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Quarterly Report FOR PERIOD ENDING 30 SEPTEMBER 2011 ASX Code: FAS Contact Details Unit 3, 136 Main Street, Osborne Park WA 6017 PO Box 1520 Osborne Park WA 6916 T: 08 9242 5111 F: 08 9242 5677 E:

037 Estimated market capitalisation: $ 27.5M Board Directors Kevin J Robertson MAICD Managing Director Harold J Paiker B.

(SHIP) Resource update; new Indicated Resource in accordance with the JORC code from AMC Consultants. Encouraging new results from dry separation methods to save process water.

1 Quarterly Report FOR PERIOD ENDING 30 SEPTEMBER 2011 ASX Code: FAS Contact Details Unit 3, 136 Main Street, Osborne Park WA 6017 PO Box 1520 Osborne Park WA 6916 T: F: E: W: ABN Capital Structure 27th October 2011 Ordinary Shares on issue: 741M Share price: $0.037 Estimated market capitalisation: $ 27.5M Board Directors Kevin J Robertson MAICD Managing Director Harold J Paiker B.Juris LLB LLM Director Non Executive Con Markopoulos Director Non Executive Gary Lyons Director Non Executive Alan Thomas Company Secretary Highlights for the Quarter: Steeple Hill Iron Project (SHIP) Resource update; new Indicated Resource in accordance with the JORC code from AMC Consultants. Encouraging new results from dry separation methods to save process water. Analysis results received for water bore samples indicates groundwater is moderately to highly saline. This will require desalination so fresher water sources are actively being sought. Two RC drillholes undertaken at Duchess of York mine intersected weak gold mineralisation beneath outcropping mineralisation. Mapping and rock chip sampling at Music Well tenement discovers high grade quartz veins of 34.8g/t and 7.8g/t. Kurnalpi West tenement mapped and rock chip sampled, with high grade gold, 19g/t and 10g/t, found in two adjacent quartz veins. Colour Dam North tenement mapped and rock chip sampled, with one sample of 5.2g/t gold and high base metals. Three other rock chip samples produced anomalous gold results, one with high zinc values. Colour Dam pit was sampled to locate the host rock of the gold, and 10g/t and 1.49g/t assayed in quartz vein samples. Two new tenements granted adjacent existing tenements at Killara uranium and copper project. A meeting of native title working group was held to discuss an agreement over the Jones Find deposit. Photograph: RC drill chip showing Pyrite and Sulphides at Duchess of York

2 personal use only Quarterly Report for period ending 30 September 2011 Indicated Resource. The updated geological database was used by AMC Consultants to estimate a new Indicated Resource in accordance with the JORC code. The additional data from 216 drill holes from the edges and southern continuation of Iron Creek was incorporated into the new blockmodel, resulting in an increase in the resource. As before, the resource was calculated at the different hematite recovery cutoffs of 10%, 7% and 5%. The results are in the attached mineralisation statement. The method of resource estimation differed slightly in the new estimation, with low grade clay below 5% recovery being excluded in the new model, rather than an average grade being applied to the whole clay layer. This has resulted in a substantial decrease in the tonnes of clay mineralisation which requires more water for processing, although it is important to note that the amounts of sand and gravel layers with higher hematite recovery have increased significantly. Encouraging Dry Separation Test Results. The results of further dry air separation testwork that tested fluidised air beds and with a dry air jig were received during the quarter. The results from the fluidised beds showed that they were even more efficient at removing the ultrafine fraction of the alluvials than the air classifiers. The dry air jig was tested with the coarse (+1mm) alluvial ore, to determine if the lighter non iron materials could be separated from the heavy hematite, and reduce the throughput to the remainder of the plant, which could be reduced in size. The test showed an incomplete separation of the hematite into the lower heavy layer. The tests, however, were initial tests and performances could be improved by altering the airflow and other settings. Testwork is continuing to optimise dry methods of separation to reduce the quantity of water required in the processing plant. Groundwater Analysis Results. The results of the analysis of groundwater from 11 water bores of the 35 drilled holes into numerous targets within 20km of the proposed process plant were received. The results ranged from 50,000ppm to 125,000ppm total dissolved salt. The water flows were measured and ranged up to 130 tonnes per day from these narrow diameter holes to 100m. Larger flows are expected from larger diameter holes drilled to greater depths. FairStar has extended its search for lower salinity groundwater to reduce desalination costs. 2 For

Quarterly Report for period ending 30 September 2011 Duchess of York Gold Project.

Here it drilled two RC holes of a planned 10 hole program targeting a long outcropping quartz vein within a broader alteration zone with minor quartz veins.

The quartz vein has only weakly anomalous gold grades, but higher values to 2.17g/t occur within the alteration zone.

3 Quarterly Report for period ending 30 September 2011 Duchess of York Gold Project. At the end of the SHIP water boring program, the RC drilling rig was available for two more days and was relocated to the Duchess of York gold project. Here it drilled two RC holes of a planned 10 hole program targeting a long outcropping quartz vein within a broader alteration zone with minor quartz veins. Previous mapping and rock chip sampling had delineated the quartz vein, which is 400m long and 0.5m to 4m wide, and the alteration zone from 2m to 10m wide on either side. The quartz vein has only weakly anomalous gold grades, but higher values to 2.17g/t occur within the alteration zone. This situation also occurs in other gold deposits in the same Mt Monger goldfield locality. The quartz vein dips west and strikes north, and the two holes were drilled at 60 to the east, on lines 200m apart, to intersect the alteration zone and the quartz vein. One hole was drilled under the outcrop with 2.17g/t gold, and the other under a broad alteration zone 200m south. Both holes were analysed as composite samples for gold and base metals, but returned only weakly anomalous gold grades in the sheared alteration zones. Photograph: RC drilling at Duchess of York Music Well Gold Project. Mapping and rock chip sampling of quartz veins over the whole tenement near Leonora was also undertaken during the quarter. The mapping was undertaken to validate earlier mapping, and some discrepancies were found which were corrected. The sampling of numerous quartz veins was undertaken as the area has minor alluvial gold that was found in the past, and adjacent areas have small gold mines on quartz veins. One quartz vein 30cm wide and over 30m in length was sampled in two places and returned grades of 34.8g/t and 32.5g/t gold. A second quartz vein with a width of 20cm and 15m long occurs a kilometre to the south and analysed at 7.8g/t of gold. Several other quartz veins gave anomalous analyses of less than 1g/t, but most only had background levels of gold in the samples. Follow up work is planned on the high grade gold veins to determine if gold is also present in the sheared basalt adjacent to the quartz veins, with RC drilling to test the quartz veins at depth. Photographs: Gold bearing quartz vein left, gold from panning right Insert Photo of high grade quartz vein. NE_QZ VEW Insert Photo of Gold Pan IMG_1072 3

personal use only Quarterly Report for period ending 30 September 2011 Kurnalpi Gold Projects. Kurnalpi West.

The mapping was undertaken to record the geology outcrop, structures, quartz vein locations and orientations, as well as the old workings and drillhole collars, which are numerous in the middle east

Note was made of the old drillhole samples still present on the surface, and research will be undertaken to obtain the drillhole logs and analyses, and integrate these into the geological database

Further sampling of the weathered sheared basalt in which the two veins are hosted will be undertaken, to determine if the gold is also present in this shear zone.

4 personal use only Quarterly Report for period ending 30 September 2011 Kurnalpi Gold Projects. Kurnalpi West. Mapping and rock chip sampling of quartz veins and associated sheared basalt was undertaken during the quarter, and resulted in several significant gold values from rock chip samples. The mapping was undertaken to record the geology outcrop, structures, quartz vein locations and orientations, as well as the old workings and drillhole collars, which are numerous in the middle east of the deposit, near the old Success mine. While the mine is outside FairStar s tenement, the trend of mineralisation continues north and south from the old mine into FairStar's tenement. Note was made of the old drillhole samples still present on the surface, and research will be undertaken to obtain the drillhole logs and analyses, and integrate these into the geological database for this area. A quartz vein in the mullock heap of some old shallow pits was sampled and returned an assay of 19.4g/t gold, while a 20cm wide quartz vein some 20m south assayed at 11.6g/t gold. Further sampling of the weathered sheared basalt in which the two veins are hosted will be undertaken, to determine if the gold is also present in this shear zone. An RC drilling program to intersect the quartz veins and shear zone at depth will be considered once detailed mapping and rock chip sampling results are received. Photographs: Historic workings along quartz vein left, quartz float along quartz vein, right. Two other widely separated quartz veins returned anomalous gold grades of 0.43g/t and 0.65g/t, and a sheared basalt outcrop with a few 5mm quartz veins returned an assay of 1.67g/t. These areas will also need to be further explored in more detail. Colour Dam North. This tenement is immediately east of the Colour Dam tenement, which hosts a small open cut pit, situated in sheared basalt, and volcanics with minor quartz veins, and adjacent metasediments. Theses rocks continue north into the Colour Dam North tenement area where mapping has located extensive zones of metasediments with abundant sulphide pits. Rock chip sampling has produced only background levels of gold and base metals. Outcropping quartz veins in metasediments were mapped and sampled in the south and produced one sample with a gold grade of 5.2g/t and high base metal values of 2.12ppm silver, 5209ppm zinc and 2608ppm lead, with minor 381ppm copper value, as occurs near the old pit to the west. Three other samples were analysed with weakly anomalous gold values of 0.45g/t, 0.45g/t and 0.21g/t. The latter sample also had high Zn and moderate Ag, Pb and Cu values. The other 27 samples reported mainly background gold and base metal values 4 For

Quarterly Report for period ending 30 September 2011 In the east, limited outcrop with extensive transported sand was mapped, and lines of old drillholes found which enabled basement geology to be

The high grade and anomalous gold samples will be followed up with more sampling and detailed mapping, and RC drilling if warranted.

Another visit was made to the small open pit at Colour Dam to investigate the host rock for the gold mineralisation, broadly contained in a shear zone in volcanic rocks, with numerous 15mm quartz

5 Quarterly Report for period ending 30 September 2011 In the east, limited outcrop with extensive transported sand was mapped, and lines of old drillholes found which enabled basement geology to be identified. These holes were picked up by GPS, and the legacy data will be located, and added to the database. The high grade and anomalous gold samples will be followed up with more sampling and detailed mapping, and RC drilling if warranted. Photograph: Metasediment outcrop with pits indicating remnant sulphides Colour Dam. Another visit was made to the small open pit at Colour Dam to investigate the host rock for the gold mineralisation, broadly contained in a shear zone in volcanic rocks, with numerous 15mm quartz veins at various orientations. Sampling of the various rock types showed the small quartz veins contained gold grades up to 10.1g/t, with grades below 1g/t in the volcanic rock. Further rock chip sampling and mapping of the pit should delineate the gold host rocks very clearly, and sampling from existing RC holes will also contribute to this understanding. The existing drilling shows high grade gold of 4 metres down hole at 20g/t gold beneath the pit floor, as well as lesser grades north and south of the pit along strike. This data has been reviewed to allow further planning of drilling to infill the drill pattern where needed and close off the mineralisation to the north and south. This drilling should allow a resource to be estimated, then a reserve, and a decision to reopen the pit can then be made. Photograph: FairStar geologists conducting geological mapping in Colour Dam pit. Killara Uranium and Copper Prospect. Two new tenements adjacent to the existing two tenements have been granted during the quarter, and these are both adjacent to uranium anomalies. E51/1449 is immediately south of E51/1149, and a uranium soil anomaly extends up to the boundary of the two tenements. Soil sampling is planned in the new tenement to see if the anomaly extends across into the new tenement, and over the uranium high indicated by airborne radiometrics. E51/1450 is immediately north of E51/1148, which has several soil uranium anomalies as well as airborne radiometric anomalies, which also occur on the new tenement. Drainage from a granite to the south flows north over the sandstone and into drainage channels with calcrete. Nearby, calcrete with a uranium deposit occurs in a creek draining south from the granite, and it is possible that the sandstone and calcrete on E51/1450 also contains uranium. 5

been applied. This area has significant medium and low grade gold, extending down as deep as 200m.

6 Quarterly Report for period ending 30 September 2011 Meeting with Native Title Working Group over Jones Find Gold Project. During the quarter, a successful meeting was held with the Central East Native Title working group to discuss a native title agreement over the Jones Find gold project, for which a mining lease has been applied. This area has significant medium and low grade gold, extending down as deep as 200m. Further drilling is required to fully delineate the gold deposit, which adjoins the heavily drilled Majestic gold deposit of Integra Mining Limited immediately to the west. About FairStar Resources Background, FairStar A New Horizon: FairStar was listed in October 2006 and is a unique Perthbased uranium and gold producer; and upon discovering Iron mineralisation at Lindsay s Dam commenced with its major project (SHIP) that is strategically located near existing transport infrastructure with a clear and unencumbered path to production for relatively low capital expenditure. FairStar will fast track development and production of its highvalue Steeple Hill iron ore project with significant Indicated Resource estimate of hematite rich gravels, which produces a hematite fraction of Direct Shipping Ore to deliver immediate and substantial cash flows. Significantly, FairStar believes it will be cash flow positive from its first year of production at SHIP. This will be used to increase shareholder value and fund further highvalue projects such as the gold tenements at Jones Find Gold Prospect, Kurnalpi and Duchess of York Hickmans Find. FairStar has an extensive portfolio of projects straddling 1167 Km 2 and remains committed to an aggressive expansion campaign to bolster its resource inventory and quickly transition the company from a junior explorer to a highly competitive producer of iron ore, gold and uranium. Photograph: RC drilling chips at Duchess of York 6 The information reported herein is based on information compiled by Mr Sheldon Coates who is a member of the Australasian Institution of Mining and Metallurgy. He has sufficient experience relevant to the style of mineralisation and deposit type under consideration, and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Coates consents to the inclusion of this report of the matters based on his observations in the form and context in which it appears. Mr Coates has a B.Sc.Geology, MBA in Technology Management, and MSc in Mineral Economics. He has 14 years iron ore and 8 years gold experience. Mr. Coates consents to the inclusion of this report of the matters based on his observations in the form and context in which it appears.

7 Rule 5.3 Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10 Name of entity Fairstar Resources Limited ABN Quarter ended ( current quarter ) September 2011 Consolidated statement of cash flows Cash flows related to operating activities 1.1 Receipts from product sales and related debtors Current quarter Year to date (3 months) 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) administration (936) (791) (936) (791) 1.3 Dividends received 1.4 Interest and other items of a similar nature received Interest and other costs of finance paid (140) (140) 1.6 Income taxes paid 1.7 Other Net GST (paid)/refunded (143) (143) Net Operating Cash Flows (2,002) (2,002) Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets 1.9 Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets 1.10 Loans to other entities (200) (200) 1.11 Loans repaid by other entities 1.12 Other (provide details if material) Net investing cash flows (200) (200) 1.13 Total operating and investing cash flows (carried forward) (2,202) (2,202) 17/12/2010 Page 1

8 1.13 Total operating and investing cash flows (brought forward) (2,202) (2,202) Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings secured (see note 3.2 (c)) 1,995 1,995 unsecured 1.17 Repayment of borrowings (650) (650) 1.18 Dividends paid 1.19 Other (provide details if material) Other Settlement sums received Proceeds from issue of convertible notes Repayment of convertible notes Net financing cash flows 2,234 2,234 Net increase (decrease) in cash held Cash at beginning of quarter/year to date Exchange rate adjustments to item Cash at end of quarter Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities Current quarter $A' Aggregate amount of payments to the parties included in item Aggregate amount of loans to the parties included in item Explanation necessary for an understanding of the transactions Directors fees and salaries in normal course of trading and consulting fees paid to Directors and related parties. Noncash financing and investing activities 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows a) Payment of unsecured loans and other payables satisfied by the issue of shares $1,341, Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest Page 2 17/12/2010

9 Nil Financing facilities available Add notes as necessary for an understanding of the position. Amount available Amount used 3.1 Loan facilities 3,450 3, Credit standby arrangements 20,000 5,857 Refer to Note (a) and (b) (a) Fairstar has a standby subscription agreement in place with Fortrend Securities Ltd. The total facility is $5,000,000 of which $937,000 has been used at 30/06/11. No shares have been issued under this facility since December (b) On 1 October 2010 Fairstar entered into a non exclusive standby subscription agreement with Gurney Capital Nominees Pty Ltd. The total facility, of which drawdowns can be made subject to certain terms and conditions, is $15 million. A total of $0.9m was drawn down pursuant to this facility in quarter ended 30 June 2011 (cumulative $4.92m). Shares are issued at a price representing 80% of the 5 day VWAP for the period immediately prior to the issue of a drawdown notice to Gurney. Estimated cash outflows for next quarter 4.1 Exploration and evaluation 4.2 Development 4.3 Production 4.4 Administration Total 1,400 Reconciliation of cash Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows. Current quarter Previous quarter 5.1 Cash on hand and at bank Deposits at call 5.3 Bank overdraft 5.4 Other (provide details) Term deposits Total: cash at end of quarter (item 1.22) /12/2010 Page 3

10 Changes in interests in mining tenements 6.1 Interests in mining tenements relinquished, reduced or lapsed Tenement reference Nature of interest (note (2)) Interest at beginning of quarter Interest at end of quarter 6.2 Interests in mining tenements acquired or increased E51/1449 E51/1450 Grant of Exploration Licences Grant of Exploration Licences 0% 0% 100% 100% Issued and quoted securities at end of current quarter Description includes rate of interest and any redemption or conversion rights together with prices and dates. Total number Number quoted Issue price per security (see note 3) (cents) 7.1 Preference + securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buybacks, redemptions Ordinary securities 727,966, ,966,041 Amount paid up per security (see note 3) (cents) Page 4 17/12/2010

11 7.4 Changes during quarter (a) Increases through issues 40,186 40,186 Issue for exercise of options at $ ,115,297 22,115,297 Issued for working capital at an average price of $ , ,682 Interest paid to convertible note holders at $ ,606,379 24,606,379 Repay unsecured loans and payables at an average price of $0.045 (b) Decreases through returns of capital, buybacks Convertible debt securities (description) 4,368, Convertible Notes (face value of $650,000) 4,368,012 Payment of professional fees at an average price of $0.050 Maturity date 1 October 2011 Conversion price $0.10 Interest rate 20%pa 14 Convertible Notes (face value of $850,000) Maturity date 1 April 2012 Conversion price $0.10 Interest rate 20%pa 7.6 Changes during quarter (a) Increases through issues Note Of the convertible notes that matured on 1 October 2011, notes with a face value of $250,000 were extended on the same terms and conditions for a further 6 months (b) Decreases through securities matured, converted 17/12/2010 Page 5

12 7.7 Options (description and conversion factor) Total Number 663, ,125 1,070, ,348 1,086, , , ,373 1,000,000 Number Quoted Exercise price $ $ $ $ $ $ $ $ $0.15 Expiry date 31/07/ /08/ /08/ /08/ /09/ /09/ /09/ /12/ /11/ Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter 40,186 40,186 $ /08/ ,731, ,731,476 $ /08/ ,000,000 $ /08/ Debentures (totals only) 7.12 Unsecured notes (totals only) Compliance statement 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 5). 2 This statement does give a true and fair view of the matters disclosed. Sign here: Alan Thomas Date: 31 October 2011 (Company secretary) Print name: Alan Thomas Page 6 17/12/2010

13 Notes 1 The quarterly report provides a basis for informing the market how the entity s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report. 2 The Nature of interest (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities. 4 The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. 5 Accounting Standards ASX will accept, for example, the use of International Financial Reporting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with. == == == == == 17/12/2010 Page 7

QUARTERLY ACTIVITIES REPORT. For the period ended 30 June 2014

QUARTERLY ACTIVITIES REPORT. For the period ended 30 June 2014 31 July 2014 QUARTERLY ACTIVITIES REPORT For the period ended 30 June 2014 COMPANY OVERVIEW Regalpoint Resources Limited was formed to utilise the best available science to explore the Australian continent