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KBL Mining Ltd, Quarterly Report to Convertible Note Trustee

As required by Section 283BF of the Corporations Act 2001 (“the Act”), we provide below the quarterly report for the quarter ended 31 March 2013 made as of 30 April 2013 in respect of the Notes issued by the Borrower. It is noted that there is no guarantor in respect of the obligations of the Borrower under the Notes and that no security or charge is created by the Notes or the Trust Deed.

The Borrower advises on that on 6 March 2013 the Borrower agreed to create a charge in respect of its Mining Leases and Exploration Licence at Mineral Hill, NSW , agreed to a PPSA security interest in respect of its assets at the Mineral Hill Mine, NSW and agreed to grant a mortgage over all its shares in its wholly owned subsidiary, KBL Sorby Hills Pty Ltd which, subject to registration of transfers of the relevant Mining Leases, will hold the Borrower’s 75% Joint Venture Interest in the Sorby Hills silver lead project. These securities are in favour of Capri Trading Pty Limited (as trustee of the Capri Family Trust) to secure a loan of $10,000,000. Further details of this loan are contained in the Borrower’s announcement to the Australian Securities Exchange on 7 March 2013. Securities in favour of an offtake counterparty to secure certain advances made by the offtake counterparty to the Borrower pursuant to a copper concentrates sales agreement made in December 2012 have been discharged.

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