VOLTA RESOURCES INC.

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2013
(UNAUDITED: EXPRESSED IN CANADIAN DOLLARS)

Volta Resources Inc.

Interim Condensed Consolidated Statements of Financial Position
(Unaudited: Expressed in Canadian Dollars)

March 31,
2013
Assets
Current assets
Cash
Short-term investments
Amounts receivable (note 4)
Supplies
Available-for-sale financial assets (note 5(i))

Mineral interests (note 5)

Property, plant and equipment (note 6)
Other assets
$
Liabilities and Shareholders Equity
Current liabilities
Accounts payable and accrued liabilities
Other liabilities

Shareholders Equity
Capital stock (note 7)
Contributed surplus
Stock options (note 8)
Fair value reserve
Accumulated deficit
$

848,195
14,153,826
574,154
197,587
45,094
15,818,856
69,850,151
3,958,252
64,056
89,691,315

382,364
132,363
514,727

133,167,809
1,809,998
8,654,663
(40,080)
(54,415,802)
89,176,588
89,691,315

December 31,
2012

Commitments (note 10)

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

573,339
18,609,929
660,547
205,313
68,190
20,117,318
67,313,399
4,112,150
64,056
91,606,923

724,439
129,238
853,677

133,167,809
1,809,998
8,654,663
(16,984)
(52,862,240)
90,753,246
91,606,923

Volta Resources Inc.

Interim Condensed Consolidated Statements of Comprehensive Loss
(Unaudited: Expressed in Canadian Dollars)

Three months ended

March 31,
2013
2012
Interest income
Total income

Salaries
Office and general
Depreciation
Professional fees
Foreign exchange loss
Total expenses
Net loss for the period
Other comprehensive loss
Change in fair value of available-for-sale financial assets
Other comprehensive loss for the period

48,916
48,916

156,749
156,749

682,834
523,969
203,918
167,955
23,802
1,602,478

561,527
463,493
119,336
99,644
58,911
1,302,911

(1,553,562)

(1,146,162)

(23,096)
(23,096)

Total comprehensive loss for the period

(1,576,658)

(1,146,162)

Basic and diluted loss per share (note 9)

(0.01)

(0.01)

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

Volta Resources Inc.

Interim Condensed Consolidated Statement of Changes in Equity
(Unaudited: Expressed in Canadian Dollars)

Capital
Stock
(note 7)
Balance, January 1,
2012
Stock options exercised
Net loss for the period
Balance, March 31, 2012
Stock options granted
Stock options expired
Net loss for the period
Other comprehensive loss
for the period
Balance, December 31,
2012
Net loss for the period
Other comprehensive loss
for the period
Balance, March 31, 2013

132,533,855

1,701,998

Fair
Value
Reserve

Stock
Options

Contributed
Surplus

(note 8)
$

7,425,117

Accumulated
Deficit
-

$ (45,245,870)

Total
Equity
$

96,415,100

633,954
133,167,809
-

1,701,998
108,000
-

(163,954)
7,261,163
1,501,500
(108,000)
-

(1,146,162)
(46,392,032)
(6,470,208)

470,000
(1,146,162)
95,738,938
1,501,500
(6,470,208)

(16,984)

(16,984)

133,167,809
-

1,809,998
-

8,654,663
-

(16,984)
-

(52,862,240)
(1,553,562)

90,753,246
(1,553,562)

(23,096)
(40,080)

$ (54,415,802)

133,167,809

1,809,998

8,654,663

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

(23,096)
89,176,588

Volta Resources Inc.

Interim Condensed Consolidated Statements of Cash Flows
(Unaudited: Expressed in Canadian Dollars)
Three months ended
March 31,
2013
2012
Operating Activities
Net loss for the period
Non-cash items:
Depreciation
Changes in non-cash working capital
Cash used for operating activities

(1,553,562)

(1,146,162)

203,918
(244,831)
(1,594,475)

119,336
282,868
(743,958)

Investing Activities
Short-term investments
Mineral interests
Property, plant and equipment acquired
Cash provided by investing activities

4,456,103
(2,536,752)
(50,020)
1,869,331

7,302,048
(5,947,491)
(737,545)
617,012

Financing Activities
Proceeds from exercise of options
Cash provided by financing activities

470,000
470,000

274,856
573,339
848,195

343,054
697,392
1,040,446

Increase in cash
Cash, beginning of period
Cash, end of period

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

Volta Resources Inc.

Notes to the Interim Condensed Consolidated Financial Statements
March 31, 2013
(Unaudited: Expressed in Canadian Dollars)
1.

Nature of operations
Volta Resources Inc. (the Company) was incorporated March 31, 2008 under the Business Corporations Act
(Ontario). Its activities are directed toward exploration and development of mineral projects in West Africa.
The corporate address of the Company is Suite 602, 67 Yonge Street, Toronto ON Canada, M5E 1J8.

2.

Basis of preparation
These interim condensed consolidated financial statements have been prepared in accordance with IAS 34
Interim Financial Reporting (IAS 34) using accounting policies consistent with International Financial
Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and the
International Financial Reporting Interpretations Committee (IFRIC). They do not include all the information
required for full annual financial statements and should be read in conjunction with the Companys annual
audited consolidated financial statements for the year ended December 31, 2012.
The Board of Directors of the Company approved these interim condensed consolidated financial statements on
May 9, 2013.
The preparation of the interim condensed consolidated financial statements requires management to make
judgments, estimates and assumptions that affect the application of accounting policies and the reported
amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates
and assumptions are reviewed on an ongoing basis. The areas involving significant judgments and estimates
have been set out in Note 2(d) of the Companys annual audited consolidated financial statements for the year
ended December 31, 2012.

3.

Significant accounting policies

The accounting policies applied in these interim condensed consolidated financial statements are consistent with
those used in the Companys annual audited consolidated financial statements for the year ended December 31,
2012, with the exception of the following standards and interpretations adopted in 2013:
Consolidated Financial Statements
IFRS 10 Consolidated Financial Statements (IFRS 10) introduces a new approach to determining which
investees should be consolidated, and provides a single model to be applied in the control analysis for all
investees. In addition, the consolidation procedures are carried forward substantially unmodified from IAS 27
Consolidated and Separate Financial Statements. The adoption of IFRS 10 was effective for the annual period
beginning on January 1, 2013. There was no material impact on the Companys financial statements upon
adoption of IFRS 10.
Joint Arrangements
IFRS 11 Joint Arrangements (IFRS 11), published in May 2011, replaces IAS 31 Interests in Joint Ventures
and SIC-13 Jointly Controlled Entities Non-Monetary Contributions by Venturers. IFRS 11 changes the
accounting for joint ventures and removes the free choice between using the equity method and using
proportionate consolidation. IFRS 11 was effective for reporting years beginning on or after January 1, 2013.
There was no material impact on the Companys financial statements upon adoption of IFRS 11.

Volta Resources Inc.

Notes to the Interim Condensed Consolidated Financial Statements
March 31, 2013
(Unaudited: Expressed in Canadian Dollars)
3.

Significant accounting policies (continued)

Disclosure of Interests in Other Entities
IFRS 12 Disclosure of Interests in Other Entities (IFRS 12) was issued by the IASB in May 2011. IFRS 12
requires enhanced disclosures for entities that have an interest in subsidiaries, joint arrangements, associates or
unconsolidated structured entities. IFRS 12 was effective for annual periods beginning on or after January 1,
2013. There was no material impact on the Companys financial statements upon adoption of IFRS 12.
Fair Value Measurement
IFRS 13 Fair Value Measurement (IFRS 13), published in May 2011, provides a single source of guidance
for defining fair value, measuring fair value, and disclosing fair value measurements. IFRS 13 was effective for
annual periods beginning on or after January 1, 2013. This standard is adopted prospectively as of the beginning
of the 2013 annual period. There was no material impact on the Companys financial statements upon adoption
of IFRS 13.
Stripping Costs in the Production Phase of a Surface Mine
IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine (IFRIC 20) was issued by the IASB to
address accounting issues regarding waste removal costs incurred in surface mining activities during the
production phase of a mine, referred to as production stripping costs. The new interpretation addresses the
classification and measurement of production stripping costs as either inventory or as a tangible or intangible
non-current stripping activity asset. The standard also provides guidance for the depreciation or amortization
and impairment of such assets. IFRIC 20 was effective for reporting years beginning on or after January 1,
2013. The Company will apply the standard when its mineral properties attain commercial production. The
standard is currently not applicable to the Company until it attains such production.

The following standards and interpretations issued by the IASB or IFRIC, mandatory for accounting periods
after December 31, 2012, have not yet been adopted by the Company. Some are not applicable or do not have a
significant impact to the Company and have been excluded from the listing below.
IFRS 9 Financial Instruments (IFRS 9) was issued by the IASB in October 2010 and will replace IAS 39
Financial Instruments: Recognition and Measurement (IAS 39). IFRS 9 uses a single approach to determine
whether a financial asset is measured at amortized cost or fair value, replacing the multiple rules in IAS 39. The
approach in IFRS 9 is based on how an entity manages its financial instruments in the context of its business
model and the contractual cash flow characteristics of the financial assets. Most of the requirements in IAS 39
for classification and measurement of financial liabilities were carried forward unchanged to IFRS 9. The new
standard also requires a single impairment method to be used, replacing the multiple impairment methods in
IAS 39. IFRS 9 is effective for annual periods beginning on or after January 1, 2015. The Company will
evaluate the impact of this standard on its financial statements based on the characteristics of its financial
instruments at the time of adoption.

4.

Amounts receivable

Amounts receivable
Prepayments, advances, deposits
Total

$
$

March 31, 2013

75,170
498,984
574,154

December 31, 2012

$
168,014
492,533
$
660,547

Volta Resources Inc.

Notes to the Interim Condensed Consolidated Financial Statements
March 31, 2013
(Unaudited: Expressed in Canadian Dollars)
5.

Mineral interests

The Companys interests in all mineral licenses in Burkina Faso, Ghana and Mali are subject to a 10% carried
interest granted to the respective government when a project proceeds to the exploitation phase. For the Companys
Kiaka Project, in addition to the Burkina Faso governments 10% free carried interest, a local Burkinabe company
holds a 9% participating interest in the Project.

January 1,
2012
$
Burkina Faso:
Kiaka Project (a):
Acquisition of mineral property
Exploration expenditures
Gaoua Project (b):
Acquisition of mineral interest
Option payments received
Exploration expenditures
Kampti Project (c):
Exploration expenditures
Other Burkina Faso projects:
Acquisition of mineral interests
Exploration expenditures
Write down of exploration costs
Total Burkina Faso

Additions
2012
$

December
31, 2012
$

Additions
2013
$

March 31,
2013
$

11,600,000
20,286,709
31,886,709

18,693,194
18,693,194

11,600,000
38,979,903
50,579,903

2,391,273
2,391,273

11,600,000
41,371,176
52,971,176

729,322
(131,746)
7,560,312
8,157,888

3,175,630
3,175,630

729,322
(131,746)
10,735,942
11,333,518

102,921
102,921

729,322
(131,746)
10,838,863
11,436,439

2,295,068

2,295,068

2,295,068

84,111
1,747,699
(42,123)
1,789,687
44,129,352

474,981
(393,504)
81,477
21,950,301

84,111
2,222,680
(435,627)
1,871,164
66,079,653

42,558
42,558
2,536,752

84,111
2,265,238
(435,627)
1,913,722
68,616,405

Volta Resources Inc.

Notes to the Interim Condensed Consolidated Financial Statements
March 31, 2013
(Unaudited: Expressed in Canadian Dollars)
5.

Mineral interests (continued)

January 1,
2012
$

Ghana:
Tombe (d):
Acquisition costs
Exploration expenditures
Write down of exploration costs
Chert Ridge (e):
Acquisition costs
Exploration expenditures
Write down of exploration costs
Tinga (f):
Acquisition costs
Exploration expenditures
Write down of exploration costs
Nkenkasu (g):
Acquisition costs
Exploration expenditures
Write down of exploration costs
Total Ghana
Mali:
Exploration expenditures
Write down of exploration costs
Total Mali
Company Total

Additions
2012
$

December
31, 2012
$

Additions
2013
$

March 31,
2013
$

3,073,438
109,635
(3,183,072)
1

3,073,438
109,635
(3,183,072)
1

3,073,438
109,635
(3,183,072)
1

1,573,214
238,736
(1,811,949)
1

1,573,214
238,736
(1,811,949)
1

1,573,214
238,736
(1,811,949)
1

5,800,000
483,479
(6,283,478)
1

5,800,000
483,479
(6,283,478)
1

5,800,000
483,479
(6,283,478)
1

7,120,056
784,244
(7,017,024)
887,276
887,279

7,120,056
784,244
(7,017,024)
887,276
887,279

7,120,056
784,244
(7,017,024)
887,276
887,279

522,429
(175,962)
346,467

522,429
(175,962)
346,467

522,429
(175,962)
346,467

45,363,098

21,950,301

67,313,399

2,536,752

69,850,151

Burkina Faso
(a) In October 2009, the Company purchased a 100% interest in the Kiaka Project in Burkina Faso, subject to a
free participating right of 10%, up to a full feasibility study (held by a local Burkinabe company). The
Company has the right to explore the property until June 2014.
In December 2011, the Company entered into an agreement whereby the Company will exchange its
Kampti Permit in Burkina Faso and its Massabougou and Diele Permits in Mali, for eight permits in
Burkina Faso, situated nearby, and contiguous to, the Companys Kiaka Project. The exchange is subject to
approval being obtained from the appropriate regulatory bodies in Burkina Faso and Mali and will be
recorded at that time.

Volta Resources Inc.

Notes to the Interim Condensed Consolidated Financial Statements
March 31, 2013
(Unaudited: Expressed in Canadian Dollars)
5.

Mineral interests (continued)

(b) The Gaoua project includes the Malba, Souhouera and Danyoro properties. The Malba property was
acquired by the Company in June 2004 and is being explored for gold and copper gold deposits. The
Companys exploration rights to the property were renewed in September 2012 for a period of three years,
until September 27, 2015. The Souhouera property is located immediately south of the Malba concession.
This concession was acquired by the Company on September 12, 2005 and has been renewed through
successive renewals, until October 4, 2014. The Danyoro property is located immediately south of the
Souhouera concession. The Company has the right to explore this property until October 4, 2014.
(c) The Kampti concession was granted to the Company in September 2004, and through successive renewals,
has been renewed until September 2013. No expenditures were made on the property as it is expected to be
exchanged for permits contiguous to the Kiaka Project once regulatory approval is received.
Ghana
(d) Tombe is a gold prospect located on the Bui Belt and is part of the Chenchu license. It was acquired in
1997 and is subject to a 1% NSR (note 5(g)).
(e) Chert Ridge is a gold prospect located on the Bui Belt and is part of the Cluster license. It was acquired in
1997 and is subject to a 1% NSR (note 5(g)).
(f) Tinga is a gold license located in northern Ghana which was acquired in 2005 (note 5(g)).
(g) Standard permitting procedures related to exploration on any Prospecting License issued by the Minerals
Commission of Ghana requires annual renewal of Environmental Permits for Mineral Exploration (EPA
Permits) to be issued by the Ghanaian Environmental Protection Agency (EPA). The Company has
received correspondence and has been verbally informed by the EPA that, other than for its Banda Ahenkro
and Nkenkasu licenses, no EPA Permits will be renewed. This decision affects the Companys Akrobi
Kakum, Brohani, Chenchu (which includes the Tombe gold prospect), Cluster (which includes the Chert
Ridge gold prospect), Krachikrom, Parabu, Kuri and Tinga Prospecting Licenses and the Companys
Kalebu Reconnaissance License. These Licenses (the Contested Licenses) are considered by the EPA to
lie within an area of influence of the Bui Dam, which is currently under construction.
The Company suspended exploration activities on the Contested Licenses during the year ended December
31, 2009 and given the uncertainty of the situation, determined that the Contested Licenses be written
down to a nominal valuation.
The Ghanaian Ministry of Environment, Science and Technology established a Committee in 2011 to
review the decision of the EPA. The Committee has held an initial hearing, carried out an onsite visit to
some of the Companys properties, as well as an onsite visit to the Bui Dam. The Company has now been
issued a letter from the Committee requesting that a study be carried out in order to determine the
appropriate distance, from a structure safety perspective, that a potential mine may be situated. Volta has
informed the Committee that it supports the decision to engage a third party to carry out this study and has
recommended some names to the Committee at a meeting held in Accra, Ghana in October 2012. The
Committee has selected a consultant whose formal contract is currently being prepared, following the
submission of an amended financial proposal, after which the study will begin.
The exploration right to the Companys Nkenkasu property has expired. The Company has applied for the
conversion of its reconnaissance license to a prospecting license, the approval of application for which is in
process.

Volta Resources Inc.

Notes to the Interim Condensed Consolidated Financial Statements
March 31, 2013
(Unaudited: Expressed in Canadian Dollars)
5.

Mineral interests (continued)

(h) In August 2007, the Company granted Newmont Ghana Gold Limited and Newmont USA Limited
(Newmont), an initial 49% equity interest in its Banda Ahenkro license on the Sefwi Belt. Newmont has
met the requirement to earn another 21% (for a total of 70%) by spending US$1,500,000 on exploration
over four years. Newmont can elect to earn an additional 10% interest (up to 80% in total) by completing a
feasibility study on the property. A project warranting commencement of a feasibility study has not been
identified to date. The exploration rights to the property expired in the latter part of 2012 and Newmont has
applied for a prospecting license renewal which is in process. Newmont is currently advancing several
exploration targets on the property. There has been no value assigned to the Banda Ahenkro license in the
Companys mineral interests.
(i) In September 2012, the Company recorded a gain on sale of the Companys 4.9% residual interest in the
Akrokerri license in exchange for 1,500,000 shares of Goldstone Resources Ltd. The fair value of the
shares as at March 31, 2013 is $45,094 (December 31, 2012 - $68,190).

6.

Property, plant and equipment

Land
$

Buildings
$

Vehicles
$

Field
Equipment
$

Office
Equipment
$

Total
$

Cost
Balance, January 1, 2012
Additions
Balance, December 31, 2012
Additions
Balance, March 31, 2013

264,430
22,012
286,442
286,442

1,306,346
497,362
1,803,708
6,295
1,810,003

843,149
196,588
1,039,737
1,039,737

1,812,406
554,176
2,366,582
20,768
2,387,350

683,292
264,624
947,916
22,957
970,873

4,909,623
1,534,762
6,444,385
50,020
6,494,405

Accumulated Depreciation
Balance, January 1, 2012
Depreciation
Balance, December 31, 2012
Depreciation
Balance, March 31, 2013

145,494
159,055
304,549
46,752
351,301

469,875
104,224
574,099
32,377
606,476

636,507
277,876
914,383
87,172
1,001,555

410,649
128,555
539,204
37,617
576,821

1,662,525
669,710
2,332,235
203,918
2,536,153

286,442
286,442

1,499,159
1,458,702

465,638
433,261

1,452,199
1,385,795

408,712
394,052

4,112,150
3,958,252

Carrying Amounts
December 31, 2012
March 31, 2013

(a) As at March 31, 2013, $3,880,965 (December 31, 2012 - $4,030,039) of the Companys property, plant and
equipment is located in Burkina Faso and $77,287 (December 31, 2012 - $82,111) is located in Canada.

10

Volta Resources Inc.

Notes to the Interim Condensed Consolidated Financial Statements
March 31, 2013
(Unaudited: Expressed in Canadian Dollars)
7.

Capital stock
(a) Authorized unlimited common shares
(b) Issued and outstanding

Balance, January 1, 2012

Stock options exercised
Balance, December 31, 2012
Balance, March 31, 2013

8.

Capital stock
(#)
($)
154,978,698
132,533,855
391,665
633,954
155,370,363
133,167,809
155,370,363
133,167,809

Stock options

The Company maintains a stock option plan (the Plan) for the directors, officers, consultants and employees of the
Company. The purpose of the Plan is to attract, retain and motivate management, staff and consultants by providing
them with the opportunity, through stock options, to acquire a proprietary interest in the Company and benefit from
its growth. The maximum number of options issuable by the Company is 10% of the issued and outstanding
common shares. Options are exercisable for a maximum period of five years from the date of grant and vest on
issue.
A summary of the status of the Plan as at March 31, 2013, as well as changes during the period then ended, is as
follows:
2013

Options
12,861,033
12,861,033

Outstanding and exercisable at beginning of period

Granted (i)
Exercised (ii)
Expired (iii)
Outstanding and exercisable at end of period

Weighted
Average
Exercise Price
1.22
1.22

(i)

There were no options issued during the three month period ended March 31, 2013 (March 31, 2012 - nil).

(ii)

During the three month period ended March 31, 2013, the Company received $nil (March 31, 2012 $470,000) from the exercise of nil options (March 31, 2012 - 391,665).

(iii)

No options expired during the three month period ended March 31, 2013 (March 31, 2012 nil).

11

Volta Resources Inc.

Notes to the Interim Condensed Consolidated Financial Statements
March 31, 2013
(Unaudited: Expressed in Canadian Dollars)
8.

Stock options (continued)

The following table summarizes information on stock options outstanding as at March 31, 2013:

Exercise Price $
2.05
1.90
1.85
1.54
1.53
1.38
0.73
0.61
0.59
0.17
0.13

9.

March 31, 2013

Number of Options
Remaining
Outstanding and
Contractual Life Exercisable
Years
50,000
2.99
2,855,000
3.40
250,000
3.04
2,110,000
2.38
1,750,000
2.01
250,000
3.59
3,185,000
4.37
1,481,033
0.18
100,000
0.23
100,000
1.21
730,000
1.12
12,861,033

Loss per common share

Net loss for the period

Weighted average number of common shares
outstanding
Basic
Effect of dilutive stock and compensation options
Diluted
Loss per share
Basic
Diluted

Three months ended

March 31, 2013
$
(1,553,562)

Three months ended

March 31, 2012
$
(1,146,162)

155,370,363
155,370,363

155,141,152
155,141,152

$
$

(0.01)
(0.01)

$
$

(0.01)
(0.01)

The Company has not included in the calculation of diluted earnings per share the effect of its outstanding stock
options as the effect would be anti-dilutive.

12

Volta Resources Inc.

Notes to the Interim Condensed Consolidated Financial Statements
March 31, 2013
(Unaudited: Expressed in Canadian Dollars)
10. Commitments
The Company has office lease commitments as follows:
2013
2014
2015
2016
2017
2018 and thereafter
Total

116,923
171,840
171,840
174,323
176,096
73,373
884,395

During the three month period ended March 31, 2013, $39,637 was recognized as an expense within Office and
general in the consolidated statement of comprehensive loss in respect of operating office leases.

11. Capital management

The Company considers its capital structure to consist of share capital, contributed surplus and stock options.
The Company manages its capital structure and makes adjustments to it, in order to have the funds available to
support the acquisition, exploration and development of mining interests. The Board of Directors does not
establish quantitative return on capital criteria for management, but rather relies on the expertise of the
Companys management to sustain future development of the business.
The properties in which the Company currently has an interest are in the exploration or development stage; as
such, the Company is dependent on external equity financing to fund its activities. In order to carry out the
planned exploration and pay for administrative costs, the Company will spend its existing working capital and
raise additional amounts as needed. The Company will continue to assess new properties and seek to acquire an
interest in additional properties if it feels there is sufficient geologic or economic potential and if it has adequate
financial resources to do so.
Management reviews its capital management approach on an ongoing basis and believes that this approach,
given the relative size of the Company, is reasonable.
There were no changes in the Companys approach to capital management during the three month period ended
March 31, 2013. Neither the Company nor its subsidiaries are subject to externally imposed capital
requirements.
The Companys objective when managing capital is to safeguard the Companys ability to continue as a going
concern. The Company has no external debt and is dependent on the capital markets to finance exploration and
development activities.

13

Volta Resources Inc.

Notes to the Interim Condensed Consolidated Financial Statements
March 31, 2013
(Unaudited: Expressed in Canadian Dollars)
12. Related party transactions
(a) Related party transactions

Amount paid for consulting services to a geological

consulting firm of which an officer of the Company
is the principal.

Three months ended

March 31, 2013
$

Three months ended

March 31, 2012
$

55,468

49,210

Related party transactions occur in the normal course of operations and are measured at the exchange
amount, which is the amount of consideration established and agreed to by the related parties.

(b) Transactions with key management personnel

Remuneration of the Companys directors and its Chief Executive Officer, Chief Operating Officer, Chief
Financial Officer, Vice President Finance & Administration, Vice President Exploration and Vice President
Operations was as follows:

Salaries and benefits (i)

Three months ended

March 31, 2013
486,684

Three months ended

March 31, 2012
419,315

(i) Included in salaries and benefits are director fees. The independent directors of the Company do not
have employment or services contracts with the Company. They receive director fees and stock options
for their services.

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