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Torian Resources NL, Report for Quarter Ending 30 September 2012

OPERATIONAL ACHIEVEMENTS

- Vatovorona in Madagascar was placed on a care and maintenance suspension program, with all unassayed samples secured on site. All wheeled vehicles have been moved but all semi-permanent facilities remain and are secured. Re-activation of the site is programed to take less than one week.

- Vatovorona has been fully secured during suspension of the drilling

FINANCE

During the quarter the company and Greenard Willing terminated their funding agreement. Torian and Greenard Willing failed to agree to the terms to be applied to the provision of continuing advice and support and both parties accepted that it was in their mutual interests to terminate the agreement. No further funds were provided or arranged by Greenard Willing.

The Company has discussed re-structuring and new funding options with numerous parties and advisors throughout the quarter.

The company proposes calling a general meeting in December to seek approval to recover its full 15% placing capacity.


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