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Dragon Mining Limited | Annual Report 2012 Dragon Mining Limited | Abn 19 009 450 051

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Dragon Mining Limited | Annual Report 2012 Dragon Mining Limited | Abn 19 009 450 051 Dragon Mining Limited | annual report 2012 Dragon Mining Limited | abn 19 009 450 051 Dragon Mining Limited is a leading Nordic gold producer with the management, financial and resource capacity to deliver on its growth strategy. The Company will use cash flows generated from operations to aggressively explore and develop the highly prospective Kuusamo Mine Project in northern Finland. Contents 3 Chairman’s Report 5 Managing Directors Review 6 Operations Review 10 Exploration Review 20 Health, Safety, Environment and Community Review 24 Board of Directors 26 Reserves and Resources Statement 30 Directors’ Report 48 Financial Report 100 ASX Additional Information Gold bearing ore from Jokisivu Gold Mine Dragon Mining Limited | annual report 2012 1 Dragon Mining overview The result for the year, combined with proceeds from asset sales and the March 2012 equity raising, provided the Company with the financial “ position crucial to consolidating production from the Svartliden and Vammala Production Centres while investing in exploration to secure Dragon Mining’s future cashflow generating base.” Peter Cordin Debt free Ore milled up As at 31 December 2012, the Company held 16.6% $5.5 million in cash, $5.7 million in trade receivables, Our Svartliden and $2.7 million of gold in circuit, and had $4.5 million Vammala Production of Environmental bonds deposited with Swedish Centres milled 623,245 and Finnish government authorities. tonnes of ore to produce 54,328 ounces of gold. Sales up Kuusamo 2 $13.1m 5.2% 1,173km invested in Annual sales revenue The Company has exploration for the year increased to extended its control in The results from over $79.0 million reflecting the highly prospective 60 kilometres of drilling higher average Kuusamo region, in 2012 highlight the commodity prices. substantially increasing potential of our Nordic its exploration holding. project pipeline. 2 Dragon Mining Limited | annual report 2012 Chairman’s Report The Company is well positioned for the future Recently the Finnish Prime Minister, supported as a result of the continued investment in 2012, by several Ministers, has embarked on a strategic which was primarily funded by the rights issue review of the mining industry to encourage new conducted in March 2012, supported by the investment. This positive initiative comes with Company’s two significant shareholders. the bedding down of a new Mining Act, which The success of Dragon Mining is due to the has seen the implementation of a new authority strong technical skills and expertise of the to administer and oversee the Act and the Nordic management team, which has the backlog is being worked through. capacity to derive maximum value from the The efforts by Nordic governments to Company’s assets in Sweden and Finland. modernise their mining and environmental In 2012, to optimise the management of the acts and processes, combined with their strong Company’s operations, Kjell Larsson was economies and professional workforces and the promoted from Chief Operations Officer to highly prospective ground, continue to support Managing Director and Mark Cheng was the Company’s focus as a Nordic gold producer. recruited as Chief Financial Officer. Both are I thank Shareholders, fellow Directors, located in Stockholm, enabling them to better management and staff for their support and attend to the day to day running of the business. input over the past year and their commitment Locating the senior executives in Sweden is to the success of the Company as a growing important because operating in the Nordic Nordic Gold producer. region requires patience and can be tedious, notwithstanding Finland and Sweden’s premier rankings by Canadian based Fraser Institute. The Environmental Permit for Svartliden Production Centre is a much welcome outcome after four years of dedicated and expensive work Peter Cordin by the Company’s personnel and consultants. Chairman It provides greater certainty for the Company in achieving the high standards required by the Board. In Finland, historically there have been long delays in the granting of both Claims and Mining Licences, which has impacted on the Company’s ability to advance some projects. Dragon Mining Limited | annual report 2012 3 Where Hanhimaa we operate Kuusamo Key • Production areas • Exploration activities Svartliden FINLAND Hanhimaa Gold Project SWEDEN Kuusamo Exploration Province • Jumasuo • Hangaslampi • Pohjasvaara • Meurastuksenaho Vammala Orivesi • Sivakkaharju Kaapelinkulma Jokisivu Svartliden Production Centre •• Svartliden Gold Mine • Helsinki • Harpsund Joint Venture Vammala Production Centre • Stockholm •• Orivesi Gold Mine •• Jokisivu Gold Mine • Kaapelinkulma Gold Project Exploration highlights Advanced projects Exploration projects Kuusamo Mine Project P.10 Kuusamo Exploration Province P.16 • Exceptional drilling results obtained. Increased holding in this exciting province to 1,173km. • Preliminary metallurgical testwork successful. Hanhimaa Gold Project • Environmental Impact Assessment significantly P.16 advanced, on track for early 2013 completion. Negotiated joint venture with Agnico-Eagle Mines Limited (operator of nearby Kittila Orivesi Gold Mine P.13 gold mine) whereby Agnico-Eagle can earn Improved confidence in geological model and up to 70% interest for staged expenditure exceptional drilling results obtained. of up to €9 million over 6 years. 4 Dragon Mining Limited | annual report 2012 Managing Director’s Review I feel very privileged to be able to present my inaugural report on what was a productive year for the Company. The year had a number of highlights including: – Intensive development focussed on preparing the underground mines in Sweden and Finland – Obtaining a revised Environmental Permit covering the Svartliden Production Centre – Significant progress in advancing the Environmental Impact Assessment and metallurgical testing for the Kuusamo Mine Project – Continued exploration success During the year the Company continued its We will continue to add value for our transition from explorer with mines, to a shareholders and other stakeholders by further mining company with excellent exploration developing our advanced projects, in particular potential. We will continue to grow the the Kuusamo Mine Project and seeking smart Company and add value for our shareholders ways, such as the joint venture with Agnico-Eagle by developing our exciting portfolio of Mines over the Hanhimaa tenements, to unlock assets while maintaining production. It is value from our other assets. also important that we continue to improve Given the expertise of our people, the support our practices while implementing the of our shareholders and the capability in our strategy and direction from our Board of existing production centres I am confident that Directors, especially: 2013 will also be an exciting and productive year – continuing the open and honest for the company. communication with our stakeholders; As always, it is the support of the shareholders – engaging with our employees and utilising and our people which make companies great and our skills and expertise to develop the I thank both shareholders and our team for their assets we have; and support during the year. – maintaining our high environmental standards and further enhancing our communication and contributions in the communities where we operate. In 2013, we expect to consolidate on the performance of 2012. Throughput at our mines Kjell Larsson is expected to be consistent with 2012 and the Managing Director focus will be ensuring production generates the cash needed to support our mid and long term goals. Dragon Mining Limited | annual report 2012 5 managing director’s review (CONTINUED) 80,000 70,000 60,000 50,000 40,000 30,000 20,000 Operations 10,000 0 Review 08 09 10 11 12 Gold Produced (ounces) • Svartliden • Vammala In 2012, Dragon Mining produced a total of 54,328 ounces at an average cash cost of US$1,095 per ounce from its Vammala and Svartliden Production Centres, yielding a gross profit from operations of $16.9 million. To ensure the longer term viability of these centres the Company continued to invest in its future during the year, successfully advancing its underground operations from development to production status. Dragon Mining expects 2013 will be a productive year with production at similar levels to those achieved in 2012. Vammala Production Centre Summary of Vammala Operating Performance The Vammala Production Centre is located in the 2012 2011 Sastamala region in southern Finland, approximately Ore Milled (tonnes) 290,675 222,373 160km northwest of the Finnish capital Helsinki. Head Grade Milled (g/t) 3.10 3.87 It comprises the Vammala Plant, a 300,000 tonnes per annum crushing, milling and flotation facility Gold Recovery (%) 76.8 81.6 that sources ore from two gold mines, Orivesi and Gold Produced (ounce) 21,991 23,043 Jokisivu, which are located 80 kilometres to the C1 Cash Cost (US$/ounce) 1,439 1,081 northeast and 40 kilometres to the southwest of the plant, respectively. The Vammala Production Centre was successfully Processing – Vammala Plant recommissioned in June 2007 and has to 31 December The Vammala Plant operated efficiently 2012 produced 147,578 ounces of gold in concentrate, throughout 2012, achieving a record mill feed of which is smelted and refined at the Harjavalta smelter, 290,675 tonnes with plant utilisation at 94.2%. 60 kilometres west of the plant. Whilst both the Orivesi and Jokisivu mines progressed to mining ore from underground Operations production stopes, by the end of the year the level of development ore in the mill feed During 2012 the Vammala Production Centre treated remained high at 49%. 290,675 tonnes of ore (2011: 222,373 tonnes) with an average grade of 3.10 g/t gold (2011: 3.87 g/t gold) to The volume of ore milled in 2012 was significantly produce 21,991 ounces of gold (2011: 23,043 ounces of higher than the 2011 level, but gold recovery was gold) at a recovery of 76.8% (2011: 81.6%) and cash cost lower. Cash costs increased to US$1,439 per ounce. of US$1,439 per ounce (2011: US$1,081 per ounce).
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