December 2018 Half Year Results and Commentary

Key Points

• Operations – decision made to re-start Savannah in July and milling commenced in December
• Cash flow from operating activities - $3.3 million outflow for Savannah site maintenance costs (after consolidating $0.8 million of costs incurred at the Gum Creek Project) and corporate costs
• Cash flow from investing activities - $22.4 million net outflow including Savannah pre-production costs ($31.7million), Group exploration and evaluation costs ($4.1 million) and net Lanfranchi sale proceeds ($13.2 million)
• Reported net profit after tax - $21.6 million (including $0.8 million loss by Horizon Gold Limited)
• Net current assets - $27.2 million
• Net assets - $121.3 million
• Hedge Book - $19.8 million “in-the-money”