Ann: Quarterly Activities Report, page-2

Highlights • Quarterly gold output was steady at 64,037 ounces of which 61,037 ounces was directly attributable to Westgold’s operations. • Group gold operations generated EBITDA (un-audited) of $11.9 million for the quarter. • Group gold operations saw quarterly cash costs (C1) steady at A$1,406/oz with the rolling twelve month cash costs (C1) being A$1,380/oz. • The Meekatharra Gold Operations had a steady gold output and cash costs reduced by 13% to A$1,188/oz, AISC reduced to A$1,389/oz. • The Tuckabianna Plant at Cue Gold Operations had its second full quarter of production after commissioning which saw gold production increase by 40% to 12,557 ounces as plant capacity reached target levels. • The Fortnum Gold Project has its fifth consecutive quarter of gold output with production rising marginally to 13,394 ounces at a cash cost of A$1,312/oz and AISC of A$1,444/oz. • The Higginsville Gold Operations remained problematic for the group with higher unit costs and Westgold continues to work on an acceptable forward strategy for the project. • The contract mining business unit generated an operational profit during the quarter as the rebuild and re-invigoration plan gained momentum. • Big Bell advanced significantly toward production with drilling defining a new ore position to the south which will enable early production from the mine in the coming quarter. • Many exciting exploration results were delivered from Westgold’s projects including what appears to be an interesting VMS horizon in Bryah Basin stratigraphy at Fortnum Gold Operations.