Company Insight – TGP Construction & DZP Update, Investment

February 19, 2013

Highlights of Interview:

  • Confident of meeting 11 month construction for Tomingley Gold Project by end 2013.
  • Caloma Two drilling, not in current resource.
  • Revamped mining schedule sees more total ounces, 70koz p.a. production first two years.
  • Great potential to add to resource & confident 7 yr mine life could extend to at least 10 yr.
  • Updates activities at DZP – positive for process improvement.
  • Aim to re-run DFS end February, lodge EIS end March & continue improvement work.
  • Discusses outlook for product prices at DZP.
  • Disconnect b/w mkt cap & assets of $80m cash, $80m shares & significant project values.
  • TGP & DZP expected to generate around $200 to $250m cash per annum from 2016.
  • Broad thinking is would consider selling 10% of DZP to partially fund development.
  • Overall a big year expected in 2013.