Australia & New Zealand Quarterly gold report (2017 Q4). Cost curves, grade curves, top gold producers ranked by production, costs and grade.

1. 1Aurum Analytics - Australian & New Zealand Quarterly Gold Report
Australian & New Zealand
Gold Operations
December Quarter 2017 - Final Report
Top 10 Gold Producing Operations
Rank Operation Company Mine Type
Au Produced
(oz)
1 Kalgoorlie Newmont Mining Corporation / Barrick Gold Corporation OP/UG 196,000
2 Cadia Valley Newcrest Mining Limited UG 180,223
3 Boddington Newmont Mining Corporation OP 176,000
4 Tropicana AngloGold Ashanti Limited / Independence Group NL OP 135,224
5 Tanami Newmont Mining Corporation UG 133,000
6 Telfer Newcrest Mining Limited OP/UG 122,318
7 St Ives Gold Fields Limited OP/UG 90,300
8 Fosterville Kirkland Lake Gold Limited UG 79,157
9 Kalgoorlie Operations Northern Star Resources Limited / Tribune Resources Limited / Rand Mining Limited UG 78,695
10 Granny Smith Gold Fields Limited UG 74,800
The average All-in Sustaining Cost (AISC) for Australia and New Zealand was A$1,111/oz, which is down 5.3% (A$62/oz) on the previous
quarter average AISC of A$1,173/oz. Evolution Mining’s part of the Ernest Henry operations was the lowest cost producer reporting an
AISC of A$-627/oz followed by Newcrest’s Cadia Valley operations with an AISC of A$168/oz, then by Aurelia Metals’ Hera (A$452/oz)
and Evolution’s Mt Carlton (A$493/oz). The average gold spot price for the quarter was A$1,660/oz (US$1,276/oz). It should be noted
that all of these low-cost operations benefit from significant base metal by-products. Aurum Analytics’ estimate of these operations
AISC on a co-product basis (Co-AISC) is as follows; Ernest Henry Co-AISC of A$656/oz, Cadia Valley Co-AISC of A$680/oz, Hera Co-AISC
of A$1,062/oz and Mt Carlton Co-AISC of A$662/oz. The lowest cost “gold only” operations were Kirkland Lake’s Fosterville with an
AISC of A$613/oz, then Regis Resources’ Duketon North (A$661/oz) and Evolution’s Cowal (A$852/oz).
Newmont and Barrick’s Kalgoorlie operation took out top spot as Australia’s largest gold producer with 196,000 oz for the quarter,
followed by Newcrest’s Cadia Valley (180,223 oz) then Newmont’s Boddington (176,000 oz). Of the mines where gold is a by-product,
OZ Minerals’ Prominent Hill produced the most gold 39,178 oz followed by Evolution’s Ernest Henry 24,486 oz and BHP’s Olympic Dam
with 15,969 oz.
Grade wise for the companies that report AISC, the average reported mill head/feed grade was 3.65 g/t (Open Pit (OP) - 1.94 g/t,
Underground (UG) – 5.81 g/t, Open Pit & Underground (OP/UG) - 2.47 g/t) which was up on the previous quarter, 3.39 g/t (7.5%).
Kirkland Lake’s Fosterville mine took out the honour as the operation with the highest average feed grade with 21.50 g/t, followed
by St Barbara’s Gwalia mine 10.70 g/t. The lowest grade mine was Evolution’s Ernest Henry processing an average head grade of
0.56 g/t. The high-grade operations that do not report an AISC were LionGold’s Ballarat with 5.30 g/t and Doray Minerals’ Andy Well
operation with 4.30 g/t.
Overview
Supported By

2. 2Aurum Analytics - Australian & New Zealand Quarterly Gold Report
All-in Sustaining Costs & Grade
AISC Rank Operation Company Mine Type
AISC
(A$/oz)
Grade
(g/t)
Grade
Rank
Au Produced
(oz)
1 Ernest Henry Evolution Mining Limited UG -627 0.56 45 24,486
2 Cadia Valley Newcrest Mining Limited UG 168 1.15 37 180,223
3 Hera Aurelia Metals Limited UG 452 4.86 13 14,527
4 Mt Carlton Evolution Mining Limited OP 493 5.86 7 29,927
5 Fosterville Kirkland Lake Gold Limited UG 613 21.50 1 79,157
6 Duketon North Regis Resources Limited OP 661 1.21 35= 28,596
7 Cowal Evolution Mining Limited OP 852 1.21 35= 62,286
8 Gwalia St Barbara Limited UG 859 10.70 2 62,835
9 Waihi OceanaGold Corporation UG 885 9.09 3 31,761
10 Duketon South Regis Resources Limited OP 943 1.23 34 63,517
11 Jundee Northern Star Resources Limited UG 946 5.00 11 62,915
12 Tropicana JV AngloGold/Independence OP 959 2.45 22 135,224
13 Nicolsons Pantoro Limited OP/UG 990 7.67 4 13,841
14 Peak New Gold Inc UG 992 7.20 5 35,753
15 Thunderbox Saracen Mineral Holdings Limited OP 1,010 1.80 30 37,152
16 Tanami Newmont Mining Corporation UG 1,033 5.62 8 133,000
17 Kalgoorlie JV Newmont/Barrick OP/UG 1,035 2.30 24= 196,000
18 Mt Rawdon Evolution Mining Limited OP 1,056 0.98 42 21,418
19 Tomingley Alkane Resources Limited OP 1,058 2.21 27 16,641
20 Mt Magnet Operations Ramelius Resources Limited OP/UG 1,080 2.40 23 36,635
21 Paulsens Northern Star Resources Limited UG 1,170 3.80 16= 10,808
22 Deflector Doray Minerals Limited UG 1,185 4.30 14 16,810
23 Kalgoorlie Operations JV Northern Star/Tribune/Rand UG 1,195 4.89 12 78,695
24 Macraes OceanaGold Corporation OP/UG 1,214 1.13 38 45,060
25 Cracow Evolution Mining Limited UG 1,237 5.22 10 20,215
26 Boddington Newmont Mining Corporation OP 1,257 0.75 43 176,000
27 Mungari Evolution Mining Limited OP/UG 1,288 2.30 24= 28,156
28 Nullagine Millennium Minerals Limited OP 1,290 1.60 32 21,401
29= Darlot Red 5 Limited UG 1,291 4.21 15 17,777
29= South Kalgoorlie Westgold Resources Limited OP/UG 1,291 2.74 20 12,711
31 Ravenswood Resolute Mining Limited OP/UG 1,292 1.07 40 24,489
32 Edna May Ramelius Resources Limited OP 1,298 1.05 41 21,377
33 Carosue Dam Saracen Mineral Holdings Limited UG 1,330 2.10 28 40,370
34 Agnew Lawlers Gold Fields Limited UG 1,336 6.73 6 63,900
35 St Ives Gold Fields Limited OP/UG 1,351 2.70 21 90,300
36 Granny Smith Gold Fields Limited UG 1,370 5.55 9 74,800
37 Telfer Newcrest Mining Limited OP/UG 1,379 0.73 44 122,318
38 Central Murchison Westgold Resources Limited OP/UG 1,387 2.96 19 32,654
39 Fortnum Westgold Resources Limited OP/UG 1,390 1.44 33 8,265
40 Mount Monger Silver Lake Resources Limited OP/UG 1,430 3.80 16= 34,206
41 Sunrise Dam AngloGold Ashanti Limited UG 1,581 2.01 29 67,000
42 Higginsville Westgold Resources Limited OP 1,625 1.72 31 14,464
43 Penny's Find Empire Resources Limited OP 1,692 3.09 18 7,837
44 Challenger WPG Resources Limited OP/UG 1,760 2.24 26 10,671
45 Matilda-Wiluna Blackham Resources Limited OP/UG 1,882 1.10 39 14,922
Gold Operations That Report AISC
Notes: Operations are shown on a 100% basis. Two operations Plutonic and Beta Hunt usually report AISC but had not reported at the time this report was compiled.

3. 3Aurum Analytics - Australian & New Zealand Quarterly Gold Report
Gold Production Cost Curve Ranked By Reported AISC
Gold Production Grade Curve Ranked By Average Mill Feed/Head Grade
Gold Production Curves

4. 4Aurum Analytics - Australian & New Zealand Quarterly Gold Report
Mines Where Gold Is A By-Product
Rank Operation Company Mine Type
Au Produced
(oz)
1 Prominent Hill OZ Minerals Limited OP/UG 39,178
2 Ernest Henry Evolution Mining Limited UG 24,486
3 Olympic Dam BHP Billiton Limited UG 15,969
4 DeGrussa Sandfire Resources NL UG 8,130
5 Rosebery MMG Limited UG 8,082
6 Kanmantoo Hillgrove Resources Limited OP 2,725
7 Jaguar Independence Group NL UG 344
NR North Parkes1
JV China Moly/Sumitomo UG NA
NR Golden Grove EMR Capital UG NA
1. North Parkes is a joint venture between China Molybdenum Co Ltd (80%) and Sumitomo Australia Pty Ltd (20%). North Parkes had not reported its gold production
at the time of compiling this report.
Gold Mines That Did Not Report All-in Sustaining Costs
Rank Operation Company Mine Type
Grade
(g/t)
Au Produced
(oz)
1 Plutonic Superior Gold Inc1
NA 2.4 20,197
2 Beta Hunt Royal Nickel Corporation1
UG 2.39 12,128
3 Ballarat LionGold Corp Ltd UG 5.3 9,024
4 Costerfield Mandalay Resources Limited UG NA 7,222
5 Teal Intermin Resources Limited OP NA 5,214
6 Andy Well Doray Minerals Limited UG 4.3 4,402
7 A1 Centennial Mining Limited UG 3.63 2,957
NR Pajingo Minjar Gold Pty Ltd2
UG NA NA
NR Marvel Loch Minjar Gold Pty Ltd2
OP/UG NA NA
NR Paddington Zijin Mining Group Company Limited2
OP/UG NA NA
NR Davyhurst Eastern Goldfields Limited2
UG 1.37 NA
Statistic AISC (A$/oz) Change (%) Grade (g/t) Change (%)
Average (Simple)1
1,111 -5.3 3.65 7.5
Average (Weighted)2
1,039 -0.8 1.70 3.6
Minimum -627 2.1 0.56 -1.8
First Quartlie 946 2.5 1.15 -5.0
Median 1,035 1.3 2.30 10.0
Third Quartile 1,298 8.7 5.00 -2.7
Maximum 1,882 -35.5 21.50 52.5
Quarter on Quarter Change in AISC and Grade
1. Simple averages done by number of mining operations.
2. AISC weighted by gold ounces produced, Au grade weighted by ore tonnes milled.
3. First Quartile, Median and Third Quartile values are based on production in the AISC Cost Curve and Grade Curve.
1. These companies usually report AISC but had not at the time of compiling this report.
2. These companies do not provide detailed quarterly production statistics for these mines.
Additional Gold Production

5. 5Aurum Analytics - Australian & New Zealand Quarterly Gold Report
Gold Production (Attributable) All-in Sustaining Costs
Rank Operation oz Rank Operation A$/oz
1 Kalgoorlie1
196,000 1 Cadia Valley 168
2 Cadia Valley 180,223 2 Tropicana2
959
3 Boddington 176,000 3 Tanami 1,033
4 Tropicana2
135,224 4 Kalgoorlie1
1,035
5 Tanami 133,000 5 Boddington 1,257
Top 5 - Production & AISC
Top 5 Gold Operations - Major Gold Miners
Top 5 Gold Operations - Junior Gold Miners
Top 5 Gold Operations - Mid-Tier Gold Miners
Gold Production (Attributable) All-in Sustaining Costs
Rank Operation oz Rank Operation A$/oz
1 Fosterville 79,157 1 Ernest Henry -627
2 Duketon South 63,517 2 Mt Carlton 493
3 Jundee 62,915 3 Fosterville 613
4 Gwalia 62,835 4 Duketon North 661
5 Cowal 62,286 5 Cowal 852
Gold Production (Attributable) All-in Sustaining Costs
Rank Operation oz Rank Operation A$/oz
1 Mount Monger 34,206 1 Hera 452
2 Nullagine 21,401 2 Nicolsons 990
3 Plutonic 20,197 3 Tomingley 1,058
4 Darlot 17,777 4 Deflector 1,185
5 Kalgoorlie Operations1
17,688 5 Nullagine 1,290
Gold Production (Total) All-in Sustaining Costs
Rank Operation oz Rank Operation A$/oz
1 Kalgoorlie1
196,000 1 Fosterville 613
2 Tropicana2
135,224 2 Duketon North 661
3 Tanami 133,000 3 Cowal 852
4 St Ives 90,300 4 Gwalia 859
5 Fosterville 79,157 5 Waihi 885
Top 5 Pure Gold Operations (No Base Metal By or Co-Products)
1. Kalgoorlie is a joint venture between Newmont Mining Corporation (50%) and Barrick Gold Corporation (50%).
2. Tropicana is a joint Venture between AngloGold Ashanti Limited (70%) and Independence Group NL (30%).
1. Kalgoorlie Operations gold produced represents Tribune Resources Limited’s attributable gold production from the East Kundana Joint Venture.
1. Kalgoorlie is a joint venture between Newmont Mining Corporation (50%) and Barrick Gold Corporation (50%).
2. Tropicana is a joint venture between AngloGold Ashanti Limited (70%) and Independence Group NL (30%).

6. 6Aurum Analytics - Australian & New Zealand Quarterly Gold Report
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Contact
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information and analysis given is a by-product of Sam Ulrich’s PhD research at The University of Western Australia’s Centre for Explora-
tion Targeting titled “Geological drivers and strategic implications of competitive advantage in Australian and New Zealand gold mines,
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Datawassourcedfromcompanyquarterlyreports.AurumAnalyticscreatedthecostandgradecurves.MineTypereflectsthesourceoftheoremined
forthequarter,OP-OpenPit,UG-Underground,OP/UG-OpenPitandUndergroundandNM-NoMining.
ForoperationsinjointventuresuchasKalgoorlieandTropicanaAISCvalueswereapportionedbyequityownershippercentages.KalgoorlieOperations
isbasedonNorthernStarResourcesLimited’sreportedAISConlyasTribuneResourcesLimitedandRandMiningLimiteddonotreportanAISC.
WhereAISCvalueswerereportedinUS$andnoA$equivalentprovided,thequarterlyaverageUS$/A$exchangerate(0.7684)fromtheReserveBank
ofAustraliawasused.
General Notes
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The information contained in this report is provided for information purposes only. Accordingly, it is provided on the basis of no liability
whatsoever to Aurum Analytics, or the directors, officers and employees of Aurum Analytics who will not be responsible for any dam-
ages arising from any use made of the information herein. While all care has been taken in its preparation, this information has not
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and give no warranty or undertaking, express or implied, nor assume any responsibility for the authenticity, origin, validity, accuracy
or completeness, or for any errors or omissions contained in the information. The assumptions that were made in its preparation were
based on publicly available information which has not been verified by Aurum Analytics, or formally audited.