TUNGSTEN MINING NL — Interim / Quarterly Report 2013

Apr 28, 2013

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Quarterly Activities Report

For the Quarter Ending 31 March 2013

29 April 2013

Highlights

• Drilling delineates significant high-grade tungsten mineralisation on “Flagship” Kilba Project.

• Better intersections include:

• 14.5 metres at 0.80% WO3 from 42.5 metres and

• 7.4 metres at 1.06% WO3 from 82.8 metres.

• 4.0 metres at 2.41% WO3 from 54.0 metres,

• 10.2 metres at 0.86% WO3 from 48.8 metres and

• Drilling has been completed at 80 - 160 metre spaced sections over 1,200 metres of strike.

• Announcement of JORC-compliant Resource anticipated in May 2013.

• Commencement of diagnostic metallurgical tests on Kilba core samples to determine optimum processing route.

• Commencement of Pre-feasibility Study.

Project Update

Kilba Project

Tungsten Mining continued a drilling programme at Zone 11 located on the Mining Lease 08/314 focussed on the rapid evaluation of the Kilba project. The programme objective is to delineate a JORC compliant resource over high-grade tungsten mineralisation identified by Union Carbide Corporation holes drilled in the 1970s/1980s.

During the March quarter, Tungsten Mining completed 16 diamond and 43 reverse circulation (RC) holes for a total of 6291 metres. Exploration has completed an 80 metre by 40 metre spaced drill pattern over the main 900 metres of outcropping mineralisation at Zone 11. Broader spaced drilling has also tested strike extensions on 80 to 160 metre spaced sections, for a further 300 metres (Figure 1).

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Figure 1 – plan displaying location of Zone 11 at the Kilba Project.

The final analytical results have been received from drilling conducted to date, confirming the highgrade nature of coarse grained scheelite mineralisation present (Figure 2). Results for zones greater than 1.5 metres @ 0.10% Tungsten Oxide (WO3) for diamond and RC drilling is presented in Tables 1 and 2 below.

Work undertaken to date indicates tungsten mineralisation dips at 30 to 70 degrees toward the south to southwest and is associated with skarn and calc-silicate units. Typically high-grade mineralisation is associated with retrograde skarn units that are often surrounded by low to medium grade disseminated scheelite mineralisation in calc-silicate and sedimentary units. Figures 3 and 4 show the different styles of mineralisation and geometry.

Three diamond HQ core holes were drilled to twin RC holes to compare drilling techniques and local variability or the nugget-effect of tungsten mineralisation. Diamond holes generally intersected similar widths of mineralisation to the RC holes, however the grade of mineralisation was highly variable as shown in table 3. Further diamond twinning will be conducted to evaluate the best method to cost-effectively define mineralisation present at the Kilba Project.

Tungsten Mining NL| ASX: TGN Quarterly Activities Report March 2013

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Figure 2 – plan showing location of stronger zones of mineralisation intersected by recent drilling, skarn outcrops and historic Union Carbide drill holes. The cross section “A – B” and “C – D” shown in yellow are displayed in Figure 3 and 4 below.

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Figure 3 – cross section showing continuity of tungsten mineralisation in recent drilling. Holes drilled by the company are prefixed KDD for diamond holes and KRC for RC Holes. Unlabelled holes were drilled by Union Carbide Corporation in the 1970s/1980s.

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Figure 4 – cross section showing multiple shallow dipping zones of tungsten mineralisation. The diamond hole KDD0022 twinning RC hole KRC0014 shows variability of tungsten mineralisation over short distances.

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Table 1: Diamond drilling intersections greater than 1.5 metres at 0.10% Tungsten Oxide (WO3).

	Kilba Project,Zone 11 Prospect,Diamond Drilling–(>1.5m at	Kilba Project,Zone 11 Prospect,Diamond Drilling–(>1.5m at	Kilba Project,Zone 11 Prospect,Diamond Drilling–(>1.5m at	Kilba Project,Zone 11 Prospect,Diamond Drilling–(>1.5m at	Kilba Project,Zone 11 Prospect,Diamond Drilling–(>1.5m at	Kilba Project,Zone 11 Prospect,Diamond Drilling–(>1.5m at	0.10 % WO3)	0.10 % WO3)
Hole No	Easting (m)	Northing (m)	RL	Dip/ Azim	Depth (m)	From (m)	To (m)	Interval (m)	WO3%
KDD0001	350,406	7,479,911	133.6	-60/020	54.6	9.9	19.6	9.70	0.38
KDD0001					Incl.	9.9	13.15	3.25	0.95
KDD0002	350,383	7,479,853	132.6	-60/020	106.7	82.8	90.2	7.4	1.06
KDD0002					Incl.	89.3	90.2	0.9	5.12
KDD0003	351,439	7,480,053	133.1	-60/020	78.03	42.5	57	14.5	0.80
KDD0003					Incl.	42.9	50.5	7.6	1.24
KDD0003					Incl.	54.5	55.15	0.65	1.90
KDD0004	349,751	7,480,090	145.4	-60/035	179.2	120.45	125	4.55	0.38
KDD0004					Incl.	120.45	120.9	0.45	3.25
KDD0005	349,797	7,480,155	139.4	-60/035	118.9	59.3	61	1.7	0.42
KDD0006	349,842	7,480,149	140.0	-60/35	133.00	31.63	34.00	2.37	0.16
KDD0006						54.00	58.05	4.05	2.41
KDD0006						61.41	64.43	3.02	0.48
KDD0006					Incl.	61.41	61.74	0.33	1.97
KDD0006					Incl.	64.00	64.43	0.43	1.07
KDD0007	350,222	7,479,866	134.7	-60/020	121.8	100.95	105	4.05	0.34
KDD0009	349,974	7,480,053	139.9	-60/035	106.90	38.00	42.70	4.70	0.20
KDD0009						73.40	75.70	2.30	0.76
KDD0010	349,927	7,479,991	142.6	-60/035	171.30	106.45	109.23	2.78	0.21
KDD0010						120.69	125.66	4.97	0.31
KDD0010						136.34	138.92	2.58	0.36
KDD0011	350,325	7,479,913	133.2	-60/020	84.30	36.30	37.80	1.50	1.80
KDD0011						46.46	48.50	2.04	0.76
KDD0011					Incl.	46.46	47.37	0.91	1.19
KDD0011						59.80	63.00	3.20	0.39
KDD0011					Incl.	60.55	61.00	0.45	1.08
KDD0012	350,297	7,479,838	133.1	-60/020	149.40	105.00	107.60	2.60	0.48
KDD0012					Incl.	107.00	107.60	0.60	1.26
KDD0012						118.88	122.33	3.45	0.54
KDD0012					Incl.	118.88	119.19	0.31	2.35
KDD0012						124.29	130.35	6.06	0.23
KDD0013	350,146	7,479,892	133.1	-60/020	132.50	87.76	89.10	1.34	0.44
KDD0013						96.77	98.73	1.96	0.31
KDD0013					Incl.	97.55	97.88	0.33	1.13
KDD0014	350,072	7,479,920	136.9	-60/020	135.70	90.54	93.57	3.03	0.19
KDD0015	350,488	7,479,896	133.5	-60/020	114.40	32.00	33.00	1.00	0.48
KDD0016	350,410	7,479,915	133.5	-90	65.80	23.50	26.93	3.43	0.58
KDD0016					Incl.	24.25	24.70	0.45	1.06
KDD0016						36.55	43.75	7.20	0.38
KDD0016					Incl.	39.60	40.00	0.40	1.07
KDD0017	350,174	7,479,968	136.8	-60/020	72.40	33.00	36.80	3.80	0.16
KDD0018	350,099	7,479,996	140.2	-60/020	87.40	19.80	23.45	3.65	0.90
KDD0019	349,907	7,480,103	136.4	-60/035	117.50	85.00	92.00	7.00	0.27
KDD0019						96.00	101.60	5.60	0.54
KDD0019					Incl.	100.90	101.60	0.70	2.02
KDD0020	349,861	7,480,037	140.1	-60/035	165.50	134.00	137.80	3.80	0.89
KDD0020						143.10	145.20	2.10	1.22

Tungsten Mining NL| ASX: TGN Quarterly Activities Report March 2013 5

Kilba Project,Zone 11 Prospect,Diamond Drilling–(>1.5m at 0.10 % WO3)	Kilba Project,Zone 11 Prospect,Diamond Drilling–(>1.5m at 0.10 % WO3)	Kilba Project,Zone 11 Prospect,Diamond Drilling–(>1.5m at 0.10 % WO3)	Kilba Project,Zone 11 Prospect,Diamond Drilling–(>1.5m at 0.10 % WO3)	Kilba Project,Zone 11 Prospect,Diamond Drilling–(>1.5m at 0.10 % WO3)	Kilba Project,Zone 11 Prospect,Diamond Drilling–(>1.5m at 0.10 % WO3)	Kilba Project,Zone 11 Prospect,Diamond Drilling–(>1.5m at 0.10 % WO3)	Kilba Project,Zone 11 Prospect,Diamond Drilling–(>1.5m at 0.10 % WO3)	Kilba Project,Zone 11 Prospect,Diamond Drilling–(>1.5m at 0.10 % WO3)	Kilba Project,Zone 11 Prospect,Diamond Drilling–(>1.5m at 0.10 % WO3)
Hole No	Easting (m)	Northing (m)	RL	Dip/ Azim	Depth (m)	From (m)	To (m)	Interval (m)	WO3%
KDD0021	350,082	7,479,959	136.3	-60/020	108.70	49.50	58.00	8.50	0.36
KDD0021					Incl.	50.50	51.60	1.10	1.47
KDD0022	349,821	7,480,114	140.0	-60/035	134.17	48.80	59.00	10.20	0.86
KDD0022					Incl.	50.90	52.38	1.48	3.99
KDD0023	350,308	7,479,875	133.0	-60/020	102.00	76.50	85.20	8.70	0.41
KDD0023					Incl.	84.50	85.20	0.70	3.02
KDD0023						90.70	93.40	2.70	1.00
KDD0023					Incl.	90.70	91.70	1.00	2.17
KDD0025	350,475	7,479,858	133.1	-60/020	147.60	76.28	82.93	6.65	0.46
KDD0025					Incl.	78.19	78.52	0.33	1.14
KDD0025					Incl.	79.00	79.72	0.72	1.32
KDD0025					Incl.	81.67	82.16	0.49	1.57
Half HQ core samples were analysed by XRF determination at Ultra Trace Laboratory, Perth. Weighted average intersections calculated using a 0.10% WO3lower cut-off, no upper cut and up to 3.0m of internal waste. True thickness of mineralization is 75 – 100% of drill intersect. Grid coordinates are MGA Zone 50. KDD0016 was a PQ metallurgical hole where the whole core was crushed and split toproduce a 2 – 3 kilogram sample for analysis byXRF.

Table 2: Reverse circulation drilling intersections greater than 1.5 metres at 0.10% Tungsten Oxide (WO3).

	Kilba	Project,Zone	11 Prospect,Reverse Circulation Drilling–(>1.5m at 0.10 % WO3)	11 Prospect,Reverse Circulation Drilling–(>1.5m at 0.10 % WO3)	11 Prospect,Reverse Circulation Drilling–(>1.5m at 0.10 % WO3)	11 Prospect,Reverse Circulation Drilling–(>1.5m at 0.10 % WO3)	11 Prospect,Reverse Circulation Drilling–(>1.5m at 0.10 % WO3)	11 Prospect,Reverse Circulation Drilling–(>1.5m at 0.10 % WO3)
Hole No	Easting (m)	Northing (m)	RL	Dip/ Azim	Depth (m)	From (m)	To (m)	Interval (m)	WO3%
KRC0003	350,311	7,479,876	133	-60/020	110	80	87	7	0.71
KRC0003					Incl.	80	81	1	3.60
KRC0005	350,185	7,480,006	141	-60/020	56	13	15	2	0.10
KRC0006	350,086	7,479,958	136	-60/020	108	45	57	12	0.38
KRC0006					Incl.	52	53	1	1.28
KRC0006					Incl.	54	55	1	1.06
KRC0006						78	81	3	0.35
KRC0007	350,015	7,479,978	138	-60/035	120	99	106	7	0.24
KRC0008	349,992	7,479,945	140	-60/035	156	105	108	3	0.16
KRC0008						132	135	3	0.34
KRC0009	349,996	7,480,090	142	-60/035	84	59	62	3	0.98
KRC0009					Incl.	59	61	2	1.32
KRC0010	349,950	7,480,024	139	-60/035	126	82	85	3	0.26
KRC0012	349,865	7,480,181	135	-60/035	78	22	24	2	0.12
KRC0012						41	43	2	0.26
KRC0012						48	50	2	0.18
KRC0013	349,796	7,480,083	142	-60/035	168	88	90	2	0.24
KRC0013						97	105	8	0.18
KRC0013						142	144	2	0.32
KRC0014	349,819	7,480,116	140	-60/035	144	51	58	7	0.23
KRC0014						85	87	2	0.61
KRC0014					Incl.	85	86	1	1.05
						122	125	3	0.12
KRC0015	349,884	7,480,070	138	-60/035	138	72	74	2	0.58
KRC0015						103	105	2	0.20
KRC0015						110	115	5	0.11
KRC0017	350,038	7,480,011	140	-60/035	90	66	70	4	0.36

Tungsten Mining NL| ASX: TGN Quarterly Activities Report March 2013 6

Kilba Project,Zone 11 Prospect,Reverse Circulation Drilling–(>1.5m at 0.10 % WO3)	Kilba Project,Zone 11 Prospect,Reverse Circulation Drilling–(>1.5m at 0.10 % WO3)	Kilba Project,Zone 11 Prospect,Reverse Circulation Drilling–(>1.5m at 0.10 % WO3)	Kilba Project,Zone 11 Prospect,Reverse Circulation Drilling–(>1.5m at 0.10 % WO3)	Kilba Project,Zone 11 Prospect,Reverse Circulation Drilling–(>1.5m at 0.10 % WO3)	Kilba Project,Zone 11 Prospect,Reverse Circulation Drilling–(>1.5m at 0.10 % WO3)	Kilba Project,Zone 11 Prospect,Reverse Circulation Drilling–(>1.5m at 0.10 % WO3)	Kilba Project,Zone 11 Prospect,Reverse Circulation Drilling–(>1.5m at 0.10 % WO3)	Kilba Project,Zone 11 Prospect,Reverse Circulation Drilling–(>1.5m at 0.10 % WO3)	Kilba Project,Zone 11 Prospect,Reverse Circulation Drilling–(>1.5m at 0.10 % WO3)
Hole No	Easting (m)	Northing (m)	RL	Dip/ Azim	Depth (m)	From (m)	To (m)	Interval (m)	WO3%
KRC0019	349,731	7,480,201	135	-60/020	126	84	86	2	0.17
KRC0020	349,686	7,480,136	140	-60/020	168	106	108	2	0.78
KRC0021	350,369	7,479,813	132	-60/020	174	133	135	2	0.14
KRC0022	350,283	7,479,806	136	-60/020	168	133	135	2	0.40
KRC0027	350,640	7,479,905	134	-60/000	66	7	12	5	0.18
KRC0032	349,804	7,480,301	133	-60/075	30	20	22	2	0.12
KRC0034	349,762	7,480,456	133	-60/075	66	24	26	2	0.56
KRC0035	349,685	7,480,435	132	-60/075	100	10	12	2	0.11
KRC0038	349,863	7,480,040	141	-60/035	168	110	117	7	0.21
KRC0038						131	135	4	0.29
KRC0038						143	145	2	0.24
KRC0040	349,762	7,480,291	133	-60/075	90	34	39	5	0.32
KRC0042	349,779	7,480,368	133	-60/075	78	19	25	6	0.30
Riffle split 1m samples were analysed by XRF determination at Ultra Trace Laboratory, Perth. Intersections calculated using a 0.10% WO3lower cut-off, no upper cut and up to 3.0m of internal waste. True thickness of mineralization is 75 – 100% of drill intersect. Grid coordinates are MGA Zone 50.

Table 3: Comparison of RC and diamond twin holes - intersections greater than 1.5 metres at 0.10% Tungsten Oxide (WO3).

		RC Hole				Diamond Hole	Diamond Hole	Diamond Hole
Hole ID	From	To	Interval	WO3 %	Hole ID	From	To	Interval	WO3 %
KRC0006	45	57	12	0.38	KDD0021	49.5	58.0	8.5	0.36
KRC0014	51	58	7	0.23	KDD0022	48.8	59.0	10.2	0.85
KRC0014	122	125	3	0.13	KDD0022	125	127.5	2.6	0.12
KRC0003	80	87	7	0.71	KDD0023	75.3	85.2	9.9	0.41
					KDD0023	90.7	93.4	2.7	0.99

In January 2013 Tungsten Mining applied for the Exploration Licence 08/2448 that covers metasedimentary sequences of the Morrissey Metamorphics that host tungsten mineralisation at the Kilba, Loves Find and Mt Alexander. This application further consolidates Tungsten Mining’s tenement package in the region (Figure 5).

Other Projects

Koolyanobbing project

During the quarter a review of previous exploration undertaken on the Koolyanobbing project near Southern Cross was completed, including a reconnaissance trip to evaluate historic exploration and tungsten mineralisation present. Ultra violet lamping of trenches confirmed the presence of two narrow structures hosting high-grade quartz-scheelite veins that warrant further investigation.

Other Project Opportunities

Several tungsten projects, both within Australia and overseas, were brought to Tungsten Mining’s attention and were evaluated. The company recognises that opportunities will arise within the tungsten sector, to leverage on our knowledge and expertise in tungsten mining These opportunities will be evaluated on their individual merits, but with our primary focus likely to remain development of the Company’s 100%-owned Kilba Project.

Tungsten Mining NL| ASX: TGN Quarterly Activities Report March 2013 7

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Figure 5 displays the Gascoyne Project tenement package.

Corporate

Cash Management

During the quarter, the company paid exploration expenses of approximately $1.61m, and corporate or administration expenses of $0.38m. The cash position decreased by $1.99m, to a balance of $2.27m at quarter end. Budgeted cash flow for the June quarter is $1.35m, made up of exploration costs of $1.00m and administration/corporate expenses of $0.35m. Budgeted spend is not committed spend, and is subject to variation dependent on various operational factors.

Announcements

The following announcements were made in and subsequent to the March quarter:

April 16, 2013	Significant High Grade Intercepts at the Kilba Project
April 11, 2013	Mines and Money Conference - TGN MD Interview
March 15, 2013	Half Year Financial Report
February 08, 2013	Significant intersect results at the Kilba Project
January 31, 2013	Quarterly Activities Report and Appendix 5B Cash Flow
January 17, 2013	Appendix 3Y - Paul Berndt
January 16, 2013	Appendix 3Z - Bill Kable
January 14, 2013	Death of Director - Bill Kable
January 11, 2013	Results of AGM

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For further information contact:

Paul Berndt Managing Director Tel: +61 8 9477 3031 Colin Hay PPR Public Relations Tel: +61 8 9388 0944

info@tungstenmining.com colin.hay@ppr.com.au

Further information about the company's activities may be found at www.tungstenmining.com

About Tungsten Mining: Tungsten Mining NL was admitted to ASX on 13 December, 2012. The Company is focused on development and exploitation of tungsten deposits. The management and Board of the company have previous experience in tungsten mine development and operations . Tungsten is the right sector to be in, with sound fundamental drivers giving strong demand and firm pricing.

Competent Person’s Statement

The geological information in this report is based on information compiled by Peter Bleakley, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Bleakley has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken 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 Bleakley is a consultant to the mining industry. This report is issued with Mr Bleakley’s consent as to the form and context in which the exploration results appear.

Tungsten Mining NL| ASX: TGN Quarterly Activities Report March 2013

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Appendix 5B Mining exploration entity quarterly report

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.

	Name of entity		Quarter ended (“current quarter”) 31 March 2013	Quarter ended (“current quarter”) 31 March 2013
	Tungsten Mining NL
	ABN 67 152 084 403 Consolidated statement of cash flows
			31 March 2013
Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration and evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other (provide details if material) NetOperating Cash Flows			Current quarter $A’000	Year to date (9 months) $A’000
			(1,616) (284) 22	(2,134) (917) 31
			(1,878)	(3,020)
Cash flows related to investing activities 1.8 Payment for purchases of:(a) prospects (b) equity investments (c) other fixed assets 1.9 Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other (Investment in Subsidiary) Net investing cash flows 1.13 Total operating and investing cash flows (carried forward)			- (27)	(300) (119)
			(27)	(419)
			(1,905)	(3,439)

• See chapter 19 for defined terms.

Appendix 5B Page 10

30/9/2001

Appendix 5B Mining exploration entity quarterly report

1.13 Total operating and investing cash flows (brought forward)	(1,905)	(3,439)
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other (Equity Raising Costs) Net financing cash flows	- (83)	5,110 (525)
	(83)	4,585
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments 1.22 Cash at end ofquarter	(1,988) 4,258	1,146 1,124
	2,270	2,270

Payments to directors of the entity and associates of the directors

Payments to related entities of the entity and associates of the related entities

1.23 1.24	Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10	Current quarter $A'000
		89
1.25	Explanation necessaryfor an understandingof the transactions
	Item 1.23 relates to Directors Remuneration, Directors Fees and Superannuation Contributions.

Non-cash financing and investing activities

• 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

.

• 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

• See chapter 19 for defined terms.

Appendix 5B Page 11

30/9/2001

Appendix 5B Mining exploration entity quarterly report

Financing facilities available

Add notes as necessary for an understanding of the position.

3.1 Loan facilities 3.2 Credit standby arrangements	Amount available $A’000	Amount available $A’000	Amount used $A’000
Estimated cash outflows for next quarter
4.1 Exploration and evaluation 4.2 Development 4.3 Production 4.4 Administration			$A’000
			1,000
			350
Total			1,350

Reconciliation of cash

Reconciliation of cash
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Current quarter $A’000	Previous quarter $A’000
5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other (provide details),,	2,270	4,258
Total: cash at end of quarter(item 1.22)	2,270	4,258

• See chapter 19 for defined terms.

Appendix 5B Page 12

30/9/2001

Appendix 5B Mining exploration entity quarterly report

Changes in interests in mining tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased	Tenement reference	Nature of interest (note (2))	Interest at beginning of quarter	Interest at end of quarter
	E08/2448	100%	0%	100%

• See chapter 19 for defined terms.

Appendix 5B Page 13

30/9/2001

Appendix 5B Mining exploration entity quarterly report

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

	Total number	Number quoted	Issue price per security (see note 3) (cents)	Amount paid up per security (see note 3) (cents)
7.1 Preference +securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs, redemptions
7.3 +Ordinary securities 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs	79,054,379	34,054,379	-	-
7.5 +Convertible debt securities (description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted
7.7 Options (description and conversion factor) 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	15,000,000	-	Exercise price $0.40	Expiry date 30 June 2016
7.11 Debentures (totals only)
7.12 Unsecured notes(totals only)

• See chapter 19 for defined terms.

Appendix 5B Page 14

30/9/2001

Appendix 5B Mining exploration entity quarterly report

Compliance statement

1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).

2 This statement does give a true and fair view of the matters disclosed.

Sign here: Date: 29 April 2013

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Print name: Farlee Walker Company Secretary, in place of Paul Berndt Managing Director

Notes

1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .

4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.

5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

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• See chapter 19 for defined terms.

Appendix 5B Page 15

30/9/2001