QUARTERLY ACTIVITY STATEMENT JUNE 2012 QUARTER HIGHLIGHTS Deflector Project Highlights • BFS completed confirming Mutiny’s Deflector Project as a premium, low cost Gold Copper Project • Maiden High Grade Ore Reserves confirmed at Deflector • Further high grade results from diamond drilling at Deflector INTRODUCTION Mutiny Gold Ltd (“Mutiny” or “the Company”) (ASX:MYG) is pleased to provide its Quarterly Activity Report for the quarter ended 30 June 2012, which further demonstrates that Mutiny is well on target to achieve its objective of becoming a significant and profitable gold producer at the Deflector Deposit, the lead project at its Gullewa Project in Western Australia. BFS CONFIRMS DEFLECTOR AS A PREMIUM GOLD COPPER PROJECT Highlights: • Bankable Feasibility Study confirms Deflector as a low cost, highly profitable, premium Gold-Copper project Key Outcomes: • Estimated average Life of Mine Cash Operating Cost of $617 per oz Au Equivalent (Eq) • Initial Life of Mine of 7 years • Initial total production forecast of 382,000 oz Au Eq including, 314,475 oz Au, 14,432 tonnes of Cu and 344,604 oz of Ag • Estimated Net Operating Cash Flow of $342 million • Net Operating Cash Flow after debt (project finance) and taxes of $171 million • EBITDA of $323 million • Net Profit of $171 million • NPV at 8% of $103 million • Capital costs for plant construction of $66 million • Capital Costs for mine construction of $21 million • IRR of 43% NB: In this announcement all currency is denominated in Australian Dollars
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