4 O V E R V I E W SAS G ol dmi n e s is a pub l ic c omp a n y e xisti n g un de r the l a ws of On ta r i o Th e c omm on s ha r e s of the C omp a n y a r e l iste d on th e To r o n to S toc k E xc ha n ge TS X un de r th e s ymb ol S AS a n d a r e a l s o tr a de d i n th e OT C Q X ma r k e t i n the Uni te d Sta t e s u n de r th e s ym b ol S T AD F Th e C o mpa n y is a C a n a dia n b a s e d gol d mi n i n g a n d e x pl or a tio n c o mpa n y wi th a n e x te n s ive l a n d pa c k a ge i n the Ti mmi n s mi n i n g d istri c t n o r the a s t e r n O n ta r i o C a n a da whic h l i e s wi th in the wo r l d fa mous A b iti b i gr e e n s t on e b e l t The C om pa n y op e r a t e s the Hol t H ol l ow a y a n d Hisl op m in e s Ta r ge te d a n n ua l pr odu c tion fo r 2013 is b e t w e e n 95 000 a n d 1 0500 0 ounc e s of gol d SAS in t e n d s to fu r th e r e x pa n d its m in e r a l r e s our c e s a n d ul tim a te l y its l e v e l of p r od uc tion th r ough th e s uc c e s s f ul e xpl or a ti on a n d d e ve l op me n t of i ts oth e r e xpl o r a tion pr o pe r ti e s in th e Ti mmi n s min in g distri c t a n d or thro ugh a c c r e tiv e mi n e a c q uis i tion s The C omp a n ys ob je c tiv e is to b e c om e a p r om in e n t go l d pr oduc er a n d a s s uc h S A S c on tin u e s to a s s e s s opp o r tuni tie s fo r g r o wt h The r e gist e r e d a n d p r in c i pa l off ic e of the C omp a n y is l o c a te d a t 20 A d e l a ide Str e e t E a s t Suite 1500 To r o n to O n ta r i o M 5C 2 T6 Th e C o mpa n y s we b s it e i s ww w s a s gol dmi n e s c o m A n y i n fo r ma tio n c on ta in e d on th e C om pa n y s w e b s i te is n o t a n d s ha l l b e de e m e d n ot to b e in c o r p o r a te d h e r e in b y r e f e r e n c e S U M M AR I Z E D Q U AR TE R L Y R E S U L TS 1 N o t e s 1 T he C o m p a n y h a s n o t de c lar e d a n y div i d e n ds i n t he l a s t e i ght f i n a n c i a l q ua r t e r s 2 T o t a l c a sh c o s t p e r o un c e o f g o ld s o ld c a sh m a r g i n f r o m m i n e o p e r a t i o n s a v e r a g e r e a li z e d p r i c e p e r o u n c e o f go l d so ld a n d c a sh m a r g i n p e r o un c e o f go ld so ld a r e n o n G A A P m e a su r e s T h e C o m p a n y b e li e v e s t ha t i n a dd i t i o n t o c o n v e n t i o n a l m e a su r e s p r e p a r e d i n a c c o r dan c e w i t h I FR S t h e C o m p a n y a n d c e r t a i n i n v e s t o r s u se t hi s i n f o r m a t i o n t o e v a lu a t e t h e C o m p a n y s p e r f o r m a n c e A c c o r ding l y i t i s i n t e n d e d t o p r o v i de a dd i t i o n a l i n f o r m a t i o n a n d s ho uld n o t b e c o n s i de r e d i n i so l a t i o n o r a s a su b s t i t ut e f o r m e a s ur e s o f p e r f o r m a n c e p r e p a r e d i n a c c o r d a n c e wi t h I F R S T he se n o n GA A P m e a s ur e s a r e n o t n e c e ss a r i l y c o m p a r a b l e t o si m i la r ly t i t led m e a su r e s o f o t he r c o m p a n i e s due t o p o t e n t i a l i n c o n si s t e n c i e s i n t he m e t h o d o f c a l c ula t i o n se e p a g e s 16 19 f o r a r e c o n c i li a t i o n o f n o n G A A P m e a su r e m e n t s A m o u n t s in t h o u s a n d s o f C a n a d ia n d o l l a r s e x c e p t p e r s h a r e a n d o t h e r wis e n o t e d Q 2 2 0 1 3 Q 2 2 0 1 2 Q 1 2 0 1 3 Q 1 2 0 1 2 Q 4 2 0 1 2 Q 4 2 0 1 1 Q 3 2 0 1 2 Q 3 2 0 1 1 S A S O per at i n g R es ul t s G ol d p r od u c t i on ou n c e s H ol t M i n e 1 3 7 0 6 1 1 1 9 3 1 4 8 0 6 1 1 0 2 5 1 5 0 8 2 1 1 4 2 1 1 3 1 4 5 1 0 0 1 2 H ol l ow a y M i n e 5 8 7 4 5 9 2 3 5 1 4 0 5 0 5 8 5 2 4 0 6 1 2 6 5 4 0 8 5 0 2 6 H i s l op M i n e 5 7 7 3 5 8 9 9 4 5 1 5 4 9 3 5 5 5 0 7 4 8 0 3 7 1 8 9 4 9 8 0 2 5 3 5 3 2 3 0 1 6 2 4 4 6 1 2 1 0 1 8 2 5 8 2 9 2 2 3 5 0 2 5 7 4 2 2 0 0 1 8 C om m e r c i a l g ol d p r od u c t i on s ol d ou n c e s H ol t M i n e 1 4 2 3 0 1 1 0 7 3 1 3 7 1 5 1 0 6 7 4 1 5 0 4 3 1 2 1 7 5 1 2 3 7 3 8 8 7 0 H ol l ow a y M i n e 5 1 7 5 5 7 4 4 5 1 2 6 4 9 0 7 4 9 8 1 6 2 0 8 5 7 4 9 5 1 3 0 H i s l op M i n e 5 6 5 5 5 6 7 8 4 1 6 8 4 7 4 4 6 0 2 6 4 9 8 5 7 0 7 5 5 2 6 0 2 5 0 6 0 2 2 4 9 5 2 3 0 0 9 2 0 3 2 5 2 6 0 5 0 2 3 3 6 8 2 5 1 9 7 1 9 2 6 0 P e r ou n c e d a t a U S A v e r a g e r e a l i z e d p r i c e p e r ou n c e of g ol d s ol d 1 1 4 2 8 1 6 2 0 1 6 3 2 1 6 9 5 1 7 1 0 1 6 9 0 1 6 4 0 1 7 1 5 M i n e c a s h c os t s 780 785 794 858 745 772 768 990 R oy a l t y c os t s 117 134 145 138 139 140 127 142 T ot a l c a s h c os t p e r ou n c e of g ol d s ol d 1 897 919 939 996 884 912 895 1 1 3 2 C a s h m a r g i n p e r ou n c e of g ol d s ol d 1 531 701 693 699 826 778 745 583 F i n an c i al R es ul t s G ol d s a l e s a n d t ot a l r e v e n u e 3 6 7 2 3 3 7 0 7 3 3 8 1 9 0 3 4 2 9 6 4 4 3 3 2 4 0 4 3 5 4 0 6 9 0 3 3 3 4 5 C a s h m a r g i n f r om m i n e op e r a t i on s 1 1 3 7 1 5 1 6 1 9 6 1 6 4 0 9 1 3 9 2 3 2 1 5 0 0 1 8 6 9 8 1 8 2 5 0 1 1 9 8 7 N e t i n c om e l os s f or t h e p e r i od 1 0 9 3 4 3 5 7 1 0 3 9 2 7 3 4 1 2 6 3 2 1 2 9 2 1 6 2 6 9 8 2 3 8 N e t i n c om e l os s p e r s h a r e b a s i c a n d d i l u t e d 0 0 0 0 0 1 0 0 0 0 0 1 0 0 3 0 0 4 0 0 2 0 0 2 O p e r a t i n g c a s h f l ow 6 9 6 8 9 1 1 3 1 3 7 8 0 8 2 5 6 2 1 8 9 0 1 3 9 8 1 1 4 1 5 8 7 6 4 7 T ot a l a s s e t s 2 1 8 7 1 5 1 9 7 4 6 8 2 2 3 8 0 7 1 9 0 0 0 2 2 1 9 7 4 8 1 9 0 1 6 7 2 0 2 8 8 4 1 8 6 6 8 2 L on g t e r m d e b t 1 4 9 5 4 2 1 2 4 8 1 6 3 3 8 1 7 1 9 2 1 8 5 8 1 1 9 7 6 9 1 9 1 2 3 2 3 7 4 1