Quarterly Report for the three months ending 31 March 2011

PANAUST LIMITED ABN 17 011 065 160 Level 2, 99 Melbourne Street PO Box 3468 South Brisbane QLD 4101 Australia T: +61 (0)7 3117 2000 F: +61 (0)7 3846 4899 E: info@panaust.com.au 20 April 2011 Quarterly Report for the three months ending 31 March 2011 Phu Kham Copper Gold Operation, Laos Quarterly copper in concentrate production of 15,029t was in line with the production schedule. The average C1 1 cash cost of US$0.90/lb copper (after gold and silver credits) beat expectations. Growth Projects Ban Houayxai Gold Silver Project, Laos On track for commissioning in late 2011; ball mill installation in progress; installation of CIL tanks well advanced. Environmental approvals received. Phu Kham Upgrade Project, Laos Detailed engineering commenced; the Project remains on track for commissioning during the first half of 2012. Inca de Oro Copper Gold Project, Chile Acquisition of a majority interest in the Inca de Oro Project completed. Feasibility Study work commenced. Phonsavan Copper Gold Project, Laos Initial Mineral Resource estimate for the KTL copper gold deposit of 80.4 million tonnes and average grades of 0.43% copper and 0.19g/t gold. Resource drilling program commenced at Tharkhek. Corporate At 31 March 2011 the Company had a net cash balance (total cash balance less drawn down debt facilities) of US$109.9 million. PanAust received the 2011 award for Best Community Development Initiative, Southeast Asia category, at the Asia Mining Congress in Singapore. Reflecting PanAust s growth, the Company became a constituent of the S&P/ASX 100 index on 7 April 2011. 1 Brook Hunt convention for reporting direct cash costs comprising: mine site, concentrate transportation and freight, treatment and refining charges and marketing costs. Based on payable copper in concentrate produced. www.panaust.com.au

Phu Kham Operation, Laos (90% PanAust) Introduction Copper production for the quarter was in line with the production schedule and cash cost performance was better than budget largely due to higher than budgeted precious metal production and prices received. Phu Kham achieved copper production of 15,029t at an average C1 cash cost of US$0.90/lb after precious metal credits (Table 1). Precious metal credits for the quarter averaged US$0.66/lb copper. Planned production incorporated the impact of a planned five day maintenance shutdown to undertake a SAG mill reline. Production targets were achieved despite a four day unplanned maintenance shutdown in late March to replace a ball mill trunnion bearing. The mill was brought back on line on 2 April. The next major mill shutdown is scheduled for the December quarter 2011. Table 1: Production and cost summary Phu Kham Operations Production summary (100% equity basis) Units 3 months to 31 Mar 2011 Copper in concentrate t 15,029 Gold in concentrate oz 13,292 Silver in concentrate oz 121,219 C1 cash cost after precious metal credits 2 US$/lb Cu 0.90 Further details of the production and cost performances are contained in Table 6 and Table 7 of this report Production Performance The Operation processed ore at an annualised rate of 12.5Mt (above nameplate capacity of 12Mt/annum) despite the impact of the shutdowns which reduced mill availability by 10%. A monthly record for total material (ore and waste) mined of over 3Mt was set in January. Additional process plant flotation capacity was installed during the quarter as part of an ongoing recovery improvement program. The addition of a Jameson cell, which was commissioned in March, increased the cleaner circuit capacity and, together with an additional rougher flotation cell, should result in an increase in copper recovery. Pay metal in concentrate sales during the March quarter totalled 14,601t of copper, and 13,077oz of gold and 110,320oz of silver. The average copper, gold and silver prices realised (after hedging) were US$4.40/lb, US$1,230.72/oz and US$31.69/oz respectively. Production and cost guidance Total tonnes processed and hence concentrate production are scheduled to increase through the balance of the year. PanAust currently estimates that 2011 year production at Phu Kham will be between 62,000t and 65,000t of copper in concentrate at an average C1 cash cost of between US$0.95/lb and US$5/lb copper after precious metal credits 3 from 50,000oz to 55,000oz gold and 450,000oz to 500,000oz silver. 2 Based on invoiced pricing for gold and silver 3 Assumes gold and silver prices of US$1,350/oz and US$28.00/oz respectively and US$0.85/litre diesel fuel cost Page 2

Growth PanAust has a corporate strategy focused on growth by discovery, acquisition and development. Key components of this strategy are: a commitment to progressing capital efficient organic growth opportunities; the acquisition of producing or pre development copper assets; and, pursuit of an active exploration and resource development program in Laos. Committed Growth Commissioning and ramp up of the Phu Kham Upgrade and Ban Houayxai Gold Silver Projects in 2012 will see combined annual production from these two operations of 65,000t to 70,000t copper and more than 150,000oz gold and 1,000,000oz silver. At commodity prices of US$4.00/lb copper, US$1,350/oz gold, US$28/oz silver, precious metals would account for nearly 30% of revenue. A likely increase in capital costs to complete Ban Houayxai will be offset to a significant degree by capital cost savings for the Phu Kham Upgrade. A detailed review of the capital costs for both projects will be completed during the June quarter. Planned Growth Completion of a successful feasibility study in 2012 at the Inca de Oro Copper Gold Project and an anticipated two year construction program should see Group attributable annualised production grow to approximately 100,000t copper, 200,000oz gold and over 1,000,000oz silver during 2014. Scoping studies have commenced on the development concept for the Phonsavan Copper Gold Project in Laos with the target of establishing a project with a capacity to produce over 30,000tpa of copper in concentrate plus gold credits. PanAust also anticipates completing in 2012 the necessary permitting for an open pit mine and leach/sx EW facility at the Puthep Copper Project in Thailand for production of circa 25,000t to 30,000t copper cathode. Phu Kham Upgrade Project The Phu Kham Upgrade Project is aimed at delivering, from mid 2012, an increase in design copper in concentrate production to between 65,000tpa and 70,000tpa from current design levels of between 60,000tpa and 65,000tpa. Implementation will increase ore processing rates and improve metal recoveries and is timed to coincide with a scheduled decline in ore head grade. Detailed engineering, which incorporated the results of plant capacity testing, has led to changes to the scope of the upgrade. The capacity test work confirmed that additional filter and crushing capacity which had previously been included in the project scope were no longer required to meet the upgrade objectives. The changes in scope are expected to reduce the original capital cost estimate of US$110 million to less than US$100 million. A detailed review of the capital costs will be completed during the June quarter. Phu Kham resource extension Resource extension drilling continued during the quarter to test the northern and northwestern limit of the Phu Kham copper gold deposit outside of the current planned pit boundary. Data from the drilling will be incorporated into the annual mineral resource and Page 3

ore reserve estimate updates which are scheduled to be completed during the June quarter 2011. Intersections from the drill program are detailed in Table 9. Ban Houayxai Gold Silver Project, Laos (90% PanAust) The Ban Houayxai gold silver deposit is located approximately 25km west of the Phu Kham Copper Gold Operation. The Project comprises an open pit mine feeding ore to a conventional 4Mtpa Carbon In Leach (CIL) process plant that is scheduled to produce on average 100,000oz of gold and 700,000oz of silver per annum for more than eight years. At the end of the quarter, Project expenditure and commitments totalled approximately US$84 million. Upward pressures on the previously stated capital cost estimate of US$150 million are expected to result in an increase of approximately US$25 million. The increase is largely due to higher than expected site and access earthworks, and the cost impact of a stronger A$/US$ exchange rate (over 20% of project costs are denominated in A$). A detailed review of the capital costs will be completed during the June quarter. During the quarter, environmental approvals (Environmental Compliance Certificates) were issued by the Government of Laos, Water Resources and Environmental Authority for the Ban Houayxai Project and associated 115kv transmission line from Vang Vieng. The Project is on schedule for initial commissioning to commence in late 2011 with steady state production attained during the March quarter 2012. Ban Houayxai Gold Silver Project site Page 4

Ban Houayxai Project: ball mill being installed Ban Houayxai Project: CIL tank installation is well advanced Ongoing resource development drilling at Ban Houayxai is aimed at defining a recently identified, pervasive high grade gold silver zone that extends from surface through the oxide and primary zones of the deposit, and upgrading the resource categorisation of deeper primary mineralisation with the target of extending the mine life to ten years. Annual mineral resource and ore reserve estimate updates are scheduled to be completed during the June quarter 2011 but a further update will be completed before the end of 2011 to incorporate the data from the high grade zone drill program. Significant intersections from recent drilling are presented in Table 10 and include: HDD219 20 metres at 5.83g/t gold and 54.2g/t silver from 40 metres, including: 1 metre at 93.3g/t gold and 78.0g/t silver from 57 metres Drill hole HDD219 confirmed the continuity of the high grade gold silver zone. Page 5

Inca de Oro Copper Gold Project, Chile (59.4% PanAust) During the quarter, PanAust completed the acquisition of a majority interest in Inca de Oro S.A., the owner of the Inca de Oro Copper Gold Project in Chile, from Corporación Nacional del Cobre de Chile ( Codelco ). The Company will move rapidly to complete the feasibility study for the Inca de Oro Project, with the objective of placing orders for long lead items in early 2012. A program of drilling commenced earlier this month to provide additional data for incorporating into the feasibility study. The acquisition fits well with PanAust s corporate strategy for growth and represents an excellent opportunity to establish a business in one of the world s most attractive copper mining regions. As previously reported, important commercial terms of the shareholder agreement between PanAust Minera (PanAust 90%) and Codelco include: Inca de Oro S.A. will be run as a commercial business entity that will pursue mine development opportunities, manage operations and conduct new business activities in Chile. At Codelco s request, PanAust Minera will make available to Inca de Oro S.A. a shareholder loan of up to US$100 million to facilitate project financing. In the event of a change in control of PanAust, Codelco will have the option to acquire PanAust Minera s interest in Inca de Oro S.A. at fair market value if they do not want to be associated with the new controlling entity. Assuming that the Inca de Oro deposit is developed into a mining operation and following financial completion (satisfaction of project finance caveats for operating performance) Codelco has a right to cause Inca de Oro S.A. to list on the Santiago Stock Exchange. Phonsavan Copper Gold Project, Laos (90% PanAust) During the quarter, PanAust announced an initial Mineral Resource estimate for the KTL copper gold deposit of 80.4 million tonnes and average grades of 0.43% copper and 0.19g/t gold (details of the Mineral Resources are contained in Table 8). The Project comprises two copper deposits: KTL and Tharkhek, located 5km apart and close to existing road and power infrastructure. Resource drilling programs are underway to define sufficient resources to justify the development of a copper gold operation. At the end of the quarter, five drill rigs were in operation: two at KTL and three at Tharkhek. Scoping studies have commenced on the development concept for the Project which contemplates two open pit mines (KTL and Tharkhek) feeding a central processing plant with a capacity to produce approximately 30,000tpa of copper in concentrate plus gold credits. Resource drilling at KTL focused on infill and down dip extensions to mineralisation. Mineralisation dips moderately to the south at between 30 degrees and 40 degrees and has a strike length of 2km and remains open along strike to the east and down dip. Significant drill assay results from the current program are presented in Table 11. Drilling commenced during the quarter at the Tharkhek copper gold deposit. Numerous wide intercepts, up to 26 metres, of skarn mineralisation have been encountered in the initial drill holes. Assay results are pending. Page 6

Drilling at Tharkhek will also test extensions to the high grade gold skarn discovery (announced in June 2010), which is adjacent to the copper gold deposit. It is possible that there will be a need to incorporate a discrete gold processing option into the development concept to accommodate a successful outcome from that part of the drilling program. Puthep Copper Project, Thailand (49% PanAust) 4 The development concept being evaluated for Puthep is an open pit mine and whole of ore leaching process to produce 25,000t to 30,000t of cathode copper per annum over an eightyear mine life. Further leach test work is underway and is scheduled to be completed during the second half of 2011. Later this year, the joint venture will submit a mine plan to apply for mining leases and commence community consultation and complete an Environmental and Social Impact Assessment study. Regional Exploration, Laos (90% PanAust) PanAust is undertaking regional exploration activities at several defined prospects within the Company s 2,636km 2 Contract Area in Laos. The area is under explored and is highly prospective for copper and gold, offering excellent potential for the discovery of significant new resources as the basis for organic growth. Sustainability Safety No lost time injuries (LTI s) were recorded during the March quarter. The Company s safety record remains excellent by international comparison. The LTI frequency rate (LTI s per million man hours) on a 12 month rolling average basis at 31 March 2011 was 0.45. Environment There were no reportable environmental incidents during the quarter. Local Community Projects, Laos For the second year in succession, PanAust received the awarded for Best Community Development Initiative in the Southeast Asia category at the Asia Mining Congress Global Mining Sustainability Awards in Singapore. This year s award recognised the positive contribution that PanAust s Technical Trades Training program is making to local communities and the greater Lao economy. It was judged by a panel with representatives from the International Council on Mining and Metals, the International Finance Corporation and the University of Queensland Centre for Social Responsibility in Mining. Since 2006, PanAust s Technical Trades Training program has been building much needed skills and long term capability within local communities by delivering formal Lao recognised trade qualifications in the fields of welding and fabrication, automotive mechanical, 4 PanAust will earn a 51% interest in the Puthep Company upon completing a feasibility study on the PUT1 deposit and has further options to acquire a total 60% to 70% interest Page 7

automotive electrical, electrical fitting, and heavy mechanical engineering and mechanical fitting. In January 2011, 26 Lao employees graduated from the first Leadership Development Programs. The programs are aimed at developing leadership skills within the Company s Lao workforce. In the vicinity of Phu Kham, PanAust continues to advance a number of community development projects mainly in the neighbouring villages of Nam Mo and Nam Gnone. Education, health, infrastructure and business development are the main focus, with projects progressed in full consultation with local community and government. Activities and achievements for the quarter included: Community health: new health centre opened in Nam Gnone; health education presentations were undertaken at Ban Nam Gnone, Ban Nam Mo and Ban Nam Cha villages; 272 local families receiving assistance to construct household latrines. Community development: training in veterinary skills and animal husbandry; agricultural training to five local villages to introduce farmers to methods for growing tomatoes and water melons new crops suited to local conditions and purchased in large volumes by the Phu Kham accommodation camp kitchen. Local businesses, financed through the Village Savings and Credit Fund, now supply 10 tonnes of fresh produce each month to the Phu Kham camp. With development activities increasing at Ban Houayxai and Phonsavan, Community Development Funds have been established, similar to that established at Phu Kham, to support local community development initiatives in those areas. Community Education: adult literacy and numeracy courses in Nam Gnone to improve livelihood opportunities for local people. This is part of a regular program organised in cooperation with the District Education Authority. Road safety awareness education program for school children was attended by over 800 students in three primary schools and was conducted in coordination with the Hom District Police and Department of public works. Local Community Projects, Thailand PanAust has been building a community relations program at the Puthep project in Loei Province of Thailand, in association with the ongoing ESIA work being conducted by Kasetsart University. Page 8

Corporate At 31 March 2011, the Company had cash of US$154.9 million, debt of US$45 million, undrawn debt facilities of US$55 million, and a mobile equipment lease facilities drawn to a total of US$47.3 million. Copper price exposure PanAust s current hedging policy seeks to maintain a significant exposure to the prevailing copper price while protecting the Company against near term sharp falls in the copper price and revenue loss over the quotation period on provisionally priced shipments. The Company manages short term and provisional price risk (over the quotational period) on copper sales through swaps and fixed price agreements with customers. Protection against potential downside copper price risk on future production is currently provided by put options over the next two years. These strategies are consistent with the hedging protocol stipulated under the Company s bank loan agreements. PanAust s copper hedging positions at 31 March 2011 are summarised in Tables 2 and 3. Table 2: Copper swaps Settlement Period Tonnes Average Price US$/lb June half 2011 12,225 4.41 December half 2011 5,600 4.13 Total 17,825 4.32 Table 3: Strategic hedging: Copper Put Options Settlement Period Tonnes Average Strike Price US$/lb Premium payable US$ Premium paid US$ June half 2011 8,503 2.65 873,100 503,000 December half 2011 16,311 2.70 4,645,113 June half 2012 6,093 2.25 2,321,108 December half 2012 7,563 2.25 3,002,024 June half 2013 3,177 2.25 613,954 Total 41,647 2.51 11,455,299 503,000 Gold price hedging PanAust has no committed gold hedging following the close out, in the September quarter 2010, of gold forwards which the Company had entered into during 2007 under the original terms of the Phu Kham Project Finance Facilities. Whilst the cash flow impact of the close out was incurred during the December half 2010, the charge to the profit and loss account will be amortised over the original hedge profile through to December 2013 (refer to the 2010 Annual Report). The Company may consider hedging part of the Ban Houayxai gold and silver production. Page 9

Issued Capital The issued capital of the Company at 31 March 2011 comprised: 2,964,355,326 Ordinary fully paid shares 34,428,980 Unlisted options 13,878,826 Unlisted share rights On 28 February 2011, PanAust announced a proposed 1 for 5 share consolidation, subject to shareholder approval at the Annual General Meeting to be held in Brisbane on 20 May 2011. Proposed 2011 reporting calendar: 20 May 2011 Annual General Meeting 21 Jul 2011 June quarter 2011 report 25 Aug 2011 Interim Financial Result 27 Oct 2011 September quarter 2011 report Dates are provisional and remain subject to confirmation. Directors Garry Hounsell Gary Stafford Geoff Billard Andrew Daley Geoff Handley Nerolie Withnall Zezhong Li John Crofts Non executive Chairman Managing Director Non executive Director Non executive Director Non executive Director Non executive Director Non executive Director Non executive Director Registered and principal office PO Box 3468, South Brisbane Qld 4101 Telephone: (07) 3117 2000 Facsimile: (07) 3846 4899 Securities Exchange Listing Australian Securities Exchange Code: PNA PanAust is a constituent of the S&P/ASX 200 Index. For further information contact: Allan Ryan Investor Relations Manager Natalie Whale Communications Manager PanAust Limited PO Box 3468 South Brisbane Qld 4101 Telephone: (07) 3117 2000 Facsimile: (07) 3846 4899 Email: info@panaust.com.au Website: www.panaust.com.au Shareholder enquiries to: Computershare Registry Services PO Box 523, Brisbane Qld 4001 Telephone: 1300 552 270 Facsimile: (07) 3229 9860 Website: www.computershare.com.au Competent Person Statements The data in this report that relates to exploration results and Mineral Resources are based on information reviewed by Mr Daniel Brost who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Brost is a full time employee of PanAust Limited. Mr Brost has sufficient experience 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 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Brost consents to the inclusion in the report of the exploration results and Mineral Resources in the form and context in which they appear. Forward Looking Statement This announcement includes certain Forward Looking Statements. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding production and cost performances, potential mineralisation, mineral resources, exploration results and future expansion plans and development objectives of PanAust Limited are forward looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Page 10

Attachment Table 6: Production and sales statistics Phu Kham Operations Units 3 months to 31 Mar 2011 Total material mined t 8,796,301 Copper gold ore mined t 3,125,690 Ore milled t 3,069,368 Copper head grade % 0.67 Gold head grade g/t 0.32 Silver head grade g/t 3.87 Concentrate produced dmt 60,198 Copper in concentrate t 15,029 Gold in concentrate oz 13,292 Silver in concentrate oz 121,219 Copper recovery % 72.8 Concentrate sales dmt 61,143 Payable copper in concentrate sold t 14,601 Payable gold in concentrate sold oz 13,077 Average copper price realised (copper revenue recognised / sales) after realised hedging US$/lb 4.40 Average gold price realised (gold revenue recognised / sales) after realised hedging US$/oz 1,230.72 Table 7: Production costs (US$/lb copper) 3 months Phu Kham Copper Gold Operation to 31 Mar 2011 Mining cost 0.44 Processing cost 0.51 General & Administration 0.18 Total on site operating costs 1.14 Transport handling and marketing 0.30 Concentrate treatment and refining 0.12 Total off site operating costs 0.42 Deduct precious metal credits (0.66) Total direct operating costs (C1 cash cost) 0.90 Royalty 0.30 Depreciation and amortisation 0.38 Total costs 1.58 Notes: Costs are based on payable copper in concentrate produced. May include minor computational discrepancies due to rounding. Page 11

Table 8: Summary of KTL Mineral Resources Mineralisation Category Tonnes (Mt) Copper grade (%) Gold grade Oxide Transitional Primary Indicated 0.5 0.58 0.43 Inferred 4.4 0.44 0.36 Indicated 1.4 0.46 0.39 Inferred 8.2 0.46 0.29 Indicated 16.0 0.37 0.11 Inferred 49.8 0.44 0.18 Indicated 17.9 0.38 0.14 Combined Oxide, Transitional and Primary Inferred 62.5 0.45 0.21 TOTAL 80.4 0.43 0.19 Notes: The Mineral Resources estimate is reported on a 100% ownership basis; PanAust has a 90% beneficial interest. The Mineral Resources estimates are based on an ordinary kriged model constrained by weathering and geological boundaries using a 0.25% copper cut off. The tonnes and grades are stated to a number of significant digits reflecting the confidence of the estimate. Since each number and total is rounded individually, the table may show apparent inconsistencies between the sum of rounded components and the corresponding total. A refinement of densities applied to the resource model resulted in non material changes to the Mineral Resources tonnes compared with those reported previously. Table 9: Summary of Phu Kham North resource extension drill intersections Hole No. Depth of hole Orientation GDD1107 476m 60 to 270 GDD1108 261m 60 to 270 GDD1109 405m 60 to 090 GDD1110 298m 60 to 090 GDD1111 390m 60 to 090 From 138.0 160.0 34.0 88.0 84.0 124.0 150.0 190.0 Interval 16.0 12.0 24.0 12.0 33.0 18.0 24.0 22.0 Copper (%) 0.40 0.64 0.70 0.40 0.32 0.51 0.43 0.46 Gold 0.19 0.61 0.72 0.29 0.45 0.62 0.74 0.06 Silver 2.0 2.0 226.0 20.0 0.38 0.14 6.0 250.0 274.0 28.0 16.0 70.0 0.46 0.39 0.58 0.17 0.04 0.32 2.0 2.0 Page 12

Hole No. Depth of hole Orientation GDD1112 379m 60 to 090 From 10.0 258.0 286.0 324.0 Interval 1 20.0 10.0 12.0 Copper (%) 0.64 0.44 0.44 0.33 Gold 0.15 0.30 0.43 0.20 Intersection grades are down hole length weighted calculations using a cut off grade of 0.3% copper and a maximum sub grade interval of 4m. Silver Table 10: Ban Houayxai Gold Silver Project; drill intersections from resource extension and infill program Hole No. Depth of hole Orientation HDD215 489m HDD216 456m HDD217 308m HDD218 585m HDD219 260m HDD220 370m HDD221 405m HDD223 435m HDD225 352m HDD226 270m From 0.0 38.0 135.0 163.0 243.0 143.0 159.0 210.0 289.0 364.0 412.0 3.0 20.0 40.0 Includes: 57.0 75.0 166.0 187.0 Interval 29.0 45.0 22.0 8.0 13.0 1 29.0 14.0 10.0 43.0 2 10.0 1 20.0 6.0 12.0 8.0 Gold 0.69 0.71 0.37 9 0.61 0.63 0.35 0.64 0.74 0.59 1.27 0.44 0.51 5.83 93.3 0.51 1.47 1.16 Silver 1.2 12.2 4.7 8.6 10.0 6.3 7.2 5.4 1.6 6.0 11.5 8.3 6.7 54.2 78.0 9.2 4.2 2.8 322.0 28.0 0.59 1.8 93.0 166.0 56.0 4.0 0.63 1.32 11.8 110.8 216.0 14.0 2.08 13.3 4.0 25.0 16.0 9.0 0.46 0.42 0.81 0.96 Page 13

Hole No. Depth of hole Orientation HDD230 300m From Interval Gold Silver 166.0 7.0 1.40 24.4 Intersection grades are down hole length weighted calculations using a 0.3g/t gold cut off and a maximum sub grade interval of 4m. Table 11: Phonsavan Copper Project; significant copper gold drill intersections Hole No. Depth of hole Orientation KTL deposit: KDD091 363m 60 to 000 KDD096 439m 60 to 000 KDD097 374m 60 to 000 KDD098 424m 60 to 000 From 240.0 304.0 278.0 410.0 Interval 22.0 6.0 6.0 8.0 Copper (%) 0.34 0.56 0.33 5 Gold 0.15 0.17 0.02 0.14 Silver 3.0 1.9 2.8 4.4 182.0 4.0 0.54 0.33 2.8 378.0 406.0 6.0 4.0 2 0.35 0.12 0.01 Intersection grades are down hole length weighted calculations using a 0.3% copper cut off and a maximum sub grade interval of 4m. 5.1 4.8 Page 14