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              [html]<thead><tr><td>During the year Kingsigate solid the exploration ( e. g., which healthy ). Healthy with the results of the results. Who saph the rale of shares in its substidiary. Minerals Lentted ( PCar aware ) as an abstrable, company forted on the ASK, din</td><td>( Challenger Deeps ) and depletion on those levels ( Challenges ) and depletion on those levels ( Challenges ) and depletions ( Challenges ) and depletions ( Challenges ) and interventions ( Challenges ) and interventions ( Challenges ) ang</td><td>During 2013, the process design and engagement of the process that and power than their health progressed to a point when the etudy was close to draft completion as at 30 lune study. There was desired or using the most community. There was pre</td></tr></thead><tbody><tr><td>fall from Challenger Deeps.</td><td>Chatree</td><td>Wth the completion of the current mining contract scheduled for the end of July 2013, a tender was completed and a new upgraded contract was awarded to Byrnecut which commenced on 1 August 2013.</td></tr><tr><td>The preparation for longement of an 605 to the providers with the provision of the ED will be completed and lookged in 2014. Data for flor and fauria, surface water, provided by for both surface water, provided by metastasis, problems, ando</td><td>1.000.569 ounces of silver. The strong production performance was achieved despite some operational hurdles with slower than anticipated Government approvals, to allow full utilisation of the expanded plant.</td><td>Following the fall in the gold price a strategic review of the Challenger Mine was completed. This resulted in the decision to implement a new mine plan to focus primarily on the higher grade Challenger West over body. This plan will be imple</td></tr><tr><td>Writh the fall in metal prices in late 203.3, worls and expenditure on the DF5 and EIS have been phased to coordinate the two programs with completion and submission now not expected before mid - 2034.</td><td>The delay of 63 days in approval of the Plant # 2 Metallurgical License and lower than expected availability of some of the mining contractor ' s major mining equipment negatively impacted the production targets. However, near surface</td><td>Nueva Esperanza Silver / Gold Project</td></tr><tr><td>Exploration</td><td>higher grades in Q Prospect mitigated these difficulties resulting in a strong final quarter for the year.</td><td>advanced during the year with an initial scoping : and processing : and processing : and sensitivity. Scheet is periods of fluena Epierana completed in late 2012. The study demonstrated that open pit mining at two million tonnes per year an</td></tr><tr><td>The Group has a portfolio of exploration terse ments and applications in Thailand, Chile and Las PDIE Following the sale of exploration terms to Caravely limit severe severe engagement of the Challenges of the Challenges thems and Counti</td><td>Total mill throughput for the year was 5.7 million tonnes, 11.4 % higher than 2012, despite the impact of the 63 day delay during which Plant # 2 was not operating. The overall plant availability of 98.2 % was slightly lower than the previous y</td><td>As a consequence, feasibility work has transitioned to assess a lower capital cost and lower</td></tr><tr><td>Sale of Exploration Assets</td><td>On 28 March 203.1. the Group sold its exploration assets in Western Australia and Queensland through the sale of shares in its subsidiary company, Quadrio Resources Limited, to Caravel Minerals Limited (“ Caravel ”), an Australian compa</td><td>Total cash costs for the year were US $ 5767 per ounce ( US $ 620 per ounce exclusive of Thai royalties ). The average royalty paid to the Thai Government was $ 625347 per ounce of gold. Total production costs after depreciation and amortisatis</td></tr><tr><td>metally gical testwork denonstrated that processing of mineralisation from all three deposits by healthing hais the potential to be technically and economically heastble and, as a consequence, may become the preferred alternative fo</td><td>Kingsgate received 135.000.000 fully paid ordinary shares in the issued capital of Caravel</td><td>At year end, 9.7 million tonnes of ore was stock - piled with an average contained gold grade of 0.57 g / t representing 178.086 ounces of gold.</td></tr><tr><td>Environmental approval for the original Arqueros Project was granted in July 2013.</td><td>Caravel shares exercisable at 30 onto on or before three years from the date of issue. Subsequent to the sale, Kingspste became the largent shareholder in Caravel with 35.54 % hald at 10 youne 2013.44 / highly problem in hosting the followin</td><td>Bowdens Silver Project</td></tr><tr><td>Challenger</td><td>The Bowdens Project continued to advance during the year with field programs supporting the feasibility and environmental studies ongoing Stellisation difing and additional met - lifesting in survey undership.</td></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr></tbody>
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