Consolidating. Feasibility. Permitting. Radio

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Edmund Chase
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Goldfields Ltd SX nnouncement: 31 January 2014 HIGHLIGHTS Consoliting capital base to deliver growth PROJECT DEVELOPENT QURTERLY REPORT FOR PERIODD ENDED 31 December 2013 Gold Project positioned for

$24 required to fund Project Gold production of 167,000 oz over 4 years rmitting well advanced with Works pproval, ining Proposal, inee Closure Plan and EP Referral documents all submitted to

5 of capital through t June 2014: Radio ine earn-in with Renaissancee inerals Limited (SX:RNS) Turnerr River Gold Project joint venture with De Grey ining Limited (SX:DEG; De Grey ) Turnerr River

1 Goldfields Ltd SX nnouncement: 31 January 2014 HIGHLIGHTS Consoliting capital base to deliver growth PROJECT DEVELOPENT QURTERLY REPORT FOR PERIODD ENDED 31 December 2013 Gold Project positioned for development Feasibility Study review confirms attractive economics: IRRR 90% and NPV10 $41 at $1,350 per oz gold pricee Operating costs of $794 per oz with all in sustaining cost of $ 1,007 per oz $24 required to fund Project Gold production of 167,000 oz over 4 years rmitting well advanced with Works pproval, ining Proposal, inee Closure Plan and EP Referral documents all submitted to regulators. sset rationalisation & capital management program commenced Tenement rationalisation underway Withdrawal in December 2013 from earn-in and joint venturee agreements to preserve $2.5 of capital through t June 2014: Radio ine earn-in with Renaissancee inerals Limited (SX:RNS) Turnerr River Gold Project joint venture with De Grey ining Limited (SX:DEG; De Grey ) Turnerr River Base etals Project earn-in with De Grey PCF Capital Group manted to divestt non-core assets. CORPORTE Cash reserves increased Cash at bank increased by $ 1.9 to $7.0 due to return of the Bond and receipt of proceeds from the sale of Queenslan nd corporate offices.. EXPLORTION Planning continued for RB testing of a number of targets along the Evanston Shear Zone Stratigraphic drilling & geochemical sampling program (93 holes; h 3,425m) completed. T: SX: Shares on Issue: arket Cap: $14.2 (at 1.6c) F: E: W: GPO Box 363 Brisbane QLD 4001.

2 Goldfields Ltd SX nnouncement 31 January 2014 PROJECT DEVELOPENT Gold Project holds approximately 1,700 km 2 of tenements within the highly prospective -Diem mals Greenstone Belt in the district of Western ustralia (Figure 1). Thee district is a highly prospective gold province that hass neither benefited from access to t a modern processing facility, nor from the intense exploration activity that has occurred in the and s districts. Figure 1: Gold Project Location andd Tenements Feasibility Study In ay 2012, completed an externally-p prepared Feasibility Study on the development of a new greenfields gold operation at its Gold Project, located 200kmm north of in Western ustralia. The study generated positive results,, targeting an initial gold production rate of 35,000oz per annum over five years from s internal resource base, treated through a centrally located 480,000 tpa gold processing facility at Central. Page 2

3 Goldfields Ltd SX nnouncement 31 January 2014 In ugust 2012, announced the acquisition of the Gold G Projectt including a 600,000 tpa gold processing facility and a 100-person camp with a view to relocating these assets to support cost effective development of the a Project. In ugust 2013, completed a merger with Polymetals which brought together the advanced Gold Project with Polymetals in-house project development expertise. In December 2013, announced completion of an extensive re-evaluation of the development methodology, operational strategy and cost estimates which identified an improved project economics from configuring the process facility to treat 720,000 tpa and producee around 50,000 oz pa of gold. Project economics are summarised in Table 1; key assumptions for thee revised study are set out in Table 2. Table 1: Feasibility Study Financial Outcomes (pre-tax) Project returns r Gold price assumption ($ $/oz) NPV10 ($) 1 IRR (%) Free cashflow ($) Pre-production capital ($ $) Production rate (koz pa) ine life (years) Payback (years) Cash costs ($/oz) Revised study Junee 2013 study Table 2: Feasibility Study ssumptions ill feed tonnes ill feed grade etallurgical recovery Gold produced Treatment rate ine life Capital cost t g/t u % koz ktpa years $ NPV10 The Net Present Value of the Project using 10% discount rate Page 3

4 Goldfields Ltd SX nnouncement 31 January 2014 The sensitivity of the Project s financial outcomes to gold price is shown in Table 3. Table T 3: Sensitivity to gold pricee Pre tax NPV10 Pre tax IRR Payback years Capital cost Cash requirement Cash costs Total costs Gold Price $ % years $ $ $/oz $/oz $1, ,004 $1, ,006 $1,400 $ 1, ,009 1,011 This information was prepared and first disclosed under the JORC Code C It has not been upted since to comply with the JORC Code 2012 on the basis that the information hass not materially changed since it was last reported (refer SX announcements : Gold Project - Feasibility Study Review released 10 December 2013 and Gold Project Feasibility - dditional Information released 20 December 2013). The Company confirms that all the material assumptions underpinning production target and forecast financial information derived from the production target, as reported in these announcements, continue to apply and have not materially changed. rmitting has completed comprehensive Project baseline and supporting environmental studies and also undertaken extensive consultation with stakeholders. ining Proposal and associated ine Closure Plan have been submitted to the Department of ining & troleum for consideration and approval. Referral document has been submitted to the Office of thee Environmental Protection uthority along with documentation supporting the Company s position that the Project is not environmentally significant and accordingly, should not triggerr a formal EP assessment. Based on consultation to te, expects the necessary approvals to commence site developmen nt works in the June Quarter, CORPORTE Cash at the end of the December Quarter was $7.0 million. The Company C continues itss conservative approach to activities and cash management. The cash balance increased by $1. 9 million during the Quarter primarily due to receipt of proceeds from the sale of the Queensland corporate office along with the returnn of environmental bonds from the Company s tenements as partt of the change over to the State s ine Rehabilitation Fund (RF) approach. To prioritise and preserve capital for f key growth activities, particularly the Gold Development Project, the Company commenced an asset review and rationalisation process during the Quarter. The asset review process has identified a number of assets as non-core, principally p as a result of the ongoing capital required to maintain and progress any y value creation activities. These assets will be the focus for divestment. The process involves the following initiatives: Page 4

5 Goldfields Ltd SX nnouncement 31 January 2014 Immediate withdrawal from earn-in and joint venture agreements in relation to the Turner River and Radio ine assets. Withdrawal was formally advised to agreement partners on 20 December 2013, with resulting expected savings of $2.5 million in the period to Junee 2013; ppointment of PCF Capital Group to oversee divestment of key asset groups, with the main focus on the exploration tenement package and the t Boppy development project. The formal process seeking expressions of interest is expected to commence in Februaryy 2014; and Detailed review of the remaining comprehensive tenement package with the joint aims of minimising commitments and identifying key tenement groups that can deliver value through supplementing the likely development projects. anagement is assessing a number of potential funding proposals in line with the Company s broader funding requirements including the current $7.00 million debt facility from Rand erchant Bank (RB). EXPLORTION - Gold () Planning continued for Rotary ir Blast (RB) testing a number of targets along the Evanston Shear Zone. This RB program will be the first test t of an ongoing exploration program p along the Evanston Shear. uger drilling recommenced in early January to extend coverage and refine surface geochemical anomalies that were identified in Figure 2 shows exploration prospectivity for the area. Figure 2: Evanston Shear exploration prospectivity Page 5

6 Goldfields Ltd SX nnouncement 31 January 2014 () Exploration work at remained suspended while the Company focused on the Gold Project development and the completion of corporate activities. t Boppy () Exploration work at t Boppy and the Canbelego tenements remained at low levels while the Company focused on the Gold Project development and the completion of corporate activities. Turner River (75%) inimal activity occurred, with formally notifying De Grey that it was withdrawing venture on 20 December 2013 in order to preserve capitall for development priorities. from the joint EXPLORTION Base etals Copper Bore Base etal Project Exploration and development work at Copperr Bore remained at loww levels while the Company focused on the a Gold Project development and the completion of corporate activities. Western reas NL Nickel Joint Venture ( 30% nickel interest,, non-nickel interest 1 ) 1. retains of non-nickel rights (otherr than iron ore) ) under its nickel rights agreement with Western reas. n extensive stratigraphic drilling and auger geochemical samplingg program has been completed by the joint venture to determine the extent and type of ultramafic stratigraphy inn the a area, and to broadly screen the adjoining areas for f direct traces of nickel sulphidee anomalism. total of 93 air-core holes (3,425m)) were completed testing key stratigraphic traverses within the area. While the assays have been received, the ta is still beingg compiledd and initial observations indicate that the drilling did confirm the presence of thick cumulate, high goo ultramafics at Evanston and southern. Specific material will be selected and sampled for whole rock analysis in an attempt to determine potential for the t ultramafic units to host nickel sulphides. s Frank Terranova anaging Director ENDS For further details, pleasee contact Frank Terranova, anaging Director, Goldfields Ltd Telephone: , frankt@scross.com.au Refer to Page 6

7 Goldfields Ltd SX nnouncement 31 January 2014 PPENDIX 1 Disclosuress Required Under SX Listing Rule ining tenements held at the end of the quarter and their location State Tenement Name Tenement ID Location Interest Holder Comments Canbelego t Boppy ine t Boppy ine t Boppy ine t Boppy ine t Boppy ine t Boppy ine t Boppy ine Johnston Range Johnston Range Johnston Range Koolyanobbing EL 5842 GL 3255 GL 5836 GL 5848 GL 5898 L 311 PL 240 L 1681 E77/1374 E77/1391 E77/1630 E77/1692 E77/2092 E77/2093 E77/2094 E77/2095 E77/2096 E77/ / / / / /228 P77/3614 P77/3628 P77/3629 P77/3630 P77/3631 P77/3632 P77/3633 P77/3634 P77/3635 P77/3636 P77/3665 P77/3666 P77/3970 P77/3996 P77/3997 P77/4223 P77/4224 P77/4225 P77/4232 P77/4233 E77/1280 E77/1281 E77/1807 E77/2013 E77/1117 E77/1164 E77/1295 E77/1321 E77/1322 E77/1375 E77/1423 E77/1427 Johnston Range Johnston Range Johnston Range Koolyanobbing (2) (2) (1) (1) (1) (2) 85% (2) 85% (2) 85% (2) 85% (2) 90% 85% (2) 85% (2) (2) (2) 90% (3) 90% (3) (2) (2) (2) (2) PB PB PB PB PB PB PB PB GRY JY GEO GEO GEO GRE J / / / / GRY / / GRY GRY PIL PIL PIL PIL PIL RD RD RD /RD Gra Renewal pending Renewal pending Renewal pending Renewal pending Renewal pending Renewal pending Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra p Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra p p p p p Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Page 7

8 Sta ate Ten ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard Souther nement Name rn Cross Goldfie e Tenemen E77/1459 E77/1462 E77/1474 E77/1477 E77/1498 E77/1500 E77/1505 E77/1508 E77/1509 E77/1649 E77/1650 E77/1653 E77/1654 E77/1657 E77/1658 E77/1659 E77/1699 E77/1728 E77/1741 E77/1742 E77/1766 E77/1791 E77/1803 E77/1814 E77/1817 E77/1879 E77/1880 E77/1893 E77/1899 E77/1900 E77/1911 E77/1921 E77/1976 E77/1997 E77/2018 E77/2024 E77/2025 E77/2067 E77/2081 E77/2105 E77/2106 E77/2107 E77/2109 E77/2110 E77/2124 E77/2140 E77/2141 G77/120 G77/35 L77/238 L77/239 L77/240 L77/241 L77/242 L77/258 L77/259 L77/260 L77/261 77/ /1272 elds Ltd nt ID L Location SX nn Interest (2) (2) (2) (2) (2) (5) (6) (6) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) (6) (6) (6) (2) (6) (6) (2) (4) (4) (2) (4) (4) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) nouncement Holde GEO JY JY JY GRE GRE SNH FOR 31 January 201 er Co pp pp pp pp pp pp pp Page 14 omments 8

9 Sta ate Ten ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard ard Souther nement Name rn Cross Goldfie e Tenemen 77/394 77/576 77/646 77/824 77/931 77/962 77/973 P77/3412 P77/3414 P77/3460 P77/3461 P77/3462 P77/3552 P77/3801 P77/3802 P77/3816 P77/3817 P77/3898 P77/3899 P77/3901 P77/3903 P77/3936 P77/3967 P77/3968 P77/3978 P77/3979 P77/3994 P77/4022 P77/4028 P77/4029 P77/4055 P77/4076 P77/4077 P77/4078 P77/4101 P77/4118 P77/4119 P77/4170 P77/4171 P77/4179 P77/4180 P77/4181 P77/4193 P77/4194 P77/4195 P77/4204 P77/4221 P77/4222 P77/4226 P77/4227 P77/4228 P77/4229 P77/4230 P77/4231 P77/4238 P77/4239 P77/4240 R77/1 R77/2 P77/4127 elds Ltd nt ID L Location SX nn Interest (2) (6) (2) (6) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) (6) (2) (2) (2) (2) (2) (2) (6) (2) (2) (6) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) nouncement Holde JY JY JY 31 January 201 er Co pp pp pp pp pp pp pp pp pp Page 14 omments 9

10 Sta ate Ten ard ard ou ou ou ou nd nd nd nd nd nd nd nd nd nd nd nd nd nd nd nd nd nd nd nd nd nd nd nd nd nd nd nd nd nd nd nd nd nd nd nd nd nd nd nd nd Souther nement Name - Evanston - Evanston unt Holland unt Holland unt Holland unt Holland rn Cross Goldfie e Tenemen E77/1376 E77/1721 E77/1773 E77/1775 E77/1776 E77/1777 E29/564 E29/593 E29/653 E29/655 E29/793 E30/331 E30/423 E30/424 P29/1922 P29/1923 P29/1926 P29/1927 P30/1011 E57/580 E57/583 E57/664 E57/703 E57/704 E57/808 57/1 57/128 57/129 57/130 57/22 57/239 57/248 57/266 57/301 57/40 57/415 57/416 57/417 57/439 57/529 57/530 57/632 57/68 57/88 P57/1091 P57/1092 P57/1095 P57/1108 P57/1109 P57/1110 P57/1114 P57/1115 P57/1116 P57/1117 P57/1118 P57/1119 P57/1121 P57/1122 P57/1203 P57/1204 elds Ltd nt ID L Location - Evanston - Evanston ount Holland ount Holland ount Holland ount Holland SX nn Interest (6) (6) (6) (6) 50% 85% 85% 85% 85% nouncement Holde /O /EL /EL /EL /EL 31 January 201 er Co pp ELX ELX ELX ELX Page 14 omments 10

11 Goldfields Ltd SX nnouncement 31 January 2014 State Tenement Name Tenement ID Location Interest Holder Comments P57/1206 P57/1209 P57/1210 P57/1220 P57/1221 P57/1222 P57/1224 P57/1225 P57/1229 P57/1230 P57/1246 P57/1252 P57/1253 P57/1254 P57/1255 G57/3 L57/10 L57/15 L57/22 L57/23 L57/24 L57/25 L57/26 L57/27 L57/33 L57/34 E77/1233 E77/1599 E77/1726 E77/1778 E77/1790 E77/1837 E77/1938 E77/1939 E77/1965 E77/1996 E77/2009 E77/2091 L77/221 L77/223 L77/224 L77/225 77/ / / / /166 77/948 P77/3645 P77/4016 P77/4036 P77/4037 P77/4038 P77/4079 P77/4080 P77/4103 P77/4112 P77/4113 P77/4120 P77/4121 (6) (6) (6) (6) (6) (6) (2) (2) (6) (2) (6) (6) (6) (6) (6) (7) (6) 90% (3) (6) (6) (6) (6) (6) (2) (2) (8) (6) (6) (6) (6) OT JY /BEL Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Page 11

12 Goldfields Ltd SX nnouncement 31 January 2014 State Tenement Name Tenement ID Location Interest Holder Comments Yilgarn Yilgarn P77/4122 P77/4124 P77/4125 P77/4150 P77/4151 P77/4152 P77/4168 P77/4169 P77/4185 P77/4186 P77/4187 P77/4196 P77/4197 P77/4198 P77/4199 P77/4202 P77/4203 E77/1275 E77/1380 Yilgarn Yilgarn (6) (6) (6) (6) (6) (6) (6) (6) (6) (6) (6) (6) (6) (6) (6) (6) (6) 0% (9) Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra Gra p Gra Gra Gra Gra ining tenements acquired or disposed of during thee quarter and their locationn State Tenement Name Tenement ID Location Interest Holder Comments E57/640 E57/641 E57/667 E77/1234 E77/1289 E77/1293 E77/1384 E77/1488 E77/ /163 P57/1235 P57/1236 P57/1237 P77/3957 P77/3958 P77/3959 E77/2124 P77/4221 P77/4222 (6) 0% (6) (6) (6) (6) (6) (6) (2) /ELX GRY GRY TRY SNH Gra Gra Gra Page 12

13 Goldfields Ltd SX nnouncement 31 January 2014 Beneficial percentage interests held in farm in or farm out agreements at end of quarter State Project greement Parties Interest held at endd of quarter by Comments Name Type exploration entity or o child entityy Nil Beneficial percentage interests in farm in or farm out agreements acquired or disposed of during quarter State Project greement Parties Interest held at end of o quarter by Comments Name Type exploration entity or child entity Turner River Gold Turner River Base etals Wingina Well Prospect Radio ine Farmin /JV Farmin /JV Option Earn-in/JV PTR, DEG PTR, DEG PTR, DEG REN, 0% 0% 0% 0% Withdrew from farmin/jv Withdrew from farmin/jv Within Tuner T River Gold project area, option not exercised, withdreww from farmin/jv Withdrew from farmin/jv Notes Interests in ineral Rights (1) holds of Non-Fe & Ni Rights (2) holds of Non- Fe Rights & 30% 3 Ni Rights (3) holds 90% of all Rights except 30% Ni Rights (4) holds of Non- Fe Rights (5) holds of all Rights and 30% of Ni Rights (6) of all Non-Ni Rights & 30% Ni Rights (7) holds 80% of Non- Ni Rights & 300 % of Ni Rightss (8) holds 95% of Fe Rights & of o all other rightss (9) holds of Non- Fe Rights - Non CESB. Polaris of Non - Fe rights CESB EL GL L PL E L P New South Wales New South Wales New South Wales New South Wales Western ustralia Western ustralia Western ustralia Western ustralia exploration licence gold lease mining lease mining purposes lease exploration licence miscellaneous licence mining lease prospecting licence BEL DEG ELX FOR GEO GRE GRY JY Bellriver Pty Ltd Cliffs sia Pacific Iron Ore Pty Ltd De Grey ining Ltd (and its subsidiaries) s Elixir Holdings Pty Ltd Formula Resources Pty Ltd Geological Resource Solutions Pty Ltd Greenwood Resources Pty Ltd L Gryphon inerals Pty Ltd Jayvee Resources Pty Ltd Page 13

14 Goldfields Ltd SX nnouncement 31 January 2014 J OT PB PIL PTR REN SNH TRY ajeka inerals Pty Ltd otueka Investments Pty Ltdd Other non-corporate individuals Polymetals (t Boppy) Ltd Pilppa Resources Pty Ltd Polaris etals Pty Ltd Polymetals (Turner River) Ltdd Renaissance inerals Pty Ltd Snap Hook () Pty Ltd Goldfields Ltd Troy Resources Ltd Page 14

: 31 October eted; new. Remaining. initiated. Manuka Mtt Boppy ASX: SXG

: 31 October eted; new. Remaining. initiated. Manuka Mtt Boppy ASX: SXG Goldfields Ltd ASX Announcement: : 31 October 2014 Recapitalisation comple eted; new silver projectt acquired HIGHLIGHTS QUARTERLY REPORT FOR PERIODD ENDED 30 September 2014 Recapitalisation and growth