text: 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. 
  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. 