BUILDING A PROFITABLE
MID-TIER GOLD MINING BUSINESS

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QUARTERLY REPORT July – September 2005

QUARTERLY REPORT July – September 2005 Key Points Plant construction continues on plan Good grades returned from Alexandria reef Project review returned with positive results $140 million equity raising announced Summary Development South mine plant is 28% complete and on budget and plan. Commissioning target remains the June quarter of 2006. Underground mine development rate increased. Exploration Assays from the

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QUARTERLY REPORT April – June 2005

Quarterly Report April – June 2005 Key Points Plant construction commences on time Discovery of large new Alexandria reef Greater Garrard reef extended 250 m north with drill intersection of 11 m at 20 g/t gold Summary Development Plant construction commenced on schedule in May. Project is on budget and on time for a June 2006 start. Underground development rates

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QUARTERLY REPORT January – March 2005

Quarterly Report January – March 2005 Key Points Phase 1 production rates increased Capital and time estimates are robust Plant design and procurement on schedule Exploration outlines new reefs Institutional investors acquire 11.6% stake Summary Development • Strategy revised to increase near-term production Phase 1 to be constructed in one step, rather than two. Gold production rate of 120,000 oz/y

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QUARTERLY REPORT October – December 2004

Quarterly Report October – December 2004 Summary Project Development Activity during the quarter remained focussed on preparing the site for Stage 1 plant construction and mine develop- ment. Construction of the plant is planned to commence by April. Ausenco has been appointed the EPCM contractor for the 300,000 tpa Stage 1 process plant. Plant capital cost is under review and

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QUARTERLY REPORT July – September 2004

Quarterly Report July – September 2004 Summary Project implementation activities are on track with the objective of producing gold by the end of 2005 Underground exploration drilling defined extensions to the ore-bodies targeted for stage one production Finalised the raising of $115 million through the: Settlement of all bids in the global institutional placement to raise A$100 million, and Successful

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QUARTERLY REPORT January – March 2004

Quarterly Report January – March 2004 Summary Commitment by the board to proceed with mine development based on the New Bendigo Gold Project Feasibility Study CIBC World Markets and Austock Limited appointed as financial advisers and lead arrangers for a A$120 million share placement Milestones Shareholders general meeting on 6 May 2004 to approve financing A$120 million capital to be

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QUARTERLY REPORT October – December 2003

Quarterly Report October – December 2003 Summary Bendigo Mining has confirmed the resource potential of at least 13 million ounces (an increase of 1 million ounces) through a successful exploration program that: Accessed gold bearing quartz reefs with sizes and shapes in accordance with historical experience of the goldfield Confirmed that the gold grades in the newly discovered reefs are

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QUARTERLY REPORT July – September 2003

Quarterly Report July – September 2003 Highlights High grade zone of 15 to 30 g/t Au exposed for 140 metres within the Greater Garrard mineralisation. The high grade zone remains open to the north. Significant advance achieved by developing a method to assign grade from drill data. This will be used to determine grade distribution within the identified resources Underground

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QUARTERLY REPORT April – June 2003

Quarterly Report April – June 2003 Highlights The Bendigo Mining Board of Directors has concluded that: Further sampling and exploration studies, other than those required for delineation of Resources and Reserves, will not significantly improve the current accuracy of grade determination, and • Commercial production should commence without delay. To this end • Design of a 300,000 tonne per annum

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QUARTERLY REPORT January – March 2003

Quarterly Report January – March 2003 Highlights Decline developed to target depth of 830 metres below surface for current exploration and assessment phase. On schedule to delineate Reserves in D3 and Upper S3 reefs by June 2003. On schedule to access three Mid S3 reefs by June 2003. Milestones April – June 2003 Access and bulk sample Patty Reef, True