 100% owner of Tucano, Brazil’s third largest gold mine
 Tucano operation improving – physical operation going well –
better grade in the second half of 2016
 Multi-million ounce gold resource1 with district scale exploration
potential
• Mineral resources 67.2 Mt @ 1.64 g/t for 3.5 Moz1
• Open pit reserves 21.1 Mt @ 1.50 g/t for 1.0 Moz1
• Underground reserves 3.0 Mt @ 3.61 g/t for 345,000 oz1
 Robust LOM open pit plan of at least five years, with additional
underground potential
 Experienced Board and management team aiming to grow to
become an intermediate producer
 CY2016 production forecast of 145,000-160,000 ounces of gold
 CY2016 AISC forecast of between US$715-US$815 per ounce

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Quarterly Report to 30 June 2016

Highlights
Operations

• Gold Production – Gold production for the June quarter was 24,568 ounces and gold sold was
  26,487 ounces.
• Costs – Cash costs for the June quarter were US$953 per ounce. All-in Sustaining Costs (“AISC”)*
  for the June quarter were US$1,245 per ounce.
• 2016 Mine Plan – The June quarter saw total material moved up 38% from the June 2015 quarter
  and in excess of the 2016 Mine Plan, resulting in higher costs. However, this allowed the strip ratio for
  the first half of 2016 to track back to plan with the cutbacks at AB1, AB2 and Duckhead. As previously
  highlighted, substantially higher gold production is forecast for the second half of the year and the
  Company remains on track to achieve its production guidance of 145,000 to 160,000 ounces for
  CY2016.

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