Australian Junior Resources Blue Chip Australian Junior Resources Blue Chip

EMERGING STARS IN RESOURCES 2010EMERGING STARS IN RESOURCES 2010Proactive Investors Australia ConferenceProactive Investors Australia ConferenceProactive Investors Australia ConferenceProactive Investors Australia Conference

10 February 201010 February 2010

Disclaimer

This presentation should not be relied upon as a representation of any matter that a potential investor or their advisershould consider in evaluating the Company. Potential investors must make their own independent assessment andinvestigation of the matters contained herein and should not rely on any statement or the adequacy or accuracy of theinformation provided. The Company and its related bodies corporate or any of its directors, agents, officers or employeesdo not make any representation or warranty, express or implied, as to the accuracy or completeness of any information,do ot a e a y ep ese tat o o a a ty, e p ess o p ed, as to t e accu acy o co p ete ess o a y o at o ,statements or representations contained in the presentation, and they do not accept any liability whatsoever (including innegligence) for any information, representation or statement made in or omitted from this presentation.This presentation may contain forward looking statements that are subject to risk factors associated with copper, gold,other minerals and gas businesses. Based on currently available information, the Company believes that the expectationsg y p y preflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlyingassumptions which could cause actual results or trends to differ materially, including but not limited to: price fluctuations,actual demand, currency fluctuations, drilling and production results, reserve estimates, loss of market, industrycompetition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financialmarket conditions in various countries and regions, interest and foreign exchange rates, availability of capital, politicalmarket conditions in various countries and regions, interest and foreign exchange rates, availability of capital, politicalrisks, project delay or advancement, approvals and cost estimates.Comments in relation to exploration targets, exploration potential and resource potential referenced in this document havebeen made based on both historical and company technical data at hand of the time of writing. It is important to note thatthese targets are conceptual in nature as there has been insufficient exploration to date to define a mineral resource and itg p pis uncertain if further exploration will result in the determination of a mineral resource. Interested parties should form theirown view on these exploration targets.Investors should undertake their own analysis and obtain independent advice before investing in HGO shares.All references to dollars cents or $ in this presentation refer to Australian currency unless otherwise statedAll references to dollars, cents or $ in this presentation refer to Australian currency unless otherwise stated.

Key AssetsAustralian Mining Company with Asian Growth Pipelineg p y p

Mining Kanmantoo : oxideKanmantoo : oxide copper heap leach – 100%

Development Kanmantoo Copper/Gold Mine: a a oo Coppe /Go d e2.0MTPA -> 3.0MTPA – 100%

ExplorationBird’s Head, Indonesia: gold and copper/gold – 80%Sumba, Indonesia: gold – 80%Kanmantoo: copper/gold, silver/lead/zinc 100%silver/lead/zinc – 100%Wheal Ellen: silver/lead/zinc/gold – 100%Cocata and Coulta:Cocata and Coulta: uranium – 100%Watson: uranium – 50%Munderra: base metals – 100%

2

Mt. Lucy: magnetite – 100% initially

Metals OutlookCopper on the Movepp

Macquarie Bank Commodities 9 June 2009

“Right Commodities at the Right Time”

Macquarie Bank Commodities, 9 June 2009“Looking further out, in our view, copper hasthe best fundamentals of any of the basemetals, and should go into an economic upturnwith low stocks, limited idle capacity and a lackof committed new projects. Over the 2011/12period, copper could easily be as tight as it wasat the height of the recent bull market ”at the height of the recent bull market.

Fraser Institute 2009“Commodity shortages could hinder recovery,Commodity shortages could hinder recovery,the world may face a shortage of raw materialsand skyrocketing commodity prices as theworld economy moves past the recession andinto renewed growth.”

3

Metals OutlookWorld Industrial Production & Commodity Pricesy

Core of argument for secular reversal of gthe long term decline of real commodity prices

4

Kanmantoo ProjectSouth Australian Regiong

• South Australia is one of the most prospective terrains inmost prospective terrains in the world

Home of the Big One; Olympic DamOlympic Dam

• Historically neglected and vastly under explored

• Initial project at Kanmantoowill produce cash flow to fund Hillgrove’s exploration and developmentdevelopment

• Strategy to commence new developments once mine

dunderwayUpside from additional regional satellite reservesUnderground high grade targets e.g. Bremer Mine Hillgrove’s Near

Term Focus

Kanmantoo ProjectKanmantoo Copper/Gold Mine 2009pp

6

Kanmantoo ProjectOre Bodyy

7

Kanmantoo ProjectSnapshotp

• Kanmantoo was operated by NBH/ SBH/EZ as their first open pcut mine from 1971-1976, mining around 4.1Mt of copper ore

• Hillgrove commenced work atHillgrove commenced work at Kanmantoo in 2003, with production planned in 2011

• Low cost access to critical water• Low cost access to critical water, power and transport infrastructure

• Attractive employment costs d t t fl i fl tcompared to remote fly-in fly-out

mine operations

• Total (0.25% Cu Cut Off Grade Model)

TypeTonnes Cu Au Ag Cu Metal Au Ag

Kt % g/t g/t Tonnes Ounces OuncesOxide 1,125 0.8 0.2 3.3 8,600 6,900 121,000

Transitional 1 620 0 8 0 2 2 9 12 200 9 600 152 000Transitional 1,620 0.8 0.2 2.9 12,200 9,600 152,000

Fresh 29,447 0.9 0.2 3.2 271,500 174,600 3,040,700

Total 32,192 0.9 0.2 3.2 292,200 191,100 3,313,6008

Kanmantoo ProjectSummary

Resources: 292,700 tonnes copper @ 0.9%

y

194,700 ounces gold @ 0.2g/t 3,326,300 ounces silver @ 3.2g/t

Mining Stage 1: Oxide heap leach operation 450tpa contained copper

Mining Stage 2: 2.0Mtpa sulphide float operation to produce 20 000tpa copper in concentrateproduce ~20,000tpa copper in concentrate

Mining method: Open cut with underground potential

Mine life: 6.5 year mine life with potential to extend

Capex: AUD$98 million

Production: ~20,000tpa copper in concentrate Q1-Q2 2011

Cash operating cost: USD$1-50/lb @ Cu price USD$2.60 AUD/USD = 0.80

Concentrate: 60-114,000tpa @ 24% copper, 3.5g/t gold, 66g/t silver 9

Kanmantoo ProjectLow Risk Features

Operational histor significantl de risks the project• Operational history significantly de-risks the project

• Known, simple metallurgy with excellent recoveries

• Large database of exploration, mining and processing information

• Capital cost per tonne of annual copper in concentrate producedCapital cost per tonne of annual copper in concentrate produced <50% of global average

• Head grade > the weighted average global head gradeHead grade the weighted average global head grade

• Low cost power, water, transport and labour

• Geotechnically sound ground conditions

• Low political risk environment

10

Kanmantoo ProjectPillara Plant/Heap Leach Operationp p

Pillara Mine’s process plant and associated equipment and buildings

Kanmantoo Project‘s oxide ore heap leach processing operation

equipment and buildings

11

Exploration FocusKanmantoo Near Mine Prospects

12

Kanmantoo ProjectUniquely Positioned

• Only Australian mid-cap copper developer with production planned to

q y

start in 2011:

$98 million capex

Mining Lease 6345 granted

MARP conditionally approved

All feasibility studies, metalurgical testing completed

Freehold land of 835ha (2,063 acres) acquired

Pillara process plant acquired

Long lead time equipment acquired

Progressing project financing → FID

• Short latency project ideally positioned to come on stream at the start• Short latency project ideally positioned to come on stream at the start of a global synchronised global economic recovery

13

Regional Pipeline – IndonesiaHighly Prospective Advanced Gold Explorationg y p p

14

Bird’s Head ProjectRegional Settingg g

Bird’s Head covers part of the interpreted westward continuation of the New Guinea ‘Orogenic Belt’

15

Bird’s Head ProjectIndonesia/New Guinea Gold-Rich Porphyry Cu Depositsy y

Five of Top 20 Know Gold-Rich Porphyry Copper Deposits1

Rank Deposit Province Tonnage Au Au Cu Cup g(Mt) (g/t) (t) (Wt %) (Mt)

1. Grasberg East Papua 2,480 1.05 2,604 1.13 28.02

7. Panguna Bougainville 1,415 0.57 799 0.46 6.51

9 B t Hij S b 1 644 0 35 572 0 44 7 239. Batu Hijau Sumbawa 1,644 0.35 572 0.44 7.23

11. Ok Tedi PNG 700 0.64 446 0.64 4.48

17. Frieda River PNG 1,103 0.32 354 0.61 6.73Source: Economic Geology, Volume 100, p. 803

16____________________

1. Ranked on contained gold.

Bird’s Head ProjectHistorical Drainage Anomaliesg

Stream Sediment Anomalies by Gold

Work by Normandy and past explorers highlighted 16 high order anomalies, with Bird’s Head containing 10 of these

17

Delta ProspectWest Delta Area

Over 5m silica-pyrite-albite altered monzonite with malachite after finemonzonite with malachite after fine grained chalcocite in hanging wall

Close up of above hanging wall rock with quartz-sulphide veining/stockwork

Clay altered &

brecciated monzonite

18

Bird’s HeadDelta Prospectp

Copper Rock Geochemistry

• High of 17.9% Copper

• Multiple results in 1-20% rangerange

• High grade mineralisation of epithermal style plus broad l d ithlow grade copper with intrusives suggests porphyry style mineralisation

Bird’s Head Delta Prospectp

Gold Rock Geochemistry

• Confirms large corridor of mineralisation

• Peak value of 205g/t gold

• Peak values 205g/t gold, 471g/t silver, 17.9% copper,471g/t silver, 17.9% copper, 6.3% lead, 7.5% zinc (not same sample)

Bird’s HeadDelta Prospectp

Significant Trench InterceptsT hi lt fi dTrenching results confirmed presence of high grade epithermal mineralisation

F ll d illi i dFollow up drilling intersected:

• 14.35m @ 1.71g/t gold and 2.55g/t silver from 13m in KSD1, incl. 7.55m @ 2.97g/t gold and 3.56g/t silver

• 6.1m @ 1.25g/t gold and 2.96g/t silver from 19.1m and 6.6m @ 5.96g/t gold and 3.18g/t silver from 54.9m KSD65 9 S 6

• Drilling has been sparse and erratic to date; shoot geometry in an epithermalgeometry in an epithermal deposit usually necessitates a high density of drilling

2 Kilometres

Bird’s Head ProjectCentral Prospectsp

Gold (g/t) Geochemistry

Significant untested geochemical anomalies, i.e. stream anomaly at Quebec similar to that originally defined by Alpha/Bravo anomalies

22

Bird’s Head ProjectAlpha Prospectp p

Gold (g/t) Soil Geochemistry

1 Kilometre1 Kilometre

Batu Hijau

Extensive gold mineralisation, which appears to be strongly structurally controlled23

Bird’s Head ProjectAlpha Prospectp p

Drilling, Trenching Locations on Gold Soil

• Bonanza trenching grades gold

Locations on Gold Soil Geochemistry

B15 B15 AnomalyAnomalyB15 B15 AnomalyAnomalyA17/19 A17/19 AnomalyAnomalyA17/19 A17/19 AnomalyAnomaly

grades, gold associated with epithermal quartz veins

V li it d d illi• Very limited drilling completed to date with only 5 drill holes

Si ifi d illiA18 A18 AnomalyAnomalyA18 A18 AnomalyAnomaly

• Significant scout drilling results including 17.45m @ 2.16g/t gold, 18 36g/t silver 0 29%

yyyy

18.36g/t silver, 0.29% copper, 2.08% lead and 5.31% zinc in AD1

• 1 6m @ 108 5g/t gold• 1.6m @ 108.5g/t gold and 16g/t silver in AD4

24

Bird’s Head Project2009 / 2010 Program

2009:

g

2009:

Historical data review and compilation

Socialisation

Logistics established

Established coastal base camp and Delta fly camp

Geological mapping, rock chip sampling and trenching

2010:

• Geophysics

• Drilling

25

Bird’s Head ProjectKey Attributesy

Bird’s Head is an exciting exploration project:Bird s Head is an exciting exploration project:

• Favourable tectonic setting in tertiary volcanics

• Outstanding surface geochemistry

• Strong indications of a multi-phased mineralising system, epithermal over printing porphyry

• Two advanced exploration prospects (Delta and Alpha), could be drill ready in six monthsready in six months

• Numerous high order stream anomalies still require follow up

• Limited drill testing has occurred but not at sufficient density to either advance or downgrade potential prospect areas

26

Bird’s Head ProjectSummaryy

• The Bird’s Head Project represents an excellent opportunity to explore forThe Bird s Head Project represents an excellent opportunity to explore for large scale epithermal and porphyry style mineralisation within a geological setting that has been proven to host world class deposits

• The Project covers a large area of what is interpreted to be the westward continuation of the New Guinea “Orogenic Belt” which contains the giant Ertsberg/Grasberg, Porgera and Ok Tedi depositsErtsberg/Grasberg, Porgera and Ok Tedi deposits

• Project has key ingredients to potentially host a deposit of significant size

• Two advanced prospects which could be drill ready in six months

• Indonesian mining law has recently seen many favourable changes

• Highly energised Indonesian partners

E ll t t ti l t di ki ld l b d• Excellent potential to discover a company making world class ore body

27

IndonesiaSumba Island Prospect (80%)p ( )

• IUP Explorasi No 322/kep/HK/2009 granted on 2 November for six years on Sumba covering an area of 1 000km2Sumba covering an area of 1,000km2

• Hillgrove’s Indonesian partner PT Fathi Resources free carried to decision to mine with 20% interest

• Sumba offers a leg up into previously identified gold mineralisation zone (BHP) not followed up due to economic conditions of late 1990’s

Better results from BHP ette esu ts otrenching include:• 3m @ 49.38g/t gold • 4m at 16.73g/t gold g g• 4m at 6.7g/t gold • 9m at 5.87g/t gold • 9m at 6 1g/t gold 9m at 6.1g/t gold • 13m at 2.05g/t gold • 16m at 1.56g/t gold

N t T hi l l d t d di l Note: Trenching was largely conducted perpendicular to quartz veins and continuous sampling conducted at 1m intervals. Hillgrove still searching for reports that contain specific information on drill hole locations, assays and any other exploration data. 28

Sumba ProjectPahandanjal Regionj g

29

Sumba ProjectSignificant rock chip/float assays from Pelitilira Prospectg p y p

30

Sumba Project Masu – Current Focus

31

Sumba Project Pelitilira Prospectp

Strongly siliceousStrongly siliceous float sample with malachite staining and abundant

32

disseminated pyrite and galena

Sumba Project Pahandanjal Prospect - Western Veinj p

Outcropping vein zone (identified by Hillgrove in rock chip sampling in May-June) was trenched in October-December 2009 revealing multiple high grade lodes which aretrenched in October December 2009 revealing multiple high grade lodes which are enveloped by low grade alteration

Significant trench results include:• Trench FT1: 9m at 6 51g/t gold 9 4g/t silver within 18m zone at 3 93g/t gold 8 02g/t silver• Trench FT1: 9m at 6.51g/t gold, 9.4g/t silver, within 18m zone at 3.93g/t gold, 8.02g/t silver• Trench FT2: 5m at 7.5g/t gold, 18g/t silver and 1m at 6.73g/t gold, 72.2g/t silver • Trench FT3: 7m at 8.34g/t gold, 6.17g/t silver • Trench FT4: 4m at 10.04g/t gold, 17.18g/t silver ,2m at 3.34g/t gold, 4.25g/t silver and 1m

t 3 68 /t ld 1 8 /t ilat 3.68g/t gold, 1.8g/t silver• Trench FT5: 2m at 6.25g/t gold, 21.35g/t silver, 2m at 12.5g/t gold, 11.6g/t silver, 1m at

10.2g/t gold, 17.5g/t silver and 2m at 1.03g/t gold, 1.2g/t silver• Trench FT100: 15m at 1.51g/t gold, 6.18g/t silver • Trench FT101: 1m at 11.5g/t gold, 20.8g/t silver, and 2m at 1.13g/t gold, 3.7g/t silver, and

1m at 4.71g/t gold, 3.7g/t silver • Trench FT102: 4m at 5.34g/t gold, 10.40g/t silver • Trench FT103: 3m at 2.35g/t gold, 8.57g/t silver.

• Results highlight the Masu Project’s potential to host multiple, high-grade, fracture-controlled vein systems, of comparable grades and dimensions to high grade

ith l l l hid ti t i d l h i I d i hi l

Trench FT103: 3m at 2.35g/t gold, 8.57g/t silver.

33

epithermal low sulphidation systems mined elsewhere in Indonesian archipelago• Results pinpointed high quality drill targets for testing at start of the dry season

Sumba Project Pahandanjal Prospect j p– Western Lode

34

Sumba Project Pahandanjal Prospect j p– Western Lode

35

Sumba Project Pahandanjal Prospect – Eastern Veinj p

Trenching at southern end confirmed presence of high grade zone at an interpreted t t l i t ti R lt i l dstructural intersection. Results include:

• FT18: 14m at 6.97g/t Gold and 10.74g/t Silver including 4m at 10.18g/t gold and 15.05g/t Silver and 2m at 9.29g/t gold and 10g/t silver.

Eastern Vein system strikes approximately NNW and outcrops over at least 600m, but exhibits multiple intersecting lodes which vary from ENE to ESE. Trench results also indicate a low grade alteration halo to many of the lodes The ENE and WNWalso indicate a low grade alteration halo to many of the lodes. The ENE and WNW trending lodes generally occur as brecciated and disseminated low grade zones, with higher grades at structural intersections.

Previously reported results from Hillgrove’s 2008 field program included the identification of a 200m x 200m gold in soil anomaly peaking at 0.67g/t gold. Follow-up trenching have proven that a broad zone of low grade gold mineralisation exists in this area. Results include:• FT12: 46m at 1.01g/t Gold,5.21g/t Silver incl. 20m at 1.35g/t Gold, 7.89g/t Silver• FT21A: 46m at 1.02g/t Gold and 2.63g/t Silver (not all results received)

36

FT21A: 46m at 1.02g/t Gold and 2.63g/t Silver (not all results received)• FT13: 74m at 0.5g/t Gold and 3.19g/t Silver.

Sumba Project Pahandanjal Prospect j p– Eastern Lode

37

Sumba Project Pahandanjal Prospect – Far South Western Veinj p

38

Strong silica-kaolin breccia float

Sumba Project Masu Projectj

39

Sumba Project 2009 / 2010 Program

2009:

g

Historical data review and compilation

Socialisation

Logistics established

Base camp built

Geological mapping, k hi lirock chip sampling

and trenching

2010:2010:

• Further mapping, sampling and trenchingp g g

• Drilling in early 201040

Introduction to HillgroveBoard of Directors

Non-Executive

Legend

Director

ExecutiveDirector

ManagementTeam

Dean Brown AOChairman

David ArcherManaging Director

Ron BelzDirector

John QuirkeDirector

John GoodingDirector

Dale FergusonGeneral Manager –

Exploration & Operations

Geoff StewartGeneral Manager –

Business Development

Russell MiddletonChief Financial Officer& Company Secretary

Jim KerrNew Project

Evaluation Manager

Cam SchubertGeneral Manager –Kanmantoo Project

Good Governance, Project Development and Extensive Mining Expertise41

Key InvestorsHillgrove’s Top 10 Shareholdersg p

RBS Sempra Metals & Concentrates Corporation 10.0%

Copulos Family 4.4%

Ras Al Khaimah Minerals & Metals Investments 4.1%

Scott Family 3.6%

Mr David S Archer 3.3%

Escor 1.5%

Dr Kohlhase Vermogensverwaltungs 1.4%

Dimensional Fund Advisors 1.2%

Maple Leaf Capital 1.0%

Arcadian Asset Management 1 0%Arcadian Asset Management 1.0%

42

Eastern Star Gas LimitedInvestmentInvestment

Hillgrove identified Narrabri CSG opportunity in 2003 and took a 32.5% direct JV interest

JV interest swapped for 172 million ESG shares in 2006

Sold 19.9% share/option holding in ESG for $172 million cash to Santos p gin July 2009

Up to 31 December 2010 Santos ‘top-up’ payment to Hillgrove of: p p p p y g

• 100% of price above $1-00 if ESG taken over by Santos

• 50% of price above $1-00 if ESG taken over by a third party50% of price above $1 00 if ESG taken over by a third party

Debt (convertible bonds) and interest all redeemed totaling $49.8 million

43

Hillgrove Resources LimitedHalf Year Financial Highlights – 31 July 2009

Profit/earnings driven by ESG shareholding:

g g y

NPAT ($m) EPS (cents)FY2007 10.8 4.9FY2008 (4 9) (2 0)FY2008 (4.9) (2.0)FY2009 11.1 3.4Half 2010 54.0 13.1

Dividends paid:• 6 October 2009 1 cent per share• 30 November 2009 1 cent per share

Hillgrove is in an income tax payable position as at 31 Jan 2010 and potentially may declare fully franked dividends of ~$10 million1

Cash of $130.0 million or 27 cents per share (nil debt)2

Net assets of $146.7 million or 35 cents per share

44____________________1. Following a profit on the sale of the ESG investment and after settlement of Hillgrove’s existing income tax liability of approximately $23 million. 2. Cash balance as at 21/1/10 .

Hillgrove Resources LimitedASX Code: HGO - Key Investment Metricsy

Hillgrove Resources 9/02/10Share Price1 $ 0.37Ordinary shares # 477.8MFully diluted shares2 496 7M Trading HistoryFully diluted shares2 496.7M Fully diluted market cap. $183.8MCash3 $129.4M

3 54.04.5

0.5

0.6

Trading HistoryHillgrove ResourcesPrice (A$)

Cash from options $ 5.1MTax liability4 $ 23.4MEnterprise value $ 72.7M 1 0

1.52.02.53.03.5

0.2

0.3

0.4

0.5

p $

Asset book value 31 July 2009:Kanmantoo $ 31.6M

0.00.51.0

0

0.1

P, P & E $ 20.0MOther exploration $ 6.4MTotal $ 58 0M

Volume Close

Total $ 58.0M

____________________1. As at 9 February 2010. 2. Including ‘in the money options’, noting there are a further 12.39 million options exercisable at between 37.5c and 65c. 3. As at 9 February 2010. 4. Tax on sale of ESG shares. 44

Hillgrove Resources LimitedCopper Peer Valuationspp

EV (US$) / C E i l t C t i d M t l (t)• Hillgrove is currently trading at US$452/t of contained copper

i l t1,600

EV (US$) / Copper Equivalent Contained Metal (t)

US$/t ProducingDevelopment and Exploration

equivalent reserve

• Aditya Birla and Panaust trade on

1,200

1,400

superior multiples due to their producing projects 800

1,000EV ReservesEV Resources

• Hillgrove is likely to experience a material uplift in valuation as

400

600

pKanmantooprogresses towards commissioning 0

200

URL DML EXS HGO FND CGG CDU AVM ABY PNA

____________________Source: Company announcements and share price information as at 12 November 2009. A$/US$ exchange rate at 93.00. 46

Hillgrove Resources LimitedInvestment Summary

Strong Balance Sheet $130 0 million cash or 27 cents per share 2009

y

Strong Balance Sheet: $130.0 million cash or 27 cents per share 2009

Targeting discovery of world class gold and copper/gold ore bodies: 2,815 km² – West Papua and Sumba

Kanmantoo Copper/Gold Mine: Oxide heap leach moving to 2 0MTPAKanmantoo Copper/Gold Mine: Oxide heap leach moving to 2.0MTPA mine with production targeted for 2011 plus significant resource extension potential >10 years mine life

Eastern Star Upside: Santos ‘top-up’ on takeover >$1-00 per share

People: Leading team of corporate, exploration and mining professionals

Growth: Linked to expected medium term synchronised global growthGrowth: Linked to expected medium term synchronised global growth

47

Exploration ResultsCompetent Personsp

The information in this report that relates to Exploration Results announced by Hillgrove Resources Limited and InterMet ResourcesLimited is based on information compiled by Mr Dale Ferguson who is a Member of The Australasian Institute of Mining andLimited is based on information compiled by Mr Dale Ferguson, who is a Member of The Australasian Institute of Mining andMetallurgy. Mr Ferguson is the Executive Director – Exploration and Operations of Hillgrove Resources and has sufficient relevantexperience to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of ExplorationResults, Mineral Resources and Ore Reserves’. Mr Ferguson consents to the inclusion in the report of the matters based on hisinformation in the form and context in which it appears.

The information in this report that relates to Exploration Results announced by Hillgrove Resources Limited and InterMet ResourcesLimited is based on information compiled by Mr Adam Freeman, who is a Member of The Australasian Institute of Mining andMetallurgy. Mr Freeman is the Exploration Manager of Hillgrove Resources and has sufficient relevant experience to qualify as aC t t P d fi d i th 2004 Editi f th ‘A t l i C d f R ti f E l ti R lt Mi l RCompetent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resourcesand Ore Reserves’. Mr Freeman consents to the inclusion in the report of the matters based on his information in the form andcontext in which it appears.

The information in this report that relates to Mineral Resource estimates is based on information compiled by Mr Paul Payne who is aThe information in this report that relates to Mineral Resource estimates is based on information compiled by Mr Paul Payne, who is aMember of The Australasian Institute of Mining and Metallurgy. Mr Payne is a full-time employee of Runge Limited and has sufficientrelevant experience to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting ofExploration Results, Mineral Resources and Ore Reserves’. Mr Payne consents to the inclusion in the report of the matters based onhis information in the form and context in which it appears.

The information in this report that relates to Ore Reserve estimates is based on information compiled by Mr Geoff Davidson, who is aMember of The Australasian Institute of Mining and Metallurgy. Mr Davidson is a principal consultant with Snowdens MiningConsultants and has sufficient relevant experience to qualify as a Competent Person as defined in the 2004 Edition of the‘A t l i C d f R ti f E l ti R lt Mi l R d O R ’ M D id t t th‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Davidson consents to theinclusion in the report of the matters based on his information in the form and context in which it appears.

48