TROY - UNDER PROMISE OUT PERFORM EVERYTIME...! Highlights from...

TROY - UNDER PROMISE OUT PERFORM EVERYTIME...!

Highlights from the Study, assuming a gold price for the base case of US$1250/oz, are as follows (all figures in US$ unless otherwise stated):

• Three year open pit mine life with annual average gold production of 101,000 ounces and production in the first 12 months of 104,400 ounces.

• Conventional CIL plant augmented with gravity gold recovery treating a nominal 1Mtpa configured to allow easy low cost expansion at a later date.

• Approximately 2.6 million tonnes of material to be processed with an average grade of 3.84g/t gold. The sources in terms of tonnes are: Smarts - 68% and Hicks - 32% and in terms of contained gold, Smarts - 83% and Hicks - 17%.

• The Smarts Pit is expected to produce 1,774,000 tonnes of plant feed at 4.70g/t gold, have a mining strip ratio of 9.6:1 and be mined to a depth of 120m. • The Hicks Pit is expected to produce 840,000 tonnes of plant feed at 2.02g/t gold, have a mining strip ratio of 4.6:1 and be mined to a maximum depth of 80m.

• Initial capital of $84.6 million (including the cost of the earth moving fleet, pre- production mining costs of $11.3 million and contingency of $4.7 million) and sustaining capital and capital spares over the life of mine of $6.4 million.

• Assumed metallurgical recovery of 94%.

• LOM average C1 Cash Costs (excluding royalties) of $480/oz.

• LOM All in Cash Costs of $602/oz.

• After tax payback of 1.2 years. • After tax NPV at 6% of $72.0 million.

• After tax IRR of 50.2%.