Group annual report for EL's 9343, 9442, 9449, 10305, 10306, 24299, 24492, 24567, 24858, 24949, 25630, 25632, 25866, 27780, 27872, 28028, 29459, 29460 and 29483, GR165, Lake MacKay Project from 31 October 2012 to 30 October 2013

Abstract

Thirteen of the Lake Mackay Project tenements are currently subject to a Joint Venture Agreement with Deep Yellow Limited (DYL) which explores the tenements for uranium. Following consistent strong outcomes at the flagship Twin Bonanza Project, ABM Resources elected to complete a 10,000 tonne bulk sample at Old Pirate during 2013. As a result of this focus on Twin Bonanza, exploration in other projects, including Lake Mackay, was deferred. To further exploration of the Lake MacKay project, ABM entered into negotiations with several quality exploration companies. On the 20 August 2013, ABM signed an exploration agreement, as a result of these negotiations, with the Independence Group NL., Perth (IGO) for ABM's Lake Mackay Project. All on-ground exploration was conducted by Independence during the reporting period from the 31 October 2012 to 30 October 2013. Deep Yellow (DYL) have an agreement with ABM whereby DYL have Uranium exploration rights over parts of the Lake Mackay Project. As DYL are continuing negotiations with the Central Land Council, no exploration was conducted by them in the reporting period. Exploration during the reporting period consisted of systematic reconnaissance surface geochemical sampling. A precursor program determined that a modified BLEG sampling and analysis approach for Au, Ag, As, Cu, Ni and Zn was the preferred method for regional surface sampling. A total of 3,570 surface samples from six grids on twelve tenements were collected. Approximately a third of the assay results were received at the time of preparing this report. The results of the complete 2013 assay data will be included in the next annual report. Gold anomalism was identified in sand covered areas previously considered unsuitable for soil sampling; for example the results on the south western portion of grid A (0.68ppb Au in a background of 0.2) and the samples to the NW of Tekapo (0.9, 1.77 ppb Au) on grid D which appear to validate the sampling method as such.