asx small to mid caps · a drug discovery platform which incorporates a variety of genomics tools...

Now in its 5th year

ASX Small to Mid CapsSofitel Hotel New York – 1 March 2012 A unique opportunity to hear the latest business strategies and outlooks from a

selection of emerging market leaders in the small and mid cap segment of the

Australian market.

ROSE & CO.

DAHLMAN

Welcome

Welcome to ‘ASX Spotlight Small Caps New York’, an event that showcases some of Australia’s

leading small and mid-cap companies and provides a valuable snapshot of the significant opportunity

for investment in the Australian Equity Market.

This event is the sixteenth in the global series which is hosted in Singapore, Hong Kong, London and

New York every year, and the fifth of its kind in New York.

ASX Spotlight is a result of co-operation between the Australian Securities Exchange, the supporting

brokers and investment banks and a select group of listed companies, demonstrating confidence in

the considerable investment fundamentals of the Australian market.

The companies involved in the event, with capitalisations generally below A$1 billion, represent

an important sector of the Australian market that does not always get the international exposure it

deserves. Importantly, from the US investor perspective, the event is an opportunity to meet a broad

representation of companies from a variety of sectors in one single venue.

During the course of the day it will become clear that investment in the Australian Equity Market

provides excellent exposure to the ongoing and projected growth of emerging economies in the

Asia-Pacific region – exposure which is importantly provided within a stable and reputable market

environment.

We would like to thank all the event supporters and our participating ASX listed companies for helping

to make it such a great success. We look forward to seeing you again in 2013.

Elmer Funke Kupper

Managing Director and CEO

ASX Limited

Thursday March 1

8.30am RegisTRaTion

8.45am Welcome

8.50am ReVA medical, Inc

9.15am Bionomics limited

9.40am QRxPharma limited

10.05am NewSat limited

10.30am Troy Resources limited

10.55 – 11.10am MoRning Tea

11.10am mincor Resources Nl

11.35am Rex minerals limited

12.00pm Northern Star Resources limited

12.25pm Kingsgate consolidated limited

12.50pm Silver lake Resources limited

1.15 – 1.55pm Lunch

1.55pm crusader Resources limited

2.20pm Focus minerals limited

2.45pm Red Fork energy limited

3.10pm elemental minerals limited

3.35 – 3.50pm afTeRnoon Tea

3.50pm Platinum Australia limited

4.15pm Western Areas Nl

4.40pm Kingsrose mining limited

5.05pm linc energy limited

5.30pm asX WRap up & neTWoRking DRinks

7.00pm cLose of confeRence

Agenda

Venue details

Sofitel New York

45 West 44th Street

New York

Tel: +1 212 354 8844

Fax: +1 212 354 2480

The welcome address and presentations by the ASX listed

companies are being held in the montmartre Room (level

2) of the Sofitel New York.

one-on-one meetings

one-on-one meetings between investors and ASX listed

companies are being held on levels 2 and 4. For each

meeting scheduled you will be informed of the room

number via our online booking agenda. To book or make

changes to any one-on-one meetings, report to Karen

Payne at the ‘one-on-one concierge Desk’ on level

2. Karen will check availability and schedule a meeting

for you. If you have any queries at all during the day,

please contact the event manager emily maxwell at the

Registration Desk on level 2.

name badges

You should have been issued with a name badge on

registration. If you have not received one, report to the

Registration Desk on level 2.

Access to company presentations and videos

will be made available at:

www.asx.com.au/smalltomidcaps/newyork

asX contact details

emily Maxwellevent manager

+61 427 139 184 or [email protected]

eddie grieveSenior manager, listings Business Development


David RitchieVP, Regional manager USA


General Information

company DescriptionReVA is dedicated to developing minimally invasive

medical devices that leverage the company’s

proprietary biomaterial and stent technologies

to improve the treatment of disease. Guided

by a management team and scientific advisors

with extensive product development and clinical

interventional cardiology experience, ReVA’s initial focus

is the development and eventual commercialisation of a

proprietary drug-eluting bioresorbable coronary scaffold

to treat coronary artery disease.

operationsReVA is headquartered in San Diego, california.

Recent DevelopmentsReVA medical, Inc. (“ReVA” or the “company”)

completed its initial public offering of cDIs (cHeSS

Depository Interests) on December 17, 2010 and

began trading on the Australian Securities exchange

(“ASX”) on December 23, 2010, under the symbol

“RVA.”

In December 2011, ReVA initiated the ReSToRe

clinical trial at the Instituto Dante Pazzanese de

cardiologia in Sao Paulo, Brazil, under the direction

of Principal Investigator, Dr. Alexandre Abizaid. The

trial will enroll 50 patients in Brazil and ten additional

sites in europe to evaluate the safety of the ReZolve

bioresorbable scaffold.

intellectual property/products/product Development programsReVA’s lead product, the ReZolveTm scaffold, is

designed to provide the same benefits as traditional

metal stents, including inhibiting the renarrowing of the

previously treated artery, with the additional benefit of

being dissolved by the body over time after treatment

of the artery. The ReZolve scaffold is protected by more

than 250 patents.

significant contractual arrangements ReVA has in place an agreement with Boston Scientific

corporation (BSc), one of the major stent companies,

that allows the parties to negotiate exclusive distribution

rights for BSc under certain circumstances that would

provide ReVA with a 50% royalty on product sales.

future outlookStents are minimally invasive, implantable medical

devices which are used by cardiologists for the

treatment of coronary artery disease. Stents help

stabilize diseased arteries by propping them open and

restoring blood flow. In 2010, the worldwide market for

coronary stents was in excess of $5.0 billion. ReVA

believes bioresorbable scaffolds will be the next major

advancement in interventional technology for the

minimally invasive treatment of coronary artery disease.

ReVA initiated a pilot human clinical trial of its ReZolve™

scaffold in December 2011.

8.50am – ReVA medical, Inc. (ASX: RVA)

company Description

Bionomics is an international biotechnology company

with operations in Australia and europe focused on the

discovery and development of innovative therapeutics

for cancer and diseases of the central nervous system.

Bionomics has small molecule product development

programs in cancer, anxiety, Alzheimer’s disease and

multiple sclerosis.

BNc105, which is undergoing clinical development

to treat cancer, potently and selectively restricts blood

flow within tumours. BNc105 offers blockbuster

potential if successfully developed. A clinical program

is also underway for a new-generation treatment of

anxiety disorders based on BNc210 which exhibits

efficacy without sedation.

Recently Bionomics entered a collaboration,

research and licensing agreement with Ironwood

Pharmaceuticals to further develop and commercialise

BNc210. Under the terms of this agreement,

Bionomics may receive up to US$345m in milestone

payments plus royalties on product sales.

Bionomics has a long-standing research

collaboration and license agreement with global Pharma

company merck Serono in its multiple Sclerosis

program. Under the terms of this agreement Bionomics

can earn up to US$47m in milestone payments and a

royalty on product sales for each compound selected in

this multi-compound deal. merck Serono funds all R&D.

operations

BNc 210 - Improved treatment for Anxiety Disorders

- offers dramatic competitive advantages over existing

treatments. It provides excellent relief of anxiety in

animal models and so far in human trials and shows no

evidence of sedation, memory impairment or tendency

to addiction. BNc210 has a rapid onset of action and

is suitable for oral dosing. BNc210 appears to act by

a completely novel mechanism of action distinct from

known drugs and may therefore represent the first in a

new class of novel anxiety drugs offering dramatically

improved patient benefits. BNc210 is licensed to

Ironwood Pharmaceuticals.

BNc105 - VDA for treatment of cancer/tumors - is

a novel compound being developed by Bionomics

as a Vascular Targeting Agent (VDA) for treatment of

cancer. VDAs are drugs that disrupt the blood vessels

that nourish tumours. This approach has a number of

advantages over classical chemotherapy: occlusion

of a single blood vessel can result in the death of

thousands of tumour cells, it is applicable to a wide

variety of cancers and since the therapy targets the

blood vessel rather than the tumour, it is unlikely that

mutant tumour cells will emerge that are resistant to

the therapy. Importantly, the drug also has no effect

on normal blood vessels. BNc105 is now in Phase II

trials for three cancer indications: renal cancer, ovarian

cancer and mesothelioma.

Kv1.3 - Blockers for inflammatory disorders

including multiple Sclerosis - In this effort to develop

a safer way to treat multiple sclerosis Bionomics has

partnered with merck Serono, a leading pharmaceutical

company and pioneer of new treatments for multiple

sclerosis (mS) including Rebif® (2009 sales US$2.05

billion; projected US$2.24 billion sales in 2010). The

effort uses multicore® chemistry and ionX® platforms

while being fully funded by merck Serono, including

any costs associated with clinical development

and commercialisation. In June 2011 the research

agreement was extended by at least another year.

9.15am – Bionomics ltd (ASX: BNo)

Recent Developments

• Ironwood Pharmaceutical / Bionomics license

Agreement to further develop and commercialise

BNc210: up to US$345 million in milestone

payments plus royalties on product sales

• Successful Phase Ib clinical trials demonstrated that

BNc210 reduced the symptoms of panic attack

and had no side-effects commonly associated with

marketed drugs to treat anxiety

• Data showing molecular link between neurotrophic

effects of BNc210 and its anti-anxiety properties

presented at Neuroscience 2011

• BNc105 renal cancer trial progresses – combination

with targeted therapy Afinitor safe and well tolerated

with patient recruitment continuing

• BNc105 Phase I/II ovarian cancer trial planned

– combination with gemcitabine and carboplatin,

the drugs often combined for a standard of care

chemotherapy in a number of cancer indications

including ovarian

• merck Serono deal extended

intellectual property/products/product Development programsBionomics’ discovery and development activities are

driven by its three technology platforms: Angene®,

a drug discovery platform which incorporates a

variety of genomics tools to identify and validate

novel angiogenesis targets. multicore® is Bionomics’

proprietary, diversity orientated chemistry platform for

the discovery of small molecule drugs. ionX® is a set

of novel technologies for the identification of drugs

targeting ion channels for diseases of the central

nervous system. These platforms underpin Bionomics’

established business strategy.

Bionomics has over 40 patents or patents pending

for novel drugs in development and technology

platforms including medicinal chemistry, disease genes

associated with epilepsy and cancer, and drug targets

associated with angiogenesis.

significant contractual arrangements

Bionomics recently entered into a collaboration,

research and licensing agreement with Ironwood

Pharmaceuticals to develop and commercialise

BNc210, Bionomics’ investigational anti-anxiety

compound. Bionomics has also partnered with merck

Serono for the development and commercialisation

of Bionomics’ Kv1.3 ion channel blockers for the

treatment of mS.

future outlookThe next 12 months will see a number of important near

term valuation catalysts for Bionomics shareholders,

including:

• BNc105 clinical trial program: completion of US

renal cancer trial and initiation of ovarian cancer trial

• Alzheimer’s disease program: Drug candidate

selected to enter IND enabling studies and clinical

development

company DescriptionQRxPharma is a commercial stage specialty

pharmaceutical company focused on the development

and commercialisation of new treatments for pain

management and central nervous system (cNS)

disorders. QRxPharma’s patented Dual opioid®

product pipeline moxDuo® offers a new alternative to

current pain medications, a large and growing market

saddled by older therapies with debilitating side effects.

Worldwide sales for all opioids are $14 billion and

growing at 6%.

operationsThe corporate office is located in Sydney, Australia

and the company maintains a presence in the US with

its commercial, clinical and regulatory team based in

Bedminster, New Jersey.

Recent DevelopmentsQRxPharma’s lead product candidate, moxDuo

Immediate Release (IR), has successfully completed

pivotal Phase 3 studies and the company has filed

its New Drug Application (NDA) with the US Food and

Drug Administration (FDA). The FDA set 25 June 2012

as the PDUFA (Prescription Drug User Fee Act) target

date for action on the approval of the NDA. To date,

nearly 800 patients have been treated with moxDuo

IR in clinical trials, and these studies have shown

patients who received moxDuo IR were 25-75% less

likely to experience the range of serious side effects

including nausea, vomiting, dizziness, sleepiness,

or constipation. A more recent study has also

demonstrated significantly less respiratory depression

as measured by oxygen desaturations with moxDuo IR

when directly compared to morphine or oxycodone at

equianalgesic doses.

intellectual property/products/product Development programsQRxPharma’s Dual opioid platform technology, a

patented fixed-ratio combination of morphine and

oxycodone includes three complementary products:

moxDuo IR, an immediate-release oral capsule for

acute pain; moxDuo IV, an intravenous formulation for

moderate to severe hospital-based pain; and moxDuo

cR, a controlled-release oral tablet for chronic pain.

QRxPharma’s Dual opioid technology is expected

to provide a long period of marketing exclusivity. The

central dual opioid composition of matter patent has

issued in numerous countries and the company has

also developed an innovative intellectual property

portfolio covering additional compositions of matter,

mechanisms of action and new formulations which,

if granted, are expected to provide market exclusivity

through 2029 in North America and all other major

markets.

9.40am – QRxPharma limited (ASX: QRX)

significant contractual arrangementsThe company signed a binding letter of Intent (loI) in

December 2011 with Actavis Inc. for the formation of

a strategic partnership to commercialise moxDuo IR in

the US acute pain marketplace. The loI grants Actavis

exclusive rights to commercialise and further develop

moxDuo IR for the US market while assuming all costs

for product launch as well as ongoing marketing and

sales efforts in the US. QRxPharma, however, has

retained the right to co-promote moxDuo IR in the US

and maintains all rights outside the US.

Actavis will pay QRxPharma royalties of 10% to

30% depending on net sales thresholds, except for a

period starting 3 to 6 months following launch where

QRxPharma will receive a 50% royalty on US$ 150

million in cumulative sales. Under the co-promotion/

profit-share right, QRxPharma can create its own sales

force and provide up to 25% of the effective selling

effort to US prescribers at any time following the first

12 months after product launch. The agreement

also provides Actavis an option to negotiate for US

marketing and sales rights for moxDuo cR, as well as

moxDuo IV.

The company has also entered into a strategic

alliance with Aoxing Pharmaceutical company, Inc.

(“Aoxing”) in china to collaborate in the development

of moxDuo IV, with Aoxing holding exclusive marketing

rights in china and QRxPharma retaining the rest of the

world. Aoxing has also licensed the rights to the china

market for moxDuo IR.

future outlookThe NDA is the basis for US regulatory approval of

moxDuo IR for the treatment of moderate to severe

acute pain, a $2.5 billion segment of the $8 billion

spent annually on prescription opioids in the US.

The launch of moxDuo IR in the US is projected to

occur in Q3 cY 2012 and pre-launch preparations

are underway. With the NDA lodged for moxDuo IR,

the company will accelerate the moxDuo cR tablet

development that encompasses sustained delivery

technology as well as abuse deterrent and tamper

resistant features. Three additional Phase 1 studies

and a Phase 2 study are planned for the coming year

with anticipation of moxDuo cR undertaking Phase 3

development in 2013.

company DescriptionNewSat limited (ASX: NWT) is Australia’s largest

specialist satellite communications company, delivering

Internet, voice, data and video communications

via satellite. With its unique-to-Australia Teleport

infrastructure, NewSat provides a full range of managed

satellite communication services and has established

a reputation as the partner of choice for governments,

corporations and private enterprises. Today, NewSat

has the ability to provide coverage to 75% of the globe;

from Australia, Asia, the middle east, Africa, across

the Indian ocean extending into europe and across

the Pacific ocean, reaching into the West coast of the

USA.

NewSat’s world acclaimed Teleports in Perth

(Western Australia) and Adelaide (South Australia) made

the World Teleport Association’s “2011 Top operator

Rankings” and “2010 Awards for excellence”. Both

Teleports are accredited to supply services to the

Australian Department of Defence (DRSS) and are

recognised as highly secure Global Access Points,

supporting certified classified networks to ensure

the transmission of vital and sensitive information for

government clients.

NewSat will be expanding its satellite capabilities

with the Jabiru Satellite Program, beginning with the

launch and operation of Jabiru-1, Australia’s first

independently owned commercial satellite. Jabiru-1,

a large Ka-band next generation satellite, will provide

superior coverage over South east Asia, the middle

east and North Africa. Jabiru-2, also scheduled, will

deliver enhanced coverage in and around Australia.

NewSat has rights to seven premium orbital slots and

its fleet of next generation geostationary satellites will

lead Australia’s space quest.

operationsNewSat is the only independent Australian pure

play satellite communications company. NewSat

operates as a reseller of third-party satellite capacity

using owned, world acclaimed Teleports in Perth and

Adelaide. The company’s unique-to-Australia space

infrastructure were finalists in the World Teleport

Association’s Awards for excellence in 2010 and were

the only Australasian Teleports to feature in the recent

2011 Top operator Rankings.

NewSat provides Internet, voice, data and video

communications via satellite, supporting over 4,000

satellite telecommunications services and delivers

coverage to 75% of the globe. NewSat’s two Australian

Network operation centres provide 24 x 7 x 365

support and in 2011 provided customers with 100%

Teleport up-time.

NewSat is focused on high value and high growth

markets. NewSat’s broad and loyal client base is within

‘blue chip’ industries, such as mining (exploration

and production), oil and gas (offshore and onshore),

defence, government, construction and media and

broadcasting.

The company’s Jabiru Satellite Program will launch

a fleet of next generation geostationary satellites that

will provide high-powered global coverage and unlock

bandwidth capacity that is otherwise unavailable

today. The Jabiru satellites will target government and

enterprise customers across emerging markets and

high demand regions.

10.05am – NewSat limited (ASX: NWT)

Recent DevelopmentsNewSat is transforming from a reseller of third-party

satellite communications capacity into an owner and

operator of communication satellites and has continued

to make progress with results showing positive eBITDA,

NPAT and operating cash flow.

over FY11, the company announced 175 high-

grade enterprise contracts with an average value of

approximately $70,000 per annum across the oil and

gas, mining and military markets, domestically and

internationally. The first half of FY12 has been similarly

successful, with 144 new business contracts won

across enterprise and government markets, increasing

monthly Recurring Revenues by 38% (compared to

previous year) to $2.9 million per month.

During the year NewSat acquired rights from

KyproSat and received cypriot regulatory approval to

7 premium orbital slots for development. In addition,

NewSat signed US$526 million in binding pre-launch

customer contracts on the Jabiru-1 satellite with

meASAT, Trustcomm, 3A Technology, Quicklink

communications and another middle eastern

telecommunications company.

NewSat completed the technical design phase and

competitive procurement process for Jabiru-1 with

lockheed martin selected for construction services, to

commence immediately, and Arianespace scheduled

to launch the satellite in 2014. The company also

announced an opportunistic acceleration of its satellite

program through Jabiru-2.

In 2011, NewSat announced a number of key

appointments, with David Ball joining as chief

Technology officer and michael Hewins as chief

operating officer. combined, David and michael have

over 55 years of global satellite experience and are

particularly well suited to the next phase of growth,

as NewSat transforms from a Teleport operator into a

global satellite operator.

significant contractual arrangementsIn 2011, NewSat acquired the rights to 7 premium

orbital slots from KyproSat, which will provide a platform

for significant future growth with the launch and

operation of numerous satellites. To date, the Jabiru-1

satellite has secured US$526 million in binding pre-

launch customer contracts with a range of enterprise

and government customers. The most recent contract

for US$180 million for the 15 year life of the satellite is

with leading Asian satellite operator, meASAT.

The company’s core Teleport business continues

to grow, securing 175 new business contracts in

FY11 with an average value of approximately $70,000

per annum. The largest contract was with Proactive

communications for mission critical communications for

U.S. armed forces in Afghanistan.

future outlookNewSat is well placed to continue to leverage its unique-

to-Australia and world-class Teleport infrastructure,

through the company’s strong relationships with blue

chip customers. The satellite industry continues to grow

as demand for faster speeds, greater bandwidth and

unrestricted Internet and communications anywhere,

anytime, continues to increase.

NewSat is poised for significant growth as it

transforms from a reseller of third-party satellite

communications capacity into an owner and operator

of communication satellites. The Jabiru-1 satellite is

in its final stages, with pre-launch contracts already

signed with government and enterprise customers, and

the construction and launch on target for 2014 with

lockheed martin and Arianespace.

NewSat’s vertical integration into an “owner” of

satellites will create a step-change in earnings and

dramatically increase eBITDA margins. over its 15 year

life, Jabiru-1 is expected to achieve revenues and net

profit of over US$2 billion and US$1 billion, respectively.

NewSat has rights to seven premium orbital slots,

which provide significant growth opportunity above and

beyond Jabiru-1.

company DescriptionTroy Resources limited, dual-listed on the Australian

and Toronto Stock exchanges (code: TRY), is a

dividend-paying profitable junior gold producer with a

clear growth strategy. The company has two producing

gold operations; Andorinhas mine in Para State, Brazil

and the casposo gold and silver mine, in San Juan

province, Argentina.

Troy has an experienced Board and management

team with a track record of successful, fast-track mine

development and low-cost operations.

Troy has an annual exploration budget in excess

of $15 million and a proven track record in exploration

discoveries and strategic acquisitions.

Following the development of the casposo project

in Argentina, Troy has entered a renewed growth

phase which will again lift the company’s annual gold

production above 100,000 ounces of gold per annum.

The company is well positioned to continue its path

of strong growth and profitable operations, and on track

to achieve its vision of becoming a highly profitable

mid-tier gold producer with a portfolio of quality long-life

assets.

The company maintains a robust balance sheet and

forecasts continued strong cash flow from its current

assets. Troy’s gold production is unhedged; allowing its

shareholders access to the full benefit of current and

future gold price upside.

Troy is a responsible corporate citizen, committed

to the best practice of health and safety, environmental

stewardship and social responsibility.

The company has forged a proven record of fast-

track mine development, low cost operations, strategic

acquisitions and exploration discoveries.

operationsDecember 2011 gold production 39% higher

at 33,329oz and cash cost 36% lower than the

September quarter at US$373/oz net of silver credits.

Argentina, Casposo

• Gold production 20,701 at a cash cost of US$270/

oz net of silver credits

Brazil, Andorinhas

• The operation has achieved 799 days without a lost

time injury

• Gold production 12,625oz and unit cash costs to

US$542/oz

Gold production for the rolling 12 months 51,648oz

Recent Developments• Paid A$40 million to shareholders through 12 fully

franked cash dividends over the last 12 years

• Increased contained gold equivalent in casposo

Resource by 20% in 2011

• Doubling exploration budget to A$15m in FY2012

• Strong balance sheet

future outlookWe are currently undertaking metallurgical test work

on the new Kamila South east extension ores to

determine if any additions or modifications are required

to the processing facility to treat the very high grade

silver ores. once this is complete the results will be

incorporated in a new production schedule, ore

Reserve and NI 43-101 report. At this stage we expect

to release the new Reserve and production schedule

early in the June quarter.

Planning is well advanced for the accelerated

commencement of the casposo underground mine.

The requisite geotechnical holes and mine planning

have been completed and negotiations with the

preferred mining contactor Redpath (chile) are also well

advanced. The underground development is expected

to commence in the June quarter which would allow

access to the high grade underground ore early next

calendar year.

10.30am – Troy Resources limited (ASX: TRY)

TROY RESOURCES LIMITED

Resources / Reserves estimates

NB: Gold equivalency at Casposo for Mineral Resources and Mineral Reserves has been calculated by the formula Au_Eq = Au g/t + (Ag gt÷70). The gold:silver ratio of 70 has been determined using metal prices of US$1,200/oz for gold and US$20/oz for silver and processing recoveries of 93.7% for gold and 80.6% for silver.

Geological information in this Report has been compiled by Troy’s Vice President Exploration & Business Development, Peter Doyle, who:

• Is a full time employee of Troy Resources Limited

• Has sufficient experience which is relevant to the type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’

• Is a Member of the Australasian Institute of Mining and Metallurgy

• Has consented in writing to the inclusion of this data

Information of a scientific or technical nature in this report was prepared under the supervision of Peter J. Doyle, Vice President Exploration and Business Development of Troy, a “qualified person” under National Instrument 43-101 – “Standards of Disclosure for Mineral Projects”, a member of the Australasian Institute of Mining and Metallurgy. Mr. Doyle has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as a “competent person” as defined in the 2004 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr. Doyle has reviewed and approved the information contained in this report. For further information regarding the Company’s projects in Brazil, Australia and Argentina, including a description of Troy’s quality assurance program, quality control measures, the geology, samples collection and testing procedures in respect of the Company’s projects please refer to the technical reports filed which are available under the Company’s profile at www.sedar.com or on the company’s website.

This news release contains “forward-looking statements” and “forward-looking information”, based on assumptions and judgements of management regarding future events and results. Such “forward-looking statements” and “forward-looking information which may include, but are not limited to statements with respect to the expected development of the Casposo and Two Mile Hill projects. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “is expecting”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes”, or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might”, or “will” be taken, occur or be achieved. The purpose of forward-looking information is to provide the reader with information about management’s expectations and plans. Readers are cautioned that forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Troy and/or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, future prices of gold and silver, the actual results of current production, development and/or exploration activities, changes in project parameters as plans continue to be refined, variations in ore grade or recovery rates, plant and/or equipment failure, delays in obtaining governmental approvals or in the commencement of operations, the possibility of cost overruns, as well as those factors disclosed in the Company’s filed documents. There can be no assurance that the projects will proceed as planned or that they will be successfully completed within expected time limits and budgets or that, when completed, the mines will operate as anticipated or that expected production levels will be achieved.

Resources / Reserves Estimates:

RESOURCE AND RESERVE SUMMARY Category Tonnes Grade Ounces Gold Mineral Reserves Proved 95,000 2.5 7,500 Probable 2,306,000 5.9 437,200 TOTAL 2,401,000 5.8 444,700 Silver Mineral Reserves Probable 1,804,000 176.7 10,241,200 TOTAL 1,804,000 176.7 10,241,200 Gold Mineral Resources Measured 191,000 4.6 28,100 Indicated 5,451,000 4.4 771,700 Inferred 14,241,000 1.7 779,600 Silver Mineral Resources Measured 96,000 769.9 2,376,400 Indicated 2,301,000 227.6 16,839,500 Inferred 920,000 152.3 4,503,700 Gold Equivalent Mineral Reserves Proved 95,000 2.5 7,500 Probable 2,306,000 7.7 571,000 TOTAL 2,401,000 7.5 578,500 Gold Equivalent Mineral Resources Measured 191,000 10.1 62,100 Indicated 5,451,000 5.6 990,000 Inferred 14,241,000 1.8 840,800

NB: Gold equivalency at Casposo for Mineral Resources and Mineral Reserves has been calculated by the formula Au_Eq = Au g/t + (Ag gt÷70). The gold:silver ratio of 70 has been determined using metal prices of US$1,200/oz for gold and US$20/oz for silver and processing recoveries of 93.7% for gold and 80.6% for silver.

Geological information in this Report has been compiled by Troy’s Vice President Exploration & Business Development, Peter Doyle, who:

• Is a full time employee of Troy Resources Limited

• Has sufficient experience which is relevant to the type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’

• Is a Member of the Australasian Institute of Mining and Metallurgy

• Has consented in writing to the inclusion of this data

Information of a scientific or technical nature in this report was prepared under the supervision of Peter J. Doyle, Vice President Exploration and Business Development of Troy, a “qualified person” under National Instrument 43-101 – “Standards of Disclosure for Mineral Projects”, a member of the Australasian Institute of Mining and Metallurgy. Mr. Doyle has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as a “competent person” as defined in the 2004 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr. Doyle has reviewed and approved the information contained in this report. For further information regarding the Company’s projects in Brazil, Australia and Argentina, including a description of Troy’s quality assurance program, quality control measures, the geology, samples collection and testing procedures in respect of the Company’s projects please refer to the technical reports filed which are available under the Company’s profile at www.sedar.com or on the company’s website. This news release contains “forward-looking statements” and “forward-looking information”, based on assumptions and judgements of management regarding future events and results. Such “forward-looking statements” and “forward-looking information which may include, but are not limited to statements with respect to the expected development of the Casposo and Two Mile Hill projects. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “is expecting”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes”, or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might”, or “will” be taken, occur or be achieved. The purpose of forward-looking information is to provide the reader with information about management’s expectations and plans. Readers are cautioned that forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Troy and/or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, future prices of gold and silver, the actual results of current production, development and/or exploration activities, changes in project parameters as plans continue to be refined, variations in ore grade or recovery rates, plant and/or equipment failure, delays in obtaining governmental approvals or in the commencement of operations, the possibility of cost overruns, as well as those factors disclosed in the Company's filed documents. There can be no assurance that the projects will proceed as planned or that they will be successfully completed within expected time limits and budgets or that, when completed, the mines will operate as anticipated or that expected production levels will be achieved.

Future Outlook: We are currently undertaking metallurgical test work on the new Kamila South East Extension ores to determine if any additions or modifications are required to the processing facility to treat the very high grade silver ores. Once this is complete the results will be incorporated in a new

company Descriptionmincor is a leading Australian nickel producer. The

company operates two mining centres in the world-

class Kambalda Nickel District of Western Australia,

and has been in successful production since 2001. To

date mincor has generated net profits after tax of more

than A$235 million and has paid regular fully-franked

dividends since 2003. The company has 196 million

shares on issue and has a strong institutional and retail

shareholder base and an open share register.

mincor has an exceptionally strong balance sheet

with no debt and A$75 million in cash.

operationsAt 31 December 2011 mincor was on track to meet its

full-year production target of 10,000 tonnes of nickel

in ore, and well ahead of its cost target, with average

cash costs for the half year of A$5.74/lb.

mincor’s mines are high-grade, narrow-vein

underground nickel sulphide operations. All mining is

based on the owner-operator model. The vast majority

of mincor’s highly-skilled and dedicated work-force are

locally resident.

Recent DevelopmentsThrough a period of falling nickel prices mincor

successfully re-engineered its operations, turning

around a FY2010/11 loss into a half-year profit despite

low nickel prices. With a reduced cost base and rising

nickel grades the company is well-placed to benefit

from stronger nickel prices as the world economy

recovers. Through a recent transaction mincor acquired

interests in three copper and gold exploration projects

in Papua New Guinea, and is now vigorously exploring

in this world class mineral province.

significant contractual arrangementsmincor has a long-term offtake agreement with BHP

Billiton (Nickel West) under which mincor delivers ore

to BHPB’s concentrator plant at Kambalda, and pays

BHPB a tolling fee to convert the ore into concentrate.

mincor then sells the concentrate to BHPB on industry

standard terms and conditions. The current offtake

agreements expire in 2019.

All of mincor’s operations are 100% owned except

for carnilya Hill, which is 70% owned and operated by

mincor.

future outlookWith its strong operations and reduced cost base

mincor offers exceptional leverage to rising nickel

prices as the global economy recovers. In addition, the

average nickel grade of its mines is scheduled to rise as

new high-grade reserves are accessed. mincor’s nickel

exploration in Kambalda continues to drive growth in

ore Reserves. The opportunity for transformational

exploration success is present both in Kambalda and at

its exciting exploration assets in Papua New Guinea.

11.10am – mincor Resources Nl (ASX: mcR)

Resources / Reserves estimatesMineral Resources as at 30 June 2011***

• Figures have been rounded and hence may not add up exactly to the given totals.• Note that Resources are inclusive of Reserves.* Resources shown for Carnilya Hill are those attributable to Mincor – that is, 70% of the total Carnilya Hill Resource.** Otter Juan includes Coronet and McCloy.*** Miitel has been partly updated to December 2011 with inclusion of N29C and modification of N29A.Resources are estimated to a 1% nickel cut-off. No minimum mining width criteria are used. The Resource estimation is done using inverse distance or kriging methods, depending on the data density. Volume models are constructed using all available data including underground drive and stope mapping. Grade interpolation using assay results from diamond drill core and, in places, underground face samples.The information in this Public Report that relates to Mineral Resources is based on information compiled by Mr Robert Hartley, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Hartley is a permanent employee of Mincor Resources NL. Mr Hartley has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Hartley consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.Ore Reserves as at 30 June 2011***

Ore Reserves as at 30 June 2011***

• Figures have been rounded and hence may not add up exactly to the given totals.* Reserves for Carnilya Hill are those attributable to Mincor – that is, 70% of the total Carnilya Hill Reserve.** Otter Juan includes Coronet and McCloy.*** Miitel has been partly updated to December 2011 with inclusion of N29C and one extra level on the N29A.Appropriate dilution for the various mining methods was applied to the Indicated and Measured Resources. Using a 1.5% nickel cut-off and minimum mining width criteria, areas were selected as being mineable. Additional modifying factors to account for ore loss, recovery, further dilution, etc were then applied to achieve an estimated Reserve.The information in this Public Report that relates to Ore Reserves is based on information compiled by Mr Peter Teasdale, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Teasdale is a permanent employee of Mincor Resources NL. Mr Teasdale has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Teasdale consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Tabulation of Mineral Resources - Tottenham

NOTE: Ore tonnage figures have been rounded to the nearest 100 tonnes. Grades have been rounded to the first decimal point. Estimation of contained copper may not equal ore tonnes x grade due to rounding. Resources calculated to a 0.25% copper cut-off.The information in this Public Report that relates to Mineral Resources is based on information compiled by Mr Robert Hartley, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Hartley is a permanent employee of Mincor Resources NL. Mr Hartley has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Hartley consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Mineral Resources as at 30 June 2011***

RESOURCE MEASURED INDICATED INFERRED TOTAL Tonnes Ni (%) Tonnes Ni (%) Tonnes Ni (%) Tonnes Ni (%) Ni Tonnes

Mariners 125,000 3.6 417,000 4.8 65,000 3.5 608,000 4.4 26,900 Redross 31,000 5.1 138,000 2.9 67,000 2.9 236,000 3.2 7,500 Burnett 121,000 4.8 121,000 4.8 5,700 Miitel*** 175,000 4.2 318,000 3.6 545,000 3.0 1,038,000 3.4 35,100 Wannaway 123,000 2.6 16,000 6.6 139,000 3.0 4,200 Carnilya Hill* 63,000 4.1 41,000 2.3 0 0.0 104,000 3.4 3,500 Otter Juan** 45,000 3.3 114,000 4.7 79,000 2.3 238,000 3.7 8,700 McMahon/Ken 264,000 2.9 79,000 6.2 343,000 3.7 12,600 Durkin - - 251,000 5.2 127,000 5.0 378,000 5.1 19,300 Gellatly - - 29,000 3.4 - - 29,000 3.4 1,000 Cameron - - 96,000 3.3 - - 96,000 3.3 3,200 Stockwell - - 557,000 3.1 - - 557,000 3.1 17,100 Grand total 439,000 4.0 2,469,000 3.8 978,000 3.5 3,887,000 3.7 144,800

• Figures have been rounded and hence may not add up exactly to the given totals. • Note that Resources are inclusive of Reserves. * Resources shown for Carnilya Hill are those attributable to Mincor – that is, 70% of the total Carnilya Hill Resource. ** Otter Juan includes Coronet and McCloy. *** Miitel has been partly updated to December 2011 with inclusion of N29C and modification of N29A.

Resources are estimated to a 1% nickel cut-off. No minimum mining width criteria are used. The Resource estimation is done using inverse distance or kriging methods, depending on the data density. Volume models are constructed using all available data including underground drive and stope mapping. Grade interpolation using assay results from diamond drill core and, in places, underground face samples. The information in this Public Report that relates to Mineral Resources is based on information compiled by Mr Robert Hartley, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Hartley is a permanent employee of Mincor Resources NL. Mr Hartley has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Hartley consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.


RESERVE PROVED PROBABLE TOTAL Tonnes Ni (%) Tonnes Ni (%) Tonnes Ni (%) Ni Tonnes

Mariners 49,000 2.9 329,000 3.8 378,000 3.7 13,900 Redross 33,000 3.5 - - 33,000 3.5 1,200 Miitel*** 108,000 2.6 185,000 3.2 293,000 3.0 8,600 Wannaway - - 39,000 2.9 39,000 2.9 1,100 Carnilya Hill* 33,000 3.3 33,000 3.3 1,100 Otter Juan** 40,000 3.6 14,000 3.8 54,000 3.6 2,000 McMahon 242,000 2.4 242,000 2.4 5,600 Grand total 263,000 3.0 809,000 3.2 1,072,000 3.1 33,500

• Figures have been rounded and hence may not add up exactly to the given totals. * Reserves for Carnilya Hill are those attributable to Mincor – that is, 70% of the total Carnilya Hill Reserve. ** Otter Juan includes Coronet and McCloy. *** Miitel has been partly updated to December 2011 with inclusion of N29C and one extra level on the N29A.

Appropriate dilution for the various mining methods was applied to the Indicated and Measured Resources. Using a 1.5% nickel cut-off and minimum mining width criteria, areas were selected as being mineable. Additional modifying factors to account for ore loss, recovery, further dilution, etc were then applied to achieve an estimated Reserve.

The information in this Public Report that relates to Ore Reserves is based on information compiled by Mr Peter Teasdale, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Teasdale is a permanent employee of Mincor Resources NL. Mr Teasdale has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Teasdale consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.


Location Inferred (tonnes)

Grade (Cu %)

Indicated (tonnes)

Grade (Cu %) Total Tonnes Grade

(Cu %) Contained

Metal (tonnes)

Mt Royal 1,500,900 1.0 869,800 1.2 2,370,700 1.1 26,078

Carolina -‐ -‐ 1,336,200 1.2 1,336,200 1.2 16,034

Total 1,500,900 1.0 2,206,000 1.2 3,707,000 1.1 41,850 NOTE: Ore tonnage figures have been rounded to the nearest 100 tonnes. Grades have been rounded to the first decimal point. Estimation of contained copper may not equal ore tonnes x grade due to rounding. Resources calculated to a 0.25% copper cut-off.














Grade (Cu %)

Indicated (tonnes)


(Cu %) Contained

Metal (tonnes)

Mt Royal 1,500,900 1.0 869,800 1.2 2,370,700 1.1 26,078

Carolina -‐ -‐ 1,336,200 1.2 1,336,200 1.2 16,034















Grade (Cu %)

Indicated (tonnes)


(Cu %) Contained

Metal (tonnes)

Mt Royal 1,500,900 1.0 869,800 1.2 2,370,700 1.1 26,078

Carolina -‐ -‐ 1,336,200 1.2 1,336,200 1.2 16,034


company DescriptionRex minerals ltd (“Rex”) is an Australian minerals

exploration and development company with large-

scale copper-gold projects on the Yorke Peninsula,

South Australia. Rex has made an initial large-scale

copper-gold discovery at the Hillside Project and

aims to discover multiple large-scale copper-gold

deposits underneath shallow cover rocks on the Yorke

Peninsula. Rex is progressively expanding on the initial

Resource at Hillside and continuing with its regional

exploration program to achieve its vision of developing a

new large-scale, low-cost and long-life mining operation

on the Yorke Peninsula.

operationsRex’s flagship project is the Hillside copper-gold project

in South Australia. Rex made the Hillside discovery in

2008/2009 and is currently completing a pre-feasibility

study which is due in the second half of 2012.

Recent DevelopmentsRex has made additional shallow and high grade

copper discoveries at Hillside over the past six months

which will feed into an optimised mine plan for the

Hillside pre-feasibility study.

significant contractual arrangementsRex has engaged mining Plus for the mining studies

and Amec minproc for the metallurgical studies

associated with the Hillside pre-feasibility study.

future outlookRex has five drill rigs actively engaged at Hillside and

two additional drill rigs focussed on regional exploration

near Hillside. The Resource and mining options at

Hillside are expected to expand during the pre-feasibility

stage and a new discovery in this underexplored

landscape could be made at any stage. Rex is aiming

to produce a new mining operation at Hillside which

can produce over 100,000t copper equivalent (70,000t

copper, 50,000ozs gold and 1.3mt iron ore (>65% Fe))

for over 10 years.

11.35am – Rex minerals limited (ASX: RXm)

Resources / Reserves estimatesThe latest Resource estimate for the Hillside project, reported in mid-2011, is 217mt @ 0.7% copper and 0.2g/t

gold for 1.5mt copper and 1.4mozs gold.

Hillside Mineral Resource – June 2011

* Rex Minerals LimitedRex Minerals Limited (“Rex”) has completed an updated Mineral Resource estimate for its 100% owned Hillside copper project on the Yorke Peninsula, South Australia. The Inferred and Indicated Mineral Resource estimate at Hillside is 217Mt @ 0.7% copper, 0.2g/t gold and 8.9% magnetite which equates to 1.5Mtonnes of copper, 1.4Mozsof gold and 19Mt of magnetite. The current Resource estimate covers approximately 80% of a magnetic anomaly which has been used as the main targeting tool for the definition of copper at Hillside. Rex estimates a total target size at Hillside of between 1.6Mt and 2.1Mt of copper1.1The total target size is conceptual in nature, there has been insufficient exploration to define a Mineral Resource in excess of that currently announced, and while Rex has confidence in this target statement, it is uncertain if further exploration will result in the determination of additional Mineral Resources – This statement is made in accordance with the requirements of Clause 18 of the JORC Code 2004.

Competent Persons ReportThe information in this report that relates to Exploration Results or Mineral Resources is based on information compiled by Mr Patrick Say who is a Member of the Australasian Institute of Mining and Metallurgy and is a full time employee of Rex Minerals Ltd. Mr Say has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Say consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.


The latest Resource estimate for the Hillside project, reported in mid-2011, is 217Mt @ 0.7% copper and 0.2g/t gold for 1.5Mt copper and 1.4Mozs gold.

Rex Minerals Limited (“Rex”) has completed an updated Mineral Resource estimate for its 100% owned Hillside copper project on the Yorke Peninsula, South Australia. The Inferred and Indicated Mineral Resource estimate at Hillside is 217Mt @ 0.7% copper, 0.2g/t gold and 8.9% magnetite which equates to 1.5Mtonnes of copper, 1.4Mozsof gold and 19Mt of magnetite. The current Resource estimate covers approximately 80% of a magnetic anomaly which has been used as the main targeting tool for the definition of copper at Hillside. Rex estimates a total target size at Hillside of between 1.6Mt and 2.1Mt of copper1. 1The total target size is conceptual in nature, there has been insufficient exploration to define a Mineral Resource in excess of that currently announced, and while Rex has confidence in this target statement, it is uncertain if further exploration will result in the determination of additional Mineral Resources – This statement is made in accordance with the requirements of Clause 18 of the JORC Code 2004. Competent Persons Report The information in this report that relates to Exploration Results or Mineral Resources is based on information compiled by Mr Patrick Say who is a Member of the Australasian Institute of Mining and Metallurgy and is a full time employee of Rex Minerals Ltd. Mr Say has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Say consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

company DescriptionNorthern Star is an emerging gold producing and

exploration company in the highly prospective regions

of the Ashburton and murchison in Western Australia

with a resource base nearing 1 million ounces.

Northern Star’s vision is to build a quality mining &

exploration company focused on creating profits for

shareholders. The core criteria to achieve this outcome

is to successfully mine gold and acquire future assets

that when re-evaluated can add significant value. The

acquisition of the high grade, high margin Paulsens

Gold mine has given Northern Star an immediate entry

into the Australian gold mining business.

Recent DevelopmentsSince the purchase of Paulsens gold mine, Northern

Star has undertaken an aggressive exploration

campaign that has extended the mine life of Paulsens.

In February 2011, as part of the Northern Star

Strategy we successfully acquired the nearby

Ashburton Tenements which contain mineral resources

for future extraction within trucking distance of the

Paulsens gold mine.

The company, due to its success, is reviewing

further assets that will provide future growth and

revenue to Northern Star Shareholders.

significant contractual arrangementsFollowing the purchase of the Paulsens gold mine and

paying back the purchase debt, Northern Star then

progressed to replace the existing underground mining

contractor with it’s own staff and mining equipment,

further reducing operating costs.

future outlookProject 100 - The company recently announced a

strategy to grow production to 200,000 ounces a year

in a two-stage process. Stage 1 will involve re-opening

the upper levels of the mine where the activities of

the previous owners were restricted by their $600/oz

hedge position. Stage 1 will also involve establishing

an open pit operation at the top of the mine and

opening additional mining areas parallel and at depth.

To increase production as part of Stage 1, the current

mill will be expanded from 350,000 tonnes a year to

450,000 tonnes a year. First production increases will

flow in the December Quarter 2012.

Project 200 - The company will continue to

explore at Ashburton with the aim of establishing a

100,000ozpa stand-alone operation.

12.00pm – Northern Star Resources limited (ASX: NST)


1 Resources are exclusive of Reserves and do not have demonstrated economic viability. 1 Resources for Ashburton Gold Project acquired February 2011

Competent Persons Statements The information in this announcement that relates to Paulsens and Mt Olympus mineral resource estimation, exploration results, data quality, geological interpretations, potential for eventual economic extraction and estimates of exploration potential, is based on information compiled by or under the supervision of Brook Ekers, (Member AIG), who is a full-time employee of Northern Star Resources Ltd. Mr. Ekers has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”.


1 Resources are exclusive of Reserves and do not have demonstrated economic viability. 1 Resources for Ashburton Gold Project acquired February 2011 Competent Persons Statements The information in this announcement that relates to Paulsens and Mt Olympus mineral resource estimation, exploration results, data quality, geological interpretations, potential for eventual economic extraction and estimates of exploration potential, is based on information compiled by or under the supervision of Brook Ekers, (Member AIG), who is a full-time employee of Northern Star Resources Ltd. Mr. Ekers has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Presentation by: Bernie Sostak

Manager of Geology

Bernie Sostak is a Geologist with over 20 years in the Gold Industry with extensive experience in mine geology, resource estimations, planning and general operations management in underground and open pit. Held senior management roles with WMC, Broken Hill Metals and Coolgardie Gold. Most recently as Barrick’s Director of Resource/Reserve Strategy based in Toronto managing reserve replacement programs on 4 continents.

Contact Details:

Correspondence Address: Lyndall Weston

Phone Number: +61 8 6241 1866 Email Address: [email protected] Website: www.nsrltd.com

This profile is provided by the presenting company; ASX takes no responsibility for the information included. Participation in this event should not be taken as an endorsement by ASX of the company.

company DescriptionGrowth through Discovery, Sustainable Development

and expansion.

Kingsgate is a highly successful gold mining,

development and exploration company, traded on

the Australian Securities exchange (ASX: KcN). The

company is increasing gold and silver production,

growing its resource base and with exploration

upside is well on the way to becoming a world-class

precious metals miner rather than a mid-size ASX listed

Australian company with one goldmine in Thailand.

Kingsgate has significant expertise in gold

exploration, development and mining, using world’s

best practice for safe, environmental and socially

responsible operations. The company will continue to

grow organically and is establishing itself as a partner of

choice for projects and acquisition opportunities.

This clear growth strategy will underpin significant

earnings and dividend growth for all shareholders.

operationsKingsgate owns and operates two gold mines, the

world class chatree open pit mine in Thailand and the

challenger underground mine in South Australia. Gold

production in 2011 from the two mines was 113,000

ounces and this is expected to grow to over 200,000

ounces in 2012.

In addition, Kingsgate has two advanced

development projects, the Nueva esperanza silver/gold

project in chile and the Bowdens silver project in NSW.

Recent Developmentschatree mine has undergone a major expansion from

2.3mtpa to over 5mtpa that will take production from

76,000 ounces in 2011 to between 115,000 and

125,000 ounces in 2012.

For the two development projects, Kingsgate is

currently advancing feasibility studies that are expected

to be completed during the calendar year. These

studies could lead to construction decisions later this

year that could see these mining operations commence

in chile in late 2013 and in NSW in early 2014.

future outlookStrong production growth over the next three years

following the expansion at chatree and as the

development projects advance through feasibility,

construction and then production.

12.25pm – Kingsgate consolidated ltd (ASX: KcN)

Resources / Reserves estimatesAs at 30 June 2011 combined mineral Resources at chatree and challenger total 4.77m (“million) ounces of gold

and 27.3m ounces of silver in 131.8m tonnes with corresponding ore Reserves of 2.43m ounces of gold and

16.6m ounces of silver in 63.3m tonnes of ore.

combined mineral Resources at Nueva esperanza and Bowdens total 78.2m tonnes at 59.3g/t silver for 149.3m

ounces of silver with additional credits in gold, lead and zinc.

Competent Persons Statement:In this report, information concerning Thailand operations relates to Exploration Results, Mineral Resources and Ore Reserve estimates based on information compiled by the following Competent Persons: Ron James, Genesio Circosta, Guy Davies, Fiona Davidson and Suphanit Suphananthi who are employees of the Kingsgate Group and members of The Australasian Institute of Mining and Metallurgy. These people qualify as Competent Persons as defined in the Australasian code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code, 2004 edition) and possess relevant experience in relation to the mineralisation of being reported herein as Exploration Results, Mineral resources and Ore reserves. Each Competent Person has consented to the Public reporting of these statements and the inclusion of the material in the form and context in which it appears.In this report, the information concerning Challenger operations that relates to Exploration Results, Mineral Resources and Ore Reserves estimates based on information compiled by Peter Bamford, Tony Poustie and Andrew Giles who are full-time employees of the Kingsgate Group. Peter Bamford and Tony Poustie are members of The Australasian Institute of Mining and Metallurgy and Andrew Giles is a member of the Australian Institute of Geoscientists. These persons have sufficient experience that is relevant to the mineralisation and type of deposit under consideration and to the activity that they are undertaking to qualify as Competent Persons as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Peter Bamford, Tony Poustie and Andrew Giles consent to the inclusion in the report of the matters based on their information in the form in which it appears.The information in this report that relates to Bowdens and Laguna Resources Mineral Resource estimation is based on work completed by Jonathon Abbott who is a full-time employee of Hellman & Schofield Pty Ltd and a member of the Australasian Institute of Geoscientists. Mr Abbott has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Abbott consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.The information in this report that relates to data quality, comments on the resource estimates and economic potential of the estimated resources for Bowdens and Laguna Resources is based on information compiled by Ron James who is a member of the Australasian Institute of Mining and Metallurgy. Mr James has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.

Source Category TonnesGold Silver Gold Silver

(Million) (g/t) (g/t) (M Oz) (M Oz)CHALLENGER Measured 0.81 3.97 -‐ 0.10 -‐

Indicated 2.62 7.00 -‐ 0.59 -‐Inferred 1.63 7.59 -‐ 0.40 -‐Total 5.07 6.71 -‐ 1.09 -‐

CHATREE Measured 59.2 0.95 7.2 1.81 13.8 Indicated 39.7 0.90 5.7 1.14 7.3 Inferred 19.3 0.87 4.9 0.54 3.0 Stockpiles 8.4 0.69 11.7 0.19 3.2 Total 126.7 0.90 6.7 3.68 27.3

TOTAL RESOURCES 131.8 1.13 6.4 4.77 27.3


(Million) (g/t) (g/t) (M Oz) (M Oz)CHALLENGER Proven 0.60 4.46 -‐ 0.09 -‐

Probable 2.74 5.94 -‐ 0.52 -‐Stockpiles incl -‐ -‐ -‐Total 3.34 5.67 -‐ 0.61 -‐

CHATREE Proven 36.0 0.99 8.5 1.14 9.86Probable 15.6 0.97 7.0 0.49 3.53Stockpiles 8.4 0.69 11.7 0.19 3.2Total 60.0 0.94 8.6 1.82 16.56

TOTAL RESERVES 63.3 1.03 8.6 2.43 16.56

Source Category TonnesSilver

EquivalentGold Silver Lead Zinc Gold Silver AgEq

(Million) (g/t) (g/t) (%) (%) (M Oz) (M Oz) (M Oz)NUEVA ESPERANZA Indicated 11.2 0.32 81.0 -‐ -‐ 0.12 29.2 34.4(see Note below) Inferred 8.8 0.20 73.8 -‐ -‐ 0.06 20.8 23.3

Total 20.00 0.25 77.8 -‐ -‐ 0.16 49.9 57.1

BOWDENS Indicated 31.2 -‐ 60.6 0.3 0.4 -‐ 60.8 78.0Inferred 27.0 -‐ 44.0 0.3 0.4 -‐ 38.7 53.0TOTAL 58.2 -‐ 52.9 0.3 0.4 -‐ 99.4 131.0

TOTAL RESOURCES 78.20 -‐ 59.3 -‐ -‐ 0.16 149.3 188.1

Notes: (1) Nueva Esperanza figures are those attributable to Kingsgate Consolidated (70%)(2) Nueva Esperanza silver equivalent (AgEq) on the basis of gold/silver ratio of 45 calculated as Au*Eq + Ag, where Eq = (Price Gold * Recovery Gold) / (Price Silver * Recovery Silver); Price basis US$1250/oz Au and US$30/oz Ag; and Metallurgical recovery basis 85% Au and 78% silver(3) Bowdens silver equivalent (AgEq) g/t = Ag (g/t) + 22.4 x Pb (%) + 25.5 x Zn (%)(4) Cut-‐off grade for Chatree is 0.4g/t Au; Nueva Esperanza is 0.5g/t AuEq; Bowdens is 30g/t AgEq(5) Bowdens was purchased after 30 June 2011

Mineral Resources -‐ Nueva Esperanza & Bowdens

Grade Contained Ounces

Mineral Resources (Inclusive of Ore Reserves and Stockpiles) Grade Contained Ounces

Challenger and Chatree Ore Reserves

Grade (g/t)Contained Ounces

(M Oz)


(Million) (g/t) (g/t) (M Oz) (M Oz)CHALLENGER Measured 0.81 3.97 -‐ 0.10 -‐

Indicated 2.62 7.00 -‐ 0.59 -‐Inferred 1.63 7.59 -‐ 0.40 -‐Total 5.07 6.71 -‐ 1.09 -‐

CHATREE Measured 59.2 0.95 7.2 1.81 13.8 Indicated 39.7 0.90 5.7 1.14 7.3 Inferred 19.3 0.87 4.9 0.54 3.0 Stockpiles 8.4 0.69 11.7 0.19 3.2 Total 126.7 0.90 6.7 3.68 27.3

TOTAL RESOURCES 131.8 1.13 6.4 4.77 27.3


(Million) (g/t) (g/t) (M Oz) (M Oz)CHALLENGER Proven 0.60 4.46 -‐ 0.09 -‐

Probable 2.74 5.94 -‐ 0.52 -‐Stockpiles incl -‐ -‐ -‐Total 3.34 5.67 -‐ 0.61 -‐

CHATREE Proven 36.0 0.99 8.5 1.14 9.86Probable 15.6 0.97 7.0 0.49 3.53Stockpiles 8.4 0.69 11.7 0.19 3.2Total 60.0 0.94 8.6 1.82 16.56

TOTAL RESERVES 63.3 1.03 8.6 2.43 16.56

Source Category TonnesSilver

EquivalentGold Silver Lead Zinc Gold Silver AgEq

(Million) (g/t) (g/t) (%) (%) (M Oz) (M Oz) (M Oz)NUEVA ESPERANZA Indicated 11.2 0.32 81.0 -‐ -‐ 0.12 29.2 34.4(see Note below) Inferred 8.8 0.20 73.8 -‐ -‐ 0.06 20.8 23.3

Total 20.00 0.25 77.8 -‐ -‐ 0.16 49.9 57.1

BOWDENS Indicated 31.2 -‐ 60.6 0.3 0.4 -‐ 60.8 78.0Inferred 27.0 -‐ 44.0 0.3 0.4 -‐ 38.7 53.0TOTAL 58.2 -‐ 52.9 0.3 0.4 -‐ 99.4 131.0

TOTAL RESOURCES 78.20 -‐ 59.3 -‐ -‐ 0.16 149.3 188.1

Notes: (1) Nueva Esperanza figures are those attributable to Kingsgate Consolidated (70%)(2) Nueva Esperanza silver equivalent (AgEq) on the basis of gold/silver ratio of 45 calculated as Au*Eq + Ag, where Eq = (Price Gold * Recovery Gold) / (Price Silver * Recovery Silver); Price basis US$1250/oz Au and US$30/oz Ag; and Metallurgical recovery basis 85% Au and 78% silver(3) Bowdens silver equivalent (AgEq) g/t = Ag (g/t) + 22.4 x Pb (%) + 25.5 x Zn (%)(4) Cut-‐off grade for Chatree is 0.4g/t Au; Nueva Esperanza is 0.5g/t AuEq; Bowdens is 30g/t AgEq(5) Bowdens was purchased after 30 June 2011

Mineral Resources -‐ Nueva Esperanza & Bowdens

Grade Contained Ounces

Mineral Resources (Inclusive of Ore Reserves and Stockpiles) Grade Contained Ounces

Challenger and Chatree Ore Reserves

Grade (g/t)Contained Ounces

(M Oz)

company DescriptionSilver lake is an ASX 200 gold producing and

exploration company with a resource base of 3.3 million

oz in highly prospective regions including the mount

monger goldfield and the murchison. Silver lake’s

strategy is to develop large production centres at mount

monger and at the murchison with multiple mines at

each centre. current production rate is 100,000 ozpa

ramping up to 300,000 ozpa in 2014.

Silver lake’s mount monger operation contains

the Daisy milano, Daisy east, Rosemary & Haoma

underground mines and the Wombola Dam open pit

mine located 50 km south east of Kalgoorlie.

mount monger has additional multi mine potential

underpinned by emerging open pit production from the

Wombola Pit and magic deposits.

Gold ore from mount monger is transported to Silver

lake’s lakewood Gold Processing Facility located

5 km south east of Kalgoorlie and 45 km from the

Daisy milano mine. This facility has been expanded

to 700,000 tonnes per annum and is currently being

expanded to 1 million tonnes per annum by September

2012 quarter.

In the murchison, Silver lake is developing a

second mining operation with multiple mines feeding

a central processing facility. A 1.2 million tonne per

annum mill has been acquired for this project and

production is expected to commence in the march

2013 quarter.

At the eelya complex, part of the murchison project,

a high grade copper discovery has been made at

Hollandaire. The Hollandaire deposit contains copper,

gold, silver & zinc with grades up to 45% cu, 5.5 g/t Au

and 256 g/t Ag.

Silver lake’s exploration programme is targeting 10

million oz Au in resource over time.

operationsThe mount monger operations currently produce

100,000 ounces per annum. Silver lake is targeting to

increase production from the mount monger operations

to 200,000 ounces per annum by 2014 via mining from

multiple underground and open pit ore sources. Silver

lake’s mount monger operations have a current JoRc

resource of 5.1 million tonnes at 8.9 g/t for 1.5 million

ounces of gold (refer to table 1).

In the murchison, Silver lake is developing a

second gold mining operation with multiple mines

feeding a central processing facility. Production is

expected to commence in the march 2013 quarter

ramping up to 100,000 ounces per annum in 2014.

The murchison Project has a current JoRc resource of

18.4 million tonnes at 2.8 g/t for 1.7 million ounces of

gold (refer to table 1).

Recent DevelopmentsSilver lake has entered into an agreement with Phillips

River mining ltd (ASX PRH: “Phillips River”) to merge

the Phillips River’s assets into Silver lake by a Scheme

of Arrangement (“Scheme”). The assets contain 1

million oz Au, 10 million oz Ag and 95,000 tonnes of

copper. The scheme is expected to be completed in

the June 2012 quarter.

significant contractual arrangements All of Silver lake’s projects are 100% owned.

future outlookSilver lake is fully funded to grow gold production to

300,000 ounces per annum in 2014. Silver lake is

also one of the most active and successful explorers

in Western Australia. Silver lake has a long term

commitment to exploration with a budget of $18 million

per annum for gold exploration and has allocated $20

million to advance the base metal targets at eelya Hill,

part of its murchison project, following the discovery of

the high grade copper deposit at Hollandaire.

12.50am – Silver lake Resources ltd (ASX: SlR)

Resources / Reserves estimatesResource inventory – June 2011

Table 1: June 2011 ResourceRounding may give rise to unit discrepancies in this tableNotes to table 1: Murchison open pit resources include mineralisation down to 100 metres depth below the surface.Murchison underground resources include mineralisation below 100 metres depth from the surface.Lena resource is 3.2 million tonnes at 3.0 g/t Au for 313,025 ounces.The information in this report that relates to Exploration Results and Mineral Resources for Silver Lake is based on information compiled by Mr Christopher Banasik who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Banasik is a full time employee of Silver Lake Resources Ltd, and has sufficient experience which is relevant to the style of mineralisation under consideration to qualify as a Competent Person as defined in the 2004 edition of the JORC Code. Mr Banasik has given his consent to the inclusion in the report of the matters based on the information in the form and context in which it appears.Information that relates to exploration and production targets refers to targets that are conceptual in nature, where there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource.The information on exploration targets are based on a conceptual range of targets as follows:Tonnage range: 50 million to 100 million tonnesGrade range: 3 g/t Au to 8 g/t AuOunces: 5 million to 10 million

company Descriptioncrusader Resources limited (ASX:cAS) (crusader)

is a minerals company focussed on the identification,

acquisition, development and operation of resource

projects in Brazil. crusader believes that Brazil is a

vastly underexplored country with high potential for

the discovery of world class mineral deposits. The

company has already acquired a diverse portfolio of

projects including gold, iron ore, tin, tungsten and

uranium and continues to utilise its strong networks in

Brazil to identify new opportunities.

crusader is characterised by a tight corporate

structure and features experienced in-country

management as well as an expert board of directors

who are strongly focussed on the success of the

company.

operationsBorborema Gold Project

The 100% crusader owned Borborema Gold Project

is located in north east Brazil in the state of Rio Grande

do Norte, 140km west of the capital, Natal and 25

km from the town of currais Novos which has a ready

and experienced workforce. excellent infrastructure

surrounds the project including a federal highway

(BR226 ) bisecting the project, high tension power lines

and an onsite dam.

A Bankable Feasibility Study was launched at

the end of 2011 after a positive Pre-Feasibility Study

returned a strong and robust economic case in

September 2011.

Drilling continues with 7 rigs on site and a further

Resource upgrade is expected in the first half of 2012

Posse Iron Ore Project

The Posse Iron ore Project is 100% crusader owned

and is located 30km from the city of Belo Horizonte –

widely known as the mining capital of Brazil.

With an experienced mining workforce amongst a

population of over 2.3 million people, the infrastructure

and access to the domestic steel market around the

Posse project is excellent.

crusader Resources has completed the Stage

1 iron ore beneficiation plant, which consists of dry

treatment targeting high grade hematite veins and the

company is now ready to begin production immediately,

once final approvals from the state environmental

agency have been received.

Recent Developmentscrusader continues to actively explore the Borborema

Gold Project. There are currently 5 diamond and

2 Rc rigs drilling at Borborema, focussing on infill,

geotechnical and metallurgical drilling as well as

numerous soil anomalies which surround the project.

A Bankable Feasibility Study is due to be completed

in the 3rd quarter of 2012 and subject to a successful

outcome, first gold could be poured as early as 2014.

future outlookcrusader has assembled a massive land package

(Borborema Project area expanded from 30km2 to

over 3500km2) and has the knowledge gained from

a deep understanding of the mineralisation model at

Borborema. coupled with first mover status, this is a

powerful combination. crusader has implemented an

exploration program in 2012 and is focussed on finding

the next Borborema.

1.55pm – crusader Resources limited (ASX: cAS)

Resources / Reserves estimatesBorborema Gold Project

In December 2011, crusader updated the JoRc compliant Indicated and Inferred mineral Resource estimate at

Borborema, using a 0.5 g/t cut-off grade, to 68 million tonnes at 1.06g/t for 2.31 million ounces of gold. This is an

increase from the previous JoRc compliant resource estimate of 44mt at 1.30g/t for 1.86moz calculated in June

2011. A further resource update is expected to be completed in the first half of 2012.

Borborema JORC Resource November 2011

Posse Iron Ore Project

The Posse Iron project has a mineral Resource of 36mt @ 43.5% Fe.

Posse – Mineral Resource January 2009

Competent Person StatementThe information in this report that relates to Exploration Results is based on information compiled or reviewed by Mr. Robert Smakman, who is a Fellow of The Australasian Institute of Mining and Metallurgy and is a full-time employee of the company. Mr. Smakman has sufficient experience in the type of deposits under consideration and the activities being undertaken to qualify as a Competent Person as defined in the December 2004 Edition of the Australasian Code for reporting of Exploration Results, Minerals Resources and Ore Reserves and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.The information in this report that relates to Posse Fe Mineral Resources is based on and accurately reflects, information compiled by Mr. Bernardo Viana who is a full time employee of Coffey Mining Pty Ltd and Member of the Australian Institute of Mining and Metallurgy. Mr. Viana has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Viana consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.The information in this report that relates to Borborema Gold Mineral Resources is based on information compiled by Mr. Lauritz Barnes and Mr. Brett Gossage who are both Members of The Australasian Institute of Mining and Metallurgy. Messrs Barnes and Gossage are both independent consultants to Crusader Resources Limited. Both Messrs Barnes and Gossage have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity which is being undertaken, to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Messrs Barnes and Gossage consent to the inclusion in the report of the matters based on the information in the form and context in which they appear.

Posse Iron Ore Project The Posse Iron project has a Mineral Resource of 36Mt @ 43.5% Fe.

Competent Person Statement The information in this report that relates to Exploration Results is based on information compiled or reviewed by Mr. Robert Smakman, who is a Fellow of The Australasian Institute of Mining and Metallurgy and is a full-time employee of the company. Mr. Smakman has sufficient experience in the type of deposits under consideration and the activities being undertaken to qualify as a Competent Person as defined in the December 2004 Edition of the Australasian Code for reporting of Exploration Results, Minerals Resources and Ore Reserves and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The information in this report that relates to Posse Fe Mineral Resources is based on and accurately reflects, information compiled by Mr. Bernardo Viana who is a full time employee of Coffey Mining Pty Ltd and Member of the Australian Institute of Mining and Metallurgy. Mr. Viana has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Viana consents to the inclusion in the report of the matters based on the information in the form and context in which it appears. The information in this report that relates to Borborema Gold Mineral Resources is based on information compiled by Mr. Lauritz Barnes and Mr. Brett Gossage who are both Members of The Australasian Institute of Mining and Metallurgy. Messrs Barnes and Gossage are both independent consultants to Crusader Resources Limited. Both Messrs Barnes and Gossage have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity which is being undertaken, to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Messrs Barnes and Gossage consent to the inclusion in the report of the matters based on the information in the form and context in which they appear. Future Outlook:

Crusader has assembled a massive land package (Borborema Project area expanded from 30km2 to over 3500km2) and has the knowledge gained from a deep understanding of the mineralisation model at Borborema. Coupled with first mover status, this is a powerful combination. Crusader has implemented an exploration program in 2012 and is focussed on finding the next Borborema.

Posse Iron Ore Project The Posse Iron project has a Mineral Resource of 36Mt @ 43.5% Fe.

Competent Person Statement The information in this report that relates to Exploration Results is based on information compiled or reviewed by Mr. Robert Smakman, who is a Fellow of The Australasian Institute of Mining and Metallurgy and is a full-time employee of the company. Mr. Smakman has sufficient experience in the type of deposits under consideration and the activities being undertaken to qualify as a Competent Person as defined in the December 2004 Edition of the Australasian Code for reporting of Exploration Results, Minerals Resources and Ore Reserves and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The information in this report that relates to Posse Fe Mineral Resources is based on and accurately reflects, information compiled by Mr. Bernardo Viana who is a full time employee of Coffey Mining Pty Ltd and Member of the Australian Institute of Mining and Metallurgy. Mr. Viana has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Viana consents to the inclusion in the report of the matters based on the information in the form and context in which it appears. The information in this report that relates to Borborema Gold Mineral Resources is based on information compiled by Mr. Lauritz Barnes and Mr. Brett Gossage who are both Members of The Australasian Institute of Mining and Metallurgy. Messrs Barnes and Gossage are both independent consultants to Crusader Resources Limited. Both Messrs Barnes and Gossage have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity which is being undertaken, to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Messrs Barnes and Gossage consent to the inclusion in the report of the matters based on the information in the form and context in which they appear. Future Outlook:

Crusader has assembled a massive land package (Borborema Project area expanded from 30km2 to over 3500km2) and has the knowledge gained from a deep understanding of the mineralisation model at Borborema. Coupled with first mover status, this is a powerful combination. Crusader has implemented an exploration program in 2012 and is focussed on finding the next Borborema.

company Description Focus minerals ltd (ASX: Fml) is one of Australia’s

most dynamic gold producers that has built an enviable

reputation for turning exploration success into profitable

production.

During 2011, Focus transitioned from being a gold

producer from one underground mine in coolgardie,

to build two new mines in the area and complete the

acquisition of crescent Gold to add the laverton Gold

project as a fourth producing mine for the group.

This has seen the company double its resources

to 4.3moz; triple its reserves to 623,00oz and double

its year-on-year production goals to be targeting to

produce up to 200,000oz of gold in cY 2012.

operationsFocus has four producing mines across two

geographic regions in Western Australia. These are:

• Coolgardie Region: Tindals underground, Tindals

open pits, and The mount underground. ore is

processed in coolgardie through Focus’ Three mile

Hill mill, a 1.3mtpa processing centre which is the

largest in the coolgardie region. operations are

targeted to produce circa 90-100,000oz pa.

• Laverton Region: laverton Gold project, a large scale

open pit operation. ore is currently processed through

an ore Processing Agreement at the 3.5mtpa Barrick

Granny Smith mill for which the laverton operations

currently provide 2/3rds of the required feed. In

addition Focus has the 1.5mtpa Barnicoat mill which is

currently on maintenance. operations are targeted to

produce circa 100,000oz pa.

Focus also has three major regional exploration centres.

These are:

• Laverton: Has over 1,200sq. km of tenements in a

region of multi-million ounce mines with significant

exploration potential along a number of major shear

structures including the chatterbox shear.

• Greater Coolgardie: Has over 200 sq. km of

exploration potential outside of the main Tindals

mining centre in coolgardie where the majority of its

exploration effort has previously been focused.

• Treasure Island Gold Project: Treasure Island sits

35km south-south east along strike from the major

gold camp of St Ives at Kambalda at the bottom of

the Boulder-lefroy fault, the main gold producing

system in the Kalgoorlie region.

Recent Developments• New mines in Coolgardie: Through 2011, Focus

built and took into production two major new mining

operations in coolgardie. These are The mount

underground mine and the Tindals open Pits. Both

operations are currently ramping up production.

• Laverton Gold Project: After acquiring crescent

Gold and the laverton Gold project through 2011,

in the space of just six months, the Focus team has

successfully turned around the production fortunes

at laverton to position the operation for significant

production growth. It mined 36,000oz in the

December Quarter, laverton’s best Quarter’s mining

on record.

• Treasure Island: Treasure Island has been a

completely greenfields exploration program with

Focus putting the first ever drilling programme

into the region. This has identified an extensive

mineralised system of a style that is very similar to

that seen at the St Ives gold camp.

significant contractual arrangements• Crescent Gold: 81.57% ownership and control of

crescent Gold

• OPA: ore processing agreement with Barrick

Granny Smith for processing ore from the laverton

Gold Project.

future outlookFocus is targeting to produce up to 200,000oz of gold

in calendar 2012 and drive strong cash flow generation

from its operations.

2.20pm – Focus minerals limited (ASX: Fml)


NOTE: Some errors may result due to rounding. Includes 100% of Crescent’s Resources & Reserves. Focus had an 81.57% shareholding interest in Crescent as of 5th October 2011.

COMPETENT PERSON’S STATEMENTThe information in this report that relates to Exploration Results and Minerals Resources across the Coolgardie region is based on information compiled by Mr Dean Goodwin who is a member of the Australian Institute of Geoscientists. Mr Goodwin is a full time employee of Focus Minerals and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Goodwin consents to the inclusion in the report of the matters based on the information in the form and content in which it appears.The information in this report that relates to Ore Reserves across the Coolgardie region is based on information compiled by Mr Bradley Valiukas, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Valiukas is a full time employee of Focus Minerals and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Valiukas consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.The information in this report that relates to gold Exploration Results and Mineral Resources across the Laverton region is based on information compiled by Mr Jeff Ion, who is a Member of the Australian Institute of Geoscientists and a Member of the Australasian Institute of Mining and Metallurgy and is employed by Crescent Gold Limited. The information in this report that relates to Ore Reserves utilising open pit extraction across the Laverton region is based on information compiled by Mr Steve O’Grady, who is a Member of the Australasian Institute of Mining and Metallurgy and is an independent consultant. They each have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. They each consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.


Resource Estimates Table 1 - Current Resources (Sept 2011 Coolgardie; Jun 2011 Laverton) Resource Tonnes Grade AU g/t Ounces Measured 2,358,000 3.0 225,000 Indicated 29,009,000 2.4 2,275,000 Inferred 21,804,000 2.5 1,768,000 TOTAL 53,171,000 2.5 4,268,000

Table 2 - Previous Resources (Sept 2010 Coolgardie) Resource Tonnes Grade AU g/t Ounces Measured 441,000 5.90 83,000 Indicated 13,214,000 2.20 943,000 Inferred 10,619,000 3.00 1,024,000 TOTAL 24,274,000 2.60 2,050,000

Reserve Estimates

Table 3 - Current Reserves (Sept 2011 Coolgardie; Jun 2011 Laverton) Resource Tonnes Grade AU g/t Ounces Proven 1,158,000 2.3 87,300 Probable 5,559,000 2.6 470,500 TOTAL 8,974,000 2.2 623,400

Table 4 - Previous Reserves (Sept 2010 Coolgardie) Resource Tonnes Grade AU g/t Ounces Proven 167,000 3.90 21,000 Probable 2,542,000 2.60 208,800 TOTAL 2,709,000 2.60 229,800

NOTE: Some errors may result due to rounding. Includes 100% of Crescent’s Resources & Reserves. Focus had an 81.57% shareholding interest in Crescent as of 5th October 2011. COMPETENT PERSON’S STATEMENT The information in this report that relates to Exploration Results and Minerals Resources across the Coolgardie region is based on information compiled by Mr Dean Goodwin who is a member of the Australian Institute of Geoscientists. Mr Goodwin is a full time employee of Focus Minerals and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Goodwin consents to the inclusion in the report of the matters based on the information in the form and content in which it appears. The information in this report that relates to Ore Reserves across the Coolgardie region is based on information compiled by Mr Bradley Valiukas, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Valiukas is a full time employee of Focus Minerals and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Valiukas consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The information in this report that relates to gold Exploration Results and Mineral Resources across the Laverton region is based on information compiled by Mr Jeff Ion, who is a Member of the Australian Institute of Geoscientists and a Member of the Australasian Institute of Mining and Metallurgy and is employed by Crescent Gold Limited. The information in this report that relates to Ore Reserves utilising open pit extraction across the Laverton region is based on information compiled by Mr Steve O'Grady, who is a Member of the Australasian Institute of Mining and Metallurgy and is an independent consultant. They each have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. They each consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

Significant Contractual Arrangements:

• Crescent Gold: 81.57% ownership and control of Crescent Gold • OPA: Ore processing agreement with Barrick Granny Smith for processing ore from the Laverton Gold Project.

Future Outlook:

Focus is targeting to produce up to 200,000oz of gold in calendar 2012 and drive strong cash flow generation from its operations.


Reserve classification oil gas equivalent npV10

(Mmbo) (Bcf) (Mmboe) (us$mm)

Proved (1P) 1.8 37.4 8.0 71.7

Proved + Probable (2P) 2.3 88.7 17.1 119.7

Proved + Probable + Possible (3P) 2.6 136.5 25.4 157.2

Notes & Assumptions:1. All of these reserves are from shale gas, conventional oil and gas and coal bed methane accumulations, at depths ranging from 400 to 5,000 feet.

The producing zones range in age from Pennsylvanian to Cambrian and are located in the Cherokee basin of Oklahoma in the United States. 2. NPV10 (Net Present Value at a 10% discount) values are in USD and are for Red Fork’s Net Revenue interest.3. The reserves are based on an oil price of US$85.00 per bbl flat and a starting gas price of US$4.58 per mmbtu escalated to a maximum of US$7.00

per mmbtu for the life of each well. 4. Volumes presented are for Red Fork’s 100% Working Interest in each of its projects.5. Barrel of Oil Equivalent (Boe) is calculated on a 6:1 conversion of gas to oil.

company DescriptionRed Fork is an oklahoma based oil and gas exploration

and production company that is listed on the Australian

Stock exchange. The company is focused on

acquiring and developing acreage in lower risk proven

oil and gas provinces in projects that have low finding,

development and operating costs and shallow rates of

decline.

our strategy is centered on unlocking value in large

resource type plays as well as overlooked conventional

plays by leveraging operational experience and

contemporary drilling and completion methods.

operationsRed Fork owns and operates four projects in

oklahoma, Northern oklahoma (Big River), east

oklahoma, West Tulsa and osage. All of these projects

are 100% owned and operated.

Recent DevelopmentsRed Fork energy has been actively increasing acreage

in the new horizontal mississippian oil and liquids rich

gas play in oklahoma and now holds approximately

73,000 net (select high grade) acres in the heart of this

rapidly developing play.

The company has acreage across five of the key

counties (Grant, Kay, Noble, Payne & Pawnee) in the

north eastern limb of the play.

Red Fork’s successful leasing activities are

ongoing and planned horizontal drilling programs have

commenced.

2.45pm – Red Fork energy limited (ASX: RFe)

company Descriptionelemental minerals limited is an advanced mining

exploration and development company that aims

to grow shareholder value through its 93%-owned

Sintoukola Potash Project on the Republic of congo

coastline. elemental minerals is dual listed on the

Australian Stock exchange and the Toronto Stock

exchange under the symbol elm.

The Sintoukola Potash project is situated in a

geological environment commonly referred to as the

congo Basin which stretches from Gabon to Angola on

the western seaboard of Africa.

In April 2011 the company’s maiden mineral

Resource statement was released that resulted

from Phase 1 exploration at Kola. Having set out an

exploration Target of 170 million tonnes to 300 million

tonnes of sylvinite grading at between 23.1% and

23.5% K2o, the company released a sylvinitre mineral

Resource in the indicated resource of 362 million

tonnes and an inferred resource of 442 million tonnes,

both grading at 19.6% K2o. Significantly, within that

mineral Resource the company defined a high grade

zone containing an indicated mineral Resource of 151

million tonnes and an inferred mineral Resource of 186

million tonnes, both grading at 25.2% K2o, which is

approximately 40% Kcl.

The Phase 1 footprint was 28 km2 of the 1,436

km2 permit area.

operationsSintoukola Potash Project

Recent Developments• Phase 2, 164 line kilometre high resolution seismic

survey completed, in support of the planned update

to the mineral Resource estimate for estimation of

mineral Reserves

• Phase 2 exploration field program continues,

comprising 47 drill holes (13,295 metres) for

resource infill, resource expansion, geotechnical and

hydro-geological purposes

• Initial metallurgical test work has delivered excellent

results, including:

– overall Kcl flotation recovery of 94.8% with good

flotation kinetics

– Insoluble content of less than 1%, allowing the

possibility of single stage de-sliming

• Pre-feasibility trade-off studies completed and base

case revised

• lIDAR airborne topographic survey completed for

mine site and infrastructure corridors

• Bathymetric survey completed and site selection for

jetty shiploader facility finalised

• onshore and offshore geophysical seismic

refraction survey completed at the location of the

jetty shiploader facility and process plant

• Geotechnical program on the transport corridor and

plant location completed, consisting of 40 trial pits,

16 cPT test (300 metres) and 16 boreholes (308

metres)

• Two new potash domains to be drill tested; one

surrounding and contiguous to the existing Kola

deposit (Kola High), the other, at the Dougou area

(Dougou Rise) to the southwest.

future outlookThe company is set to deliver the following this year

• Updated Resource statement at the beginning of

Q2 2012

• Pre-feasibility study at the beginning of Q3 2012

• ordering of long-lead items Q4 2012

• Definitive feasibility study Q1 2013

3.10pm – elemental minerals limited(ASX: elm)

elementalm i n e r a l s l i m i t e d

Resources / Reserves estimatesmineral Resource Summary – Kola Deposit of Sintoukola Project

• The Sintoukola Project’s Kola deposit currently contains 362 mt Indicated mineral Resources and 442 mt

Inferred mineral Resources, with an average grade of 19.5% K2o (30.8% Kcl) and 19.6% K2o (31.0% Kcl)

respectively, at a 15.0% K2o cut-off grade.

• Within such mineral Resources, the upper seam of the Kola deposit contains 229 mt Indicated mineral

Resources and 289 mt Inferred mineral Resources, grading at 21.3% K2o (33.8% Kcl) and 21.4% K2o (33.9%

Kcl) respectively, which upper seam is a higher-grade sylvinite only zone.

• The upper seam has a high-grade domain containing 151 mt Indicated mineral Resources and 186 mt Inferred

mineral Resources, grading at 25.1% K2o (39.7% Kcl) and 25.2% K2o (40.0% Kcl) respectively, at a 20.0%

K2o cut-off grade of pure sylvinite in a largely continuous mineralized horizon. This deposit is contained within

28 km2 of the current 1,400 km2 license area and current exploration activities aim to test a much larger area of

the license to further expand resources.

• The mineral Resources are reported in accordance with the Australasian code for Reporting of exploration

Results, mineral Resources and ore Reserves 2004 edition (The JoRc code), which is consistent with

canadian Institute of mining, metallurgy and Petroleum (cIm) Definition Standards 2005 and hence complies

with NI 43-101.

Competent Person / Qualified Person Statement:Information in this report that relates to Exploration Results or Mineral Resources is based on information compiled by Simon Dorling and Jeff Elliott, of CSA Global Pty Ltd, the Company’s geological consultants. Dr. Dorling and Mr. Elliott are members of the Australian Institute of Geoscientists (MAIG) and have sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity they are undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (the JORC Code). Dr. Dorling and Mr. Elliott are also Qualified Persons for the purposes of Canadian National Instrument 43-101 and they consent to the inclusion in this report of the Information, in the form and context in which it appears.Further information respecting Elemental’s Sintoukola Project is contained in a technical report entitled ‘‘NI 43-101 Technical Report, Sintoukola Potash Project, Republic of Congo’’ prepared by Neal Rigby of SRK Consulting (U.S.), Inc. and Messrs. Simon Dorling, Jeff Elliott, Andrew Scogings and Peter Davies of CSA Global Pty Ltd. for the Company dated August 1, 2011 with an effective date of June 10, 2011 (the “Technical Report”). The Technical Report can be accessed on the Company’s profile on SEDAR.

company DescriptionPlatinum Australia (ASX code: PlA) is moving toward

being one of the lowest cost producers in the industry

with its 100,000 oz PGm per annum Smokey Hills

Platinum mine scheduled to achieve design production

in 2012.

PlA is planning to develop two other projects in

South Africa, Rooderand (PlA earning 70% from Atla

mining) and Kalahari Platinum (PlA earning 49% from

ARmplatinum).

Following completion of a positive Pre Feasibility

Study, development of the 4.2 moz PGm Rooderand

Project is planned to commence as soon as a mining

Right is issued, expected in late 2012. Development

envisages a 10 year life open pit operation, followed by

a further 7 years of underground, producing 120,000

ozs per annum.

Following the completion of a positive Definitive

Feasibility Study, development of the 6.7 moz Kalahari

Project is expected to commence in late 2013. An initial

production of 110,000 ozs per annum from open pit

operations is planned.

In Australia PlA is evaluating the development of

the 2.4 moz PGm Panton Project. The project would

produce 90,000 ozs per annum from open pit and

underground operations.

PlA has an exciting portfolio of development

projects containing in excess of 14 moz PGm, and is

actively seeking further quality projects.

operationsSmokey Hills Platinum Mine

Smokey Hills is a shallow underground mine located

on the eastern limb of the Bushveld Igneous complex

which is designed to produce 720,000 tpa to produce

95,000 ozs 4e PGm per annum from an on-site

processing facility. The operation is currently in ramp

up and is expected to produce 70,000 ozs 4e PGm in

2012. The shallow nature of the mine, combined with

the relatively high grades of 4.5 g/t will make Smokey

Hills one of the lowest cost producers in the industry.

The operation has a life of mine off take agreement with

Impala Refining Services for its concentrate. Platinum

Australia has a 70% direct interest and ~85% economic

interest in the project.

Kalahari Platinum Project

The Kalahari Platinum Project is unique in South Africa

in that it is the only Platinum Project which is not

located on the Bushveld Igneous complex which is

the geological complex hosting all of the South African

platinum mines. The Platinum Group metals are present

in three high grade magnetite reefs within the Stella

layered Intrusive, a geological body similar in genesis

to the Bushveld. The main reef, known as the Um Reef

is generally between 2 and 6 metres thick, with grades

around 4 to 6 g/t 3e PGm. The completed Definitive

Feasibility Study envisages developing the project as a

series of 7 or 8 open pit mines over a strike length of

12 kilometres, treating 1.5 mTPA to produce approx.

110,000 ozs 3e per annum. The mine is expected

to be one of the lowest cost in the industry and has

the potential to continue operations as a mechanized

underground operation following completion of the

open pit mining. Platinum Australia is earning a 49%

interest in the project from African Rainbow minerals

following completion of the Definitive Feasibility Study.

3.50pm – Platinum Australia limited (ASX: PlA)

Rooderand Platinum Project

A Definitive Feasibility Study is due to be completed

on the Rooderand Project in the June Quarter 2012.

The development of the project envisages a 10 year

open pit operation followed by a 7 year underground

operation. The mine would produce 1.2 mTPA and

produce 120,000 ozs 4e, as well as significant copper

and Nickel. As with Kalahari Platinum due to being

an open pit operation it is expected to be among the

lowest cost platinum mines in South Africa, in terms

of both initial capital and operating costs. Platinum

Australia has a 30% interest in the project which will

increase to 65% following completion of the Definitive

Feasibility Study. The company will then earn a further

5% for arranging financing of the project.

Panton PGM Project

With a resource of 2.4 mozs PGm, Panton is one

of the largest and highest grade PGm resources in

the Asia Pacific region. Development of the project

envisages an initial 2 to 3 year life open pit followed

by an underground operation treating 600,000 tpa to

produce 90,000 ozs PGm per annum. The company

is currently completing a review study of the project

with a view to completing a comprehensive update

of the previous Definitive Feasibility Study which was

completed in 2003. The project is 100% owned by

Platinum Australia.

Recent DevelopmentsThe company recently completed a Placement and

Rights Issue to raise $5 million to enable the ramp up of

production at Smokey Hills and the Definitive Feasibility

Study at Rooderand is to be completed.

In mid-January the company moved from contract

mining to owner operator at its Smokey Hills Platinum

mine. The move is designed to optimize operating

efficiency and is expected to result in a 10% reduction

in operating costs.

future outlookThe company is well positioned with one operating

mine and two advanced projects which are expected

to be among the lowest cost, in terms of both

development capital and ongoing operating costs in the

industry.

The company expects to commence development

of the Rooderand Project in late 2012 or early 2013,

followed by Kalplats some 12 months later.

With PGm prices expected to show significant

improvements during 2012 and beyond due to supply

side constraints and a recovering World economy,

Platinum Australia has a growth pipeline poised to

benefit from this upturn.

Resource/ Reserve estimates Full details of the Resource/ Reserve estimates can

be found in company Announcement to ASX dated

November 2011

http://www.gtp.com.au/platinumaus/inews_files/

pLa%20agM%20presentation%20nov%20

2011%20final.pdf

company DescriptionWestern Areas is an Australian-based nickel miner listed

on the ASX and TSX. The main asset is the 100%

owned Forrestania Nickel Project, 400km east of Perth

in Western Australia. Western Areas is Australia’s third

largest nickel miner producing approx 25,000 tonnes

pa nickel in ore from the Flying Fox and Spotted Quoll

mines which are two of the lowest cost nickel mines in

the world. Western Areas is an active nickel explorer in

Western Australia, canada and Finland.

operations• Flying Fox mine which has total current mineral

Resources of 1.9mt at an average grade of 4.1% Ni

containing approximately 79,370t nickel (Flying Fox

excluding lounge lizard)

• Spotted Quoll deposit has total current mineral

Resources of 3.05mt at an average grade of 5.9%

Ni containing approximately 179,000t nickel

• cosmic Boy concentrator currently capable of

550,000 tpa throughput producing approx 25,000

tpa Ni in concentrate grading 14% nickel

• 2nd largest nickel sulphide miner with the highest

grade and lowest cash cost mines in Australia

• First high grade ore produced from the Spotted

Quoll underground mine – November 2011

Recent Developments• December Quarter record production from Flying

Fox and Spotted Quoll mines

• 78% increase in contained nickel in total resources

at Spotted Quoll

• october 2011 WSA wins “emerging exporter

Award” for Western Australia

significant contractual arrangements• November 2011: WSA agrees on a one year off

take contract with Jinchuan, china

• December 2011: WSA closes out Royalty

obligation to outokumpu

future outlookWSA has multiple near mine nickel exploration targets

over a 120km belt. In addition, WSA has many

exploration projects in canada and Finland which

exposes the company to a full range of Base metals.

4.15pm – Western Areas Nl (ASX: WSA)

Resource/ Reserve estimates

“Competent Person’s” StatementThe information within this Company Profile was compiled by Mr. Dan Lougher and the information as it relates to mineral resources and reserves was prepared by Mr. Dan Lougher and Mr. John Haywood, Mr. Lougher and Mr. Haywood are full time employees of Western Areas. Mr. Lougher and Mr. Haywood are members of AusIMM and have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr. Lougher and Mr. Haywood consent to the inclusion in this Company Profile of the matters based on the information in the form and context in which it appears.

Western Areas NL Ore Reserve / Mineral Resource Table - 31December 2011

Tonnes Grade Ni% Ni Tns JORC Classification NotesOre Reserves1. Flying Fox Area

T1 South - 0.0 - Probable Ore Reserve Sept 11 LOMT4 204,100 3.4 6,980 Probable Ore Reserve Sept 11 LOMT5 948,100 4.7 44,270 Probable Ore Reserve Sept 11 LOM

2. Spotted Quoll 43,700 4.3 1,870 Probable Ore Reserve Open Pit Reserve

1,716,200 4.1 69,860 Probable Ore Reserve Underground Reserve

3. Diggers Area

Digger South 2,016,000 1.4 28,950 Probable Ore Reserve

Digger Rocks 93,000 2.0 1,850 Probable Ore Reserve

TOTAL WESTERN AREAS ORE RESERVES 5,021,100 3.1 153,780 Probable Ore Reserve

Mineral Resources1. Flying Fox Area

T1 South 65,600 3.9 2,580 Indicated Mineral Resource Dec 08 Resource35,200 4.9 1,720 Inferred Mineral Resource Dec 08 Resource

T1 North 45,400 4.2 1,900 Indicated Mineral Resource Oct 08 Resource12,700 4.8 610 Inferred Mineral Resource Oct 08 Resource

T4 224,900 4.9 11,020 Indicated Mineral Resource Mar 11 Resource23,200 3.9 920 Inferred Mineral Resource Mar 11 Resource

T5 Massive Zone 837,700 6.0 49,960 Indicated Mineral Resource Mar 11 Resource24,500 4.5 1,110 Inferred Mineral Resource Mar 11 Resource

T5 Disseminated Zone 197,200 0.9 1,590 Indicated Mineral Resource Mar 08 Resource357,800 1.0 3,460 Inferred Mineral Resource Mar 08 Resource

T6 - 0.0 - Inferred Mineral Resource Mar 11 ResourceT7 93,700 4.8 4,500 Inferred Mineral Resource Mar 11 Resource

Total Flying Fox 1,917,900 4.1 79,370

New Morning / DaybreakMassive Zone 321,800 3.7 12,010 Indicated Mineral Resource

93,100 3.5 3,260 Inferred Mineral Resource Disseminated Zone 1,069,800 0.9 9,650 Indicated Mineral Resource

659,200 0.9 5,780 Inferred Mineral Resource

Total New Morning / Daybreak 2,143,900 1.4 30,700

Spotted Quoll 2,515,200 6.0 151,490 Indicated Mineral Resource Dec 11 Resource539,700 5.1 27,510 Inferred Mineral Resource Dec 11 Resource

Total Spotted Quoll 3,054,900 5.9 179,000

Beautiful Sunday 480,000 1.4 6,720 Indicated Mineral Resource

TOTAL WESTERN BELT 7,596,700 3.9 295,790

2. Cosmic Boy AreaCosmic Boy 180,900 2.8 5,050 Indicated Mineral Resource Seagull 195,000 2.0 3,900 Indicated Mineral Resource

TOTAL COSMIC BOY AREA 375,900 2.4 8,950

3. Diggers AreaDiggers South - Core 3,000,000 1.5 44,700 Indicated Mineral Resource Diggers South - Halo 4,800,000 0.7 35,600 Indicated Mineral Resource

Digger Rocks - Core 54,900 3.7 2,030 Indicated Mineral Resource Digger Rocks - Core 172,300 1.1 1,850 Inferred Mineral Resource Digger Rocks - Halo 1,441,000 0.7 10,350 Inferred Mineral Resource

Purple Haze 560,000 0.9 5,040 Indicated Mineral Resource

TOTAL DIGGERS AREA 10,028,200 1.0 99,570

TOTAL WESTERN AREAS RESOURCES 18,000,800 2.2 404,310

Deposit

company Description and operationsKingsrose mining limited (ASX:KRm) listed on the ASX

in December 2007.

Kingsrose is a gold producer that operates the Way

linggo mine (85% owned) in South Sumatra, Indonesia.

In the last 2 years Kingsrose built the underground

mine, 140,000tpa Gold-Silver processing plant and

received all environmental forestry and operation

approval for its mine. The project has emerged as a

small but highly profitable miner from its high grade

gold and silver mine and lays claim to be one of the

lowest cost operators in the industry. Steady-state

gold production is 45,000 ounces of gold and 500,000

ounces of silver per annum at cash costs of US$150 –

US$200/oz after silver credits.

Kingsrose owns a highly prized 4th Generation

contract of work (mining title of 1000 hectares) in

Indonesia which regionally sits on the pacific rim of

fire and locally in close proximity to the prolifically

mineralised Trans-Sumatra Fault. The area is highly

prospective for low-sulphidation epithermal gold-silver

deposits. Kingsrose has recently made a second high

grade epithermal gold discovery at its Talang Santo

Prospect, 7km NNe of the Way linggo mine and has

already commenced trial mining of that ore system

to supplement and sustain its gold production. The

current year exploration budget is $14 million and

aggressive works continue on 17 prospects within the

project area, which show geological signs of epithermal

gold development.

Kingsrose is debt free, well funded with

approximately $40m in free cash. Its operations

generate strong free cash flow and the company has

signalled its intention to pay a maiden dividend in the

first half 2012.

Recent DevelopmentsKingsrose intends to:

• Pay a dividend in the June quarter.

• maiden Resource for Talang Santo just six months

after discovery hole.

• commenced development of a mine adit and

inclined shaft at Talang Santo, just 7km from the

Way linggo Processing Plant.

• metallurgical testwork on Talang Santo samples

confirmed 92% gold and 96% silver recovery under

standard Way linggo operating conditions.

• Identification of four high priority exploration drilling

targets – linggo Sapta, Semung Kecil, Rowo Rejo

and Petai Kayu.

significant contractual arrangementsKingsrose owns (85%) of a highly prized 4th Generation

contract of Work (mining title of 1,000 hectares) in

Indonesia which regionally sits on the Pacific Rim of

Fire and locally in close proximity to the prolifically

mineralised Trans-Sumatra Fault.

future outlookStrong news flow is expected with:

• An aggressive exploration program including 11

diamond drill rigs in operation focusing on Talang

Santo and four highly prospective exploration targets

– linggo Sapta, Semung Kecil, Rowo Rejo and

Petai Kayu.

• Infill and extensional drilling at Talang Santo.

• mine development at Talang Santo.

• Dividend payment in June quarter.

4.40pm – Kingsrose mining limited (ASX: KRm)

Resources / Reserves estimatesWay Linggo Project (KRM 85%) – Total Mineral Resource Estimate Summary

Competent Person StatementThe above information relates to exploration results, mineral resources and ore reserves is based on information compiled by Mr. Peter G. Cook, BSc Applied Geol, MSc (Min Econ), who is a Member of the Australasian Institute of Mining and Metallurgy, and a Director of and a consultant to Kingsrose Mining Limited. Mr. Cook has sufficient experience, which is relevant to the styles of mineralisation, types of deposits and to the activity he is undertaking to qualify as a Competent Person as defined in the 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (“JORC Code”). Mr. Cook consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.


Way Linggo Project (KRM 85%) – Total Mineral Resource Estimate Summary

JORC Category Vein ID Tonnage Gold Grade

Silver Grade

Gold Ounces Silver Ounces

Measured Way Linggo 467,400 12.44 166.8 186,940 2,506,500 Indicated Way Linggo 182,800 6.09 84.5 35,790 496,600 Inferred Way Linggo 60,200 3.77 38.1 7,300 73,700

Way Linggo Sub total

710,400

10.24

135.6

230,030

3,076,800

Inferred

Talang Santo

879,000

5.89

14.63

166,400

413,000

GRAND TOTAL

1,589,400

7.89

68.66

396,430

3,489,800

Competent Person Statement The above information relates to exploration results, mineral resources and ore reserves is based on information compiled by Mr. Peter G. Cook, BSc Applied Geol, MSc (Min Econ), who is a Member of the Australasian Institute of Mining and Metallurgy, and a Director of and a consultant to Kingsrose Mining Limited. Mr. Cook has sufficient experience, which is relevant to the styles of mineralisation, types of deposits and to the activity he is undertaking to qualify as a Competent Person as defined in the 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (“JORC Code”). Mr. Cook consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Future Outlook:

Strong news flow is expected with: • An aggressive exploration program including 11 diamond drill rigs in operation focusing on Talang Santo and four highly prospective

exploration targets – Linggo Sapta, Semung Kecil, Rowo Rejo and Petai Kayu. • Infill and extensional drilling at Talang Santo. • Mine development at Talang Santo. • Dividend payment in June quarter.

Presentation by:

Chris N. Start

Managing Director

Mr. Start graduated from RMIT as a Metallurgical Engineer with honours in 1988 and has over 23 years of experience in the mining industry. He has worked as a metallurgist, in management positions and as a consultant at a number of mine sites including Kidston, Murrin Murrin, Granny Smith and Boddington. Mr. Start also has international experience working as the Processing Manager at Mt Muro gold and silver mine in Indonesia and as the General Manager at the Musselwhite gold mine in Canada. In addition to his extensive operational experience Mr. Start has several years of corporate experience with Dominion Mining and Australian Goldfields and has a Master of Science Degree in Mineral Economics.

Contact Details:

Correspondence Address: Level 2, Suite 9, 12-14 Thelma St, West Perth, WA 6005

Phone Number: +618 9486 1149 Email Address: [email protected] Website: www.kingsrosemining.com.au

This profile is provided by the presenting company; ASX takes no responsibility for the information included. Participation in this event should not be taken as an endorsement by ASX of the company.

company Descriptionlinc energy is a globally focused, diversified energy

company with a strong portfolio of coal, oil and gas

deposits. It is linc energy’s purpose to unlock the value

of its resources to produce energy to fuel the future.

A publicly listed company, linc energy is the

global leader in Underground coal Gasification (UcG),

which delivers a synthesis gas feedstock to supply

commercially viable energy solutions – such as

electricity, transport fuels and oil production – through

gas turbine combined cycle power generation, Gas

to liquids (GTl) Fischer-Tropsch processing and

enhanced oil Recovery.

linc energy has constructed and commissioned

the world’s only UcG to GTl demonstration facility

located in Queensland, Australia. This facility produces

the world’s only UcG to GTl synthetic diesel fuel. linc

energy also owns the world’s only commercial UcG

operation, Yerostigaz, located in Uzbekistan. Yerostigaz

has produced commercial UcG synthesis for power

generation for 50 years.

linc energy is on a rapid global expansion path

to commercialise its portfolio of resources, with

established offices across three continents in the

United States, the United Kingdom and Australia.

operations• clean energy: permitting UcG operations in

Queensland and Wyoming; exploration in Alaska,

UK, Poland

• oil and Gas: Increasing total oil production with

a target of 5900 to 7000 barrels of oil per day;

progressing the development of the Alaska Umiat

site; progressing the development of the co2

enhanced oil Recovery program in Wyoming

• coal: Strategically reviewing coal tenements in

Australia and investigating commercial partnerships

within the asset portfolio

Recent Developments• Realignment of business into three divisions: clean

energy, oil and Gas, and coal

• commercialization of Underground coal Gasification

(UcG) and Gas to liquids (GTl) remains the key

priority

• Secured access to additional capital by way of

a A$120 million loan facility with an affiliate of the

Fortress Investment Group

Resources / Reserves estimates• closing cash position of $32.5 million at end of Q4

2011

future outlook• Ability to deliver a significant increase in oil and gas

production to around the 6000 barrels of oil per day

with associated gross revenue of over $200 million

by end of 2012

• commercialization of UcG and GTl in 2012

• Divestment of non-core coal assets in 2012

5.05pm – linc energy limited (ASX: lNc)

8.50Am – ReVA meDIcAl, INc. Robert stockman, chairman and ceo

Robert Stockman, the company’s

co-founder, has served as its

chairman of the Board and

director since 1999 and its chief

executive officer since August

2010. mr. Stockman has also

served as a director of HeartWare

limited and subsequently HeartWare International, Inc., a

US medical device company listed on ASX and NASDAQ

since December 2006. Since 1999, mr. Stockman has

been the President and chief executive officer of Group

outcome llc, a US-based merchant banking firm which

deploys its capital and that of its financial partners in

private equity and venture capital investments in medical

technology companies. mr. Stockman also co-founded

centrimed, Inc., an internet-based software company that

was acquired by Global Healthcare exchange, llc. He

led the buyouts of Ioptex, an intraocular lens manufacturer,

and two Johnson & Johnson divestitures, “A” company

orthodontics, Inc. and critikon company, llc. Prior to

establishing Group outcome llc, mr. Stockman spent

18 years with Johnston Associates, Inc. and Narragansett

capital corporation, where he focused on venture capital

investments and merger advisory work in the health care

sector. mr. Stockman holds a Bachelors Degree from

Harvard college and a master of Business Administration

from The Amos Tuck School of Business at Dartmouth

college.

5751 copley Drive

San Diego, cA 92111

t +858 966 3000

e [email protected]

w www.revamedical.com

9.15Am – BIoNomIcS lTD Deborah Rathjen, ceo & Managing Director

A seasoned biotech executive

with significant experience in

research, business development,

and licensing. Dr Deborah

Rathjen joined Bionomics in

June 2000 from Peptech limited

(subsequently named Arana),

where she was manager of Business Development and

licensing. Dr Rathjen was a co-inventor of Peptech’s

Tumour Necrosis Factor (TNF) technology and leader of

the company’s successful defence of its key TNF patents

against legal challenges. This provided Peptech with a

strong commercial basis for securing license agreements

with BASF, centocor and other companies with anti-TNF

products and for developing their own TNF products.

In 2004/2005, Dr Rathjen identified, negotiated

and successfully completed the acquisitions of Iliad

chemicals and Neruofit. The successful integration of

these businesses into Bionomics resulted in two drug

candidates which are in clinical trials for the treatment

of cancer and anxiety. Dr Rathjen recently negotiated

a collaboration, research and license agreement with

Ironwood Pharmaceuticals for Bionomics’ anti-anxiety drug

BNc210 and in 2008 a commercialising deal of Bionomics’

technologies for multiple sclerosis with merck Serono. Dr

Rathjen is chairperson of the AusBiotech Board.

31 Dalgleish Street, Thebarton

South Australia, 5031, Australia

t +61 8 8354 6101

e [email protected]

w www.bionomics.com.au

Presenter Biographies

9.40Am – QRxPHARmA lImITeD edward Rudnic, phD, executive Vice president

Dr. Rudnic has more than

30 years’ experience in

the development and

commercialisation of a wide range

of pharmaceutical products and

drug delivery technologies.

Prior to joining QRxPharma, Dr. Rudnic founded Advancis

Pharmaceutical corporation (later renamed middleBrook

Pharmaceuticals) using a proprietary drug delivery technology

to improve the delivery of existing chemical entities. Dr.

Rudnic led the company from concept through initial public

offering and into commercialization of its lead product. In

total, middleBrook raised over US$300 million in capital,

employed over 200 people at its peak, and has been granted

over two dozen patents covering its technologies with Dr.

Rudnic as the lead inventor.

Dr. Rudnic’s earlier experience also includes senior executive

positions with Shire Pharmaceuticals where he built the

research team and product portfolio of Pharmavenue, a drug

delivery company that merged with Shire. He has also held

senior positions in product development, commercialisation

and management at Schering -Plough and Bristol-myers

Squibb, helping to invent and commercialise dozens of

products, most of which are still on the market today. Dr.

Rudnic has a B.S. in pharmacy, m.S. in pharmaceutics, and

a Ph.D. in pharmaceutical sciences from the University of

Rhode Island.

Po Box 1810, North Sydney

New South Wales, 2059, Australia

t +61 2 9492 8029

e [email protected]

w www.qrxpharma.com

10.05Am – NeWSAT lImITeD adrian Ballintine, founder & ceo

Adrian Ballintine is the founder and

chief executive officer of NewSat

limited. Adrian has over 30 years

of global technology experience

with extensive knowledge of

the satellite industry. Adrian has

led NewSat’s transformation

into Australia’s leading satellite company. In 2005, NewSat

acquired the Australian Teleport assets from Dutch based

Newskies Satellites in Perth (Western Australia) and Adelaide

(South Australia) and has built a successful pure play satellite

communications company, which is now the supplier of

choice for enterprises and governments around the world.

In February 2011, Adrian was instrumental in NewSat’s

acquisition of seven orbital slots, which will serve as a platform

for the company’s Jabiru Satellite Program, which is set to

launch Australia’s first independently owned commercial

satellite, Jabiru-1. NewSat’s Jabiru Satellite Program is the final

stage of the company’s vision to transform NewSat from a

Teleport operator into a global satellite company.

In march 2011, Adrian was announced Teleport executive

of the Year at the 2011 World Teleport Awards in

Washington Dc, USA. In September 2011, Adrian was also

appointed to the Board of Directors for the World Teleport

Association, joining an elite group of international Directors.

Prior to NewSat, Adrian was involved in driving a number of

US based technology start-ups to NASDAQ including Gupta

Technology, 3D eye, Starwave and Asymetrix, where he

partnered with Paul Allen, microsoft co-founder. Adrian was

born in Victoria, Australia, studied at the Royal melbourne

Institute of Technology and has served as a Director of

Australian Football league team, Richmond Tigers.

level 4, 6 Riverside Quay, Southbank

Victoria, 3006, Australia

t +61 3 9674 4644

e [email protected]

w www.newsat.com

10.30Am – TRoY ReSoURceS lImITeD paul Benson, ceo

Paul Benson is the chief

executive officer of Troy

Resources limited and has over

25 years experience in the mining

industry. Prior to joining Troy in

october 2007, Paul spent the

previous 7 years with BHP Billiton,

based in chile from 2004, where his most recent role was

chief Development officer for BHP Billiton Base metals

and a member of the BHP Billiton Base metals executive

committee. Before that Paul worked with Rio Tinto and

RGc.

Unit 12, 1st Floor, 11 Ventnor Ave, West Perth

Western Australia, 6005, Australia

t +61 8 9481 1277

e [email protected]

w www.try.com.au

11.10Am – mINcoR ReSoURceS Nl David Moore, Managing Director & ceo

David moore is the founding

managing Director and ceo of

mincor Resources Nl.

mr moore trained as a geologist

at the University of Witwatersrand

in Johannesburg. After 13 years

with Shell/Billiton in Africa and South America he joined

Iscor ltd in 1997 and in 1999 founded mincor through the

ASX listing of Iscor’s exploration assets, becoming the new

company’s managing Director. Since then he has directed

the growth of mincor into one of Australia’s leading nickel

producers.

mr moore was the founding managing Director of Tethyan

copper company and drove that company’s growth until

its successful cash takeover in 2006 by two major mining

companies.

In August 2010 mr moore was awarded the prestigious

GJ Stokes memorial Award for his contributions to the

resources industry in Australia.

Po BoX 1810, West Perth


t +61 8 9476 7200

e [email protected]

w www.mincor.com.au


11.35Am – ReX mINeRAlS lImITeD steven olsen, Managing Director

Steven has over 18 years’

experience in the resources

industry with a background of

fourteen years working as a

mine geologist and exploration

geologist, predominantly in

Western Australia and canada,

on nickel and gold deposits. mr olsen has had continued

exploration success for the discovery of nickel, gold and

copper mineralisation throughout his career.

mr olsen’s qualifications include a B.Sc(Hons) from the

University of melbourne, masters in mineral exploration

from Queens University, ontario and a Graduate Diploma of

Applied Finance and Investment from the Securities Institute

of Australia. mr olsen is a Non-executive Director of White

Rock minerals ltd and a founding director of Rex minerals,

which was established in 2007.

Po Box 626W, Ballarat West


t +61 3 5337 4000

e [email protected]

w www.rexminerals.com.au

12.00Pm – NoRTHeRN STAR ReSoURceS lImITeD Bernie sostak, Manager of geology

Bernie Sostak is a Geologist with

over 20 years in the Gold Industry

with extensive experience in mine

geology, resource estimations,

planning and general operations

management in underground

and open pit. Held senior

management roles with Wmc, Broken Hill metals and

coolgardie Gold. most recently as Barrick’s Director of

Resource/Reserve Strategy based in Toronto managing

reserve replacement programs on 4 continents.

24 mumford Place, Balcatta


t +61 8 6241 1866

e [email protected]

w www.nsrltd.com

12.25Pm – KINGSGATe coNSolIDATeD lTD gavin Thomas, Managing Director and ceo

Gavin Thomas has had a

successful international career

for over 40 years discovering ore

bodies and developing mining

companies from the exploration

phase into mid-tier gold or copper

producers, operating in North and

South America, Australia, the Southwest Pacific, Asia and

europe.

Gavin joined Kingsgate in 2004 as ceo and has been

instrumental in growing the company five fold over the past

seven years from a market cap of around A$200 million to

over A$1 billion today.

Previously he was managing Director and ceo of equatorial

mining ltd. from 1998 to 2004 with the el Tesoro copper

mine in chile. Prior to that, he was an executive Director of

Niugini mining ltd. from 1985 where he led an aggressive

world-wide exploration team that had offices in South

America, India, europe, malaysia and Thailand. He is

probably best known for being credited with discovering

the world’s largest gold mine outside of South Africa at lihir

Island, becoming a founding Director of lihir Gold ltd.

Gavin has a degree in Geology from macquarie University in

Sydney and is a chartered Professional of the AusImm.

Suite 801, 14 martin Place, Sydney


t +61 438 576 879

e [email protected]

w www.kingsgate.com.au

12.50Pm – SIlVeR lAKe ReSoURceS lTD Les Davis, Managing Director

mr Davis has a masters Degree

in mineral economics from curtin

University of WA and over 35

years mining industry experience

including 17 years hands-on

experience in mine development

and narrow vein mining.

mr Davis’ career incorporates 13 years senior management

experience including roles as mine manager, Technical

Services manager, concentrator manager, Resident

manager and Gm expansion Projects with organisations

including Wmc Resources ltd, Reliance mining ltd and

consolidated minerals ltd and is a founding director of

Silver lake Resources.

Po Box 876, South Perth


t +61 8 6313 3800

e [email protected]

w www.silverlakeresources.com.au


1.55Pm – cRUSADeR ReSoURceS lImITeD Rob smakman, Managing Director

mr Smakman is an honours

graduate of monash University

and has had a successful

international career (Australia,

Africa, South America and

europe) as a geologist and

manager over the past 18 years.

Rob is experienced in gold, silver, copper, uranium, tin and

iron and has been integral in moulding crusader into its

present shape. mineral discoveries he has been associated

with include: The Southern Star gold deposit near Southern

cross in Western Australia from the discovery hole to

completion of the bankable feasibility study.

The Dikulushi copper/Silver deposit for Anvil mining Nl

(DRc Africa). Rob was the first geologist on site and

managed the drill-out of the deposit to 1.55mt @ 8.9%

copper and 9.5oz silver for feasibility study and mining. The

project was at one point, the highest grade copper deposit

in the world.

The certej Gold deposit in Romania for the TSX listed

european Goldfields ltd. Project management from the

commencement to a resource of 2.6m oz gold and 13m oz

silver. mr Smakman is based in João Pessoa in Brazil where

he leads crusader’s activities.

Suite 2, level 2, 35 Havelock Street, West Perth


t +61 8 9320 7500

e [email protected]

w www.crusaderresources.com

2.20Pm – FocUS mINeRAlS lImITeD campbell Baird, ceo

campbell Baird is chief executive

officer of Focus minerals. He

has been a part of the team

who, over the past three years,

have transformed Focus from

explorer to become a major gold

producer.

Prior to joining Focus, he was General manager of

operations for four years at Altona mining where he assisted

in the development of the Kylyahti copper mine in Finland.

He started his career at Western mining corporation at St

Ives, then joined Plutonic at mount morgans (laverton),

he worked for North limited at both North Parkes and

at the Iron ore company of canada, before joining SRK

consulting in 2000 where he spent 5 years working on

some major global mining projects that are now under

construction. These include the giant oyu Tolgoi block cave

copper mine in mongolia, the argyle diamond mine block

cave in Australia and the Goro laterite nickel project in new

calendonia.

campbell has a bachelor of engineering (mining) from

the University of New South Wales and a masters of

International Finance from curtin University.

level 30, 44 St Georges Terrace, Perth


t +61 8 9215 7888

e [email protected]

w www.focusminerals.com.au

2.45Pm – ReD FoRK eNeRGY lImITeDDavid prentice, Managing Director

David Prentice’s career

includes 23 years experience in

commercial management and

business development within the

natural resources sector, working

for some of Australia’s leading

resource companies. This has

included high-level commercial and operational roles with a

number of listed and unlisted resource companies.

Po Box 1424, West Perth


t +61 8 9200 4474

e [email protected]

w www.redforkenergy.com.au

3.10Pm – elemeNTAl mINeRAlS lImITeDiain Macpherson, ceo

Iain is ceo of elemental minerals

ltd. He has assembled a

formidable team that is well

underway with the development

of the Sintoukola potash project

- some 60 kms North of the

major port of Pointe Noire - into

a significant, low cost potash producer in the near term.

He is an experienced and seasoned mining executive with

over 25 years’ experience in the mining industry in senior

management and executive roles with a track record of

delivery on a number of projects.

He trained as a mining engineer at the Royal School

of mines, Imperial college, london University and has

operated extensively throughout Southern, Western and

central Africa, Western and eastern europe and Russia. Iain

has operated both in the major and junior mining sectors

developing and operating a number of mining projects

including several IPos and associated financing, specifically

on the london and North American markets.

He joined elemental in october 2009 and sees in the

Sintoukola potash project the opportunity to once again

be instrumental in growing a substantial business through

developing a large scale project in a commodity that is

projected to follow an exciting growth trajectory in the

coming years.

9 mulberry Hill office Park, Broadacres Drive

Dainfern, South Africa

t +27 11 469 9140; +27 83 604 0820

e [email protected]

w www.elementalminerals.com.au


3.50Pm – PlATINUm AUSTRAlIA lImITeD John Lewins, Managing Director

mr lewins is the managing

Director of Platinum Australia

limited having joined the

company when it listed on the

ASX in November 2000.

mr lewins is a mineral engineer

with over 30 years experience in the mining Industry who

has worked in Africa, Australia, Asia and the Former Soviet

Union. He has extensive experience in managing the

development of mining projects from Feasibility Studies

through to successful operations.

In Australia mr lewins was responsible for the development

and operations management of three Gold mines and the

mcArthur River lead - Zinc mine while with mIm Holdings.

His other experience includes the development of a copper

SX/eW operation in mongolia and a Gold mine in Armenia

as well as numerous gold and base metal studies in various

parts of the World.

As managing Director of Platinum Australia, mr lewins has

been responsible for the development of the Smokey Hills

Platinum mine in South Africa, making Platinum Australia

one of few platinum producers in the World.

mr lewins is also the co-inventor of the “Panton Process”,

an innovative PGm recovery process for the treatment

of refractory ores, capable of producing a high grade

concentrate suitable for direct feed to a refinery.

Po Box 1083, West Perth


t +61 8 9324 1491

e [email protected]

[email protected]

w www.platinumaus.com

4.15Pm – WeSTeRN AReAS NlDaniel Lougher, Managing Director

Dan lougher is the managing

Director of Western Areas, a

nickel mining and exploration

company which listed on the

Australia Stock exchange in July

2000 and on the Toronto Stock

exchange in December 2005.

Dan is a qualified mining engineer with over 30 years

experience in all facets of resource and mining project

exploration, feasibility, development and operational

activities in Australia and overseas. Dan is a member of the

Australasian Institute of mining & metallurgy.

Dan is also a Non executive Director of canadian listed

company, mustang minerals corp.

level 2, 2 Kings Park Road


t +61 8 9334 7777

e [email protected]

w www.westernareas.com.au

4.40Pm – KINGSRoSe mINING lImITeD chris n. start, Managing Director

mr. Start graduated from RmIT

as a metallurgical engineer with

honours in 1988 and has over

23 years of experience in the

mining industry. He has worked

as a metallurgist, in management

positions and as a consultant at

a number of mine sites including Kidston, murrin murrin,

Granny Smith and Boddington.

mr. Start also has international experience working as the

Processing manager at mt muro gold and silver mine in

Indonesia and as the General manager at the musselwhite

gold mine in canada.

In addition to his extensive operational experience mr. Start

has several years of corporate experience with Dominion

mining and Australian Goldfields and has a master of

Science Degree in mineral economics.

level 2, Suite 9, 12-14 Thelma St, West Perth


t +61 8 9486 1149

e [email protected]

w www.kingsrosemining.com.au

5.05Pm – lINc eNeRGY lImITeD paul Ludwig, Manager of stakeholder Relations

With more than 30 years’

experience in the energy industry,

Paul joined linc energy in

2010 as manager, Stakeholder

Relations shortly after linc energy

established operations in the

U.S. Paul built and implemented

the initial stakeholder relations strategy and plan for linc

energy’s expanding North American operations including

UcG, GTl and oil and Gas operations. In his current role

as General manager, communications, Paul manages linc

energy’s North American communications, stakeholder,

government, and community initiatives in Alaska, Gulf

coast, and Northern Rockies business units. originally

from New York, Paul has degrees in business administration

and management from the State University of New York at

cobleskill and Arizona State University.

1200 17th Street, Suite 2100

Denver, co 80202

t +303 623 0510

e [email protected]

w www.lincenergy.com


The Australasian Investor Relations Association (AIRA)

was established in 2001 to advance the awareness

of, and best practice in, investor relations in Australia

and New Zealand and thereby improve the relationship

between listed entities and the investment community. The

Association’s 150 corporate members now represents

over A$760 billion of market capitalisation or over two

thirds of the total market capitalisation of companies listed

on ASX.

AIRA provides education and professional development

on investor relations for listed entities as well as providing

information, networking, advocacy and research for its

members.

ian Mathesonceo

AIRA

GPo Box 1365, Sydney


t +61 2 9872 9100

e [email protected], [email protected]

w www.aira.org.au

BBY is a proudly Australian independent financial services

group. With offices in Sydney, melbourne, Adelaide, Perth, the

Gold coast and the UK along with a global presence in the

USA and Asia, our clients benefit from our unparalleled expertise

in the Australian market and strength of our partnerships with

leading Asian investment bank cImB and an equity partnership

with Jefferies & co, Inc.

BBY is committed to being the leading Australian-owned

securities firm offering the very best capital markets and

investment solutions for high growth Australian companies,

institutional investors and private clients.

Since our inception, BBY has always been committed to

identifying and solving the investment problems of our clients.

glenn Rosewallceo

Mike shortland Head of BBY, london

BBY limited

level 17, 60 margaret Street

Sydney, Australia, 2000

t +61 9226 0052

e [email protected] (Guy ogier – Head of marketing)

w www.bby.com.au

Supporter Profiles

BBY has offices in most major Australian cities; Sydney,

Melbourne, Perth, Adelaide and the Gold Coast, plus

international offices in London and New York.

We also have a network of international partners, including CIMB

Investment Bank, an entity of CIMB – one of South East Asia’s

largest and most successful banking groups – and since 1994,

an equity partnership with Jefferies and Co. Inc, a New York-

based global securities and investment banking group named in

‘Forbes’ as “one of the world’s most admired companies” (March,

2011).

WHY DO LEADING AUSTRALIAN AND OVERSEAS INSTITUTIONAL INVESTORS USE BBY?

BBY holds a unique place in the Australian market. Because of

our business model, size and local management, our clients know

they can count on us to continue to put them at the heart of

everything we do.

As a firm we determine our own future, which is the envy of our

competitors who operate either as a branch of a global giant,

or are smaller firms who lack the connectivity, experience or

technologies to realise the best opportunities for their clients.

We also truly value all of our clients, and none of them feel like

a number.

Since our inception, BBY has always been committed to

identifying and solving our clients’ investment and capital issues.

WHAT DO WE OFFER?

Our Institutional Sales and Trading team adds value via;

�� Outstanding Australian equities research by some of

Australia’s leading Analysts across a range of growth sectors

�� Understanding the macro and micro drivers of the Australian

market

�� Offering superior execution and efficient clearing services

�� The prudent marketing of BBY’s money-making research

ideas and products

�� Effective distribution of BBY Corporate Finance transactions

�� Delivering outstanding BBY sector conferences and

roadshows

�� 24 Hours Futures and FX execution

�� Access to the BBY quantitative database

�� Block trades and facilitation

�� Direct Market Access

�� Portfolio trading.

BBY’S CLIENTS ARE AT THE HEART OF EVERYTHING WE DO

Relationships have always driven our approach to doing business

and we strive to provide the highest quality service to our clients

at all times.

BBY Institutional Sales & Tradingbby.com.au

BBY Limited (ACN 006 707 777) (Australian Financial Services Licence No 238 095) a participant of ASX and SmarTrader (ACN 115 752 102) (Australian Financial Services Licence No 295 337) (part of the BBY Group).

BBY is a proudly Australian independent financial services group, committed to being the leading Australian-managed securities firm offering the very best capital markets and investment solutions for high growth companies, institutional investors and private clients.

Glenn Rosewall Ph: +61 2 9226 0091 MD & CEO [email protected]

Stewart Palmer Ph: +61 2 9226 0166 Head of Institutional Sales [email protected]

Mike Shortland Ph: +44 207 201 2182 Head of London Office [email protected]

BBY Institutional Sales and Trading Flyer ASX.indd 1 1/02/2012 9:33:09 AM

Bergen Asset management, llc (“Bergen”) is a New

York-based asset management firm focusing on equity

investments in high-growth publicly-traded and private

companies internationally. Bergen manages Bergen

Global opportunity Fund, lP, a U.S. fund whose investors

comprise ultra-high net worth eastern Seaboard families

and U.S. institutions.

Bergen looks for above-market medium term appreciation

in Asia-Pacific (particularly in resources and energy) and

has a track record of success in Australia.

Bergen invests in a variety of transactions, including

conventional equity placements, lump-sum convertible

notes, tranched equity, IPos and pre-IPo rounds.

Bergen’s point of difference is its willingness to think

outside the box and see opportunities in cases where

more conventional thinking would overlook a project’s

potential.

Bergen’s win-win philosophy is what separates it from

many other investors. only those investments that deliver

value to the company, its shareholders and Bergen will be

successful in the long run.

Mr. eugene Tablis managing Director

Bergen Asset management, llc

370 lexington Ave, Suite 1900

New York, NY, 10017

t +646 833 3607 ÷ +646 543 9488

e [email protected]

w www.bergenasset.com

Founded over a decade ago, casimir capital has

established itself as a major global player in the mining

and energy sectors. casimir capital is headquartered in

United States and has affiliates and personnel in Australia,

canada, Brazil and the United Kingdom.

sam grauerSVP, Investment Banking

casimir capital l.P.

546 Fifth Avenue, New York

NY 10036

t +1 212 798 1383

e [email protected]

w www.casimircapital.com

Supporter Profiles

Premier Full Service Investment Bank

Over a decade of experience specializing in natural resources

Casimir Capital L.P.

546 Fifth AvenueFifth Floor

New York, NY 10036

212.798.1300 [email protected]

Casimir Capital Consultoria e Participações LTDA.Rua Paes de Araujo, 29 - cj. 101

Itaim bibi - São Paulo - SPCEP: 04531 - 940 - Brasil

55.11.9242.3407 [email protected]

Casimir Capital Ltd.

145 Adelaide Street WestSuite 200

Toronto, ON M5H 4E5

[email protected]

C

M

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CM

MY

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CMY

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cc ad comp#6 hi-res.pdf 1 2/10/2012 2:55:55 PM

Supporter Profiles

Dahlman Rose & co. is a research-driven investment

bank focused on energy, transportation, infrastructure,

and other industries that compose the global supply

chain. The firm’s industry-leading analysts, bankers,

and traders offer unique insight into the companies and

markets that provide the building blocks of the global

economy. Dahlman Rose provides institutional sales and

trading, equity research, mergers and acquisitions advisory

and underwriting services. In addition, Dahlman Rose’s

dedicated oTcQX markets Group specializes in delivering

best in class U.S. listing and advisory services to non-U.S.

issuers worldwide.

Vanessa DiLiddoconference manager

Dahlman Rose & company

1301 Avenue of the Americas, 36th floor

New York, NY 10019

t +1 212 372 5974

e [email protected]

w www.drco.com

e.l. & c. Baillieu, founded 1889, is an independent Australian

equities broker specialising in corporate advice, institutional

equities advice, equities research and private wealth

management.

our firm has a long history of advising leading Australian

corporate clients and institutions with value adding strategies

and research based recommendations.

Ben grodskiHead of equities

level 26, 360 collins Street melbourne


t +61 3 9602 9368

e [email protected]

w www.baillieu.com.au

ROSE & CO.

DAHLMAN

ROSE & CO.

DAHLMAN

DAHLMAN ROSE & CO. is a research-driven investment bank focused on energy, transportation,

infrastructure, and other industries that compose the global supply chain. The fi rm’s industry-

leading analysts, bankers, and traders offer unique insight into the companies and markets that

provide the building blocks of the global economy. Dahlman Rose provides institutional sales

and trading, equity research, mergers and acquisitions advisory and underwriting services.

In addition, Dahlman Rose’s dedicated OTCQX Markets Group specializes in delivering

best in class U.S. listing and advisory services to non-U.S. issuers worldwide.

Host to more than 300 issuers worldwide with collective market capitalization of more

than one trillion dollars, the OTCQX is an intelligent U.S. marketplace for the trading of

securities of established foreign and domestic issuers. Unique to, and unlike traditional

U.S. exchanges, the OTCQX allows streamlined reporting that does not obligate listed

issuers to saddle the high costs associated with registration in the United States.

MEMBER: FINRA/SIPC | www.drco.com

4954_Baillieu Aust Immigrant Ad_OUT.indd 1 3/05/11 4:20 PM

Fortbridge is an independent media and investor relations

consultancy that specialises in representing listed mining

and energy companies. We work with clients to build

corporate reputation and promote shareholder value.

our investor communications programs target a range of

stakeholders including shareholders, institutional investors,

funds and the financial media in the markets in which our

clients operate.

With up-to-date research and contact information in all

major financial centers around the world, Fortbridge targets

relevant institutional investors and funds to engage their

support for our clients’ IPos, institutional placements,

capital raisings, SPPs and on-market trades.

Fortbridge consultants in Sydney, melbourne, Perth,

london, Beijing, São Paulo, Santiago, Toronto and

Singapore have a track-record of working with clients to

enhance shareholder value and grow their businesses,

to communicate the value of new developments and to

manage significant issues that impact reputation.

Bill kemmerymanaging Director

Fortbridge consulting

Suite 1402, 100 William Street, east Sydney


t +61 2 9331 0655

e [email protected]

w www.fortbridge.com

The lind Partners, llc (“lind”) is a New York-based

alternative asset management company.

lind selectively invests across various geographic regions,

industries and economic environments with a focus on

event-driven investment opportunities. lind seeks to make

investments into small-cap and mid-cap publicly-traded

companies around the world whose shares trade in non-

US dollar denominated currencies.

lind’s team of investment professionals has an established

history of adding value to publicly traded companies

in the Australian market and possesses a wide range

of investment-related knowledge in growth-oriented

companies across industries including natural resources

(bulk commodities, precious metals and oil & gas),

biotechnology, clean-tech and other growth sectors.

our team will continue to seek to provide growth capital

and funding options to small-cap and mid-cap companies

that we believe have a high probability of achieving long-

term success.

Jeff eastonmanaging Director

The lind Partners, llc

370 lexington Avenue, Suite 1900

New York, NY 10017

t +1 646 284 3991

e [email protected]

w www.thelindpartners.com

Supporter Profiles

Research.Target.Engage.

media & investor communications

www.fortbridge.com

The Lind Partners is a proud sponsor of the New York 2012 ASX Small to Mid Caps Conference.

Our team of investment professionals welcomes the opportunity to assist Australian small-cap and mid-cap companies in the funding

of their short to medium term objectives.

[Type a quote from the document or the summary of an interesting point.

Supporter Profiles

Patersons Securities is one of the leading stockbroking

and financial services firms in Australia.

Having built a national advisory network capable of

providing a wide range of finance solutions, the Australian

Stockbroker’s track record speaks for itself.

Since 2003, Patersons has ranked #1 by number of equity

issues in Australia raising in excess of $7 billion in new

capital in over 900 new equity issues.

The company’s corporate Finance Team has been

at the forefront of investment in substantial resources

developments in Australia, Africa and Asia.

Patersons can deliver large amounts of capital, particularly

in the resources sector, and provides advisory services to

a wide and varied range of clients.

Supported by a strong institutional dealing arm, award

winning equities research teams, and an expanding funds

and asset management division, Patersons is committed

to providing quality financial services and solutions to all

clients.

amanda Dallimore marketing manager

Patersons Securities

level 23, exchange Plaza, 2 The esplanade

Perth, Western Australia, 6000, Australia

t +61 2 8238 6206

e [email protected]

w www.psl.com.au

Petra capital is an independently owned boutique

institutional stockbroking firm, providing specialised

services to financial institutions, mining and industrial

companies.

core sector focus

– mining

– energy

– mining & energy Services

– Telecommunications

– Renewable & Sustainable energy

– Growth Sectors & specialist opportunities

operating since July 2007, and despite turbulent

economic times, Petra capital has thrived. We have

achieved this because our approach is simple:

We are completely focused on adding value to our clients

at every opportunity

Petra capital provides a range of specialised services

within its corporate, Research and Institutional Dealing

functions. We have built our reputation by partnering

quality companies.

frank BarilaInstitutional Sales

Petra capital Pty ltd

level 1, 343 George St, Sydney


t +61 2 9239 9603

e [email protected]

w www.petracapital.com.au

Patersons Securities is one of the leading stockbroking and financial services firms in Australia and is proud to support ASX Small to Mid Cap investor events. Having built an Australia wide advisory network capable of providing a wide range of finance solutions, the Australian Stockbrokers track record speaks for itself. Patersons has ranked #1 by number of equity issues in Australia every year since 2003* raising in excess of $7.6 billion of new capital in over 900 new issues.

Our corporate finance team has often been early supporters of what have become substantial resources companies not only in Australia but in Africa and Asia.

Patersons can deliver large amounts of capital, particularly in the resources sector and provides advisory services to a wide and varied range of clients. Supported by a strong institutional dealing arm, award-winning equities research teams, and an expanding funds and asset management division, Patersons is committed to providing quality financial services and solutions to our clients.

Patersons Securities Limited ABN 69 008 896 311 AFSL No. 239 052 Participant of ASX Group; Stockbrokers Association of Australia; Financial Planning Association Principal Member

*Source: Thomson Reuters

www.psl.com.au T H E AU ST R AL I A N STO C KB RO KE R

Never heard of the most active broker in Australia?The smart money likes it that way

For more information regarding Patersons Securities and our Corporate Finance and Institutional Dealing capabilities please call +61 8 9263 1111 or email [email protected].

ADDING VALUE AT EVERY OPPORTUNITY

Petra Capital is an independently owned boutique institutional stockbroking firm, providing specialised services to financial institutions, mining and industrial compa-nies.

Operating since July 2007, and despite turbu-lent economic times, Petra Capital has thrived. We have achieved this because our approach is simple:

We are completely focused on adding value to our clients at every opportunity

Petra Capital provides a range of specialised services within its Corporate, Research and Institutional Dealing functions.

Petra Capital has built its reputation by part-nering quality companies. Through Petra Capital’s support, our clients have exceeded market expectations and have been appropri-ately represented in the market at all times.

The Petra Capital team has long standing rela-tionships with most Australian financial institu-tions and select US, UK and Asian financial institutions. Our team conducts regular market-ing campaigns in Australia, Asia, Europe and the United States. Clients include large interna-tional funds, mid-tier firms and boutique funds. This provides Petra Capital with capacity to facilitate material transactions.

Core Sector Focus- Mining- Energy- Mining & Energy Services- Telecommunications- Renewable & Sustainable Energy- Growth Sectors & specialist opportunities

Petra Capital is a proud sponsor of the ASX Small to Mid Caps Conference 2012, New York.

Boutique stockbroking firm specialising in Corporate Services, Research and Institutional Dealing

Petra Capital Pty Ltd is an Australian Financial Services Licence holder and an ASX Participant. AFSL 317 944 ABN 95 110 952 782

Petra Capital Pty LtdLevel 1, 343 George StSydney NSW 2000Tel: +61 2 9239 9600Fax: +61 2 9299 5610www.petracapital.com.au

ContactGeorge MariasDirector+61 2 9239 9601+61 417 440 [email protected]

ASX limited is the listed holding company for a number of

licensed operating subsidiaries, together forming the ASX

Group (ASX), which offer a range of market services linked

by a common purpose: to provide core financial markets

services and infrastructure to meet the needs of a wide

range of financial markets stakeholders, and for a globally

competitive and vibrant Australian economy.

ASX is a multi-asset class, vertically integrated exchange

group, ranked one of the world’s top-10 largest by market

capitalisation. Its activities span primary and secondary

market services, central counterparty risk transfer, and

transaction settlement for both the equities and fixed

income markets. ASX functions as a market operator,

clearing house, payments system facilitator and central

securities depository. It also oversees compliance with

its operating rules, promotes standards of corporate

governance among Australia’s listed companies and helps

to educate retail investors.

The domestic and international customer base of ASX is

diverse and includes issuers of a variety of listed securities

and financial products, investment and trading banks,

fund managers, hedge funds, commodity trading advisers,

brokers and proprietary traders, market data vendors and

retail investors, as well as other listing and trading venues.

By providing its systems, processes and services reliably

and fairly, ASX seeks to promote confidence in the markets

that depend on its infrastructure. This is integral to ASX’s

long-term commercial success.

With a market capitalization of over A$1.3 trillion the

Australian equities market is consistently weighted in global

indices (mScI and S&P/citigroup Global equities Indices

BmI) among the top five equity markets in the world.

Among Asia–Pacific stock markets it is second only to

Japan in terms of free float market capitalisation.

ASX operates in a market that has the fourth largest

investment fund assets pool in the world and the largest

in Asia. This investment pool is underpinned by the

superannuation guarantee scheme, which is projected

to grow Australian Funds under management (FUm) to

over A$2 trillion by 2015. With approximately 2,220 listed

issuers the Australian market is highly diverse, offering

domestic and global investors exposure to a wide range of

sectors including Financials, Industrials, Resources (mining

and oil and Gas), Healthcare and life Sciences, and

Information Technology.

The market is an internationally recognised centre for

Resources equity capital, and issuers include global giants

such as BHP Billiton and Rio Tinto, as well as an excellent

representation of future leaders in the mid-tier producers

and junior miners. The market also has a significant

mining services sector providing technology, services and

supplies to the global mining industry.

The Australian equity market has experienced outstanding

growth in recent years, with annual turnover increasing

fourfold and market capitalisation doubling in the last ten

years. In the same period liquidity has doubled to 100%.

About ASX

ASX markets are driven by leading edge electronic trading, settlement, and registry systems. This contributes to superior liquidity

and secondary market transaction costs that are among the lowest in the world.

Further Information

eddie grieveSenior manager, listing Business Development

t +61 2 9227 0519

m +61 418 246 698

e [email protected]

This is not intended to be financial product advice. To the extent permitted by law, ASX limited ABN 98 008 624 691 and its related bodies corporate excludes all liability for any loss or damage arising in any way including by way of negligence. This document is not a substitute for the operating Rules of the relevant ASX entity and in the case of any inconsistency, the operating Rules prevail.

© copyright 2012 ASX limited ABN 98 008 624 691. All rights reserved 2012.

Global Index Performance 2000-2011

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