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1 Quarterly Report September 2012 ABOUT ALTONA Altona Mining Limited (ASX: AOH) is an international base metals producer with a focus on copper. The Company has two main assets: The Outokumpu Project in south-east Finland comprising an underground decline mine and processing plant. Steady state production is envisaged to be of 8,000tpa copper, 8,400ozs of gold and 1,600t of zinc. The Roseby Copper Project near Mt Isa in Queensland has a resource containing 1.52Mt of copper and 0.38Moz of gold. The first development envisaged is the 7Mtpa Little Eva open pit copper-gold mine and concentrator. Cash on hand ( ) A$19.7M Market capitalisation at 27 cents per share ASX: Frankfurt: Oslo: A$142M AOH A2O ALTM Shares on issue: 527,271,038 Options on issue: 2,865,000 Share rights on issue: 5,256,666 Altona Mining Limited ACN: Ground Floor, 1 Altona Street West Perth Western Australia 6005 T: E: admin@altonamining.com 30 October 2012 Production Record at Outokumpu as Project Reaches Design Capacity SEPTEMBER QUARTER PRODUCTION Copper in concentrates Gold in concentrates C1 cash cost 1,600 tonnes 1,483 ounces US$1.59/lb of payable copper Xstrata option - The Company received from Mt Isa Mines (Xstrata) a Notice of Intention to exercise its option to purchase 51% of the Roseby Copper Project. The parties have appointed an expert to provide a determination of fair market value. Production - The September quarter was the first quarter of commercial production for the Outokumpu Project. The mine produced 129,801 tonnes at 1.59% copper and 0.54g/t gold during the quarter and throughput at the mill achieved design rates, recoveries and availability. Costs - C1 cash cost of US$1.59/lb of payable copper sold is pleasing as production was ramping up during the quarter and only achieved design in the last month of the quarter. Guidance on track - Production is on track to meet the upper range of guidance of 6,000 tonnes of copper and 6,000 ounces of gold for the year to 30 June Discovery at Roseby - a new copper sulphide deposit was discovered at Turkey Creek, some 2km east of the Little Eva deposit. Best drill intersection was 32 metres at 0.6% copper. Roseby Resource upgrade - Following an upgrade to the Legend deposit, Resources at Roseby increased to 260 million tonnes at 0.58% copper for 1.52 million tonnes of contained copper. Roseby mining licence grant - Two mining licences were granted during the quarter with the remaining three licence applications expected to be granted shortly. W: altona@altonamining.com

2 Safety and People Safety performance improving Safety performance at Outokumpu in the September quarter saw continuing steady improvement with one lost time accident recorded early in the quarter. This improvement is a direct result of a renewed focus on safety across the organisation following an independent safety audit and review of mine work practices. A comprehensive programme to improve safety culture is underway. The Company now has 83 employees and 70 contractors in Finland and 16 employees in Australia. Outokumpu Operations Mine production ramped up to design by end of quarter Outokumpu Project Production Statistics This Quarter Year to Date Ore mined Tonnes 129, ,801 Copper (%) Gold (g/t) Zinc (%) Ore milled Tonnes 122, ,635 Copper (%) Gold (g/t) Zinc (%) Recovery Copper (%) Gold (%) Zinc (%) Copper concentrate produced Tonnes 7,627 7,627 Copper (%) Gold (g/t) Zinc concentrate produced Tonnes Zinc (%) First zinc concentrate sales Contained metal in concentrates Copper (tonnes) 1,600 1,600 Gold (ounces) 1,483 1,483 Zinc (tonnes) Sales Copper concentrate delivered Tonnes 8,057 8,057 Contained metal Copper (tonnes) 1,580 1,580 Gold (ounces) 1,456 1,456 Zinc concentrate delivered Tonnes Contained metal Zinc (tonnes) It was an excellent quarter for Outokumpu with production steadily rising during the quarter and exceeding design throughput in the last month of the quarter. Design production rate is 46,000 tonnes of ore per month and some 54,000 tonnes of ore were mined in September. 2.

3 Milestones for July - September quarter met or exceeded The key milestones set for the September quarter were: Mine ramp up to 7,000 tonnes per week - exceeded September 2012 Mill to sustain design feed rates of 69tph ore - achieved September 2012 Improve zinc concentrate grade - reached 47% zinc, target is 50% Open two new stopes on the 100 level and one on the 150 level - achieved Produce approximately 5,000 tonnes of copper-gold concentrate containing 1,100 tonnes copper metal - target exceeded The milestones set for the December quarter are: Sustained monthly mine production at 48,000 tonnes per month Mine head grade of 1.4% copper Mill availability of 91% Zinc recovery of 50% C1 cash cost of US$1.50/lb or less The transition to commercial production in Q3 saw a step change in production of copper Metal production per quarter is expected to average 2,000 tonnes of copper and 2,100 ounces of gold in concentrates over the life of mine. These production levels will be approached next quarter. Production of Contained Metal in Ore by Quarter 1,600 1, Q Q Q Copper (tonnes) Gold (ounces) Mine production is from both stopes and development drives. Four production stopes were completed and the stope production cycle is now becoming routine. Grades above forecast The grade of 1.59% copper for 2012/2013 is above the DFS life of mine plan and forecast. Grade has generally outperformed expectations due to development headings being in the main ore body where grades up to 6% in development headings have been encountered. The ore body model is being updated to incorporate the underground diamond drilling completed in the last four months. 3.

4 Development drive (5.5m x 5.5m) on the 100m level showing typical massive copper sulphides on wall, face, floor and roof and black shale footwall to the right. Development drives such as these are driving grade performance at the mine. Some 1,438 metres of decline and level development was undertaken and development is now down to 370 metres below surface (270 level) and ore is now exposed on thirteen headings. Geological model is evolving with exposure in development and high grade underground drilling Final capital items installed Luikonlahti mill operating to design About 6,000 metres of underground diamond drilling was completed during the quarter. There were a number of notable intersections demonstrating the potential for continuing grade outperformance. These include 14.1 metres at 4.7% copper, 1.03g/t gold and 1.2% zinc (Ku-90) and 16.0 metres at 3.0% copper, 1.22g/t gold and 0.5% zinc (Ku-146). The geological model is being continually updated with information from mapping of development drives and from underground drilling. A further update of resources and reserves will be completed in early Efforts at the mine will focus on aggressively advancing development to sustain production at 46,000 tonnes per month. The operation is still in its infancy and there are many opportunities to improve costs and productivity. Other major capital activities for the quarter at the mine were the completion of installation of ventilation fans and air heating equipment. Mill throughput of 77 tonnes per hour ( tph ) was achieved for September exceeding design throughput of 69tph. The average for the quarter was 73tph. Copper-gold concentrate grades are in the range of 20-23% copper. Concentrate grades are slightly below design due to minor amounts of graphite from footwall black shale. The reagent scheme has been modified to supress graphite. Copper and gold recoveries were steady but slightly below target at 89% and 68% respectively (design being 91.5% copper and 72% gold), partly impacted by graphite in mill feed. Activities in the mill have focussed on achieving or exceeding throughput but the focus will shift to optimising metal recovery in coming quarters. 4.

5 First zinc concentrate sold The first zinc concentrate was sold during the quarter. Zinc grade of 46% in concentrates and 38% recovery is approaching design of 50% zinc grade and recovery of 50%. The major capital investment completed at the Luikonlahti mill was the expansion of the cobalt-nickel concentrate storage facility. This was part of the original construction plan but was deferred to the European summer Kylylahti Mineral Resource and Ore Reserve Updated Resource and Reserve estimates were made as at 30 June 2012 and were published in the 2012 Annual Report. Methodology is as disclosed in the ASX release published 23 July 2010 and is available on the company s website. Minor amendments were made to the geological model for the upper levels of the mine and reserves were depleted for production. See tables 3 and 4 for more details. Tonnes (m) Cu (%) Mineral Resources Measured Indicated Inferred Total Contained metal (t) 103,100 19,100 16,500 45, ,000oz Ore Reserves Probable Contained metal (t) 66,254 12,350 7,210 24,610 88,494oz Co % Ni % Zn % Au g/t Sales and Costs Commercial production was declared at the Outokumpu Project from 1 July 2012 and costs will no longer be capitalised and the revenues will be treated as operating income. Capital expenditure remains high due to completion of ventilation and tailings facilities Cost Performance This Quarter US$/lb Year to Date (US$/lb) Mining Costs Ore trucking costs Site processing costs TC/RC and transport Other cash costs Total cash costs Net gold, silver and zinc credits (0.78) (0.78) C1 Cash cost per pound payable copper (US$) Capital expenditure Financing costs Total Expenditure

6 Realised copper price exceeds US$8,000/tonne Altona makes daily deliveries of copper-gold concentrate to New Boliden s copper smelter at Harjavalta on the south-west coast of Finland and delivers zinc concentrate to New Boliden at Kokkola as production allows. Altona is paid monthly for metal delivered. Commodity Sales Metric This Quarter Year to Date Realised price Copper USD/lb Gold USD/oz 1,620 1,620 Silver USD/oz Zinc USD/lb Metal in Concentrate Copper Tonnes 1,579 1,579 Gold Ounces 1,454 1,454 Silver Ounces 15,919 15,919 Zinc Tonnes NB - Metal in concentrate sold is subject to smelter deductions, treatment charges and refining charges. - Realised prices include deliveries into hedge positions. Production Guidance and Outlook Guidance on track Production guidance for the year ending 30 June 2013 is for between 5,000 and 6,000 tonnes of copper metal and 5,000 to 6,000 ounces of gold in concentrate to be produced. The project is on track to meet the upper level of guidance. Cost guidance was not previously offered but experience this quarter indicates C1 cash costs should fall within a range of US$1.40 to 1.60/lb payable copper. Little Eva Project Little Eva DFS details a large scale copper mine A Definitive Feasibility Study (DFS) on the 100% owned Little Eva Copper-Gold Project, 90 kilometres north-east of Mt Isa in Queensland, Australia was completed in May. The Project is 11 kilometres north of MMG s Dugald River zinc mine, currently in pre-development, and is 65 kilometres north-west of Xstrata s Ernest Henry coppergold mine. The Little Eva Project is part of Altona s larger Roseby Project and represents the first stage of the development of the large resource inventory at Roseby. Sterilisation drilling was completed over the proposed tailings dam and waste dump site. Activities during the quarter have been restricted whilst the Xstrata option process is underway. The Company is reviewing the study for opportunities for optimisation and improved performance. First mining licences granted The Company has received the Environmental Authority for the Project and two of the five Mining Lease applications have now been granted. The Ivy Ann resource lies outside these applications. 6.

7 It is expected that the remaining three licences will be granted in November The project will be development ready by early Roseby Exploration Lady Clayre and Ivy Ann drilling Altona completed 6,520 metres of drilling comprising 29 Reverse Circulation ( RC ) drill holes at the Lady Clayre and Ivy Ann deposits (Figure 1). The drilling was targeted to increase the current resource inventory and upgrade parts of the resources to indicated category. Highlights include: Lady Clayre : Significant drill intercepts at Lady Clayre LCR187: 1.12% copper, 0.53g/t gold from 0m LCR188: 0.73% copper, 0.23g/t gold from 257m LCR185: 0.53% copper, 0.14g/t gold from 117m LCR191: 0.64% copper, 0.44g/t gold from 10m LCR185: 0.76% copper, 0.04g/t gold from 24m Ivy Ann: IAR238: 0.41% copper, 0.06g/t gold from 7m IAR234: 0.53% copper, 0.07g/t gold from 66m IAR233: 0.58% copper, 0.09g/t gold from 27m IAR237: 0.47% copper, 0.07g/t gold from 81m A full tabulation of the drilling results is given in Tables 4 and 5. The Lady Clayre deposit has an existing Resource of 14 million tonnes at 0.56% copper and 0.20g/t gold. Infill and extension drilling was targeted to identify possible extensions and to infill inferred resources. It is expected that upgrades to Resource classifications and increases to estimates will result from the drilling. Two high grade individual molybdenum assays were received grading up to 2.1% molybdenum and up to 9.8g/t rhenium. These results indicate the possibility for Merlin type mineralisation that has been reported by Ivanhoe Australia south of Cloncurry. Interpretation of this mineralisation requires re-assaying of old samples for molybdenum and rhenium which have not been assayed previously. The Ivy Ann resource is 7.5 million tonnes at 0.57% copper and 0.07g/t gold. Drilling was targeted to infill the northern portion of the current inferred resource to improve resource classification and test extensions to the north. Drilling at Ivy Ann infilled two separate low grade zones of inferred resources. No significant extensions were delineated. 7.

8 Turkey Creek A new copper deposit was discovered at Turkey Creek located some 2 kilometres east of the Little Eva deposit (Figure 1). Altona completed 1,272 metres of drilling in 7 RC drill holes and 3,571 metres of RAB ( Rotary Air Blast ) drilling over a 4.5 square kilometre area to test the Turkey Creek target and to test the area planned for infrastructure associated with the proposed Little Eva plant. Turkey Creek discovery is open along strike Drilling at Turkey Creek was targeted to test malachite (green copper oxide) in outcrops over 800 metres of strike. The mineralisation was initially tested by two scout RC holes by Xstrata Copper in The current programme combined both RAB and RC drilling to define the extent of the mineralisation and the potential for an economic deposit. Highlights from the RC drill intercepts are: TCKR009: TCKR010: TCKR006: TCKR007: TCKR005: 0.65% copper, 0.02 g/t gold from 23m 0.62% copper, 0.03 g/t gold from 16m 0.57% copper, 0.02 g/t gold from 61m 0.47% copper, 0.00 g/t gold from 37m 0.46% copper, 0.00 g/t gold from 45m A full tabulation of the drilling results is given in Table 6. Seven RC holes were drilled at Turkey Creek all of which intersected low to medium grade copper mineralisation including higher grade zones up to 5 metres at 1.18% copper. RC drilling has confirmed a 400 metre strike length of mineralisation with widths ranging up to 50 metres. The mineralisation in RC drilling is open down dip and along strike to the north and to the south. Sulphide mineralisation appears to be chalcocite dominant and low in gold. This mineralisation style is similar to the sulphide mineralisation at the copper-only (native copper) deposits at Roseby. The drilling provides sufficient data for an initial inferred resource estimate to be completed later this year. Discovery highlights near deposit and regional potential Turkey Creek, discovered 2km from Little Eva, reinforces the enormous potential for discovery within the greater Roseby Project. The deposit has potential to provide additional feed to the proposed Little Eva Plant. There are a great number of similar targets to Turkey Creek within the Roseby Project. Targets include combined copper anomalous drill and soil results, old workings and geophysical targets. Targets adjacent to the main Roseby deposits may have had recent work but those kilometres distant may have had little or no exploration in the past 30 years. Resource Upgrade Roseby Resource exceed 1.5Mt contained copper The Mineral Resource Estimate for the Legend deposit was upgraded resulting in an increase of the global resource at Roseby. The total resource at Roseby now stands at 260 million tonnes at 0.6% copper and 0.05g/t gold. 8.

9 The new estimate for the Legend deposit at a 0.3% copper cut-off grade is: Copper Contained Copper Deposit Tonnes (%) (t) Legend 17,430, ,500 Details of the resource classification and estimation methodologies are given in the ASX release dated 22 August 2012 and Table 1 and Table 7. Legend lies some 4 kilometres south of the proposed Little Eva processing plant (Figure 1) and 5 kilometres northwest of MMG s Dugald River zinc project. Legend and Blackard now form a continuous 4.5 kilometre long single mineralised deposit with a combined contained copper content of 569,000 tonnes. This is a major mineralised system. Legend and the other copper-only deposits have Mineral Resources of million tonnes at 0.61% copper for 840,000 tonnes of contained copper. These deposits contain both copper sulphide mineralisation in fresh rock and native copper mineralisation in overlying weathered rock. Altona has been systematically revising resource models for the Roseby deposits. New estimates for the remaining three copper-only deposits will be made in coming months. Corporate Cash The Company has A$19.7 million in cash, 0.2 million in undrawn Finnish government grants. A$1.5 million is also held in cash as security for environmental performance. Debt The Company has debt of US$20.4 million with Credit Suisse. Principal repayments commence in March Hedging The Company has copper, gold and zinc hedging denominated in Euros. The schedule of metal deliveries is given below. Deliveries into the hedge commenced in July Outstanding Hedge Position Year ended 30 June Copper (t) Copper ( /t) Gold (oz) Gold ( /oz) Zinc (t) Zinc ( /t) ,546 5,741 2,535 1, , ,840 5,741 5,000 1, , ,946 5,741 5,000 1, , ,262 5,741 5,002 1, ,479 Total 10,638 17,534 2,951 9.

10 The Company undertakes short-dated (3 months) hedging to secure revenue for the period (Quotational Period) between receipt of the provisional invoice and final pricing. Xstrata Option Xstrata option to acquire 51% of Roseby moves to independent valuer In late June the Company received notice from Mt Isa Mines Limited ( Xstrata ) that Xstrata intends to exercise the option it holds to acquire a 51% interest ( Sale Interest ) in a portion of the Roseby Project ( Roseby ). Roseby contains the Little Eva Copper Project ( Little Eva ) which is located in the Mt Isa-Cloncurry mining district in Queensland, Australia. In accordance with the Option Agreement, Xstrata has the right to acquire the Sale Interest at an agreed or fair market price. The parties have appointed an independent valuer to determine the fair market price for the Sale Interest. Once the price is received, Xstrata have 28 days to decide whether to exercise the option at that price. The Option Agreement with Xstrata refers to certain tenements, data and information termed the RFP Sale Interest. The tenements at Roseby that host the Ivy Ann deposit are not part of the RFP Sale Interest. Appointments Ms Carmen Lunderstedt was appointed as General Manager Risk and Compliance for the Altona Group. Ms Lunderstedt s duties will include acting as Company Secretary, alongside Mr Eric Hughes. Mr Esko Pystenen was appointed Mine Manager at the Kylylahti mine. He was previously Senior Engineer at the mine. Share Price Activity on ASX Quarter open 0.28 High 0.33 Low 0.25 Quarter close Average daily volume 335,437 Competent Persons Statement The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Dr Alistair Cowden BSc (Hons), PhD, MAusIMM, MAIG, Mr Jarmo Vesanto MSc, MAusIMM, Mr Jani Impola, MSc, MAusIMM and Mr Jari Juurela MSc, MAusIMM. Dr Cowden, Mr Vesanto, Mr Impola and Mr Juurela are full time employees of the Company and have sufficient experience which is relevant to the style of mineralisation, the type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr Cowden, Mr Vesanto, Mr Impola and Mr Juurela have consented in writing to the inclusion in the report of the matters based on their information in the form and context in which it appears. 10.

11 Please direct enquiries to: Alistair Cowden James Harris Managing Director Professional Public Relations Tel: Perth altona@altonamining.com Tel: james.harris@ppr.com.au Axino Investor & Media Relations - Germany Axino AG, Investor & Media Relations Tel: +49 (711) services@axino.de 11.

12 Figure 1: Location of deposits in the central part of the Roseby Project area 12.

13 Table 1: Resource estimates for the Roseby Project TOTAL CONTAINED METAL MEASURED INDICATED INFERRED DEPOSIT Tonnes Grade Copper Gold Tonnes Grade Tonne Grade Tonnes Grade million Cu Au Cu Au Cu Au Cu Au tonnes ounces million million million % g/t % g/t % g/t % g/t COPPER-GOLD DEPOSITS Little Eva , , Ivy Ann ,000 17, Lady Clayre ,000 85, Bedford ,000 11, Sub-total , , COPPER ONLY DEPOSITS Blackard , Scanlan , Longamundi , Legend , Great Southern , Caroline , Charlie Brown , Sub-total , TOTAL ,515, , See ASX release of 26 July 2011, 19 December 2011, 23 April 2012, 3 July 2012 and 22 August 2012 for full details of resource estimation methodology and attributions. Note: All figures may not sum exactly due to rounding. Little Eva is reported above a 0.2% copper lower cut-off grade, all other deposits are above 0.3% copper lower cut-off grade. 13.

14 Table 2: Kylylahti Resource and Reserve Estimates RESOURCES Tonnes million Cu % Measured Indicated Inferred Total Contained metal (t) 105,000 20,160 16,800 45, ,560oz RESERVES Probable Contained metal (t) 67,850 12,600 6,200 25,200 90,800oz Co % Ni % Zn % Au g/t Table 3: Outokumpu Resource Estimates Deposit Classification Tonnes million Kylylahti Measured Indicated Inferred Total Saramäki Inferred Vuonos Inferred Measured Hautalampi Indicated Inferred Total Riihilahti Indicated Valkeisenranta Indicated Särkiniemi Indicated Sarkalahti Inferred Indicated Niinimäki Inferred Total Total Cu % Co % Ni % Zn % Au g/t 14.

15 Table 4: Significant drill intersections at the Lady Clayre deposit grading above 0.4% Cu Hole ID From (m) Interval (m) Cu (%) Au (g/t) Ag (g/t) Mineralisation Type LCR Sulphide LCR180 No significant intercepts LCR Sulphide LCR Sulphide LCR Oxide LCR Sulphide LCR Sulphide LCR Sulphide LCR184 No significant intercepts LCR Sulphide inc Sulphide LCR Sulphide LCR Sulphide inc Sulphide LCR Sulphide Inc Sulphide LCR Sulphide LCR Oxide & Sulphide inc Oxide inc Sulphide LCR Sulphide LCR Sulphide LCR Sulphide LCR Sulphide inc Sulphide LCR189 No significant intercepts LCR Oxide LCR Sulphide LCR Oxide & Sulphide inc Oxide inc Sulphide LCR Sulphide LCR Sulphide inc Sulphide LCR Sulphide inc Sulphide LCR Sulphide LCR Sulphide LCR Sulphide LCR Sulphide LCR Sulphide 15.

16 Table 5: Significant drill intersections at the Ivy Ann deposit grading above 0.4% Cu Hole ID From (m) Interval (m) Cu (%) Au (g/t) Ag (g/t) Mineralisation Type IAR Oxide IAR Sulphide inc Sulphide IAR Sulphide inc Sulphide IAR Sulphide IAR Sulphide inc Sulphide IAR Oxide inc Oxide IAR Sulphide IAR236 No significant intercepts IAR Sulphide IAR Oxide & Sulphide inc Oxide inc Sulphide IAR Sulphide inc Sulphide IAR239 No significant intercepts IAR240 No significant intercepts IAR241 No significant intercepts IAR Sulphide IAR243 No significant intercepts IAR244 No significant intercepts Table 6: Significant RC drill intersections at Turkey Creek above 0.4% copper cut-off grade Hole ID From Interval Cu Au Ag (m) (m) (%) (g/t) (g/t) TCKR Incl TCKR TCKR Incl TCKR Incl TCKR Incl TCKR TCKR TCKR TCKR TCKR TCKR Incl TCKR TCKR TCKR

17 Table 7: Legend Resource Estimate using a 0.3% Cu Cut-off Mineralisation Type Resource Classification Tonnes Cu (%) Copper (t) Native copper Inferred 7,080, ,900 Transitional Inferred 550, ,000 Sulphide Inferred 9,800, ,600 TOTAL 17,430, ,500 Note: All figures may not sum exactly due to rounding. 17.

18 APPENDIX 5B Mining Exploration entity quarterly report Name of entity ALTONA MINING LIMITED ABN Quarter ended ( current quarter ) September 2012 Consolidated statement of cash flows Cash flows related to operating activities Current Quarter (3 months) A$ 000 Year to Date (3 months) $A Receipts from product sales and related debtors* 10,526 10, Payments for (a) exploration and evaluation (2,402) (2,402) (b) development (net of grant received) - - (c) production (8,297) (8,297) (d) administration (1,942) (1,942) 1.3 Dividends received Interest and other items of a similar nature received Interest and other costs of finance paid (266) (266) 1.6 Income taxes rebate Other** - - Net Operating Cash Flows (2,225) (2,225) Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects - - (b) equity investments - - (c) other fixed assets (4,556) (4,556) 1.9 Proceeds from sale of: (a) prospects - - (b) equity investments - - (c) other fixed assets Loans to other entities Loans repaid by other entities Other - - Net investing cash flows (4,556) (4,556) 1.13 Total operating and investing cash flows (carried forward) (6,781) (6,781) * Concentrate sales ** Bonds and security deposits 18.

19 Cash flows related to financing activities 1.14 Proceeds from issues of shares (net of costs) Proceeds from sale of forfeited shares Proceeds from borrowings Repayment of borrowings Dividends paid Other - - Net financing cash flows - - Net increase (decrease) in cash held (6,781) (6,781) 1.20 Cash at beginning of quarter/year 26,711 26, Exchange rate adjustments to 1.20 (193) (193) 1.22 Cash at end of quarter 19,737 19,737 Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities 1.23 Aggregate amount of payments to the parties included in item Aggregate amount of loans to the parties included in item 1.10 Current quarter $A Explanation necessary for an understanding of the transactions Payment of directors fees, salaries and superannuation to the directors during the quarter. Non-cash financing and investing activities 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows N/A 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest N/A 19.

20 Financing facilities available Add notes as necessary for an understanding of the position. Amount available $A 000 Amount used $A Loan facilities(*) - 19, Credit standby arrangements - - (*) The Credit Suisse debt facility of US$20 million has been fully drawn down. Estimated cash outflows for next quarter (excluding any proceeds from concentrate sales and other income) $A Evaluation/ Exploration (1,731) 4.2 Development Production (8,974) 4.4 Administration (1,384) Total (12,089) Reconciliation of Cash Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows. Current quarter $A 000 Previous quarter $A Cash on hand and at bank 2,821 5, Deposits at call 16,916 21, Bank overdraft Other (provide details) - - Total: cash at end of quarter (item 1.22) 19,737 26,711 Changes in interests in mining tenements See attached Schedule A. 20.

21 Issued and quoted securities at end of current quarter 7.1 Preference securities (description) Total number Number quoted Issue price per security Amount paid up per security Changes during quarter Ordinary securities 527,271, ,271, Changes during quarter - Issued 5,180,000 5,180, Converting debt Securities (description and conversion factor) Changes during quarter Options (description and conversion factor) 500, ,000 2,000,000 5,256,666^ Exercise Price $1.50 $1.50 $ Expires 27 December June November 2013 (various) 7.8 Issued during quarter Exercised during quarter Expired during quarter Debentures (totals only) Unsecured notes (totals only) ^ Share rights issued pursuant to approved Employee Share Scheme. These Share Rights form part of the Long Term Incentive Scheme in compliance with Altona s Remuneration Policy. The Share Rights have various expiry dates and performance hurdles. 21.

22 Compliance statement 1. This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Law or other standards acceptable to ASX. 2. This statement does give a true and fair view of the matters disclosed. Sign here: Date: 30 October 2012 Company Secretary Print Name: Eric Hughes 22.

23 FINNISH MINING TENEMENTS Interests in mining tenements relinquished, reduced or lapsed during the quarter. During the quarter four of Kylylahti Copper Oy s claims expired. Claim extension applications were submitted for three claims and one was relinquished. Three mining license applications were cancelled for Vulcan SW Finland Oy. Equivalent reservation applications with broader coverage area were submitted instead by Vulcan Kotalahti Oy. Interests in mining tenements acquired or increased during the quarter No mining tenements were acquired during the quarter. Interests in mining tenements at end of the quarter OUTOKUMPU AREA Mining Licenses Number Name Holder 3593/1a Kylylahti Kylylahti Copper Oy 3593/1b Kylylahti Kylylahti Copper Oy 3593/1c Kylylahti ML extension Kylylahti Copper Oy 3593/2a Kylylahti 2 Kylylahti Copper Oy 348/1a, 563/1a, 98/13b, 257/1a Hautalampi Vulcan Hautalampi Oy 7975 Riihilahti Kylylahti Copper Oy 553/1a,2a,4a,6a- 11a Luikonlahti1-2,4,6-11 Kylylahti Copper Oy 1281/1a-2a Petkel I+ II Kylylahti Copper Oy 2061/1a Petkellahti Kylylahti Copper Oy 553/1a,2a,4a,6a- 11a Luikonlahti auxiliary areas Kylylahti Copper Oy 553/1a,2a,4a,6a- 11a Luikonlahti auxiliary areas Extension Kylylahti Copper Oy Claims Number Name Holder 7799/2 Kylylahti 2 Kylylahti Copper Oy 7799/3 Kylylahti 3 Kylylahti Copper Oy 7799/4 Kylylahti 4 Kylylahti Copper Oy 7914/1 Saramäki 1 Kylylahti Copper Oy 7906/1 Perttilahti 1 Kylylahti Copper Oy 7906/2 Perttilahti 2 Kylylahti Copper Oy 7906/3 Vuonos 1 Kylylahti Copper Oy 7906/4 Vuonos 2 Kylylahti Copper Oy 7906/5 Vuonos 3 Kylylahti Copper Oy 8393/1 Polvikoski 1 Kylylahti Copper Oy 8393/2 Polvikoski 2 Kylylahti Copper Oy 8393/3 Kylylahti 6 Kylylahti Copper Oy 8394/1 Saramäki 2 Kylylahti Copper Oy 8525/1 Sukkula 1 Kylylahti Copper Oy 8525/2 Sukkula 2 Kylylahti Copper Oy 7976/1 Kokonvaara Kylylahti Copper Oy 23.

24 7976/2 Perttilahti1 Kylylahti Copper Oy 7976/3 Perttilahti2 Kylylahti Copper Oy 8623/1 Sivakkavaara 2a Kylylahti Copper Oy 8623/2 Sivakkavaara 2b Kylylahti Copper Oy 8623/3 Sivakkavaara 3 Kylylahti Copper Oy 8974/1 Kokka 2 Kylylahti Copper Oy 8974/2 Kokka 3 Kylylahti Copper Oy 8974/3 Kokka 4 Kylylahti Copper Oy 8974/4 Kokka 5 Kylylahti Copper Oy 9106/1 Kokka 6 Kylylahti Copper Oy Reservations Number Name Holder VA2011:0001 Ala-Penikka Kylylahti Copper Oy Kuhmo Joint Venture Mining Licenses Number Name Holder 7014 Hietaharju Kuhmo Metals Oy 7922 Peura-aho Kuhmo Metals Oy Claims Number Name Holder Saarikylä belt 7789 Vaara Kuhmo Metals Oy 8049/1 Kotisuo Kuhmo Metals Oy 8049/2 Kauniinlampi Kuhmo Metals Oy 8049/3 Hoikkalampi Kuhmo Metals Oy 8049/4 Rytys Kuhmo Metals Oy 8049/5 Vaara North Kuhmo Metals Oy 8396/1 Hoikka Kuhmo Metals Oy 8618/1 Hakovaara Kuhmo Metals Oy 8602/1 Vaara West Kuhmo Metals Oy Kiannanniemi 7922/1 Peura-aho Kuhmo Metals Oy 8033/3 Peura-aho North Kuhmo Metals Oy 8033/1 Peura-aho East Kuhmo Metals Oy 8033/2 Peura-aho NE Kuhmo Metals Oy 8033/5 Peura-aho SW Kuhmo Metals Oy 8033/4 Peura-aho South Kuhmo Metals Oy 8618/3 Myllyaho 1 Kuhmo Metals Oy 8618/4 Myllyaho 2 Kuhmo Metals Oy 8745/1 Hietaharju North Kuhmo Metals Oy Huutoniemi 8476/1 Huutoniemi 1 Kuhmo Metals Oy 8476/2 Huutoniemi 2 Kuhmo Metals Oy 8476/3 Huutoniemi 3 Kuhmo Metals Oy 8476/4 Huutoniemi 4 Kuhmo Metals Oy Moisiovaara 8047/4 Luokkivaara Kuhmo Metals Oy 8055/1 Luokkipuro Kuhmo Metals Oy 8055/2 Hyyrylainen Kuhmo Metals Oy 24.

25 8049/7 Sika-aho Kuhmo Metals Oy 8049/8 Paatola Kuhmo Metals Oy 8049/9 Likosuo Kuhmo Metals Oy 8049/10 Karsikkosuo Kuhmo Metals Oy 8049/11 Lehdonmaa Kuhmo Metals Oy 8049/12 Harju Kuhmo Metals Oy 8049/13 Yhteisenaho Kuhmo Metals Oy 8049/14 Selkajarvi Kuhmo Metals Oy 8049/15 Kaartilanvaara Kuhmo Metals Oy 8049/16 Kaivolampi Kuhmo Metals Oy 8049/17 Paatolaislampi Kuhmo Metals Oy 8233/1 Kinnula Kuhmo Metals Oy 8233/2 Kupusenkangas Kuhmo Metals Oy 8242/6 Metsälä Kuhmo Metals Oy 8242/4 Viima-aho Kuhmo Metals Oy 8242/5 Rinneaho Kuhmo Metals Oy 8242/3 Kemppaanlehto Kuhmo Metals Oy 8956/2 Lehdonmaa South Kuhmo Metals Oy Arola - Harma North 7923/1 Arola Kuhmo Metals Oy 8047/1 Arola South Kuhmo Metals Oy 8047/2 Palovaara South Kuhmo Metals Oy 8047/3 Tiikkaja-aho Kuhmo Metals Oy 8043/1 Kelosuo South Kuhmo Metals Oy 8049/18 Karhujarvi Kuhmo Metals Oy 8049/19 Palovaara Kuhmo Metals Oy 8049/20 Putkisuo Kuhmo Metals Oy 8049/21 Kelosuo Kuhmo Metals Oy 8049/22 Pitkaaho Kuhmo Metals Oy 8242/2 Antinaho Kuhmo Metals Oy 8242/1 Nyberginlehto Kuhmo Metals Oy 8500/1 Korkea-aho 2 Kuhmo Metals Oy 8500/2 Korkea-aho 3 Kuhmo Metals Oy 8762/1 Naurissuo Kuhmo Metals Oy 9412/1 Tiikkaja-aho 2 Kuhmo Metals Oy 8955/1 Kelosuo East Kuhmo Metals Oy 8955/2 Kirnulampi Kuhmo Metals Oy Kuhmo Area 8055/3 Siivikkovaara Kuhmo Metals Oy 8055/4 Niemenkyla Kuhmo Metals Oy 8049/24 Riihilampi Kuhmo Metals Oy Kotalahti Area Nickel Mining Licenses Number Name Holder 6977/1a Särkiniemi Vulcan Kotalahti Oy 7739 Valkeisenranta Vulcan Kotalahti Oy Claims 8483/1 Kotalahti 1 Vulcan Kotalahti Oy 8483/2 Kotalahti 2 Vulcan Kotalahti Oy 8413/4 Valkeisenvuori Vulcan Kotalahti Oy 25.

26 8413/6 Pölkkysuo Vulcan Kotalahti Oy 8413/9 Pölkkysuonkangas Vulcan Kotalahti Oy 8413/10 Rytkynlampi Vulcan Kotalahti Oy 8413/11 Ollinsalmi 2 Vulcan Kotalahti Oy 8413/12 Valkeisenhiekka Vulcan Kotalahti Oy Reservations Number Name Holder VA2011:0073 Sarkalahti Vulcan Kotalahti Oy Mäntymäki Vulcan Kotalahti Oy Hyvelä Vulcan Kotalahti Oy Sahakoski Vulcan Kotalahti Oy AUSTRALIAN MINING TENEMENTS Interests in mining tenements relinquished, reduced or lapsed during the quarter. Exploration Permit for Minerals (EPM) Mt. Malakoff is in the process of being surrendered by the Dept of Natural Resources and Mines during the quarter. Mining leases 2600 and were surrendered in full during the quarter. Interests in mining tenements acquired or increased during the quarter No mining tenements were acquired during the quarter. Renewal applications for five (5) EPMs, each for a two (2) period, were approved by the Qld DNRM. The area under granted EPMs within Queensland presently totals 1,578km 2. Interests in mining tenements at end of the quarter QUEENSLAND - ROSEBY PROJECT Mining Leases Number Name Holder 2581 Scanlan 1 Altona Mining Ltd / Roseby Copper Pty Ltd 2582 Scanlan 2 Altona Mining Ltd / Roseby Copper Pty Ltd 2583 Scanlan 3 Altona Mining Ltd / Roseby Copper Pty Ltd 2584 Scanlan 4 Altona Mining Ltd / Roseby Copper Pty Ltd 2585 Scanlan 5 Altona Mining Ltd / Roseby Copper Pty Ltd 2647 Lady Clayre / Rodex 1 Altona Mining Ltd / Roseby Copper Pty Ltd 2648 Lady Clayre / Rodex 2 Altona Mining Ltd / Roseby Copper Pty Ltd 2649 Lady Clayre / Rodex 3 Altona Mining Ltd / Roseby Copper Pty Ltd 2650 Lady Clayre / Rodex 4 Altona Mining Ltd / Roseby Copper Pty Ltd 2651 Lady Clayre / Rodex 5 Altona Mining Ltd / Roseby Copper Pty Ltd 2652 Rodex 6 Altona Mining Ltd / Roseby Copper Pty Ltd 2653 Rodex 7 Altona Mining Ltd / Roseby Copper Pty Ltd 2654 Rodex 8 Altona Mining Ltd / Roseby Copper Pty Ltd 2655 Rodex 9 Altona Mining Ltd / Roseby Copper Pty Ltd 7497 Longamundi Altona Mining Ltd / Roseby Copper Pty Ltd Longamundi 2 Altona Mining Ltd / Roseby Copper Pty Ltd Scanlan 7 Altona Mining Ltd / Roseby Copper Pty Ltd Scanlan 8 Altona Mining Ltd / Roseby Copper Pty Ltd Caroline Revised Altona Mining Ltd / Roseby Copper Pty Ltd Rodex 10 Altona Mining Ltd / Roseby Copper Pty Ltd 90162** Scanlan Altona Mining Ltd / Roseby Copper Pty Ltd 90163** Longamundi Altona Mining Ltd / Roseby Copper Pty Ltd 26.

27 90164** Blackard Altona Mining Ltd / Roseby Copper Pty Ltd 90165** Little Eva Altona Mining Ltd / Roseby Copper Pty Ltd 90166** Village Altona Mining Ltd / Roseby Copper Pty Ltd ** Under Application Mineral Development Licences (MDL) Number Name Holder 12 Little Eva Altona Mining Ltd / Roseby Copper Pty Ltd 80 Roseby (Burke & Wills) Altona Mining Ltd / Roseby Copper Pty Ltd 81 Bedford Altona Mining Ltd / Roseby Copper Pty Ltd 82 Green Hills Altona Mining Ltd / Roseby Copper Pty Ltd 83 Little Eva Ins. No 1 & 2. Altona Mining Ltd / Roseby Copper Pty Ltd 84 Little Eva Ins. No 3 Altona Mining Ltd / Roseby Copper Pty Ltd Exploration Permit for Minerals (EPM) Number Name Holder 8059 Cameron River Altona Mining Ltd 8506 Mt Roseby Altona Mining Ltd / Roseby Copper Pty Ltd 9056 Pinnacle Altona Mining Ltd / Roseby Copper Pty Ltd Highway Altona Mining Ltd / Roseby Copper Pty Ltd Cameron Altona Mining Ltd / Roseby Copper Pty Ltd Ogorilla Altona Mining Ltd / Roseby Copper Pty Ltd Gulliver Altona Mining Ltd / Roseby Copper Pty Ltd Gulliver East Altona Mining Ltd / Roseby Copper Pty Ltd Queen Sally Altona Mining Ltd / Roseby Copper Pty Ltd Quamby Altona Mining Ltd / Roseby Copper Pty Ltd Cabbage Tree Altona Mining Ltd / Roseby Copper Pty Ltd Lilliput Altona Mining Ltd / Roseby Copper Pty Ltd Bannockburn Altona Mining Ltd Corella Altona Mining Ltd Roseby Infill Altona Mining Ltd / Roseby Copper Pty Ltd Coolullah Altona Mining Ltd QUEENSLAND REGIONAL PROJECTS River Gum Roseby East Coolullah North Altona Mining Ltd Roseby Copper Pty Ltd Roseby Copper Pty Ltd Exploration Permit for Minerals (EPM) Number Name Holder 9611 Happy Valley Altona Mining Ltd Spider Malakoff Altona Mining Ltd Mt. Angelay Altona Mining Ltd 14415* Mt. Malakoff Altona Mining Ltd * In process of being surrendered Altona Mining Ltd (49%) / Deep Yellow Limited (51%) 27.