TESORO GOLD LTD — M&A Activity 2013

Sep 16, 2013

CONTINUATION INVESTMENTS LIMITED

17 September 2 0 13

Ma n ager of Co m pany Anno u ncements AS X Limited Lev e l 8 Exchan g e Plaza 2 T h e Esplanad e PE R TH WA 60 0 0

By E -Lodgeme nt INT E NT TO RE J ECT TAKEOVER OFF E R

Co n tinuation Investment s Limited ( A SX: COT) notes that on 10 Sept e mber 201 3 the dir e ctors of D M X Corpor a tion Limit e d ( DMX ) a dvised tha t there wil l be further del a ys in the r e lease of a s upplemen t ary Bidder ’ s Stateme n t due to “c o mplex leg a l issu e s”.

In t h e meanti m e, COT ad v ises that, i ncluding t h e Board o f Directors, it has rece i ved wri t ten confir m ation tha t sharehold e rs control l ing not les s than appr o ximately 7 2.3% of t h e capital o f COT intend to REJECT the off e r under th e bid in ful l in the abs e nce of a superior p r oposal . Those shareh o lders that h ave conse n ted to bei n g named, tog e ther with t heir holdi n gs, are ref e renced be l ow.

Accordingly, C OT notes t hat based o n the Bidd e rs Statem e nt lodged 1 2 August 2 013 wit h ASX, D M X cannot m eet a key c ondition o f obtaining a minimu m 30% acc e ptance fro m shareholders with respect to t h e proposal.

For a nd on beh a lf of the Bo a rd

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Jere m y King Dir e ctor

___ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ Con t inuation In v estments Li m ited 94 5 Wellington Street WES T PERTH W A 6005 AB N 91 106 854 1 75 phone: ( 08) 9322 76 0 0 fax: (08) 9 3 22 7602 em a il: reception @ grangecon s ulting.com. a u

CONTINUATION INVESTMENTS LIMITED

Shareholder Tessobel Pty Ltd Ms Alison Jill Dennis Mr Richard Gwynn Bevan Mr Jason Peterson & Mrs Lisa Peterson Celtic Capital Pty Ltd Mr Andrew James Partington Frano Botica Pheakes Pty Ltd Mr John Clark Mc Evoy & Mrs Pauline Susan Mc Evoy C J Thorp Pty Ltd Philuchna Pty Ltd Trillium Investments Pty Ltd Cordite Investments Pty Ltd Ms Sarah Jayne Smith Ms Emma Jane McCormack Bushwood Nominees Badlands Super Pty Ltd Mr Andrew John Worland Mr David Samuel Church Mr Sean Timothy Keenan Cornela Pty Ltd [Consent to be named not provided] Barclay Wells Ltd ACP Investments Pty Ltd C Pismiris Ltd Mulloway Pty Ltd Mr John Toll [Consent to be named not provided] Mr James Franci McMahon & Mrs Catherine Louise McMahon A/C> Invia Custodian Pty Ltd Interstate Investments Pty Ltd Two Nine Tiger Pty Ltd Pristava Pty Ltd Zap Nominees Pty Ltd Aka Investments (WA) Pty Ltd Holvu Pty Ltd Ella Valla Pty Ltd Total

No. Shares 102,000 657,950 131,591 1,149,001 712,419 657,950 263,178 753,310 157,903 328,975 263,189 223,686 328,966 40,000 78,951 1,414,171 556,962 757,888 694,872 656,591 526,360 75,700 1,069,048 357,000 76,500 478,800 238,346 66,000 30,000 524,210 120,000 30,002 112,500 486,400 71,400 61,600 120,009

14,373,428

______________ Continuation Investments Limited 945 Wellington Street WEST PERTH WA 6005 ABN 91 106 854 175 phone: (08) 9322 7600 fax: (08) 9322 7602 email: reception@grangeconsulting.com.au