ABN: 74 084 669 036

Registered Office
P +61 2 9696 2900
F +61 2 9696 2901
Level 28

ASX Announcement
175 Liverpool Street
Sydney NSW 2022
www.evolutionmining.com.au
23 April 2013

DECEMBER 2012 RESOURCE AND RESERVE STATEMENT

Evolution Mining Limited (ASX: EVN) is pleased to report that it has completed an update to its Mineral Resource
and Ore Reserve estimates as at 31 December 2012.

Group Mineral Resources are now estimated at 7.7 million ounces gold equivalent, an increase of 10% compared to
the June 2012 estimate of 7.0 million ounces. This change is after accounting for depletion by mining and is due to a
significant increase at Pajingo (406koz) and increases at Edna May (101koz), Mt Rawdon (94koz) and Cracow
(73koz).

Group Ore Reserves are now estimated at 3.6 million ounces gold equivalent, an increase of 7% compared to the
June 2012 estimate of 3.3 million ounces. This change is after accounting for depletion by mining and is largely due
to increases at Pajingo (145koz) and Mt Rawdon (112koz).

The most significant increase achieved in both Mineral Resources and Ore Reserves is the result of new drilling
carried out in the 12 months to 31 December 2012. New geological interpretation and a rigorous reassessment of
Evolution’s very large drilling database, particularly at Pajingo, also added significant ounces to both Mineral
Resources and Ore Reserves. The commodity prices used for the resource and reserve update remain the same as
those used for the previous estimate. Similarly, there have not been material changes to the cut-off grades used to
estimate the Ore Reserves.

Resource definition drilling programs at all operations also resulted in a marked increase in Resource confidence
with the amount of gold equivalent in the Measured category increasing 20%, Indicated increasing by 12% and
Inferred consequently decreasing by 6%.

This resource and reserve update includes all exploration and resource definition drilling information up to 31
December 2012 and has been depleted for mining to 31 December 2012. Moving forward, the Group Mineral
Resource and Ore Reserve statement will be updated annually only, with a 31 December cut-off date.

The Mineral Resources and Ore Reserves have been prepared according to the Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves (2004 JORC Code). Mineral Resources are reported
inclusive of Ore Reserves.

Explanatory notes containing information on the parameters and methods used to estimate Mineral Resources and
Ore Reserves are provided in the appendices to this announcement.

1
 Evolution Mining
Mineral Resource Statement- December 2012

Gold Measured Indicated Inferred Total Resource

Tonnes Gold Grade Gold Metal Tonnes Gold Grade Gold Metal Tonnes Gold Grade Gold Metal Tonnes Gold Grade Gold Metal
Project Type Cut-Off
(Mt) (g/t) (koz) (Mt) (g/t) (koz) (Mt) (g/t) (koz) (Mt) (g/t) (koz)

Pajingo Open-Pit 0.5 0.01 3.6 1 0.17 5.0 28 0.32 1.2 12 0.51 2.6 42
Pajingo1 Underground 2.5 1.14 8.4 306 3.27 5.9 621 2.06 5.1 337 6.46 6.1 1,264
Cracow1 Underground 2.3 0.28 8.6 79 1.11 7.7 275 2.90 5.2 488 4.29 6.1 842
Edna May1 Open-Pit 0.4 21.1 0.9 629 16.5 1.0 514 8.18 0.9 226 45.8 0.9 1,369
Edna May Underground 3.0 - - - 0.63 7.2 146 0.58 6.9 128 1.21 7.1 273
Mt Carlton Open-Pit 0.35 9.28 2.0 587 14.7 1.5 695 1.41 1.5 68 25.4 1.7 1,350
Mt Rawdon1 Open-Pit 0.23 1.84 0.4 23 51.5 0.7 1,203 3.42 0.6 62 56.7 0.7 1,288
Twin Hills Open-Pit 0.5 - - - 2.42 2.2 170 0.64 1.7 35 3.06 2.1 204
Twin Hills Underground 2.3 0.54 4.1 71 0.01 3.5 36 0.01 3.9 87 1.56 3.9 194
Total 34.1 1.5 1,696 90.6 1.3 3,688 20.2 2.2 1,443 145 1.5 6,827

Silver Measured Indicated Inferred Total Resource

Tonnes Silver Silver Tonnes Silver Silver Tonnes Silver Silver Tonnes Silver Silver
Project Type Cut-Off
(Mt) Grade (g/t) Metal (koz) (Mt) Grade (g/t) Metal (koz) (Mt) Grade (g/t) Metal (koz) (Mt) Grade (g/t) Metal (koz)

Mt Carlton1 Open-Pit * 11.7 57 21,437 14.9 19 9,004 1.51 16 796 28.1 35 31,237
Total 11.7 57 21,437 14.9 19 9,004 1.51 16 796 28.1 35 31,237

Copper Measured Indicated Inferred Total Resource

Tonnes Copper Copper Tonnes Copper Copper Tonnes Copper Copper Tonnes Copper Copper
Project Type Cut-Off
(Mt) Grade (%) Metal (kt) (Mt) Grade (%) Metal (kt) (Mt) Grade (%) Metal (kt) (Mt) Grade (%) Metal (kt)

Mt Carlton1 Open-Pit * 11.7 0.24 27.9 14.9 0.21 32.1 1.51 0.20 3.0 28.1 0.22 63.1
Total 11.7 0.24 27.9 14.9 0.21 32.1 1.51 0.20 3.0 28.1 0.22 63.1

Measured Indicated Inferred Total Resource

Gold Equivalent Tonnes Gold Equiv. Gold Equiv. Tonnes Gold Equiv. Gold Equiv. Tonnes Gold Equiv. Gold Equiv. Tonnes Gold Equiv. Gold Equiv.
(Mt) Grade (g/t) Metal (koz) (Mt) Grade (g/t) Metal (koz) (Mt) Grade (g/t) Metal (koz) (Mt) Grade (g/t) Metal (koz)

Total Group 36.5 1.9 2,228 90.9 1.4 3,992 20.3 2.3 1,470 148 1.6 7,691

Notes:
Data is reported to significant figures and differences may occur due to rounding
Mineral Resources are reported inclusive of Ore Reserves
1
Includes stockpiles
* Combined figure for V2 using 0.35g/t Au cut-off and A39 using 42g/t Ag cut-off

The gold equivalence calculation represents total metal value for each metal summed and expressed in equivalent gold grade and ounces
The prices used in the calculation being A$1350/oz Au, A$28.00/oz Ag and A$2.00/lb Cu
Metallurgical recovery to concentrate of 90.0% for gold, 92.0% for silver at V2 and 88.0% for silver at A39 and 92.0% for copper as indicated by metallurgical testwork
1 Troy Ounce = 31.1034768 grams
Au Eq for Silver = ((Price Ag per Oz x Ag Recovery)/(Price Au per Oz x Au Recovery)) x Ag Grade
Au Eq for Copper = ((Price Cu per lb x 2204.623) x (Cu Recovery)) / ((Price Au per Oz x Au Recovery / 31.1034768) x (Cu Grade / 100))

2
 Evolution Mining
Mineral Resource Comparison – June 2012 to December 2012

Gold Measured Indicated Inferred Total

Gold Gold Gold Gold Gold Gold Gold Gold
Tonnes Tonnes Tonnes Tonnes
Period Grade Metal Grade Metal Grade Metal Grade Metal
(Mt) (Mt) (Mt) (Mt)
(g/t) (koz) (g/t) (koz) (g/t) (koz) (g/t) (koz)
June 2012 28.5 1.5 1,332 85.1 1.2 3,280 24.0 2.0 1,540 138 1.4 6,152
December 2012 34.1 1.5 1,696 90.6 1.3 3,688 20.2 2.2 1,443 145 1.5 6,827
Absolute Change 5.67 0 363 5.53 0.1 408 -3.77 0.2 -97 7.43 0.1 675
Relative Change 20% 0% 27% 6% 8% 12% -16% 10% -6% 5% 5% 11%

Silver Measured Indicated Inferred Total

Silver Silver Silver Silver Silver Silver Silver Silver
Tonnes Tonnes Tonnes Tonnes
Period Grade Metal Grade Metal Grade Metal Grade Metal
(Mt) (Mt) (Mt) (Mt)
(g/t) (koz) (g/t) (koz) (g/t) (koz) (g/t) (koz)
June 2012 11.4 57 20,790 14.9 19 9,004 1.51 16 796 27.9 34 30,590
December 2012 11.7 57 21,437 14.9 19 9,004 1.51 16 796 28.1 35 31,237
Absolute Change 0.25 1 647 0 0 0 0 0 0 0.25 1 647
Relative Change 2% 1% 3% 0% 0% 0% 0% 0% 0% 1% 1% 2%

Copper Measured Indicated Inferred Total

Copper Copper Copper Copper Copper Copper Copper Copper
Tonnes Tonnes Tonnes Tonnes
Period Grade Metal Grade Metal Grade Metal Grade Metal
(Mt) (Mt) (Mt) (Mt)
(g/t) (koz) (g/t) (koz) (g/t) (koz) (g/t) (koz)
June 2012 11.4 0.24 27.6 14.9 0.21 32.1 1.51 0.20 3.0 27.9 0.23 62.8
December 2012 11.7 0.24 27.9 14.9 0.21 32.1 1.51 0.20 3.0 28.1 0.22 63.1
Absolute Change 0.25 0 0.3 0 0 0 0 0 0 0.25 -0.01 0.3
Relative Change 2% 0% 1% 0% 0% 0% 0% 0% 0% 1% -1% 1%

Gold Equivalent Measured Indicated Inferred Total

Gold Gold Gold Gold Gold Gold Gold Gold
Tonnes Equiv. Equiv. Tonnes Equiv. Equiv. Tonnes Equiv. Equiv. Tonnes Equiv. Equiv.
Period
(Mt) Grade Metal (Mt) Grade Metal (Mt) Grade Metal (Mt) Grade Metal
(g/t) (koz) (g/t) (koz) (g/t) (koz) (g/t) (koz)
June 2012 30.8 1.9 1,852 85.3 1.3 3,577 24.1 2.0 1,567 140 1.6 6,996
December 2012 36.5 1.9 2,228 90.9 1.4 3,992 20.3 2.3 1,470 148 1.6 7,691
Absolute Change 5.67 0 376 5.53 0.1 415 -3.77 0.3 -97 7.43 0.1 695
Relative Change 18% 0% 20% 6% 8% 12% -16% 15% -6% 5% 4% 10%

Notes:
Data is reported to significant figures and differences may occur due to rounding
Mineral Resources are reported inclusive of Ore Reserves

3
 Evolution Mining
Ore Reserve Statement – December 2012

Gold Proved Probable Total Reserve

Tonnes Gold Gold Metal Tonnes Gold Gold Metal Tonnes Gold Gold Metal
Project Type Cut-Off
(Mt) Grade (g/t) (koz) (Mt) Grade (g/t) (koz) (Mt) Grade (g/t) (koz)

Pajingo Open-Pit 0.65 0.01 3.9 1 0.17 5.6 30 0.18 5.5 31

1
Pajingo Underground 3.0 0.56 7.1 129 0.88 6.0 169 1.44 6.4 298
1
Cracow Underground 3.6 0.17 8.3 46 1.44 4.9 226 1.61 5.3 273
1
Edna May Open-Pit 0.4 13.4 0.9 402 9.14 1.0 306 22.5 1.0 709
Mt Carlton Open-Pit 0.69 4.52 3.1 446 4.61 2.5 366 9.13 2.8 812
Mt Rawdon1 Open-Pit 0.3 1.08 0.5 17 38.7 0.8 1,009 39.8 0.8 1,026
Total 19.7 1.6 1,042 54.9 1.2 2,106 75 1.3 3,148

Silver Proved Probable Total Reserve

Tonnes Silver Silver Tonnes Silver Silver Tonnes Silver Silver
Project Type Cut-Off
(Mt) Grade (g/t) Metal (koz) (Mt) Grade (g/t) Metal (koz) (Mt) Grade (g/t) Metal (koz)
1
Mt Carlton Open-Pit ** 5.81 69 12,969 4.61 20 2,991 10.4 48 15,960
Total 5.81 69 12,969 4.61 20 2,991 10.4 48 15,960

Copper Proved Probable Total Reserve

Tonnes Copper Copper Tonnes Copper Copper Tonnes Copper Copper
Project Type Cut-Off
(Mt) Grade (%) Metal (kt) (Mt) Grade (%) Metal (kt) (Mt) Grade (%) Metal (kt)

Mt Carlton1 Open-Pit ** 5.81 0.29 17.1 4.61 0.23 10.5 10.4 0.26 27.6
Total 5.81 0.29 17.1 4.61 0.23 10.5 10.4 0.26 27.6

Proved Probable Total Reserve

Gold Equivalent Tonnes Gold Equiv. Gold Equiv. Tonnes Gold Equiv. Gold Equiv. Tonnes Gold Equiv. Gold Equiv.
(Mt) Grade (g/t) Metal (koz) (Mt) Grade (g/t) Metal (koz) (Mt) Grade (g/t) Metal (koz)

Total Group 21.0 2.0 1,365 54.9 1.2 2,204 75.9 1.5 3,570

Notes:
Data is reported to significant figures and differences may occur due to rounding
1
Includes stockpiles
** Combined figure for V2 using 0.69g/t Au cut-off and A39 using 53g/t Ag cut-off

The gold equivalence calculation represents total metal value for each metal summed and expressed in equivalent gold grade or ounces
The prices used in the calculation being A$1350/oz Au, A$28.00/oz Ag and A$2.00/lb Cu
metallurgical recovery to concentrate of 90.0% for gold, 92.0% for silver at V2 and 88.0% for silver at A39 and 92.0% for copper as indicated by metallurgical
testwork
1 Troy Ounce = 31.1034768 grams
Au Eq for Silver = ((Price Ag per Oz x Ag Recovery)/(Price Au per Oz x Au Recovery)) x Ag Grade
Au Eq for Copper = ((Price Cu per lb x 2204.623) x (Cu Recovery)) / ((Price Au per Oz x Au Recovery / 31.1034768) x (Cu Grade / 100))

4
 Evolution Mining
Ore Reserve Comparison – June 2012 to December 2012

Gold Proved Probable Total

Tonnes Gold Gold Metal Tonnes Gold Gold Metal Tonnes Gold Gold Metal
Period
(Mt) Grade (g/t) (koz) (Mt) Grade (g/t) (koz) (Mt) Grade (g/t) (koz)

June 2012 18.2 1.6 927 54.1 1.1 1,991 72.4 1.3 2,918
December 2012 19.7 1.6 1,042 54.9 1.2 2,106 74.7 1.3 3,148
Absolute Change 1.50 0 115 0.79 0.1 115 2.28 0.1 230
Relative Change 8% 0% 12% 1% 9% 6% 3% 5% 8%

Silver Proved Probable Total

Tonnes Silver Silver Tonnes Silver Silver Tonnes Silver Silver
Period
(Mt) Grade (g/t) Metal (koz) (Mt) Grade (g/t) Metal (koz) (Mt) Grade (g/t) Metal (koz)

June 2012 5.56 69 12,322 4.61 20 2,991 10.2 47 15,313

December 2012 5.81 69 12,969 4.61 20 2,991 10.4 48 15,960
Absolute Change 0.25 0 647 0 0 0 0.25 1 647
Relative Change 5% 1% 5% 0% 0% 0% 2% 2% 4%

Copper Proved Probable Total

Tonnes Copper Copper Tonnes Copper Copper Tonnes Copper Copper
Period
(Mt) Grade (g/t) Metal (koz) (Mt) Grade (g/t) Metal (koz) (Mt) Grade (g/t) Metal (koz)

June 2012 5.56 0.30 16.8 4.61 0.23 10.5 10.2 0.3 27.3
December 2012 5.81 0.29 17.1 4.61 0.23 10.5 10.4 0.3 27.6
Absolute Change 0.25 0.00 0.3 0.00 0.00 0.0 0.25 -0.00 0.2
Relative Change 5% 0% 2% 0% 0% 0% 2% -2% 1%

Gold Equivalent Proved Probable Total

Gold Gold Gold Gold Gold Gold
Tonnes Tonnes Tonnes
Period Equiv. Equiv. Equiv. Equiv. Equiv. Equiv.
(Mt) (Mt) (Mt)
Grade (g/t) Metal (koz) Grade (g/t) Metal (koz) Grade (g/t) Metal (koz)
June 2012 19.3 2.0 1,236 54.1 1.2 2,090 73.4 1.4 3,326
December 2012 21.0 2.0 1,365 54.9 1.2 2,204 75.9 1.5 3,570
Absolute Change 1.75 0.0 130 0.79 0.0 114 2.53 0.1 244
Relative Change 9% 0% 10% 1% 0% 5% 3% 4% 7%

Notes:
Data is reported to significant figures and differences may occur due to rounding

5
Competent Persons Statement

The information in this statement that relates to the Mineral Resources or Ore Reserves listed in the table below is
based on work compiled by the person whose name appears in the same row, who is employed on a full-time basis
by Evolution Mining and is a member of the institute named in that row. Each person named in the table below has
sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to
the activity which he or she has undertaken to qualify as a Competent Person as defined by the “Australasian Code
for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (2004 JORC Code). Each person
named in the table below consents to the inclusion in this report of the matters based on their information in the form
and context in which it appears.

Resource/Reserve Name of Competent Person Institute

Cracow Mineral Resources Shane Pike Australasian Institute of Mining and Metallurgy

Cracow Ore Reserves Fusheng Li Australasian Institute of Mining and Metallurgy

Pajingo Mineral Resources Calvin Ferguson Australasian Institute of Mining and Metallurgy

Pajingo Ore Reserves – Open-Pit Tony Wallace Australasian Institute of Mining and Metallurgy

Pajingo Ore Reserves – Underground Johan Booyse Australasian Institute of Mining and Metallurgy

Edna May Mineral Resources John Winterbottom Australian Institute of Geoscientists

Edna May Ore Reserves Luke Cox Australasian Institute of Mining and Metallurgy

Mt Carlton Mineral Resources John Winterbottom Australian Institute of Geoscientists

Mt Carlton Ore Reserves Tony Wallace Australasian Institute of Mining and Metallurgy

Mt Rawdon Mineral Resources Hans Andersen Australasian Institute of Mining and Metallurgy

Mt Rawdon Ore Reserves Tony Wallace Australasian Institute of Mining and Metallurgy

Twin Hills Mineral Resources John Winterbottom Australian Institute of Geoscientists

For further information please contact:

Investor Enquiries Media Contact

Bryan O’Hara Suk Hee Lee
Investor Relations Media Relations
Evolution Mining Limited FTI – Media Relations
Tel: +61 2 9696 2900 Tel: +61 2 8298 6100

About Evolution Mining

Evolution Mining is a leading, growth-focused Australian gold miner. The Company operates five wholly-owned
Australian operations – Cracow, Mt Rawdon, Pajingo and Mt Carlton in Queensland and Edna May in Western
Australia. Group production for the current financial year is forecast at between 370,000 and 410,000 ounces gold
equivalent with cash operating costs expected to be in the range of A$730 per ounce to A$790 per ounce.

6
 Appendix A
Discussion of Mineral Resources, Ore Reserves and Comparisons

Pajingo Mineral Resource

The December 2012 Pajingo Mineral Resource estimate of 6.97 million tonnes at 5.8g/t gold for 1,306koz represents
an increase of 406koz (+45%) net of mining depletion compared to the June 2012 Mineral Resource.
Material changes in the December 2012 Mineral Resource estimate compared to the June 2012 estimate include:
 An Increase of 145koz to the Jandam area (includes the Vera South lode, Faith, Leaping Dog and Olivia
lodes that were reported individually for the site June 2012 Mineral Resources) as a result of drilling, new
geological interpretation and Mineral Resource estimation methodology changes (refer below);
 An increase of 135koz at Venue Underground as a result of drilling, new geological interpretation and
Mineral Resource estimation methodology changes;
 An increase of 90koz at Sonia and Sonia East as a result of drilling, new geological interpretation and
Mineral Resource estimation methodology changes;
 A combined increase of 34koz at Orchid, Veracity, Zed and Janine as a result of drilling, new geological
interpretation and Mineral Resource estimation methodology changes; and
 Mining depletion of 41koz.

Mineral Resource estimation methodology changes at Pajingo involved changes to the geological domaining,
compositing and estimation search parameters.

Open-pit Mineral Resources are reported at a 0.5g/t gold cut-off, constrained by a A$1,350/oz pit optimisation shell
and estimated using non-linear estimation methods into blocks with dimensions of 5 metres east by 2 metres north
by 2.5 metres elevation.
Underground Mineral Resources are reported at a 2.5g/t gold cut-off, and largely estimated using Ordinary Kriging
into parent blocks with dimensions 15 metres east by 5 metres north by 15 metres elevation and sub-blocks of 1.5
metres east by 0.5 metres north and 1.5 metres elevation.

Pajingo Ore Reserve

The December 2012 Pajingo Ore Reserve estimate of 1.62 million tonnes at 6.3g/t gold for 329koz represents an
increase of 145koz (+79%) net of mining depletion compared to the June 2012 Ore Reserve.
The significant increase in the Ore Reserve is attributable to extensional and Resource definition drilling (primarily
within the Zed and Sonia lodes), Mineral Resource estimation methodology changes, and re-evaluation of the
remnant Mineral Resource areas and inclusion of these areas to the Ore Reserves (primarily at Jandam).
Material changes in the December 2012 Ore Reserve estimate compared to the June 2012 estimate include:
 An increase of 77koz for Jandam as a result of re-evaluation of the remnant Mineral Resource areas and
inclusion of these areas in the Ore Reserves;
 An increase of 71koz for Zed as a result of extensional and resource definition drilling;
 An Increase of 26koz for Sonia as a result of extensional and resource definition drilling; and
 Mining depletion of 41koz.
Ore Reserves are reported above a cut-off grade of 3.0g/t gold (diluted panel grade) for underground and 0.65g/t
gold cut-off for the open-pit. Ore Reserves were estimated based on a gold price of A$1,350/oz and a gold recovery
of 96.0%.

7
Cracow Mineral Resource
The December 2012 Cracow Mineral Resource estimate of 4.29 million tonnes at 6.1g/t gold for 842koz represents
an increase of 73koz (+10%) net of mining depletion compared to the June 2012 Mineral Resource.
Material changes in the December 2012 Mineral Resource estimate compared to the June 2012 estimate include:
 Maiden reportable resources for the Coronation and Griffin structures of 93koz; and
 Mining depletion of 55koz.
Mineral Resources are reported above a cut-off of 2.3g/t gold and estimated using Ordinary Kriging into blocks with a
range of dimensions optimised to the characteristics and geometry of each deposit.

Cracow Ore Reserve

The December 2012 Cracow Ore Reserve estimate of 1.61 million tonnes at 5.3g/t gold for 273koz represents an
increase of 31koz (+13%) net of mining depletion compared to the June 2012 Ore Reserve.
Material changes in the December 2012 Ore Reserve estimate compared to the June 2012 estimate include:
 An increase of 39koz at Empire as a result of resource definition drilling;
 An increase of 36koz at Roses Pride as a result of resource definition drilling;
 An increase of 14koz at Klondyke North as a result of resource definition drilling;
 Addition of 8koz at Griffin as a result of discovery and resource definition drilling; and
 Mining depletion of 55koz (inclusive of mineralisation mined outside of the Ore Reserve).
Ore Reserves are reported above an average cut-off of 3.6g/t gold (varying slightly for different mining areas) and
estimated based on a gold price of A$1,350/oz, a gold recovery of 93.0% and costs projected from historical
performance.

Mt Rawdon Mineral Resource

The December 2012 Mt Rawdon Mineral Resource estimate of 56.7 million tonnes at 0.7g/t gold for 1,288koz
represents an increase of 94koz (+8%) net of mining depletion compared to the June 2012 Mineral Resource.
Material changes in the December 2012 Mineral Resource estimate compared to the June 2012 estimate include:
 An increase of 139koz due to model methodology changes (refer below);
 Mining depletion of 58koz; and
 An increase of 13koz from stockpile balances.
The June 2012 estimate was performed using Ordinary Kriging while the December 2012 estimate was performed
using Multiple Indicator Kriging (MIK). Consequent enhancements to the Mineral Resource estimate includes
improved internal waste domaining of the post-mineralisation intrusive to better constrain the mineralised zones.
The MIK method was reconciled with the July 2012 – December 2012 production showing an improved correlation
between the December 2012 estimation and achieved mining performance. The variance was within approximately
1% on contained ounces compared to the reconciled mined figures.
Mineral Resources are reported above a cut-off of 0.23g/t gold and below the 31 December 2012 pit surface within a
A$1,800/oz pit optimisation shell.

8
Mt Rawdon Ore Reserve

The December 2012 Mt Rawdon Ore Reserve estimate of 39.8 million tonnes at 0.8g/t gold for 1,026koz represents
an increase of 112koz (+12%) net of mining depletion compared to the June 2012 Ore Reserve.
The Ore Reserve increase reflects an increase of the Indicated Mineral Resources for December 2012. The increase
in Indicated Mineral Resources is due to an increase in gold estimated by the change in the modelling technique to
MIK and resource definition drilling during 2012. Subsequent conversion of the Indicated Mineral Resources has
resulted in an increase of the Ore Reserves.
The December 2012 Ore Reserve estimate has been reported above the cut-off of 0.3g/t gold using a A$1,350/oz
gold price and gold recovery of 89.5%.

Edna May Mineral Resource

The December 2012 Edna May Mineral Resource estimate of 47.0 million tonnes at 1.1g/t gold for 1,643koz
represents an increase of 101koz (+7%) net of mining depletion compared to June 2012 Mineral Resource.
The Edna May underground Mineral Resource remains unchanged since the June 2012 Mineral Resource as there
has been no new geological data or interpretation.
Material changes in the December 2012 Mineral Resource estimate compared to the June 2012 estimate include:
 An increase of 63koz in the Edna May open-pit due to resource definition drilling;
 An increase of 23koz in the Greenfinch open-pit due to resource definition drilling;
 Mining depletion of 54koz; and
 A 14koz increase from a stockpile balance change.
The Mineral Resources are reported at a 0.4g/t gold cut-off for the Edna May and Greenfinch open-pits and a 3.0g/t
gold cut-off for the Edna May underground.
The Edna May open-pit resource is reported above the 1050mRL (290 metres below the natural surface) and below
the 31 December 2012 pit surface. The Edna May and Greenfinch open-pit resources were estimated using E-Type
Multiple Indicator Kriging into blocks with dimensions 25 metres east by 25 metres north by 5 elevation and 20
metres east by 15 metres north by 5 elevation respectively.
The Edna May underground resource is reported below the 1050mRL and above the 800mRL and estimated using
Ordinary Kriging into blocks with dimensions 5 metres east by 5 metres north by 5m elevation.

Edna May Ore Reserve

The December 2012 Edna May Ore Reserve estimate of 22.5 million tonnes at 1.0 g/t gold for 709koz represents a
decrease of 59koz (-8%) net of mining depletion compared to June 2012 Ore Reserve.
The decrease in the December 2012 Ore Reserve estimate compared to the June 2012 estimate was due to mining
depletion.
The Ore Reserve is reported above a cut-off of 0.4g/t gold and estimated using a gold price of A$1,500/oz and a gold
recovery of 91.0%.

Mt Carlton Mineral Resource

The Mt Carlton Mineral Resource consists of the V2 and A39 deposits and stockpiled material from the A39 open-pit.
The December 2012 V2 Mineral Resource estimate of 25.2 million tonnes at 1.7g/t gold, 19g/t silver and 0.24%
copper for 1,350koz gold, 15.1Moz silver and 59.7kt copper is unchanged from the June 2012 estimate. No

9
additional resource definition drilling or Mineral Resource estimates have been conducted since the June 2012
estimate.
The December 2012 A39 Mineral Resource estimate of 2.95 million tonnes at 170g/t silver and 0.12% copper for
16,134koz silver and 3.4kt of copper represents an increase of 647koz silver compared to the June 2012 estimate.
The change is a result of grade-control drilling having identified additional mineralisation in the A39 open-pit. This
material has been mined and trucked to the Run of Mine (“ROM”) stockpile and is recorded as stockpile material in
the Mineral Resource statement. No additional resource definition drilling or Mineral Resource estimates have been
conducted since the June 2012 estimate.
The V2 Mineral Resource is reported above a cut-off of 0.35 g/t Au and estimated using E-Type Multiple Indicator
Kriging into blocks with dimensions 25 metres east by 25 metres north by 5 metres elevation.
The A39 Mineral Resource is reported above a cut-off of 42g/t silver and estimated using a combination of Ordinary
Kriging for more broadly spaced resource definition drilling and Sequential Gaussian Simulation for close spaced
grade-control drilled areas, into blocks with dimensions 10 metres east by 10 metres north by 2.5 metres elevation.
The A39 Mineral Resource is reported below the 31 December 2012 pit surface.

Mt Carlton Ore Reserves

The December 2012 Mt Carlton Ore Reserve estimate of 10.4 million tonnes at 3.7g/t gold equivalent for 1.23 million
gold equivalent ounces represents a small increase compared to the June 2012 estimate as a result of grade-control
drilling having identified additional mineralisation in the A39 open-pit (see discussion under Mt Carlton Mineral
Resources above).
The V2 deposit Ore Reserve is reported at a 0.69 g/t gold cut-off and used metal recoveries proportionate to head
grade with gold recovery ranging from 82.0% to 90.0% and silver and copper recoveries ranging from 84.0% to
90.0%. The A39 deposit Ore Reserve is reported at a 53g/t silver cut-off and used 88.0% and 92.0% for silver and
copper recoveries respectively. Mt Carlton Ore Reserves are estimated using metal prices of A$1,350/oz for gold,
A$28.00/oz for silver and A$2.00/lb for copper.

Twin Hills Mineral Resource

The December 2012 Twin Hills Mineral Resource estimate of 4.62 million tonnes at 2.7g/t gold for 399koz remains
unchanged from the June 2012 estimate. There are no changes to the Mineral Resource as no new drilling or
estimation has been conducted at Twin Hills during the period.
The Mineral Resource estimate for the Twin Hills open-pit deposit is reported above a cut-off of 0.5g/t gold and within
a A$1,500/oz pit shell. The Mineral Resource estimates for the Twin Hills Underground Deposits are reported above
a cut-off of 2.0g/t gold.

10
 Appendix B
Mineral Resources and Ore Reserve Tables by Project

Pajingo Mineral Resources - December 2012

Measured Indicated Inferred Total Resource

Mineral Resource Tonnes Cont. Cont. Cont. Cont.

Grade Tonnes Grade Tonnes Grade Tonnes Grade
Metal Metal Metal Metal
(Mt) Au (g/t) (Mt) Au (g/t) (Mt) Au (g/t) (Mt) Au (g/t)
Au (koz) Au (koz) Au (koz) Au (koz)
Open-Pit
Venue 0.01 3.6 1 0.17 5.0 28 0.01 1.5 0.4 0.19 4.8 30
Orchid - - - - - - 0.32 1.2 12 0.32 1.2 12
Underground
Cindy 0.004 5.9 1 0.07 6.1 13 0.03 3.7 3 0.10 5.4 17
Jandam 0.67 7.3 158 1.33 5.5 236 0.96 4.7 144 2.96 5.7 539
Sonia 0.12 16.8 66 0.15 9.0 44 0.08 7.5 19 0.35 11.3 129
Veracity 0.14 8.7 38 0.23 4.8 35 0.07 3.7 9 0.44 5.8 82
Janine 0.01 8.3 3 0.05 5.6 10 0.03 5.5 6 0.10 5.9 19
Venue - - - 0.66 6.0 126 0.30 5.3 51 0.96 5.8 177
Zed 0.11 6.9 25 0.65 5.7 118 0.43 4.9 68 1.19 5.5 211
Sonia East 0.04 9.6 12 0.13 9.1 39 0.16 7.2 37 0.33 8.2 88
Stockpile 0.03 1.6 2 - - - - - - 0.03 1.6 2
Total Pajingo 1.15 8.3 307 3.44 5.9 649 2.38 4.6 349 6.97 5.8 1,306

Pajingo Mineral Resources Comparison - June 2012 to December 2012

Measured Indicated Inferred Total
Period Cont. Cont. Cont. Cont.
Tonnes Grade Tonnes Grade Tonnes Grade Tonnes Grade
Metal Metal Metal Metal
(Mt) Au (g/t) (Mt) Au (g/t) (Mt) Au (g/t) (Mt) Au (g/t)
Au (koz) Au (koz) Au (koz) Au (koz)
June 2012 0.27 6.6 58 2.33 5.4 401 2.79 4.9 441 5.39 5.2 900
December 2012 1.15 8.3 307 3.44 5.9 649 2.38 4.6 349 6.97 5.8 1,306
Absolute Change 0.87 1.7 249 1.11 0.5 248 -0.41 -0.3 -92 1.58 0.6 406
Relative Change 318% 26% 430% 48% 9% 62% -15% -6% -21% 29% 12% 45%

Notes:
Data is reported to significant figures and differences may occur due to rounding
Mineral Resources are inclusive of Ore Reserves
Pajingo Mineral Resources have been reported above a cut-off grade of 2.5 g/t gold for underground, 0.5 g/t gold for open-pit and
constrained to an A$1,350/oz pit design
Pajingo underground Mineral Resources were estimated using Ordinary Kriging into blocks with dimensions 15 metres east by 5
metres north by 15 metres elevation
Pajingo open-pit Mineral Resources were estimated using Multiple Indicator Kriging into blocks with dimensions 5 metres east by 2
metres north and 2.5 metres elevation
Competent Person: Calvin Ferguson a member of the Australasian Institute of Mining and Metallurgy

11
 Pajingo Ore Reserves - December 2012
Proved Probable Total Reserve
Ore Reserve Cont. Cont. Cont.
Tonnes Grade Tonnes Grade Tonnes Grade
Metal Metal Metal
(Mt) Au (g/t) (Mt) Au (g/t) (Mt) Au (g/t)
Au (koz) Au (koz) Au (koz)
Open-Pit
Venue 0.01 3.9 1 0.17 5.6 30 0.18 5.5 31
Underground
Cindy - - - 0.03 5.9 6 0.03 5.9 6
Jandam 0.27 6.6 58 0.12 5.5 21 0.39 6.2 79
Sonia 0.14 10.4 47 0.11 8.1 28 0.25 9.4 75
Zed 0.07 6.0 13 0.48 5.4 84 0.55 5.5 97
Sonia East 0.05 6.0 10 0.14 6.7 29 0.19 6.5 39
Stockpile 0.03 1.6 2 - - - 0.03 1.6 2
Total Pajingo 0.57 7.1 130 1.05 5.9 199 1.62 6.3 329

Pajingo Ore Reserves Comparison - June 2012 to December 2012

Proved Probable Total
Period Cont. Cont. Cont.
Tonnes Grade Tonnes Grade Tonnes Grade
Metal Metal Metal
(Mt) Au (g/t) (Mt) Au (g/t) (Mt) Au (g/t)
Au (koz) Au (koz) Au (koz)
June 2012 0.05 6.0 9 1.07 5.1 175 1.12 5.1 184
December 2012 0.57 7.1 131 1.05 5.9 199 1.62 6.3 330
Absolute Change 0.53 1.1 122 -0.02 0.8 24 0.50 1.2 145
Relative Change 1150% 18% 1381% -2% 16% 14% 45% 23% 79%

Notes:
Data is reported to significant figures and differences may occur due to rounding
Ore Reserves are reported above a 3.0 g/t gold cut-off underground and 0.65 g/t gold cut-off for open pit
Ore Reserves are calculated using a A$1,350/oz gold price and a gold recovery of 96.0%
Underground Competent Person: Johan Booyse a member of the Australasian Institute of Mining and Metallurgy
Open-pit Competent Person: Tony Wallace a member of the Australasian Institute of Mining and Metallurgy

12
 Cracow Mineral Resources - December 2012
Measured Indicated Inferred Total Resource
Mineral Resource Cont. Cont. Cont. Cont.
Tonnes Grade Tonnes Grade Tonnes Grade Tonnes Grade
Metal Metal Metal Metal
(Mt) Au (g/t) (Mt) Au (g/t) (Mt) Au (g/t) (Mt) Au (g/t)
Au (koz) Au (koz) Au (koz) Au (koz)
Crown Shoot 0.07 9.0 20 - - - 0.38 4.5 55 0.45 5.2 74
Empire - - - 0.08 14.8 37 0.40 6.4 84 0.48 7.8 121
Kilkenny 0.06 8.8 17 0.23 7.4 55 0.70 5.1 115 0.99 5.9 187
Klondyke North Shoot 0.001 6.8 0.3 0.23 6.0 44 0.16 3.7 19 0.39 5.1 63
Phoenix 0.03 9.6 10 0.02 8.3 6 0.02 6.4 5 0.08 8.3 20
Roses Pride 0.06 9.9 18 0.14 9.9 43 0.14 6.0 27 0.33 8.3 88
Royal Shoot 0.00 11.0 0.4 - - - 0.09 6.7 18 0.09 6.8 19
Sovereign Shoot 0.03 4.4 4 0.12 4.3 17 0.38 3.6 44 0.53 3.8 65
Tipperary 0.01 7.2 3 0.24 7.8 61 0.23 5.6 42 0.49 6.7 106
Coronation - - - - - - 0.34 6.2 69 0.34 6.2 69
Griffin - - - 0.06 7.0 12 0.06 5.4 11 0.12 6.1 24
Stockpile 0.02 8.7 6 - - - - - - 0.02 8.7 6
Total Cracow 0.28 8.6 79 1.11 7.7 275 2.90 5.2 488 4.29 6.1 842

Cracow Mineral Resources Comparison - June 2012 to December 2012

Measured Indicated Inferred Total
Period Cont. Cont. Cont. Cont.
Tonnes Grade Tonnes Grade Tonnes Grade Tonnes Grade
Metal Metal Metal Metal
(Mt) Au (g/t) (Mt) Au (g/t) (Mt) Au (g/t) (Mt) Au (g/t)
Au (koz) Au (koz) Au (koz) Au (koz)
June 2012 0.20 8.9 58 1.06 7.3 248 2.83 5.1 462 4.09 5.8 768
December 2012 0.28 8.6 79 1.11 7.7 275 2.90 5.2 488 4.29 6.1 842
Absolute Change 0.08 -0.3 20 0.05 0.4 27 0.07 0.1 26 0.20 0.3 73
Relative Change 39% -3% 35% 5% 5% 11% 3% 2% 6% 5% 4% 10%

Notes:
Data is reported to significant figures and differences may occur due to rounding
Mineral Resources are inclusive of Ore Reserves
Cracow Mineral Resources have been reported above a cut-off grade of 2.3 g/t gold
Cracow was estimated using Ordinary Kriging into blocks with a range of dimensions optimised to the characteristics and geometry of
each deposit
Competent Person: Shane Pike a member of the Australasian Institute of Mining and Metallurgy

13
 Cracow Ore Reserves - December 2012
Proved Probable Total Reserve
Tonnes Grade Cont. Tonnes Grade Cont. Tonnes Grade Cont.
Ore Reserve
(Mt) Au (g/t) Metal Au (Mt) Au (g/t) Metal Au (Mt) Au (g/t) Metal Au
(koz) (koz) (koz)

Crown Shoot 0.03 11.2 12 0.002 1.1 0.1 0.04 10.7 12

Empire - - - 0.18 6.6 39 0.18 6.6 39
Kilkenny 0.02 8.3 5 0.22 5.4 38 0.24 5.6 43
Klondyke North Shoot - - - 0.30 3.7 36 0.30 3.7 36
Phoenix 0.03 5.0 4 0.03 5.1 4 0.05 5.1 9
Roses Pride 0.06 8.3 17 0.26 4.8 41 0.32 5.5 58
Sovereign Shoot - - - 0.04 3.8 5 0.04 3.8 5
Tipperary 0.01 7.0 2 0.35 4.8 54 0.36 4.9 57
Griffin - - - 0.05 4.9 8 0.05 4.9 8
Stockpile 0.02 8.7 6 - - - 0.02 8.7 6
Total Cracow 0.17 8.3 46 1.44 4.9 226 1.61 5.3 273

Cracow Ore Reserves Comparison - June 2012 to December 2012

Proved Probable Total
Period Cont. Cont. Cont.
Tonnes Grade Tonnes Grade Tonnes Grade
Metal Metal Metal
(Mt) Au (g/t) (Mt) Au (g/t) (Mt) Au (g/t)
Au (koz) Au (koz) Au (koz)
June 2012 0.13 10.9 44 1.16 5.3 198 1.28 5.9 242
December 2012 0.17 8.3 46 1.44 4.9 226 1.61 5.3 273
Absolute Change 0.05 -2.6 2 0.28 -0.4 29 0.33 -0.6 31
Relative Change 38% -24% 5% 25% -8% 14% 26% -10% 13%

Notes:
Data is reported to significant figures and differences may occur due to rounding
Ore Reserves are reported above a 3.6 g/t gold cut-off
Ore Reserves are calculated using a A$1,350/oz gold price and a gold recovery of 93.0%
Competent Person: Fusheng Li a member of the Australasian Institute of Mining and Metallurgy

14
 Mt Rawdon Mineral Resources - December 2012
Measured Indicated Inferred Total Resource

Mineral Resource Tonnes Grade Cont. Cont. Cont. Cont.

Tonnes Grade Tonnes Grade Tonnes Grade
Metal Metal Metal Metal
(Mt) Au (g/t) (Mt) Au (g/t) (Mt) Au (g/t) (Mt) Au (g/t)
Au (koz) Au (koz) Au (koz) Au (koz)
Mt Rawdon - - - 51.5 0.7 1,203 3.42 0.6 62 54.9 0.7 1,265
Stockpile 1.84 0.4 23 - - - - - - 1.84 0.4 23
Total Mt Rawdon 1.84 0.4 23 51.5 0.7 1,203 3.42 0.6 62 56.7 0.7 1,288

Mt Rawdon Mineral Resources Comparison - June 2012 to December 2012

Measured Indicated Inferred Total
Period Cont. Cont. Cont. Cont.
Tonnes Grade Tonnes Grade Tonnes Grade Tonnes Grade
Metal Au Metal Au Metal Au Metal Au
(Mt) Au (g/t) (Mt) Au (g/t) (Mt) Au (g/t) (Mt) Au (g/t)
(koz) (koz) (koz) (koz)
June 2012 0.61 0.5 10 44.7 0.7 1,059 7.17 0.5 125 52.5 0.7 1,194
December 2012 1.84 0.4 23 51.5 0.7 1,203 3.42 0.6 62 56.7 0.7 1,288
Absolute Change 1.22 -0.1 13 6.72 0.0 144 -3.75 0.1 -63 4.19 0.0 94
Relative Change 199% -19% 127% 15% 0% 14% -52% 18% -51% 8% 0% 8%

Notes:
Data is reported to significant figures and differences may occur due to rounding
Mineral Resources are inclusive of Ore Reserves
Mt Rawdon Mineral Resources have been reported above a cut-off grade of 0.23 g/t gold and constrained to an A$1,800/oz pit
optimisation shell
Mt Rawdon was estimated using Multiple Indicator Kriging into blocks with dimensions 20 metres east by 20 metres north by 10
metres elevation
Competent Person: Hans Andersen a member of the Australasian Institute of Mining and Metallurgy

15
 Mt Rawdon Ore Reserves - December 2012
Proved Probable Total Reserve

Ore Reserve Cont. Cont. Cont.

Tonnes Grade Tonnes Grade Tonnes Grade
Metal Metal Metal
(Mt) Au (g/t) (Mt) Au (g/t) (Mt) Au (g/t)
Au (koz) Au (koz) Au (koz)
Mt Rawdon - - - 38.7 0.8 1,009 38.7 0.8 1,009
Stockpile 1.08 0.5 17 - - - 1.08 0.5 17
Total Mt Rawdon 1.08 0.5 17 38.7 0.8 1,009 39.8 0.8 1,026

Mt Rawdon Ore Reserves Comparison - June 2012 to December 2012

Proved Probable Total
Period Cont. Cont. Cont.
Tonnes Grade Tonnes Grade Tonnes Grade
Metal Metal Metal
(Mt) Au (g/t) (Mt) Au (g/t) (Mt) Au (g/t)
Au (koz) Au (koz) Au (koz)
June 2012 0.61 0.5 10 35.6 0.8 904 36.2 0.8 914
December 2012 1.08 0.5 17 38.7 0.8 1,009 39.8 0.8 1,026
Absolute Change 0.46 0.0 7 3.1 0.0 105 3.6 0.0 112
Relative Change 76% 0% 68% 9% 0% 12% 10% 2% 12%

Notes:
Data is reported to significant figures and differences may occur due to rounding
Ore Reserves are reported above a 0.3 g/t gold cut-off
Ore Reserves are calculated using a A$1,350/oz gold price and a variable gold recovery, approximately 89.5% for average head grade
reported
Competent Person: Tony Wallace a member of the Australasian Institute of Mining and Metallurgy

16
 Edna May Mineral Resources - December 2012
Measured Indicated Inferred Total Resource

Mineral Resource Cont. Cont. Cont. Cont.

Tonnes Grade Tonnes Grade Tonnes Grade Tonnes Grade
Metal Metal Metal Metal
(Mt) Au (g/t) (Mt) Au (g/t) (Mt) Au (g/t) (Mt) Au (g/t)
Au (koz) Au (koz) Au (koz) Au (koz)
Open-Pit
Edna May 17.8 1.0 554 14.2 1.0 432 6.84 0.8 180 38.7 0.9 1,166
Greenfinch 0.82 1.1 30 2.40 1.1 82 1.35 1.1 46 4.57 1.1 158
Underground
Edna May - - - 0.63 7.2 146 0.58 6.9 128 1.21 7.1 273
Stockpile 2.48 0.6 46 - - - - - - 2.48 0.6 46
Total Edna May 21.1 0.9 629 17.2 1.2 660 8.76 1.3 354 47.0 1.1 1,643

Edna May Mineral Resources Comparison - June 2012 to December 2012

Measured Indicated Inferred Total
Period Cont. Cont. Cont. Cont.
Tonnes Grade Tonnes Grade Tonnes Grade Tonnes Grade
Metal Metal Metal Metal
(Mt) Au (g/t) (Mt) Au (g/t) (Mt) Au (g/t) (Mt) Au (g/t)
Au (koz) Au (koz) Au (koz) Au (koz)
June 2012 17.8 1.0 549 19.5 1.1 672 8.44 1.2 321 45.8 1.0 1,542
December 2012 21.1 0.9 629 17.2 1.2 660 8.76 1.3 354 47.0 1.1 1,643
Absolute Change 3.24 -0.1 80 -2.35 0.1 -12 0.32 0.1 33 1.21 0.0 101
Relative Change 18% -10% 15% -12% 9% -2% 4% 8% 10% 3% 4% 7%

Notes:
Data is reported to significant figures and differences may occur due to rounding
Mineral Resources are inclusive of Ore Reserves
Edna May and Greenfinch Mineral Resources have been reported above a cut-off grade of 0.4 g/t gold and Edna May underground
reported above 3.0 g/t gold
Edna May and Greenfinch were estimated using E-Type Multiple Indicator Kriging (MIK) into blocks with dimensions 25 metres east
by 25 metres north by 5 metres elevation and 20 metres east by 15 metres north by 5 metres elevation respectively. Edna May
open-pit was reported above the 1050mRL (290 metres below surface)
Edna May underground deposit was estimated using Ordinary Kriging into blocks with dimensions 5 metres east by 5 metres north
by 5 metres elevation and is reported below the 1050mRL
Competent Person: John Winterbottom a member of Australian Institute of Geoscientists

17
 Edna May Ore Reserves - December 2012
Proved Probable Total Reserve

Ore Reserve Cont. Cont. Cont.

Tonnes Grade Tonnes Grade Tonnes Grade
Metal Metal Metal
(Mt) Au (g/t) (Mt) Au (g/t) (Mt) Au (g/t)
Au (koz) Au (koz) Au (koz)
Open-Pit
Edna May 10.1 1.0 329 7.43 1.0 248 17.5 1.0 577
Greenfinch 0.78 1.1 28 1.71 1.1 58 2.50 1.1 86
Stockpile 2.48 0.6 46 - - - 2.48 0.6 46
Total Edna May 13.4 0.9 402 9.1 1.0 306 22.5 1.0 709

Edna May Ore Reserves Comparison - June 2012 to December 2012

Proved Probable Total
Period Cont. Cont. Cont.
Tonnes Grade Tonnes Grade Tonnes Grade
Metal Metal Metal
(Mt) Au (g/t) (Mt) Au (g/t) (Mt) Au (g/t)
Au (koz) Au (koz) Au (koz)
June 2012 12.9 1.0 418 11.7 0.9 349 24.7 1.0 767
December 2012 13.4 0.9 402 9.14 1.0 306 22.5 1.0 709
Absolute Change 0.46 -0.1 -16 -2.58 0.1 -43 -2.13 0.0 -59
Relative Change 4% -10% -4% -22% 11% -12% -9% 1% -8%

Notes:
Data is reported to significant figures and differences may occur due to rounding
Ore Reserves are reported above a 0.4 g/t gold cut-off
Ore Reserves were calculated using a A$1,500/oz gold price and a gold recovery of 91.0%
Competent Person: Luke Cox a member of the Australasian Institute of Mining and Metallurgy

18
 Gold - Mt Carlton Mineral Resources - December 2012
Measured Indicated Inferred Total Resource
Mineral Resource Cont. Cont. Cont. Cont.
Tonnes Grade Tonnes Grade Tonnes Grade Tonnes Grade
Metal Metal Metal Metal
(Mt) Au (g/t) (Mt) Au (g/t) (Mt) Au (g/t) (Mt) Au (g/t)
Au (koz) Au (koz) Au (koz) Au (koz)
A39 - - - - - - - - - - - -
V2 9.02 2.0 586 14.7 1.5 695 1.41 1.5 68 25.2 1.7 1,350
Stockpile 0.25 0.1 1 - - - - - - 0.25 0.1 1
Total Mt Carlton 9.28 2.0 587 14.7 1.5 695 1.41 1.5 68 25.4 1.7 1,350

Silver - Mt Carlton Mineral Resources - December 2012

Measured Indicated Inferred Total Resource
Mineral Resource Cont. Cont. Cont. Cont.
Tonnes Grade Tonnes Grade Tonnes Grade Tonnes Grade
Metal Metal Metal Metal
(Mt) Ag (g/t) (Mt) Ag (g/t) (Mt) Ag (g/t) (Mt) Ag (g/t)
Ag (koz) Ag (koz) Ag (koz) Ag (koz)
A39 2.38 192 14,631 0.23 80 594 0.10 85 262 2.70 178 15,487
V2 9.02 21 6,159 14.7 18 8,410 1.41 12 534 25.2 19 15,103
Stockpile 0.25 80 647 - - - - - - 0.25 80 647
Total Mt Carlton 11.7 57 21,437 14.9 19 9,004 1.51 16 796 28.1 35 31,237

Copper - Mt Carlton Mineral Resources - December 2012

Measured Indicated Inferred Total Resource
Mineral Resource Cont. Cont. Cont. Cont.
Tonnes Grade Tonnes Grade Tonnes Grade Tonnes Grade
Metal Metal Metal Metal
(Mt) Cu (%) (Mt) Cu (%) (Mt) Cu (%) (Mt) Cu (%)
Cu (kt) Cu (kt) Cu (kt) Cu (kt)
A39 2.38 0.13 3.1 0.23 0.01 0.0 0.10 0.00 0.0 2.70 0.12 3.1
V2 9.02 0.27 24.5 14.7 0.22 32.1 1.41 0.22 3.0 25.2 0.24 59.7
Stockpile 0.25 0.11 0.3 - - - - - - 0.25 0.11 0.3
Total Mt Carlton 11.7 0.24 27.9 14.9 0.21 32.1 1.51 0.20 3.0 28.1 0.22 63.1

Gold Equivalent - Mt Carlton Mineral Resources - December 2012

Measured Indicated Inferred Total Resource
Mineral Resource Grade Cont. Grade Cont. Grade Cont. Grade Cont.
Tonnes Tonnes Tonnes Tonnes
AuEq Metal AuEq Metal AuEq Metal AuEq Metal
(Mt) (Mt) (Mt) (Mt)
(g/t) AuEq (koz) (g/t) AuEq (koz) (g/t) AuEq (koz) (g/t) AuEq (koz)

A39 2.38 4.0 307 0.23 1.6 12 0.10 1.7 5 2.70 3.7 325
V2 9.02 2.8 798 14.7 2.1 988 1.41 2.0 90 25.2 2.3 1,876
Stockpile 0.25 1.7 14 - - - - - - 0.25 1.7 14
Total Mt Carlton 11.7 3.0 1,119 14.9 2.1 1,000 1.51 2.0 95 28.1 2.5 2,214

19
 Gold - Mt Carlton Mineral Resources Comparison - June 2012 to December 2012
Measured Indicated Inferred Total
Period Cont. Cont. Cont. Cont.
Tonnes Grade Au Tonnes Grade Au Tonnes Grade Au Tonnes Grade Au
Metal Au Metal Au Metal Au Metal Au
(Mt) (g/t) (Mt) (g/t) (Mt) (g/t) (Mt) (g/t)
(koz) (koz) (koz) (koz)
June 2012 9.02 2.0 586 14.71 1.5 695 1.41 1.5 68 25.2 1.7 1,350
December 2012 9.02 2.0 586 14.71 1.5 695 1.41 1.5 68 25.2 1.7 1,350
Absolute Change 0.00 0.0 0 0.00 0.0 0 0.00 0.0 0 0.00 0.0 0
Relative Change 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%

Silver - Mt Carlton Mineral Resources Comparison - June 2012 to December 2012

Measured Indicated Inferred Total
Period Cont. Cont. Cont. Cont.
Tonnes Grade Ag Tonnes Grade Ag Tonnes Grade Ag Tonnes Grade Ag
Metal Ag Metal Ag Metal Ag Metal Ag
(Mt) (g/t) (Mt) (g/t) (Mt) (g/t) (Mt) (g/t)
(koz) (koz) (koz) (koz)
June 2012 11.4 57 20,790 14.9 19 9,004 1.51 16 796 27.9 34 30,590
December 2012 11.7 57 21,437 14.9 19 9,004 1.51 16 796 28.1 35 31,237
Absolute Change 0.25 0.5 647 0.00 0 0 0.00 0 0 0.25 0.4 647
Relative Change 2% 1% 3% 0% 0% 0% 0% 0% 0% 1% 1% 2%

Copper - Mt Carlton Mineral Resources Comparison - June 2012 to December 2012

Measured Indicated Inferred Total
Period Cont. Cont. Cont. Cont.
Tonnes Grade Cu Tonnes Grade Cu Tonnes Grade Cu Tonnes Grade Cu
Metal Cu Metal Cu Metal Cu Metal Cu
(Mt) (%) (Mt) (%) (Mt) (%) (Mt) (%)
(kt) (kt) (kt) (kt)
June 2012 11.4 0.24 27.5 14.9 0.21 32.1 1.51 0.20 3.0 27.9 0.23 62.8
December 2012 11.7 0.24 27.9 14.9 0.21 32.1 1.51 0.20 3.0 28.1 0.22 63.1
Absolute Change 0.25 0.00 0.4 0.00 0.00 0.0 0.00 0.00 0.0 0.25 -0.01 0.3
Relative Change 2% 0% 1% 0% 0% 0% 0% 0% 0% 1% -1% 0%

Gold Equivalent - Mt Carlton Mineral Resources Comparison - June 2012 to December 2012
Measured Indicated Inferred Total
Period Cont. Cont. Cont. Cont.
Tonnes Grade Tonnes Grade Tonnes Grade Tonnes Grade
Metal Metal Metal Metal
(Mt) AuEq (g/t) (Mt) AuEq (g/t) (Mt) AuEq (g/t) (Mt) AuEq (g/t)
AuEq (koz) AuEq (koz) AuEq (koz) AuEq (koz)
June 2012 11.4 3.0 1,106 14.9 2.1 1,000 1.51 2.0 95 27.9 2.4 2,200
December 2012 11.7 3.0 1,119 14.9 2.1 1,000 1.51 2.0 95 28.1 2.5 2,214
Absolute Change 0.25 0.0 14 0.00 0.0 0 0.00 0.0 0 0.25 0.1 14
Relative Change 2% 0% 1% 0% 0% 0% 0% 0% 0% 1% 4% 1%

Notes:
Data is reported to significant figures and differences may occur due to rounding
Mineral Resources are inclusive of Ore Reserves
Mt Carlton V2 deposit Mineral Resources have been reported above a cut-off grade of 0.35 g/t gold and A39 deposit reported
above 42g/t silver
Mt Carlton V2 deposit was estimated using E-Type Multiple Indicator Kriging into blocks with dimensions 25 metres east by 25
metres north by 5 metres elevation
Mt Carlton A39 deposit was estimated using a combination of Ordinary Kriging, for more broadly spaced Resource Definition
drilling, and Sequential Gaussian Simulation for close spaced grade control drilled areas of the deposit into blocks with dimensions
10 metres by 10 metres by 2.5 metres elevation
Competent Person: John Winterbottom a member of Australian Institute of Geoscientists

The gold equivalence calculation represents total metal value for each metal summed and expressed in equivalent gold grade and
ounces. The prices used in the calculation being A$1350/oz Au, A$28.00/oz Ag and A$2.00/lb Cu. Metallurgical recovery to
concentrate of 90.0% for gold, 92.0% for silver at V2 and 88.0% silver at A39 and 92.0% for copper as indicated by metallurgical
testwork
1 Troy Ounce = 31.1034768 grams
Au Eq for Silver = ((Price Ag per Oz x Ag Recovery)/(Price Au per Oz x Au Recovery)) x Ag Grade
Au Eq for Copper = ((Price Cu per lb x 2204.623) x (Cu Recovery)) / (Price Au per Oz x Au Recovery / 31.1034768) x (Cu Grade /
100)

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 Gold - Mt Carlton Ore Reserves - December 2012
Proved Probable Total Reserve
Ore Reserve Cont. Cont. Cont.
Tonnes Grade Tonnes Grade Tonnes Grade
Metal Au Metal Au Metal Au
(Mt) Au (g/t) (Mt) Au (g/t) (Mt) Au (g/t)
(koz) (koz) (koz)
A39 - - - - - - - - -
V2 4.52 3.1 446 4.61 2.5 366 9.13 2.8 812
Total Mt Carlton 4.52 3.1 446 4.61 2.5 366 9.13 2.8 812

Silver - Mt Carlton Ore Reserves - December 2012

Proved Probable Total Reserve
Ore Reserve Cont. Cont. Cont.
Tonnes Grade Tonnes Grade Tonnes Grade
Metal Metal Metal
(Mt) Ag (g/t) (Mt) Ag (g/t) (Mt) Ag (g/t)
Ag (koz) Ag (koz) Ag (koz)
A39 1.04 265 8,852 - - - 1.04 265 8,852
V2 4.52 24 3,470 4.61 20 2,991 9.13 22 6,461
Stockpile 0.25 80 647 - - - 0.25 80 647
Total Mt Carlton 5.81 69 12,969 4.6 20 2,991 10.4 48 15,960

Copper - Mt Carlton Ore Reserves - December 2012

Proved Probable Total Reserve
Ore Reserve Cont. Cont. Cont.
Tonnes Grade Tonnes Grade Tonnes Grade
Metal Metal Metal
(Mt) Cu (%) (Mt) Cu (%) (Mt) Cu (%)
Cu (kt) Cu (kt) Cu (kt)
A39 1.04 0.24 2.5 - - - 1.04 0.24 2.5
V2 4.52 0.32 14.3 4.61 0.23 10.5 9.13 0.27 24.8
Stockpile 0.25 0.11 0.3 - - - 0.25 0.11 0.3
Total Mt Carlton 5.81 0.29 17.1 4.61 0.23 10.5 10.4 0.26 27.6

Gold Equivalent - Mt Carlton Ore Reserves - December 2012

Proved Probable Total Reserve
Cont. Cont. Cont.
Ore Reserve Grade Grade Grade
Tonnes Metal Tonnes Metal Tonnes Metal
AuEq AuEq AuEq
(Mt) AuEq (Mt) AuEq (Mt) AuEq
(g/t) (g/t) (g/t)
(koz) (koz) (koz)
A39 1.04 5.6 188 - - - 1.04 5.6 188
V2 4.52 3.9 567 4.61 3.1 464 9.13 3.5 1,031
Stockpile 0.25 1.7 14 - - - 0.25 1.7 14
Total Mt Carlton 5.81 4.1 769 4.61 3.1 464 10.4 3.7 1,233

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 Gold - Mt Carlton Ore Reserves Comparison - June 2012 to December 2012
Proved Probable Total
Period Cont. Cont. Cont.
Tonnes Grade Au Tonnes Grade Au Tonnes Grade Au
Metal Au Metal Au Metal Au
(Mt) (g/t) (Mt) (g/t) (Mt) (g/t)
(koz) (koz) (koz)
June 2012 4.52 3.1 446 4.61 2.5 366 9.13 2.8 812
December 2012 4.52 3.1 446 4.61 2.5 366 9.13 2.8 812
Absolute Change 0.00 0.0 0 0.00 0.0 0 0.00 0.0 0
Relative Change 0% 0% 0% 0% 0% 0% 0% 0% 0%

Silver - Mt Carlton Ore Reserves Comparison - June 2012 to December 2012

Proved Probable Total
Period Cont. Cont. Cont.
Tonnes Grade Ag Tonnes Grade Ag Tonnes Grade Ag
Metal Ag Metal Ag Metal Ag
(Mt) (g/t) (Mt) (g/t) (Mt) (g/t)
(koz) (koz) (koz)
June 2012 5.56 69 12,322 4.61 20 2,991 10.2 47 15,313
December 2012 5.81 69 12,969 4.61 20 2,991 10.4 48 15,960
Absolute Change 0.25 0.4 647 0.00 0 0 0.25 0.8 647
Relative Change 5% 1% 5% 0% 0% 0% 2% 2% 4%

Copper - Mt Carlton Ore Reserves Comparison - June 2012 to December 2012

Proved Probable Total
Period Cont. Cont. Cont.
Tonnes Grade Cu Tonnes Grade Cu Tonnes Grade Cu
Metal Cu Metal Cu Metal Cu
(Mt) (%) (Mt) (%) (Mt) (%)
(kt) (kt) (kt)
June 2012 5.56 0.30 16.8 4.61 0.23 10.5 10.2 0.27 27.3
December 2012 5.81 0.29 17.1 4.61 0.23 10.5 10.4 0.26 27.6
Absolute Change 0.25 0.01 0.3 0.00 0.00 0.0 0.25 -0.01 0.2
Relative Change 5% 0% 2% 0% 0% 0% 2% -2% 1%

Gold Equivalent - Mt Carlton Ore Reserves Comparison - June 2012 to December 2012
Proved Probable Total
Period Cont. Cont. Cont.
Tonnes Grade Tonnes Grade Tonnes Grade
Metal Metal Metal
(Mt) AuEq (g/t) (Mt) AuEq (g/t) (Mt) AuEq (g/t)
AuEq (koz) AuEq (koz) AuEq (koz)
June 2012 5.56 4.2 755 4.61 3.1 464 10.2 3.7 1,220
December 2012 5.81 4.1 769 4.61 3.1 464 10.4 3.7 1,233
Absolute Change 0.25 -0.1 15 0.00 0.0 0 0.25 -0.0 13
Relative Change 5% -2% 2% 0% 0% 0% 2% -1% 1%
Notes:
Data is reported to significant figures and differences may occur due to rounding
V2 Ore Reserves are reported above a 0.69 g/t gold cut-off and A39 Ore Reserves reported above a 53 g/t silver cut-off
Ore Reserves were calculated using a gold price of A$1,350/oz, silver price of A$28.00/oz silver price and copper price of A$2.00/lb
V2 deposit used variable recoveries proportionate to head grade with gold recovery ranging from 82.0% to 90.0%, silver and copper
recoveries ranged from 84.0% to 92.0%
A39 deposit used 88.0% and 92.0% for silver and copper recoveries respectively
Smelter payabilities were also considered in the reserve calculation
Competent Person: Tony Wallace a member of the Australasian Institute of Mining and Metallurgy
The gold equivalence calculation represents total metal value for each metal summed and expressed in equivalent gold grade and
ounces. The prices used in the calculation being A$1350/oz Au, A$28.00/oz Ag and A$2.00/lb Cu. Metallurgical recovery to concentrate
of 90.0% for gold, 92.0% for silver at V2 and 88.0% silver at A39 and 92.0% for copper as indicated by metallurgical testwork
Au Eq for Silver = ((Price Ag per Oz x Ag Recovery)/(Price Au per Oz x Au Recovery)) x Ag Grade
Au Eq for Copper = ((Price Cu per lb x 2204.623) x (Cu Recovery)) / (Price Au per Oz x Au Recovery / 31.1034768) x (Cu Grade / 100)
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 Twin Hills Mineral Resources - December 2012
Measured Indicated Inferred Total Resource
Mineral Resource Cont. Cont. Cont. Cont.
Tonnes Grade Tonnes Grade Tonnes Grade Tonnes Grade
Metal Au Metal Au Metal Au Metal Au
(Mt) Au (g/t) (Mt) Au (g/t) (Mt) Au (g/t) (Mt) Au (g/t)
(koz) (koz) (koz) (koz)
Open-Pit
309 Deposit - - - 2.42 2.2 170 0.64 1.7 35 3.06 2.1 204
Underground
Lone Sister 0.54 4.1 71 0.28 3.4 31 0.20 2.8 18 1.02 3.7 120
309 Deposit - - - 0.04 3.9 5 0.50 4.3 69 0.54 4.3 74
Total Twin Hills 0.54 4.1 71 2.74 2.3 205 1.34 2.8 122 4.62 2.7 399

Notes:
Data is reported to significant figures and differences may occur due to rounding
Twin Hills Mineral Resources have been reported above a cut-off grade of 2.0 g/t gold for underground, 0.5 g/t gold for open-pit and
within a A$1,500/oz pit shell
Twin Hills Lone Sister was estimated using Ordinary Kriging and 309 using Multiple Indicator Kriging (E Type) into blocks with
dimensions 5 metres east by 5 metres north by 5 metres elevation
Competent Person: John Winterbottom a member of Australian Institute of Geoscientists

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