5
Managing Director and CEO’s Report
Exploration
With the approvals of the Special Prospecting 
Licence (“SPL”) applications in Thailand still 
awaiting the Minister of Industry’s consent, 
exploration attention over the past 12 months 
has focused on new exploration opportunities 
and Mineral Resource enhancement targets 
within the Mining Leases. This exploration 
formed part of a strategic exploration program 
within the mining leases at Chatree that 
commenced in late 2012. The program has 
successfully defined several new areas of miner-
alisation within the Mining Lease, most notably 
at Q and A North Prospects, and has also 
upgraded several larger areas of Inferred 
Resources to the Measured and Indicated 
Mineral Resource category. 
Looking Ahead
Over the current financial year and beyond, 
Kingsgate remains focused on optimising 
production within an uncertain metal price 
environment, continuing to build resources  
and reserves and advancing the development 
project pipeline of Nueva Esperanza and 
Bowdens. These initiatives are designed to  
grow earnings per share for the benefit of all 
shareholders.
In late September, Kingsgate’s Thai subsidiary, 
Akara Resources Public Company Limited 
(“Akara”) has submitted its listing application 
and draft Prospectus to the Thai Securities 
Exchange Commission (SEC) and the Stock 
Exchange of Thailand (SET) for an initial public 
offering of its shares on the SET.
The SEC and SET will review the draft Prospectus 
in the coming months in order to approve the 
listing of Akara. The decision to list Akara will 
depend on market conditions and other factors 
at the time of approval.
Group gold production for the full year to  
30 June 2014 is expected to be in the range  
of 190,000 to 210,000 ounces. This includes 
120,000 to 130,000 ounces from Chatree and 
70,000 to 80,000 ounces from Challenger.
MD and CEO’s Report