SEPTEMBER QUARTER GOLD PRODUCTION CONFIRMS ANDY WELL AS A

HIGH-GRADE, LOW-COST GOLD OPERATION

September Quarter gold production - 13,802oz @ 11.5g/t

August/September Cash operating cost (C1) of A$510/oz amongst lowest in Australia

$17.7M cash at end of Quarter

Processing plant completed under budget and ahead of schedule

Exploration drilling recommenced at Andy Well

Doray Minerals Limited (DRM: ASX) today announced its first Quarterly activities report since commencing production at the Andy Well Gold Project, for the period ended 30 September 2013. Doray’s Managing Director, Mr Allan Kelly, said the inaugural production figures confirm Doray’s new status as one of Australia’s highest-grade, lowest cost gold producers. “It’s been a milestone Quarter for us and one of significant achievements, highlighted by our first gold pour in early August,” said Mr Kelly. “The Company’s transition to high-grade gold producer is the culmination of a very dedicated, driven, and experienced team of staff, management, contractors and consultants,” he said. “We look forward to announcing a full Quarter of production figures to the market in the New Year, but we are very pleased to announce a very strong start to our life as a producer with such high grades and competitive costs.” During the Quarter, Doray completed the construction and commissioning of a 200,000tpa gravity and CIL/CIP processing plant, under budget and ahead of schedule. Doray made significant progress underground, installed a fan to ventilate the full Reserve of the Wilber Lode and commissioned the permanent 4.2MW diesel-fired power station. Additionally, the processing plant ramped-up to full production and the onsite laboratory was commissioned. Exploration remained a key focus of the Company during the period. Doray recommenced exploration drilling within the Andy Well project area in July to test for strike and depth extensions to the high-grade Judy Lode as well as testing additional targets with the potential to host further parallel high-grade quartz lodes. Strengthening the senior management team, Mr Jon Latto was appointed as Chief Financial Officer and joined the Company during the Quarter.

QUARTERLY REPORTPeriod ending 30 September 2013

ASX RELEASE

25 October 2013

ASX Code: DRM Issued Capital (30 September 2013) 141.9M outstanding shares 9.4M unlisted options 52Wk Share Price Range $0.35 - $0.99 Cash (30 Sept 2013) $17.7M BOARD Peter Alexander Non-Executive Chairman Allan Kelly Managing Director Heath Hellewell Executive Director, Exploration and New Business Jay Stephenson Non-Executive Director Leigh Junk Non-Executive Director  

For

per

sona

l use

onl

y

ASX:DRM 

1. ANDY WELL GOLD PROJECT

Activity during the Quarter included:

Underground mining and development of the Wilber Lode orebody, including mining and stockpiling of underground development ore from horizontal ore drives.

Completion of construction and commissioning of the gravity and CIP/CIL processing plant culminating in the first gold pour on 4 August 2013.

Gold production from stockpiled open pit ore and underground development ore. Completion of construction and commissioning of remaining site infrastructure.

1.1. Safety

No serious work-related injuries were experienced during construction of the processing plant and infrastructure or open pit mining since commencing work on site on 15 November 2012. Unfortunately, the project incurred its first Lost Time Injury on 8 September 2013 when a surface exploration diamond driller damaged his ankle while unscrewing a drill rod. A renewed focus on safety risk analysis has been instigated.

1.2. Underground Mining and Development

Underground development advanced with 1,530 metres completed during the Quarter down to the 1350 level, approximately 130 metres below surface. A total of 1,887 metres has now been developed underground with development of horizontal ore drives completed on the 1415 and 1400 levels and commenced on the 1385 and 1370 levels. Access ramps from the northern decline to the southern part of the mine have commenced on the 1370 and 1355 levels. Ventilation and escapeways were installed prior to the start of initial stoping between the 1400 and 1415 levels at the end of September. Initial stoping commenced at the end of September extracting ore from the northern end of the Wilber lode on the1400 level, approximately 40 metres below the base of the Stage 1 open pit. Progress developing the underground mine access and infrastructure continues ahead of schedule. During the Quarter, underground development advance exceeded the budget by 22%. Table 1. Summary of mine physicals for September Quarter

Units July August September Sept Qtr

Ore Mined t 6,266 6,974 8,076 21,316

Grade g/t 11.3 14.6 15.7 14.0

Contained gold oz 2,276 3,272 4,056 9,604

For

per

sona

l use

onl

y

ASX:DRM 

Figure 1. Wilber Lode underground development progress as at of end of September 2013. (Decline and access ramps shown in blue, horizontal ore drives and initial stoping panels in yellow, return air way in red).

1.3. Construction and Commissioning During the Quarter, the construction and commission of the gravity and CIP/CIL processing plant was completed with practical completion achieved on 29 July 2013. This milestone was achieved by the EPC contractor, GR Engineering Services Limited, under budget and ahead of schedule.

1.4. Processing and Gold Production Gold production commenced with the first gold pour on 4 August 2013, following the completion of construction and commissioning of the gravity and CIP/CIL processing plant. The processing plant was ramped up to a production rate of 25 tonnes per hour by 10 August 2013 using low grade material (<1g/t) blended with stockpiled open pit ore and underground development ore. This rate is in excess of the 20 tonnes per hour indicated by the original Bankable Feasibility Study (BFS). A total of 4,877 ounces was produced during August treating 15,569 tonnes at a head grade of 10.1g/t. September represented the first full month of processing high-grade ore from the Wilber Lode, from a blend of stockpiled open pit ore and underground development ore. A total of 19,822 tonnes of ore were processed at an average head grade of 14 g/t, producing a total of 8,614 ounces of gold. A further 215 ounces was added into gold in circuit (GIC). Total gold recovery for the month of September averaged 99.1%, estimated using the on-site PAL (pulverising and leaching) machine for cyanide-recoverable gold. This included approximately 68% recovered from the gravity circuit.

To date, the anticipated gold endowment from both open pit and underground sources has been extracted in line with Reserves. The blend will be further supplemented with high-grade stoping ore from October onwards.

For

per

sona

l use

onl

y

ASX:DRM 

Figure 2. Andy Well gold processing plant in operation.

Figure 3. Gold production from the last week of September – a combined 89.26kg (approx. 2,870oz) of doré from the gravity and leach circuits.

For

per

sona

l use

onl

y

ASX:DRM 

A total of 39,055 tonnes of ore with an average head grade of 11.5g/t were treated during the Quarter, for production of 13,802 ounces, including 311 ounces which were recovered in July, during the project commissioning phase, but not poured until August. The average cash operating cost (C1) for the August and September, the first two months of production, was A$510/oz (including silver credits) and the total production cost (C3), including depreciation and amortisation, government and private royalties, net bank charges and attributable head office costs was A$880/oz, compared with an average price received of A$1,548/oz. A summary of gold production for August and September is as follows:

Units August September Total

Ore processed (tonnes) 15,569 19,822 35,391

Head grade (g/t) 10.12 14.0 12.3

Recovery % 96.5 99.1 98.0

Gold recovered (oz) 4,889 8,829 13,718

GIC change (oz) 12 215 227

Gold produced (oz) 4,877 8,614 13,4911

Cash Operating Costs (A$M) 3.21 3.68 6.89

Cash Operating Cost (C1)2 (A$/oz) 658 427 510

Depreciation and Amortisation (A$M) 1.92 1.99 3.91

Production Cost (C2) (A$/oz) 1,053 658 801

Total Production Costs (A$M) 5.58 6.29 11.87

Total Cost (C3)3 (A$/oz) 1,144 731 880

Gold sold (oz) 4,383 5,894 10,277

Average price received (A$/oz) 1,557 1,541 1,548

Silver sold (oz) 860 947 1,807

Average price received (A$/oz) 26.40 23.21 24.7

                                                       1 An additional 311 ounces were produced from 3,664 tonnes in July, during the project commissioning phase 2 Includes mining, processing, site admin and refining costs less silver credits 3 Includes royalties, net bank charges and attributable corporate costs  

For

per

sona

l use

onl

y

ASX:DRM 

1.5. Andy Well Resources and Reserve Update During the Quarter, an updated Resource and Reserve Statement for the Andy Well Project was compiled and released to the ASX. This updated statement was essentially unchanged from previous reported totals for both the Wilber and Judy Lodes however, at Wilber, the in-situ Resource and Reserve was depleted due to mining of the Stage 1 open pit. This material was retained as Run of Mine stockpiles. The updated Resource Statement is presented below. Technical details of the Resource Statement are supplied in the ASX release dated 27 September 2013.

The initial underground schedule incorporates some Inferred Resource inventory adjacent to the planned underground workings which increases the proposed recoverable gold over the Life of Mine above these Reserve figures.

Doray Mineral Resource Inventory – 30 June 2013

Measured Indicated Inferred Total

Tonnes Grade (g/t)

Ounces Tonnes Grade (g/t)

Ounces Tonnes Grade (g/t)

Ounces Tonnes Grade (g/t)

Ounces

Andy Well - Wilber

- - - 569,000 15.4 281,000 174,000 6.7 38,000 743,000 13.3 318,000

Andy Well – Judy

- - - 225,000 9.7 70,000 168,000 6.7 36,000 393,000 8.4 106,000

HG Stockpiles 36,000 12.0 14,000 - - - - - - 36,000 12.0 14,000

MG Stockpiles

12,000 2.0 1,000 - - - - - - 12,000 2.0 1,000

LG Stockpiles 35,000 0.7 1,000 - - - - - - 35,000 0.7 1,000

TOTAL RESOURCE

83,000 5.8 16,000 794,000 13.7 351,000 342,000 6.7 74,000 1,219,000 11.2 441,000

Note: No lower cut-off applied to Wilber and Judy lodes, 0.5g/t lower cut-off applied to Wilber “Shear Zone”. Upper cut-off applied as follows: Shear Zone - 3g/t, Wilber Lodes – 10g/t and 75g/t, Judy Lode 75g/t. Rounding errors may occur. All Mineral Resources are inclusive of those used to determine Ore Reserves.

Doray Ore Reserve Inventory – 30 June 2013

Proven Probable Total

Tonnes Grade (g/t)

Ounces Tonnes Grade (g/t)

Ounces Tonnes Grade (g/t)

Ounces

Wilber - Open Pit Stage 2

- - - 28,000 15.3 13,000 28,000 15.3 13,000

Wilber - Underground

- - - 600,000 11.4 220,000 600,000 11.4 220,000

HG Stockpiles 36,000 12.0 14,000 - - - 36,000 12.0 14,000

MG Stockpiles 12,000 2.0 1,000 - - - 12,000 2.0 1,000

LG Stockpiles 35,000 0.7 1,000 - - - 35,000 0.7 1,000

TOTAL RESERVE

83,000 5.8 16,000 628,000 11.6 233,000 711,000 10.9 249,000

 

Note: Open Pit Reserves are based on a nominal 1.4g/t Au lower cut-off grade. Stockpiles are based on grade control claimed grade and survey pickup. Rounding errors may occur.

For

per

sona

l use

onl

y

ASX:DRM 

1.6. Andy Well Exploration The completion of construction and commencement of mining operations during the Quarter saw the recommencement of near-mine exploration drilling at Andy Well. During the drilling hiatus due to construction, all exploration datasets were compiled and re-interpreted in light of observations made from the mining of the Wilber Lode. This exercise resulted in the identification of a series of sub-parallel targets (Figure 4). Drilling during the Quarter was primarily focussed on the Judy South Extension, first pass Reverse Circulation (RC) drill testing of the Suzie Zone, and deeper diamond drilling beneath the existing Judy South Resource area. All results from this drilling received during the Quarter are summarised in the Appendices. Judy Zone At the Judy South Extension target, a total of 8 RC holes for 1,856m were completed targeting the strike potential on the southern side of the dolerite dyke that truncates the Judy Resource. While this drilling was successful in intersecting the Judy structure, along with occasional quartz veining, assay results were generally disappointing, with only 2 minor intervals returned above 1g/t:

MNRC221 – 1m @ 2.5g/t from 66-67m MNRC222 – 1m @ 2.1g/t from 35-36m

With the failure to delineate significant mineralisation with this drilling, no further work is planned at the Judy South Extension target at this stage. Diamond drilling commenced during the Quarter on testing the depth extensions to the high grade Judy South Resource. Drilling was designed to test mineralisation to a depth of approximately 400 metres below surface, and consisted of RC pre-collars to a total depth of around 200 metres, with HQ diamond tails to intersect the target zone. At the end of the Quarter, 14 RC pre-collars were completed for a total of 3,040 metres, as well as 6 HQ diamond tails for a total of 1,340.8 metres. All 6 diamond tails were successful in intersecting the Judy structure and quartz vein, with widths varying between 0.1 and 0.9m. No assays had been received as at the end of the Quarter. All results from drilling at the Judy Zone during the Quarter are summarised in Appendix A. Locations of all holes drilled at Judy during the Quarter are illustrated in Figure 6. Suzie Zone At the Suzie target, a total of 17 holes for 2,907 metres of RC drilling were completed. This drilling was successful in defining a zone of discrete shearing within high-magnesium basalts and intrusive porphyries, and a mineralised quartz vein similar to the nearby Wilber and Judy Zones (see Figure 5). Drilling was successful in defining the structure and quartz vein over a strike length of approximately 250 metres, and to a depth of 150 metres below surface. Mineralisation is parallel to the Wilber and Judy trends, but dips slightly shallower at approximately 65 degrees to the west. The drilling completed during the Quarter had not closed off the mineralised zone to the north nor at depth. During the Quarter, assays were returned for 6 of the 17 holes. Significant intercepts returned include:

MNRC227 – 1m @ 12.9g/t from 102-103m MNRC228 – 2m @ 14.8g/t from 47-49m, including 1m @ 22.9g/t

All results from drilling at the Suzie Zone during the Quarter are summarised in Appendix B. Locations of all holes drilled at Suzie during the Quarter are illustrated below in Figure 7.

For

per

sona

l use

onl

y

ASX:DRM 

Figure 4. Andy Well Gold Project showing interpreted geology and drill targets.

For

per

sona

l use

onl

y

ASX:DRM 

Figure 5. Plan view of Suzie Zone in relation to Judy and Wilber Zones

Figure 6. Plan view of Judy Zone RC and DD drill collars

For

per

sona

l use

onl

y

ASX:DRM 

Figure 7. Plan view of Suzie Zone RC drill collars

For

per

sona

l use

onl

y

ASX:DRM 

2. EXPLORATION AND NEW BUSINESS Doray has an exploration tenement portfolio covering a total of approximately 4,000km2 in both Western Australia and South Australia. In the northern Murchison Region of WA, Doray is actively exploring for gold mineralisation which has the potential to provide additional near-term development opportunities for its Andy Well gold operations while continuing to explore for large, stand-alone development opportunities over its entire exploration portfolio in WA and SA. 2.1. Northern Murchison Region

Side Well (Doray 80%) Target generation following the completion of the airborne electro-magnetic (“EM”) survey has been ongoing during the Quarter. Abbotts (Doray 80%) Final targeting following the completion of the mapping and regional airborne EM survey has been ongoing with drill testing anticipated for the first Quarter of calendar year 2014. Abbotts West and Meeka East (Caravel Project Acquisition, Doray 100%) A full review of the data package received as part of the acquisition of these projects from Caravel Minerals Limited is nearing completion with associated targets being defined. Numerous areas within both projects have been identified as requiring ground truthing with the potential for follow-up work. In addition, areas that have previously gone untested, particularly those under shallow hard-pan cover will be investigated with drilling anticipated to commence in the first half of 2014.

2.2. Central Gawler, South Australia Nuckulla Hill (Doray 100%) A programme of RC and aircore drilling has been completed at Nuckulla Hill. The drilling was designed to follow up a number of historic drill results at the Bimba Prospect, and was partially funded by the South Australian Government (DMITRE) under the PACE 2012 discovery drilling initiative. The aircore drilling provided valuable information on regolith depth and characteristics and tested extensions (and possible major splays) to the main Yarlbrinda Shear Zone immediately north of Bimba. Drilling intercepted weathered, variably altered granitic basement beneath up to 6 metres of transported gravels, clay and calcrete. RC drilling at the Bimba prospect, to test for possible extensions to previously identified mineralisation, confirmed the continuity of a mineralised structure, however gold grades were sub-economic with a best intercept in BIRC006 of 28m @ 0.58 g/t Au from 144m (including 16m @ 0.72 g/t Au from 156m). A peak assay value of 1m @ 1.05 g/t Au from 55m was returned from BIRC001. RC drilling (BIRC004 and BIRC005) of a lead in aircore anomaly, coincident with a structure identified in magnetics west of Bimba, returned best results of 4m @ 0.16 g/t Au from 44m and 4m @ 0.16 g/t Au from 76m in hole BIRC004. Holes BIRC004 and BIRC005 confirmed trace amounts of remobilised gold at weathering horizons, as well as anomalous gold in fresh rock. No results were considered to be of economic significance at this stage, given the remote location of the project.

A fine fraction soil geochemical programme is currently ongoing to the north and south of the Bimba prospect area. It is anticipated that this work will be completed by the end of December 2013. Preliminary results from the programme indicate that the sample medium and assay methodology being used is generating anomalies of significance in the area. These anomalies will be followed up and in-filled at the completion of the regional programme.  

For

per

sona

l use

onl

y

ASX:DRM 

Figure 8. Northern Murchison region showing gold occurrences and Doray tenure.

For

per

sona

l use

onl

y

ASX:DRM 

Figure 9. Nuckulla Hill Project showing location of main prospects in relation to the Yarlbrinda Shear Zone and neighbouring Tunkillia Au-Ag Deposit.

For

per

sona

l use

onl

y

ASX:DRM 

3. TENEMENT HOLDINGS

Tenement Doray Interest

Tenements Granted E21/154 EL5310

100% 100%

Tenements Acquired/Applied for

E51/1594 E51/1595 E51/1596 E51/1609 E80/4821 E80/4822 E80/4823

100% 100% 100% 100% 100% 100% 100%

Tenements Relinquished

P51/2807 P51/2808 P51/2809 P51/2810 P51/2811 P51/2812 P51/2813 P51/2814 P51/2815 P51/2816 P51/2817 P51/2818 P51/2819 P51/2820 P51/2821 P51/2822 P51/2823 P51/2824 P51/2631 P20/2075 E20/716 E20/757 E20/725 M51/562 M51/564 M51/789

100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

For

per

sona

l use

onl

y

ASX:DRM 

4. CORPORATE

4.1. Financial Doray’s cash position at 30 September 2013 was approximately A$17.7M of which $3M is in a

restricted debt service reserve account related to the project finance facility. During the Quarter, the Company made the first debt reserve payment of $3 million. The first debt

repayment is due by the end of the December Quarter, along with a further debt reserve payment. Significant expenditure items for the Quarter included:

Item $M

Construction costs 3.6

Royalty payment to BHP Billiton for commencement of gold production at Andy Well 0.5

Debt Service Reserve payment 3.0

Exploration Expenditure 1.7

TOTAL 8.8

The Company hedged 45,000oz at A$1620/oz over the first 14 months of production. The hedging

program represents approximately 50% of the forecast production over that period and underpins the Company’s proposed debt repayment schedule. The Company delivered 4,585 ounces into the hedge during the Quarter.

Doray announced the appointment of Mr Jon Latto as Chief Financial Officer during the Quarter. Jon is a Chartered Accountant with over 19 years’ experience gained locally and internationally. Prior to joining Doray, Jon was Chief Financial Officer of ASX listed Tanami Gold NL for approximately 6 years, a period which included the transition to production from its high grade Coyote underground operation.

4.2. Marketing and Investor Relations

Doray hosted an investor site visit to Andy Well and presented at Diggers and Dealers in August,

coinciding with the first gold pour. During the Quarter, the Company presented to a number of investors and analysts. The Company was invited to present at the Deutsche Bank Gold Corporate Day and the Denver

Gold Forum during September. Ramelius Resources Limited (ASX:RMS) advised that they had sold their entire 5.1% holding in

Doray on 21 August 2013. The shares were taken up mostly by Paradice Investment Management Pty Ltd, who announced they had increased their stake to 5.6% on 19 September 2013.

For further information, please contact: Allan Kelly Managing Director Doray Minerals Limited +61 (08) 9226 0600 info@dorayminerals.com.au Media enquiries: Investor enquiries: Margie Livingston Anna Nahajski Staples AMN Corporate AMN Corporate +61 (0)4 38 661 131 +61 (0)400 205 433 margie@amncorporate.com anna@amncorporate.com

For

per

sona

l use

onl

y

ASX:DRM 

About Doray Minerals Limited Doray Minerals Limited (ASX: DRM) is Australia's newest high-grade/low-cost gold producer from the high-grade Andy Well Gold Project in the northern Murchison region of Western Australia. Doray has a strategic portfolio of gold exploration properties within WA and South Australia and each presents multiple discovery opportunities. The Company's Board and management team has expertise in discovery, development and production. About the Andy Well Gold Project Doray’s 100%-owned Andy Well Gold Project is located approximately 45km north of Meekatharra, in Western Australia’s northern Murchison region. In March 2010, Doray announced the discovery of the very high-grade “Wilber Lode” gold deposit, adjacent to the Great Northern Highway. Since announcing a maiden high-grade JORC-compliant gold Mineral Resource for the Wilber Lode in February 2011, the Company has announced subsequent increases to the Wilber Lode Resource in December 2011 and again in March 2012. During 2012, Doray announced the maiden high-grade open pit and underground Mining Reserve for the project, completed a positive Bankable Feasibility Study, made a formal decision to mine, increased its ownership of the project to 100%, secured a project finance facility from the Commonwealth Bank of Australia and completed a capital raising to fund all operating, exploration and corporate costs prior to first gold production. Mining and site works commenced in November 2012 with first gold production in August 2013, approximately 3.5 years after the initial discovery. In March 2013 Doray announced a maiden high-grade JORC-compliant gold Mineral Resource for the Judy Lode, a second high-grade gold deposit within the project, increasing the overall Andy Well Project resource inventory by 30%.

For

per

sona

l use

onl

y

ASX:DRM 

Competent Person Statements The information in this announcement that relates to Ore Reserves is based on information compiled by Peter Bamford. Mr Bamford is a full-time employee of Doray Minerals Ltd and is a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Bamford has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activities, which he is undertaking. This qualifies Mr Bamford 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 Bamford consents to the inclusion of information in this announcement in the form and context in which it appears. The information in this announcement that relates to Mineral Resources is based on information compiled by Mark Cossom. Mr. Cossom is a full time employee of Doray Minerals Ltd and is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr. Cossom has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration, and to the activities, which he is undertaking. This qualifies Mr. Cossom 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. Cossom consents to the inclusion of information in this announcement in the form and context in which it appears. The information in this announcement that relates to Exploration Results is based on information compiled by Brad Drabsch. Mr Drabsch is a full-time employee of Doray Minerals Ltd and is a Member of the Australian Institute of Geoscientists (AIG). Mr Drabsch has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activities, which he is undertaking. This qualifies Mr Drabsch 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 Drabsch consents to the inclusion of information in this announcement in the form and context in which it appears.

For

per

sona

l use

onl

y

  Appendix A. Summary of drill holes completed during September Quarter, 2013 – Judy Zone

Hole ID Easting Northing RL Dip/Azimuth Total Depth

From (m)

To (m)

Interval (m)

Au Grade (g/t)

Comments

MNRC218 667009 7097013 482.4 -60/135 256 NSA Judy Sth Extension MNRC219 666997 7096919 482.3 -60/135 208 NSA Judy Sth Extension MNRC220 667051 7096865 482.6 -60/135 208 NSA Judy Sth Extension MNRC221 666998 7096777 482.3 -60/135 202 66 67 1 2.5 Judy Sth Extension MNRC222 666941 7096832 482.1 -60/135 202 35 36 1 2.1 Judy Sth Extension MNRC223 666934 7096980 482.2 -60/135 285 NSA Judy Sth Extension MNRC224 666891 7096866 482.2 -60/135 282 NSA Judy Sth Extension MNRC225 667145 7097092 482.9 -60/215 213 NSA Judy Sth Extension MNDD131 667136.2 7097416 482.3 -60/135 400 Pending Judy Depth Ext

MNDD132^ 667113.7 7097373 482.2 -60/135 225 Pending Judy Depth Ext MNDD133 667033.3 7097448 481.9 -60/135 550 Pending Judy Depth Ext 

MNDD134^ 667025.2 7097385 481.8 -60/135 201 Pending Judy Depth Ext MNDD135 667007.6 7097332 482.2 -60/135 520 Pending Judy Depth Ext MNDD136 667052 7097216 482.5 -60/135 352 Pending Judy Depth Ext 

MNDD137^ 666990.4 7097278 482.3 -60/135 153 Pending Judy Depth Ext MNDD138^ 666969 7097229 482 -60/135 249 Pending Judy Depth Ext MNDD139^ 666938.6 7097260 482.1 -60/135 249 Pending Judy Depth Ext MNDD140 666971.5 7097228 482.2 -60/135 400 Pending Judy Depth Ext MNDD141 667027.8 7097383 482.1 -60/135 412 Pending Judy Depth Ext 

Note: All coordinates are MGA (AGD94 Zone 50). Azimuth is Magnetic Degrees. Assay intervals reported using minimum 1g/t cutoff for multi-sample intersections with maximum 1 sample (ie 1m) of internal dilution. All assays are 25g Fire Assay assayed at Minanalytical Laboratories, Perth. * Indicates visible gold observed in quartz vein ^ Denotes precollar only drilled during the Quarter

      

ASX:DRM 

For

per

sona

l use

onl

y

ASX:DRM 

Appendix B. Summary of drill holes completed during September Quarter, 2013 – Suzie Zone

Hole ID Easting Northing RL Dip/Azimuth Total Depth

From (m)

To (m)

Interval (m)

Au Grade (g/t)

MNRC226 667264 7096867 483.4 -60/135 153 NSA MNRC227 667234 7096893 483.4 -60/135 171 102 103 1 12.9* MNRC228 667280 7096882 483.4 -60/135 147 46 50 4 8.0

including 47 49 2 14.8* MNRC229 667251 7096908 483.3 -60/135 171 NSA* MNRC230 667258 7096830 483.4 -60/135 99 NSA MNRC231 667230 7096860 483.3 -60/135 171 NSA MNRC232 667221 7096937 483.4 -60/135 219 Pending MNRC233 667301 7096938 483.4 -60/135 123 PendingMNRC234 667272 7096959 483.4 -60/135 171 PendingMNRC235 667246 7096985 483.2 -60/135 207 PendingMNRC236 667374 7096997 483.5 -60/135 183 PendingMNRC237 667346 7097028 483.3 -60/135 123 PendingMNRC238 667315 7097058 483.3 -60/135 201 PendingMNRC239 667204 7096885 483.3 -60/135 171 PendingMNRC240 667222 7096796 483.3 -60/135 201 PendingMNRC241 667194 7096824 483.3 -60/135 171 PendingMNRC242 667169 7096849 483.2 -60/135 225 Pending

Note: All coordinates are MGA (GDA94 Zone 50). Azimuth is Magnetic Degrees. Assay intervals reported using minimum 1g/t cutoff for multi-sample intersections with maximum 1 sample (ie 1m) of internal dilution. All assays are 25g Fire Assay assayed at Minanalytical Laboratories, Perth. * Indicates visible gold observed in quartz vein

For

per

sona

l use

onl

y

Appendix 5B Mining exploration entity quarterly report

Appendix 5B Page 1

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report Name of entity

Doray Minerals Limited

ABN Quarter ended (“current quarter”)

48 138 978 631 30 September 2013

Consolidated statement of cash flows

Cash flows related to operating activities

Current quarter $A’000

Year to date 3 Months $A’000

1.1 Receipts from product sales and related debtors

15,953 15,953

1.2 Payments for (a) exploration and evaluation (b) development (c) production (d) administration

(1,698)

(11,546) (8,576) (859)

(1,698)

(11,546) (8,576) (859)

1.3 Dividends received - - 1.4 Interest and other items of a similar nature

received 91 91

1.5 Interest and other costs of finance paid (207) (207) 1.6 Income taxes paid - - 1.7 Other – Royalties (production commencement) (550) (550)

Net Operating Cash Flows

(7,392)

(7,392)

Cash flows related to investing activities

1.8 Payment for purchases of: (a)prospects (b)equity investments (c) other fixed assets

- -

(609)

- -

(609) 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 - -

Net investing cash flows

(609)

(609) 1.13 Total operating and investing cash flows

(carried forward)

(8,001)

(8,001) F

or p

erso

nal u

se o

nly

Appendix 5B Mining exploration entity quarterly report

Appendix 5B Page 2

1.13 Total operating and investing cash flows

(brought forward) (8,001) (8,001)

Cash flows related to financing activities

1.14 Proceeds from issues of shares, options, etc. net of costs

- -

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 (provide details if material) - -

Net financing cash flows - -

Net increase (decrease) in cash held

(8,001)

(8,001)

1.20 Cash at beginning of quarter/year to date 25,700 25,700 1.21 Exchange rate adjustments to item 1.20 - -

1.22 Cash at end of quarter 17,699 17,699

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

Current quarter $A'000

1.23

Aggregate amount of payments to the parties included in item 1.2 238

1.24

Aggregate amount of loans to the parties included in item 1.10

1.25

Explanation necessary for an understanding of the transactions

Director Fees and Wages

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

Financing facilities available Add notes as necessary for an understanding of the position.

Amount available $A’000

Amount used $A’000

3.1 Loan facilities

55,000 55,000

3.2 Credit standby arrangements

- -

For

per

sona

l use

onl

y

Appendix 5B Mining exploration entity quarterly report

Appendix 5B Page 3

Estimated cash outflows for next quarter $A’000 4.1 Exploration and evaluation

624

4.2 Development

7,769

4.3 Production 13,925

4.4 Administration 1,264

Total 23,582

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 14,699 25,700

5.2 Deposits at call -

5.3 Bank overdraft -

5.4 Other : Restricted - Debt Service Reserve a/c 3,000 -

Total: cash at end of quarter (item 1.22) 17,699 25,700

Changes in interests in mining tenements Tenement reference Nature of interest

(note (2)) Interest at beginning of quarter

Interest at end of quarter

6.1 Interests in mining tenements relinquished, reduced or lapsed

P51/2807 - P51/2824 P51/2631 P20/2075 E20/716 E20/757 E20/725 M51/562 M51/564 M51/789

Relinquished Relinquished Relinquished Relinquished Relinquished Relinquished Relinquished Relinquished Relinquished

100% 100% 100% 100% 100% 100% 100% 100% 100%

0% 0% 0% 0% 0% 0% 0% 0% 0%

6.2 Interests in mining tenements acquired or increased

E21/154 EL5310 E51/1594 E51/1595 E51/1596 E51/1609 E80/4821 E80/4822 E80/4823

Granted Granted Application Application Application Application Application Application Application

0% 0% 0% 0% 0% 0% 0% 0% 0%

100% 100% 0% 0% 0% 0% 0% 0% 0%

For

per

sona

l use

onl

y

Appendix 5B Mining exploration entity quarterly report

Appendix 5B Page 4

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

141,866,768 141,866,768

7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs

7.5 +Convertible debt securities

7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted

7.7 Options (description and conversion factor)

2,682,488 1,250,000 150,000 250,000 2,000,000 175,000 50,000 100,000 315,000 150,000 150,000 100,000 1,905,800 100,000

Exercise price 20 cents 20 cents $1.14 $1.20 $2.37 $1.65 $2.03 $2.08 $2.00 $1.93 $1.79 $1.27 $1.10 $1.03

Expiry date 3 Sept 2014 4 Feb 2015 31 Aug 2014 31 Mar 2015 31 Dec 2013 31 Oct 2015 12 Dec 2015 5 Dec 2015 1 Mar 2016 28 Feb 2016 10 Apr 2016 30 June 2016 20 Nov 2014 9 Sept 2017

7.8 Issued during quarter

100,000 $1.03 9 Sept 2017

7.9 Exercised during quarter

7.10 Expired during quarter

156,700

$1.10

20 Nov 2014

For

per

sona

l use

onl

y

Appendix 5B Mining exploration entity quarterly report

Appendix 5B Page 5

7.11 Debentures (totals only)

7.12 Unsecured notes (totals only)

Compliance statement 1 This statement has been prepared under accounting policies which comply with

accounting standards as defined in the Corporations Act. 2 This statement does give a true and fair view of the matters disclosed.

Sign here: ............................................................ Date: 25 October 2013

(Director/Company secretary) Print name: Iain Garrett

For

per

sona

l use

onl

y