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MACPHERSONS RESOURCES LIMITED

ABN 98 139 357 967

Interim Financial Report

31 December 2012

Contents Page

Directors’ Report 1

Auditor’s Independence Declaration 7

Condensed Statement of Comprehensive Income 8

Condensed Statement of Financial Position 9

Condensed Statement of Changes in Equity 10

Condensed Statement of Cash Flows 11

Notes to the Condensed Financial Statements 12

Directors’ Declaration 17

Independent Auditor’s Review Report 18

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DIRECTORS’ REPORT

Your directors submit the financial report of MacPhersons Resources Limited and its controlled entities (“Consolidated Entity” or Group”) for the half-year ended 31 December 2012. In order to comply with the provisions of the Corporations Act 2001, the directors report as follows:

Directors

The names of directors who held office during or since the end of the interim period and until the date of this report are noted below. Directors were in office for the entire period unless otherwise stated.

Ashok Parekh Chairman Morrie Goodz Managing Director Jeffery Williams Non-Executive Director

Review of Operations

During the half year ended 31 December 2012 the Company completed two major drilling campaigns and upgrades to the Mineral Resource Statements both yielding significant increases in contained mineral resources and upgrades to the highest level of resources classification.

Subsequent to close of the reporting period (15 January 2013) the Company released its latest Nimbus mineral resource statement.

The Company also has completed two open pit optimisation studies and commenced the feasibility studies for the Nimbus project, which are due for completion in May 2013.

During the half year, the Company issued a number of construction contracts for the design and construction of various components of the 3-fold plant expansion, including the Merrill-Crowe plant and tanks for the leach circuit scheduled for delivery in Q4 2013.

Highlights included:

Nimbus Resource Upgrade in both size and classification:

61% increase to 4.4Mt @ 129g/t for 18.3 million ounces (Moz) Silver-Eq*, includes: 24% increase to 11.7 million ounces silver; 49% increase to 49,000 tonnes zinc; and 220% increase to 33,000 ounces gold in the silver deposit.

32% increase in the gold resource to 297,100 ounces gold outside the silver deposit (includes the Boorara

and Coolgardie gold resources, details of which are contained on pages 3 and 5 respectively);

100% of 2012 Resource converted to Measured and Indicated Categories;

Optimised Pit 1 proposed to deliver 1.5Mt @ 179g/t Silver-Eq*

Longest high grade intersections to date including 17m @ 1434g/t silver plus 26.3% zinc;

Further extensions open along strike and at depth within pit shells;

New gold zone and oxide silver support introduction of gravity circuit;

Ordered the purchase and construction contract for the new expanded 480,000tpa Merrill Crowe plant

from FLSmidth in Utah, USA – plant delivery scheduled for October 2013

The resource has herein been described as a silver-zinc-gold zone (100% Measured and Indicated JORC Classification) and a new gold-zinc-silver zone (initially classified as Inferred Resource). Both zones constitute the one mineral deposit and both would be mined from the one pit. The resources are subdivided by mineralisation type in Table 2 (on page 3) and are summated as follows:

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Directors’ Report (continued)

Category Tonnes Ag (g/t) Ag-Eq (g/t) Ag (oz) Ag-Eq*(oz)

Silver Zone Measured 660,000 125 195 2.7Moz 4.1Moz

Indicated 2,885,000 92 135 8.5Moz 12.5Moz

Gold Zone Inferred 870,000 19 62 0.5Moz 1.7Moz

TOTAL 4,415,000 129 11.7Moz 18.3Moz

(also containing 49,000t Zinc; 33,000oz Gold)

Table 1 - Note*: Silver equivalent (Ag-Eq) is calculated using metal credits only in blocks carrying economic grades of silver and/or zinc (see formulas and tables in ASX announcement of 15 January 2013).

Figure 1 - The Nimbus-Boorara projects area, 10km east of the Kalgoorlie Superpit, showing the Nimbus Mill site and various advanced exploration areas within 5km of the Nimbus mill which form part of the Company’s project pipeline.

Nimbus Project

Nimbus produced 3.6 million ounces of silver at an average grade of 352 g/t between 2003 and 2007 from two open pits. The project is part of a VHMS deposit with 5 lenses of silver-gold-zinc-copper-lead massive sulphide mineralisation. Since acquiring the Nimbus project, MacPhersons has completed 73,000m of drilling and has defined a JORC resource in excess of 18.3 million ounces of silver-equivalent which includes 11.7 million ounces of silver and an additional 6.6 million ounces of silver-eq* derived from gold-zinc-mercury credits. A new geological resource model has been developed based on more than 10 mineralisation lenses at Nimbus and several other new prospects identified within 5km of the Nimbus processing plant.

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The mineralisation is open along strike and at depth and offers great opportunity for resource growth. The current model is calculated only to a depth of 260m, however drilling has now extended the mineralisation to 370m depth. Drilling in Quarter 4 2012 intersected the highest grade mineralisation found to date which was 28m @ 896g/t silver which included a zone of 17m @ 1434g/t silver, plus 26.3% zinc and 4.7% lead. These high grade intercepts have supported the larger / deeper Optimised Pit #1 which will be 900m long by 500m wide by 200m deep; the pit will deliver 1.5MT @ 179g/t silver-eq*.

Figure 2 - The Nimbus Silver Superpit, proposed pit #1 of what will form part of the Company’s project pipeline.

Boorara Gold

During the reporting period a geological review of the Boorara gold deposit was completed and the mineral resource was increased by 14% to 96,400 ounces of gold. Due diligence work underway in late 2012 identified several zones of gold mineralisation outside the current JORC classified mineral resource of 96,400 ounces of gold in the Indicated and Inferred Resources categories from limited shallow exploration on granted Mining Leases (“CMR”) including:

Category Tonnes Grade (g/t gold) Ounces

Indicated 1,291,000 1.30 53,900

Inferred 1,047,000 1.26 42,500

Total1 2,338,000 1.28 96,400

Note: Differences may occur due to rounding.

Table 2 – Current Mineral Resource Estimate for Boorara for a 0.5g/t Au cutoff.

Boorara Pit Optimisations

During the reporting period, pit optimisation studies were carried out to provide higher grade starter pits as released:

Boorara pit: 522,000 tonnes @ 1.85 g/t gold

The resource remains open at depth and along strike. The Directors believe the opportunity exists for further extensions of all gold and polymetallic deposits. During the first half of 2013, the Company intends to drill a series of DD holes to confirm and extend the mineralisation and also provide core inputs to complete the feasibility study including geotechnical pit wall design work and metallurgical test work, which to date suggests a 95% gold recovery from a standard gravity / CIP process plant, and better than 93% recovery in the existing Nimbus silver-gold plant. Independent resource industry consultants, CSA Global are currently undertaking a review of these gold targets.

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Figure 3 – The Boorara gold project area located 2km from the Nimbus Silver-Gold processing facility. These optimised pits will be undergoing the final stages of prefeasibility review in FH 2013

Processing Facility

The Company has completed refurbishment of the components to be used from the existing Nimbus processing facility with the installation of power, including connection to the state grid electricity network, ball mill refurbishment, replacement of the primary crushing circuit and recommissioning of the water bore supply system. In addition we have acquired a larger primary crushing circuit, acquisition of a second ball mill and CIL tankage which allows for expansion of the existing plant capacity and also construction of a second parallel processing circuit specific to the MacPhersons’ gold mineralisation. The Company has ordered long lead items such as the new 480,000tpa Merrill-Crowe plant which will be built by industry leader FLSmidth as modular units in Salt Lake City, Utah and delivered in October 2013. During the reporting period the Company has contracted CPC Engineering to complete the plant engineering design, and the refurbishment of six leach tanks purchased from Tarmoola, due for completion in April and July 2013, respectively.

MacPhersons Coolgardie Gold Projects

During the half year ended 31 December 2012, the JORC mineral resource updates on the MacPhersons Reward gold mine, A-Cap gold mine, and Tycho gold discovery were completed by Independent Consultants, CSA Global. The results took the project from an original resource of 115,000 ounces of gold to 200,700 ounces gold and increased the categorisation of a significant part of the project into the Measured and Indicated Resource classes (see Table 3). Maiden resource statements were released for the A-Cap and Franks Find mineralisation. With the a-Cap now being incorporated into the MacPhersons Reward gold project resource and Franks Find only being 300m away from Tycho, this allows for potential merging of the projects. Limited drilling below the depths of 100 – 200m shows the mineralisation to be continuing at depth, in all the projects.

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The Directors believe the opportunity exists for further extensions of the gold mineralisation.

MacPhersons Reward and A-Cap gold mines combined:

Category Tonnes Au g/t Ounces

Measured 690,000 1.36 30,100

Indicated 1,216,000 1.71 66,900

Inferred 616,000 2.41 47,800

Total 2,523,000 1.79 144,800

Tycho gold prospect:


Indicated 600,000 1.45 27,900

Inferred 640,000 1.27 25,200

Total 1,240,000 1.35 53,100

Franks Find gold prospect


Inferred 48,000 1.84 2,800

Total 48,000 1.84 2,800

Note: Differences may occur due to rounding.

Table 3 – Current Mineral Resource Estimates for the Coolgardie Gold Projects (being MacPhersons Reward, A-Cap, Tycho and Franks Find), for a 0.5g/t Au cutoff.

Coolgardie Pit Optimisations

During the reporting period, pit optimisation studies were carried out to provide higher grade starter pits as released:

MacPhersons pit: 1,466,000 tonnes @ 1.77 g/t gold

Tycho Pit: 506,000 tonnes @ 1.67 g/t gold

Corporate

During the half year ended 31 December 2012, the Company successfully raised $12.6m through an institutional placement. Of the $12.6m, $8.6m was invested by RK Mine Finance (part of the Red Kite group). RK Mine Finance provides mining companies with project financing and metal off-take agreements for initiation or expansion of mine production and is part of the Red Kite group. Red Kite operates across the global metals industry from offices in Bermuda, Denver, Hong Kong, London, New York, Shanghai and Sydney. Investors in Red Kite funds include college endowments, foundations, family offices, pension funds and other institutional investors.

In conjunction with the placement the Company entered into the Offtake Agreement with RK Mine Finance. The offtake has been structured such that silver product produced at the Company’s Nimbus silver project is to be purchased by RK Mine Finance at a price consistent with the London Silver Market Fixing Price quotations. The Offtake Agreement contains other terms and conditions standard for an agreement of this nature. The offtake is for a fixed 12 million ounces of silver and does not specify a timeframe for delivery.

Auditor’s Independence Declaration

Section 307C of the Corporations Act 2001 requires our auditors, HLB Mann Judd, to provide the directors of the company with an Independence Declaration in relation to the review of the interim financial report. This Independence Declaration is set out on page 7 and forms part of this directors’ report for the half-year ended 31 December 2012.

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This report is signed in accordance with a resolution of the Board of Directors made pursuant to s.306(3) of the Corporations Act 2001.

Ashok Parekh

Chairman

14 March 2013

Competent Person’s Statement

The information in this report that relates to mineral resources and exploration results is based on information compiled by Mr Morrie Goodz who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Morrie Goodz is a full time officer of MacPhersons Resources Limited and 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 Goodz has given his consent to the inclusion in this report of the matters based on the information in the form and context in which it appears.

HLB Mann Judd (WA Partnership) ABN 22 193 232 714 Level 4, 130 Stirling Street Perth WA 6000. PO Box 8124 Perth BC 6849 Telephone +61 (08) 9227 7500. Fax +61 (08) 9227 7533. Email: [email protected]. Website: http://www.hlb.com.au Liability limited by a scheme approved under Professional Standards Legislation

HLB Mann Judd (WA Partnership) is a member of

International, a worldwide organisation of accounting firms and business advisers.

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AUDITOR’S INDEPENDENCE DECLARATION

As lead auditor for the review of the financial report of MacPhersons Resources Limited for the half-year ended 31 December 2012, I declare that to the best of my knowledge and belief, there have been no contraventions of:

a) the auditor independence requirements of the Corporations Act 2001 in relation to the review; and

b) any applicable code of professional conduct in relation to the review.

Perth, Western Australia L DI GIALLONARDO

14 March 2013 Partner, HLB Mann Judd

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CONDENSED STATEMENT OF COMPREHENSIVE INCOME

FOR THE HALF-YEAR ENDED 31 DECEMBER 2012

Consolidated

Notes

31 December 2012

$

31 December 2011

$

Continuing operations

Revenue 291,141 629,627

Employee benefits expense (1,972,388) (1,497,057)

Depreciation and amortisation expense (136,613) (103,169)

Exploration expenditure (5,392,137) (4,126,455)

Acquisition costs – stamp duty - (404,000)

Administration costs (772,893) (493,806)

Site office costs (186,158) (162,410)

Loss before income tax 2 (8,169,048) (6,157,270)

Income tax expense - -

Net loss for the period (8,169,048) (6,157,270)

Other comprehensive income for the period, net of tax - -

Total comprehensive loss for the period (8,169,048) (6,157,270)

Basic loss per share (cents per share) (3.5) cents (3.0) cents

The accompanying notes form part of these financial statements.

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CONDENSED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2012 Consolidated

Notes

31 December 2012

$

30 June 2012

$

Assets

Current Assets

Cash and cash equivalents 11,794,983 8,191,562

Trade and other receivables 740,235 289,208

Total Current Assets 12,535,218 8,480,770

Non-Current Assets

Property, plant and equipment 4,675,156 4,219,909

Deferred exploration and evaluation expenditure 3 23,313,827 23,313,827

Total Non-Current Assets 27,988,983 27,533,736

Total Assets 40,524,201 36,014,506

Liabilities

Current Liabilities

Trade and other payables 2,070,649 618,535

Employee entitlements 112,943 77,424

Total Current Liabilities 2,183,592 695,959

Non-Current Liabilities

Trade and other payables - 700,000

Employee entitlements 1,324 1,036

Total Non-Current Liabilities 1,324 701,036

Total Liabilities 2,184,916 1,396,995

Net Assets 38,339,285 34,617,511

Equity

Issued capital 4 65,279,100 53,388,278

Accumulated losses (26,939,815) (18,770,767)

Total Equity 38,339,285 34,617,511


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CONDENSED STATEMENT OF CHANGES IN EQUITY FOR THE HALF YEAR ENDED 31 DECEMBER 2012

Consolidated

Issued Capital

Accumulated Losses Total Equity

Notes $ $ $

Balance at 1 July 2012 53,388,278 (18,770,767) 34,617,511

Loss for the period - (8,169,048) (8,169,048)

Total comprehensive loss for the period - (8,169,048) (8,169,048)

Shares issued to staff 77,000 - 77,000

Shares issued during the half-year 12,658,889 - 12,658,889

Share issue expenses (845,067) - (845,067)

Balance at 31 December 2012 65,279,100 (26,939,815) (38,339,285)

Balance at 1 July 2011 47,413,278 (7,047,101) 40,366,177

Loss for the period - (6,157,270) (6,157,270)

Total comprehensive loss for the period - (6,157,270) (6,157,270)

Shares issued to acquire tenements, acquire subsidiary and repay loans 2,450,000 - 2,450,000

Shares issued during the half-year 3,750,000 - 3,750,000

Share issue expenses (225,000) - (225,000)

Balance at 31 December 2011 53,388,278 (13,204,371) 40,183,907


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CONDENSED STATEMENT OF CASH FLOWS

FOR THE HALF-YEAR ENDED 31 DECEMBER 2012

Consolidated

Notes

31 December 2012

$

31 December 2011

$

Inflows/(Outflows)

Cash flows from operating activities

Payments to suppliers and employees (including exploration and evaluation activities) (8,114,945) (6,505,132)

Interest received 214,030 501,546

Other receipts 4,182 44,470

Net cash outflow from operating activities (7,896,733) (5,959,116)

Cash flows from investing activities

Payments for property, plant and equipment (324,168) (1,212,877)

Payments for tenement acquisitions - (362,478)

Payment for subsidiaries, net of cash acquired 6 - (5,660,569)

Proceeds from sale of assets 10,500 30,000

Net cash outflow from investing activities (313,668) (7,205,924)

Cash flows from financing activities

Proceeds from issue of shares 12,658,890 3,750,000

Payments for share issue costs (845,068) (225,000)

Net cash inflow from financing activities 11,813,822 3,525,000

Net increase/(decrease) in cash held 3,603,421 (9,640,040)

Cash and cash equivalents at the beginning of the period 8,191,562 23,899,008

Cash and cash equivalents at the end of the period 11,794,983 14,258,968


NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2012

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NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

Statement of compliance

These interim consolidated financial statements are general purpose financial statements prepared in accordance with the requirements of the Corporations Act 2001, applicable accounting standards including AASB 134 ‘Interim Financial Reporting’, Accounting Interpretations and other authoritative pronouncements of the Australian Accounting Standards Board (‘AASB’). Compliance with AASB 134 ensures compliance with IAS 34 ‘Interim Financial Reporting’.

This condensed half year report does not include full disclosures of the type normally included in an annual financial report. Therefore, it cannot be expected to provide as full an understanding of the financial performance, financial position and cash flows of the Group as in the full financial report.

It is recommended that this financial report be read in conjunction with the annual financial report for the year ended 30 June 2012 and any public announcements made by MacPhersons Resources Limited and its subsidiaries during the half-year in accordance with continuous disclosure requirements arising under the Corporations Act 2001 and the ASX Listing Rules.

The accounting policies adopted are consistent with those of the previous financial year, and corresponding interim reporting period.

Basis of preparation

The interim report has been prepared on a historical cost basis. Cost is based on the fair value of the consideration given in exchange for assets. The company is domiciled in Australia and all amounts are presented in Australian dollars, unless otherwise noted.

For the purpose of preparing the interim report, the half-year has been treated as a discrete reporting period.

Significant accounting judgments and key estimates

The preparation of interim financial reports requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ from these estimates.

In preparing this interim report, the significant judgments made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the financial report for the year ended 30 June 2012.

Adoption of new and revised Accounting Standards

In the half-year ended 31 December 2012, the Directors have reviewed all of the new and revised Standards and Interpretations issued by the AASB that are relevant to the Group’s operations and effective for annual reporting periods beginning on or after 1 July 2012.

It has been determined by the Directors that there is no impact, material or otherwise, of the new and revised Standards and Interpretations on the Group’s business and, therefore, no change is necessary to Group accounting policies.

The Directors have also reviewed all new Standards and Interpretations that have been issued but are not yet effective for the half-year ended 31 December 2012. As a result of this review the Directors have determined that there is no impact, material or otherwise, of the new and revised Standards and Interpretations on the Group’s business and, therefore, no change necessary to Group accounting policies.


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NOTE 2: LOSS BEFORE INCOME TAX

Consolidated

31 December 2012

$ 31 December 2011

$

Included in the net loss for the period are the following revenue and expense items:

(a) Revenue

Interest received 276,458 555,157

(b) Expenses

Consultancy fees 1,437,106 547,611

Depreciation of non-current assets 136,613 103,169

Drilling and assay costs 3,186,593 3,014,014

Employee costs 1,972,388 1,497,057

NOTE 3: DEFERRED EXPLORATION AND EVALUATION EXPENDITURE

Consolidated

31 December 2012 $

30 June 2012 $

Costs carried forward in respect of areas of interest in the following phases:

Exploration and evaluation phase – at cost

Balance at beginning of period 23,313,827 16,349,151

Acquisition of Kalgoorlie Ore Treatment Company Pty Ltd (Note 6) - 2,351,763

Acquisition of Polymetals (WA) Pty Ltd (ii) - 3,000,851

Acquisition of tenements (i) - 1,612,062

Total deferred exploration and evaluation expenditure 23,313,827 23,313,827

(i) During the comparative period the Company completed several acquisitions of tenements adjacent to the Nimbus Project. The tenements were acquired for consideration made up partly of cash, shares and deferred consideration.

(ii) The acquisition of Polymetals (WA) Pty Ltd is not considered to be a business combination as it does not meet the criteria as set out in AASB 3 Business Combinations. This transaction has been treated as an acquisition of assets, predominantly exploration expenditure.

The recoupment of costs carried forward in relation to areas of interest in the exploration and evaluation phases is dependent upon the successful development and commercial exploitation or sale of the respective areas.


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NOTE 4: ISSUED CAPITAL

Consolidated

31 December 2012

$ 30 June 2012

$

Ordinary shares

Issued and fully paid 65,279,100 53,388,278

2012 2012 2011 2011

No. $ No. $

Movements in ordinary shares on issue

Shares on issue at 1 July 2012 215,099,700 53,388,278 194,045,079 47,413,278

- Acquisition of tenements - - 1,473,119 450,000

- Acquisition of subsidiaries - - 7,081,502 2,000,000

- Share placement 31,733,919 12,658,890 12,500,000 3,750,000

- Employee shares issued 200,000 77,000

- Issue costs - (845,068) - (225,000)

At end of period 247,033,619 65,279,100 215,099,700 53,388,278

Options

2012 No.

2012 Weighted average exercise

price 2011 No.

2011 Weighted average exercise

price

Outstanding at beginning of period 22,000,000 0.30 22,000,000 0.30

Issued during the period - - - -

Outstanding at the end of the period 22,000,000 0.30 22,000,000 0.30

Exercisable at the end of the period 22,000,000 0.30 22,000,000 0.30

NOTE 5: SEGMENT REPORTING

Operating segments are identified on the basis of internal reports about components of the company that are reviewed by the chief operating decision maker (deemed to be the Board of Directors) in order to allocate resources to the segment and assess its performance. The chief operating decision maker of MacPhersons Resources Limited reviews internal reports prepared as financial statements and strategic decisions of the company are determined upon analysis of these internal reports. During the period, the company operated predominantly in one business and geographical segment being the minerals exploration sector in Australia. Accordingly, under the ‘management approach’ outlined, only one operating segment has been identified and no further disclosure is required in the notes to the financial statements.


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NOTE 6: ACQUISITION OF SUBSIDIARIES

Acquisition of Kalgoorlie Ore Treatment Company Pty Ltd

On 8 September 2011, the parent entity acquired 100 % of Kalgoorlie Ore Treatment Company Pty Ltd, an entity with a processing plant and tenements prospective for silver and base metals, for consideration of $4,999,680.

$

Purchase consideration:

Cash paid 3,499,680

5,360,000 shares at 28 cents per share 1,500,000

Total consideration 4,999,680

The net assets acquired in the business combination at the date of acquisition were as follows:

Acquiree’s carrying amount before

acquisition $

Fair value adjustments

$ Fair value

$

Net assets acquired:

Cash and cash equivalents 228,111 - 228,111

Trade and other receivables 7,700 - 7,700

Property, plant and equipment 2,520,493 - 2,520,493

Exploration assets (Note 3) 1,447,986 903,777 2,351,763

Trade and other payables (608,067) 499,680 (108,387)

3,596,223 1,403,457 4,999,680

The cash outflow on acquisition is as follows:

Net cash acquired with subsidiary 228,111

Cash paid (3,499,680)

Net cash outflow (3,271,569)

Acquisition of Polymetals (WA) Pty Ltd

During the previous corresponding period, the parent entity also acquired 100% of Polymetals (WA) Pty Ltd. This acquisition was accounted for as an aset acquisition as opposed to a business combination.

The cash outflow on acquisition was as follows:

Net cash acquired with subsidiary 11,000

Cash paid (2,400,000)

Net cash outflow (2,389,000)


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NOTE 7: CONTINGENT LIABILITIES

There has been no change in contingent liabilities since the last annual reporting date.

NOTE 8: EVENTS SUBSEQUENT TO REPORTING DATE

On 15 January 2013 the Company issued 2,325,491 fully paid ordinary shares for the following purposes:

Issued to an employee in accordance with the terms employment contract 166,667

Acquisition of a tenement 100,000

Deferred consideration in relation to the acquisition of tenements 2,058,824

2,325,491

Other than as noted above, there were no events subsequent to reporting date requiring disclosure.

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DIRECTORS’ DECLARATION

In the opinion of the directors of MacPhersons Resources Limited (‘the company’):

1. The attached financial statements and notes thereto are in accordance with the Corporations Act 2001 including:

a. complying with Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements; and

b. giving a true and fair view of the consolidated entity’s financial position as at 31 December 2012 and of its performance for the half-year then ended.

2. there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

This declaration is signed in accordance with a resolution of the Board of Directors made pursuant to s.303(5) of the Corporations Act 2001.

Ashok Parekh

Chairman

14 March 2013

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INDEPENDENT AUDITOR’S REVIEW REPORT To the members of MacPhersons Resources Limited Report on the Condensed Half-Year Financial Report We have reviewed the accompanying half-year financial report of MacPhersons Resources Limited (“the company”) which comprises the condensed statement of financial position as at 31 December 2012, the condensed statement of comprehensive income, condensed statement of changes in equity and condensed statement of cash flows for the half-year ended on that date, notes comprising a summary of significant accounting policies and other explanatory notes and the directors’ declaration of the consolidated entity comprising the company and the entities it controlled at the half-year end or from time to time during the half-year. Directors’ responsibility for the half-year financial report The directors of the company are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half year financial report that is free from material misstatement, whether due to fraud or error. Auditor’s responsibility Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity, in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the consolidated entity’s financial position as at 31 December 2012 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. As the auditor of the company, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report. A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Independence In conducting our review, we have complied with the independence requirements of the Corporations Act 2001.

HLB Mann Judd (WA Partnership) ABN 22 193 232 714 Level 4, 130 Stirling Street Perth WA 6000. PO Box 8124 Perth BC 6849 Telephone +61 (08) 9227 7500. Fax +61 (08) 9227 7533. Email: [email protected]. Website: http://www.hlb.com.au Liability limited by a scheme approved under Professional Standards Legislation

HLB Mann Judd (WA Partnership) is a member of

International, a worldwide organisation of accounting firms and business advisers.

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Matters relating to the electronic presentation of the reviewed half-year financial report

This review report relates to the half-year financial report of the consolidated entity for the half-year ended 31 December 2012 included on the company’s website. The company’s directors are responsible for the integrity of the company’s website. We have not been engaged to report on the integrity of this website. The review report refers only to the half-year financial report identified above. It does not provide an opinion on any other information which may have been hyperlinked to/from the half-year financial report. If users of the half-year financial report are concerned with the inherent risks arising from publication on a website they are advised to refer to the hard copy of the reviewed half-year financial report to confirm the information contained in this website version of the half-year financial report.

Conclusion Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of MacPhersons Resources Limited is not in accordance with the Corporations Act 2001 including: a) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2012

and of its performance for the half-year ended on that date; and b) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations

Regulations 2001.

HLB MANN JUDD Chartered Accountants

Perth, Western Australia 14 March 2013

L DI GIALLONARDO Partner

macphersons resources limited · macphersons resources limited abn 98 139 357 967 interim ... the...

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