QRTLY Result

OPERATIONS
Gold Sales and Production – Gold sales for the quarter were 30,483 ounces of gold with
production of 28,089 ounces of gold.
Gold Ore Reconciliation – Overall reconciliation, gold reserve to gold production ounces, in 2014
YTD has been positive ~10%.
2nd Quarter Rainfall – Material movement and subsequent gold production were materially
affected by 46% above average rainfall for the quarter (1010 mm compared to average 693 mm).
The 5 month dry season has recently commenced.

Costs – Cash costs for the quarter (after royalties and iron ore credits) were US$1081 per ounce.
All-in Sustaining Costs (“AISC”)*for the quarter were US$1190 per ounce.
 Duckhead Open Pit Mining Activity – Open Pit operations throughout the quarter at a reduced
rate due to the heavy wet season. Full operations resumed in July.

RESOURCE AND RESERVE DEVELOPMENT
 Tap AB Lookout Lode – A new Lode was discovered in the saddle between the Tap AB2 and
Tap AB3 pits. Results include 13 m @ 17.7 g/t gold, 12 m @ 9.8 g/t gold, 5 m @ 21.5 g/t gold.
New results not previously released include 12 m @ 10.3 g/t gold, 14 m @ 22.2 g/t gold
including 5 m @ 59.8 g/t gold and 7 m @ 12.4 g/t gold.

Duckhead Main Lode – Infill drilling of the Main Lode continued to return exceptional results of
19 m @ 62.8 g/t gold, including 7 m @ 162.8 g/t gold. New extensional result not previously
released of 4 m @ 18.8 g/t gold with Main Lode remaining completely open at depth.
Urucum Underground – A scoping study has commenced on the Urucum underground project. A
large drilling program will be completed in conjunction with the scoping study leading to a
prefeasibility study to target a maiden underground reserve by first quarter of 2015.
CORPORATE Gold Sales – Gold sales totalled 30,483 ounces at an average cash price received of US$1295
per ounce.
 Cash and Bullion – Cash and bullion as at 30 June 2014 totalled $33 million (bullion valued at
US$0.94 and US$1,305 per ounce)
 Corporate Facility and Hedges Closed Out – the Macquarie Project Finance Facility was
replaced with an unsecured Santander Corporate Facility. All outstanding hedges were closed out.

Outlook and Guidance – Second half of 2014 gold production guidance of 120,000 – 140,000
ounces remains unchanged with cash costs of US$440 - US$490 per ounce, AISC expected to
be in the range of US$640 – US$690 per ounce. Lower than expected first half production has
resulted in full year guidance being reduced to 180,000 – 200,000 ounces of gold with full year
cash costs of US$595 – US$645, AISC expected to be in the range of US$805 – US$855 per ounce.