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1 Sipa Resources Limited ABN March 2013 Quarterly ASX Report HIGHLIGHTS Enigma Copper Prospect - Thaduna Aircore drilling recommenced at Enigma in late March and 85 holes for 8,263 metres have been completed. This, mostly 50 metre by 50 metre-spaced, drilling is aimed at providing targets for deeper RC and Diamond drilling within the very extensive Enigma Secondary Copper Blanket in order to find the primary source of the copper. Significant progress include: it appears that the strongest secondary copper, copper-bearing gossans and pyrite-chalcopyrite mineralisation, is near to where strong northeast and northwest mineralised trends intersect and include holes like: THR % Cu, including 2% Cu the drilling has extended the northeast mineralised trend some 300 metres northeast and 100 metres southwest; the first 26 holes, for which laboratory analyses have been received, have added another three intersections of >10%/metres Cu to the previous 16 intersections (note that laboratory analyses are awaited for 59 holes) An RC rig will commence at Enigma in the next week to ten days. Kitgum-Pader Project Uganda Exploration commenced on Sipa s 80%-owned Kitgum Basemetal, Nickel-Copper-PGM-Gold Project in central, northern Uganda. 6,700 geochemical samples have been taken on a 1 kilometre by 100 metre grid over about 70 kilometres of strike throughout the northern three Exploration Licences and nine weeks of geological mapping have been completed. Some infill sampling has been completed. The samples have all been analysed by a portable XRF device on-site, under strict QA/QC control. Significant results include, two stand-out geochemical anomalies, whilst others require follow-up: Valago coincident Ni-Cu anomaly, within a layered mafic-ultramafic complex Pamwa coincident Pb-Zn anomaly, associated with nearby high grade metamorphics, including garnetiferous gneisses In-fill and extensional sampling continues, whilst laboratory analytical results are awaited particularly for precious metals and PGMs Sipa-Antofagasta Copper Exploration Alliance RAB drilling has commenced at the Ilgarari Copper Project, which was recently accepted as a Designated Property by the Alliance. 632 holes have been completed for 8,013 metres to date.

2 2 Corporate Subsequent to Quarter end, Sipa completed a Placement to sophisticated investors mostly existing shareholders - at 7.5 cents per share, and raising $1.98 million, without Broker involvement. This brings our cash balance to approximately $6 million, with funds raised being mainly earmarked to vigorously pursue drilling at Thaduna. At the time Sipa also undertook to conduct a Share Purchase Plan (Plan). As announced by the Company on 18 April 2013, the Plan was terminated and no shares were issued. Application monies were returned to the applicants on 29 April Figure 1 Sipa Australian Project Locations

3 Sipa Resources Limited March Quarter PROJECT DESCRIPTIONS For personal use only THADUNA COPPER PROJECT (Sipa owns 100% of 936 square kilometres) Figure 2 Enigma Prospect Geological Map and Drillholes Aircore drilling recommenced on 25th March 2013 at the Enigma Copper Project, within our 100%owned Thaduna Copper Project, in the Gascoyne Region of Western Australia. To date, 85 holes for 8,263 metres have been completed. The drilling has concentrated on establishing a 50 metre by 50 metre grid within the area (Figure 3) shown as an Inset on Figure 2. Several clear geochemical and geological trends are emerging. 20 holes - out of 26 holes for which we have laboratory analyses - have returned intervals of greater than 3 metres at greater than 0.1% copper.

4 The best intersections are in holes THR3388, 3390, 3391 and 3386, and form the strongest focus of secondary copper, copper-bearing gossans and pyrite-chalcopyrite as shown on Figure 3. This is near the intersection of the major interpreted northeast trending mineralised structure and an interpreted northwest trending mineralised structure. It includes intersections like (see Table 1 for full details): 4 THR % Cu, including 2.0% Cu THR % Cu, including 1.6% Cu THR % Cu, including 6.7% Cu; and 0.2% Cu, including 1.1% Cu THR % Cu, (All holes with >0.1% copper are detailed in Table 1 and are shown on Figure 3) Figure 3 Inset from Figure 2 Showing Drillhole Mineralisation

5 5 The drilling has extended the northeast mineralised trend some 300 metres to the northeast and some 100 metres to the southwest. The mineralised trend remains open in both directions, and will be the target of further air core drilling. Eighty five air core holes have been drilled so far in the current campaign, but laboratory analytical results have only been received for 26 holes (leaving 59 remaining) and three of these holes contain more than 10%/ metres of Cu (for example 1% Cu over 10m or 2% Cu over 5m): THR % metres of Cu THR % metres of Cu THR % metres of Cu Another 17 holes contain more than 0.1% copper over 3, or more, metres. A number of holes have pyrite +/- chalcopyrite towards the end of hole that is, near Air Core refusal. The mineralisation is generally within, or associated with, one or more sandstone units within a dolomite sequence forming the core of the southwest plunging Enigma Anticline. Figure 3 shows the distribution of pyrite, supergene (i.e. secondary) copper, mineralised gossan (supergene copper, ironstone and pyrite) and weakly mineralised ironstone. Figure 3 also shows the interpreted northeast and northwest trending mineralised structures or trends. Figures 4 and 5 are cross sections showing gossanous ironstones with significant copper values. Very importantly THR3333 on Section A A, from last year, has fresh chalcopyrite (copper sulphide) and pyrite (iron sulphide) mineralisation at bottom of hole and is close to holes THR3386 and 3332 which have more than 1% Cu in gossanous ironstone: THR % Cu from 80m, including Cu from 86m THR3332 1% Cu from 75m, including 2.5% Cu from 75m A number of RC targets have already been defined and an RC rig is anticipated to commence within a week to 10 days.

6 6 Figure 4 Drill Section B B from Figure 3 Figure 5 Drill Section A A from Figure 3

7 7 Figure 6 Location of Sipa s Kitgum-Pader Basemetals Project ELs KITGUM PADER BASEMETALS & GOLD PROJECT - UGANDA (Sipa Exploration Uganda Limited holds 100% of 2,200 square kilometres in 6 granted Exploration Licences and 770 square kilometres in 2 Exploration Licence Applications) Sipa Exploration Uganda Limited, a Ugandan registered company owned 80% by Sipa Resources Limited and 20% by Geocrust Pty Ltd, holds some 3,000 square kilometres of granted Exploration Licences, and Applications (hatched), in central northern Uganda, East Africa, as shown on Figure 6. The Licences cover a cumulative strike length of about 125 kilometres of southeast striking high grade metamorphic rocks, including garnetiferous gneisses, considered prospective for basemetals, nickelcopper-pgms and gold. The area was selected after acquiring, compiling and interpreting large recent data sets provided by the Ugandan Department of Geological Survey and Mines as part of a recent Central Government initiative to attract investment in the Minerals Sector. Following extensive Local and Central Government consultation in 2012, and Community meetings in January 2013, exploration commenced. To date, 6,700 geochemical soil samples have been collected, mostly on a 1,000 metre by 100 metre grid, in the northern three Licences, situated between the regional centre of Kitgum and the South Sudan border with Uganda. Infill and extensional sampling is now underway, prior to moving the sampling focus to the next two Exploration Licences to the southeast of Kitgum. In addition, some nine weeks of geological mapping has been completed. Sipa

8 Sipa Resources Limited March Quarter 2013 and Geocrust regard community relations, field sampling and mapping progress and preliminary XRF geochemical results as very encouraging. 8 All soil samples are analysed by a portable XRF device at our exploration base in Kitgum, under strict QA/QC conditions. Samples for precious metals and Platinum Group Metals (PGMs), and for base metal quality control, will be analysed in Australia by conventional analytical techniques. Images of the preliminary XRF results of some metals, regarded as robust by XRF, have returned coherent anomalies and trends whichh are compatible with the mapped tectono-stratigraphy, and are presented in Figures 7 to 10 in this report. The two most prominent anomalies that are being followed up by infill sampling are Valago and Pamwa. A number of other anomalies will be assed in the following months. The images in Figures 7 and 8 cover some 70 kilometres of strike and show the full extent of sampling, whilst Figures 9 and 10 cover only some 5.5 kilometres of the southeastern portion of Figures 7 and 8. Valago on the northwesternn corner of the Ni-Cu images is a coincident Ni-Cu anomaly over some 5km of strike in a deformed and metamorphosed mafic-ultramafic intrusive complex, which includes gabbros, pyroxenites and talc-carbonate rocks with interlayered quartz-magnetite horizons. Outcrop is moderate and the soils are regarded as residual. Figure 7 - Ni Image Figure 8 - Cu Image Pamwa is a very robust, coincident Pb-Zn anomaly. There are high grade metamorphic rocks including garnetiferous gneisses, psammites, pelites and amphibolites, along with some gossanous ironstones in the vicinity. There is, however, no outcrop within the anomaly, but the soils are regarded as residual. Figures 9 and 10 are the result of 200 metre by 50 metre infill sampling within a 5.5 kilometre by 1.5 kilometre area on the southeastern edge of the larger area sampled on Figures 7 and 8.

9 Sipa Resources Limited March Quarter Figure 9 Infill Sampling Pb Image Figure 10 Infill Sampling- Zn Image SIPA-ANTOFAGASTA STRATEGIC COPPER EXPLORATION ALLIANCE Preparations, including meetings and Heritage Agreements with Native Title Holders and Claimants, have been made for field reconnaissance of the Methwin Copper Project acquired during the previous Quarter. In addition, a new Exploration Licence Application, named the Beyondie Copper Project, has been lodged to cover some 200 square kilometres, about 100 kilometres north of Sipa s Thaduna Copper Project. ILGARARI COPPER PROJECT (Sipa holds 100% of 900 square kilometres) On the 6 th March 2013, Sipa announced that our hitherto 100%-owned Ilgarari Copper Project in the Gascoyne Region of Western Australia has been accepted into the Sipa- Antofagastaa Strategic Copper Exploration Alliance as a Designated Property (DP). Antofagasta Minerals Perth Pty Ltd (AM) may earn a 51% interest in Ilgarari by spending $1 million in the first year (anniversary date 13 February 2014), and may earn a 70% interest by spending an additional $4 million by 13 February Should AM not earn the 70% interest, each party s interest will remain at AM 51% and Sipa 49%, but Sipa will maintain management of the Project and have the ability to dilute AM s interest via sole-funding of additional exploration. Ilgarari is primarily a copper exploration project in Mesoproterozoic sedimentary and intrusive rocks of the Collier Basin, which is part of the Capricorn Orogen. RAB drilling commenced at Ilgarari on the 6 th April, and to the time of writing 632 holes have been drilled for 8,013 metres.

10 Work, comprising integration of geological, geophysical and geochemical data, along with discussions with third parties, continues in an effort to identify new copper exploration targets within Western Australia. 10 WOODLINE GOLD PROJECT (Sipa holds 100% of 485 square kilometres and 70% of 248 square kilometres with Comet Resources NL) No fieldwork was conducted at Woodline during the Quarter. Whilst we have not yet attracted a partner for Woodline, our Department of Mines and Petroleum tenement commitments have largely been met for April 2013 The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr M G Doepel who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Doepel is a full-time employee of Sipa Resources Limited. Mr Doepel has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Doepel consents to the inclusion in this report of the matters based on his information in the form and context in which they appear. For more information: Mike Doepel, Managing Director Sipa Resources +61 (0) info@sipa.com.au

11 Table 1 - Thaduna Project Drill Hole Intersections > 0.1% Copper 11 Hole MGAE MGAN Dip Azimuth From To Interval Cu % THR INCLUDING THR AND INCLUDING THR THR INCLUDING THR INCLUDING THR THR INCLUDING THR THR INCLUDING ALSO INCLUDING ALSO INCLUDING ALSO INCLUDING ALSO INCLUDING THR AND THR THR INCLUDING THR THR THR THR INCLUDING AND INCLUDING THR THR INCLUDING THR THR