28 January quarter include: Wide zones of strong. 8 9 NOUG0012 NOUG0020. o o. Regional exploration

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1 28 January 214 Quarterly Activities Report t for the period ended 31 December 2133 Golden Deeps Limited ( Deeps or thee Company ), continuedd to progress the Grootfontein Base Metals Project in Namibia during the reporting period. The key highlights for the quarter include: Nosib Block Prospect Wide zones of strong visual copper, lead, silver and vanadium oxide mineralisation were confirmed by new assay results at the Nosib Block mine, 3km west of Christianaa Underground channel sampling New results included: returned very encouraging results from all threee levels. o o NOUG12 NOUG % Cu, 3.13% Pb, g/t Ag &.56%V2O5 3.1% Cu, 1.84% Pb, g/t Ag, 3.12% V2O5 Extensive zones of copper appear to remain in situ and the t mineralisation remains open in all directions Over 1,6m of highly prospective stratigraphy identified to date Anomalous levels of gallium, germanium and zinc showw a metal association similar to the nearby Tsumeb Mine and thee Khusib Springs depositt Regional exploration identified several high priority geochemical anomalies including a greater than 1ppm Cu anomaly with a 4m by 8m extent e at Kasterborous Deblin Copper Prospect 3D modelling progressed basedd on the wide copper intersections and new structural interpretation reported in the previous quarter Golden Deeps Limited (ABN ) 1 st Floor, 8 Parliament Place, West Perth, WA 65 PO Box 1618, West Perth, WA 6872 t: f: ged@goldendeeps.com

2 1 GROOTFONTEIN BASE METAL PROJECT The Company holds an 8% interest in the highly prospective Grootfontein Base Metal Project. The project is located in the Otavi Mountain Land (OML), north east Namibia. The OML is a globally significant base metal province with production coming from several mines, including the now closed Tsumeb mine, which produced 24.9Mt at 5.5% Cu, 11.8% Pb and 171 g/t Ag. The Grootfontein Project landholding stands at 632km 2 with a further 331km 2 under application. There are four recognised base metal trends with extensive strike lengths located withinn the tenement package, namely the Askevold, Khusib, Pavian and Abenab Trends. These advanced projects are the main focus of the Company s exploration efforts. Figure 1 Location of the Company s Namibian projects. 1.1 Askevold Trend The Askevold Trend is defined by a series of copper occurrences o and geochemical anomalies associated with a shearedd contact between the Askevold Volcanics and the overlying Abenab Dolomites. A 3km strike length of this highly prospective contact position lies within the Company s EPL3743. Historic data compilation, field f mapping, soil geochemistry and surface EM surveying has resulted in six very high priority targets on the Askevold Trend. T They are the Deblin, Askevold South, Hartbeespoort South, Redrob, Deblin Southh and Deblin West prospects. Seee Figures 2 and 6. The initial combined Exploration Target is 2Mt to 6Mt at 2% to 4% Cu for the six high priority targets 1. These and targets are earmarked for systematic drill testing followed by downhole geophysics. 1 At this stage, the potential quantity and grades are conceptual in nature, as Golden Deeps has determined that insufficient work has been undertaken to define a mineral resource and it is uncertain if further exploration will result in the determinationn of a mineral resource. 2

3 Figure 2 The Askevold Trend showing s geochemical anomalies and prospect locations.. Deblin, Deblin West, Deblin South, Askevold South, Hartbeespoort South and Redrob are the highest priority prospects Deblin Work during the quarter focused on 3DD modelling, using a new structurall interpretation and recent broad drill intercepts of copper mineralisation as a guide. The modelling resulted in several new drill targets being generated. Further drilling will aim to confirm the geometry, extend the mineralisation and bring Deblin up to JORC resource status. The diamond drilling resultss reported last quarter shows that Deblin D has substantially greater potential than previously recognised. The results included: DBDD2 Including % Cu & 1.86 g/t Ag fromm 57 m 5.38% Cu & 8. 4 g/t Ag from f 59.34m DBDD % Cu & 6.8 g/tt Ag from 135 m Figure 3 Photograph of strong chalcopyrite mineralisation in drill core from DBDD1 3

4 1.1.2 New Interpretation A detailed analysis of oriented diamond drill core provided data for r a new structural interpretation of Deblin. Previous RC drilling at Deblin had identified a high-grade zone of copper mineralisation on the contact between the Askevoldd Volcanics s and the overlying Abenab Dolomites. Better intersectionss included: 1.28% Cu from 87m, ncluding 3m at 2.96% Cu C from 87mm in DBRC1, 3.23% Cu from 169m, including 6.8% Cu from 172m in DBRC2, 2.15% Cu from 72m, including 4.12% Cu from 74m in DBRC7, 1.37% Cu from 67m, ncluding 2.14% Cu from 68m in DBRC5, The copper mineralisation at Deblin iss hosted along the contact of the dolomite and mafic volcanic rocks (Figure 5), but this contact has been structurally disrupted. Thrusting has resulted in folding and faulting of the contact prior to the influxx of copper mineralising fluids. The deposit is now considered to have a folded geometry in cross section, with the t two subvertical sections joined by a subhorizontal zone of mineralisation. Intense hydrothermal alteration, the style and distribution of copper c minerals, and the style and degree of folding and faulting are consistent with Deblin D beingg a Kombat-style* mesothermal copper deposit. This iss contrary to historic interpretations by others that claimed Deblin was a volcanogenic massive sulphide (VMS) deposit. This is no longer considered correct and as stated above, Deblin is considered to be a Kombat-style* copper deposit. Figure 4 Longitudinal projection of Deblin looking north, showing recently completed DBDD1 and DBDD2 as large purple dots drillhole pierce points 4

5 Figure 5 Interpreted geological cross sectionn at mE, looking west, and showiing recently completed drillholes DBDD1 and DBDD2, new drill targets and new structural interpretation Future work at Deblin The new geological model for f the Deblin deposit provides a number of targets for extensions to known copper mineralisation. The interpreted thrust positions and theirr related structures will be targeted for thick accumulationss of copper mineralisation similar too those intersected in DBDD2 (Figure 5). Importantly, most mineralisation encountered at Deblin to date is within 1 metres of surface. The simple mineralogy of thee Deblin deposit, the presence of a broad low-grade halo of copper mineralisation (in excess of 6 m) around the thickest intercept, and the newly interpreted geometry of the deposit (Figures 4 and 5) ), all combine to make Deblin potentially amenable to an open cut mining. *The Kombat copper mine is located around 15 kilometres to the northeast of the Deblin prospect and produced in excess of 8.7 million 3.1% Cu, 1.1% Pb and 26 gpt Ag Deblin Regional Prospectivityy Recent regional soil sampling and mapping programs have generatedd two very strong surface geochemical anomalies along strike from Deblin, at Deblin West (Figure 6) ). Both anomalies contain peak values in excess of 1, ppm Copper and occur within a continuous zone of anomalous surface copper mineralisation (greater( thann 25 ppm copper) occurring over at least 2,5 metres of strike. 5

6 Follow-up exploration discovered a zone of strong outcropping copperr mineralisation at Deblin West Anomaly 1. The outcropping mineralisation was channel sampled and mapped over an area similar in size to the surface expression of the Deblin mineralisation located some 75 metres to the east. The discovery of copper mineralisation n at Deblin West complements the Deblin deposit. In addition, the recently discovered electromagnetic conductors to the southh of Deblin provide sizeable targets in what is rapidly r developing into a distinct copper camp.. Figure 6 Geological map of the Deblin area showing the location of geochemical and electromagnetic anomalies 1.2 Abenab-Nosib Trend The Abenab-Nosib Trend is defined byy a series of V-Pb-Zn occurrences located on or near the contact between the Auros Shale and Maieberg Dolomites. The Christiana (formerly Abenab West) and Okurundu lead zincc mines and the Nosib Block B copper mine are located near this contact position. This makes them the highest priority targets. Approximately 4km strike extent of this highly prospective trend lies within the Company s EPL Christiana Mine 3D models of the mine workings, the geology and the mineralisation weree generated for the Christiana mine from new channel sampling, mapping and survey data in 213. An exploration target of 2 3 8% Pb+Zn with significant V 2 O 5 and Ag credits is estimated based on the 3D modelling. Christiana remains a high priority target for the Company ass it has the potential to return significant value for shareholders, particularly if lead, silverr and zinc prices continue to recover. 6

7 Figure 7. The location of Nosib Block and Christiana in Golden Deeps Grootfontein Project, Otavi Mountainland, Namibia Nosib Block Mine Figure 8. Azurite mineralisation in underground exposure at a Nosib Block Mine Three levels of the historic Nosib Block copper/lead mine were recently No2 Shaft (Figure 9). accessed from the Within the mine, high grade copper, lead, vanadium and silver are hostedd in a sequence of tillites, conglomerates and felspathic sandstones (mine sequence) in contact with massive dolomites to the north (hanging wall) and basement granitess to the south (footwall). The mine sequencee is dipping moderatelyy to the north and the mineralisation appears to be plunging to the north east. An important aspect of the mineralisation style at Nosib Block is the high grade continuity. This has been further demonstrated byy recent 3D modelling of the mineralisation (Figure 9). Most of the copper mineralisation remains in situ in the areas accessed a soo far. Level 1, 2m below surface, Level 2, 4m below surface and Level 3, 6m below surface have been 7

8 accessed, mapped and sampled fromm N o. 2 shaft. Broad zones z of strong copper, lead, vanadium and silver have been encountered on all levels. This demonstrates the strong potential for an open pittable mineral resource at Nosib Block. 1 Channel sample results from Level 1 include; NOUG % Cu, 4.72% Pb & 7.92 g/t Ag NOUG2 2.32% Cu, 7.6% Pb, g/t Ag NOUG % Cu, 1.59% Pb, g/t Ag & 1.12% V2O5 NOUG % Cu, 1.37% Pb & 14.4 g/t Agg NOUG % Cu, 4.19% Pb, 3.53 g/t Ag,.45% Zn & 1.9% V2O5 NOUG3 16 Cu, 6.58% Pb & 5.5 g/t Ag NOUG1 1.99% Cu, 5.56% Pb, 2.3% 2 V2O5, 2.56 g/t Ga Channel sample results from Levels 2 and 3 include; NOUG % Cu, 3.13% Pb, 5.56 g/t Ag &.56% V2O5 NOUG18 2.5% Cu, 4.g/t Ag & 16.8g/t Gaa NOUG2 3.1% Cu, 11.33g/t Ag, 1.84% Pb, 3.12% V2O5 & 94.95g/t Ga Seee Appendix 1 for detailedd results. Several intersections contain anomalous levels of gallium, germanium andd zinc, which show a similar metal association to the Tsumeb deposit located 26km to the northwest 4.3% Cu, 1% Pb, 3.5% Zn, 1g/t Ag and 5g/t Ge). This metal association has strong implications for the exploration and development potential of Nosib N Block. Figure 9 View looking WNW showing the underground workings in blue and 4% Cu Equivalent (CuEq)* 3D model in red. 8

9 1 At this stage, the potential quantity and grade of the Nosib Block mine is conceptual in nature, n as Goldenn Deeps has determined that insufficient work has been undertaken to define a mineral resourcee and it is uncertain if further exploration will result in the determination of a mineral resource. *CuEq grade is calculated by combining the metals of interest based on their prices. In this case Cu% + (Zn% x.25) + (Pb% x.25) + (Ag ppm *.625) + (V2O5% * 1.695) + CuEq%. It is used as a visualisation tool only and is required Nosib Block due to the poly metallic and stronglyy zoned nature of the mineralisation. In this situation a CuEq grade provides a better picture of the overalll geometry of the mineralisationn than using copper grade on itss own. Surveying, 3D Modelling and targeting The Nosib Copper Trend is an east-wesfelspathic f sandstones with in excess of 1,6mm of strike identified to date. Within the 1,6m of strike, several very high priority exploration targets have been striking mineralised sedimentary sequence of tillites, conglomerates and identified, in particular the Pinch Out structure, 6m east off No 2 shaft and the No 3 shaft area, 4m west of No 2 shaft (Figure 11). The No 2 shaft and associated underground workings were recently r surveyed. 3D models of the underground workings were built. This allowed the accurate positioning of the channel samples within the drives.. 3D gradee shells have been generated (Figure 9). The 3D modelling shows high grade continuity from surface to over 6m below surface. The mineralisation remains open in all directions. Regional Exploration Several programs of detailed soil sampling and mapping were completed over an area of approximately 3km 2 surrounding thee Nosib Block Mine within EPL3543. A number of anomalies weree generated by the workk including Kasterborous s, a plus 1ppm copper in soil anomaly with a surface extent of approximately 4m by 8mm (Figure 1). Detailed follow- up is underway. Figure 1 Regional map of the Nosib Block area showing a copper in soils grid and the Kasterborous geochemical anomaly. Red colours indicate plus 1ppm Cu 9

10 Figure 11 Geological map of the Nosib Block area showing the main targets of interest and level one channel sampling inset Golden Deeps Limited (ABN ) 1 st Floor, 8 Parliament Place, West Perth, WA 65 POO Box 1618, West Perth, WA 6872 t: f: ged@goldendeeps.com

11 2 2.1 WESTERN AUSTRALIAN GOLD PROJECTS Twin Hills (M 29/21), Western Australiaa The Twin Hills Project is located 27 km north of Menzies Township in the Eastern Goldfields. The historic Twin Hills mine is located in a shear zonee within a narrow greenstone belt located between two granitoids. Recorded production from the belt totalled t 1,1t of ore at an average grade of 23.6 g/t Au. No significant work was undertaken at Twin Hills during the quarter. Figure 12 Thee location of the Twin Hills Project Golden Deeps Limited (ABN ) 1 st Floor, 8 Parliament Place, West Perth, WA 65 PO Box 1618, West Perth, WA 6872 t: f: ged@goldendeeps.com

12 3 EASTERN VICTORIAN GOLD PROJECTS The Company currently holds three granted exploration licences and has an application pending for one further exploration licence in eastern Victoria (Figure 9). The granted exploration licences are Burwang (EL5235), Twist Creek (EL5239), and Mudlark (EL5272). The Grant-Dargo (EL524)) licence is still proceeding through the application process. These licences and the application are for low impact gold exploration over a number of historic gold mining areas that have received limited exploration using modern techniques. Government records show that over 73, oz of gold was historically produced from the Burwang project areaa (EL5235). The Rose, Thistle and Shamrock (RTS) gold mine and the nearby Landtax gold mine, located on EL 5325, is an areaa of significant potential. Government records show that over 8, oz. of gold was produced at g/t. an average grade of Figure 13 Locations of the Company s three exploration areas (black outlines) in eastern Victoria. Major towns and cities of the region are shown. No significant work was conducted on these projects during the quarter. For further information please contact: Vincent Algar or Luke Marshall Phone (8) Or consult our website: Competent Person Declaration The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based b on information compiled by Luke Marshall, who is a full time employee of Golden Deeps Limitedd and a member of The Australasian Institute of Geoscientists. Mr Marshall has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 212 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resource and Ore Reserves. Mr Marshall consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Forward-Looking Statements This document may include forward-looking statements. Forward-looking statements include,, but are not limited to, statements concerning Golden Deeps Limited s planned exploration programme and other statements thatt are not historical facts. When used in this document, the words such as "could," "plan," "estimate," "expect," "intend," "may, "potential," "should,"" and similar expressions are forward-looking statements. Although Golden Deeps Limited believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks r and uncertainties and no assurance cann be given that actual results will be consistent with these forward-looking statements. 12

13 APPENDIX 1 Schedule of Golden Deepss tenementss Country Namibia Australia Australia Schedulee of Mining and Exploration Tenements State/Region Otjozondjupa WA Vic Project Grootfontein Base Metals Twin Hills Victorian Gold Tenement ID EPL 3543 EPL 3744 EPL 3745 EPL 3743 EPL 5232 EPL 5233 EPL 5234 EPL 5496 EPL 559 EPL 551 M25/21 EL 5239 EL 5272 EL 5235 Area Km2 Grant Date Interest % /9/ /8/ /8/ /8/ Application Application 63 Application Application 8.4 Application Application 13 Application Application 56 Application Application 73 Application Application.63 2/4/ /3/ /3/ /3/21 1 APPENDIX 2 Nosib Block Channel Sampling Results (refer to ASXX announcement More High Grade Copper, Lead, Silver Identified at Nosib, N 2 January 214) Hole ID Length Collar Location WGS84 Z33 From To Dip Azimuth East North RL m m NOUG1 NOUG2 NOUG3 NOUG4 NOUG5 NOUG6 NOUG NOUG8 NOUG9 NOUG1 NOUG11 NOUG12 NOUG13 NOUG14 NOUG15 NOUG16 NOUG17 NOUG NOUG19 NOUG NOUG21 NOUG22 NOUG Cu Grade Width % m Intersection Description 9.3%Cu, 4.72% Pb, 7.92g/t Ag 2.32% Cu, 7.6% Pb, 6.85g/t Ag Cu, 6.58% Pb, 5.51g/t Ag 1.37% Cu, 1.37% Pb, 14.41g/t Ag 1.51% Cu, 1.59% Pb, 7.15g/t Ag, 1.12% V2O5 1.38% Cu, 4.19% Pb, 3.53g/t Ag,.45% Zn, 1.9% V2O5 Cu, 1.25g/t Ag 7.92% Cu, 19.73% Pb, 23.87% V2O5* 2.57% Cu, 6.88% Pb, 7.41g/t Ag,.36% V2O5,.35% Zn 1.61% Cu, 5.6% Pb, 2.8g/t Ag, 1.58% V2O5,.12% Zn 1.99% Cu, 5.56% Pb,.81g/t Ag, 2.3% V2O5,.36% Zn, 2.56g/t Ga Cu, 3.35% Pb. 2.1g/t Ag,.53% V2O5 2.86% Cu, 3.13% Pb, 5.56g/t Ag,.56% V2O5 1.3% Cu, 3.13% Pb, 2.14g/t Ag,.81% V2O5, 27.4g/t Ga 1.24% Cu, 3.62% Pb, 7.5g/t Ag,.91% V2O5,.38% Zn, 24.8g/t Ga Cu, 1.62% Pb,.54% V2O5, 17.85g/t Ga 1.88% Cu, 2.99% Pb, 7.58% V2O5* Cu, g/t Ag,.16% V2O5* Cu, 1.25g/t Ag, 12.53g/t Ga 2.5% Cu, 4.g/t Ag,.2% V2O5,.12% Zn, 16.8g/t Ga 1.36% Cu, 2.67% Pb, 5.77g/t Ag,.32% V2O5, 24.13g/t Ga 1.95% Cu, 7.27% Pb, 6.23g/t Ag, 1.98% V2O5,.29% Zn, 94.14g/t Ga, 1.1g/t Ge 2.69% Cu, 9.4g/t Ag, 9.73% Pb, 2.8% V2O5,.43% Zn, g/t Ga 3.1% Cu, 11.33g/t Ag, 1.84% Pb, 3.12% V2O5,.39% Zn, 94.95g/t Ga Cu, 1.79g/t Ag, 3.77% Pb,.46% V2O5,.16% Zn, 18.5g/t Ga Cu, 1.23g/t Ag,.97% Pb,.26% V2O5, 13.1g/t Ga Cu, 2.3g/t Ag, 1.63% Pb,.62% V2O5, 13.53g/t Ga 13

14 APPENDIX 3 Deblin Drill Results (refer to ASX announcement Wide Copper Zone Identified at Deblin, 21 October 214) Hole ID Depth Collar Location WGS84 Z33 East North RL Dip DBRC1 DBRC2 DBRC3 DBRC4 DBRC5 DBRC6 DBRC7 DBRC8 DBRC9 DBRC1 DBRC11 DBRC12 DBDD2 DBDD Azimuth From To Cu Grade Width m m % m Intersection Description Cu,.5g/t Ag % Cu, 2.g/t Ag incl % Cu, 4.83g/t Ag % Cu, 7.93g/t Ag incl % Cu, 17.67g/t Ag Cu,.5g/t Ag Cu, 11.g/t Ag Cu, 3.25g/t Ag incl % Cu, 6.g/t Ag Cu, 2.g/t Ag Cu, 1.g/t Ag Cu, 3.g/t Ag Cu, 2.25g/t Ag incl % Cu, 3.7g/t Ag % Cu, 2.g/t Ag incl % Cu, 3.2g/t Ag Cu, 2.3g/t Ag Cu,.g/t Ag Cu,.g/t Ag % Cu, 1.5g/t Ag incl % Cu, 3.g/t Ag Cu,.g/t Ag Cu, 1.2g/t Ag Cu,.g/t Ag Cu,.5g/t Ag Cu, 1.g/t Ag Cu,.g/t Ag Cu,.2g/t Ag % Cu, 1.86g/t Ag incl % Cu, 8.4g/t Ag % Cu, 6.8g/t Ag incl % Cu, 14.8g/t Ag 14