SANDFIRE RESOURCES LIMITED — Interim / Quarterly Report 2013

Mar 3, 2013

December 2012 Half Year Results, Operations and Exploration Update

4 March 2013

Forward-Looking Statements

• This presentation has been prepared by Sandfire Resources NL. This document contains background information about Sandfire Resources NL current at the date of this presentation. The presentation is in summary form and does not purport be all inclusive or complete. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this presentation.

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• To the fullest extent permitted by law, Sandfire Resources NL, its officers, employees, agents and advisers do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility for any errors or omissions from this presentation arising out of negligence or otherwise is accepted.

• This presentation may include forward-looking statements. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of Sandfire Resources NL. Actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, recipients are cautioned not to place reliance on forward looking statements. Any forward looking statements in this presentation speak only at the date of issue of this presentation. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Sandfire Resources NL does not undertake any obligation to update or revise any information or any of the forward looking statements in this presentation or any changes in events, conditions or circumstances on which any such forward looking statement is based.

Competent Person‟s Statement

• The information in this public presentation that relates to Exploration Results and Mineral Resources is based on information compiled by Mr John Evans who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Evans is a Director of Sandfire Resources NL. Mr Evans has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Evans consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

• Deliver superior returns to our owners from the premier high-grade DeGrussa VMS copper-gold mine

• Discover additional VMS deposits within the emerging Doolgunna mineral field

• Explore for, develop and mine key raw materials , in Australia and overseas

• Foster and develop long-term strategic relationships with raw material end-users and traders

• Maintain the highest standards of safety, integrity and quality at all times

• Develop a world-class mining company

• $272.4M of revenue from 34,001t Cu and 17,626oz Au

• Profit before net finance and income tax of $119.9M

• Maiden interim net profit after income tax of $79.1M

• Underground mining and concentrator ramp-up on track for mid-CY2013

• Shipments of plant concentrate commenced , sales contracts finalised

• First finance facility repayment funds deposited ($50M)

• Excellent safety performance

• Exciting new near-mine exploration results and regional targets

	Year to date – December 2012 Tonnes	Grade (% Cu)	Grade (g/t Au)	Contained Copper (t)	Contained Gold (oz)
	Mined 480,895	10.2	2.1	49,112	32,858
	Crushed/Milled 422,784	9.9	2.4	41,972	33,242
	Copper production 155,026	24.2	3.2	37,573	15,721
	Gold production				5,690
	Contained metal			37,573	21,411
	Copper and gold sales 130,199	26.1		34,001	17,626
•	Commenced first full year of production at DeGrussa
•	Open pit – Stage 1 completed extracting DSO and sulphide, plus oxide copper
	and gold
•	Open pit – Stage 2 progressed into sulphide (from January 2013), plus further
	oxide and gold
•	New plant and infrastructure completed,	production commenced in October
	2012, profitable and cash generating
•	Underground mine development advancing ahead of production ramp-up

Half Year Results to 31 December 2012

• Sales revenue of $272.4M

• Profit before net finance and income tax of $119.9M

• Maiden interim net profit after tax $79.1M

• Cash flow from operating activities of $123.1M

• First half earnings per share of 52.0cps (basic) and 51.2cps (diluted)

• Cash of $114.8M , receivables of $51.9M

• First finance facility repayment funds deposited ($50M) ahead of March 2013 scheduled payment

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($‟000)	December 2012	June 2012
Sales revenue	272,438	20,684
Profit before net finance and income tax	119,855	(33,543)
Profit before income tax	113,757	(32,561)
Net profit for the period	79,090	(23,883)

• Substantial increase in sales revenue to $272.4M from DSO and plant commissioning

• DSO shipment post period end (2 January 2013) provided a further $18.8M of revenue

• Open pit operating costs well controlled through early delivery of Stage 1

• Underground mining focused predominantly on development activities ahead of 1HCY2013 ore ramp-up

• Depreciation and amortisation expenses of $54.0M ($42.4M amortisation of Open Pit Stage 1 waste and deferred production stripping)

• Focus on scheduled finance facility repayments (quarterly from March 2013)

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Open Pit Mining	Open Pit Mining
Stage 1 open pit completed with all DSO extracted (147kt PTD			containing 36.6kt Cu), Stage 2		progressing ahead of schedule
Year to date – December 2012		Tonnes	Grade (% Cu)	Grade (g/t Au)	Contained Copper (t)	Contained Gold (oz)
	Mined	130,001	24.4	3.1	31,775	12,932
DSO	Crushed	118,448	25.0	3.1	29,611	11,783
	DSO sales	101,227	27.5	2.9	27,875	9,498
	Mined	3,559	-	0.8	-	94
Oxide gold	Milled (toll treatment) Gold production	53,320	-	3.7	-	6,388 5,690
	Gold sales					5,690
Page: 9

Underground Mining
Underground development and mining on schedule
Year to date – December 2012	Tonnes	Grade (% Cu)	Grade (g/t Au)	Contained Copper (t)	Contained Gold (oz)
Mined (U/Ground and open pit)	347,335	5.0	1.8	17,337	19,832
Milled	251,016	4.9	1.9	12,361	15,071
Concentrator
Concentrate produced	36,578	21.8	3.3	7,962	3,938
Concentrate sold	28,972	21.1	2.6	6,126	2,438
Page: 10

Sales revenue	Copper in concentrate	Gold in concentrate	Gold - toll treatment		Total	Open pit operations	Open pit operations	Underground operations	Underground operations
	$‟000	$‟000	$‟000		$‟000		$‟000		$‟000
DSO	201,432	14,023	-		215,455		215,455		-
Concentrator	44,158	3,573	-		47,731		16,705		31,026
Toll treatment	-	-	9,252		9,252		9,252		-
Total	245,590	17,596	9,252		272,438		241,412		31,026
Contained metal	Copper in concentrate	Gold in concentrate	Gold - toll treatment		Total	Open pit operations		Underground operations
	Cu(t)	Au(oz)	Au(oz)	Cu(t)	Au(oz)	Cu(t)	Au(oz)	Cu(t)	Au(oz)
DSO	27,875	9,498	-	27,875	9,498	27,875	9,498	-	-
Concentrator	6,126	2,438	-	6,126	2,438	2,144	853	3,982	1,585
Toll treatment	-	-	5,690	-	5,690	-	5,690	-	-
Total	34,001	11,936	5,690	34,001	17,626	30,019	16,041	3,982	1,585

• Ore processed through the concentrator included sulphide ore sourced from Stage I of the Open Pit. All contained metal production, sales revenue and costs of processing this sulphide ore have been disclosed within Open Pit Operations.

COPPER PRICE ($/tonne)

GOLD PRICE ($/ounce)

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EXCHANGE RATE (A$:US$)
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($‟000)	December 2012	Open pit operations	Underground operations	DeGrussa	Other
Sales revenue	272,438	241,412	31,026	272,438	-
Unrealised price adjustments gains	2,643	2,418	225	2,643	-
Other income	-	-	-	-	-
Changes in inventories of finished goods and work in progress	23,333	14,467	8,866	23,333	-
Mine operations costs	(35,669)	(21,845)	(13,824)	(35,669)	-
Employee benefit expenses	(19,636)	(3,526)	(5,993)	(9,519)	(10,117)
Freight, treatment and refining expenses	(40,722)	(35,578)	(5,144)	(40,722)	-
Royalties expense	(13,428)	(11,967)	(1,461)	(13,428)	-
Exploration and evaluation expenses	(11,801)	-	-	-	(11,801)
Depreciation and amortisation expenses	(54,034)	(42,414)	(10,871)	(53,285)	(749)
Share of net loss of associate	(388)	-	-	-	(388)
Reversal of impairment loss	340	-	-	-	340
Administrative expenses	(3,221)	-	-	-	(3,221)
Profit before net finance and income tax	119,855	142,967	2,824	145,791	(25,936)

• Open Pit operations

• Sales revenue – 30,019t Cu and 16,041oz Au

• 77% margin before D&A, finance and income tax

• 59% margin before finance and income tax

• Underground operations

• Sales revenue – 3,982t Cu and 1,585oz Au

• 44% margin before D&A, finance and income tax

• 9% margin before finance and income tax

($„000)	December 2012	June 2012
ASSETS
Cash and cash equivalents	114,796	100,389
Trade and other receivables	51,948	7,015
Inventories	35,751	7,254
Other current assets	1,769	1,085
Total current assets	204,264	115,743
Receivables	72	3
Inventories	9,652	6,233
Mine properties	188,785	163,670
Property, plant and equipment	243,075	202,232
Investment in associate	1,714	1,189
Deferred tax assets	5,947	40,580
Other assets	481	-
Total non-current assets	449,726	413,907
TOTAL ASSETS	653,990	529,650

• Cash – includes $78M relating to finance facility (increased by $14.4M)

• Receivables – QP pricing and late December 2012 sale ($24M) received Jan 13

• Inventories – Concentrates (DSO 39kt, plant 7kt), stockpiles and stores

• Mine properties – Pit and underground development

• Property, Plant and Equipment – tail of construction program

• Tax asset – expense has reduced tax assets

($‟000)	December 2012	June 2012
LIABILITIES
Trade and other payables	53,461	49,626
Interest bearing liabilities	179,582	94,146
Provisions	2,148	1,311
Total current liabilities	235,191	145,083
Trade and other payables	1,920	1,383
Interest bearing liabilities	198,887	251,019
Provisions	17,901	14,929
Total non-current liabilities	218,708	267,331
TOTAL LIABILITIES	453,899	412,414
NET ASSETS	200,091	117,236

• – Finance facility $380M fully drawn ($30M Sept 2012)

• Current – $180M scheduled quarterly repayments for CY2013 (March to December 13)

• Non current – $200M (January 14 to December 15)

ANALYSIS OF EARNINGS ($‟000)

Sales revenue and price adjustment gains 275,081	Trade receivables
Impact on earnings nil Operational costs, exploration & administration (101,144) Depreciation of property, plant and equipment (6,195) Amortisation of mine properties (47,839) Income tax expense (34,667) Net finance expense (6,098) Administrative and other expenses (48) Net Profit for the period 79,090 Final facility drawdown Timing of trade payable payments Tail of capital program Pit amortisation / U/G development Tax expense offset against tax assets Finance facility, leases, rehabilitation Other costs	Timing of trade payable payments
	Final facility drawdown
	Tail of capital program
	Pit amortisation / U/G development
	Tax expense offset against tax assets
	Finance facility, leases, rehabilitation
	Other costs

ANALYSIS OF CASH FLOW ($‟000)

229,371	Cash receipts
(108,301)	Cash paid to suppliers and employees
30,000	Proceeds from borrowings
(52,540)	Payments for property, plant and equipment
(76,265)	Payment for mine properties
nil	Income tax paid
(9,701)	Net interest and other costs of finance paid
1,843	Other
14,407	Net increase in cash and cash equivalents

O erations U date p p

OPEN PIT

• Stage 1 open pit completed December 2012

• Stage 2 to be mined out ahead of schedule during Q2 CY2013

UNDERGROUND

• Three stopes developed, two in production

• Current underground mining rate of 1Mtpa – ramping up to 1.5Mtpa by mid-CY2013 as planned

• Evans Decline now +2km from the portal, 310m below surface

• Total underground development 10km

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• Achieved recoveries of 80-90% for primary underground ore, targeting +90%

• Transitional open pit sulphide recovery reduces to 60% due to partial oxidation, affecting concentrate grade and quality

• Achieved concentrate specification

• 2-day plant shut-down completed late February:

• Tailings thickener feedwell to improve throughput and stability

• SAG mill grate closure to improve throughput, grind size and reduce Scats

• Cleaner circuit hopper modifications to improve plant stability, recovery and reliability

• Optimisation continuing in the following areas:

• Achieve coarser primary grind and greater process stability in grinding and flotation

• Optimise reagent suite

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During the ramp-up of underground production, transitional open pit sulphide material is being processed on a campaign basis.

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Production Guidance

Metal production	To December	2012	2HFY13 – Guidance	2HFY13 – Guidance	To June 2013 – Guidance	To June 2013 – Guidance
	Cu(kt)	Au(koz)	Cu(kt)	Au(koz)	Cu(kt)	Au(koz)
Concentrator	8	4	27-31	21	35-39	25
DSO	30	12	2	1	32	13
Oxide gold	-	6	-	5	-	11
Total – 2012/2013	38	22	29-33	27	67-71	49
DSO	4	2			4	2
Oxide gold	-	1			-	1
Total – 2011/2012	4	3			4	3
Total – Project to date	42	25	29-33	27	71-75	52

• Processing of transitional open pit ore likely to result in contained metal production at the lower end of guidance

Ex loration U date p p

+30km strike length prospective for VMS mineralisation

• VMS mineralising environment confirmed over +30km long, 2km wide corridor

• Minimal exploration below 100m : host sequence at depth still to be explored

• DeGrussa deposit extents have a strike length of just 1.2km : small footprint, high value

Area available for mapping

• In-mine mapping over small area opened up to date has revealed numerous insights into structural controls

• New targets delivered from these initial theories and extrapolation from within the near-mine area

• C4 interpreted to be the faulted offset of C1

Fault plane trace

• On this basis, DeGrussa (which is also truncated by the Shiraz Fault) should also have an offset equivalent

• This exploration premise has opened up the area on the southern side of the Shiraz Fault – the “DeGrussa Offset Target”

• Multiple target zones identified

• Extending exploration opportunity nearmine

• Structural geology delivering robust targets

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SOUTH NORTH
WEST EAST OPEN PIT
DEGRUSSA
4m mineralised zone
OPEN PIT CONDUCTOR 1
8m mineralised zone
5.1m at 1.5% Cu
2.5m at 0.6% Cu
PRE-FAULTING
DEGRUSSA
1.4m at 0.3% Cu
CONDUCTOR 1
4.3m at 0.9% Cu CROSS
300m SECTION
5m & 2m mineralised zones
1.3m at 1.4% Cu
SOUTH NORTH
Current Hole
2.1m at 4.2% Cu CONDUCTOR 5
CONDUCTOR 4
DEGRUSSA
5.3m at 1.7% Cu OFFSET
TARGET
DEGRUSSA
HORIZON
OFFSET TARGET
4.0m at 1.1% Cu HORIZON
CONDUCTOR 4
LONGITUDINAL 0 200 400 600
SECTION metres
Previous Drill Program Intersection: Non-mineralised 300m
Previous Drill Program Intersection: Mineralised
Current Drill Program Intersection: Non-mineralised CROSS
Current Drill Program Intersection: Mineralised All widths are downhole SECTION
Current Drill Program Intersection: Assays pending
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True widths range from 30 – 60% of DH width

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•
•
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• One drillhole completed to test the interpreted eastern extension of the C4 orebody

• intersected 10.6m @

• 4.46% Cu.

• Resources will be updated for C4 to reflect this intersection and the increased knowledge of bounding structures and orebody morphology

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• Thickest intersection of C5 massive sulphide drilled to date

• Potential for resource increase (Main and Upper Zones) towards Merlot Fault

• 1 conventional and 3 directional drillholes completed during Q1 2013

• C5 resource being re-modelled to reflect thicker central zone

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• Both Priority and Secondary Target Units consist of Dolerite + Basalt + Sediments

• • Footwall Unit consists of Conglomerate, Siltstone and Hematite Shales

• Leverage off local knowledge

• Understand broad basinal context

• Target into coinciding „hot spots‟

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• Needs thorough analysis due to current anomaly size and strength

• • Current drilling still very wide spaced >400m x 100m

Summar y

• Maiden interim profit

• Open pit mining nearing completion

• Ramp-up of underground mine on schedule

• Primary underground ore delivering excellent recoveries

• Concentrator ramp-up progressing

• On track for nameplate production rates by mid-CY2013

• Concentrate sales increasing

• Excellent safety performance

• Exciting new near-mine exploration results and regional targets

Australia‟s newest copper producer

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December 2012 Half Year Results, Operations and Exploration Update

4 March 2013

• NEW DRILLHOLES

								Intersection Mineralisation From To Intercept Approx True Width Cu[pct] Au[ppm] Zn[pct] 480.10 490.73 10.63 10.6 4.46 2.02 1.89 493.62 497.84 4.22 4.2 6.93 1.70 3.63 502.00 528.14 26.14 26.1 7.16 3.11 2.30 498.50 502.80 4.30 4.3 4.61 2.46 1.39 506.00 534.34 28.30 28.3 5.25 2.71 1.50 Assays Pending Assays Pending 307.10 308.45 1.35 0.7 0.34 0.14 0.12 271.00 272.00 1.00 0.4 1.83 0.32 0.05 274.90 280.00 5.10 2.1 1.50 0.74 0.29 299.02 301.48 2.46 1.0 0.57 0.30 0.13 No Significant Intersections Assays Pending Assays Pending Assays Pending Assays Pending	Intersection Mineralisation From To Intercept Approx True Width Cu[pct] Au[ppm] Zn[pct] 480.10 490.73 10.63 10.6 4.46 2.02 1.89 493.62 497.84 4.22 4.2 6.93 1.70 3.63 502.00 528.14 26.14 26.1 7.16 3.11 2.30 498.50 502.80 4.30 4.3 4.61 2.46 1.39 506.00 534.34 28.30 28.3 5.25 2.71 1.50 Assays Pending Assays Pending 307.10 308.45 1.35 0.7 0.34 0.14 0.12 271.00 272.00 1.00 0.4 1.83 0.32 0.05 274.90 280.00 5.10 2.1 1.50 0.74 0.29 299.02 301.48 2.46 1.0 0.57 0.30 0.13 No Significant Intersections Assays Pending Assays Pending Assays Pending Assays Pending	Intersection Mineralisation From To Intercept Approx True Width Cu[pct] Au[ppm] Zn[pct] 480.10 490.73 10.63 10.6 4.46 2.02 1.89 493.62 497.84 4.22 4.2 6.93 1.70 3.63 502.00 528.14 26.14 26.1 7.16 3.11 2.30 498.50 502.80 4.30 4.3 4.61 2.46 1.39 506.00 534.34 28.30 28.3 5.25 2.71 1.50 Assays Pending Assays Pending 307.10 308.45 1.35 0.7 0.34 0.14 0.12 271.00 272.00 1.00 0.4 1.83 0.32 0.05 274.90 280.00 5.10 2.1 1.50 0.74 0.29 299.02 301.48 2.46 1.0 0.57 0.30 0.13 No Significant Intersections Assays Pending Assays Pending Assays Pending Assays Pending	Intersection Mineralisation From To Intercept Approx True Width Cu[pct] Au[ppm] Zn[pct] 480.10 490.73 10.63 10.6 4.46 2.02 1.89 493.62 497.84 4.22 4.2 6.93 1.70 3.63 502.00 528.14 26.14 26.1 7.16 3.11 2.30 498.50 502.80 4.30 4.3 4.61 2.46 1.39 506.00 534.34 28.30 28.3 5.25 2.71 1.50 Assays Pending Assays Pending 307.10 308.45 1.35 0.7 0.34 0.14 0.12 271.00 272.00 1.00 0.4 1.83 0.32 0.05 274.90 280.00 5.10 2.1 1.50 0.74 0.29 299.02 301.48 2.46 1.0 0.57 0.30 0.13 No Significant Intersections Assays Pending Assays Pending Assays Pending Assays Pending	Intersection Mineralisation From To Intercept Approx True Width Cu[pct] Au[ppm] Zn[pct] 480.10 490.73 10.63 10.6 4.46 2.02 1.89 493.62 497.84 4.22 4.2 6.93 1.70 3.63 502.00 528.14 26.14 26.1 7.16 3.11 2.30 498.50 502.80 4.30 4.3 4.61 2.46 1.39 506.00 534.34 28.30 28.3 5.25 2.71 1.50 Assays Pending Assays Pending 307.10 308.45 1.35 0.7 0.34 0.14 0.12 271.00 272.00 1.00 0.4 1.83 0.32 0.05 274.90 280.00 5.10 2.1 1.50 0.74 0.29 299.02 301.48 2.46 1.0 0.57 0.30 0.13 No Significant Intersections Assays Pending Assays Pending Assays Pending Assays Pending	Intersection Mineralisation From To Intercept Approx True Width Cu[pct] Au[ppm] Zn[pct] 480.10 490.73 10.63 10.6 4.46 2.02 1.89 493.62 497.84 4.22 4.2 6.93 1.70 3.63 502.00 528.14 26.14 26.1 7.16 3.11 2.30 498.50 502.80 4.30 4.3 4.61 2.46 1.39 506.00 534.34 28.30 28.3 5.25 2.71 1.50 Assays Pending Assays Pending 307.10 308.45 1.35 0.7 0.34 0.14 0.12 271.00 272.00 1.00 0.4 1.83 0.32 0.05 274.90 280.00 5.10 2.1 1.50 0.74 0.29 299.02 301.48 2.46 1.0 0.57 0.30 0.13 No Significant Intersections Assays Pending Assays Pending Assays Pending Assays Pending	Intersection Mineralisation From To Intercept Approx True Width Cu[pct] Au[ppm] Zn[pct] 480.10 490.73 10.63 10.6 4.46 2.02 1.89 493.62 497.84 4.22 4.2 6.93 1.70 3.63 502.00 528.14 26.14 26.1 7.16 3.11 2.30 498.50 502.80 4.30 4.3 4.61 2.46 1.39 506.00 534.34 28.30 28.3 5.25 2.71 1.50 Assays Pending Assays Pending 307.10 308.45 1.35 0.7 0.34 0.14 0.12 271.00 272.00 1.00 0.4 1.83 0.32 0.05 274.90 280.00 5.10 2.1 1.50 0.74 0.29 299.02 301.48 2.46 1.0 0.57 0.30 0.13 No Significant Intersections Assays Pending Assays Pending Assays Pending Assays Pending
			MGA Zone 50 Co-ordinates					Intersection				Mineralisation
Drillhole ID	Target	**Drill Hole Type **	East	North	RL	Azimuth	Inclination	From	To	**Intercept **	Approx True Width	Cu[pct]	Au[ppm]	Zn[pct]
DGDD373A_W2	Conductor 4	Diamond	734400	7173303	567	336	-76	480.10	490.73	10.63	10.6	4.46	2.02	1.89
DGDD376	Conductor 5	Diamond	734490	7173268	565	358	-69	493.62	497.84	4.22	4.2	6.93	1.70	3.63
								502.00	528.14	26.14	26.1	7.16	3.11	2.30
DGDD379	Conductor 5	Diamond	734490	7173270	565	352	-68	498.50	502.80	4.30	4.3	4.61	2.46	1.39
								506.00	534.34	28.30	28.3	5.25	2.71	1.50
DGDD380	Conductor 5	Diamond	734738	7173149	567	350	-68	Assays Pending
DGDD381A	Conductor 5	Diamond	734575	7173287	567	348	-70	Assays Pending
DGDD372W1	DeGrussa Offset	Diamond	734342	7173229	567	350	62	307.10	308.45	1.35	0.7	0.34	0.14	0.12
DGDD375	DeGrussa Offset	Diamond	734398	7173303	567	353	-68	271.00	272.00	1.00	0.4	1.83	0.32	0.05
								274.90	280.00	5.10	2.1	1.50	0.74	0.29
								299.02	301.48	2.46	1.0	0.57	0.30	0.13
DGDD377A	DeGrussa Offset	Diamond	734449	7173333	566	349	-69	No Significant Intersections
DGRC744	DeGrussa Offset	RC	734394	7173340	566	358	-65	Assays Pending
DGRC745	DeGrussa Offset	RC	734397	7173315	566	358	-65	Assays Pending
DGRC765	DeGrussa Offset	RC	734558	7173380	565	350	-62	Assays Pending
DGRC762	DeGrussa Offset	RC	734716	7173415	564	350	-60	Assays Pending

• EXISTING DRILLHOLES

								Intersection Mineralisation From To Intercept Approx True Width Cu[pct] Au[ppm] Zn[pct] 481.90 484.00 2.10 1.4 4.17 1.00 0.70 444.00 448.00 4.00 3.3 1.06 0.53 1.07 481.70 487.00 5.30 4.6 1.70 1.07 0.43 344.00 348.30 4.30 1.8 0.91 0.18 0.02 400.00 401.27 1.27 0.8 1.42 1.53 0.01	Intersection Mineralisation From To Intercept Approx True Width Cu[pct] Au[ppm] Zn[pct] 481.90 484.00 2.10 1.4 4.17 1.00 0.70 444.00 448.00 4.00 3.3 1.06 0.53 1.07 481.70 487.00 5.30 4.6 1.70 1.07 0.43 344.00 348.30 4.30 1.8 0.91 0.18 0.02 400.00 401.27 1.27 0.8 1.42 1.53 0.01	Intersection Mineralisation From To Intercept Approx True Width Cu[pct] Au[ppm] Zn[pct] 481.90 484.00 2.10 1.4 4.17 1.00 0.70 444.00 448.00 4.00 3.3 1.06 0.53 1.07 481.70 487.00 5.30 4.6 1.70 1.07 0.43 344.00 348.30 4.30 1.8 0.91 0.18 0.02 400.00 401.27 1.27 0.8 1.42 1.53 0.01	Intersection Mineralisation From To Intercept Approx True Width Cu[pct] Au[ppm] Zn[pct] 481.90 484.00 2.10 1.4 4.17 1.00 0.70 444.00 448.00 4.00 3.3 1.06 0.53 1.07 481.70 487.00 5.30 4.6 1.70 1.07 0.43 344.00 348.30 4.30 1.8 0.91 0.18 0.02 400.00 401.27 1.27 0.8 1.42 1.53 0.01	Intersection Mineralisation From To Intercept Approx True Width Cu[pct] Au[ppm] Zn[pct] 481.90 484.00 2.10 1.4 4.17 1.00 0.70 444.00 448.00 4.00 3.3 1.06 0.53 1.07 481.70 487.00 5.30 4.6 1.70 1.07 0.43 344.00 348.30 4.30 1.8 0.91 0.18 0.02 400.00 401.27 1.27 0.8 1.42 1.53 0.01	Intersection Mineralisation From To Intercept Approx True Width Cu[pct] Au[ppm] Zn[pct] 481.90 484.00 2.10 1.4 4.17 1.00 0.70 444.00 448.00 4.00 3.3 1.06 0.53 1.07 481.70 487.00 5.30 4.6 1.70 1.07 0.43 344.00 348.30 4.30 1.8 0.91 0.18 0.02 400.00 401.27 1.27 0.8 1.42 1.53 0.01	Intersection Mineralisation From To Intercept Approx True Width Cu[pct] Au[ppm] Zn[pct] 481.90 484.00 2.10 1.4 4.17 1.00 0.70 444.00 448.00 4.00 3.3 1.06 0.53 1.07 481.70 487.00 5.30 4.6 1.70 1.07 0.43 344.00 348.30 4.30 1.8 0.91 0.18 0.02 400.00 401.27 1.27 0.8 1.42 1.53 0.01
			MGA Zone 50 Co-ordinates					Intersection				Mineralisation
Drillhole ID	Target	Drill Hole Type	East	North	RL	Azimuth	Inclination	From	To	Intercept	Approx True Width	Cu[pct]	Au[ppm]	Zn[pct]
DGDD005	DeGrussa Offset	Diamond	734081	7173081	563	359	-61	481.90	484.00	2.10	1.4	4.17	1.00	0.70
DGDD186	DeGrussa Offset	Diamond	734239	7173160	565	350	-66	444.00	448.00	4.00	3.3	1.06	0.53	1.07
DGDD187	DeGrussa Offset	Diamond	734204	7173084	564	350	-62	481.70	487.00	5.30	4.6	1.70	1.07	0.43
DGDD189	DeGrussa Offset	Diamond	734287	7173207	566	350	-60	344.00	348.30	4.30	1.8	0.91	0.18	0.02
DGDD193	DeGrussa Offset	Diamond	734236	7173164	565	350	-61	400.00	401.27	1.27	0.8	1.42	1.53	0.01

• Diamond drillcore is geologically logged and then suitable sample intervals are marked out by the geologist.

• Sample intervals are typically 1m but can range between 0.3 - 1.2m in length

• These sample intervals are recorded and the geologist indicates where certified reference materials and coarse blanks are to be inserted in the sample sequence

• Each sample interval of diamond core is split into two halves using a diamond saw and half the core is placed in a pre-numbered calico bag

• The certified reference materials and coarse blanks are inserted into calico bags during the sampling process

• The sample sequence is submitted to Ultratrace Laboratories (Perth) where the sample is crushed and pulverised

• Gold grade is determined by fire assay of a nominal 30g charge (can be lower for high sulphur samples)

• Copper and Zinc grades are determined by a 4 acid digest, following pre-oxidation, by ICP-AES/MS