Reed Resources May 2011 Roadshow Presentation

INVESTOR PRESENTATION MAY 2011 Page 1

Important Notice Disclaimer This document has been prepared by Reed Resources Ltd (“Reed” or “the Company”) to provide an update of the Company to investors and potential new shareholders.

Any statements, opinions, projections, forecasts or other material contained in this document do not constitute any commitments, representations or warranties by Reed and associated entities or its directors, agents and employees. Except as required by law, and only to the extent so required, directors, agents and employees of Reed shall in no way be liable to any person or body for any loss, claim, demand, damages, costs or expenses of whatsoever nature arising in any way out of, or in connection with, the information contained in the document.

This document includes certain statements, opinions, projections, forecasts and other material, which reflect various assumptions. The assumptions may or may not prove to be correct.

Recipients of the document must make their own independent investigations, consideration and evaluation of the opportunity to invest in the Company. By accepting this document the recipient agrees that if it proceeds further with its investigations, consideration or evaluation of the opportunity to invest in the Company it shall make and rely solely upon its own investigations and inquiries and will not in any way rely upon the document.

Page 2

Outline 1

Corporate Snapshot, Structure and Management

2

Mt Marion Lithium Project

3

Meekatharra Gold Project

4

Barrambie Vanadium Project

5

Summary

Page 3

Reed Corporate Snapshot Background  Reed Resources Ltd (ASX: RDR) is a WA-focused exploration and mining company, listed in 2002  3 main projects across gold, lithium and vanadium - proven strategy to acquire and develop undervalued assets across varying commodities

Market Capitalisation Last price (27-Apr-11)

$

0.57

Shares on issue (27-Apr-11) *

m

262.2

Market capitalisation

$m

149.5

Cash (estimate end Apri

$m

31.0

Debt (due 30-Jun-11)

$m

9.0

Enterprise value

$m

127.5

* RDR also has 20.5m unlisted executive options on issue (exercisable between $0.75 and $1.20)

 Completed $40 million raising in February 2011 to fund the purchase and feasibility study of 2.5 Moz Meekatharra gold project in Murchison region of WA  Continuing to advance two world-class projects:

12 Month Share Price

» Mt Marion lithium (Reed 70%) poised to be the world’s 2nd largest spodumene producer in 2012

$0.80

» Barrambie vanadium (Reed 100%) – project has the highest grade reserves in Australia and is forecast to produce +US$110 million EBITDA per year in operation

$0.30

3.0m

$0.70

2.5m

$0.60 2.0m

$0.50 $0.40

1.5m 1.0m

$0.20 0.5m

$0.10 $0.00

0.0m

Volume (RHS)

Price (LHS)

Page 4

Reed Project Snapshot

LITHIUM

Mt Marion, 100%

GOLD

Meekatharra, 100%

VANADIUM

Barrambie, 100%

Resource

10.5Mt @ 1.4% Li2O

2.5Moz (contained)

65.2Mt @ 0.82% V2O5

Asset Stage

Under construction

Care & maintenance

Financing/Approvals

JV Partners

Mineral Resources

 Reed to fully fund and develop the project

China Nonferrous Metal Industry (NFC)

 Incorporated JV with MIN who are fully funding evaluation, construction and further exploration

 Near ready production with 3Mtpa mill and camp ($100m replacement cost)

 MOU with NFC for fixed price EPC and financing

 MIN earning 30% on completion of plant

 Assets may merge into wider gold play

 NFC are a Chinese-listed industrials company with a market cap of A$3.2bn

Total Funding

$40 million (inc. BOO)

$33 million (to DTM)

TBA

Cost to Reed

0%

100%

TBA

December Qtr, 2011

Target late 2012

Target 2014

 200,000 tpa of +6% Li2O

 Target 120-150koz pa and 4-5 year production plan

 US$110m EBITDA pa

Production

 Mining approval granted (February 2011)  Assessing downstream processing options

 BFS underway

 Fixed price EPC estimate from NFC due May 2011

 Resource re-estimates, optimise reserves

 NTA in place, PER lodged, EA by June Qtr 2011

Other

Au, Fe, Ni Gold – care & maintenance  Reed 100%  Includes the high grade Comet Vale mine and 250ktpa Nimbus plant

Iron ore (DSO) – exploration  Reed 20%  JV with Cliffs Natural Resources at Mt Finnerty  Maiden JORC resource 4.7Mt @ 53.5% Fe

Nickel – exploration  Reed earning 60%  JV with Barranco Resources at Mt Finnerty  Prospective for massive nickel sulphide mineralisation

Page 5

Reed Board and Senior Management David Reed FCPA, OAM Executive Chairman

Chris Reed BCom, GradCertMinEcon, MAusIMM Managing Director and CEO

Fellow member of CPA Australia with 40 years experience in stockbroking. Extensive public company experience and has a long history in the gold mining industry, including chairman of fund raising for the Australian Prospectors and Miners Hall of Fame and a founder of the Diggers and Dealers forum in Kalgoorlie

Over 15 years experience in the mineral exploration and mining industry and is currently Vice-President of the Association of Mining and Exploration Companies. Graduated from the University of Notre Dame and holds a Graduate Certificate in Mineral Economics from the WA School of Mines. Also an Associate Member of CPA Australia

Steven Cole Llb(Hons), FAICD Non-Executive Director

Craig Fawcett BSc(Hons), GDipMining General Manager – Gold

35 years of professional, corporate and business experience through senior legal consultancy, as well as a range of executive management and non-executive appointments. Extensive experience across the industrial, financial, educational, professional services, health and resources sectors

Qualified geologist and engineer who has previously held the positions of Chief Mine Geologist at Tanami Gold and Avoca Resources during both of their respective start‐up phase of operations. Also held the position of Geology & Mining Manager at Apex’s Wiluna Gold Mine during their re‐start of operations

Peter Collins BSc(Hons), PhD, MAIG Non-Executive Director

Bill Crossley BApdSc, WA 1st Class Mine Manager Project Manager – Lithium/Gold

Over 35 years experience as a geologist and has been an economic geologist and tin-tungsten commodity specialist with the Tasmanian Geological Survey. Has lectured in geology at Curtin University of Technology since 1987 and has been widely active in the investigation of mineral deposits in Western Australia

Mining engineer with over 35 years experience in the management of mines. Previously Project Manager of the Barrambie Vanadium Project for Reed Resources, General Manager of the Macraes Gold Mine in NZ and Operations Manager for Dominion Mining in the Northern Territory. Fellow of both AusIMM and AICD

Ian Junk BEng(Hons), MAusIMM Non-Executive Director

Jason Carone BCom, CA Financial Controller and Company Secretary

Highly respected mining engineer with considerable experience in narrow vein underground mining and project development, having managed several private mining companies and commissioned various mining operations. National finalist in the Ernst & Young – Entrepreneur of the Year awards

Member of the Institute of Chartered Accountants since 2000.

Joined Reed in September 2007 as Financial Controller and in March 2009 was appointed joint Company Secretary. Over 10 years experience working in various professional and corporate capacities in Australia and South East Asia

Page 6

Mt Marion Lithium Project

Page 7

Mt Marion Lithium Project Update Mt Marion (Reed 70%)  Incorporated JV with Mineral Resources (ASX 200: MIN)

Construction and site preparation underway at Mt Marion: [1] part of the secondary cone crusher (top) and [2] administration office pad (foreground) and site construction offices (at rear)

» MIN is a diversified contractor with +A$2 billion market cap  Under the JV terms, MIN will: » Operate the project » Fully fund evaluation and development costs » BOO processing plant - construction underway » Complete Wet Commissioning by 15 Dec 2011  Initial output 200,000 tpa of +6% Li2O (chemical grade) – Mt Marion will be the world’s 2nd largest spodumene producer » First shipment March Q 2012 » By-products include mica and tantalum  Lithium carbonate PFS completed by Hatch in 2010 indicating: » NPV of US$404 million (12% discount) and IRR of 68% providing a <2 year pay back » Capital cost US$63m (China) - $70m (Malaysia)  Gresham appointed December 2010 to advise on downstream processing options, partial/full sale – several under consideration

Page 8

Lithium Resource Estimate Resource

Tonnes

Li Grade

Fe Grade

(Mt)

% Li2 O

% Fe 2 O3

Measured

2.1

1.5

1.1

Indicated

3.9

1.4

1.2

Inferred

4.5

1.3

1.9

10.5

1.4

1.4

Classification

Total

» All 5 deposits open along strike and at depth Potential for significant addition to current resource base: » Only 1 of 3 pegmatite groups have been explored » Currently drilling with additional exploration target : 10-15Mt @1.1 –1.4% Li2O

Page 9

Lithium Strategy â&#x20AC;&#x201C; Integrated Producer

Page 10

Comparison – Australian Lithium Mineral Producers Mt Marion project valuation (EV) using: Talison = $261m

Australian Lithium Mineral Producers

Market Cap Net Cash

EV

(1) Prodn (2) EV/Prod kt pa LCE $/t LCE

$m

$m

$m

504

75

429

48.8

?

29.7

273

20.3

Implied EV (1x2)

Talison Lithium (TSX: TLH) Greenbushes

Galaxy = $398m

Concentrate producer

Hatch study >$600m

Mt Marion

8,781

$261m

13,417

$398m

Reed Resources (ASX: RDR) LiC developer

Assumptions

Galaxy Resources (ASX: GXY)

[1] 1 AUD = 1.03 CAD

Mt Cattlin

[2] Talison net cash position based on net debt of $2.6m as at Dec-10 and cash raise of C$80m in Feb-11

Integrated LiC developer

[3] Talison production annualised based on 36,600t LCE for the 9 months to 31-Mar-11 [4] Galaxy net cash position based on $91.5m raising (Nov-10), $120m raising (Apr-11), restricted cash of $48.1m (Dec-10) less bank debt and convertible bonds totalling $166.1m

362

89

Deposit Comparisons Talison - Greenbushes

Reed – Mt Marion

Galaxy – Mt Cattlin

 Incline vein pegmatite

 Flat lying vein pegmatite

 Flat lying pegmatite

 Head grade 3% Li2O

 Head grade 1.3% Li2O

 Head grade 1% Li2O

 Glass, ceramic, chemical grade

 Chemical grade

 Chemical grade

 Strip ratio 3.3:1

 Strip ratio 2.4:1

 Strip ratio 5.6 :1

[5] Galaxy production based on planned annual production from Mt Cattlin of 137,000t @ 6% Li2O Source: Reed Resources Ltd

Page 11

Meekatharra Gold Project Geology  800km2 tenement holding covering  > 100km strike length over Murchison greenstone belt  Proven, fertile greenstone 

Past production > 13 Moz



Hosts multi‐million ounce deposits at Mt.Magnet, Big Bell, Tuckabianna, Reedys, Yaloginda and Paddys Flat

 Project area past production circa 4.5Moz

History  Mercator purchased the Meekatharra interests from St.Barbara Mines in 2004  Mercator spent A$26m on exploration to establish a JORC resource of 2.5Moz and reserve of 0.4Moz by 2007  Mercator spent A$6m refurbishing Bluebird mill to produce 120koz pa  Mining commenced in 2007 and produced 44,000oz prior to suspension of operations in October 2008

Page 12

Meekatharra Gold Project RESOURCE 44MT @ 1.7g/t

2.5Moz

RESERVE 3.8MT @ 3.4g/t

420Koz

3 Mtpa Processing Plant 180 Man Camp Freshwater Bore Field Immediate Mining Reserves Page 13

Reed Turnaround Strategy Target

Initial 4-5 year sustainable production profile

First steps

 Dedicated gold team led

by Reed’s chief geologist and GM–Gold, Craig Fawcett. Full team is now in place.

In Progress Advanced Advanced

 Intensive evaluation of

18 open-pit and underground ore bodies

 Comprehensive re-

modelling and reestimation of resources using current economic parameters

RESULTS - Substantial increases in grade and/or tonnes

 Commenced BFS – due Feb 2012

Page 14

Project Area 1 - Paddys Flat  Historical Production 1.5 Moz Open pit mining 1989-2004 0.8 Moz Underground pre-1985 Northern Corridor

 Resources 25.8 Mt @ 1.6 g/t = 1.34 Moz  Reserves (U/G) 1.99 Mt @ 4.8 g/t = 308 Koz  Significant upside on current known orebodies

“Old Mill” Area

Secondary Targets: • Northern Corridor • “Old Mill” • Fold axis defined by magnetics • Mickey Doolan Metallurgical recovery work

Page 15

Prohibition Long Section

Project Area 1 - Paddys Flat  Probable U/G Reserve 1.37 Mt @ 4.1 g/t = 179,000 oz  Ready for new Resource then Reserve Estimation this month  Excellent widths x grades = immediate low-risk open-pit cutback  Stacked parallel lode system (25-30m) is open at depth

Page 16

Consols-Vivians Long Section

Project Area 1 - Paddys Flat  Probable U/G Reserve 256,000t @ 10.4 g/t = 83,000 oz  Resource model good  Re-optimisation for both open-pit and underground exploitation  Narrow Quartz Vein Lode (2-3m wide) system is open at depth  Potential higher grade blending material

Page 17

Mudlode Long Section

Project Area 1 - Paddys Flat MUDLODE  Total Resource 390,000t @ 5.5 g/t = 68,800 oz  Continuation of historic Alberts Mine  Quartz Veins (~ 5-6m wide) FATTS  Total Resource 710,000t @ 2.75 g/t = 63,000 oz  Massive plunging stockwork mineralisation (~40m wide) Combined Mudlode/Fatts Reserve 362,000 t @ 4.0 g/t = 46,000 oz

Page 18

Page 19

Project Area 2 – Yaloginda  3 Mtpa Bluebird Process Plant  18 historical open pits 3 underground operations  Probable O/P Reserves 1.75 Mt @ 2 g/t = 114,000 oz  Evaluating re-modelling and estimation of South Juntion (O/P) and Gibraltar (U/G)  New (?) Copper-Gold Discovery at Chunderloo

Page 20

Bluebird Cross Section

Project Area 2 – Yaloginda  Reserve (O/P) 1.4 Mt @ 1.92 g/t = 87,000 oz  Porphyry/Felsic Host (~ 30m wide)  De-risked through previous mining  Projected cash cost A$885/oz  Infill drilling planned to capture additional inferred 13,000 oz.  Target Cash Cost A$700-750/oz  Potential for bulk underground operations post open-pit phase

Page 21

Surprise Pit

Project Area 2 – Yaloginda  Reserve (O/P) 136,000t @ 3 g/t = 13,000 oz  Quartz/Porphyry Host (~ 20m wide)  De-risked through previous mining  New resource/reserve estimate to evaluate cutback to capture Jess (was under highway)  Potential for underground operations post open-pit phase

Page 22

Chunderloo Copper-Gold Prospect

Project Area 2 â&#x20AC;&#x201C; Yaloginda

Page 23

Project Area 3 - Reedys Historical Production ~230,000 oz Triton Underground 1937-48 ~750,000 oz Metana/Homestake 1990’s  Closed in 1997 when gold price was US$300/oz Total Resources 4.89 Mt @ 2.5 g/t = 395,000 oz  Reserve Estimation in progress  Initial review of southern 5 pits indicate significant immediate open pit and underground reserve conversion Targets: • Jack Ryan Repeats • Culcilli Line • South Emu • Underground mining evaluation to be undertaken

Page 24

Southern Group Long Section

Project Area 3 - Reedys

Page 25

Jack Ryan Long Section

Project Area 3 - Reedys Total Resource 1 Mt @ 2.5 g/t = 79,600 oz Grade up 34% Indicated Resource 341 Kt @ 2.9 g/t = 32,000oz Grade up 38%  Felsic Host (~ 25m wide)  De-risked through previous mining  Planned infill drilling to upgrade Inferred resources  Potential for underground operations post open-pit phase

Page 26

Rand Long Section

Project Area 3 - Reedys

Total Resource 2.79 Mt @ 2.6 g/t = 233,600 oz Grade up 10% Ounces up 23% Indicated Resource 642 Kt @ 2.4 g/t = 49,400oz Grade up 26% De-risked through previous mining Planned infill drilling to upgrade Inferred resources Potential for underground operations post openpit phase

Page 27

Underground Potential

Project Area 3 - Reedys

CONTINUITY  Structure  Geology  Tenor (Grade)  Depth

Page 28

Gold Peer Comparisons Peers

ASX

Shares

Price

Mkt Cap

Resource

Mkt Cap/Res

(*close to Reed project area)

Code

(m)

($)

($m)

(Moz)

($/oz)

Apex Minerals NL

AXM

5,550.2

0.01

61.1

2.2

27.5

Crescent Gold Limited

CRE

1,077.9

0.06

60.4

2.1

29.1

Doray Minerals Limited*

DRM

61.8

0.93

57.2

0.1

410.9

Focus Minerals Ltd

FML

3,414.5

0.08

283.4

2.1

138.2

Navigator Resources Limited

NAV

465.8

0.19

88.5

1.7

52.6

Norton Gold Fields Limited

NGF

685.9

0.17

113.2

6.1

18.6

Ramelius Resources Limited*

RMS

291.7

1.37

399.6

3.5

115.0

Saracen Mineral Holdings Limited

SAR

492.2

0.74

364.2

3.3

110.4

Silver Lake Resources Limited*

SLR

178.9

2.20

393.5

3.0

132.6

St Barbara Limited

SBM

325.6

2.24

729.4

7.7

94.7

Westgold Resources Limited

WGR

394.3

0.29

114.3

3.0

38.1

RDR

262.2

0.57

149.5

2.7

56.4

28.5

2.5

11.0

Average (ex Doray)

73.7

Reed Resources Ltd Reed Resources Ltd - Meekatharra only

 Meekatharra represents a world class project that can develop into a strong long term producer of gold  Reed is acquiring 100% of the Meekatharra project from Mercator for $28.5m with no outstanding obligations being passed onto Reed (refer ASX release 12 January 2011)  Highly attractive pricing with an acquisition cost of $11/oz resource inclusive of +A$100m infrastructure  Current peer median of $74 market cap per resource ounce

$ Market Cap / Resource oz $140 $120 $100 $80

Average $74/oz

$60 $40 $20

Reed acq. $11/oz

$0 DRM FML SLR RMS SAR SBM RDR NAV WGR CRE AXM NGF Reed*

Page 29

Re-establishing the Integrity and Credibility of Meekatharra

• Careful planning and compliance • Disciplined and thorough exploration • Detailed evaluation and feasibility studies • Reliable development schedules • Sustainable operations

Page 30

Barrambie Vanadium Project

Page 31

Barrambie Vanadium Project Barrambie (Reed 100%)  Located 125km north-east of the Windimurra Vanadium Project in the Murchison region of WA, Barrambie has the highest grade vanadium reserves in Australia

Location of the Barrambie vanadium project showing proximity to the Windimurra vanadium project and key infrastructure including the Midwest gas pipeline and Geraldton port

 DFS completed in May 2009 indicating total capex of A$630m, initial 12.5 year mine life and US$110 m annual EBITDA at five year average vanadium price  Native Title Agreement in place and PER lodged, with Environmental Approval expected in June Quarter 2011  MOU signed with Chinese conglomerate NFC covering fixed price EPC arrangements and financing of the project (expected to deliver significant savings on DFS) - represents the next step towards the successful development of Barrambie  NFC are a Chinese company, listed on Shenzhen stock exchange with a market capitalisation of +$3.2bn - primarily engaged in international projects including construction and development of non-ferrous metal resources and the manufacture and sale of nonferrous metal products  Reed and NFC currently in discussion with lenders and potential equity financing partners  Significant exploration upside along strike, at depth and at Virginia Hills, with potential to add to existing resources and extend project life

JORC Resources Project

Classification

Tonnes (Mt)

V2 O5 (%)

TiO2 (%)

Barrambie

Indicated

49.2

0.82

17.3

Inferred

16.0

0.81

17.2

65.2

0.82

17.3

Tonnes (Mt)

V2 O5 (%)

TiO2 (%)

39.7

0.82

15.7

39.7

0.82

15.7

TOTAL INDICATED & INFERRED JORC Reserve Project

Classification

Barrambie

Probable

TOTAL PROBABLE

Page 32

Vanadium Market – Strong Long Term Fundamentals

$75

+

+ Titanium-Vanadium Alloys Increasing intenisy of use in aerospace

+ Lithium Vanadium EV Batteries Highest voltage → POWER Highest energy density → RANGE Contains 4kg Li, 20kg of V

= ?

Vanadium Redox (Liquid) Batteries Renewable energy storage, peak shaving, load levelling, backup High efficiency, long life >20yrs Variable input/fixed output Power (cell) and capacity (concentration and volume) varied to suit application.  1MWh storage = 9 t of V2O5

Page 33

Summary

• Deliberately diversified • World-class projects • Strategic commodity base • Strong management • Well-funded • Significant discount to peer comparisons on all projects

Page 34

Appendix 1

JORC Statement

COMPETENT PERSONS STATEMENT Geological aspects of this report have been compiled by Mr Craig Fawcett (MAIMM), a full time employee of Reed Resources Ltd. Mr Fawcett has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which is being reported on to qualify as a Competent Person as defined in the Code for Reporting of Mineral Resources and Ore Reserves (2004). Mr Fawcett consents to the inclusion in this report of the matters in the form and context in which it appears.

HISTORICAL RESOURCES – PAGE 8 Information in this report that relates to Indicated and Inferred Resources at Reedys was published in the St Barbara Mines Ltd 2005 Annual Report and is based upon reports prepared by Cube Consulting Pty Ltd who were commissioned by St Barbara Mines Ltd in July 2005 and its consultant Ms Ruth Vernon to undertake a new resource estimation for the Reedys Project. Information in this report that relates to Indicated and Inferred Resources at Meekatharra was published by Mercator Gold Ltd in 2007 and is based upon information reports prepared by Snowden Consulting Pty Ltd who were commissioned by Mercator Gold Ltd to undertake a new resource estimation of the Bluebird Pit and several select orebodies from the Paddy’s Flat area near Meekatharra.

HISTORICAL RESERVES – PAGE 8 Information in this report that relates to Probable Reserves at Meekatharra was published by Mercator Gold Ltd in 2007 and is based upon information reports prepared by Snowden Consulting Pty Ltd who were commissioned by Mercator Gold Ltd to undertake a reserve estimate of the ore around the Bluebird Pit and Paddy’s Flat revised resource estimate.

MINERAL RESOURCE ESTIMATES 2011 Information in this report that relates to Indicates and Inferred Mineral Resources for 2011 at Reedys (Rand, Jack Ryan and Callisto) is based upon geological domains constructed by Reed Resources internal geological team (under Craig Fawcett BSc MAusIMM – General Manager Gold) and estimates prepared by J Graindorge Bsc MAusIMM(CP) of Snowden Mining Industry Consultants Pty Ltd. Both Mr Fawcett and Mr Graindorge have sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which is being reported on to qualify as a Competent Person as defined in the Code for Reporting of Mineral Resources and Ore Reserves (2004). Both Mr Fawcett and Mr Graindorge consent to the inclusion in this report of the matters in the form and context in which it appears.

ORE RESERVE ESTIMATES 2011 Information in this report that relates to the Surface Ore Reserves at Reedys (Rand, Jack Ryan) was compiled by Gary McCrae, a full time employee of Minecomp Pty Ltd which is a corporate member of the Australian Institute of Mining and Metallurgy. Gary McCrae is a qualified mining engineer who has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent person as defined in the Code for Reporting of Mineral Resources and Ore Reserves (2004). Gary McCrae consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears.

Page 35

Appendix 2

Meekatharra Mineral Resources and Ore Reserves Resource Classification

Project

Indicated Meekatharra North Inferred Sub-Total Indicated Paddy's Flat Inferred Sub-Total Indicated Yaloginda Inferred Sub-Total Indicated Reedys Inferred Sub-Total Indicated TOTAL Inferred TOTAL

Type Open Pit

Project

Bluebird Surprise Batavia Sub-Total Underground Prohbition Vivian/Consols Fatts/Mudlode Sub-Total Meekatharra Package - TOTAL

Tonnes

Gold Grade (g/t)

Total Ounces

706,000 174,000 880,000 17,879,000 7,925,000 25,804,000 9,693,000 3,856,000 13,549,000 1,794,000 3,095,000 4,889,000 30,072,000 15,050,000 45,122,000

1.3 1.2 1.3 1.7 1.4 1.6 1.7 1.8 1.7 2.7 2.4 2.5 1.7 1.7 1.7

29,000 6,000 35,000 986,000 349,000 1,335,000 528,000 227,000 755,000 153,400 241,200 394,600 1,696,400 823,200 2,519,600

Reserve Classification Probable Probable Probable Probable Probable Probable Probable Probable

Tonnes 1,410,000 136,000 200,000 1,746,000 1,372,000 256,000 362,000 1,990,000 3,736,000

Gold Grade (g/t) 1.9 3.0 2.4 2.0 4.1 10.4 4.0 4.8 3.51

Total Ounces 87,000 13,000 14,000 114,000 179,000 83,000 46,000 308,000 422,000

Page 36