RENISON CONSOLIDATED MINES NL

A.C.N. 003 049 714

ANNUAL REPORT 30 JUNE 2012

RENISON CONSOLIDATED MINES N L ANNUAL REPORT 2012

INDEX

	Page Number
Corporate Information	3
Review of Operations	4 - 22
Directors’ Report	23 - 30
Auditor Independence Declaration	31
Additional Stock Exchange Information	32 - 33
Corporate Governance Statement	34 - 37
Statement of Comprehensive Income	38
Balance Sheet	39
Statement of Changes in Equity	40
Statement of Cash Flows	41
Notes to the Financial Statements	42 - 63
Directors’ Declaration	64
Independent Auditor’s Report to the Members	65 - 66

RENISON CONSOLIDATED MINES N L ANNUAL REPORT 2012

CORPORATE INFORMATION

This annual report covers Renison Consolidated Mines NL (“Company” or “Renison”) as a consolidated entity comprising Renison Consolidated Mines NL and its subsidiaries (‘the Consolidated Entity”). A description of the operations and of the principal activities is included in the directors’ report and the review of operations. The directors’ report is not part of the financial report.

DIRECTORS

Stephen G Bizzell (Executive Chairman) Richard S Anthon (Non-executive Director) Ben Harrison (Non-executive Director)

SECRETARY

Paul Marshall

AUSTRALIAN BUSINESS NUMBER

ABN 75 003 049 714

REGISTERED OFFICE AND PRINCIPAL BUSINESS ADDRESS

Level 6 316 Adelaide St Brisbane Qld 4000 Telephone: (07) 3108 3500 Facsimile: (07) 3108 3501 Email: [email protected] Web: www.rcm.com.au

SHARE REGISTRY

Link Market Services Level 15 324 Queen St Brisbane Qld 4000 Telephone: (02) 8280 7454 Facsimile: (02) 9287 0303

AUDITORS

BDO East Coast Partnership (formerly PKF East Coast Practice) Level 10 1 Margaret St Sydney NSW 2000

SOLICITORS

Hemming & Hart Level 5 307 Queen St Brisbane Qld 4000

STOCK EXCHANGE LISTING

Australian Securities Exchange Ltd ASX Codes: Ordinary shares - RSN

RENISON CONSOLIDATED MINES N L ANNUAL REPORT 2012

The directors present their review of operations for the year ended 30 June 2012.

AGATE CREEK EPITHERMAL GOLD PROJECT

The Agate Creek Epithermal gold project comprises MDL402 covering 3000 Ha, 3 EPMs (EPM17788, EPM17632, EPM17949) covering 688 km[2] , and 2 EPM applications (EPMA17626, EPM17629) with the total tenement package covering in excess of 1,000 km[2] . The Project is located approximately 50km west of Kidston and 50km southwest of Forsayth in northeast Queensland as seen in figure 1.

Renison manages and funds the project and has now earned a 100% interest in the project as Barrick Gold’s interest has reverted to a net smelter royalty. The transfer of 100% of the tenements to Renison is in progress and will be completed when official documentation advising of the grant of MDL402 and EPM17788 is received from the Queensland Government.

Renison has a JORC compliant resource at the Sherwood Deposit comprising a combined Indicated and Inferred Mineral Resource of 17 million tonnes at 0.94 g/t gold for 514,000 ounces at a 0.3 g/t gold cut-off grade.

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Figure 1 – Agate Creek Project location, tenement areas and applications.

RENISON CONSOLIDATED MINES N L ANNUAL REPORT 2012

Exploration Activities Completed

During the year a structural study was completed. This study was aimed at defining and interpreting structural and mineralisation complexities within the Sherwood deposit. Results showed:

Major faults in the area define the major orientations of veins breccias and minor faults.
Lithological boundaries were active structures during mineralisation and vein emplacement.
The strike of mineralised veins varied from east-northeast at Sherwood West, to northeast at Sherwood and north-northeast at Sherwood North, with a consistent moderate to steep dip throughout.
Major structural intersections (e.g. Agate Creek Fault and Sherwood West Fault) represent good targets for increased mineralisation.
Four main vein types were identified of which mineralisation was associated dominantly with Type 2 and to a lesser degree (possibly through reactivation and brecciation of Type 2 veins) Type 3.
The intersection of Type 2 veins with faults has the potential to produce dilational sites for high grade mineralised shoots plunging at low angles to the south-east.
There remains the potential for mineralisation to continue to the west of the Sherwood West Fault.

A petrological report was completed on 31 reference samples from Sherwood with the aim of investigating the primary rock types, the nature of the alteration and veining, and veining relationships. This was completed as recommended follow up work from the structural study in an effort to clarify and confirm some details postulated in the structural work. These samples were chosen in 2008 as reference samples by the Global Ore Discovery team commissioned to study and reinterpret the Sherwood deposit geology. The results showed

The primary host rocks at Sherwood can be grouped into four major categories, which, in terms of inferred age relationships are: fine grained, low grade metasedimentary rocks, coarse grained granitic rocks, low grade metamorphosed mafic intrusives and porphyritic rhyolite. Granitic rocks and rhyolite are commonly strongly hydrothermally altered, with these rock types and the metasedimentary rocks also commonly being veined and locally hydrothermally brecciated. The mafic intrusives are pervasively altered, but little veined.
Hydrothermal alteration effects occur in most samples, except for the metadolerite/gabbro samples. Alteration is pervasive and commonly strong, especially in granitic and rhyolitic host rocks. These felsic composition rocks most typically display argillic alteration.
Veining occurs in most samples in the suite, with hydrothermal brecciation also occurring in several. In the felsic igneous and metasedimentary protolith samples, there is characteristic veining in most, with similar composition infill of hydrothermal breccia interstices in several samples. Textures of quartz infill in the veins and hydrothermal breccia zones are characteristic of deposition in the epithermal environment. This observation is also reinforced by the occurrence of bladed carbonate (or pseudomorphs or voids after bladed carbonate) in several hydrothermal infillings. There is little evidence for significant sulphide mineralisation in the suite (and no precious metal phases were observed).
Many samples in the suite contain veining and irregular aggregates of fine grained hematite (and/or goethite) as well as impregnations of these phases into the host rocks. Typically, the Fe oxides have replaced carbonate, but locally, there is evident replacement of chlorite and of sulphides (probably pyrit). Hematite does not show textures characteristic of hydrothermal deposition (e.g. fine grained specularite) and as it occurs commonly with goethite, the Fe oxides are regarded most likely as products of supergene oxidation.
As mentioned above, quartz and carbonate textures in hydrothermal infill are typical of epithermal systems. Similarly, the observed alteration types are also consistent with those found at epithermal systems and suggest that conditions of formation were at low to moderate temperature (e.g. 200°-300°C) and with weakly acidic hydrothermal fluids predominating. It is evident that the hydrothermal system responsible was superimposed on to a variety of primary rock types.

A consultant geophysical company was engaged to review geophysical data with the aim of recommending further work that will help in delineating regional and local structures that influence the Sherwood Mineralisation. Consequently Renison has updated stitched magnetic images combining ground magnetics and aeromagnetics.

RENISON CONSOLIDATED MINES N L ANNUAL REPORT 2012

Collaborative Drilling Initiative Grant

Renison Consolidated Mines was successful in securing a Collaborative Drilling Initiative (CDI) Grant from the Queensland Government. The grant provides up to $160,050, matching the company’s expenditure dollar for dollar. Deep drilling is planned to attempt to intersect the potential Sherwood Bonanza Zone just above the intersection of the Agate Creek and Sherwood West Faults. Figure 2 shows the interpreted drillhole trace through the mineralised zone at depth. Bonanza veins occur within the paleo-boiling zones of the epithermal system, commonly around 200-600 metres below paleo-land surface. Textures in the veins include colloform and crustiform veining, milled breccias and clearly multiple episodes of mineralisation. At the level of the boiling zone, adularia is a common (and indicative) accessory mineral. Re-interpreted drill-core images and logs indicate that adularia may occur at depth. Bonanza veins are a common feature of low-sulphidation epithermal deposits, worldwide. The Vera-Nancy lodes are the bonanza portion of the Pajingo Au deposits. The initial discovery was by deep drilling a vein with seemingly low prospectivity at surface. The Hishikari Au bonanza vein was discovered by the Metal Mining Agency of Japan in 1981, with the intersection of 15 cm @ 290 g/t Au, 200 m below surface.

Recent studies show

Mineralisation at Sherwood is within a series of bowl shaped lenses believed to be the result of continuous deposition in a series of stacked hot pools as the layers built up at the surface.
• As the surface deposits thickened the boiling zone would have moved vertically.
Sherwood Deposit has had little erosion. The current land surface is within 50m of the Permian land surface and the stacked hot pool deposits may have been up to 100m thick .
The Agate Creek Fault is a major fluid conduit. Work has indicated block faulting between Sherwood and Friar Tuck may have changed the attitude of the Agate Creek Fault and offset it by 100 to 200m
Previous CDI drilling in 2008 at Friar Tuck intersected the Agate Creek Fault and minor mineralisation but results and analysis suggested the depth (250mRL) was too shallow to intersect the boiling zone. Renison has designed a program to test the boiling zone in two places between 200 and 600m below the initial Permian land surface which is lower than the previous CDI drilling.
Drilling is planned to intercept the potential boiling zone near the intersection of the Agate Creek Fault and the Sherwood West structure. Two holes are planned using direction drilling methods from the same pre-collar hole with 1000m in total. The pre-collar will be approximately 150m deep at 60 degrees to the north-east and two daughter holes will be drilled from 150m at 45 degrees and 75 degrees to allow approximately 200m spacing between boiling zone intercepts. Table 1 in the next section shows the details of these holes.

Hole_ID	GDA94-	GDA94-	Start RL	Finish RL	Azimuth-	Dip	Total
	East	North			True		Depth
SHDD1	768370	7897740	550	420	45	-60	150
SHDD1-A	768413	7897793	420	200	45	-45	320
SHDD1-B	768413	7897793	420	-180	45	-75	530
						TOTAL	1000

Table 1 – Collar location and details for planned drilling.

The company sought, and was granted, an extension of time for the completion of work to receive the grant. The plan is for the programme to be completed before 30 June 2013.

RENISON CONSOLIDATED MINES N L ANNUAL REPORT 2012

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Figure 2 – Section view of drilling proposal for Sherwood Bonanza zone. Datum is MGA94.

RENISON CONSOLIDATED MINES N L ANNUAL REPORT 2012

NATIVE TITLE

An Indigenous Land Use Agreement (ILUA) with the Ewamian Aboriginal Corporation and the Ewamian People, the registered native title claimants for the Georgetown region, was registered with the National Native Title Tribunal (NNTT) during the year. The registration with the NNTT makes the agreement fully operational and represents a milestone event for the Company in the development of its Agate Creek exploration activities in the Georgetown area of north Queensland.

The ILUA provides the Company with a clear native title and cultural heritage process for the grant of all exploration tenures within the ILUA boundary. The ILUA has created the foundation for the development of a long-term relationship between the Ewamian native title claimants and Renison for the future.

Sherwood Deposit Geology

Gold mineralisation at Sherwood is a low-sulphidation, adularia-sericite type epithermal system genetically related to the emplacement of Permo-Carboniferous porphyritic rhyolite and andesite extrusives and intrusives. Most mineralisation occurs within the Robinson Fault Zone at the intersection of the Robin Hood Fault and is spatially associated with (and often within) rhyolite. The mineralised zones are interpreted as boiling outflow zones, likely fossil geysers.

The major faults controlled cauldron collapse and rhyolite emplacement during that event. The same fluid plumbing system was cannibalised by mineralising fluids. Solidification quench-cracks in rhyolite provided open space for stockwork veins. Further cauldron collapse or late inflation opened cracks for sheeted veins within rhyolites which are strike-parallel to the Robin Hood Fault. The Agate Creek and the Sherwood West Faults were the major fluid conduits of the active Permian epithermal plumbing system. They probably controlled most of the water out-flow. Water was theoretically driven by heat from the pluton that produced the Agate Creek Volcanics. All significant mineralisation found at Sherwood occurs within 400 metres of the faulted contact of Proterozoic rocks and Robin Hood Granodiorite.

The Agate Creek Fault forms the eastern boundary of mineralisation, strikes northwest over 3km and dips steeply to the southwest. The fault is infilled with fault breccia containing silicified cataclastite, rhyolite and quartz-chalcedony veins, stockworks and breccias. The best developed breccias and gold grades are hosted in fine grained chalcedonic quartz veins within rhyolite dykes in the hanging wall of the granodiorite contact. Variably brecciated to stockworked chalcedonic veins are also found commonly throughout the rhyolite and more sporadically in the footwall of the granodiorite. A magmatic component of the mineralising fluids is responsible for common fluorite in and adjacent to mineralised veins. Sulphides are rare, but super-fine grained sulphides sometimes impart a greyish tinge to colloform silica. Rare pyrite overgrowths and crustiform bands and occasional bladed marcasite can be seen in mineralised zones. Rocks with bladed textures (either as voids or marcasite) usually return high assays. Dominantly gold occurs as fine grained electrum. The Robin Hood Granodiorite at Sherwood is ubiquitously altered and is interpreted as a fluid inflow zone. Alteration zones surrounding the epithermal mineralisation are large and complex, with much overprinting The alteration zonation pattern is a distal ubiquitous propylitic zone (pervasive chloritisation ± carbonate-epidote-pyrite-hematite) grading inwards to a more proximal variably argyllic to sericitic and locally phyllic zone with inner silica flooding (± pyrite) surrounding a gold only zone with associated weakly anomalous Ag-Sb-As-Mo-Pb. Figure 3 shows the interpreted deposit model for Sherwood.

RENISON CONSOLIDATED MINES N L ANNUAL REPORT 2012

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Figure 3 – Sherwood Deposit Model.

RENISON CONSOLIDATED MINES N L ANNUAL REPORT 2012

Sherwood Resource

A combined Indicated and Inferred Mineral Resource of 17 million tonnes at 0.94 g/t gold for 514,000 ounces at a 0.3 g/t gold cut-off grade has been estimated.

At a 0.5 g/t gold cut-off, a combined Indicated and Inferred Resource of 9.47 million tonnes at 1.36g/t gold for 414,000 ounces has been estimated.

The breakdown of the current estimate is shown below. Resource estimates were undertaken for the Sherwood, Sherwood West and Sherwood South deposits and were completed using Multiple Indicator Kriging, with a top grade cut of 40 g/t gold. Wireframes based on geological interpretation by Renison were used to restrict the geometries of the estimate and consequently the resource estimate. The current estimate, using Multiple Indicator Kriging, is a recoverable resource estimate that is adjusted to account for a selective mining option and includes an allowance for mine dilution.

The current resource estimates are set out in the tables below at a 0.3 g/t gold cut-off grade.

0.3 G/T CUT- OFF	TOTAL	TOTAL	TOTAL	SHERWOOD	SHERWOOD	SHERWOOD	SHERWOOD SOUTH	SHERWOOD SOUTH	SHERWOOD SOUTH	SHERWOOD WEST	SHERWOOD WEST	SHERWOOD WEST
Resource Classification	Mt	Gold g/t	Gold ‘000 oz	Mt	Gold g/t	Gold ‘000oz	Mt	Gold g/t	Gold ‘000oz	Mt	Gold g/t	Gold ‘000oz
Indicated	10.65	0.98	334	5.42	1.04	180	0		0	5.23	0.92	154
Inferred	6.36	0.88	180	2.61	0.91	76	0.43	1.05	15	3.32	0.83	89
Total	17.01	0.94	514	8.03	1.00	256	0.43	1.05	15	8.55	0.89	243

Grade and tonnage rounded to two decimal places. Ounces calculated after rounding and reported to nearest 1,000 ounces.

Estimates were also undertaken at a 0.5 g/t gold cut-off and are presented below.

0.5 G/T CUT- OFF	TOTAL	TOTAL	TOTAL	SHERWOOD	SHERWOOD	SHERWOOD	SHERWOOD SOUTH	SHERWOOD SOUTH	SHERWOOD SOUTH	SHERWOOD WEST	SHERWOOD WEST	SHERWOOD WEST
Resource Classification	Mt	Gold g/t	Gold ‘000 oz	Mt	Gold g/t	Gold ‘000oz	Mt	Gold g/t	Gold ‘000oz	Mt	Gold g/t	Gold ‘000oz
Indicated	5.95	1.42	271	3.01	1.53	147	0		0	2.94	1.31	124
Inferred	3.52	1.26	143	1.38	1.36	60	0.30	1.34	13	1.84	1.17	70
Total	9.47	1.36	414	4.39	1.47	207	0.30	1.34	13	4.78	1.25	194

Grade and tonnage rounded to two decimal places. Ounces calculated after rounding and reported to nearest 1,000 ounces.

New financial modelling based on conceptual mining studies will be undertaken over the next six months. Previous financial modelling based upon a $AUD750 per ounce gold price (the current spot gold price is approximately A$1700 ounce), indicates that the 0.3 g/t gold grade cut-off could provide a significant margin above the variable cost component of processing ore via a CIP processing plant, and the 0.5 g/t gold grade cut-off should maintain a healthy profit margin above the total capital and operating cost of CIP processing at a 1 to 1.5 million tonne per annum processing rate. Metallurgical test work to date has shown the ore to be very amenable to CIP processing with high recoveries at moderate grinds and low reagent consumptions.

Planned Work

Work planned for 2013 will incorporate the new structural information and will include any unfinished work, metallurgical testing and geotechnical work, with the aim of a further increase in the Mineral Resource. It will also help support the feasibility of the development of an open pit mine based on the Sherwood resources. The work includes deep diamond drilling for the boiling zone at Sherwood (to be partially funded by Qld Government CDI grant that Renison has been awarded). RC drilling is planned for resource infill, strike and dip extensions of current mineralisation. Several regional prospects will be prioritised for first pass and follow up RAB and AC drilling, regional and detailed geological sampling will continue to be used as first pass tool for identifying new prospects and assisting with drill planning and prioritisation.

RENISON CONSOLIDATED MINES N L ANNUAL REPORT 2012

The Sherwood Deposit will be given high priority in an attempt to add to the current resource and into the resourcing stage now that MDL 402 and conditional surrender for EPM 17788 have been granted. Feasability work planned in 2013 includes:

Geotech drilling planned for pit wall stability, drill and blast methods, work indices
Metallurgical drilling planned for Au recovery, grind optimisation, reagents, ore characterisation
Baseline environmental monitoring
Planning of plant layout and design including mining licence application and full feasibility studies are moving forward.

Several regional prospects remain drill ready including Cattle Creek, Eastern Bar South and Delaney which are scheduled for drilling during 2013. Prospects drilled in 2009 such as Phoenix, Will Scarlett and Eastern Bar require follow up drilling.

Regional Mapping and Rock Chipping

Regional Mapping and rock chipping within the tenement areas has to date resulted in the identification of over 35 target areas (see figure 4) and 3 new prospects, all of which will require further mapping and sampling. Regional and detailed geological sampling will continue to be used as first pass tool for identifying new prospects and assisting with drill planning and prioritisation. Several regional prospects will be prioritised for first pass and follow up RAB and RC drilling.

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Figure 4 – shows the existing regional prospects within the Agate Creek Project.

RENISON CONSOLIDATED MINES N L ANNUAL REPORT 2012

ROCKLAND GOLD PROJECT

EPM19368 was granted on 31 July 2012 and covers 157km[2] to the southwest of Warwick in southeastern Queensland. The area has significant potential for Intrusion-Related Gold Systems (IRGS) mineralisation and shows a set of parallel dykes striking north-northwest over several kilometres just to the east of a large granite pluton. Planning for landholder discussions, access and field work is underway.

During investigation into EPM19368 the discovery of a second area of interest was followed up with an application for EPMA19571 (Rockland West) covering 49 sub-blocks to the west of the current tenement as seen in figure 5. The application area lies over the low silica Greymare Granite which shows an adakitic signature and has been intruded into the Texas Beds. Adakites are formed in association with crustal subduction, accretion and slab melting and can be associated with copper and gold mineralisation. The greymare granite shows a magnetic low quite distinct from other granites in the area. The Demon Fault which is associated with significant mineralisation horse tails in the area.

There are several alluvial goldfields surround the area including Thanes Creek, Pikedale and Canal Creek. No hard rock source for these has been found to date. There are also several polymetallic mineral occurrences to the east of the application area.

IRGS is a recently (1999) defined style of gold mineralisation typified by the well studied occurrences in Alaska and the Yukon (Fort Knox and Dublin Gulch deposits). They are characterised by widespread arrays of sheeted dykes and quartz veins that form in the brittle carapace at the top of small intrusions where they form large tonnage, low grade gold deposits. Grades can range from 1 to 10 g/t gold and deposit size from 1 to 1000 tonne gold. Very often IRGS are surrounded by low tonnage but high grade alluvial Au deposits. IRGS form in tectonic settings of weak post-collisional orogenesis of a thickened continental margin. Figure 6 shows the deposit model for IRGS systems.

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Figure 5 – Location of Rockland EPM19368 and application EPMA19571 10km SW of Warwick. Image shows state-wide geology where granites are red, Texas Beds are grey-blue, Jurassic sediments are green, metabasalts and lavas are blue, Quaternary sediments are yellow and brown.

RENISON CONSOLIDATED MINES N L ANNUAL REPORT 2012

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Figure 6 – Intrusion Related Gold Model

ASHFORD COKING COAL PROJECT

The Ashford Coking Coal Project comprises a 50% Joint Venture with Northern Energy Corporation (NEC), now a 100% subsidiary of New Hope Corporation. The Joint Venture incorporates the Ashford Mine Area (EL6234 and EL6428), where a resource comprising coking coal of 8 mt indicated and 5 mt inferred has been identified. As well as the Ashford Exploration Area, which covers other exploration licences including Atholwood (EL6526) and Ashford North (EL6539). NEC is managing both areas of activity.

An assessment lease application is currently being drafted which will cover the coking coal resource area at the Ashford deposit and replace the existing exploration licences EL6234 & EL6428. A presentation to the NSW mines department was completed on 25 July as part of this process.

Table 4 summarises the results of a 7kg coke test conducted on core sample in 2006 by ACIRL and the results of a 180kg sample tested in Japan in 2009 together with a 7kg ACIRL test on the same 2009 core. This confirms that Ashford is a coking coal that would fit in the premium end of the metallurgical coal market. However they also demonstrate variability between samples. Quality variability is caused by variations in ash chemistry. Further work on the variability in ash composition may be required.


		2006 Aust 48.3 1.15 6 G5 170 35 35.3 53.4	2008Aust 54 1.14 7.5 G6 365 42 45.6 45.6	2008 Japan 6.5 154 54 45.2 45.2
Petrographic Parameters: Coking Properties: Coke Properties:	Vitrinite Content (%Vol) Vitrinite Reflectance(Ro Max%) Crucible Swelling Number Gray-King Coke Type Maximum Fluidity (dd/min) Total Dilatation (%) Coke Reactivity Index (%) Coke Strength after Reaction (%)
	JIS Indices (%)DI 30/15			94.5
	DI150/15 DI 130/6			83.6 95.2

Table 4 – Coal coke test results.

ARRAWATTA COAL PROJECT

The Arrawatta Project covers over 120km[2] comprising two tenements (EL6433 and EL6521) located approximately 10km north of Inverell in Northern NSW.

RENISON CONSOLIDATED MINES N L ANNUAL REPORT 2012

During the year Renison completed internal reviews on all tenements within the Arrawatta Project. As a consequence of this 47% of EL6433 and 75% of EL6521 was renewed. The remainder was partially relinquished due to limited prospectivity associated with block faulting in the area. EL6434 was relinquished entirely as it was considered to have limited potential to host an economic deposit of brown coal. Statutory reporting has been completed for all Renison tenure and for those held jointly with NEC.

Significant thicknesses of coal-bearing Permian sediments have previously been identified in and around the original Arrawatta discovery. Drill holes intersected Permian sediments with coal over a strike of approximately 3 km. The sequence is open to the north. Coal-bearing strata are contained in two to three sequences within the Permian sediments. Cumulative thicknesses of coal previously identified ranged from approximately 3m to almost 18m. Surface exposure of Permian sediments is very limited. Drilling has therefore been “blind-testing” for Permian coal measures through Tertiary sediments/basalts and recent alluvials. The Permian coal measures strike almost north-south and have a westerly dip.

In summary, the deposit has potential to produce high volatile, high fluidity coking coal but its potential is limited by the generally thin seams in the areas drilled to date and the presence of igneous intrusives, which have coked the seams in some holes, and slightly devolatolised seams in others.

A Review of Environmental Factors (REF) Document was compiled and submitted for work on the Arrawatta Project. Drill planning is complete and drilling will commence as soon as REF has been approved. Drilling is planned to extend the current mineralisation with particular focus on the interpreted fault offset in the central part of the licences. Figure 7 shows the approximate location of planned drilling.

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Figure 7 – Location of planned drilling across the Arrawatta Project.

RENISON CONSOLIDATED MINES N L ANNUAL REPORT 2012

SYDNEY FLAT ALLUVIAL GOLD PROJECT

Renison has entered into an Option to Purchase Agreement with Kokong Holdings PL and assumed the role of operators of the Sydney Flat Project. Renison has the option to purchase control of the tenement at any time over the next 2 years (2014). Sydney Flat is located in the New England Fold Belt, 5km south-west of Armidale in NSW. The New England Fold Belt is an exciting mineral province, which in the past has been a significant production area for gold, tin and base metals. Although previously relatively unexplored, the area is now receiving increased attention with the application of new geological theory and exploration techniques and with the application of new mining and processing technology.

Renison has submitted an application covering the 25 sub-blocks that were relinquished from EL 6918 as part of statutory relinquishments. This application (ELA4409) was granted as EL7924 on 2 May 2012 for a period of 3 years. Figure 8 shows the two tenement areas. Work will commence as soon as possible.

EL6918 is a 147 km[2 ] lease encompassing the historical Sydney Flat Goldfield. First gold production was reported in the 1850’s in ‘deep leads’ (old river channels) where they had been exposed by the erosion of the overlying basalts. Early workings were apparently prolific, with exceptionally high grades reported – up to 120 grams per cubic metre. Many averaged between 10 and 12 grams per cubic metre. About 5 kilometres of the channel was worked between 1856 and 1885, with a further 15 kilometres remaining under basalt cover.

The area offers a simple, efficient, near term mining opportunity with minimal environmental impact and an Exploration Target[1 ] in excess of 1,000,000 ounces gold. Total production in the area from 1858 to 1967 totaled 5,192.71kg (167,000 ozs), although others consider 250,000 ozs to be the figure, as much of the gold production was unreported. Markham (1975) considers the field to be most productive of the New England district. The Sydney Flat Deep leads were credited with producing 2% of world gold production during the first 5 years of production.

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Figure 8 – Sydney Flat location of renewal area and application area (shaded pink).

RENISON CONSOLIDATED MINES N L ANNUAL REPORT 2012

Geology and Mineralisation

EL 6918 is located in the central New England Fold Belt which has a long history of tectonic uplift and intrusive emplacement.

The oldest basement rocks encountered in the region are the Devonian Sandon Beds, hornfelsed greywackes and cherts intruded by Permian age granites of the New England Batholith system. In the tenement area the main Permian Intrusive is the Uralla Granodiorite.

Tertiary sediments are deposited unconformably overlaying the Sandon Beds and the Uralla Granodiorite and are classified as being the Armidale Beds. The Armidale Beds are analogues of the gold bearing deep lead deposits located in the tenement area. Overlying the Armidale Beds are numerous basalt flows of various ages but classified as being Tertiary. Finally broad incisions of recent drainage contain gold bearing Quaternary alluvium sourced from the erosion of the deep lead system. Outcrop within the Tenement is generally poor due to deep weathering of the Tertiary basalts which has resulted in either thick clay soil or talus fields of basalt fragments.

The deep leads are exposed to the south at Sydney Flat where the Tertiary basalt has weathered and been removed. It is this area where gold was first mined from exposed deep lead flowing sands and Quaternary wash. The deep leads have been mapped over an extensive area of the tenement and were worked from1856 to 1885, and explored for a distance of approximately 5km. The deep lead extensions are projected to continue in a northern trend for up to 15km.

The tertiary channels within the leads are reported to vary in width from 50 to 800m and varying thicknesses as they flowed over the undulating bed rock to up to 30m. The average thickness has been estimated by previous explorers as being around 10m.

Weathering of the basalt has resulted in topographic basalt outliers which have exposed deep leads at their bases, which were worked for gold with good result. The auriferous sands are described as being unconsolidated running quartz sands, fine ferruginous quartz sands with some clay, very fine yellow grey quartz well rounded sand grading to fine gravel called “hailstone gravel”.

Exploration Target

The scale of the Exploration Target is significant when based on the 15 km strike length of unexploited channels and the quoted 100m average width and 5m average thickness of the auriferous basal gravels and a grade of 10 g/m[3] . An Exploration Target[1] in excess of 1,000,000oz is possible. Extensions to the leads may be found in tributaries of the main auriferous drainage system, with the potential to increase the Exploration Target significantly.

Exploration Completed

The previous operator, Elementos Ltd, completed a small program of Ground Penetrating Radar (GPR) along with field mapping and data acquisition and reviews. The GPR was successful in delineating the palaeochannels under the basalt cover. Elementos drilled 6 holes of which 2 hit wash from the deep lead.

Renison completed a small programme of field mapping prior to drilling within EL6918 in order to better determine drill site selection and palaeoriver channel extent. This mapping was hindered by the volume of grass but succeeded in defining areas where basaltic plugs are interpreted to cut off the palaeoriver channel. Figure 9 shows the location of all field work completed within the year.

Drilling and rehabilitation of 24 drill holes has been completed. 24 holes were drilled for 322m and old holes of a previous owner were re-logged as part of the data gathering process. An environmental company has been engaged to initiate environmental monitoring with a view to moving forward to a Mining Lease Application during 2012.

Holes SFAC001, 2, 14, 20, 23, 24 intersected 1-2m of wash beneath recent sediments, lateritic basalt and clays at depths from 3m below surface. Holes SFAC003, 4, 5, 6, 10, 12, 13, 19, 21, 22 intersected 1-4m wash beneath recent sediments, tertiary basalts and clays at depths from 5-16m below surface.

RENISON CONSOLIDATED MINES N L ANNUAL REPORT 2012

Holes SFAC007, 8, 9 intersected a small tertiary basalt plug which is interpreted to cut off the old river channel. Holes SFAC015, 16, 17 did not intersect any wash. Hole SFAC018 was not completed.

The wash sand from several holes was processed through a sluice box and small amounts of gold were collected. Representative samples were taken from several of the holes where wash was thickest.

Results have been received for the drilling completed late in 2011. Results were lower than indicated by the gravimetric sampling done on site and were diluted significantly by the fine sands at the top of the deep leads. SFAC004 showed a total grade of 0.68g/m[3] and SFAC021 showed a total grade of 0.65g/m[3] (see Table 5). Some problems were encountered in the laboratory analysis due to gold sticking in the sample containers taps and valves.

In the deep leads the majority of the gold resides in the bottom 10-20cm (approximately 10% of the total volume) and the sampling method encountered significant slumping within the upper finer sands into the lower levels as the sample was sucked through the drill rods to surface. This resulted in dilution of the basal high grade portion as seen in Figure 10 below. Over 90% of the grade is contained in around 10% of the sample and as such the results represent the lower grade of the upper part of the deep lead.

Sample	Easting	Northing	Depth of Wash (m)	Sample Volume(m3)	Grams Au per cubic metre
SFAC002	357717	6614640	0.5	0.06	0.07
SFAC003	357235	6613968	3	0.49	0.12
SFAC004	357289	6613945	2	0.42	0.68
SFAC005	357327	6613920	2	0.2	0.26
SFAC006	357201	6613976	4	0.43	0.17
SFAC021	357178	6613939	3	0.35	0.65

Table 5 – Summary of results.

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Figure 10 – Diagram of ideal sampling and dilution occurring during sampling and drilling.

RENISON CONSOLIDATED MINES N L ANNUAL REPORT 2012

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Figure 9 – Sydney Flat location and drilling completed.

RENISON CONSOLIDATED MINES N L ANNUAL REPORT 2012

Results are being reported volumetrically g/m3 rather than the conventional g/t due to a combination of factors:

the variable density of the unconsolidated running sands that are being sampled,
the fact the samples were not dried and weighed but rather processed wet and left that way,
physical weights of gold recovered from the volume processed have been used to calculate grades,
resource calculations will be based on volume of the deep leads not their weight due to the density variation,
processing at a mining stage will also be done volumetrically.

The large size of the samples taken to allow accurate testing analysis has meant that analysis has taken longer than expected. Final results and process routes were supervised, reviewed and assessed by the company’s Exploration Manager and a specialist contractor. An environmental company has been engaged to initiate environmental monitoring with a view to moving forward to a mining lease application during 2012.

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Figure 11 - Gold panned in recent drilling under microscope. Grid is 1mm.

NORTHERN NSW APPLICATION AREAS

Several new areas of interest with high potential for IRGS type gold mineralisation have been investigated during 2012. Two areas have been followed up with applications in the Northern New England Region of NSW.

An area to the east of Tenterfield has been identified as highly prospective for IRGS mineralisation. An application ELA4485 (Demon Creek) was submitted for 98 blocks surrounding the historical Timbarra gold mine. The application area is located within a Palaeozoic subduction related accretionary complex and is dominated by I-type, high K, Permo- Triassic granites of the New England Batholith. Mineralisation is mostly hosted within the leucocratic Stanthorpe Granite. The granite is bounded by major faults to the east and west including the Demon Fault which is associated with significant mineralisation throughout the area. NNW striking dextral shearing and jointing have been identified in all deposits. The gold mineralisation is disseminated, generally sulfide poor and is localised and enhanced by faults, joints, and cooling related cracks within the granite. The region also shows potential for granite associated shallow, low tonnage, high grade deposits of Au, Cu, Pb, Zn, Ag, Sn.

The application covers several prospects that show good potential but were not followed up after mining finished. Figure 12 shows the location of the application.

RENISON CONSOLIDATED MINES N L ANNUAL REPORT 2012

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Figure 12 – Location of Demon Creek ELA4485.

An area to the east of Glen Innes has been identified as highly prospective for IRGS and its variants. An application ELA4513 (Dalmorton) was submitted for 98 blocks covering the resource area and several zones of anomalous geochemistry. Gold mineralisation in the Dalmorton district occurs in either quartz reefs or auriferous chert-ironstone hosted by basic to intermediate tuffs and lavas. Previous exploration has outlined several zones of mineralisation associated with a strong ironstone horizon which will be investigated upon grant of tenement. Figure 13 shows the location of the application area.

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Figure 13 – Location of Dalmorton ELA4513. Yellow stars indicate known gold prospects.

RENISON CONSOLIDATED MINES N L ANNUAL REPORT 2012

NEW ZEALAND SOUTHERN COROMANDEL PROJECT

The Southern Coromandel Project consists of two granted tenements which cover a total of 275 km[2] and two applications as seen in figure 14. The area is host to the world class epithermal Waihi Gold Deposit along with several other large epithermal gold, silver and base metal deposits such as Golden Cross.EP53464 (Klondyke) covers 228.93 km[2] and EP53469 (Waitekauri) covers 46.04 km[2] . A small reduction was made to EP53464 prior to grant to exclude high density infrastructure such as towns.

The Klondyke tenement (EPA53464) was acquired from the previous Prospecting Permit holder (RJY Consulting) for the payment of NZ$ 5,000. A further payment of 10 million Renison shares will occur on the granting of the Exploration Permit. RJY Consulting will then earn a 0.75% Net Smelter Royalty on production from the tenement. The Waitekauri tenement (EPA53469) has recently become available and Renison’s only cost to date has been the application fee (NZ$2,551).

Two further applications were submitted in February 2012 which cover a large portion of adjacent ground to the existing tenements as seen in figure 3. EPA54216 (Owharoa) covers 56.06km[2] and extends to the southwest adjacent to Waitekauri surrounding Heritage Gold’s Talisman Project. PPA54215 (Waiorongomai) covers 427.2km[2] of the southeastern extension of the mineralised corridor.

The tenements are located in the highly prospective Hauraki Goldfields district within the mineralised corridor that is host to Newmont’s Martha Mine (Waihi) and the Golden Cross gold and silver mine. The Hauraki Goldfields district was extensively mined between 1860 and 1952 when over 1300 tonnes of gold and silver bullion was produced. The largest deposit in the Hauraki Goldfields district is Newmont’s operational Martha Mine which has produced an average of 100,000 ounces of gold and 700,000 ounces of silver annually since 1988. The Martha (Waihi) mine first commenced ore extraction in the late 19th century and is currently producing over 100,000 ounces of gold a year. Production from the Martha mine has been boosted by the development of the Favona deposit which commenced ore extraction in 2006. The Favona underground mine, situated adjacent to Martha Mine at Waihi, began extracting ore at the end of 2006, indicating there remains significant discovery potential in the area.

Epithermal Gold deposition is generally limited to between 100 and 400 metres below ground surface (equivalent to temperatures between 180 and 260C in low salinity, low gas systems). The majority of Coromandel gold/silver deposits have depth extents below 200m, with Waihi and Karangahake being the exceptions, extending to over 700m.

A field visit was completed in February 2012 during which several kilometres of field mapping and 60 rockchip samples were taken. 35 rock chip samples were collected from EP53469 and 25 samples from EP53464. These were dominantly crystalline andesites in various stages of weathering but a small number of samples showed hydrothermal veining and alteration. Results up to 0.44g/t Au highlighted several areas for follow up. A visit to the Featherston Core Library was beneficial and several historical cores were reviewed.

RENISON CONSOLIDATED MINES N L ANNUAL REPORT 2012

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Figure 14 – Granted and Application Tenure on the Southern Coromandel Peninsula, New Zealand.

Competent Persons Statement

The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Mr Scott Hall who is a member of the Australian Institute of Mining and Metallurgy. Mr Hall is a fulltime employee of Renison Consolidated Mines NL and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.’ Mr Hall consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

RENISON CONSOLIDATED MINES N L ANNUAL REPORT 2012

REPORT OF THE DIRECTORS

The directors present their report for the year ended 30 June 2012.

Directors

The names and details of the Company’s directors in office during the financial year and until the date of this report are as follows. Directors were in office for the entire period unless otherwise stated.

Names, qualifications, experience and special responsibilities

SG Bizzell BCom, MAICD (Executive Chairman)

Stephen is Chairman of boutique corporate advisory and funds management group, Bizzell Capital Partners Pty Ltd. He has had considerable experience and success in the fields of corporate restructuring, debt and equity financing, and mergers and acquisitions and has over 20 years corporate finance and public company management experience in the resources sector in Australia and Canada with various public companies. Stephen was an Executive Director of Arrow Energy Ltd from 1999 until its takeover for $3.5 billion by Royal Dutch Shell and PetroChina in August 2010. Early in his career he was employed in the corporate finance division of Ernst & Young and the tax division of Coopers & Lybrand and qualified as a Chartered Accountant.

Special Responsibilities - Member of Audit Committee

Other Listed Company Directorships in the past three years:

Armour Energy Ltd (listed January 2012)
Dart Energy Ltd (listed August 2010)
Diversa Ltd (appointed August 2010)
Hot Rock Ltd (appointed September 2009)
Renaissance Uranium Ltd (listed December 2010)
Stanmore Coal Ltd (listed December 2009)
Titan Energy Services Ltd (listed December 2011)
Apollo Gas Ltd (listed December 2009 delisted February 2011)
Arrow Energy Ltd (appointed June 1999, resigned August 2010)
Bow Energy Ltd (listed January 2005, resigned January 2012)
Liquefied Natural Gas Ltd - alternate director (appointed December 2007, resigned March 2010)

RS Anthon BA LLB MAICD (Non-Executive Director)

Rick Anthon is a partner with the Queensland law firm of Hemming & Hart and acts as a non-executive director of the Company. He holds a Bachelor of Arts and a Bachelor of Laws from the Australian National University. He is a member of the Australian Institute of Company Directors and the Australian Mining and Petroleum Lawyers Association. Rick has twenty five years experience in corporate and commercial law with particular expertise in the mining exploration, mineral development and energy sectors.

Special Responsibilities - Member of Audit Committee

Other Listed Company Directorships in the past three years:

Lamboo Resources Ltd (appointed June 2012)
Metals Finance Ltd (appointed October 2010)
Stratum Metals Ltd (appointed October 2011)
International Coal Ltd (listed August 2011 resigned November 2011)
Baru Resources Ltd (listed September 2011 resigned July 2012)

B Harrison BSc, M.App.Fin, FINSIA (Non-Executive Director) – appointed 28 September 2012

Ben Harrison is an Executive Director with Bizzell Capital Partners. Prior to joining Bizzell Capital Partners he worked in the corporate finance team at a leading corporate advisory firm where he was involved in a number of capital market and M&A transactions in the resources and industrial sectors. Mr Harrison commenced his career as a project manager for an international engineering consulting firm, working on a number of large infrastructure projects in Australia and South East Asia. He has experience in project management, financial analysis, primary and secondary market transactions and M&A. Ben also has experience in private equity and direct investments and is involved at board and management level in investee companies on behalf of Bizzell Capital Partners and its related entities.

RENISON CONSOLIDATED MINES N L ANNUAL REPORT 2012

Special Responsibilities - Member of Audit Committee

Other Listed Company Directorships in the past three years: - AusNiCo Ltd (appointed November 2010)
Navaho Gold Ltd (appointed February 2011)

Former Director

- D Vincent (Non Executive Director)

David Vincent was a non-executive director of Renison throughout the financial year and up to his resignation on 31 August 2012.

David Vincent is a professional Engineer with post graduate academic qualifications in management and financial services. He was CEO for an offshore based business consultant company providing international corporate advisory and corporate public relations services. He was a senior executive with a large multi-national aerospace corporation, where he gained significant skills and experience in international business development, feasibility studies, market analysis, business planning, project financing management and marketing within the United Kingdom, the Middle East, North Africa and Eastern Europe.

Special Responsibilities - Member of Audit Committee

Company Secretary

P Marshall LLB, ACA

Paul Marshall holds a Bachelor of Law degree and is a Chartered Accountant. He has more than 25 years experience including over fifteen years spent in commercial roles as Company Secretary and CFO for a number of listed and unlisted companies in the resources sector.

Interests in the shares and options of the Company

Interests of the directors in the shares and options of the Company as at the date of this report are:

	Ordinary Shares
Stephen Bizzell	4,875,908,440
Rick Anthon	46,170,250
Ben Harrison	-

Corporate Information

Corporate Structure

Renison Consolidated Mines NL is a company limited by shares that is incorporated and domiciled in Australia. Renison Consolidated Mines NL has prepared a consolidated financial report encompassing the entities that it controlled or had significant influence over during the financial year:

Renison Consolidated Mines NL had the following investments in controlled companies throughout the financial year:

Tom’s Gully Holdings Pty Ltd (100%)
Renison Coal Pty Ltd (100%)
Agate Creek Holdings Pty Ltd (100%)
Tom’s Gully Mining Pty Ltd (100%)

Nature of operations and principal activities

The principal activities of the consolidated entity during the year were the exploration for and evaluation of gold and coal tenements.

RENISON CONSOLIDATED MINES N L ANNUAL REPORT 2012

Operating and Financial Review

Operating Results	2012	2011
	$	$
Operating (loss) after income tax attributable to members	(4,191,446)	(4,331,980)

In the 2012 financial year the company has continued to explore its gold project at Agate Creek in Queensland, its coal tenements in New South Wales and also acquired new exploration projects in New Zealand and New South Wales.

Review of Financial Condition

Capital structure

During the period the Company issued 1,463,252,743 ordinary shares in relation to the payment of $1,763,611 of interest on the March 2012 convertible notes. In addition the company issued 16,561,751,963 shares in relation to the redemption of $14,077,489 of the March 2012 convertible notes. The remaining $742,500 of March 2012 Convertible Notes were repaid via the advancing of a loan from Bizzell Nominees Pty Ltd to the Company.

A call on 31 January 2012, in accordance with the existing call program, on its issued partly paid shares of 1 cent per partly paid share raised $nil for the Company. The call on the partly paid shares was not paid in relation to 89,050,128 shares. These shares were auctioned on 14 March 2012. None of the shares that were auctioned were sold. Accordingly the forfeited shares will be held by the company in trust pending disposal by the directors in accordance with the Corporations Act 2001 and the Company's constitution. These shares have been disclosed as Treasury shares in Note 19 to the attached financial report. In addition the company issued 10,125,000 shares as employee remuneration and 10,000,000 shares in relation to the acquisition of a new tenement.

At 30 June 2012, the Company had 20,555,432,306 ordinary shares on issue. In addition there were 152,500,000 partly paid ordinary shares (paid to 8.6 cents with 16.4 cents to pay) that had been forfeited by holders and were being held by the company in trust pending disposal by the directors in accordance with the Corporations Act 2001 and the Company's constitution.

Treasury policy

The Company does not have a formally established treasury function. The Board is responsible for managing the Company’s currency risks and finance facilities.

Liquidity and funding

Following the failure of GBS Gold in September 2008 and the Company having to write off a receivable of $27 million the Company has been supported by a loan facility provided by the Chairman of the Company while it seeks to raise funds by the sale of interests in the exploration assets still owned by the Company.

Dividends

No dividend was paid during the year and none is recommended as at 30 June 2012.

Significant Changes in the State of Affairs

There were no significant changes in the State of Affairs of the Consolidated Entity during the year.

Matters Subsequent to the End of the Financial Year

No matter or circumstance has arisen since 30 June 2012, that has significantly affected, or, may significantly affect the operations of the Consolidated Entity, the results of those operations, or the state of affairs of the Consolidated Entity in financial years subsequent to 30 June 2012.

Likely Developments and Expected Results of Operations

There are no developments of which the directors are aware which could be expected to affect the results of the Consolidated Entity’s operations in subsequent financial years other than information

RENISON CONSOLIDATED MINES N L ANNUAL REPORT 2012

which the directors believe comment on or disclosure of, would prejudice the interests of the Consolidated Entity.

Share Options

At the date of this report there are no unissued ordinary shares under options.

Meetings of Directors

The following table sets out the number of meetings of the Company’s directors held during the year ended 30 June 2012 and the number of meetings attended by each director.

	Directors’	Audit Committee
	Meetings	Meetings
Number of meetings held	2	2
Number attended
S Bizzell	2	2
R Anthon	2	2
D Vincent	2	2

Indemnification of Officers or Auditor

During the financial year Renison paid a premium to insure each of the directors against liabilities for costs and expenses incurred by them in defending any legal proceedings arising out of their conduct while acting in a capacity of Director other than conduct involving a wilful breach of duty in relation to the Consolidated Entity. The contract of insurance prohibits the disclosure of the nature of the liabilities covered and the amount of the premium paid. The Corporations Act does not require disclosure of the information in these circumstances. The consolidated entity has not indemnified its auditor.

Proceedings on Behalf of the Company

No person has applied for leave of Court to bring proceedings on behalf of the Consolidated Entity or intervene in any proceedings to which the Consolidated Entity is a party for the purpose of taking responsibility on behalf of the Consolidated Entity for all or any part of those proceedings. The Consolidated Entity was not a party to any such proceedings during the year.

Environmental Regulation and Performance

The Company held authorisations under various exploration licences. There have been no known breaches of the authorisation or licence conditions.

REMUNERATION REPORT - AUDITED

This report outlines the remuneration arrangements in place for the directors and key management personnel of Renison Consolidated Mines NL (the Company).

Remuneration Policy

The performance of the Company depends upon the quality of its directors and executives. To prosper, the Company must attract, motivate and retain highly skilled directors and executives.

The full Board of Directors is responsible for determining and reviewing compensation arrangements for the directors and the executive team. The Board assesses the appropriateness of the nature and amount of emoluments of such officers on a periodic basis by reference to relevant employment market conditions with the overall objective of ensuring maximum stakeholder benefit from the retention of a high quality board and executive team. Such officers are given the opportunity to receive their base emolument in a variety of forms including cash, equity and fringe benefits. It is intended that the manner of payments chosen will be optimal for the recipient without creating undue cost for the Company. Further details on the remuneration of directors and executives are set out in this Remuneration Report.

RENISON CONSOLIDATED MINES N L ANNUAL REPORT 2012

The Company aims to reward the executive directors and key management personnel with a level and mix of remuneration commensurate with their position and responsibilities within the Company. The Board’s policy is to align director and executive objectives with shareholder and business objectives by providing a fixed remuneration component and offering long-term incentives.

In accordance with best practice corporate governance, the structure of non-executive director and executive director and key management personnel remuneration is separate and distinct.

Non-Executive Director Remuneration

The Board seeks to set aggregate remuneration at a level which provides the Company with the ability to attract and retain directors of the highest calibre, whilst incurring a cost which is acceptable to shareholders.

The Company’s specific policy for determining the nature and amount of emoluments of board members of the Company is as follows:

The Constitution of the Company provides that the non-executive directors are entitled to remuneration as determined by the Company in general meeting to be apportioned among them in such manner as the directors agree and, in default of agreement, equally. The aggregate remuneration currently determined by the Company is $200,000 per annum. Additionally, nonexecutive directors will be entitled to be reimbursed for properly incurred expenses.
If a non-executive director performs extra services, which in the opinion of the directors are outside the scope of the ordinary duties of the director, the Company may remunerate that director by payment of a fixed sum determined by the directors in addition to or instead of the remuneration referred to above. A non-executive director is entitled to be paid travelling and other expenses properly incurred by them in attending director's or general meetings of the Company or otherwise in connection with the business of the Company.

Executive Director and Key Management Personnel Remuneration

reward executives for company and individual performance against targets set by reference to appropriate benchmarks;
align the interests of executives with those of shareholders;
link reward with the strategic goals and performance of the Company; and
• ensure total remuneration is competitive by market standards.

The remuneration of the executive directors and key management personnel may from time to time be fixed by the Board. The remuneration will comprise a fixed remuneration component and also may include offering specific short and long-term incentives, in the form of:

performance based salary increases and/or bonuses; and/or
• the issue of options

Employment Contracts

It is the Board’s policy that employment agreements are entered into with all executive directors, executives and employees. No current employment contracts contain early termination clauses. All non-executive directors have contracts of employment.

Stephen Bizzell is engaged as Executive Chairman. His agreement is a consultancy style agreement for the provision of services. Services are invoiced at a weekly rate of $2,320.

Mr Kevin Grice is engaged as acting CEO and CFO. His contract provides for a fixed salary of $225,000 plus superannuation at 9%.

RENISON CONSOLIDATED MINES N L ANNUAL REPORT 2012

Discussion of the Relationship between the Remuneration Policy and the Consolidated Entity's Performance

The factors that are considered to affect shareholder return are summarised below:

Measures	2012	2011	2010	2009	2008
	$	$	$	$	$
Share price at end of financial year	$0.001	$0.003	$.002	$.003	$.035
Earnings/(loss) per share (cents)	(0.06)	(0.19)	(0.25)	(0.40)	(4.13)
Loss for the financial year	(4,191,446)	(4,331,980)	(4,146,702)	(4,344,372)	(30,572,186)
Director & Key Management Personnel remuneration	787,145	785,912	776,369	917,462	881,783

The Board considers the Consolidated Entity’s performance in the above matters when setting remuneration along with other factors relevant to an exploration company including the following:

the identification of prospective tenements;
subsequent design and execution of exploration programs;
negotiating joint venture arrangements on terms favorable to the Company;
expanding the level of mineral resources under the control of the company; and
carrying out exploration programs in a timely and cost effective manner.

Details of Directors and Key Management Personnel

Directors RS Anthon Director (Non-executive) SG Bizzell Chairman (Executive Chairman) DJ Vincent Director (Non-executive – resigned 31 August 2012) B Harrison Director (Non-executive – appointed 28 September 2012)

Key Management Personnel K Grice Acting Chief Executive Officer and Chief Financial Officer S Hall Exploration Manager P Marshall Company Secretary

Key management personnel are those directly accountable and responsible for the operational management and strategic direction of the Company and the Consolidated Entity.

Director remuneration

Director remuneration
Short-term Post- Employ- ment Share- based payment Total Perform- ance Related % Salary & Fees $ Cash Bonus $ Non- cash benefits $ Termin- ation Payments $ Superan- nuation $ Shares/ Options $ $	% consist -ing of equity
R Anthon 2012 30,000 - - - - - 30,000 - 2011 30,000 - - - - - 30,000 -	- -
S Bizzell 2012 120,640 - 5,738 - - - 126,378 - 2011 122,960 - 17,594 - - - 140,554 -	- -
D Vincent 2012 30,000 - - - - - 30,000 - 2011 30,000 - - - - - 30,000 -	- -
TOTAL 2012 180,640 - 5,738 - - - 186,378 - 2011 182,960 - 17,594 - - - 200,554 -	- -

RENISON CONSOLIDATED MINES N L ANNUAL REPORT 2012

Remuneration of the other key management personnel

Remuneration of the other key managementpersonnel
Short-term Post- Employ- ment Share- based payment Total Perform- ance Related %	% consist -ing of equity
Salary & Fees $ Cash Bonus $ Non-cash benefits $ Termin- ation Payments $ Superan- nuation $ Shares $ $
K Grice 2012 225,000 - - - 20,250 3,000 248,250 - 2011 225,000 - - - 20,250 - 245,250 -	1.21 -
S Hall 2012 210,550 - - - 16,682 3,000 230,232 - 2011 188,956 - - - 16,845 - 205,801 -	1.30 -
P Marshall 2012 130,000 - - - - 1,500 131,500 - 2011 132,500 - 1,807 - - - 134,307 -	1.14 -
TOTAL 2012 565,550 - - - 36,932 7,500 609,982 - 2011 546,456 - 1,807 - 37,095 - 585,358 -	1.23 -

No long term benefits have been paid or accrued for any director or key management personnel in the year ended 30 June 2012 (2011:nil).

Compensation securities: Granted and vested during the year

During the year the following fully paid ordinary shares were issued to key management personnel as part of their remuneration.

	Nos of Shares	Fair Value per share at grant date $	Total Value $	Grant Date	% vested	% forfeited
Scott Hall	3,000,000	0.001	3,000	23/12/12	100	-
Kevin Grice	3,000,000	0.001	3,000	23/12/12	100	-
Paul Marshall	1,500,000	0.001	1,500	23/12/12	100	-

These shares have no further service or performance conditions attached and will not affect future year’s remuneration.

The shares issued formed part of the standard remuneration of each key management personnel and as such were not dependent on a performance condition.

Shares issued on exercise of compensation options

No shares were issued on the exercise of compensation options in the 2011 or 2012 financial years. There are currently no outstanding compensation options on issue.

End of Remuneration Report - Audited

RENISON CONSOLIDATED MINES N L ANNUAL REPORT 2012

Auditor Independence Declaration Under Section 307c of The Corporations Act 2001 and NonAudit Services

The Auditor’s Independence Declaration is attached and forms part of the Director’s Report for the year ended 30 June 2012

BDO East Coast Partnership (formerly PKF East Coast Practice) continues in office in accordance with section 327 of the Corporations Act 2001.

There were no non-audit services provided by BDO East Coast Partnership in the 2012 financial year.

Signed in accordance with a resolution of the Board of Directors

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SG Bizzell Chairman Brisbane 28 September 2012

Tel: +61 2 9251 4100 Level 10, 1 Margaret St Fax: +61 2 9240 9821 Sydney NSW 2000 www.bdo.com.au Australia

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DECLARATION OF INDEPENDENCE BY KIM COLYER TO THE DIRECTORS OF RENISON CONSOLIDATED MINES NL

As lead auditor of Renison Consolidated Mines NL for the year ended 30 June 2012, I declare that, to the best of my knowledge and belief, there have been no contraventions of:

the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
any applicable code of professional conduct in relation to the audit.

This declaration is in respect Renison Consolidated Mines NL and the entities it controlled during the period.

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K L Colyer Partner

BDO East Coast Partnership

Brisbane, 28 September 2012

BDO East Coast Partnership ABN 83 236 985 726 is a member of a national association of independent entities which are all members of BDO (Australia) Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO East Coast Partnership and BDO (Australia) Ltd are members of BDO international Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent members firms. Liability limited by a scheme approved under Professional Standards Legislation (other than for the acts or omissions of financial services licensees) in each state or Territory other than Tasmania.

RENISON CONSOLIDATED MINES N L ANNUAL REPORT 2012

ADDITIONAL STOCK EXCHANGE INFORMATION

Additional information required by the Australian Stock Exchange Ltd and not shown elsewhere in this report is as follows. The information is current as at 19 September 2012.

SHAREHOLDER INFORMATION

DISTRIBUTION OF NUMBER OF HOLDERS OF EACH CLASS OF SECURITIES AS AT 19 SEPTEMBER 2012.

	Ordinary shares fully paid
NumberofSecuritiesHeld	Nos of holders
1 to 1,000 1,001 to 5,000 5,001 to 10,000 10,001 to 100,000 100,001 and over Number of shareholders holding less than a marketable parcel of shares	375 793 601 1,263 1,783
	4,815
	3,796

TWENTY LARGEST HOLDERS OF EACH QUOTED SECURITY

RSN – Ordinary Fully Paid Shares No. Name of Shareholder	Holding % Held
1 SYPCO HOLDINGS PTY LTD 2 PINE MOUNTAIN PTY LTD 3 BCP ALPHA INVESTMENTS PTY LTD 4 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 5 MR RICHARD ANTHON 6 HORRIE PTY LTD 7 UBS WEALTH MANAGEMENT AUSTRALIA NOMINEES PTY LTD 8 JP MORGAN NOMINEES AUSTRALIA LIMITED 9 MR SHAUN EDWARD SCOTT 10 NATIONAL NOMINEES LIMITED 11 LIMITS PTY LIMITED 12 BIOTEC INTERNATIONAL PTY LTD 13 STILWOOD CUSTODIANS PTY LTD 14 MR DAVID LE CORNU & MRS BETTY LE CORNU 15 HILLMORTON CUSTODIANS PTY LTD 16 BIZZELL NOMINEES PTY LTD 17 STILWOOD PTY LTD 18 MR GLENN ROBERT CHEESEMAN 19 MRS PETRINA TIERNEY 20 MR RICHARD AUSTIN & MRS PAMELA AUSTIN	2,383,136,177 11.59% 2,321,473,894 11.29% 2,268,629,150 11.04% 1,806,919,727 8.79% 1,284,870,064 6.25% 719,772,069 3.50% 463,853,810 2.26% 439,078,578 2.14% 421,090,263 2.05% 340,267,303 1.66% 246,141,000 1.20% 231,112,044 1.12% 225,704,381 1.10% 214,445,421 1.04% 210,545,132 1.02% 180,353,730 0.88% 168,436,105 0.82% 167,049,914 0.81% 166,891,397 0.81% 156,223,869 0.76%
	14,415,994,028 70.13%

RSN – Ordinary Fully Paid Shares
No. Name of Shareholder

Holding
% Held

1
SYPCO HOLDINGS PTY LTD
2
PINE MOUNTAIN PTY LTD
3
BCP ALPHA INVESTMENTS PTY LTD
4
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
5
MR RICHARD ANTHON
6
HORRIE PTY LTD
7
UBS WEALTH MANAGEMENT AUSTRALIA NOMINEES PTY LTD
8
JP MORGAN NOMINEES AUSTRALIA LIMITED
9
MR SHAUN EDWARD SCOTT
10
NATIONAL NOMINEES LIMITED
11
LIMITS PTY LIMITED
12
BIOTEC INTERNATIONAL PTY LTD
13
STILWOOD CUSTODIANS PTY LTD
14
MR DAVID LE CORNU & MRS BETTY LE CORNU
15
HILLMORTON CUSTODIANS PTY LTD
16
BIZZELL NOMINEES PTY LTD
17
STILWOOD PTY LTD
18
MR GLENN ROBERT CHEESEMAN
19
MRS PETRINA TIERNEY
20
MR RICHARD AUSTIN & MRS PAMELA AUSTIN

2,383,136,177
11.59%
2,321,473,894
11.29%
2,268,629,150
11.04%
1,806,919,727
8.79%
1,284,870,064
6.25%
719,772,069
3.50%
463,853,810
2.26%
439,078,578
2.14%
421,090,263
2.05%
340,267,303
1.66%
246,141,000
1.20%
231,112,044
1.12%
225,704,381
1.10%
214,445,421
1.04%
210,545,132
1.02%
180,353,730
0.88%
168,436,105
0.82%
167,049,914
0.81%
166,891,397
0.81%
156,223,869
0.76%

14,415,994,028
70.13%

VOTING RIGHTS

(i) All fully paid ordinary shares carry one vote per share without restriction. (ii) All partly paid ordinary shares carry a fraction of one vote per share equal to the proportion that the amount paid up bears to the total issue price.

RENISON CONSOLIDATED MINES N L ANNUAL REPORT 2012

UNQUOTED SECURITIES

There are no unquoted securities at 30 June 2012.

INTERESTS IN MINING TENEMENTS

Renison Consolidated Mines NL held the following interests in mining and exploration tenements as at 19 September 2012:

Queensland Tenements

Type	Title No	Location	Interest
MDL EPM EPM Application EPM Application EPM EPM EPM EPM Application	402 17788 17626 17629 17632 17949 19368 19571	Agate Creek Agate Creek Agate Creek Agate Creek Agate Creek Agate Creek Rocklands Rocklands	100% 100% 100% 100% 100% 100% 100% 100%

NSW Tenements

Type	Title No	Location	Interest
EL EL EL EL EL EL EL EL Application EL Application	6433 6526 6428 6234 6521 6918 7924 4485 4513	Arrawatta Atholwood Ashford North Ashford Rob Roy Uralla Uralla Tenterfield Glen Innes	100% 50% 50% 50% 100% 0%* 100% 100% 100%

*option to purchase is held

New Zealand Tenements

Type	Title No	Location	Interest
EP EP EP Application EP Application	53464 53469 54216 54215	Klondyke Waitekauri Owharoa Waiorongamai	100% 100% 100% 100%

RENISON CONSOLIDATED MINES N L ANNUAL REPORT 2012

CORPORATE GOVERNANCE STATEMENT

The board of directors of Renison Consolidated Mines NL is responsible for the corporate governance of the Company. The Board guides and monitors the business and affairs of Renison Consolidated Mines NL on behalf of the shareholders by whom they are elected and to whom they are accountable.

Renison Consolidated Mines NL’s Corporate Governance Statement is structured with reference to the Australian Stock Exchange (“ASX”) Corporate Governance Council’s (the “Council”) “Corporate Governance Principles and Recommendations, 2[nd] Edition”, which are as follows:

Principle 1 Lay solid foundations for management and oversight Principle 2 Structure the board to add value Principle 3 Promote ethical and responsible decision making Principle 4 Safeguard integrity in financial reporting Principle 5 Make timely and balanced disclosure Principle 6 Respect the rights of shareholders Principle 7 Recognise and manage risk Principle 8 Remunerate fairly and responsibly

Given the size of the Company and the number of Board members the Company is not in a position to be fully compliant with the Council’s best practice recommendations. The Company’s current policies do not meet the recommended practices in the following areas due to the board currently consisting of only three directors one of whom is the executive chairman.

ASX Principles and recommendations	Summary of the Company’s Position
*Principle 2 – Structure the board to add value*
Recommendation 2.2 – The chair should be an	The chairman of the company is not an
independent director	independent director as he is both a substantial
	shareholder in the company and undertakes an
	executive director role in the company.
Recommendation 2.4 – The board should	Due to the size and scale of operations, Renison
establish a nomination committee	does not have a separately established nomination
	committee. The Board currently performs the
	functions of a nomination committee and where
	necessary will seek advice of external advisors in
	relation to this role.
*Principle 3 – Promote ethical and responsible*	*decision making*
Recommendations 3.2 and 3.3 - Measurable	The Board has yet to establish a Diversity Policy.
objectives for achieving gender diversity and for	There are some aspects of the recommendations
the annual assessment of both the objectives	that would be difficult to comply with due to the
and progress in achieving them have not been	Company’s size. The Board at this juncture has
implemented	not set measurable objectives. This policy will be
	reviewed as part of the annual compliance review
	to ensure that the Diversity Policy is being
	progressed as required and to set measurable
	objectives when appropriate for the Company.
*Principle 4 – Safeguard integrity in financial reporting*
Recommendation 4.2 – The audit committee	During the 2011/12 financial year the full board
should be structured so that it:	was also the audit committee. It currently meets
- Consists only of non-executive directors	all the recommendations except it does not meet
- Consists of a majority of independent	the recommendation that the committee consists
directors	of only non-executive directors as one of the
- Is chaired by an independent chair, who is	directors SG Bizzell is not a non-executive
not chair of the board	director.
- Has at least 3 members

RENISON CONSOLIDATED MINES N L ANNUAL REPORT 2012

ASX Principles and recommendations	Summary of the Company’s Position
*Principle 7 – Recognise and manage risk*
Recommendation 7.2 – The board should	While the design and implementation of a basic
require management to design and implement	risk management and internal control system is in
the risk management and internal control system	place, a formal report as to the effectiveness of the
to manage the company’s material business	management of the Company’s material business
risks and report to it on whether those risks are	risks has not been provided to the board, and is
being managed effectively. The board should	not considered necessary at this stage for the size
disclose that management has reported to it as	and nature of the Company’s current activities.
to the effectiveness of the company’s
management of its material business risks.

Principle 8 - Remunerate fairly and responsibly Recommendation 8.1 – The board should Due to the size and scale of operations, Renison establish a remuneration committee does not have a separately established nomination committee. The Board currently performs the functions of a nomination committee. For further details regarding remuneration please refer to the Remuneration Report included in the Directors Report.

Structure of the Board

The skills, experience and expertise relevant to the position of director held by each director in office at the date of the annual report is included in the Directors’ Report. Directors are considered to be independent when they are independent of management and free from any business or other relationship that could materially interfere with, or could reasonably be perceived to materially interfere with, the exercise of their unfettered and independent judgment.

In the context of director independence, “materiality” is considered from both the company and individual director perspective. The determination of materiality requires consideration of both quantitative and qualitative elements. An item is presumed to be quantitatively material on the following basis - balance sheet items are material if they have a value of more than 5% of pro-forma net assets and profit and loss items are material if they will have an impact on the current year operating result of 10% or more. Qualitative factors considered include whether a relationship is strategically important, the competitive landscape, the nature of the relationship and the contractual or other arrangements governing it and other factors which point to the actual ability of the director in question to shape the direction of the Company’s loyalty.

In accordance with the definition of independence above, and the materiality thresholds set, SG Bizzell who is a substantial shareholder and an executive of the company is not classified as independent while RS Anthon and B Harrison are considered to be independent as at the date of this report. The term in office held by each director in office at the date of this report is as follows:

Name	Term in Office
B Harrison	0 years
RS Anthon	15 years
SG Bizzell	15 years

There are procedures in place, agreed by the Board, to enable directors, in furtherance of their duties, to seek independent professional advice at the Company’s expense.

Trading Policy

The Board has adopted a policy and procedure on dealing in the Company’s securities by Directors, officers and employees which prohibits dealing in the Company’s securities when those persons possess inside information, until it has been released to the market and adequate time has passed for

RENISON CONSOLIDATED MINES N L ANNUAL REPORT 2012

this to be reflected in the security’s prices. In addition trading is only permitted during certain predetermined windows.

Diversification

The recruitment and selection processes adopted by the Company ensure that staff and management are selected in a non-discriminatory manner based on merit. The Company values diversity in the organisation. The Company intends to formalise its diversity policy and establish suitable diversity targets but as at the date of this report this is yet to be done.

The proportion of women employees in the whole organisation, women in senior management positions and women on the board are as follows:

Measure	Female Proportion
Organisation	25%
Senior Management	Nil
Board	Nil

Remuneration and Nomination Committee

The full board now deals with the matters to be covered by the Remuneration and Nomination committee including when necessary, selecting candidates for the position of director.

Audit Committee

The Audit Committee operates under a charter approved by the Board. It is the Board’s responsibility to ensure that an effective internal control framework exists within the Company. This includes internal controls to deal with both the effectiveness and efficiency of significant business processes, the safeguarding of assets, the maintenance of proper accounting records, and the reliability of financial information as well as non-financial considerations such as the benchmarking of operational key performance indicators. The Board has delegated the responsibility for the establishment and maintenance of a framework of internal control and ethical standards for the management of the Company to the audit committee.

Qualifications of audit committee members

RS Anthon has been a practicing solicitor for over 20 years and has extensive experience in the area of corporate law. He has been a director of a number of public and private companies. He is the chairman of the audit committee. B Harrison holds a Master of Applied Finance and Investment and is a member of the Financial Services Institute of Australasia. SG Bizzell was a chartered accountant and is an experienced company director. For details on the number of meetings of the audit committee held during the year and the attendees at those meetings, refer to the Directors’ Report.

Risk Management

The Company has developed a basic framework for risk management and internal compliance and control systems which cover organisational, financial and operational aspects of the Company’s affairs. Further detail of the Company’s Risk Management policies can be found within the Audit and Risk Management Committee Charter available on the Company’s website. As required by Recommendation 7.3, the Board has received written assurances from the Chief Executive Officer and Chief Financial Officer that to the best of their knowledge and belief, the declaration provided by them in accordance with section 295A of the Corporations Act is founded on a sound system of risk management and internal control and that the system is operating effectively in all material respects in relation to financial reporting risks.

Performance

The full Board, in carrying out the functions of the Remuneration and Nomination Committee, considers remuneration and nomination issues annually and otherwise as required in conjunction with the regular meetings of the Board. The performance of the individual members of the Board is considered at the regular meetings of the Board. No formal performance evaluation of the directors was undertaken during the year ended 30 June 2012.

RENISON CONSOLIDATED MINES N L ANNUAL REPORT 2012

Continuous Disclosure Policy

Detailed compliance procedures for ASX Listing Rule disclosure requirements have been adopted by the Company. A copy of the Continuous Disclosure Policy can be found within the Company’s Corporate Governance Statement on the Company’s website in the Corporate Governance section.

Communications

The Company has adopted a Communications Policy aimed at promoting effective communications with shareholders and encouraging shareholder participation at general shareholder meetings. A copy of the policy can be found within the Company’s Corporate Governance Statement on the Company’s website in the Corporate Governance section. In addition to corporate and project information generally available on the Company’s website, in the News & Investor Relations section of the Company’s website the following information is made available:

ASX Announcements
Annual and Quarterly Reports

Remuneration

It is the Company’s objective to provide maximum stakeholder benefit from the retention of a high quality Board and Executive team by remunerating Directors and key Executives fairly and appropriately with reference to relevant and employment market conditions. There is currently no link between the nature and amount of Executive Director’s and Officer’s emoluments to the Company’s financial and operations performance. The expected outcomes of the remuneration structure are the retention and motivation of key Executives and the attraction of quality management to the Company.

For details on the amount of remuneration and all monetary and non-monetary components for each of the five highest paid (Non-Director) Executives during the period, and for all Directors, please refer to the Remuneration Report within the Directors’ Report. In relation to the payment of bonuses, options and other incentive payments, discretion is exercised by the Board, having regard to the overall performance of Renison and the performance of the individual during the period. The Board is responsible for determining and reviewing compensation arrangements for the directors themselves and the chief executive officer and the executive team.

RENISON CONSOLIDATED MINES N L ANNUAL REPORT 2012

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2012

Note Revenue 2 Other Income 3 Depreciation and amortisation expenses 4 Finance costs 4 Employment costs 4 Other expenses 4 Loss before tax Income tax expense 5 Loss for the year Other comprehensive income Total comprehensive income for the year Total comprehensive income for the year is attributable to: Owners of Renison Consolidated Mines NL Loss per share Basic and diluted (loss) per share (cents per share) 25	Consolidated 2012 2011 $ $ 50,597 102,391 267 - (25,671) (27,451) (3,009,283) (3,097,484) (666,925) (779,988) (540,431) (529,448)
	(4,191,446) (4,331,980) - -
	(4,191,446) (4,331,980)
	- -
	(4,191,446) (4,331,980)
	(4,191,446) (4,331,980)
	(0.06) (0.19)

The above statement of comprehensive income should be read in conjunction with the accompanying notes

RENISON CONSOLIDATED MINES N L ANNUAL REPORT 2012

BALANCE SHEET AS AT 30 JUNE 2012

Note Current Assets Cash and cash equivalents 6 Trade and other receivables 7 Other Financial assets 8 Prepayments 9 Total Current Assets Non-Current Assets Trade and other receivables 10 Property, plant & equipment 12 Exploration and evaluation assets 13 Total Non-Current Assets Total Assets Current Liabilities Trade and other payables 14 Borrowings 15 Provisions 16 Total Current Liabilities Non-Current Liabilities Borrowings 17 Provisions 18 Total Non-Current Liabilities Total Liabilities Net Assets/(Liabilities) Equity Equity attributable to equity holders of the parent Share capital 19 Accumulated losses 20 Total Equity/(Deficiency)	Consolidated 2012 2011 $ $ - 8,605 14,739 22,372 1,067 800 25,107 35,252
	40,913 67,029
	115,000 157,575 44,818 70,489 10,056,293 9,230,999
	10,216,111 9,459,063

	10,257,024 9,526,092
	1,741,174 1,803,526 20,778 14,833,911 83,993 97,049
	1,845,945 16,734,486
	17,226,594 13,276,900 205,650 205,650
	17,432,244 13,482,550

	19,278,189 30,217,036

	(9,021,165) (20,690,944)
	99,335,122 83,473,897 (108,356,287) (104,164,841)
	(9,021,165) (20,690,944)

The above balance sheet should be read in conjunction with the accompanying notes

RENISON CONSOLIDATED MINES N L ANNUAL REPORT 2012

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2012

Consolidated Balance at 1 July 2010 Loss for the year Other comprehensive income Total comprehensive income Transactions with owners in their capacity as owners Call payment on partly paid shares Shares issued re convertible note interest reinvestment plan Shares issued re creditor payment Shares issued re project acquisition Total transactions with owners Balance at 30 June 2011 Balance at 1 July 2011 Loss for the year Other comprehensive income Total comprehensive income Transactions with owners in their capacity as owners Shares issued re convertible note interest reinvestment plan Shares issued re convertible note redemption Shares issued to employees Shares issued re project acquisition Total transactions with owners At 30 June 2012	Share Capital Accumulated Losses Total $ $ $ 81,153,238 (99,832,861) (18,679,623) - (4,331,980) (4,331,980) - - -
	- (4,331,980) (4,331,980)
	445,251 - 445,251 1,755,408 - 1,755,408 100,000 - 100,000 20,000 - 20,000
	2,320,659 - 2,320,659
	83,473,897 (104,164,841) (20,690,944)
	83,473,897 (104,164,841) (20,690,944) - (4,191,446) (4,191,446) - - -
	- (4,191,446) (4,191,446)
	1,763,611 - 1,763,611 14,077,489 - 14,077,489 10,125 - 10,125 10,000 - 10,000
	15,861,225 - 15,861,225
	99,335,122 (108,356,287) (9,021,165)

The above statement of changes in equity should be read in conjunction with the accompanying notes

RENISON CONSOLIDATED MINES N L ANNUAL REPORT 2012

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2012

Note Cash Flows from Operating Activities Cash receipts in the course of operations Cash payments in the course of operations Interest received Interest paid Net Cash Used in Operating Activities 21 Cash Flow From Investing Activities Payments for property, plant & equipment Payments for exploration & evaluation Proceeds from security deposits Net Cash Flow (Used in)/Provided by Investing Activities Cash Flow from Financing Activities Proceeds from issue of shares Loans received Loans repaid Repayment of finance lease principal Net Cash Flow from Financing Activities Net increase (decrease) in cash held Cash at the beginning of the financial year Cash at the end of the financial year 21	Consolidated 2012 2011 $ $ 61,151 86,494 (868,440) (959,950) 472 1,459 (7,952) (13,371)
	(814,769) (885,368)
	- (3,631) (769,979) (1,380,400) 12,782 19,992
	(757,197) (1,364,039)
	- 445,251 1,572,067 2,200,000 - (431,163) (13,911) (12,427)
	1,558,156 2,201,661
	(13,810) (47,746) 8,605 56,351
	(5,205) 8,605

The above statement of cash flows should be read in conjunction with the accompanying notes

RENISON CONSOLIDATED MINES NL - ANNUAL REPORT 2012 Notes to the Financial Statements

1. CORPORATE INFORMATION

Introduction

Renison Consolidated Mines NL is incorporated and domiciled in Australia.

Operations and principal activities

Principal activities comprise of mineral exploration.

Scope of financial statements

The consolidated financial statements consist of Renison Consolidated Mines NL and the entities it controlled at the end of, or during, the year ended 30 June 2012.

Currency

The financial report is presented in Australia dollars and rounded to the nearest one dollar.

Authorisation of financial report

The financial report was authorised for issue on 28 September 2012.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of preparation

These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board and the Corporations Act 2001. Renison Consolidated Mines NL is a for-profit entity for the purpose of preparing the financial statements.

The following is a summary of the material accounting policies adopted by the consolidated entity in the preparation of the financial report. The accounting policies have been consistently applied, unless otherwise stated.

Compliance with IFRS

The consolidated financial statements of Renison Consolidated Mines NL group also comply with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

Historical cost convention

These financial statements have been prepared under the historical cost convention.

Critical accounting estimates and judgements

The preparation of financial statements in conformity with Australian Accounting Standards requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed below:

Key judgements – exploration & evaluation assets

The consolidated entity performs regular reviews on each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area of interest. These reviews are based on detailed surveys and analysis of drilling results performed to balance date.

The Directors have assessed that for the exploration and evaluation assets recognised at 30 June 2012, the facts and circumstances do not suggest that the carrying amount of an asset may exceed its recoverable amount. In considering this the Directors have had regard to the facts and circumstances that indicate a need for impairment as noted in Accounting Standard AASB 6 “Exploration for and Evaluation of Mineral Resources”.

Going concern basis for accounting

The consolidated entity has a net deficiency of assets at 30 June 2012 of $9,021,165 (2011: $20,690,944), net current liabilities of $1,805,032 - (2011: $16,667,457) and has incurred losses of $4,191,446 (2011: $4,331,980), for the year then ended. These conditions give rise to a material uncertainty which may cast significant doubt about the ability of the consolidated entity to continue as a going concern.

The ability of the consolidated entity to continue as a going concern is principally dependent upon one or more of the following:

Continuation of debt funding. The company has existing loan facilities of $19,500,000 provided by a director related entity. As at the date of this report there is approximately $1,600,000 available to be drawn down under these loan facilities. The director who has provided the loan facilities has assured the company that

RENISON CONSOLIDATED MINES NL - ANNUAL REPORT 2012 Notes to the Financial Statements

the loans will not be called for repayment within the next 12 months. The director has also made a commitment to increase the facilities to $22,400,000 in the event the company hasn’t either completed a sale of assets and/or completed a capital raising by the start of the 2013 calendar year.

The realisation of funds from the sale of certain assets. As at the date of this report the directors are unable to confirm the success or otherwise of these negotiations.

As a result of the ongoing support from a director of the company and the anticipated successful asset sales the directors believe the going concern basis of preparation is appropriate, and accordingly have prepared the financial report on this basis.

The going concern basis presumes that funds will be available to finance future operations and that the realisation of assets and liabilities will occur in the normal course of business.

Should the consolidated entity be unable to continue as a going concern, it may be required to realise its assets and extinguish its liabilities other than in the ordinary course of business, and at amounts that differ from those stated in the financial statements.

This financial report does not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts or classification of liabilities and appropriate disclosures that may be necessary should the consolidated entity be unable to continue as a going concern.

Principles of Consolidation

Subsidiaries

A controlled entity is any entity Renison Consolidated Mines NL has the power to control the financial and operating policies so as to obtain benefits from its activities. A list of controlled entities is contained in Note 11 to the financial statements. All controlled entities have a June financial year-end.

All inter-company balances and transactions between entities in the consolidated entity, including any unrealised profits or losses, have been eliminated on consolidation. Accounting policies of subsidiaries have been changed where necessary to ensure consistencies with those policies applied by the parent entity.

Where controlled entities have entered or left the consolidated entity during the year, their operating results have been included/excluded from the date control was obtained or until the date control ceased.

The acquisition method of accounting is used to account for business combinations by the consolidated entity.

Joint Ventures

The consolidated entity’s share of the assets, liabilities, revenue and expenses of joint ventures are included in the appropriate items of the consolidated financial statements.

Foreign Currencies

Items included in the financial statements of each of the Group entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in Australian dollars, which is the Company’s functional and presentation currency.

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Revenue Recognition

Amounts disclosed as revenue are net of returns, trade allowances and duties and taxes paid.

Interest revenue is accrued on a time basis, by reference to the principle outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimate future cash receipts through the expected life of the financial asset to that asset’s net carrying value.

RENISON CONSOLIDATED MINES NL - ANNUAL REPORT 2012 Notes to the Financial Statements

Taxes

Income taxes

The income tax expense or benefit for the period is the tax payable on the current periods taxable income based on the notional income tax rate adjusted by changes in deferred tax assets and liabilities attributable to temporary differences between the tax bases of assets and liabilities and their carrying amounts in the financial statements, and to unused tax losses.

Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to apply when the assets are recovered or liabilities are settled, based on those tax rates which are enacted or substantively enacted for each jurisdiction. The relevant tax rates are applied to the cumulative amounts of deductible and taxable temporary differences to measure the deferred tax asset or liability. An exception is made for certain temporary differences arising from the initial recognition of an asset or a liability. No deferred tax asset or liability is recognised in relation to these temporary differences if they arose in a transaction, other than a business combination, that at the time of the transaction did not affect either accounting profit or taxable profit or loss.

Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses. Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and tax bases of investments in controlled entities where the parent entity is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future.

Current and deferred tax balances attributable to amounts recognised directly in equity are also recognised directly in equity.

Goods and Services Tax (GST)

Revenues, expenses, and assets are recognised net of the amount of GST, except where the GST incurred on a purchase of goods or services is not recoverable from the taxation authority, in which case the GST is recognised as part of the cost of acquisition of the assets or as part of the expense item as applicable, and except for receivables and payables which are stated inclusive of GST.

Cash flows are included in the Statement of Cash Flows on a gross basis and the GST component of cash flows arising from investing and financing activities which is recoverable from or payable to the taxation authority are classified as operating cash flows.

The net amount of GST recoverable from or payable to the taxation authority is included as part of receivables or payables in the statement of financial position. Commitments and contingencies are disclosed net of the amount of GST recoverable from or payable to the taxation authority.

Leases

Leases are classified at their inception as either operating or finance leases based on the economic substance of the agreement so as to reflect the risks and benefits incidental to ownership.

Operating leases

The minimum lease payments of operating leases, where the lessor effectively retains substantially all of the risks and benefits of ownership of the leased item, are recognised as an expense on a straight line basis.

Finance leases

Leases which effectively transfer substantially all of the risks and benefits incidental to ownership of the leased item to the consolidated entity are capitalised at the present value of the minimum lease payments. A lease liability of equal value is also recognised. Minimum lease payments are allocated between interest expense and reduction of the lease liability with the interest expense calculated using the interest rate implicit in the lease and recognised directly in net profit.

Cash and Cash Equivalents

For purposes of the Statement of Cash Flows, cash and cash equivalents includes cash on hand, deposits at call with financial institutions and other highly liquid investments with short periods to maturity which are readily convertible to cash on hand and are subject to an insignificant risk of changes in value, net of outstanding bank overdrafts.

RENISON CONSOLIDATED MINES NL - ANNUAL REPORT 2012 Notes to the Financial Statements

Receivables

All trade receivables are recognised at the amounts receivable as they are due for settlement no more than 30 days from the date of recognition.

Collectability of trade receivables is reviewed on an ongoing basis. Debts which are known to be uncollectible are written off. A provision of doubtful receivables is established when there is objective evidence that the consolidated entity will not be able to collect all amounts due according to the original terms of receivables. The amount of the provision is the difference between the assets carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised in profit or loss.

The carrying amounts of the loans are reviewed at each balance date to determine whether there is any indication of impairment. If any such indication exists, the loan is impaired to its recoverable amount. The recoverable amount of the receivables carried at amortised cost is calculated as the present value of estimated future cash flows, discounted at the original effective interest rate.

Investments and Other Financial Assets

The consolidated entity classifies its investments in the following categories: financial assets at fair value through profit or loss, loans and receivables, held-to-maturity investments, and available-for-sale financial assets. The classification depends on the purpose for which the investments were acquired. Management determines the classification of its investments at initial recognition and, in the case of assets classified as held-to-maturity, reevaluates this designation at each reporting date.

(i) Financial Assets at fair value through profit or loss

Financial assets at fair value through profit or loss are financial assets held for trading which are acquired principally for the purpose of selling in the short term with the intention of making a profit. Derivatives are also categorised as held for trading unless they are designated as hedges.

(ii) Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They arise when the consolidated entity provides money, goods or services directly to a debtor with no intention of selling the receivable. They are included in current assets, except for those with maturities greater than 12 months after the balance sheet date which are classified as non-current assets. Such assets are carried at amortised cost using the effective rate interest method. Gains and losses are recognised in profit and loss when the loans and receivables are derecognised or impaired, as well as through the amortisation process.

(iii) Held-to-maturity investments

Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments and fixed maturities that the consolidated entity’s management has the positive intention and ability to hold to maturity.

(iv) Available-for-sale financial assets

Available-for-sale financial assets, comprising principally marketable equity securities, are non-derivatives that are either designated in this category or not classified in any of the other categories. They are included in non-current assets unless management intends to dispose of the investment within 12 months of the balance sheet date.

Regular purchases and sales of investments are recognised on trade-date – the date on which the consolidated entity commits to purchase or sell the asset. Investments are initially recognised at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Financial assets carried at fair value though profit or loss are initially recognised at fair value. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the consolidated entity has transferred substantially all the risks and rewards of ownership.

Available-for-sale financial assets and financial assets at fair value through profit and loss are subsequently carried at fair value. Loans and receivables and held-to-maturity investment are carried at amortised cost using the effective interest method. Gains or losses arising from changes in the fair value of the ‘financial assets at fair value through profit or loss’ category, including interest and dividend income, are presented in profit or loss within other income or other expenses in the period in which they arise.

RENISON CONSOLIDATED MINES NL - ANNUAL REPORT 2012 Notes to the Financial Statements

Changes in the fair value of monetary securities denominated in a foreign currency and classified as available-forsale are analysed between translation differences resulting from changes in amortised cost of the security and other changes, in the carrying amount of the security. The translation differences are recognised in profit and loss and other changes in carrying amount are recognised in equity. Changes in the fair value of other monetary and non-monetary securities classified as available-for-sale are recognised in equity.

When securities classified as available-for-sale are sold or impaired, the accumulated fair value adjustments recognised in equity are reclassified to profit or loss as gains and losses from investment securities.

The fair values of quoted investment are based on current bid prices. If the market for a financial asset is not active (and for unlisted securities), the consolidated entity established fair value by using valuation techniques. These include the use of recent arm’s length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, and option pricing models making maximum use of market inputs and relying as little as possible on entity-specific inputs.

The consolidated entity assesses at each balance date whether there is objective evidence that a financial asset or group of financial assets is impaired. In the case of equity securities classified as available-for-sale, a significant or prolonged decline in the fair value of a security below its cost is considered in determining whether the security is impaired. If any such evidence exists for available-for-sale financial assets, the cumulative loss – measured as the difference between the acquisition costs and the current fair value, less any impairment loss on that financial asset previously recognised in profit and loss – is removed from equity and recognised in profit or loss.

Property, Plant and Equipment

Plant and Equipment

The exploration plant and equipment is recorded at cost less accumulated depreciation, where depreciation is calculated on a straight line basis over the estimated useful lives for the period the assets are put to productive use. Estimates of remaining useful lives are made on a regular basis for all assets, with annual reassessments for major items. The expected useful lives are as follows:

Major depreciation periods are
- Motor vehicles	5-6 years
- Plant & equipment	3-8 years

Exploration and Evaluation Assets

Costs carried forward

Exploration, evaluation and development expenditure incurred is accumulated in respect of each identifiable area of interest. Such expenditures comprise net direct costs and an appropriate portion of related overhead expenditure but does not include overheads or administration expenditure not having a specific nexus with a particular area of interest. These costs are only carried forward to the extent that they are expected to be recouped through the successful development of the area or where activities in the area have not yet reached a stage which permits reasonable assessment of the existence of economically recoverable reserves and active or significant operations in relation to the area are continuing.

Restoration costs

Restoration costs that are expected to be incurred are provided for as part of the cost of the exploration, evaluation, development, construction and production phases that give rise to the need for restoration. Accordingly, these costs are recognised gradually over the life of the facility as these phases occur. The costs include obligations relating to reclamation, waste site closure, plant closure and other costs associated with the restoration of the site. In determining the restoration obligations, the entity has assumed no significant changes will occur in the relevant Federal and State legislation in relation to restoration of such mines in the future.

Both for close down and restoration and for environmental clean-up costs, provision is made in the accounting period when the related disturbance occurs, based on the net present value of estimated future costs.

For close down and restoration costs, which include the dismantling and demolition of infrastructure, removal of residual materials and remediation of disturbed areas, movements in provision other than the amortisation of the discount, such as those resulting from changes in the cost estimates, lives of operations or discount rates, are capitalised into the carrying amount of development and amortised against future production.

RENISON CONSOLIDATED MINES NL - ANNUAL REPORT 2012 Notes to the Financial Statements

Payables

Liabilities for trade creditors and other amounts are carried at cost which is the fair value of the consideration to be paid in the future for goods and services received. Interest, when charged by the lender, is recognised as an expense on an accruals basis. Trade account payables are usually settled on a 30 day basis.

Borrowings

All loans and convertible notes are initially measured at fair value net of transaction costs incurred.

Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan.

Contributed Equity

Issued and paid up capital is recognised at the fair value of the consideration received by the Group. Any transaction costs arising on the issue of ordinary shares are recognised directly in equity as a reduction of the share proceeds received.

Forfeited partly paid shares that are held in trust pending disposal are disclosed as treasury shares.

Employee Benefits

(i) Wages and salaries, annual leave and sick leave

Liabilities for wages and salaries, including non-monetary benefits, annual leave and any vesting sick leave expected to be settled within 12 months of the reporting date are recognised in provisions in respect of employees' services up to the reporting date and are measured at the amounts expected to be paid when the liabilities are settled. Liabilities for non-accumulating sick leave are recognised when the leave is taken and measured at the rates paid or payable.

(ii) Long service leave

The liability for long service leave is recognised in the provision for employee benefits and measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the reporting date on national government bonds with terms to maturity and currency that match, as closely as possible, the estimated future cash outflows.

(iii) Share-based payments

The fair value of options granted is recognised as an employee benefit expense with a corresponding increase in equity. The fair value is measured at grant date and recognised over the period during which the employees become unconditionally entitled to the options. The fair value at grant date is independently determined using a Black-Scholes option pricing model that takes into account the exercise price, the term of the option, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the riskfree interest rate for the term of the option.

The fair value of the options granted excludes the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Non-market vesting conditions are included in assumptions about the number of options that are expected to become exercisable. At each balance sheet date, the entity revises its estimate of the number of options that are expected to become exercisable. The employee benefit expense recognised each period takes into account the most recent estimate.

(iv) Employee benefit on-costs

Employee benefit on-costs, including payroll tax, are recognised and included in employee benefit liabilities and costs when the employee benefits to which they relate are recognised as liabilities.

Earnings/Loss per Share

Basic earnings per share

Basic earnings per share is determined by dividing net profit after income tax attributable to equity holders of the Company, excluding any costs of servicing equity other than ordinary shares, by the weighted average number of the ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the year.

RENISON CONSOLIDATED MINES NL - ANNUAL REPORT 2012 Notes to the Financial Statements

Diluted earnings per share

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares.

Comparatives

When required by Australian Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year.

Parent entity financial information

The financial information for the parent entity, Renison Consolidated Mines NL, disclosed in note 32 has been prepared on the same basis as the consolidated financial statements, except as set out below.

(i) Investments in subsidiaries

Investments in subsidiaries are accounted for at cost in the individual financial statements of the parent entity.

(ii) Tax Consolidation Legislation

Renison Consolidated Mines NL and its wholly owned Australian subsidiaries entered the tax consolidation regime with effect from 1 July 2004. As a consequence the subsidiaries are no longer subject to income tax as separate entities unless the parent entity is in default of its obligations, a default is probable, or the tax amounts relate to taxable income incurred prior to the implementation of the tax consolidation regime. The tax sharing agreement will limit potential liabilities of the subsidiary entities, should Renison Consolidated Mines NL be in default of its obligations. Amounts payable or receivable under such a tax sharing agreement with the parent entity will be recognised in accordance with the terms and conditions of the agreement as tax related amounts receivable or payable. The impact on the income tax expense and results of Renison Consolidated Mines NL is immaterial because of the current tax position of the Group.

New Accounting Standards and Interpretations

The following new standards and amendments to standards are mandatory for the first time for the financial year beginning 1 July 2011:

AASB 1054 Australian Additional Disclosures;
Revised AASB 124: Related Party Disclosures (December 2009);
AASB 2009-12 Amendments to Australian Accounting Standards;
AASB 2010-4 Further Amendments to Australian Accounting Standards arising from the Annual Improvements Project; and
AASB 2010-6 Amendments to Australian Accounting Standards – Disclosures on Transfers of Financial Assets.

The adoption of these standards did not have any material impact on the current or any prior period and is not likely to materially affect future periods.

New Standards and Interpretations Not Yet Adopted

Certain new accounting standards and interpretations have been published that are not mandatory for 30 June 2012 reporting periods. The Consolidated Entity has decided against early adoption of these standards. The Consolidated Entity’s assessment of the impact of these new standards and interpretations is set out below:

- AASB 9 Financial Instruments, 2009 11 Amendments to Australian Accounting Standards arising from AASB 9 and 2010-7 Amendments to Australian Accounting Standards arising from AASB 9

This standard and its consequential amendments are applicable to annual reporting periods beginning on or after 1 January 2015 and completes phase I of the IASB's project to replace IAS 39 (being the international equivalent to AASB 139 'Financial Instruments: Recognition and Measurement'). This standard introduces new classification and measurement models for financial assets, using a single approach to determine whether a financial asset is measured at amortised cost or fair value. To be classified and measured at amortised cost, assets must satisfy the business model test for managing the financial assets and have certain contractual cash flow characteristics. All other financial instrument assets are to be classified and measured at fair value. This standard allows an irrevocable election on initial recognition to present gains and losses on equity instruments (that are not held-fortrading) in other comprehensive income, with dividends as a return on these investments being recognised in profit or loss. In addition, those equity instruments measured at fair value through other comprehensive income would no longer have to apply any impairment requirements nor would there be any 'recycling' of gains or losses through profit or loss on disposal. The accounting for financial liabilities continues to be classified and measured in accordance with AASB 139, with one exception, being that the portion of a change of fair value relating to the

RENISON CONSOLIDATED MINES NL - ANNUAL REPORT 2012 Notes to the Financial Statements

entity's own credit risk is to be presented in other comprehensive income unless it would create an accounting mismatch. The Consolidated Entity will adopt this standard from 1 July 2015 but the impact of its adoption is yet to be assessed by the Consolidated Entity.

AASB 10: 'Consolidated Financial Statements'

This standard replaces part of IAS 27: 'Consolidated and Separated Financial Statements' and is applicable for the annual period beginning 1 January 2013. This new standard introduces a new definition of control that determines which entities are consolidated. This new definition of control may potentially lead to the consolidation of entities that were not previously included in the Consolidated Entity resulting in more assets and liabilities on the books. The Consolidated Entity is currently assessing the impact of this standard.

AASB 11: 'Joints Arrangements'

This standard replaces IAS 31: 'Interests in Joint Ventures' and is applicable for annual periods beginning on or after 1 January 2013. This new standard introduces new rules which classify joint arrangements as either a joint operation or joint venture. Under the new standard, proportionate consolidation is not allowed and all joint ventures must be equity accounted. All joint arrangements held by the Consolidated Entity will need to be reassessed to determine whether the joint operation or joint venture classification is appropriate, and therefore the potential impacts of a change on the presentation of the Financial Statements. The Consolidated Entity is currently assessing the impact of this standard.

AASB 12: ' Disclosure of Interest in Other Entities'

This standard is applicable to annual reporting periods beginning on or after 1 January 2013. It contains the entire disclosure requirement associated with other entities, being subsidiaries, associates and joint ventures. The disclosure requirements have been significantly enhanced when compared to the disclosures previously located in AASB 127 'Consolidated and Separate Financial Statements', AASB 128 'Investments in Associates', AASB 131 'Interests in Joint Ventures' and Interpretation 112 'Consolidation - Special Purpose Entities'. The adoption of this standard from 1 July 2013 will significantly increase the amount of disclosures required to be given by the consolidated entity such as significant judgements and assumptions made in determining whether it has a controlling or non-controlling interest in another entity and the type of non-controlling interest and the nature and risks involved.

AASB 13 Fair Value Measurement and AASB 2011-8 Amendments to Australian Accounting Standards arising

from AASB 13

This standard and its consequential amendments are applicable to annual reporting periods beginning on or after 1 January 2013. The standard provides a single robust measurement framework, with clear measurement objectives, for measuring fair value using the 'exit price' and it provides guidance on measuring fair value when a market becomes less active. The 'highest and best use' approach would be used to measure assets whereas liabilities would be based on transfer value. As the standard does not introduce any new requirements for the use of fair value, its impact on adoption by the Consolidated Entity from 1 July 2013 should be minimal, although there will be increased disclosures where fair value is used.

AASB 2011-4 Amendments to Australian Accounting Standards to Remove Individual Key Management Personnel Disclosure Requirements

These amendments are applicable to annual reporting periods beginning on or after 1 July 2013, with early adoption not permitted. They amend AASB 124 'Related Party Disclosures' by removing the disclosure requirements for individual key management personnel ('KMP'). The adoption of these amendments from 1 July 2013 will remove the duplication of information relating to individual KMP in the notes to the financial statements and the directors report. As the aggregate disclosures are still required by AASB 124 and during the transitional period the requirements may be included in the Corporations Act or other legislation, it is expected that the amendments will not have a material impact on the Consolidated Entity.

AASB 2011-7 Amendments to Australian Accounting Standards arising from the Consolidation and Joint Arrangements Standards

The amendments are applicable to annual reporting periods beginning on or after 1 January 2013. The amendments make numerous consequential changes to a range of Australian Accounting Standards and Interpretations, following the issuance of AASB 10, AASB 11, AASB 12 and revised AASB 127 and AASB 128. The adoption of these amendments from 1 July 2013 will not have a material impact on the Consolidated Entity.

AASB 2011-9 Amendments to Australian Accounting Standards - Presentation of Items of Other Comprehensive Income

These amendments are applicable to annual reporting periods beginning on or after 1 July 2012. The amendments requires grouping together of items within other comprehensive income on the basis of whether they will eventually be 'recycled' to the profit or loss (reclassification adjustments). The change provides clarity about the nature of items presented as other comprehensive income and the related tax presentation. The adoption of the revised standard from 1 July 2012 will impact the Consolidated Entity's presentation of its statement of comprehensive income.

RENISON CONSOLIDATED MINES NL - ANNUAL REPORT 2012 Notes to the Financial Statements

2. REVENUE Revenues from continuing operations Other revenue Bank interest income 3. OTHER INCOME Other income from continuing operations Fair value gain on financial assets at fair value through profit and loss 4. EXPENSES Loss from ordinary activities before income tax includes the following specific items: Depreciation of non-current assets - Plant and equipment Finance costs Interest on convertible notes Finance charges under finance leases Interest loan – Director related entity Interest other Net loss on revaluation of financial assets at fair value through profit and loss Minimum operating lease rental payments Employee benefits expenses Defined contribution superannuation expense Other employee benefits expenses Total employee benefits expenses 5. INCOME TAX A reconciliation of income tax expense (benefit) applicable to accounting profit before income tax at the statutory income tax rate to income tax expense at the company’s effective income tax rate for the years ended 30 June 2012 and 2011 is as follows: Accounting profit (loss) before tax from continuing operations Profit/(Loss) before tax from discontinued operations Accounting profit (loss) before income tax At the statutory income tax rate of 30% (2011: 30%) Non-deductible expenses Deferred tax assets not bought to account Income tax expense		Consolidated Entity 2012 2011 $ $ 50,125 100,932 472 1,459
		50,597 102,391
		267 -
		2012 2011 $ $ 25,671 27,451 1,335,018 1,778,400 6,299 7,783 1,650,700 1,292,334 17,266 18,967
		3,009,283 3,097,484
		- 400 83,480 151,919 22,777 37,013 644,148 742,975
		666,925 779,988
		2012 2011 $ $ (4,191,446) (4,331,980) - -
		(4,191,446) (4,331,980) (1,257,434) (1,299,594) 2,958 450 1,254,476 1,299,144
		- -

RENISON CONSOLIDATED MINES NL - ANNUAL REPORT 2012 Notes to the Financial Statements

Recognised deferred tax assets 1. Unused tax losses 2. Deductible temporary differences Recognised deferred tax liabilities Assessable temporary differences Net deferred tax recognised Unrecognised temporary differences and tax losses Unused tax losses and temporary differences for which no deferred tax asset has been recognised Potential tax benefit @ 30%	Consolidated Entity 2012 2011 $ $ 2,898,315 2,665,057 118,573 104,242
	3,016,888 2,769,299
	3,016,888 2,769,299
	3,016,888 2,769,299
	- -
	99,479,713 95,298,812
	29,843,914 28,589,438

The tax losses do not expire under current tax legislation. Deferred tax assets have not been recognised in respect of these items because it is not probable that future taxable profit will be available against which the Group can utilise these benefits.

6. CASH AND CASH EQUIVALENTS (CURRENT) Cash at bank and in hand 7. TRADE AND OTHER RECEIVABLES (CURRENT) Other receivables Allowance for impairment loss	Consolidated Entity 2012 2011 $ $ - 8,605
	14,739 22,372

Current trade and other receivables are non-interest bearing and are generally on 0-90 day terms. A provision for impairment loss is recognised when there is objective evidence that an individual receivable is impaired.

Consolidated Not past due Past due [0-90] days Past due [>90] days Total Fair value and credit risk	2012 2011 Total Amount Impaired Amount not impaired Total Amount Impaired Amount not impaired $ $ $ $ $ $ 14,739 - 14,739 22,372 - 22,372 - - - - - - - - - - - -
	14,739 - 14,739 22,372 - 22,372

Due to the short term nature of the current receivables the carrying value is assumed to approximate their fair value. Collateral is not held as security.

	Consolidated	Entity
	2012	2011
	$	$
8. OTHER FINANCIAL ASSETS AT FAIR VALUE THROUGH
PROFIT OR LOSS (CURRENT)
Australian listed shares	1,067	800

RENISON CONSOLIDATED MINES NL - ANNUAL REPORT 2012

Notes to the Financial Statements

9. PREPAYMENTS (CURRENT) Prepayments 10. RECEIVABLES (NON-CURRENT) Other receivables	Consolidated Entity 2012 2011 $ $ 25,107 35,252
	Consolidated Entity 2012 2011 $ $ 115,000 157,575

Other receivables are security bonds in relation to leases and tenements held and term deposits lodged as security in relation to guarantees provided for tenements held.

11. INVESTMENTS IN CONTROLLED ENTITIES

Investments held by Renison Consolidated Mines NL:

	Percentage of equity	Percentage of equity
		interest
All companies are incorporated in Australia	2012	2011
	%	%
Tom’s Gully Holdings Pty Ltd	100	100
Tom’s Gully Mining Pty Ltd	100	100
Renison Coal Pty Ltd	100	100
Agate Creek Holdings Pty Ltd	100	100

12. PROPERTY, PLANT AND EQUIPMENT

	Consolidated Motor Vehicles Plant & Equip Total $ $ $
At 30 June 2011 Cost Accumulated depreciation Net carrying amount At 30 June 2012 Cost Accumulated depreciation Net carrying amount Movements during the year: Period ended 30 June 2012 At 1 July 2011, net of accumulated depreciation Additions Disposals net book value Depreciation charge for the year At 30 June 2012, net of accumulated depreciation	87,799 164,999 252,798 (43,321) (138,988) (182,309)
	44,478 26,011 70,489
	87,799 164,999 252,798 (57,870) (150,110) (207,980)
	29,929 14,889 44,818
	44,478 26,011 70,489 - - - - - - (14,549) (11,122) (25,671)
	29,929 14,889 44,818

RENISON CONSOLIDATED MINES NL - ANNUAL REPORT 2012 Notes to the Financial Statements

	Consolidated Motor Vehicles Plant & Equip Total $ $ $
Period ended 30 June 2011 At 1 July 2010, net of accumulated depreciation Additions Disposals net book value Depreciation charge for the year At 30 June 2011, net of accumulated depreciation	59,111 35,199 94,310 - 3,630 3,630 - - - (14,633) (12,818) (27,451)
	44,478 26,011 70,489

The carrying value of plant and equipment held under finance leases and hire purchase contracts at 30 June 2012 is $29,928 (2011 - $44,478). Leased assets held under hire purchase are pledged as security for the related finance leases and hire purchase liabilities.

13. EXPLORATION AND EVALUATION ASSETS (NON CURRENT) Exploration costs carried forward in respect of areas of interest - Exploration phase Reconciliation Exploration expenditure capitalised - Opening balance - Current year expenditure Carried forward	Consolidated Entity 2012 2011 $ $ 10,056,293 9,230,999
	9,230,999 7,950,279 825,294 1,280,720
	10,056,293 9,230,999

Recoverability of the carrying amount of exploration assets is dependent on the successful development and commercial exploitation of areas of interest, and the sale of minerals or the sale of the respective areas of interest.

14. TRADE AND OTHER PAYABLES (CURRENT)

Trade creditors Other payables and accruals Included in the above are aggregate amounts payable to the following related parties Directors and director related entities	1,187,046 807,426 554,128 996,100
	1,741,174 1,803,526
	755,258 507,837

Terms and conditions relating to the above financial instruments

(i) Trade creditors are unsecured, non-interest bearing and are normally settled on 30-60 day terms

(ii) Other creditors are unsecured, non-interest bearing

(iii) Details of the terms and conditions of related party payables are set out in note 27

RENISON CONSOLIDATED MINES NL - ANNUAL REPORT 2012 Notes to the Financial Statements

Note 15. BORROWINGS (CURRENT) Secured Lease Liabilities 22 Unsecured Bank overdraft Convertible Notes	Consolidated Entity 2012 2011 $ $ 15,574 13,911 5,205 - - 14,820,000
	20,778 14,833,911

Secured Liability:

The lease liabilities are secured by charges over the assets subject to the liability.

Unsecured Liability:

Convertible Notes – These were convertible at any time until 31 March 2012 at the holder’s election. Interest rate payable on the notes was 12% per annum. At the company's election the interest was payable by the issue of ordinary shares in Renison Consolidated Mines NL at the rate of at 90% of the 10 day VWAP prior to the payment date. At the redemption date of 31 March 2012 the notes were repaid, at the company's election, by the issue of ordinary shares in Renison Consolidated Mines NL at the rate of 85% of the 10 day VWAP prior to the maturity date. See note 19 for further details.

16. PROVISIONS (CURRENT) Employee benefits 17. BORROWINGS (NON CURRENT) Secured Lease Liabilities 22 Loan from director related entity 27	Consolidated Entity 2012 2011 $ $ 83,993 97,049
	32,316 47,889 17,194,278 13,229,011
	17,226,594 13,276,900

Secured liability: The lease and hire purchase liabilities are secured by charges over the assets subject to the liability

Secured Loan from Director: The loan funds advanced by Bizzell Nominees Pty Ltd are secured by a first ranking fixed and floating charge over all of the Group's assets. Full details of the loan from a director related entities, including undrawn amounts, are given in note 27.

18. PROVISIONS (NON-CURRENT) Restoration Movement in restoration provision - Opening balance - Write off/disposed in current year Carried forward	Consolidated Entity 2012 2011 $ $ 205,650 205,650
	205,650 205,650 - -
	205,650 205,650

A provision for restoration is recognised in relation to the exploration activities for costs such as reclamation, and restoration. Estimates of the restoration obligations are based on anticipated technology and legal requirements which have been estimated at current values. In determining the restoration provision, the entity has assumed no significant changes will occur in the relevant Federal and State legislation in relation to restoration of such activities in the future.

RENISON CONSOLIDATED MINES NL - ANNUAL REPORT 2012 Notes to the Financial Statements

19. SHARE CAPITAL (a) Issued and paid up capital Ordinary shares fully paid Ordinary shares partly paid	Consolidated Entity 2012 2011 $ $ 87,728,644 71,867,419 11,606,478 11,606,478
	99,335,122 83,473,897

(b) Movements in shares on issue	2012 2011 Nos of shares $ Nos of shares $ 2,510,302,600 71,867,419 2,004,802,607 69,992,010 1,463,252,743 1,763,611 464,097,515 1,755,409 16,561,751,963 14,077,489 - - 10,125,000 10,125 - - - - 33,333,333 100,000 10,000,000 10,000 8,069,145 20,000 - - - -
Ordinary shares fully paid Beginning of the financial year Increases - Note Interest Reinvestment - Note Redemption5 - Issued to employees4 - Creditor payment1 - Project acquisition2 - Costs of securities issued Ordinary shares partly paid Beginning of the financial year - Call payment3 - Partly paid shares forfeited Treasury Shares partly paid Beginning of the financial year Treasury shares held in trust3
	20,555,432,306 87,728,644 2,510,302,600 71,867,419
	89,050,128 11,606,478 152,500,000 11,161,228 - - - 445,250 (89,050,128) - (63,449,872) -
	- 11,606,478 89,050,128 11,606,478
	63,449,872 - - - 89,050,128 - 63,449,872 -
	152,500,000 - 63,449,872 -

1 Issued as payment of amount owing to RFC Corporate Finance.
2 Issued in relation to the acquisition of an exploration tenement.

3 The call on the partly paid shares made on 31 January 2011 was not paid in relation to 63,449,872 shares while the next call on 31 January 2012 on the remaining 89,050,128 shares was also not paid. None of the forfeited shares, that were put up for auction in March 2011 and 2012, were sold. Accordingly the forfeited shares will be held by the company in trust pending disposal by the directors in accordance with the Corporations Act 2001 and the Company's constitution. These shares have been disclosed above as treasury shares.

4 Issued in relation to employee remuneration
5 In accordance with the terms and conditions of the March 2012 Convertible Notes the Company exercised its right to convert the Notes at the Maturity Date, and thus discharge the indebtedness of the Company to repay the Notes, by issuing Shares to Noteholders with a value calculated on a 10 day VWAP, discounted by 15%. For the 10 day period up to 31 March 2012 the discounted VWAP was $0.00085. For each note this equated to 388.235 shares per note.

(c) Share Options

There are no share options outstanding.

(d) Capital management

The capital structure of the consolidated entity consists of equity attributable to equity holders of the Parent Entity, comprising share capital and reserves as disclosed in the Statement of Changes in Equity.

When managing capital, management’s objective is to ensure the entity continues as a going concern and to maintain a structure that ensures the lowest cost of capital available and to ensure adequate capital is available for exploration and evaluation of tenements. In order to maintain or adjust the capital structure, the Group may seek to issue new shares. Consistent with other exploration companies, the Group and the parent entity monitor capital on the basis of forecast exploration and evaluation expenditure required to reach a stage which permits a reasonable assessment of the existence or otherwise of an economically recoverable reserve.

RENISON CONSOLIDATED MINES NL - ANNUAL REPORT 2012 Notes to the Financial Statements

(e) Terms and conditions of contributed equity

Ordinary shares

Ordinary shares have the right to receive dividends as declared and, in the event of winding up of the Company, to participate in the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on shares held. Ordinary shares entitle their holder to one vote, either in person or by proxy, at a meeting of the Company. Ordinary shares have no par value and the company does not have a limited amount of authorised capital.

Partly paid shares

The Company has on issue partly paid shares which at balance date were paid up to 8.6 cents each with 16.4 cents to pay. The partly paid shares have on a pro rata basis the same rights as held by ordinary shareholders. All of these shares have been forfeited due to the non-payment of calls. Accordingly the forfeited shares will be held by the company in trust pending disposal by the directors in accordance with the Corporations Act 2001 and the Company's constitution.

20. ACCUMULATED LOSSES Balance at the beginning of the year Net profit/(loss) attributable to members of Renison Consolidated Mines NL Balance at end of year	Consolidated Entity 2012 2011 $ $ (104,164,841) (99,832,861) (4,191,446) (4,331,980)
	(108,356,287) (104,164,841)

21. STATEMENT OF CASH FLOWS Reconciliation of the operating (loss) after tax to the net cash flows from operating activities Profit/(Loss) from ordinary activities after tax Add (less) non-cash items Fair value (gain)/loss on financial assets through profit or loss Depreciation Non-cash employee benefits expense – share-based payments Interest Reinvestment Plan – Convertible Notes Accrued interest – Director Related Entity Changes in operating assets & liabilities during the year (Increase)/decrease in receivables (Increase)/decrease in prepayments (Decrease)/increase in creditors (Decrease)/increase in accruals (Decrease)/increase in provision for employee benefits Reconciliation of cash - Cash at bank - Bank overdraft	Consolidated Entity 2012 2011 $ $ (4,191,446) (4,331,980) (267) 400 25,671 27,451 10,125 - 1,335,018 1,778,400 1,650,700 1,292,333 10,672 53,556 10,145 12,359 330,412 444,193 17,257 (164,494 (13,056) 2,414
	(814,769) (885,368)
	- 8,605 (5,205) -
	(5,205) 8,605

Non cash financing and investing activities

Conversion of Convertible Notes

During the financial year Convertible Notes totalling $14,077,489 (2011: $nil) were converted into fully paid ordinary shares in the Company. Convertible notes totalling $742,500 (2011: nil) were repaid via the advancing of a loan to the company. See Note 19 & 27 for further details.

Tenement acquisition

10,000,000 ordinary shares at $0.001 per share ($10,000) were issued in consideration to acquire a tenement.

RENISON CONSOLIDATED MINES NL - ANNUAL REPORT 2012 Notes to the Financial Statements

22. EXPENDITURE COMMITMENTS Lease expenditure commitments (i) Operating leases Minimum lease payments - payable within one year - payable between one and five years Total contracted at balance date	Consolidated Entity 2012 2011 $ $ 118,435 68,013 67,116 34,580
	185,550 102,593

Terms and Conditions

The Group leases various offices and office equipment under non-cancellable operating leases expiring within one to three years. The leases have varying terms, escalation clauses and renewal rights. On renewal, the terms of the leases are renegotiated.

(ii) Finance lease - payable within one year - payable between one and five years - total minimum payments - future finance charges - lease liability - current liability 15 - non-current liability 17 Finance lease	20,210 20,210 32,914 53,124
	53,124 73,334 (5,234) (11,534)
	47,890 61,800
	15,574 13,912 32,316 47,889
	47,890 61,801

Terms and Conditions

Finance leases relate to motor vehicles which have residual payments with options to purchase at the end of the lease term.

Future exploration

The consolidated entity has certain obligations to expend minimum amounts on exploration in tenement areas. These obligations may be varied from time to time and are expected to be fulfilled in the normal course of operations of the consolidated entity.

The commitments to be undertaken are as follows: Payable - not later than 12 months - between 12 months and 5 years	1,785,000 2,545,000 7,655,000 2,190,000
	9,440,000 4,735,000

23. SHARE BASED PAYMENTS

Equity based instruments - Options

The Company has in prior periods granted options over ordinary shares to directors, employees and consultants as part of their remuneration packages. No options were granted in the 2012 or 2011 financial years and there are no options outstanding.

Equity based instruments – Shares

During the 2012 financial year a total of 10,125,000 ($10,125 expensed through profit and loss based on the market price on the date of issue) fully vested ordinary shares were issued to staff of the company as part of their remuneration (2011: nil).

24. CONTINGENCIES

There are no contingent liabilities as at the date of this report.

RENISON CONSOLIDATED MINES NL - ANNUAL REPORT 2012 Notes to the Financial Statements

25. EARNINGS/ (LOSS) PER SHARE Earnings/ (Loss) per share Basic and diluted (loss) per share (cents per share) The following reflects the income and share data used in the calculations of basic and diluted earnings/ (loss) per share: Loss from continuing operations Profit/(Loss) attributable to discontinued operations Earnings used in calculating basic and diluted earnings/ (loss) per share Weighted average nos of ordinary shares on issue used in the calculation of basic earnings per share Effect of dilutive securities -Adjusted weighted average nos of ordinary shares used in calculating dilutive earnings per share		Consolidated Entity 2012 2011 $ $ (0.06) (0.19) (4,191,446) (4,331,980) - -	Consolidated Entity 2012 2011 $ $ (0.06) (0.19) (4,191,446) (4,331,980) - -
		(4,191,446)	(4,331,980)
	Number Number 6,857,173,849 2,279,942,372 - - 6,857,173,849 2,279,942,372

Conversions, calls, subscriptions or issues after 30 June 2012

There have been no securities issued since the end of the financial year.

26. AUDITOR’S REMUNERATION Amounts received or due and receivable by the Auditors for: - audit and review of financial reports Total	Consolidated Entity 2012 2011 $ $ 35,587 36,500
	35,587 36,500

27. DIRECTOR AND KEY MANAGEMENT PERSONNEL DISCLOSURES

Key management personnel compensation Short term employee benefits Share based payments Post employment benefits Total	Consolidated Entity 2012 2011 $ $ 751,928 748,817 7,500 - 36,932 37,095
	796,360 785,912

Option holdings of directors and key management personnel

No options were held at 30 June 2012 or 2011

Security holdings of directors and key management personnel

All equity transactions with directors and key management personnel other than those arising from the exercise of remuneration options have been entered into under terms and conditions no more favourable than those the entity would have adopted if dealing at arm’s length. On market, public offering transactions and interest reinvestment issues of Convertible Notes are included within Net Change Other in the table below:

RENISON CONSOLIDATED MINES NL - ANNUAL REPORT 2012 Notes to the Financial Statements

Ordinary Shares 2012 Directors RS Anthon SG Bizzell Key Management Personnel S Hall K Grice P Marshall Total 2011 Directors RS Anthon SG Bizzell Key Management Personnel S Hall P Marshall Total Partly Paid Shares 2012 Directors SG Bizzell Total 2011 Directors SG Bizzell Total March 2012 Convertible Notes 2012 Directors RS Anthon SG Bizzell Key Management Personnel P Marshall Total 2011 Directors RS Anthon SG Bizzell Key Management Personnel P Marshall Total		Balance 1/7/11 Granted as Remuneration On Exercise of Options Net Change Other Balance 30/6/12 7,851,036 - - 38,319,214 46,170,250 532,827,053 - - 4,343,081,387 4,875,908,440 1,450,000 3,000,000 - - 4,450,000 - 3,000,000 - 500,000 3,500,000 4,419,739 1,500,000 - 39,619,959 45,539,698
		546,547,828 7,500,000 - 4,421,520,560 4,975,568,388
		Balance 1/7/10 Granted as Remuneration On Exercise of Options Net Change Other Balance 30/6/11 6,898,504 - - 952,532 7,851,036 395,474,298 - - 137,352,755 532,827,053 1,450,000 - - - 1,450,000 3,434,874 - - 984,865 4,419,739
		407,257,676 - - 139,290,152 546,547,828
		Balance 1/7/11 Granted as Remuneration Forfeiture Net Change Other Balance 30/6/12 85,332,534 - (85,332,534) - -
		85,332,534 - (85,332,534) - -
		Balance 1/7/10 Granted as Remuneration Forfeiture Net Change Other Balance 30/6/11 85,332,534 - - - 85,332,534
		85,332,534 - - - 85,332,534
		Balance 1/7/11 Granted as Remuneration Note Redemption Net Change Other Balance 30/6/12 91,000 - (91,000) - - 13,121,973 - (13,121,973) - - 94,089 - (94,089) - -
		13,307,062 - (13,307,062) - -
		Balance 1/7/10 Granted as Remuneration Note Redemption Net Change Other Balance 30/6/11 91,000 - - - 91,000 13,121,973 - - - 13,121,973 94,089 - - - 94,089
		13,307,062 - - - 13,307,062

RENISON CONSOLIDATED MINES NL - ANNUAL REPORT 2012 Notes to the Financial Statements

Loans with directors and key management personnel.

Bizzell Nominees Pty Ltd a company associated with Mr Stephen Bizzell has continued to provide loan facilities to the company during the year. The first facility is for up to $18,000,000. At balance date the outstanding balance was $16,433,203 (2011 - $13,229,011) including interest accrued (but not paid) during the 2012 financial year of $1,632,125 (2011 - $1,292,334). During the year ended 30 June 2012 $1,572,067 (2011 - $1,768,837) was advanced to the company. No amounts were repaid. The interest rate on the loan is 11%. The repayment date is 31 December 2013. The loan is secured by a fixed and floating charge over the assets of the Group.

Bizzell Nominees Pty Ltd also held 2,250,000 March 2012 Convertible Notes amounting to $742,500 that were repaid via the advancing of a second loan from Bizzell Nominees Pty Ltd to the company. The loan facility is for up to $1,500,000. At balance date the outstanding balance was $761,075 (2011 - $nil) including interest accrued (but not paid) during the 2012 financial year of $18,575 (2011 - $nil). Apart from the initial conversion of 2,250,000 March 2012 Convertible Notes no other amounts were advanced or repaid under this loan faiclity. The interest rate on the loan is 11%. The repayment date is 31 December 2013. The loan is secured by a fixed and floating charge over the assets of the Group.

Other transactions and balances with directors and key management personnel and amounts recognised at the reporting date in relation to other transactions

Purchases

Mr R S Anthon is a partner in the firm of Hemming & Hart, Solicitors. Hemming & Hart invoiced $71,979 (2011: $77,545) for the provision of legal services to the consolidated entity during the year. At balance date $169,141 (2010: $115,314) was an outstanding trade creditor payable. The services were based on normal commercial terms and conditions.

28. RELATED PARTY DISCLOSURES

Ultimate parent

Renison Consolidated Mines NL is the ultimate parent entity

There were no other related party transactions during the year.

29. SUBSEQUENT EVENTS

No matter or circumstance has arisen since 30 June 2012, that has significantly affected, or, may significantly affect the operations of the Group, the results of those operations, or the state of affairs of the Company in financial years subsequent to 30 June 2012.

30. SEGMENT INFORMATION

Segment products and locations

Management currently identifies the consolidated entity as having only one reportable segment, being the exploration for resources, based on the reports reviewed by the chief operating decision maker. The chief operating decision maker is considered to be the Executive Chairman.

There have been no changes in the operating segment during the year.

Accordingly all significant operating decisions are based upon analysis of the consolidated entity as one segment.

The financial results from this segment are equivalent to the financial statements of the consolidated entity as a whole.

For the years ended 30 June 2012 and 30 June 2011 no revenue has been derived from the exploration for resources operating segment.

Geographically the consolidated entity operates within Australia and New Zealand.

Segment assets

The total of non-current assets located in Australia is $10,020,785 (2011 – $9,459,063), and the total of these non-current assets located in other countries is $195,326 (2011 – $nil). Segment assets are allocated to countries based on where the assets are located.

RENISON CONSOLIDATED MINES NL - ANNUAL REPORT 2012 Notes to the Financial Statements

31. FINANCIAL RISK MANAGEMENT

(a) General objectives, policies and processes

In common with all other businesses, the consolidated entity is exposed to risks that arise from its use of financial instruments. This note describes the consolidated entity’s objectives, policies and processes for managing those risks and the methods used to measure them. There have been no substantive changes in the consolidated entity’s exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note.

The consolidated entity’s financial instruments consist mainly of deposits with banks, accounts receivable and payable, a loan from a director related entity, finance lease liabilities and convertible notes.

The Board has overall responsibility for the determination of the consolidated entity’s risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the consolidated entity’s executive management. The consolidated entity's risk management policies and objectives are therefore designed to minimise the potential impacts of these risks on the results of the consolidated entity where such impacts may be material.

The overall objective of the Board is to set polices that seek to reduce risk as far as possible without unduly affecting the consolidated entity’s competitiveness and flexibility. Further details regarding these policies are set out below:

(b) Credit Risk

Credit risk is the risk that the other party to a financial instrument will fail to discharge their obligation resulting in the Group incurring a financial loss. This usually occurs when debtors fail to settle their obligations owing to the Group. The maximum exposure to credit risk, excluding the value of any collateral or other security, at balance date to recognised financial assets, is the carrying amount, net of any provisions for impairment of those assets, as disclosed in the balance sheet and notes to the financial statements. Credit risk is reviewed regularly by the Board. It arises from exposure to customers as well as through deposits with financial institutions.

(c) Liquidity risk

Liquidity risk is the risk that the consolidated entity may encounter difficulties raising funds to meet financial obligations as they fall due. Liquidity risk is reviewed regularly by the Board.

The consolidated entity manages liquidity risk by monitoring forecast cash flows. At 30 June 2012 the Group has two loan facilities from a director related entity totalling $19.5 million of which $17,194,278 has been drawn upon as at 30 June 2012. The consolidated entity has been required to use the loan facilities available in order to be able to meet its financial obligations as they fall due.

Maturity Analysis –Consolidated Entity - 2012 Financial Liabilities Trade and Other Payables Lease Liabilities Loan from Director Related Entity Maturity Analysis – Consolidated entity - 2011 Financial Liabilities Trade and Other Payables Lease Liabilities March 2012 Convertible Notes Loan from Director Related Entity	Carrying Amount Contractual Cash flows <1 year 1 - 5 years > 5 years $ $ $ $ $ 1,741,174 1,741,174 1,741,174 - - 47,890 53,124 20,210 32,914 - 17,194,278 19,085,649 - 19,085,649
	18,983,342 20,879,947 1,761,384 19,118,563 -
	Carrying Amount Contractual Cash flows <1 year 1 - 5 years > 5 years
	$ $ $ $ $ 1,803,526 1,803,526 1,803,526 - - 61,801 73,334 20,210 53,124 - 14,820,000 - - - - 13,229,011 14,684,202 - 14,684,202 -
	29,914,338 16,561,062 1,823,736 14,737,326 -

(d) Market Risk

Market risk arises from the use of interest bearing, tradable and foreign currency financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange rates (currency risk) or other market factors (other price risk).

RENISON CONSOLIDATED MINES NL - ANNUAL REPORT 2012 Notes to the Financial Statements

(i) Interest rate risk

Interest rate risk is managed with a mixture of fixed and floating rate debt. For further details on interest rate risk refer to the tables below:

2012
Financial assets
Trade and other receivables
Total financial assets
Financial liabilities
Trade and other payables
Bank overdraft
Loan from director related entity
Lease and hire purchase
Total financial liabilities

Floating interest
rate
Fixed interest
rate
Non-interest
bearing
Total carrying
amount as per
the balance
sheet
Weighted
average
effective interest
rate
2012
2012
2012
2012
2012
$
$
$
$
%
-
-
14,739
14,739
0.00%
-
-
14,739
14,739
-
-
1,741,174
1,741,174
-
-
-
5,205
5,205
-
-
17,194,278
-
17,194,278
11%
-
47,890
-
47,890
11.34%
-
17,242,168
1,746,379
18,988,547

2011
Financial assets
Cash and cash equivalents
Trade and other receivables
Total financial assets
Financial liabilities
Trade and other payables
Loan from director related entity
March 2012 Convertible Note
Lease and hire purchase
Total financial liabilities

Floating interest
rate
Fixed interest
rate
Non-interest
bearing
Total carrying
amount as per
the balance
sheet
Weighted
average
effective
interest rate
2011
2011
2011
2011
2011
$
$
$
$
%
-
-
8,605
8,605
0.00%
-
-
22,372
22,372
0.00%
-
-
30,977
30,977
-
-
1,803,526
1,803,526
-
-
13,229,011
-
13,229,011
11%
-
14,820,000
-
14,820,000
12%
-
61,801
-
61,801
11.34%
-
28,110,812
1,803,526
29,914,338

The consolidated entity has performed a sensitivity analysis relating to its exposure to interest rate risk. At 30 June 2012 the effect on profit and equity as a result of changes in the interest rate is $nil (2011: nil).

This analysis assumes all other variables remain constant.

(ii) Currency Risk

The consolidated entity does not have any material currency risk exposure under financial instruments entered into by the consolidated entity.

(iii) Other Price Risk

The consolidated entity does not have any material other price risk exposures under financial instruments entered into by the consolidated entity.

(e) Fair Values

The fair values of trade and other receivables, security deposits, financial assets at fair value through profit and loss, interest bearing loans and borrowings and trade and other payables approximate their carrying value.

RENISON CONSOLIDATED MINES NL - ANNUAL REPORT 2012 Notes to the Financial Statements

32. PARENT COMPANY INFORMATION

The Parent Entity of the Consolidated Entity is Renison Consolidated Mines NL.

Parent Entity Financial Information

Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities Net assets Issued capital Accumulated losses Total equity Loss after income tax Other comprehensive income Total comprehensive income	2012 2011 $ $ 31,614 56,707 10,216,116 9,459,068
	10,247,730 9,515,775
	1,845,967 16,730,593 17,432,244 13,482,550
	19,278,211 30,213,143

	(9,030,481) (20,697,368)
	99,335,122 83,473,897 (108,365,603) (104,171,265)
	(9,030,481) (20,697,368)
	(4,194,338) (4,331,230) - -
	(4,194,338) (4,331,230)

Commitments, Contingencies and Guarantees of the Parent Entity

The minimum committed expenditure for future periods of the Parent Entity is the same as those for the Consolidated Entity. Refer to Note 22 for details.

The Parent Entity has no material contingent assets, contingent liabilities or guarantees at balance date.

33. JOINT VENTURE ARRANGEMENTS

Jointly controlled assets

Ashford Coking Coal Joint Venture Project

The Ashford Coking Coal Project comprises a 50% Joint Venture with Northern Energy Corporation (NEC), now a 100% subsidiary of New Hope Corporation. The Joint Venture incorporates the Ashford Mine Area (EL6234 and EL6428), where a coking coal resource has been identified. As well as the Ashford Exploration Area, which covers other exploration licences including Atholwood (EL6526) and Ashford North (EL6539). NEC is managing both areas of activity. The Group’s interests in the assets employed in the joint venture are included in the balance sheet, in accordance with the accounting policy described in note 1, under the following classifications:

Non-Current assets Exploration and evaluation assets Total Non-Current Assets Future exploration	2012 2011 $ $ 280,353 280,353
	280,353 280,353

The consolidated entity has certain obligations to expend minimum amounts on exploration in the joint venture tenement areas to maintain its interest in the joint ventures. These obligations may be varied from time to time and are expected to be fulfilled in the normal course of operations of the consolidated entity.

The commitments to be undertaken are as follows: Payable - not later than 12 months - between 12 months and 5 years	435,000 435,000 870,000 870,000
	1,305,000 1,305,000

RENISON CONSOLIDATED MINES N L ANNUAL REPORT 2012

DIRECTORS' DECLARATION

In the directors’ opinion:

(a) the attached financial statements and notes and the Remuneration Report in the Directors' Report set out on pages 26 to 29 are in accordance with the Corporations Act 2001, including:
(i) giving a true and fair view of the consolidated entity's financial position as at 30 June 2012 and of its performance for the financial year ended on that date; and
(ii) complying with Accounting Standards, Corporations Regulations 2001 and other mandatory professional reporting requirements; and
(b) the financial report also complies with International Financial Reporting Standards as issued by the International Accounting Standards Board (IASB) as disclosed in note 1; and
(c) there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

The directors have been given the declarations by the chief executive officer and chief financial officer required by section 295A of the Corporations Act 2001.

This declaration is made in accordance with a resolution of directors pursuant to section 295(5) of the Corporations Act 2001.

==> picture [128 x 59] intentionally omitted <==

SG Bizzell Chairman

Brisbane 28 September 2012

Level 10, 1 Margaret St Sydney NSW 2000 Australia

Tel: +61 2 9251 4100 Fax: +61 2 9240 9821 www.bdo.com.au

==> picture [78 x 30] intentionally omitted <==

INDEPENDENT AUDITOR’S REPORT

To the members of Renison Consolidated Mines NL

Report on the Financial Report

We have audited the accompanying financial report of Renison Consolidated Mines NL, which comprises the balance sheet as at 30 June 2012, the statement of comprehensive income, the statement of changes in equity and the statement of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information, and the directors’ declaration of the consolidated entity comprising the company and the entities it controlled at the year’s end or from time to time during the financial year.

Directors’ Responsibility for the Financial Report

The directors of the company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error. In Note 1, the directors also state, in accordance with Accounting Standard AASB 101 Presentation of Financial Statements, that the financial statements comply with International Financial Reporting Standards.

Auditor’s Responsibility

Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. Those standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance about whether the financial report is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the company’s preparation of the financial report that gives a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Independence

In conducting our audit, we have complied with the independence requirements of the Corporations Act 2001. We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of Renison Consolidated Mines NL, would be in the same terms if given to the directors as at the time of this auditor’s report.

BDO East Coast Partnership ABN 83 236 985 726 is a member of a national association of independent entities which are all members of BDO (Australia) Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO East Coast Partnership and BDO (Australia) Ltd are members of BDO international Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent members firms. Liability limited by a scheme approved under Professional Standards Legislation (other than for the acts or omissions of financial services licensees) in each state or Territory other than Tasmania.

==> picture [78 x 30] intentionally omitted <==

Opinion

In our opinion:

(a) the financial report of Renison Consolidated Mines NL is in accordance with the Corporations Act 2001, including:
(i) giving a true and fair view of the consolidated entity’s financial position as at 30 June 2012 and of its performance for the year ended on that date; and
(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001 and
(b) the financial report also complies with International Financial Reporting Standards as disclosed in Note 1.

Material Uncertainty Regarding Going Concern

Without modifying our opinion, we draw attention to Note 1 in the consolidated financial report which indicates that the consolidated entity incurred a net loss of $4,191,446 during the year ended 30 June 2012 and, as of that date, the consolidated entity’s current liabilities exceeded its current assets by $1,805,032 and total liabilities exceeded total assets by $9,021,165. These conditions, along with other matters as set forth in Note 1, indicate the existence of a material uncertainty which may cast significant doubt about the consolidated entity’s ability to continue as a going concern. Consequently the consolidated entity may be required to realise its assets and extinguish its liabilities other than in the ordinary course of business, and at amounts that differ from those stated in the financial statements.

Report on the Remuneration Report

We have audited the Remuneration Report included in pages 26 to 29 of the directors’ report for the year ended 30 June 2012. The directors of the company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards.

Opinion

In our opinion, the Remuneration Report of Renison Consolidated Mines NL for the year ended 30 June 2012 complies with section 300A of the Corporations Act 2001.

BDO East Coast Partnership

K L Colyer Partner

AI assistant

SAVANNAH GOLDFIELDS LIMITED — Annual Report 2012

65880_rns_2012-09-27_2899a200-76ac-4f3f-b6ca-a8d9f3bc3183.pdf

RENISON CONSOLIDATED MINES NL

INDEX

CORPORATE INFORMATION

DIRECTORS

SECRETARY

AUSTRALIAN BUSINESS NUMBER

REGISTERED OFFICE AND PRINCIPAL BUSINESS ADDRESS

SHARE REGISTRY

AUDITORS

SOLICITORS

STOCK EXCHANGE LISTING

The directors present their review of operations for the year ended 30 June 2012.

AGATE CREEK EPITHERMAL GOLD PROJECT

Exploration Activities Completed

Collaborative Drilling Initiative Grant

Recent studies show

NATIVE TITLE

Sherwood Deposit Geology

Sherwood Resource

Planned Work

Regional Mapping and Rock Chipping

ROCKLAND GOLD PROJECT

ASHFORD COKING COAL PROJECT

ARRAWATTA COAL PROJECT

SYDNEY FLAT ALLUVIAL GOLD PROJECT

Geology and Mineralisation

Exploration Target

Exploration Completed

NORTHERN NSW APPLICATION AREAS

RENISON CONSOLIDATED MINES N L ANNUAL REPORT 2012

NEW ZEALAND SOUTHERN COROMANDEL PROJECT

RENISON CONSOLIDATED MINES N L ANNUAL REPORT 2012

Competent Persons Statement

REPORT OF THE DIRECTORS

Directors

Names, qualifications, experience and special responsibilities

Former Director

- D Vincent (Non Executive Director)

Company Secretary

P Marshall LLB, ACA

Interests in the shares and options of the Company

Corporate Information

Corporate Structure

Nature of operations and principal activities

Operating and Financial Review

Review of Financial Condition

Capital structure

Treasury policy

Liquidity and funding

Dividends

Significant Changes in the State of Affairs

Matters Subsequent to the End of the Financial Year

Likely Developments and Expected Results of Operations

Share Options

Meetings of Directors

Indemnification of Officers or Auditor

Proceedings on Behalf of the Company

Environmental Regulation and Performance

REMUNERATION REPORT - AUDITED

Remuneration Policy

Non-Executive Director Remuneration

Executive Director and Key Management Personnel Remuneration

Employment Contracts

Discussion of the Relationship between the Remuneration Policy and the Consolidated Entity's Performance

Details of Directors and Key Management Personnel

Director remuneration

RENISON CONSOLIDATED MINES N L ANNUAL REPORT 2012

Remuneration of the other key management personnel

Compensation securities: Granted and vested during the year

Shares issued on exercise of compensation options

End of Remuneration Report - Audited

Auditor Independence Declaration Under Section 307c of The Corporations Act 2001 and NonAudit Services

DECLARATION OF INDEPENDENCE BY KIM COLYER TO THE DIRECTORS OF RENISON CONSOLIDATED MINES NL

ADDITIONAL STOCK EXCHANGE INFORMATION

SHAREHOLDER INFORMATION

TWENTY LARGEST HOLDERS OF EACH QUOTED SECURITY

VOTING RIGHTS

SAVANNAH GOLDFIELDS LIMITED Annual Report 2012