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Matilda Mine Development Williamson Regent, Galaxy, Wiluna Queen

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Matilda Mine Development Williamson Regent, Galaxy, Wiluna Queen For personal use only COMPANY FOCUS • Rapidly grew the free milling Matilda deposits over the last 2 years since acquisition • Fire-sale acquisition of Wiluna Gold Plant (WGP) and infrastructure unlocks the value in Matilda Gold Project • Now multi-million ounce project with 55kms of strike and 780km2 landholding • Acquisition, exploration & development cost ~ A$3/oz Au resource • Exploration focus on free-milling mineralisation For personal use only • Market cap ~ A17 Million or EV $4/oz gold resource 2 CORPORATE OVERVIEW CAPITAL STRUCTURE BOARD OF DIRECTORS Market cap. @ A$0.17 A$17M Joseph Gutnick Non-executive Chairman Bryan Dixon Managing Director Shares on issue 89.1M Executive Director Options @ A$0.20 – A$0.38 12.7M Greg Miles Cash & liquid assets @ 31 Dec 2013 A$0.3M Alan Thom Executive Director Convertible notes - drawn A$0.5M Convertible notes - undrawn A$7.5M SHAREHOLDER ANALYSIS Top 20 66% Great Central Gold 26.7% HSBC Nominees 9.0% Kingsreef Pty Ltd 6.9% For personal use only Widerange Pty Ltd 3.1% 3 MATILDA GOLD PROJECT The right address • Large, highly prospective tenement holding in the Wiluna goldfield in Northern Yilgarn, Western Australia • Regional endowment >35Moz • 4Moz Wiluna belt production, over 7Moz total endowment • Excellent access & infrastructure • Well positioned for new discoveries and economic development of For personal use only existing resources 4 MATILDA & WILUNA GOLD PROJECT • Resource 40Mt @ 3.3 g/t for 4.3Moz Au • 4Moz of historical production • +780 km2 of tenure & 55km of mine sequence strike • All deposits within 26km of the Wiluna Gold Plant (BLK agreement to acquire) by existing haul roads • Little systematic regional For personal use only exploration in over a decade 5 MATILDA STRATEGY: Free milling ore focus • Keep operations on care and maintenance while building ore reserves (~ 12 to 18 months) • Aggressive exploration strategy to focus on new oxide and/or free-milling shallow underground ore bodies • Rigorous feasibility study as a precursor to a development decision • Plant can to be used in its current location • Utilise both ball mills for free-milling ore up to 1.5mtpa • moth-ball the refractory circuit for possible future use For personal use only • Plant refurbishment to be out of debt CONSOLIDATED MATILDA & WILUNA ► JORC Resources 40Mt @ 3.3g/t for 4.3Moz Au ► Mix of open pit & high grade underground ore ► Land holding 780km2 – 55km of mine strike ► Processing plant 1.1 – 1.5Mtpa capable of treating oxide for 80,000-100,000ozpa1 ► Biox circuit capable of treating refractory ores ► 12MW gas power station & diesel backup ► Existing permitted borefields and infrastructure ► 350 person accommodation village ► Established sealed airstrip and roads For personal use only ► Full approvals and licenses 1 assumes production from the Matilda deposit 1.5Mtpa @ 2.0g/t recovery 90.5% for 89,000oz. Approximately 80% of the Matilda pit areas are to a measured and indicated resource category. 20% of the pit areas are inferred resource. There is a low level of geological confidence associated with inferred mineral resources and there is no certainty that further exploration work will result in the determination of indicated mineral resources or that the production target itself will be realiised. WILUNA PROCESSING CIRCUIT Mill 2 Circuit Up to 550,000tpa Underground Ore Mill 1 Up to 1Mtpa Oxide Ore Mill 1 & 2 Circuit Up to 1.5 Mtpa For personal use only Matilda oxide Ore EXPLORATION & DEVELOPMENT PIPELINE Advanced Resource - Matilda Mine Development Williamson Regent, Galaxy, Wiluna Queen Matilda Extensions Brown Fields Carroll – Prior, Golden Age Repeats, East & West Lodes Green Fields Mentelle Trend, Galaxy North, Caledonian Trend For personal use only Focus on converting resources to reserves at development targets and finding new deposits in brown and green fields ADVANCED RESOURCES - MATILDA MINE Near term mining opportunity • Most advanced • Production (1987-1992): • 2.7 Mt@ 2.3g/t = 163,000oz au • Mostly oxide material mined from 7 shallow pits, generally to < 50m • Existing mining lease and previous Notice of Intent to mine Scoping Study pits and resources at Matilda • Mining heritage agreement g/t Oz RESOURCES Mt • Historical mining data - basis for Au Au Measured 0.1 2.4 9,000 For personal use only feasibility studies Indicated 4.7 2.0 300.000 Inferred 8.2 1.7 450,000 TOTAL 13.0 1.8 760,000 10 MATILDA MINE CENTRE Limited deeper drilling Drilling > 100 m • Very limited drilling of high grade down-plunge targets • Limited drilling along strike of existing pits • Pit convergence lowering stripping ratios • Further resources upgrades • Extensions of known lodes • Discovery of new lodes between For personal use only pits 11 EXPLORATION – MATILDA MINE EXTENSIONS • Very limited drilling of high grade down-plunge targets • High-grade mineralisation in pit floor • Outstanding drill results: 35m @ 5.05 g/t from 114m including 12m@ 9.1g/t • West Lode remains open – priority target • For personal use only Potential for discovery of new lodes between pits 12 M1 DEPOSIT – HIGH GRADE SHOOTS For personal use only 13 M4 DEPOSIT Shallow oxide deposit, open along strike and down plunge • Historical mining: 386,000t @ 2.2g/t for 27,000oz au to < 50m depth • Resource 204,000oz Au with 93% < 160m from surface • Resource extends 650m north of the pit & open Recent high grade intercepts include: • 10m @ 5.47g/t from 120m • 5m @ 5.30g/t from 125m • 12m @ 4.76g/t from 119m • 31m @ 2.32g/t from 120m • 1m @ 12.5g/t from 132m & 3m @ 11.4g/t from 171m For personal use only & 12m @ 2.8g/t from 180m incl. 2m @ 9.15 g/t 14 MATILDA STRIKE EXTENSIONS & MENTELLE SHEAR • Historical drilling has identified 4m @ 13.9 g/t (64m) mineralisation up to 3km from the mine area • Strike extensions partly covered by drainage – impediment to historical exploration = opportunity • Mentelle trend… parallel Mentelle structure? 4m @ 13.4 g/t (boh) • Mentelle prospect potential Target resource with Matilda characteristics • Large RAB program to test structure For personal use only • Matilda extension vector also provides bulls-eye target M11 6m @ 13.9 g/t (22m) 15 4m @ 9.51 g/t (22m) LAKE WAY / WILLIAMSON • 350Koz resource at Williamson, but structural setting similar to Wiluna – potential cluster of deposits • Numerous resource targets defined by previous drilling • Carroll -Prior targets • Previous drilling identified continuous mineralisation over 3km • Infill drilling to define resources • Extensions to Williamson splay lode • Review other auger anomalies For personal use only 16 ADVANCED RESOURCES Williamson Pit – mining 2006 WILLIAMSON DEPOSIT • High-grade shear zones bounding monzogranite stockwork up to 40m wide. Free-milling ore • High-grade mineralisation beneath current pit [email protected]/t from 117m [email protected]/t from 372m [email protected]/t from 176m [email protected]/t from 136m • Mining ceased Sept 2006, gold price averaged = A$730/oz RESOURCES Mt g/t Au Oz Au For personal use only Indicated 2.7 1.7 148,000 Inferred 3.6 1.8 202,000 TOTAL 6.3 1.7 350,000 17 CARROLL PRIOR PROSPECTS • Potential large tonnage, near surface For personal use only • Deeper drilling to identify high grade primary mineralisation 18 ADVANCED RESOURCES - GALAXY • 0.6 Mt @ 2.9 g/t = 52,000oz Au (Inferred), shallow, no recent exploration • Favourable mining economics • High grade intercepts: 4m @ 11.5g/t from 56m 3m @ 11.3g/t from 4m 4m @ 12.3g/t from 6m 8m @ 9.65g/t from 72m 7m @ 6.33g/t from 38m 4m @ 9.63g/t from 14m PeripheralFor personal use only RAB targets for follow-up 19 GALAXY NORTH • Structural analogue to Wiluna Mine 2km • Dextral offset fault in mafic mine sequence • Approx 2km prospective zone • This setting hosts 6Moz at Wiluna as well Galaxy as mineralisation at Regent. The target Deposit is a Wiluna-style mine camp • Galaxy deposit possibly part of mine camp cluster • Only minor drilling – exploration hampered by thin cover of overlying For personal use only basin sediments NB. Figures at same scale 20 ADVANCED RESOURCES - REGENT Considerable scope to increase deposit • 700m of strike and still open • Excellent grades and widths – steep dilatant structures open at depth • Good continuity, robust deposit • Additional extension drilling down plunge required RESOURCES Tonnes g/t Au Contained Oz Au Indicated 738,000 2.5 69,000 Inferred 3,108,000 2.1 211,000 For personal use only TOTAL 3,846,000 2.2 270,000 Open 21 WGP - Golden Age North • Golden Age Mine was highly profitable • Produced 160Koz @ 9.07 g/t • Free -milling • Mined in OP but best ore occurred at structural inflection 200-800m below surface Golden Age Quartz Reef • Terminated against East Lode Fault (ELF) • Golden Age North is the off-set extension of Golden Age on the other side of ELF • Approximate position of “Lake Way” historical mines • Drilling only to 65m – small oxide target For personal use only • Ultimate target is structural inflection 200m below surface 22 WGP - Golden Age Repeats Republic & Brothers Reefs • Republic and Brothers sub-parallel with Golden Age reef over significant depth extent. • Similar high-grade intercepts recorded where reef flattens to 25-40deg dip = Targets. Only minor drilling. 1.6m @ 12.7 g/t (103m) 6m @ 4.5 g/t (194m) 2.5m @ 8.3 g/t (312m) Targets For personal use only 0.6m @ 11.2 g/t (431m) 23 WGP – Caledonian Trend • 3km strike from Wiluna mine to Caledonian Pit • Very shallow RAB drilling (~5m) & limited RC to 60m • Caledonian mineralisation has very little 7m @ 7.15 from 40m 5m @ 5.01 from 20m surface expression to 20m. Therefore most drilling ineffective • Numerous hits indicate potential for open-pit resources.
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