HIGH-GRADE JUDY LODE RESERVE AND DEEP WILBER LODE DRILL INTERSECTION POINT TO FURTHER MINE LIFE EXTENSIONS AT ANDY WELL

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1 ASX Announcement 6 August 2014 HIGH-GRADE JUDY LODE RESERVE AND DEEP WILBER LODE DRILL INTERSECTION POINT TO FURTHER MINE LIFE EXTENSIONS AT ANDY WELL Maiden high-grade Judy Ore Reserve replaces first year underground production and maintains current Andy Well mine life 37% increase in Updated Judy Lode Indicated Resource First step-out diamond drill hole intersects Wilber Lode 160m below previous drilling 57.0 g/t Au from m Doray Minerals Limited (ASX: DRM) ( Doray, the Company ), is pleased to announce an increase in the Mineral Resource and a maiden high-grade Ore Reserve for the Judy Lode deposit located immediately adjacent to the Wilber Lode underground mine at the Company s Andy Well Gold Project, 45km north of Meekatharra, in Western Australia In addition, the Company is pleased to advise that the first of a number of deep extensional diamond drill holes below the current base of planned mining at the Wilber deposit has intersected the Wilber Lode, with significant visible gold, approximately 160m below the deepest previous drilling. Doray s Managing Director, Allan Kelly, said that, along with the indications of a third high-grade deposit developing within the Suzie Zone, today s announcement signalled the significant upside being uncovered at Andy Well by Doray, as part of its ongoing programme of extending the mine life of the Project. The Wilber Lode started production with a 3.7 year mine life, and as a result of the discovery and subsequent conversion of the second high grade Resource at Judy to a Reserve, we have been able to at least maintain that current mine life. Mr Kelly We have long believed that there is potential for a significant new high-grade gold camp to be uncovered at Andy Well through systematic exploration. The indications of a third high-grade deposit at Suzie, along with a significant increase in the depth extent of the Wilber Lode gives us comfort that, in reality, we are more likely looking at a potential mine life well beyond that indicated by current Reserves. Judy Lode Resource and Reserve The increased Resource and subsequent Reserve calculation follow from a series of drill programmes, previously released to the ASX, which have increased Resource confidence and provided additional mining data for Reserve calculation. Most importantly, the maiden Judy Ore Reserve effectively replaces the depletion due to underground mining of the high-grade Wilber Lode deposit during its first year of operation. The maiden Judy Probable Ore Reserve totals 8.8g/t for 58,000ozs (see Table 2 below). This Probable Reserve is based on the new Judy Mineral Resource detailed below, and anticipates mining of a section of the Judy South Resource area as part of the current Wilber underground operations at the Andy Well Project. This maiden Reserve represents a conversion of approximately 68% of the Indicated Resource ounces at Judy South. Further summary details of the Reserve calculation methodology are included in the JORC Table 1 summary in the appendices to this release.

2 The combined Indicated and Inferred Resource for the Judy Lode now totals 126,000 contained ounces Au, outlined in the table below (see Resource estimation summary and the JORC Table 1 included in the appendices for further details). This new Resource is an increase of 19% of total ounces from the Judy Resource as at 30 June 2013, and includes an increase in contained ounces in the Indicated category of 37%. The location of the Judy Mineral Resource and proposed underground access for the Ore Reserve is illustrated in Figure 1 below. The Judy Mineral Resource classification boundaries, along with the Ore Reserve design and extents are illustrated in Figure 2 below. It is anticipated that an updated Andy Well Project Resource and Reserve statement, including these Judy Resource and Reserve inventories, will be released by the Company during the current September Quarter. Wilber Deep Drilling Update In addition to work on the Mineral Resource and maiden Ore Reserve at the Judy deposit, Doray advises that a six hole diamond drilling programme, aimed at increasing the depth of data coverage below the current Resource base and subsequent life of mine plan for the Wilber deposit, is underway. This programme will test three identified depth extension target zones below the current Resource with two holes each, testing a total depth of approximately 250m below previous drilling, or >700m below surface (see Figure 3). The first hole of this programme, MNDD159, was recently completed, and has successfully intersected the Wilber Lode vein approximately 160m down-dip from the deepest hole previously drilled (see Figure 4). The lode intersection demonstrates the same geological characteristics as material currently being mined from the Wilber Lode. The interval returned an assay result of 57.0g/t Au from m. This new result is considered highly significant, as it confirms the persistence of high-grade mineralisation in the Wilber Lode at significant depth, and thus the potential for an extension to the current Ore Reserve and mine life at Wilber, which is the current mainstay of mining activities at Andy Well. Relevant drill hole details are presented in Table 3 of this announcement. Drilling of the programme is ongoing, with the second hole, a further 100m step-out below MNDD159, being underway. Drill hole details for MNDD159 are tabulated in Table 3 below. For further information, please contact: -ENDS- Allan Kelly Luke Forrestal Managing Director Account Manager Doray Minerals Limited Cannings Purple +61 (08) (0) info@dorayminerals.com.au lforrestal@canningspurple.com.au

3 Table 1. Andy Well Project, Judy Deposit Ore Reserve Inventory July 2014 Tonnes Proven Probable Total Grade (g/t) Ounces Tonnes Grade (g/t) Ounces Tonnes Grade (g/t) Ounces Judy South 203, , , ,000 Total Judy 203, , , ,000 Note: Reserves are based on a 2.2g/t Au lower cut off grade. Rounding errors may occur Table 2. Andy Well Project, Judy Deposit Mineral Resource Inventory July 2014 Tonnes Indicated Inferred Total Grade (g/t) Ounces Tonnes Grade (g/t) Ounces Tonnes Grade (g/t) Ounces Judy South 252, ,000 85, , , ,000 Judy North 153, , , , , ,000 Total Judy 405, , , , , ,000 Note: Resources quoted above 0.0g/t Au lower cutoff. Upper cut applied to data of 75g/t Au. Resources are inclusive of those used to determine Mining Reserves. Rounding errors may occur. Table 3. Drillhole Summary details, MNDD159. Hole ID Easting Northing RL Dip Total From To Interval Au Grade /Azi Depth (m) (m) (m) (g/t) MNDD / and Note: All coordinates are MGA (GDA94 Zone 50). Azimuth is Magnetic Degrees. Intervals reported based on observed geological boundaries, with a minimum interval of 1g/t and a maximum 0.5m of internal dilution. All assays are 25g Fire Assay assayed at Minanalytical Laboratories, Perth. Sampling has only occurred for the identified Wilber Lode intersection and immediate surrounding alteration zone at this stage.

4 Figure 1. Location of the Judy Mineral Resource and proposed underground access to the Ore Reserve area with respect to the active operations at Andy Well.

5 Figure 2. Long section view of the Judy Ore Reserve area and proposed underground development, with respect to the Mineral Resource and proposed Wilber underground development.

6 Figure 3. Long section view of the Wilber Lode illustrating MNDD159 and the further five planned Wilber Deeps drill holes, with existing Resource boundaries and mine design.

7 Figure 4. Core tray photo of the interpreted Wilber Lode intersected in MNDD159. Significant visible gold was observed throughout the interval.

8 About Doray Minerals Limited Doray Minerals Limited (ASX: DRM) is Western Australia's newest high-grade gold producer. The Company began mining the high-grade Wilber Lode deposit at the Andy Well Gold Project in the northern Murchison region of Western Australia in November 2012 and commenced gold production in August 2013, approximately 3.5 years after the initial discovery. Doray has a strategic portfolio of gold exploration properties within Western Australia and South Australia and each presents multiple discovery opportunities. The Company's Board and management team has expertise in discovery, development and production. Competent Persons Statement The information in this announcement that relates to Ore Reserves is based on information compiled by Peter Bamford. Mr Bamford is a full-time employee of Doray Minerals Ltd and is a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Bamford has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activities, which he is undertaking. This qualifies Mr Bamford as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Bamford consents to the inclusion of information in this announcement in the form and context in which it appears. Mr Bamford holds shares and options in Doray Minerals Ltd. The information in this announcement that relates to Exploration Results and Mineral Resources is based on information compiled by Mark Cossom. Mr Cossom is a full time employee of Doray Minerals Ltd and is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Cossom has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration, and to the activities, which he is undertaking. This qualifies Mr Cossom as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Cossom consents to the inclusion of information in this announcement in the form and context in which it appears. Mr Cossom holds shares and options in Doray Minerals Ltd.

9 Appendices Judy - Resource Estimation Summary The resource estimate for the Judy Lode is based on a compilation of 71 Reverse Circulation and 17 HQdiamond drillholes completed to date by Doray Minerals Ltd, as well as 1 hole previously drilled by Australasian Gold Mines NL. Drill spacing was on a nominal 50m x 25m spacing within Judy South and a 50m x 50m spacing within the Judy North zone. All Doray drilling has been geologically logged, with samples collected by either cone splitting of RC chips on 1m intervals down hole, or HQ-sized half core split samples for diamond drilling, with a minimum sample width of 0.5m and a maximum sample width of 1.3m. Samples were submitted to either Minanalytical or SGS Laboratories in Perth and analysed for Au by either: 25g fire assay digest with an AAS determination (Minanalytical); or a 30g fire assay with AAS determination (SGS). All assays were required to conform to Doray Minerals QA/QC guidelines as well as internal laboratory QA/QC guidelines. All holes have been located by Real Time Kinetic GPS on surface, as well as multi-shot reflex tool surveys down hole. Two grade domains were interpreted from the geological and assay data received. The Judy Quartz Vein was interpreted based on logged intervals in drill holes, irrespective of assay grade. A minimum downhole length of 0.5m was interpreted, with a nominal average true width of intercepts estimated to be 1m. Additionally, geological domains were created for transported material, as well as oxide and transitional weathering domains. A geological domain was also created for the cross-cutting, late stage Proterozoic dolerite dyke, which was used to deplete the model as this dyke is interpreted to post-date, and thus stope-out mineralisation. All domains were interpreted in 3-dimensions utilising Surpac Software, and wire-framed into either solid 3dm s for grade domains, or dtm surfaces for transported and weathered domains. Statistical analysis, grade interpolation and block modelling were undertaken by Mr Toby Wellman of Doray Minerals Ltd. Grade domain data were extracted from the database and composited to length-weighted total intercept composites for the Quartz Vein domain. Data were statistically analysed for the selection of appropriate top cuts, with a 75g/t top-cut for the Judy Quartz Vein domain data. Geostatistical analysis of semi-variograms generated from the composite data was undertaken to provide both search neighbourhood as well as kriging parameters for grade interpolation. A block model was created for the Judy Lode, with a block size of 2m x 20m x 20m (x,y, z) selected based on Qualitative Kriging Neighbourhood Analysis to identify the optimal block size. Bulk density values were assigned to the model based on ore-zone and weathering domains. Bulk density values were generated by statistical analysis of down-hole Gamma probe data collected from 6 holes across the Wilber deposit, due to geological continuity between the Judy and Wilber lodes, with values collected every 10cm down hole. These Gamma data were also checked against several values obtained by water displacement method from across the fresh-rock domain, in order to validate the detailed data. Grade was interpolated for the Judy Quartz Lode domain via 2-dimensional Ordinary Kriging of an accumulation variable incorporating mineralised vein horizontal width and cut intercept grade. Several check runs were completed utilising different top-cuts and estimation parameters as validation checks of the grade estimate. The model was also validated by visual inspection of both the block model fill against the raw assay data, as well as the generation and inspection of grade-tonnage curves, and composite vs. block grade data by both elevation and northings through the deposit. Model classification for both Indicated and Inferred (in accordance with the JORC Code 2012) was based on data density, as well as analysis of slope of regression block statistics throughout the model. Interpolation parameters were based on previous work completed for Andy Well (Wilber) due to the limited data for the Judy domain.

10 JORC Code 2012 Edition Summary (Table 1) Andy Well Project Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.) Sampling techniques Drilling techniques Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where industry standard work has been done this would be relatively simple (eg reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay ). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. Drill type (eg core, reverse circulation, open hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face Reverse circulation (RC) percussion drill chips collected through a cyclone and cone splitter. Samples are collected on a 1m basis. Half core sampled diamond core, 0.5m to 1.3m down hole length; defined by the geologist. RC chips undergo a mass decrease through cone splitting to approximately 3kg. Splitter is levelled at the beginning of each hole Drill core is measured by tape and compared to downhole core blocks consistent with industry standards. Mineralisation determined qualitatively through: nature and abundance of sulphide/native gold in quartz; internal structure (massive, brecciated, laminated) of quartz. Mineralisation determined quantitatively via fire assay. Diamond core samples crushed to 2mm and pulverized to 75µm RC samples pulverized to 75 µm and All samples analysed by 25g Fire Assay and AAS finish. All assays returned in excess of 5g/t, have a re split requested for analysis. When visible gold is observed in RC chips or diamond core, this sample is flagged by the supervising geologist for the benefit of the laboratory. HQ sized surface diamond drill core (standard tube) drilled to a maximum vertical depth of 650m. 150mm Reverse Circulation drill chips, to a maximum vertical

11 Drill sample recovery Logging Sub sampling techniques and sampling bit or other type, whether core is oriented and if so, by what method, etc). Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. The total length and percentage of the relevant intersections logged. If core, whether cut or sawn and whether quarter, half or all core taken. Doray Minerals Ltd, 6 August 2014 depth of ~250m. All core is oriented by Reflex system Core assessed during drilling for loss, loss intervals recorded on core blocks and logged by Geologist, and stored in DRM database. RC drill chip recoveries recorded at the time of logging and stored in DRM database Diamond holes have had RC pre collars completed to fresh rock, resulting in Diamond drill hole recovery qualities being high due to the competent nature of the ground. RC Drilling: sample splitter is cleaned at the end of each rod to ensure no sample hang ups have occurred. Sample bag weights are recorded and in general should be approximately 3kg. Wet samples due to excess ground water were noted when present. As sample recoveries are generally very high, there is no known relationship between sample recovery and grade. Holes logged to a level of detail to support mineral resource estimation: lithology; alteration; mineralization; geotechnical (Diamond core only); structural. Qualitative: lithology, alteration, foliation Quantitative: vein percentage; mineralization (sulphide) percentage; RQD measurement; structural orientation angles; assayed for gold, density from water displacement (4 holes); Drill core is photographed both wet and dry. All RC holes are chipped and archived. All holes logged for the entire length of hole. HQ Core sawn half core one half sent for analysis, and one half retained in the DRM core library.

12 sample preparation Quality of assay data and laboratory tests If non core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub sampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled. The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. Doray Minerals Ltd, 6 August 2014 RC chips cone split, sampled dry where possible and wet when excess ground water could not be prevented. Sample condition (wet, dry or damp) is recorded at the time of logging. Diamond core is crushed to 10mm by a jaw crusher then the entire sample is pulverized to 75µm by a LM5 (85% passing) The entire ~3kg RC sample is pulverized to 75µm (85% passing) Gold analysis is determined by a 25g charge fire assay with an AAS finish. Pulp duplicates taken at the pulverising stage and selective repeats conducted at the laboratories discretion. RC chips: no field duplicates have been completed Core: quarter core taken as duplicate. Sample size appropriate for grain size of samples material. Fire assay (25g), total technique, appropriate for gold AAS determination, appropriate for gold. No geophysical data used. Certified reference material standards, 1 in 50 samples. 9 standard types between an Au grade range of 0.36 to ppm. Blanks: A lab barren quartz flush is requested following a predicted high grade sample (i.e. visible gold). Duplicates: Field: RC none, Diamond Core every 50th sample quarter cored (minimum one duplicate per hole/sample submission if total samples are less than 50) Lab: Random pulp duplicates are taken on average 1 in every

13 10 samples. Verification of sampling and assaying Location of data points The verification of significant intersections by either independent or alternative company personnel. The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Discuss any adjustment to assay data. Accuracy and quality of surveys used to locate drill holes (collar and down hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used. Quality and adequacy of topographic control. All sampling is routinely inspected by senior geological staff. Significant intersections are inspected by senior geological staff and DRM corporate staff. 2% of samples returned > 0.1g/t Au are sent to an umpire laboratory on a quarterly basis for verification. Judy A single diamond hole (MNDD145) was drilled immediately adjacent to a RC hole (MNRC167) but was not sampled as it was for geotechnical purposes. Visual inspection of the diamond hole identified visible gold within the 0.8m interval which correlates well with the intersection returned from the RC hole of 1m@16.6g/t Au. DRM data is hard keyed into LogChief data capture software and synchronized with Datashed SQL based database on internal company server. Data is validated by DRM Database Administrator, import validation protocols in place. Visual checks of data is completed within Micromine or Surpac software by company geologists No adjustments made to assay data. First gold assay is utilized for any resource estimation. Collars: surveyed with RTK GPS with expected relative accuracy of 0.02m E and N Downhole: surveyed with in rod Reflex tool every 40m Holes are located on MGA Zone 50 initially; Plane transformation from MGA Zone 50 to Wilber Local Grid Topographic control uses flight data obtained from data capture conducted by Fugro Spatial Solutions PTY LTD in September Resolution has produced 0.5m contours. Data spacing Data spacing for reporting of Exploration Results. Drill hole spacing is nominally 25 x 50m at shallow depths (0 175m) and 50x50m to 50m x 100m at deeper depths (>175m)

14 and distribution Orientation of data in relation to geological structure Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Whether sample compositing has been applied. Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and Doray Minerals Ltd, 6 August 2014 Data spacing for indicated material is approximately 50 x 50m. All other areas where sample data is greater than 50 x 100m is inferred. Samples taken on a 1m basis for RC drilling and 0.5 to 1.3m in Diamond core. No Sample composites taken. Drill holes oriented at right angles to strike of deposit, dip optimized for drill capabilities and dip of orebody, sampling believed to be unbiased. N/A reported if material. Sample security The measures taken to ensure sample security. All samples are selected, cut and bagged in a tied numbered calico bag, grouped into larger polyweave bags and cable tied. Polyweave bags are placed into larger Bulky Bags with a sample submission sheet and tied shut. Consignment note and delivery address details are written on the side of the bag and delivered to Toll Express in Meekatharra. The bags are delivered directly to MinAnalytical in Canning Vale, WA who are NATA accredited for compliance with ISO/IEC17025:2005. Audits or reviews The results of any audits or reviews of sampling techniques and data. Performance meetings held between a DRM and MinAnalytical representative are conducted monthly. QAQC data are reviewed with each assay batch returned, and on regular monthly intervals (trend analysis).

15 Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.) Mineral tenement and land tenure status Exploration done by other parties Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. Acknowledgment and appraisal of exploration by other parties. M51/870 is 100% owned by Andy Well Mining Ltd, which is a wholly owned subsidiary of DRM. M51/870 is located within the Yugunga Nya Native Title Claim. M51/870 Heritage surveys have been conducted over active mining and exploration areas M51/870 is valid until 2033 No previous exploration had been completed at the Andy Well Prospect. Geology Deposit type, geological setting and style of mineralisation. Project scale geology consists of Archean aged high Mg Basalt units intruded by north south striking porphyry intrusives. These are cross cut by east west striking Proterozoic dolerite dykes. The mineralized quartz vein cross cuts the Archaen units but not the Proterozoic dykes. Drill hole Information A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. Previous drillhole data for Andy Well has been periodically released to the ASX since 30/03/2010 Data In reporting Exploration Results, weighting averaging No top cuts have been applied when reporting results.

16 aggregation methods Relationship between mineralisation widths and intercept lengths Diagrams Balanced reporting Other substantive exploration data techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut off grades are usually Material and should be stated. Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. The assumptions used for any reporting of metal equivalent values should be clearly stated. These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg down hole length, true width not known ). Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. Doray Minerals Ltd, 6 August 2014 Average of all assays from the interval in question is reported (i.e. Au1, Au2, Au3). Intercepts are reported on a geological basis (i.e. where quartz veining is present). Significant grade intervals are often intercepted external to quartz veining but are not included in the released figures, only those that have quartz veining associated. No metal equivalent values are used for reporting exploration results Drill holes oriented at right angles to strike of deposit, dip optimized for drilling purposes and dip of ore body. Mineralised intersections should approximate true widths. Strike of Judy and Wilber Lodes is 45 dipping to the west at 80 See attached long section All samples from current sampling program above 1g/t reported with maximum 0.5m of internal dilution All meaningful and material data is previously reported

17 Further work The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large scale step out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. Section 3 Estimation and Reporting of Mineral Resources (Criteria in this section apply to all succeeding sections.) Database integrity Site visits Geological interpretation Measures taken to ensure that data has not been corrupted by, for example, transcription or keying errors, between its initial collection and its use for Mineral Resource estimation purposes. Data validation procedures used. Comment on any site visits undertaken by the Competent Person and the outcome of those visits. If no site visits have been undertaken indicate why this is the case. Confidence in (or conversely, the uncertainty of) the geological interpretation of the mineral deposit. Doray Minerals Ltd, 6 August 2014 Further drilling is to be conducted along strike to the north of the existing Judy Resource and below the current Wilber Lode Reserve. DRM data is hard keyed into LogChief software that contains internal data validation eliminating any keying errors. Data is then synchronized with an internal company server where further validation checks are run. A further visual validation of the data is completed in 3D via Micromine software Sample numbers are unique and pre numbered bags are used Numerous site visits have been conducted by the Competent Person. The deposit area, core logging and cutting facility was inspected with no issues identified. Not Applicable Due to the relative simplicity and tabular nature of the deposit, a high degree of confidence is placed in the geological interpretation. Uncertainty increases with depth as drill spacing increases and surveying errors compound. The project setting is a sequence of Archaen high Mg Basalt units intruded by north south striking porphyry intrusives. These are all cross cut by east west striking Proterozoic dolerite dykes. Mineralised quartz lodes strike NE SW and cross cut all Archaen lithologies.

18 Dimensions Estimation and modelling techniques Nature of the data used and of any assumptions made. The effect, if any, of alternative interpretations on Mineral Resource estimation. The use of geology in guiding and controlling Mineral Resource estimation. The factors affecting continuity both of grade and geology. The extent and variability of the Mineral Resource expressed as length (along strike or otherwise), plan width, and depth below surface to the upper and lower limits of the Mineral Resource. The nature and appropriateness of the estimation technique(s) applied and key assumptions, including treatment of extreme grade values, domaining, interpolation parameters and maximum distance of extrapolation from data points. If a computer assisted estimation method was chosen include a description of computer software and parameters used. All holes used in the estimation were either RC or diamond drilled and sampled by DRM to industry standard. Petrography descriptions have been used to aid in rock type definitions. The Judy deposit is planar with mineralization contained with a clearly visible quartz vein defining the mineralized domain. Sufficient data has been collected to confirm this as the mineralized model. A single mineralised high grade domain was determined using logged quartz vein and quartz vein percentages. The lode is believed to be hosted within, and discordant to, a wider mineralized shear zone, cross cutting the mafic and porphyry host rock sequence. High grade is restricted to the quartz veins. The resource extends for 835m in strike length, from 4m below surface to 530m below surface, and averages 1.0 metres true thickness (estimated as majority of drill coverage is RC and thus sampled on a 1m basis), average 80 dip to the west. 2D projection method of interpolation was utilized for both the Judy South and Judy North narrow domains with advantages over 3D block modelling including: Simplifies undulating vein geometry onto a 2D plane allowing improved directional variography and simplified search strategies Eliminates or reduces requirement to have multiple geometric domains therefore allowing block estimations to use more informing composites Estimation block size can be chosen independently from volume model requirements. Estimation block sizes can be tailored on the basis of data spacing rather than compromising the estimation block size due to volume definition requirements. This reduces over smoothing and conditional bias introduced by estimating into small blocks relative to data

19 The availability of check estimates, previous estimates and/or mine production records and whether the Mineral Resource estimate takes appropriate account of such data. The assumptions made regarding recovery of by products. spacing Longitudinal presentation of modelled vein attributes such as grade and thickness assist with resource classification and engineering design evaluations. Calculated fields such as grade x thickness can be easily presented and reported Ordinary Block Kriging of intercept composites was used for the grade estimation. A 2D block model consisting of 20m N x 20m E parent cells (longitudinal grid) was created with a single cell 1m thick in the longitudinal plane. Data spacing, geometry of mineralised zones and volume fill were the primary considerations taken into account when selecting an appropriate estimation block size. Block descretisation points were set to 4(Y) x 4(X) x 1(Z) points. Statistical analysis and the spatial grade relationship of the composite data were carried out to determine if high grade gold assay cuts were necessary. In addition, sensitivity analysis was undertaken to attempt to quantify the proportion of contained metal attributed to individual composites. As a result, outliers were identified, which were deemed to require top cutting and the top cuts applied are the same as those used in the Wilber March 2012 resource model. It was determined that a high grade assay cut of 75 ppm would be applied to the intercept composites for the Judy North and South Lodes. This is an updated Mineral Resource for the Judy Au deposit and was completed internally at Doray Minerals. The updated model was compared with the Maiden Judy Resource model completed by Cube Consulting Pty Ltd. The only potential by product of the resource is silver as observed within the nearby Wilber deposit. Silver has not been modelled as part of this estimate as its relative value is considered negligible.

20 Estimation of deleterious elements or other non grade variables of economic significance (eg sulphur for acid mine drainage characterisation). In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed. Any assumptions behind modelling of selective mining units. Any assumptions about correlation between variables. Description of how the geological interpretation was used to control the resource estimates. Discussion of basis for using or not using grade cutting or capping. No non grade elements have been assayed for or estimated. Data spacing was the primary consideration taken into account when selecting an appropriate estimation block size. Data spacing within the mineralised domain is quite variable ranging from less than 25mN x 20mRL to 50mN x 100mRL. It was considered good geostatistical practice to use an estimation parent cell size that approaches the composite spacing where possible while at the same time being mindful of potential mine design and selectivity implications. Cube reviewed the physical data spacing relative to the geological envelopes to be estimated when deciding on the appropriate estimation block size. A 2D estimation parent block size of 20mN x 20mRL was adopted and 3D estimation parent block size of 20mN x 2mE x 20mRL. Fine scale sub celling in the final 3D block model to 2.5mN x 0.25mE x 2.5mRL was used to assist in volume reporting No selective mining units were assumed in this estimate No assumptions made. As mineralization is confined to quartz veining, wireframes are created based on presence of quartz veining within a broader shear structure. These wireframes are created independent of grade and as such includes lower grade areas. It was determined that a high grade assay cut of 75 ppm would be applied to the intercept composites for the Judy North and South Lodes. This was based on the initial high grade top cut applied to the Wilber Deposit, located 250m to the west. The Wilber deposit has data density far superior to the Judy North

21 and South Lodes. Moisture Cut off parameters Mining factors or assumptions Metallurgical factors or The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available. Whether the tonnages are estimated on a dry basis or with natural moisture, and the method of determination of the moisture content. The basis of the adopted cut off grade(s) or quality parameters applied. Assumptions made regarding possible mining methods, minimum mining dimensions and internal (or, if applicable, external) mining dilution. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential mining methods, but the assumptions made regarding mining methods and parameters when estimating Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the mining assumptions made. The basis for assumptions or predictions regarding metallurgical amenability. It is always necessary as part of the process of determining reasonable prospects for eventual Plotting and tabulating kriged estimates and mean composite grades by individual domain were completed as a validation check. Although these two items (kriged values and mean values) are not strictly comparable due to data clustering and volume influences they provide a useful validation tool in detecting any major biases. Swath plots showing the estimated tonnes, estimated grade, number of composites and mean cut composite grade (tabulated by northing and RL) were created for all the interpolated mineralization domains. Visual checks are also completed to compare block grades against drill hole data. Tonnage estimated on a dry basis Reporting cut off = 75g/t Au No lower cut was used Mining of the Judy deposit will be by underground long hole stoping methods similar to that at the adjacent Wilber Deposit. No other assumptions related to mining factors have been made. The ore is visually and chemically similar to that seen at the Wilber deposit with metallurgical test work completed confirming the same parameters as those seen within the

22 assumptions Environmen tal factors or assumptions Bulk density economic extraction to consider potential metallurgical methods, but the assumptions regarding metallurgical treatment processes and parameters made when reporting Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the metallurgical assumptions made. Assumptions made regarding possible waste and process residue disposal options. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider the potential environmental impacts of the mining and processing operation. While at this stage the determination of potential environmental impacts, particularly for a greenfields project, may not always be well advanced, the status of early consideration of these potential environmental impacts should be reported. Where these aspects have not been considered this should be reported with an explanation of the environmental assumptions made. Whether assumed or determined. If assumed, the basis for the assumptions. If determined, the method used, whether wet or dry, the frequency of the measurements, the nature, size and representativeness of the samples. The bulk density for bulk material must have been measured by methods that adequately account for void spaces (vugs, porosity, etc), moisture and differences between rock and alteration zones within the deposit. Discuss assumptions for bulk density estimates used in the evaluation process of the different materials. Wilber Deposit (i.e Total recovery of 97.5% including 68% gravity recovery and 29.5% cyanidation leach recovery). Metallurgical test work was completed on both RC and diamond drill samples by ALS Metallurgy. The Judy deposit is within the Andy Well Project that is located on M51/870. Andy Well already has an operating gold mine with all permits and closure plans in place for the Wilber deposit. Judy bulk densities are assumed to be similar to that recorded at the Wilber Deposit. Quartz vein: Oxide (2.39g/cm3), Transitional (2.56g/cm3) and Fresh (2.68g/cm3). These values for Wilber were obtained by down hole gamma logging of 7 holes, carried out by Surtron Technologies. These holes were logged at 10cm intervals from the surface to the base of penetration of the probe. A total of 7,303 values were obtained using this method. Down hole gamma measurements would account for all variables. Modelling of weathering horizons (oxide, transitional and fresh) were taken from geology logs for both RC and diamond drilling. Densities were assigned to each of these weathered

23 zones. Classification Audits or reviews Discussion of relative accuracy/ confidence The basis for the classification of the Mineral Resources into varying confidence categories. Whether appropriate account has been taken of all relevant factors (ie relative confidence in tonnage/grade estimations, reliability of input data, confidence in continuity of geology and metal values, quality, quantity and distribution of the data). Whether the result appropriately reflects the Competent Person s view of the deposit. The results of any audits or reviews of Mineral Resource estimates. Where appropriate a statement of the relative accuracy and confidence level in the Mineral Resource estimate using an approach or procedure deemed appropriate by the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the resource within stated confidence limits, or, if such an approach is not deemed appropriate, a qualitative discussion of the factors that could affect the relative accuracy and confidence of the estimate. A range of criteria were considered when addressing the suitability of the classification boundaries for the updated resource. The Cube approach to classification is based on a number of papers discussing the application of the JORC code for example Stephenson and Stoker (2001). These criteria include: Geological continuity and surface volume Data quality Drill spacing Modelling technique Estimation properties including search strategy, number of informing composites, average distance of composites from blocks and kriging quality parameters such as slope of regression The Mineral Resource estimate appropriately reflects the Competent Person s view of the deposit. The Mineral Resource estimate was completed by Doray Minerals Limited with internal checks completed. No external audits of the model were completed. The Mineral Resource is considered robust as reflected in the reporting of the Mineral Resource per the guidelines of the 2012 JORC code.

24 The statement should specify whether it relates to global or local estimates, and, if local, state the relevant tonnages, which should be relevant to technical and economic evaluation. Documentation should include assumptions made and the procedures used. These statements of relative accuracy and confidence of the estimate should be compared with production data, where available. The Mineral Resource is considered robust on a local scale for material classified as Indicated. There is no previous production from the Judy Lode. Section 4 Estimation and Reporting of Ore Reserves (Criteria listed in section 1, and where relevant in sections 2 and 3, also apply to this section.) Mineral Resource estimate for conversion to Ore Reserves Site visits Study status Description of the Mineral Resource estimate used as a basis for the conversion to an Ore Reserve. Clear statement as to whether the Mineral Resources are reported additional to, or inclusive of, the Ore Reserves. Comment on any site visits undertaken by the Competent Person and the outcome of those visits. If no site visits have been undertaken indicate why this is the case. The type and level of study undertaken to enable Mineral Resources to be converted to Ore Reserves. The Code requires that a study to at least Pre Feasibility Study level has been undertaken to convert Mineral Resources to Ore Reserves. Such studies will have been carried out and will have determined a mine plan that is technically achievable and economically viable, and that material Modifying Factors have Mineral Resource estimate compiled by Doray Minerals Limited with internal checks as reflected in the reporting of the Mineral Resource per the guidelines of the 2012 JORC code The Ore Reserves are contained within the Mineral Resources Numerous site visits were carried out by the Competent Person, when reviewing the adjacent Wilber orebody quartz veins which are currently being extracted Judy Pre Feasibility study incorporated the mining method being employed using unit costs which have been established when extracting the narrow quartz veins with visible gold from the Wilber lode. Judy lode is located about 200 metres laterally displaced underground from Wilber lode and is hosted within a similar basalt and porphyry geological environment Known established costs of mining development and uphole

25 Cut off parameters Mining factors or assumptions been considered. The basis of the cut off grade(s) or quality parameters applied. The method and assumptions used as reported in the Pre Feasibility or Feasibility Study to convert the Mineral Resource to an Ore Reserve (i.e. either by application of appropriate factors by optimisation or by preliminary or detailed design). The choice, nature and appropriateness of the selected mining method(s) and other mining parameters including associated design issues such as pre strip, access, etc. benching with ancillary capital access development and services were used to convert the Judy Resource Mineral Resource to Ore Reserve. given Existing mining of Wilber lode has established the technical feasibility of profitable extraction of the Judy quartz veins The Reserves are classified as Probable Cut off grades used were based upon known economic costs from the mining of the adjacent Wilber lode as applied to Judy lode Ore Reserves grades were derived from a block model. Development ore drive grades were calculated from the model grades diluted to the same 3 metre width as the development drives which are successfully being mined in the adjacent Wilber lode Similarly the quartz veins within the proposed stopes were outlined from the block model using an industry accepted software optimizer allowing for overbreak experienced in the Wilber lode with allowances for ore losses in stope extraction and ore handling Where the proposed stope outline suggests stope grades are economic, development drives will be mined below a nominal 2.2g/t cut off if the combined mineralized volume is profitable overall Similar underground mining plant and equipment will be used to extract the Judy lode as used to mine the Wilber lode The assumptions and mining factors within the original Wilber lode Feasibility Study were updated to assess and optimize ore Reserves within Judy lode, based upon the experience of mining the Wilber lode for 12 months A detailed design for Judy was compiled and scheduled using a similar mining fleet and drive sizes as currently used within Wilber lode