Annual Financial Report for Year End 30 June 2012

1 October 2012 Australian Securities Exchange Level 4, 20 Bridge Street SYDNEY NSW 2000 Via e-lodgement ANNUAL REPORT FOR THE YEAR ENDED - 30 JUNE 2012 Please find attached extracts from the Company's Annual Report for the year ended 30 June 2012, being the: - Letter to Shareholders; - Directors Report - Statement of Comprehensive Income; - Statement of Financial Position; - Statement of Changes in Equity; and - Statement of Cashflow. A copy of the full Annual Report is available on the company's website: www.rangeresources.com.au. Yours faithfully Peter Landau Executive Director All of the technical information, including information in relation to reserves and resources, that is contained in this document, has been reviewed internally by the Company's technical consultant, Mr Mark Patterson. Mr Patterson is a geophysicist who is a suitably qualified person with over 25 years experience in assessing hydrocarbon reserves and has reviewed the release and consents to the inclusion of the technical information. LETTER TO SHAREHOLDERS I don't think any shareholder would argue that Range has experienced the highs and lows of both share price and operational fluctuations as the Company delivered on its activity program for financial year 2012 with mixed success. Our flagship Trinidad project has become the primary focus of Range's operational objectives moving forward as our development plans continue to meet and exceed expectations from a production and reserve enhancement perspective. The Company's commitment to its Trinidad operations with respect to financial, drilling and human resource cannot be understated with circa 300 employees (and growing), six operating drilling rigs, a focus on local training and employment and an aggressive development plan targeting to achieve 8,000 bopd in 2014. The proposed changes to both existing and 'new well' fiscal terms has further incentivized Range to increase its efforts to ensure that it materially capitalizes on any proposed fiscal changes that may arise. From an exploration perspective, wildcat success was not forthcoming with our wells in Puntland and Georgia. Whilst we are immensely proud of our success in ensuring that the first two (of many) exploration wells were completed in Puntland, the Board fully appreciates that unless the results are reflected in discoveries (and ultimately share price growth) it is of little comfort to shareholders in tough economic times. Range will continue to fund and drive its Puntland interests either in its current form or through a spin out vehicle which shareholders will participate in through a capital distribution. The key priorities in Georgia are to secure our strategic partner in the Tkibuli CBM project and complete the current seismic program on both blocks VIa and VIb. These two milestones should pave the way for the Company to attract a farm in partner/s of note to assist with the exploration and development efforts in Georgia. The current sale of our Texas interests should be completed this year allowing the Company to increase its exploration activity in Colombia with at least one well and the 3D seismic program being completed on the Putamayo blocks over the coming 12 months. Range's work program through to 30 June 2013 comprises over 40 wells in Trinidad including up to four deeper Herrera exploration targets that many shareholders are anxious to see drilled given their potential for significant daily production rates. I would like to thank my fellow Board members, employees and consultants who all have made significant contributions over the past year. On behalf of the Board of Directors, we sincerely thank shareholders for their continued support and patience over the past year. We are extremely encouraged by our projects over the next 12 months (and beyond) and look forward to regularly updating shareholders on our progress. ___________________________ Mr P Landau Executive Director DIRECTORS The names of the directors in office and at any time during, or since the end of, the year are: Sir Samuel Jonah Mr Peter Landau Mr Marcus Edwards-Jones Mr Anthony Eastman Directors have been in office since the start of the financial year to the date of this report unless otherwise stated. COMPANY SECRETARY The following persons held the position of company secretary at the end of the financial year: Mr Anthony Eastman Ms Jane Flegg PRINCIPAL ACTIVITIES The principal activity of the economic entity during the financial year was hydrocarbon exploration and development within Somalia, Republic of Georgia, Texas, Trinidad and Colombia. The following significant changes in the nature of the principle activity occurred during the financial year: - The shares in SOCA were received at the beginning of the current year thus finalising the acquisition of the 100% interest in Trinidad company that holds three onshore oil and gas licenses and a fully operational drilling subsidiary. - The Company has secured a 65% (possibility to increase to 75%) farm-in opportunity (350m of 3D seismic, 2 new wells and 1 well re-entry) on two highly prospective licenses in the on shore Putamayo basin in Southern Columbia. The Company will undertake a 350km2 3D seismic program across the two licences and drill one well per licence, as well as looking to re-enter a previously suspended well that had a significant historical reserve estimate. OPERATING RESULTS The consolidated loss of the economic entity for the financial year after providing for income tax amounted to $9,049,907 (2011: loss of $15,506,885) DIVIDENDS PAID OR RECOMMENDED The directors recommend that no dividend be paid for the year ended 30 June 2012, nor have any amounts been paid or declared by way of dividend since the end of the previous financial year. REVIEW OF OPERATIONS - Commencement of the historic two well exploration program on the Company's onshore Puntland assets with the first well (Shabeel 1) successfully completed during the year and the second (Shabeel North) completed subsequent to year end - Commencement of the development drilling program on the Morne Diablo license in Trinidad which has seen three of the Company's six drilling rigs being operational during the year, with the fourth rig joining operations subsequent to year end. All wells drilled to date have been successful. - Entered into an economic participation agreement that will see the Company earn a 65% economic interest (option to move to 75%) in Blocks PUT-6 and PUT-7 in the Putamyo Basin in southern Colombia. - Entered into an agreement with the Puntland Government with respect to obtaining a 100% working interest in the prospective Nugaal Basin Offshore Block which comprises over 10,000km. - Completed the first exploration well in Georgia - the Mukhiani well Trinidad During the year, the Company commenced its development drilling program following the completion of the 100% acquisition in a Trinidad holding company whose two wholly owned subsidiaries hold production licences for three blocks in producing onshore oilfields in Trinidad (see Figure 1) together with a local drilling company. This development drilling program commenced on the Company's Morne Diablo license and based on the early success of the shallow wells targeting the Lower Forest trend, the Company has been expanding this trend with great success, utilising the Company's three shallow capacity rigs. Encountered at a depth of circa 1,000 ft, wells in the Lower Forest formation are capable of adding 100-150 bopd initial production per well with the average initial production to date from the successfully completed wells of circa 60 bopd. The Lower Forest wells that have been drilled and tested to date are showing sands congruent with the sands encountered in the QUN16 well that was drilled and tested in 1942, which is located in the east of the Morne Diablo licence, some 3,500 ft from the completed QUN127 well highlighted below (on the edge of the red proposed drill locations per the Figure 3 below). Given the encouraging similarities that the recently drilled wells have had to the QUN16 well, the Company is looking at a 60+ well program for the Lower Forest horizon, utilising the Company's shallow capacity rigs, that will look to `bridge the gap' between the existing wells drilled to date and the QUN16 well. During the current Morne Diablo drilling campaign, two wells were drilled to target the deeper Upper Cruse formation (circa 2,000-2,500 ft) in addition to the shallower Lower Forest formation (circa 1,000 ft) with extremely pleasing results from the Upper Cruse formation. In addition to the Upper Cruse formation that these wells are currently producing from, Range also has the Lower Forest sands that can be perforated at a later date. Given the early success of these wells in the deeper formation, the Company is looking at the potential to focus a separate drilling program targeting the Upper Cruse formation, in a similar way the early success on the Lower Forest formation has been targeted. This success of the current drilling program has seen production from its three onshore Trinidad licenses exceed 1,000 bopd for the first time since the acquisition of the assets in 2011. Along with gains in production, the current drilling program will also seek to add reserves to the rapidly-expanding Range portfolio in Trinidad. Significant upward revisions to the Company's Trinidad P1 and P2 reserves are expected to be certified later this year. As a compliment to the ongoing exploration and development of the Morne Diablo and South Quarry Blocks, Range is moving rapidly ahead with its secondary recovery projects on Morne Diablo through the expansion of the existing pilot program, as well as on the Beach Marcelle Block. Applications for environmental approval, expansion of technical and visualization infrastructure in the new San Fernando office, and utilization of in-house reservoir modelling software are all underway in support of the enhanced oil recovery ("EOR") projects. An aggressive work program is expected to begin in each area once reservoir simulation work is completed and all necessary approvals are in hand. In addition to the anticipated waterflood program forecast for the Beach Marcelle license, the Company's technical team has also identified a number of conventional well locations covering in-fill, step out and well deepening opportunities. Range is in the process of finalising its technical analysis and preparing a drilling program to pursue these conventional drilling opportunities at Beach Marcelle. This work program will be in addition to the waterflood program planned for the Beach Marcelle licence. During the year the Company received the results of the independent Reserves and Valuation Report as prepared by the Company's Reserves Auditors, Forest Garb, which included the 490% Proved (1P) Reserve increase in Trinidad following the completion of engineering work on the secondary recovery potential of the Company's Beach Marcelle block. Following the results of the report, the Company's attributable interest in the net recoverable reserves on its Trinidad development and production assets as classified in the two reports from Forest Garb. Category Oil (MMbbls) * Proved (P1) 15.4 Probable (P2) 2.2 Possible (P3) 2.0 Total Reserves 19.6 * which is net of government and overriding royalties and represents Range's economic Subsequent to year end, the Company's fourth drilling rig, with the deepest capabilities of the Company's fleet spud the MD 248 well and is targeting multiple horizons; the Lower Forest formation (circa 1,000 ft.), the Upper Cruse formation (circa 2,000 ft.) and the Middle & Lower Cruse formations (circa 4,000 ft. and 6,500 ft. respectively). Rig 8 is capable of drilling to approximately 11,000 ft, a depth believed to be sufficient to test the highly prospective Herrera exploration targets. The MD248 well is the first well that will target development of the Middle Cruse sands at 4,000 ft as well as explore the Lower Cruse formation at 6,500 ft. Upon completion of the MD248 well, Rig 8 is then scheduled to move on to drill the first of a series of wells that will primarily target the prolific Herrera formation as an exploratory targets, in conjunction with also looking to test multiple objectives as it penetrates both the Forest and Cruse formation targets. The Company is extremely pleased with its achievements in its first year of operations in Trinidad and is confident that once all six of the Company's drilling rigs are in operation, coupled with the commencement of the EOR projects on both the Morne Diablo and Beach Marcelle licenses, this success will continue and will accelerate increases in production and add to the already significant reserve base. Puntland During the year, Range together with its joint venture partners successfully spud the historic Shabeel 1 well in the Dharoor Valley, the first in a two well exploration program and the first exploration well in Puntland in over 25 years, with the Shabeel North well having been spud soon after the completion of the Shabeel 1 well and was successfully completed subsequent to the year-end, having reached a target depth of 3,945m, with the joint venture having tested the upper Jessoma sands which only produced fresh water, resulting in additional testing of the Jessoma sands on the Shabeel well not being warranted. Despite the non-commercial nature of the two wells the joint venture partners were extremely encourage that all of the critical elements exist for oil accumulations, namely a working petroleum system, good quality reservoirs and thick seal rocks, and have entered into the next exploration period in both the Nugaal and Dharoor Valley Production Sharing Contracts which carry a commitment to drill one well in each block within an additional 3 year period. It is the intention that further seismic will also be acquired in the Dharoor Valley to delineate new structural prospects for the upcoming drilling campaign plus to hold discussions with the Puntland Government to gain access regarding drill ready prospects in the Nugaal Valley block. Puntland Offshore During the year, Range entered into an agreement with the Puntland Government with respect to obtaining a 100% working interest in the highly prospective Nugaal Basin Offshore Block which is an extension of the onshore Nugaal Region which has the potential for deltaic deposits from the Nugaal Valley drainage system and comprises over 10,000km. Range will commit to a 2D seismic program within the first three years, with further 3D seismic and an exploration well to follow in the second three year period. The agreement is subject to a formal Production Sharing Agreement (PSA) which is currently being finalised and the receipt of all necessary regulatory approvals with commercial terms being similar to the current on-shore PSAs. Texas North Chapman Ranch During the year the Company engaged independent petroleum consultants Forrest A. Garb and Associates ("Forrest Garb") to complete a review of the North Chapman Ranch reserves following the successful completion of the Smith #2 and Albrecht wells that saw a significant reclassification of the previous Possible (P3) reserves into the Proved (P1) and Probable (P2) categories. Set out below is a comparison of the gross reserves (100% basis) for the Company's North Chapman Ranch asset between the previous reserve update in December 2011 and the current gross reserves update for June 2012. Category Oil Natural Gas Natural Gas Liquids (MMbbls) (Bcf) (MMBbls) Dec `11 Jun `12 %age Dec `11 Jun `12 %age Dec `11 Jun `12 %age Mvmt Mvmt Mvmt Proved (P1) 5.1 8.4 +64% 64.3 106.0 +65% 5.0 8.0 +60% Probable (P2) 3.7 4.4 +19% 48.6 56.7 +17% 3.8 4.4 +16% Possible (P3) 9.9 5.0 -50% 129.6 64.8 -50% 10.1 5.1 -50% Total Reserves 18.7 17.8 242.5 227.5 18.9 17.5 Set out below is the comparison between June 2012 and December 2011 of Range's attributable interest in the net reserves on the Company's North Chapman Ranch asset which is net of government and overriding royalties and represents Range's economic interests in its development and production assets as classified in the report from Forest Garb. Category Oil Natural Gas Natural Gas Liquids (MMbbls) (Bcf) (MMBbls) Dec `11 Jun `12 %age Dec `11 Jun `12 %age Dec `11 Jun `12 %age Mvmt Mvmt Mvmt Proved (P1) 0.7 1.1 +57% 7.6 11.7 +54% 0.7 1.1 +57% Probable (P2) 0.5 0.6 +20% 5.5 6.4 +16% 0.5 0.6 +16% Possible (P3) 1.3 0.7 -46% 14.6 7.3 -50% 1.3 0.7 -46% Total Reserves 2.5 2.4 27.7 25.4 2.5 2.4 With the field having now been largely appraised and value demonstrated, the Company is looking at the divestment of its North Chapman Ranch interests so that it can focus its capital on higher value adding opportunities in its portfolio. Any such divestiture decision will be based on market conditions and the ability to achieve a sales price that appropriately reflects the value of the project interest. East Texas Cotton Valley Prospect During the quarter, work continued on the Company's East Texas Cotton Valley project area, where additional sections of the Ross 3H horizontal well were recently fracture stimulated and are currently unloading frac fluids. With approximately 5,000 barrels of load left to recover, the well has already yielded early indications of oil saturation, consistent with strong oil shows recorded during drilling. If successful, the Ross 3H well is expected to form the basis of a new horizontal development of the shallow oil reservoir within the Cotton Valley formation. The project is considered to be analogous to the neighbouring Clarksville Field, which is expected to ultimately produce more than 7 million barrels of oil. Colombia During the year Range entered into an economic participation agreement with Petro Caribbean Resources Limited, a private oil and gas company focussed on the development of petroleum and natural gas reserves in Colombia ("PCR" the official operator of the blocks), that will see the Company earn a 65% economic interest (option to move to 75%) in Blocks PUT-6 and PUT-7 in return for funding (on a cost recoverable basis) the commitments under the Production Sharing Agreement ("PSA") with the National Hydrocarbons Agency of Colombia ("ANH"). This includes a 350km2 3D seismic program across the two blocks followed by one exploration well in each block. In addition to the completion of the PSA work commitments of the two blocks, the joint venture partners will also (subject to ANH regulatory approval) undertake an extensive review (and possible re-entry) of a Putumayo well that was drilled and subsequently suspended in the mid 1980's on Block PUT-7. The well had a historically reported estimate of 7.9 million barrels of recoverable oil. However, in light of the low oil price (approximately $12-15 per barrel) and infrastructure constraints at the time, the well was suspended and has not been re-assessed since. The reservoir modelling and underlying data for this estimate have not yet been reviewed in sufficient detail by Range or its consultants to provide a reserve estimate compliant with the SPE reporting guidelines.+ Georgia During the year, the Company, along with its joint venture partners, successfully spudded the first exploration well - Mukhiani 1, on the Vani 3 Prospect on Block VIa with a planned target depth of circa 3,500m. The Mukhiani Well reached a total depth of circa 1,550m, and following the analysis of the re-interpretation of the seismic supported by the Mukhiani-1 Vertical Seismic Profiling ("VSP"), results indicated that the well encountered previously unrecognised faults that led to possible basement being encountered far earlier than predicted. New fault trap and stratigraphic trapping potential were also identified in the vicinity of the well and based on these findings, the Company is looking to obtain further seismic over Mukhiani during the 2D seismic program which is currently underway. The Company engaged new independent technical consultants, NTD Energy during the year, to provide overall technical support with respect to current operations. During the year, the Company along with its joint venture partners and NTD performed a strategic review of the current operations in Georgia and has embarked on a revised exploration and appraisal strategy for Blocks VIa and VIb in Georgia. The revised strategy will focus on low-cost, shallow appraisal drilling of historically defined Contingent Resources around the Tkibuli-Shaori ("Tkibuli") CBM field, which straddles the central sections of the Company's two blocks. Tkibuli has been estimated by Advanced Resources International to contain Contingent Resources (mean) of approximately 0.4 trillion cubic feet ("tcf") of coal-bed methane ("CBM") gas (Range's attributable 40% interest is 0.16 tcf). Sand horizons have also been identified around the coal beds, which could add additional, conventional hydrocarbon resources to those estimated for CBM at Tkibuli alone. By prioritising exploration around the productive coal seams, the Company has the opportunity to make early discoveries, add proven reserves and look to provide revenue potential from the Tkibuli CBM play within 18 months from commencement of drilling, in conjunction with satisfying its Production Sharing Agreement ("PSA") commitments. Range and its partners also executed a conditional agreement with the Georgian Industrial Group ("GIG") regarding the joint development of the project and providing a commercial offtake for 100% of the gas produced. Corporate During the year the Company raised circa $62.8m through the exercise of options, drawdown on its equity line of credit facility and placement with institutional and sophisticated investors. The Company also upgraded the trading if its American Depository Receipts ("ADR's") from the OTC to the OTCQX International trading platform. The ADR's trade under the code, RGRYY, with each ADR representing 40 ordinary shares listed on the Australian Securities Exchange. FINANCIAL POSITION The net assets of the economic entity have increased by $77,212,619, from $186,562,801 at 30 June 2011 to $263,775,420 in 2012. This increase has largely resulted from the acquisitions and associated exploration and development expenditure during the year. The directors believe the economic entity is in a strong and stable financial position to expand and grow its current operations. SIGNIFICANT CHANGES IN STATE OF AFFAIRS The following significant changes in the state of affairs of the parent entity occurred during the financial year: - The shares in SOCA were received at the beginning of the current year thus finalising the acquisition of the 100% interest in Trinidad company that holds three onshore oil and gas licenses and a fully operational drilling subsidiary. - The Company has secured 65% farm-in opportunity (350m of 3D seismic, 2 new wells and 1 well re-entry) on two highly prospective licenses in the onshore Putamayo basin in Southern Colombia. The Company will undertake a 350km2 3D seismic program across the two licences and drill one well per license, as well as looking to re-enter a previously suspended well that had a significant historical reserve estimate. - During the year the Company successfully raised circa $62.8m through the exercise of options, drawdown on the Company's Equity Line of Credit Facility and a placement. EVENTS SUBSEQUENT TO REPORTING DATE - Production on the Trinidad assets broke through the 1,000 barrels of oil per day milestone in late July 2012 which was a significant milestone for the Company given the fact it was achieved with just three of the Company's six drilling rigs, with the fourth and deepest capacity rig spudding in early September. - The second (Shabeel North) of two historical exploration wells in Puntland was completed subsequent to the year-end, having reached a target depth of 3,945m, with the joint venture having tested the upper Jessoma sands which only produced fresh water, resulting in additional testing of the Jessoma sands on the Shabeel well not being warranted. Despite the non-commercial nature of the two wells the joint venture partners were extremely that all of the critical elements exist for oil accumulations, namely a working petroleum system, good quality reservoirs and thick seal rocks, and have entered into the next exploration period in both the Nugaal and Dharoor Valley Production Sharing Contracts which carry a commitment to drill one well in each block within an additional 3 year period. It is the intention that further seismic will also be acquired in the Dharoor Valley to delineate new structural prospects for the upcoming drilling campaign plus to hold discussions with the Puntland Government to gain access regarding drill ready prospects in the Nugaal Valley block. FUTURE DEVELOPMENTS, PROSPECTS AND BUSINESS STRATEGIES To further improve the economic entity's profit and maximise shareholders wealth, the Company is committed to further developing the exploration potential of its Puntland and Georgian Exploration Projects and invite interested parties into joint venture arrangements along with the potential disposal of the Company's Texan interests. Following on from the acquisition of the Trinidad assets, the Company is looking to accelerate the development across all of the three licenses with regards to both conventional and unconventional - waterflooding - means, leading to increases in production and reserves. Range is also looking to consolidate its position on the South American region through the farm in opportunity in the Putamayo basin in Colombia as detailed above. LIKELY DEVELOPMENTS Other than information disclosed elsewhere in this annual report, information on likely developments in the operations of the economic entity and the expected results of those operations in future financial years has not been included in this directors' report because the directors believe, on reasonable grounds, that to include such information would be likely to result in unreasonable prejudice to the economic entity. ENVIRONMENTAL REGULATION The economic entity's operations are not regulated by any significant environmental regulation under a law of the Commonwealth or of a state or territory. The Directors have considered compliance with the National Greenhouse and Energy Reporting Act 2007 which requires entities to report annual greenhouse gas emissions and energy use. For the first measurement period 1 July 2008 to 30 June 2009 and subsequent periods the directors have assessed that there are no current reporting requirements, but may be required to do so in the future. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2012 Note Consolidated 2012 2011 $ $ Revenue from continuing operations Revenue from sale of goods 3 24,216,748 3,074,492 Other income 3 6,354,975 400,017 30,571,723 3,474,509 Expenses from continuing operations Cost of sales 4a (25,481,179) (1,439,653) Finance costs 4b (2,738,846) (55,595) Depreciation - general 4b (45,347) (195,839) Directors fees 6 (529,998) (474,996) Corporate management services (940,000) (995,000) Consultants (5,296,443) (3,194,748) Foreign exchange loss (899,902) (752,057) Share-based payment (1,449,052) (1,826,250) Marketing and public relations (507,855) (256,741) Costs associated with AIM listing (433,320) (167,454) Travel expenditure (1,597,306) (1,227,326) Impairment loss on available for sale assets (112,000) (55,500) Share of net loss on investment in associates (394,596) - Acquisition option extension fees - (7,217,387) Other expenses 4b (1,801,803) (1,122,848) Loss before income tax expense from continuing operations (11,655,924) (15,506,885) Income tax expense 5 2,606,017 - Loss for the year attributable to equity holders of Range Resources Limited (9,049,907) (15,506,885) Other comprehensive income/(loss) Revaluation of available for sale assets 27d 745,639 295 Exchange difference on translation of foreign 27c operations (2,800,410) - Other comprehensive income/(loss) for the year, net of tax (2,054,771) 295 Total comprehensive loss attributable to equity holders of Range Resources Limited (11,104,678) (15,506,590) Overall operations EPS from continuing operations: Basic loss per share (cents per share) 8 (0.46) (1.18) Diluted loss per share (cents per share) 8 n/a n/a The Company's potential ordinary shares were not considered dilutive (refer Note 8). The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes. CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2012 Note Consolidated 2012 2011 $ $ ASSETS CURRENT ASSETS Cash and cash equivalents 9 10,410,363 17,359,870 Trade and other receivables 10 11,192,719 3,002,395 Other current assets 11 911,566 309,013 22,514,648 20,671,278 Non-current asset classified as held for sale 13 6,618,518 - TOTAL CURRENT ASSETS 29,133,166 20,671,278 NON-CURRENT ASSETS Goodwill 15 40,676,589 - Available for sale financial assets 12 3,246,579 912,342 Property, plant and equipment 16 12,419,393 19,883 Exploration & Evaluation Expenditure 17 115,424,733 87,809,879 Development Assets 18 83,803,651 6,140,208 Prepayments for Investments 19 - 54,426,730 Deferred tax asset 5 342,578 Investments in Associates 20 29,850,740 5,891,595 Non-Current Receivable 21 4,762,762 12,122,177 TOTAL NON-CURRENT ASSETS 290,527,025 167,322,814 TOTAL ASSETS 319,660,191 187,994,092 CURRENT LIABILITIES Trade and other payables 22 2,862,132 1,419,646 Current tax liabilities 4,180,021 - Provision 23 592,800 11,645 TOTAL CURRENT LIABILITIES 7,634,953 1,431,291 NON-CURRENT LIABILITIES Other non-current liabilities 25b 3,472,993 - Deferred tax liabilities 24 44,146,582 - Employee service benefit 25a 630,243 - TOTAL NON-CURRENT LIABILITIES 48,249,818 - TOTAL LIABILITIES 55,884,771 1,431,291 NET ASSETS 263,775,420 186,562,801 EQUITY Contributed equity 26 307,772,709 227,671,125 Reserves 27 24,869,329 18,708,387 Accumulated losses (68,866,618) (59,816,711) TOTAL EQUITY 263,775,420 186,562,801 The above consolidated statement of financial position should be read in conjunction with the accompanying notes. STATEMENTS OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2012 Consolidated Foreign Available for Currency Sale Share-based Option Translation Investment Contributed Payment Premium Reserve Revaluation Accumulated Note Equity Reserve Reserve Reserve Losses Total Equity $ $ $ $ $ $ $ Balance at 30 June 2010 137,327,825 4,667,099 11,811,411 - 12,250 (44,309,826) 109,508,759 Other comprehensive income/(loss) - - - - 295 - 295 Loss attributable to members of the company - - - - - (15,506,885) (15,506,885) Total comprehensive income and expense for the year - - - - 295 (15,506,885) (15,506,590) Cost of share-based payment - 2,217,332 - - - - 2,217,332 Transactions with owners in their capacity as owners: Issue of share capital 26 81,705,992 - - - - - 81,705,992 Exercise of options 26 13,612,661 - - - - - 13,612,661 Issue costs 26 (4,975,353) - - - - - (4,975,353) Balance at 30 June 2011 227,671,125 6,884,431 11,811,411 - 12,545 (59,816,711) 186,562,801 Other comprehensive income/(loss) - - - (2,800,410) 745,639 - (2,054,771) Loss attributable to members of the company - - - - - (9,049,907) (9,049,907) Total comprehensive income and expense for the year (2,800,410) 745,639 (9,049,907) (11,104,628) Cost of share-based payment - 7,482,078 733,635 - - - 8,215,713 Transactions with owners in their capacity as owners: Issue of share capital 26 57,603,519 - - - - - 57,603,519 Exercise of options 26 26,211,929 - - - - - 26,211,929 Issue costs 26 (3,713,864) - - - - - (3,713,864) Balance at 30 June 2012 307,772,709 14,366,509 12,545,046 (2,800,410) 758,184 (68,866,618) 263,775,420 The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes. STATEMENT OF CASH FLOWS FOR YEAR ENDED 30 JUNE 2012 Note Consolidated 2012 2011 $ $ CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers 21,443,971 2,098,870 Payments to suppliers and employees (16,207,291) (7,445,160) Interest received 315,565 399,930 Interest & other finance costs - (46,717) Net cash inflow/(outflow) from operating 31 activities 5,552,245 (4,993,077) CASH FLOWS FROM INVESTING ACTIVITIES Payment for property, plant & equipment (12,213,747) - Payment for available for sale financial assets (2,424,368) (830,865) Sale of available for sale financial assets 2,523,500 - Payment for development assets (12,970,410) (1,162,644) Payment for investments (12,231,565) (63,425,758) Payments for exploration and evaluation assets (22,376,122) (6,714,573) Payments for acquisition of subsidiary, net of cash acquired (4,557,327) - Loans to external parties (6,228,075) - Net cash outflow from investing activities (70,478,114) (72,133,840) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of equity 62,786,097 90,534,113 Payment of equity issue costs (4,910,190) (3,445,796) Proceeds from borrowings - - Net cash inflow from financing activities 57,875,907 87,088,317 Net increase / (decrease) in cash and cash equivalents (7,049,963) 9,961,400 Cash and cash equivalents at beginning of financial year 17,359,870 7,398,470 Effect of exchange rate changes on the balance of cash held in foreign currencies 100,456 - Cash and cash equivalents at end of 9 financial year 10,410,364 17,359,870 The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.

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