	Expiry
	Number	Quoted	Price	Date

Changes during current period

			31/01/2014
(106,000)	‐	$1.09	14/02/2015
(42,000)	‐	$1.21	15/07/2015
(70,334)	‐	$1.43	24/01/2016
(3,000,000)	‐	$0.72	24/10/2012
(195,000)	‐	$2.12	22/05/2013
(10,000)	‐	$1.43	24/01/2016
(18,000)	‐	$1.85	26/01/2017
			Vesting
Number	Quoted	Price	Date
1,586,978	‐	‐	30/06/2015
	(322,334)Total	‐Number	$0.42Exercise

Increase through issue of performance rights to eligible employees pursuant to the Remuneration Framework adopted in July 2012 1,586,978 ‐ ‐ 30/06/2015

NOTE 7: OPERATINGSEGMENTS

				UNALLOCATED
hededFo30Jun2013rtyear ene	RAVENSWOOD()AUSTRALIA$'000	GOLDENPRIDE()TANZANIA	SYAMA()MALI	/CORPOTHER	TREASURY	TOTAL
		$'000	$'000	$'000	$'000	$'000
				()b	()b
Revenue
()Goldd silvelesl cuatottoextstoanrsaspernamersa	221,867	145,381	251,043	‐	311	618,602
lld slesTotantsegmegoarevenue	221,867	145,381	251,043	‐	311	618,602
hCaostscs	()107,870	()89,585	()156,114	‐	‐	()353,569
d aDeiationisaionrttprecanmo	()36,172	()6,537	()21,151	‐	‐	()63,860
()Otheingincludingldin circit mttstorperacosgouovemen	()11,875	014,5	3,175	()2,101	‐	()6,867
/aOthedmin cteostcorrporas	()68	‐	‐	()2,038	‐	()2,106
ltbeforhe/()Seingincntttreotmeoperareseasury,romeexpensesgu
dtaxan	65,882	53,274	76,953	()4,139	311	192,281
heincOtrome	17	‐	‐	3,781	3,205	7,003
lordbudelopdExpionineituatntansssvemeexpenre	()5,553	()5,651	()4,210	()5,203	‐	()20,617
Finaostncecs	‐	‐	‐	‐	()4,130	()4,130
d shaf a'losAsimirmiatsett epaenxpensesanreossocesses	‐	‐	‐	()79,300	‐	()79,300
ingltbefordSentttretaxgmeoperaresueasuryan	60,346	47,623	72,743	()84,861	()614	95,237
lised ginsTreasury ‐reaa	‐	‐	‐	‐	483	483
ld gTreiseinsasury ‐unreaa	‐	‐	‐	‐	32,763	32,763
Taxexpense	‐	()17,562	()3,755	()1,723	‐	()23,040
/f(los)forhedProitiotsper	60,364	30,061	68,988	()86,854	32,632	0315,44

NOTE 7: OPERATINGSEGMENTS (continued)

				UNALLOCAT	ED
hededFor30Jun2013tear eney	RAVENSWOOD()AUSTRALIA	GOLDENPRIDE()TANZANIA	SYAMA()MALI	/CORPOTHER	TREASURY	TOTAL
	$'000	$'000	$'000	$'000	$'000	$'000
				(b)	(b)
hflowbyludldbulld gld shdbuCasincingionipnt,tsegmegoanope,lddheldl acintantsunsoanmecou	63,971	54,236	()88,720	()149,023	26,008	()93,528
iliaionf cahflowbyhehflowRetnttottatemt:concossegmecassen
ld shdbuld adheldl acMoinipinntt utantsvemegopensonmecoukketin gld uldMatontrmarmovemeonsodheldh udPriorioOtFinaiaAsReicteCasiresetstrtoperrncs ‐seacqu‐‐‐						1,4383,967
ilableSaleinaialAvForFAssetancs‐‐‐bak odraftMoinntvemenver						2,8475()25,921
handExcjateustnte rameginh ad ch eivalenlidad chflowMontts ptevemecasnasuerconsoas						()227
qtatemtsen						()72,008
ital edituCapxpenre	30,817	91,15	2,21174	305	‐	3,92145
Segntetsmeass	126,185	70,687	593,166	114,581	‐	904,619
lblSegiaiitiesntme	46,503	33,421	98,380	6,706	61,006	246,016

NOTE 7: OPERATINGSEGMENTS (continued)

				UNALLOCATE
hededFor30Jun2012tyear ene	RAVENSWOOD	GOLDENPRIDE	SYAMA	/CORPOTHER	TREASURY	TOTAL
	()AUSALIATR	()ANANIATZ	()ALIM
	$'000	$'000	$'000	$'000	$'000	$'000
				(b)	(b)
Revenue
ldd slvelesl cu()Goit sttotertomanrsaapoexnasersa	225,056	155,281	196,373	‐	‐	576,710
lld slesTotat gsegmenoarevenue	225,056	155,281	196,373	‐	‐	576,710
hCastscos	()104,292	()84,953	()113,859	‐	‐	()303,104
d aDeiaionisaiontttprecanmor	()29,637	()5,945	()37,639	‐	‐	()73,221
he(ludld)Oingincingin circitttst mtorperacosgouovemen	()14,829	8,089	9,958	()1,174	‐	2,044
/hedmOin cttetscorrporaaos	‐	‐	‐	()4,304	‐	()4,304
/()Seginglbeforheinct otttretmenperaresueasury,oromeexpenses
dtaxan	76,298	72,472	54,833	()5,478	‐	198,125
heOinctrome	‐	‐	‐	87	1,504	1,591
lordbudelopdExpionineitt eturaansssvemenxpene	()4,630	()3,971	()4,846	()2,430	‐	()15,877
Finatsncecos	‐	‐	‐	‐	()11,970	()11,970
d sharf a'losAsimirmiatt etessepaenxpensesane ossocses	‐	‐	‐	()4,007	‐	()4,007
forSeginglbedt otttretaxmenperaresueasuryan	66871,	68,051	9,9847	()8911,1	()0,6614	69917,7
lisedlosTreasury ‐reases	‐	‐	‐	‐	()175	()175
ldlosTreiseasury ‐unreases	‐	‐	‐	‐	()43,194	()43,194
/()befIncitaxtomeexpensene	‐	()22,661	‐	90	‐	()22,571
/f(los)forheProittsyear	71,668	45,840	49,987	()11,801	()53,835	101,859

NOTE 7: OPERATINGSEGMENTS (continued)

			UNALLOCATE
hededFor30Jun2012tyear ene	RAVENSWOODGOLDE()AUSTRALIATA	NPRIDE()NZANIA	SYAMA()MALI	/CORPOTHER	TREASURY	TOTAL
	$'000	$'000	$'000	$'000	$'000	$'000
				(b)	(b)
hflowbyludblesldbulllesdCasincingivaionnt,segmerece‐ gosa, an
ld shdbuld adheldl acipint utantsopensonmecoug	72,613	54,043	46,236	()5,387	()59,212	108,293
lf cahflowbyhehflowReiiationnttotstatemt:concossegmecasen
bleslbulllesMoinivadionntvemerece‐ gosa						14,465
bak odraftMoinntvemenver						2,280
ld shdbuld adheldl acMoinipinntt utantsvemegopensonmecou						()44,456
ferh aluhelTraicted cdincdedinOtFinaiaAstoestsetnsrrasnrncs						()42,267
kketinld gldMatontrmarmovemeunsoo						61,15
handjExcateustntge rame						1,231
h ad ch elenldatd chflowMoinivaintts pvemecasnasqerconsoeasu
statemten						40,702
l edCaitaitupxpenre	27,488	426	24,585	220	‐	52,719
Segntetsmeass	124,776	73,418	358,645	107,660	4	664,503
lblSegiaiitiesntme	38,467	29,677	44,635	2,925	615,7	121,105

(a) Revenue from external sales for each reportable segment is derived from several customers.

(b) This information does not represent an operating segment as defined by AASB 8, however this information is analysed in this format by the Chief Operating Decision Makers, and forms part of the reconciliation of the results andpositions of the operating segments to the financial statements.

NOTE 8: NET TANGIBLE ASSETS

	As at	As at
	30‐Jun‐13$'000	30‐Jun‐12$'000
Net tangible assets per share ($)	1.03	0.85

Signed in accordance with a resolution of directors.

P.R. Sullivan Director Perth, Western Australia 27 August 2013