Table of Contents - KPMG · 1 1.0 INTRODUCTION AND PURPOSE OF MONITOR’S REPORT 1.1 KPMG Inc....

Table of Contents

INTRODUCTION AND PURPOSE OF MONITOR’S REPORT .................................................1

RESTRICTIONS ON THE USE OF THIS REPORT .....................................................................3

THE COMPANY’S RECENT CCAA COURT PROCEEDINGS .................................................4

INTERIM FINANCING RECEIVED TO DATE AND THE COMPANY’S EFFORTS TO SECURE SUFFICIENT FUNDING IN ORDER TO COMPLETE ITS PLANNED RESTRUCTURING ........................................................................................................................4

UPDATE REGARDING THE STATUS OF THE SETTLEMENT AGREEMENT ....................8

RECEIPTS AND DISBURSEMENTS FOR THE NINE-WEEK PERIOD ENDED NOVEMBER 16, 2012 ....................................................................................................................8

THE COMPANY’S UPDATED CASH FLOW FORECAST ......................................................10

UPDATE ON THE BUSINESS RESCUE PROCEEDINGS IN SOUTH AFRICA ....................12

UPDATE ON THE STATUS OF THE HOLLISTER OPERATIONS .........................................13

SALES AND INVESTOR SOLICITATION PROCESS - HOLLISTER .....................................14

THE RETENTION OF A CHIEF RESTRUCTURING OFFICER ..............................................14

OTHER RESTRUCTURING EFFORTS ......................................................................................15

THE MONITOR’S CONCLUDING OBSERVATIONS AND RECOMMENDATIONS ..........16

INDEX TO SCHEDULES

Schedule A – Cash Flow Forecast for the 13-Week Period Ending February 15, 2013

Schedule B – Draft engagement letter of Alvarez & Marsal

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1.0 INTRODUCTION AND PURPOSE OF MONITOR’S REPORT

1.1 KPMG Inc. ("KPMG" or the "Monitor") was appointed as Monitor pursuant to the order

of the Honourable Madam Justice Fitzpatrick on September 19, 2012 in respect of the

petition filed by Great Basin Gold Ltd. ("GBGL" or the "Company"), under the

Companies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended (the

"CCAA"). The proceedings brought by the Company under the CCAA will be referred

to herein as the "CCAA Proceedings" and the order granted by the Court on September

19, 2012 is hereinafter referred to as the "Initial Order".

1.2 On September 19, 2012, KPMG filed the Pre-Filing Report of the Proposed Monitor (the

“Monitor’s Pre-Filing Report”) which sets out certain of the Company’s background

information, its initial, CCAA-filed cash flow forecast (the “Cash Flow Forecast”), its

proposed interim financing arrangements and certain of its preliminary restructuring

efforts and plans.

1.3 On September 26, 2012, the Monitor filed its First Report to the Court which described

certain background information relating to the current financial difficulties experienced

by the Company, the Monitor’s assessment of the Cash Flow Forecast, information

regarding the Monitor’s regular monitoring of the Company, an overview of the

Company’s restructuring proceedings in South Africa and status of the Company’s efforts

to obtain interim financing (the “First Report”).

1.4 On October 2, 2012, the Monitor filed its Second Report to the Court which provided

information regarding the Company’s attempts to secure interim financing and the

urgency of its short term funding requirements, in light of the recent issues encountered

in securing such financing (the “Second Report”).

1.5 On October 15, 2012, the Monitor filed its Third Report to the Court which provided

information regarding the settlement agreement among the Company, the Approved DIP

Lenders and the Ad Hoc Group in respect of the Approved DIP Facility (the “Settlement

Agreement”), the activities of the Monitor, the Company’s key executive retention

program (the “KERP”) and the specifics of the interim financing received by the

Company to date (the “Third Report”).

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1.6 On November 5, 2012, the Monitor filed its Fourth Report to the Court which provided

information regarding the status of the Settlement Agreement and the Company’s

restructuring efforts, including the process underway to select a Chief Restructuring

Officer (“CRO”), (the “Fourth Report”).

1.7 The purpose of this report (the “Fifth Report”) is to provide this Honourable Court with

information regarding the following:

a) The Company’s recent Court proceedings under the CCAA;

b) Interim financing received by the Company to date and its efforts to secure

further financing as required for its restructuring;

c) The status of the Settlement Agreement;

d) The actual receipts and disbursements of GBGL (on a consolidated basis) for the

nine-week period ended November 16, 2012, compared to the same period of the

Cash Flow Forecast;

e) The Company’s updated cash flow forecast for the 13-weeks ending February 15,

2013 (the “Updated Cash flow Forecast”);

f) The ongoing Business Rescue proceedings in South Africa;

g) The status of the Company’s mining operations in Nevada, USA (the “Hollister

Operations”);

h) The status of the Company’s sales and investor solicitation process for Hollister

(the “SISP”), which is currently in the process of being finalized;

i) The status of the Company’s CRO appointment and its application to this

Honourable Court to approve the engagement of a new CEO and CFO; and

j) Other matters.

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1.8 The First Report, the Second Report, the Third Report and the Fourth Report are referred

to herein as the “Monitor’s Prior Reports”.

1.9 The Monitor’s Prior Reports and further information regarding these proceedings can be

found on the Monitor’s website at http://kpmg.ca/greatbasingold.

2.0 RESTRICTIONS ON THE USE OF THIS REPORT

2.1 In preparing this report, KPMG has necessarily relied upon unaudited financial and other

information supplied, and representations made, by certain senior management of GBGL

and that of its subsidiary companies ("Senior Management"). Although this information

has been subject to review, KPMG has not conducted an audit, nor otherwise attempted

to verify the accuracy or completeness of any of the information of GBGL or its

subsidiary and affiliate companies. Accordingly, unless otherwise stated, KPMG

expresses no opinion and does not provide any other form of assurance on the accuracy

of any such information, as provided by Senior Management and as contained in this

report, or as otherwise used to prepare this report.

2.2 Certain of the information referred to in this report consists of financial forecasts and/or

projections. An examination or review of financial forecasts and projections and

procedures, in accordance with standards set by the Canadian Institute of Chartered

Accountants, has not been performed. Future oriented financial information referred to in

this report was prepared by Senior Management based on Senior Management's estimates

and assumptions. Readers are cautioned that since financial forecasts and/or projections

are based upon assumptions about future events and conditions that are not ascertainable,

actual results will vary from the projections, and such variances could be material.

2.3 The information contained in this report is not intended to be relied upon by any

prospective purchaser or investor in any transaction with the Company.

2.4 Capitalized terms not otherwise defined in this report are used herein as defined in the

affidavit of Mr. Lourens Van Vuuren sworn September 19, 2012, which was filed with

the Company’s initial CCAA application, and the Monitor’s Prior Reports.

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2.5 References herein to the “GBG Group” are references to the consolidated group of

GBGL entities.

2.6 Unless otherwise stated, all monetary amounts contained in this report are expressed in

U.S. dollars.

3.0 THE COMPANY’S RECENT CCAA COURT PROCEEDINGS

3.1 An overview of all CCAA Court proceedings is provided in the Monitor’s Prior Reports.

3.2 On November 6, 2012, this Honourable Court granted an order extending the stay of

proceedings to November 16, 2012, which was intended to be a short extension in order

to allow the parties sufficient time to finalize the Settlement Agreement.

3.3 On November 16, 2012, this Honourable Court granted an order further extending the

stay of proceedings to December 11, 2012.

3.4 On November 20, 2012, this Honourable Court granted an order which provided a

mechanism to implement the Settlement Agreement (the “Settlement Implementation

Order”), the status of which is discussed further herein.

4.0 INTERIM FINANCING RECEIVED TO DATE AND THE COMPANY’S

EFFORTS TO SECURE SUFFICIENT FUNDING IN ORDER TO COMPLETE

ITS PLANNED RESTRUCTURING

Interim financing received to date

4.1 As of November 15, 2012, the Company had received three advances under the

Approved DIP Facility for a total of US$19.7 million. On November 16, 2012, the

Company requested and received a further advance of US$9.3 million (the “Fourth

Interim Advance”) in order to fund certain accrued critical vendor payments at Hollister,

fees and interest payable under the Approved DIP Facility, interest payments due under

the Existing Burnstone Credit Agreement and accrued professional fees. At the time of

the Fourth Interim Advance the Company remained in default in respect of numerous

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provisions of the Approved DIP Facility agreement. Accordingly, a further waiver letter

was obtained from the Approved DIP Lenders (as described herein).

4.2 The Company has, subject to any ongoing defaults under the Approved DIP Facility

agreement, approximately US$6.0 million in remaining availability under the Approved

DIP Facility (the maximum borrowings under which are currently US$35 million).

However, the Company’s needs through the coming 13 weeks (as set out in the Updated

Cash Flow Forecast – see Section 7 of this report) are estimated at approximately

US$48.4 million. Moreover, the Company’s funding needs are expected to increase to a

total of US$60 million for the period ending March 31, 2013.

4.3 The Company’s need for further funding and its efforts to secure such committed

financing from the Approved DIP Lenders is discussed further in Section 7 of this report.

Amended Waiver received pursuant to the Fourth Interim Advance

4.4 In order to facilitate GBGL receiving the Fourth Interim Advance, the Approved DIP

Lenders delivered a third waiver letter to the Company dated November 16, 2012 (the

“Third Waiver Letter”) which amended the First Waiver Letter dated October 3, 2012

and the Second Waiver Letter dated October 22, 2012, pursuant to which the Approved

DIP Lenders specifically waived the following conditions precedent solely with respect

to the Fourth Interim Advance (all capitalized terms not otherwise defined in this section

are used herein as defined in the Approved DIP Facility):

a) That the GBGI Guarantee and the related Security Documents have been duly

authorized, entered into and are in full force and effect, as required by Section

2(b) of the Initial Utilisation Schedule;

b) That the Finance Parties have received satisfactory legal opinions from McMillan

LLP, Harris & Thompson and U.S. legal advisers to the Borrower with respect to

the GBGI Guarantee, as required by Section 3 of the Initial Utilisation Schedule;

c) That the Finance Parties have received a legal opinion from U.S. legal advisers to

the Borrower with respect to whether the registration requirements for an

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"investment company” under the Investment Company Act of 1940, as amended,

are required for any of the applicable Finance Parties, as required by Section 3(i)

of the Initial Utilisation Schedule;

d) That no notice shall have been received of a motion or application to stay,

modify, vary, amend, reverse, appeal, or vacate in whole or in part the Initial

Order or the DIP Charge or which in any way seeks to impair, limit or lessen the

Security, protections, rights, or remedies of the Lenders, whether under the Initial

Order or under any of the Finance Documents, as required by Section 8(w) of the

Initial Utilisation Schedule and Clause 4.3(f) of the Credit Agreement;

e) That the application for leave to appeal commenced under court file number CA

040276 in the British Columbia Court of Appeal (the "Debentureholder

Appeal”) shall have been dismissed, vacated or withdrawn in all respects and

shall not be the subject of any further application for leave to appeal, or further

appeal, as required by Section 8(x) of the Initial Utilisation Schedule;

f) That no Default has occurred and is continuing or would result from the proposed

Loan, as required by Clause 4.3(a) of the Credit Agreement, in respect of Clause

23.33 of the Credit Agreement arising from the Debentureholder Appeal, and in

respect of Clause 23(b)(iii) of the Credit Agreement or as a result of the breach of

representation and warranty set forth in Clause 17.1(t)(ii), which is an Event of

Default pursuant to Clause 23.(4), in each case arising as a result of the

application in the Nevada court for the appointment of a Receiver;

g) That Southgold must obtain South African Reserve Bank exchange control

approval in respect of the amount guaranteed under the Security SPV Guarantee

and Indemnity being increased to reflect additional amounts advanced under the

Emergency Burnstone Advance (US$9.2 million) and to be advanced under the

Burnstone Facility, within 21 days from the Signature Date pursuant to Clause

21.33(b)(ii); provided that such approval shall be obtained by 5pm Pacific

Standard Time (PST) on November 30, 2012; and

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h) That the Company must provide the updated Six Month Forecast to the Approved

DIP Lenders pursuant to Clause 4.3(d) of the Approved DIP Facility; provided

that such updated Six Month Forecast shall be provided to the Approved DIP

Lenders by no later than the earlier of the delivery of the next utilization request

and 5pm PST on November 23, 2012.

4.5 The Approved DIP Lenders confirmed in the Third Waiver Letter that they had not

specifically approved certain proposed disbursements contained in the updated Approved

Budget relating to employee retention payments which were prescribed in the Updated

Cash Flow Forecast with respect to certain key employees at Hollister and Burnstone.

The total proposed retention payments are approximately US$1.645 million and are due

on March 31, 2013.

4.6 The Third Waiver Letter also sets out certain additional events of default (in addition to

the regular events of default which exist pursuant to Section 23.3 of the Approved DIP

Facility), (the “Additional Events of Default”). The Additional Events of Defaults shall

have occurred if:

a) The transactions contemplated by the Settlement Agreement are not closed by

5pm PST on November 23, 2012; or

b) A CRO acceptable to the Approved DIP Lenders, in their sole discretion, is not

appointed pursuant to an order of the Court by 5pm PST on November 23, 2012;

or

c) The Settlement Approval Order is stayed, modified, varied, amended, reversed,

appealed, or vacated in whole or in part, without the consent of the Approved

DIP Lenders.

4.7 The Additional Events of Default have been triggered and consequently the Approved

DIP Facility remains in default as at the date of this report.

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5.0 UPDATE REGARDING THE STATUS OF THE SETTLEMENT AGREEMENT

5.1 Notwithstanding the granting of the Settlement Implementation Order, the Settlement

Agreement has yet to become effective in accordance with its terms as the Ad Hoc

Group, the Approved DIP Lenders and the Company are continuing to negotiate the

specific terms of certain legal opinions to be provided pursuant to the Settlement

Agreement.

5.2 The Monitor has been advised that all necessary and applicable security documentation

has been executed and delivered by each of the relevant parties to the Settlement

Agreement. The Monitor has requested that the Company keep the Monitor updated, on

a regular basis, as to the status of each of the outstanding legal opinions. The Monitor

understands that all parties are working expeditiously to finalize, execute and deliver the

remaining outstanding documentation required under the Settlement Agreement.

5.3 As of the date of this Report, the Monitor has been informed by the Company’s counsel

that it is expected that the Settlement Agreement will become effective sometime on

Tuesday, November 27, 2012.

6.0 RECEIPTS AND DISBURSEMENTS FOR THE NINE-WEEK PERIOD ENDED NOVEMBER 16, 2012

6.1 The consolidated receipts and disbursements of the GBG Group for the nine-week period

ended November 16, 2012 (the latest period actual information was available) as

compared to the Cash Flow Forecast originally filed in the CCAA Proceedings, is tabled

below:

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6.2 During the nine weeks ended November 16, 2012, the Company’s actual cash receipts

were approximately US$3.2 million less than forecast due to lower than forecast gold

production volumes at Hollister. Lower sold ounces were partially offset by higher unit

selling prices.

6.3 Total disbursements for the period were approximately US$8.8 million less than the Cash

Flow Forecast, primarily as a result of the lower than forecast payment of certain supplier

obligations and lower than forecast payroll amounts, which is a combination of timing

and permanent differences.

Actual Forecast Variance

Cash Inflow

Gold sales and other 26,222 29,391 (3,168)

Total Cash Inflow 26,222 29,391 (3,168)

Cash Outflow

Suppliers (18,899) (24,131) 5,232

Payroll and Benefits (13,535) (16,081) 2,547

Royalties (2,123) (2,300) 177

Insurance (811) (1,035) 224

Other (42) (404) 362

Professional Fees (5,566) (5,804) 238

Total Outflow (40,977) (49,756) 8,779

Net Cash Flow before financing charges (14,754) (20,365) 5,611

Red Kite Repayment (Note 2) (6,878) (6,885) 7

DIP Financing Fees (786) (772) (14)

DIP & Other Interest (1,848) (2,128) 280

Net Cash Flow before DIP (24,266) (30,150) 5,884

DIP Advances 29,035 31,181 (2,146)

Intercompany disbursement ‐ ‐ ‐

Net Cash Flow 4,769 1,031 3,738

Cash, beginning of period (September 14, 2012) 6,254 6,254 ‐

Cash, end of period (November 16, 2012) 11,023 7,285 3,738

Note 1

Note 2

Consolidated

Unaudited (US$000's)

Readers are cautioned to read the 'Restrictions on the Use of this Report' in Section 2 of this report.

Information regarding Red Kite was provided in the Fourth Report.

Great Basin Gold Ltd.

Consolidated Actual versus Forecast Cash Flow(Note 1)

For the Nine‐Week Period Ended November 16, 2012

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7.0 THE COMPANY’S UPDATED CASH FLOW FORECAST

7.1 Senior Management, with the assistance of the Monitor, has prepared the Updated Cash

Flow Forecast for the 13-week period ending February 15, 2013 (the “Updated Cash

Flow Period”). The Updated Cash Flow Forecast is attached as Schedule A, and is

summarized in the table, below:

Consolidated Canada (2)

US ‐ Hollister (2)

Burnstone (2)

Forecast Cash Inflow

Gold sales and other 28,012 ‐ 27,370 642

Forecast Total Cash Inflow 28,012 ‐ 27,370 642

Forecast Cash Outflow

Suppliers (20,573) (230) (17,100) (3,243)

Payroll and Benefits (9,803) (1,053) (7,032) (1,718)

Royalties (1,399) ‐ (1,350) (49)

Insurance (1,395) (521) (591) (283)

Other (746) (346) ‐ (400)

Professional Fees (12,467) (11,394) (50) (1,023)

Total Forecast Outflow (46,384) (13,545) (26,123) (6,716)

Net Cash Flow before financing charges (18,372) (13,545) 1,247 (6,074)

Red Kite Repayment (8,832) ‐ (8,832) ‐

DIP Financing Fees (14) (14) ‐ ‐

DIP & Other Interest (3,183) (883) (550) (1,750)

Net Cash Flow before DIP (30,400) (14,441) (8,135) (7,824)

DIP Advances 5,965 5,965

Intercompany Transfers ‐ (2,800) ‐ 2,800

Net Cash Flow (24,435) (11,276) (8,135) (5,024)

Cash, beginning of period (November 17, 2012) 11,023 6,003 853 4,167

Cash, end of period (February 15, 2013) (13,413) (5,273) (7,283) (857)

DIP Balance ‐ February 15, 2013 35,000 12,265 7,950 14,785

Note 1Note 2

Note 3 The Updated Cash Flow Forecast presents a funding shortfall over the Updated Cash Flow Period of at least

US$13.4 million, not considering any required cash that needs to be retained for the normal operations of the

Company's cash management system. The above presentation assumes that the Company will have drawn

the maximum available borrowings under the Approved DIP Facility of US$35 million.

For cash flow purposes, the Company segregates its forecast by their geographical jurisdiction.

Great Basin Gold Ltd.

Summary of Forecast Cash Flow (Note 1)

Unaudited (US$000's)

Readers are cautioned to read the 'Restrictions on the Use of this Report' in Section 2 of this report

For the 13‐Week Period Ending February 15, 2013

(3)

(3)

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7.2 On a consolidated basis, the GBG Group is forecast to experience net cash outflows

(before DIP advances) of approximately US$30.4 million over the Updated Cash Flow

Period, comprised of the following net cash outflow by region:

a) GBG Canada – net cash outflow of US$14.4 million;

b) US – Hollister – net cash outflow of US$8.1 million; and

c) South Africa – Burnstone – net cash outflow of US$7.8 million.

7.3 A summary of the forecast net outflow of US$30.4 million by operating and other key

funding categories is tabled below:

Summary Updated Cash Flow Forecast by key operating and other funding categories 13-Weeks Ending February 15, 2013 (000's USD)

Net operating cash out flow $ 5,904 Red Kite repayment 8,832 Interest & financing fees 3,196 Professional fees 12,467

Total net cash out flow $ 30,400

7.4 As described in Note 3 in the table in Section 7.1 (above), the Updated Cash Flow

Forecast currently anticipates that the Company will require, at least, an additional

US$13.4 million in financing through the Updated Cash Flow Period over and above the

maximum funding available under the DIP of US$35 million (i.e. total borrowings to

reach at least US$48.4 million over the coming 13 week period). In this regard, the

Company is continuing its discussions with the Approved DIP Lenders regarding an

increase to the maximum borrowings available under the Approved DIP Facility.

Financing anticipated through the restructuring period

7.5 As discussed previously, the Company has recently updated its extended cash flow

forecast to March 31, 2013 (the contemplated last milestone date for the sale of the

Burnstone and/or Hollister properties in the Approved DIP Facility). This forecast

indicates that the Company will require a total of approximately US$60 million in

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financing to that date, an increase from US$50 million in the prior version (which the

Monitor communicated in the Fourth Report). The increase of approximately US$10

million in forecast funding is a combination of lower forecast gold sales at Hollister (as

further described herein) and higher than originally anticipated actual and forecast

professional fees. As indicated above, the Company is continuing its discussions with the

Approved DIP Lenders regarding an increase to the maximum borrowings available

under the Approved DIP Facility.

7.6 In addition, the Company is reviewing various options to sell certain mining assets that it

currently holds in Tanzania, Africa, which, if any such sales are concluded, would

provide the Company with unencumbered cash proceeds that could be used to provide

limited funding for the Company’s short term cash needs.

8.0 UPDATE ON THE BUSINESS RESCUE PROCEEDINGS IN SOUTH AFRICA

8.1 As noted in the Fourth Report, the South African Court granted the Business Rescue

Practitioner (“BRP”) an extension to prepare a business rescue plan until January 15,

2013.

8.2 The BRP is continuing with the claims process in order to assess total claims advanced

against Burnstone. The claims filed in the Business Rescue proceedings to date total

approximately US$38 million excluding claims from the Company’s Convertible

Debenture Holders and the Existing Burnstone Credit Facility. The Monitor will provide

further updates on the claims process in its subsequent reports.

8.3 JP Morgan has been engaged as the transaction advisor with respect to the sale or

restructuring of Burnstone.

8.4 The Monitor continues to be in regular contact with the BRP and has scheduled a series

of meetings with the BRP and other Senior Management when the Monitor travels to

South Africa during the week of November 26, 2012.

8.5 The Monitor has recently been advised by the BRP that a technical issue has arisen in

respect of the Business Rescue proceedings. The issue specifically relates to the

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allegation of the lack of proper notice having been provided to the Company’s

Convertible Debenture Holders of the commencement of the Business Rescue

proceedings. The Monitor has also been advised by the BRP that he intends to appear in

the South African Court in the near term in order to seek the appropriate relief to remedy

this outstanding issue. The Monitor will provide a further update to this Honourable

Court once the BRP advises the Monitor of the outcome of its attendance before the

South African Court.

8.6 Further information related to the BRP proceedings and the related claims process is

being posted on GBGL’s website (www.greatbasingold.com).

9.0 UPDATE ON THE STATUS OF THE HOLLISTER OPERATIONS

9.1 The Monitor visited the Hollister Operations during the weeks of October 29, 2012 and

November 12, 2012, to discuss the recent operating results, short term forecasts and other

matters with the Senior Management team located in Nevada (“Nevada Management”).

9.2 During this visit, the Monitor met with Nevada Management and reviewed the following:

a) The revised revenue projections of the Hollister Operations over its expected

restructuring period, which are now reflected in the Updated Cash Flow

Forecast;

b) The process by which the Company is reviewing the existing estimates of

Hollister’s gold reserves and resources (the “Reserves”) with the assistance of

a third party consulting firm in advance of launching the SISP;

c) The work being performed by the Company and CIBC World Markets

(“CIBC WM”) in respect of the proposed SISP;

d) Current key employee turnover and related issues at Hollister and Senior

Management’s plans to retain such staff going forward; and

e) Ongoing operating and supplier issues.

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9.3 As a result of the above noted matters, certain adjustments have been made to the

Company’s cash flow forecasts which are now reflected in the Updated Cash Flow

Forecast and the Company’s extended cash flow forecast (provided to the Approved DIP

Lenders).

9.4 The Monitor continues to actively monitor the status of the Company’s efforts to review

its existing gold reserve estimates and to retain its key employees and will update this

Honourable Court in respect of these matters.

10.0 SALES AND INVESTOR SOLICITATION PROCESS - HOLLISTER

10.1 As noted in the Fourth Report, the Company has engaged CIBC WM as financial advisor

to assist in completing either a sale of the property, assets and undertaking of Hollister

(the “GBGI Property”) and/or a recapitalization and/or restructuring of Hollister (the

“GBGI Business”). A SISP remains in draft, but is well advanced and continues to be

reviewed by the Company’s relevant stakeholders and advisors.

10.2 The Company intends to bring a motion before this Honourable Court, as soon as

practicable, to approve the SISP with the caveat that in order for the Company to

effectively launch the SISP, the review of the Reserves, as noted in Section 9.2(b) above,

will need to be completed.

11.0 THE RETENTION OF A CHIEF RESTRUCTURING OFFICER

11.1 As noted in the Fourth Report, due to the requirements of the Second Waiver Letter and

the departure of certain Senior Management by November 30, 2012, the Company’s

Board of Directors commenced a process to select and retain a CRO for the Company

and GBGI. For this purpose a CRO Selection Committee was formed. As a result of the

selection process, the Company, with the approval of the CRO Selection Committee, has

agreed to engage Mr. Ray Dombrowski and Mr. Peter Gibson of Alvarez & Marsal

(“A&M”) to assume the roles of Chief Executive Officer (“CEO”) and Chief Financial

Officer (“CFO”), respectively, during the Company’s restructuring period. Other A&M

personal may be utilized in order to assist Messrs. Dombrowski and Gibson in carrying

out their duties as CEO and CFO.

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11.2 The roles and responsibilities of the new CEO and CFO, along with other terms and

conditions of their appointment, are set out in the draft engagement letter (the

“Engagement Letter”) which is attached as Schedule B to this report.

11.3 The duties of A&M/Dombrowski/Gibson are comprehensive and require hands on

stewardship of the Company’s restructuring proceedings from a senior management

perspective, including overseeing the implementation of the SISP and fulfilling Senior

Management functions for the GBG Group (with the exclusion of Burnstone which is

subject to the BRP/ Business Rescue proceedings).

11.4 In its application to this Honourable Court, the Company is seeking approval of the

engagement of A&M to provide a designated CEO and CFO for the Company. The

Company is also requesting that the Administration Charge, as granted by this

Honourable Court under the terms of the Initial Order, and as increased by further order

of the Court, be further increased to $2,912,500 (from $2,712,500) with a pro-rata share

of $200,000 of the Administration Charge to be allocated to A&M.

11.5 The Monitor supports (i) the engagement of A&M as proposed in the attached

Engagement Letter and (ii) the request by the Company for a further increase in the

amount of the Administration Charge and that a pro-rata share of $200,000 be allocated

to A&M.

12.0 OTHER RESTRUCTURING EFFORTS

Management and employee turnover

12.1 As discussed in the Monitor’s Prior Reports, four members of GBGL’s Senior

Management team departed on October 30, 2012 with the remaining two members

departing from the Company with an effective date of November 30, 2012. Included in

these departures are the Company’s Chief Executive Officer, Chief Financial Officer,

Chief Operating Officer and other key positions. As discussed above, subject to the

approval of this Honourable Court, members of A&M will be engaged as the new CEO

and CFO for the Company effective immediately. Certain former members of Senior

16

Management have been retained by the Company pursuant to consulting contracts

through to March 31, 2013 under the terms of the KERP.

12.2 In the past two weeks, GBGL’s Financial Controller and Head of Finance, as well as

Hollister’s Head of Mill Operations have all resigned. The Company is currently in the

process of negotiating a consulting contract with the Head of Finance for her continued

services going forward for a defined period of time. The Head of Mill Operations at

Hollister has been replaced with an internal appointment by the Company.

Sales of non-core assets

12.3 As noted above, the Company is continuing to review its options to sell certain African

assets and expects to consult with its key stakeholders in respect of the merits of these

potential sale transactions. The Monitor is also reviewing with the Company and its

financial advisors the logistics and benefits of these potential sale transactions and will

report to this Honourable Court as to any progress made by the Company.

13.0 THE MONITOR’S CONCLUDING OBSERVATIONS AND RECOMMENDATIONS

Monitor’s observations

13.1 The Monitor believes that the Company is acting in good faith and with due diligence in

its efforts to further its restructuring initiatives.

13.2 Although the Settlement Agreement has taken longer to conclude than expected, it should

become effective shortly as all parties thereto are working expeditiously to finalize the

supporting documentation.

13.3 The Company is in need of increased funding in order to continue with its proposed

restructuring. Such funding requirements are well in excess of the current maximum

availability under the Approved DIP Facility. For the coming 13 weeks, additional

funding of at least US$13.4 million is required over and above the maximum current

availability of US$35 million. Over the period to March 31, 2013, total additional

funding of US$25 million is required (again, over and above the current maximum

17

availability of US$35 million). Without additional funding, the Monitor is of the opinion

that the Company may not be able to move forward with its current restructuring plans

and may need to consider other options to sell non-core assets and/or reduce cash

outflows. The Monitor understands that the Company is in ongoing discussions with the

Approved DIP Lenders in order to secure the necessary additional financing.

13.4 Two members of the Senior Management team of the GBG Group are set to depart on

November 30, 2012. This includes the current CEO/CFO. Although consulting

arrangements are in place to secure the services of key management on an ongoing basis

after November 30, 2012, the Company must replace its Senior Management in order to

ensure that the Company has the necessary and appropriate management, oversight and

governance. Accordingly, the Monitor is of the opinion that the Engagement Letter

should be approved by this Honourable Court.

Monitor’s recommendation

13.5 The Monitor recommends to this Honourable Court that the Engagement Letter be

approved substantially in the form as set out in Schedule B hereto and that the

Administration Charge be amended accordingly.

All of which is respectively submitted to this Honourable Court this 26th day of November, 2012.

KPMG Inc., in its sole capacity as Monitor of Great Basin Gold Ltd.

Philip J. Reynolds Senior Vice President

Anthony J. Tillman Senior Vice President

Unau

dited ‐ Prepared by Man

agement

Great Basin Gold Ltd. ‐ CONSO

LIDATED

Consolid

ated W

eekly Cash Flow Forecast

For the 13‐w

eek period ending February 15, 2013

in $ 000's USD

(except for ounces an

d price of Gold)

Actual

Actual

Actual

Actual

Actual

Actual

Actual

Actual

Actual

12

34

56

78

910

11

12

13

13 Week

Week En

ding

21‐Sep

28‐Sep

5‐Oct

12‐Oct

19‐Oct

26‐Oct

2‐Nov

9‐Nov

16‐Nov

23‐Nov

30‐Nov

7‐Dec

14‐Dec

21‐Dec

28‐Dec

4‐Jan

11‐Jan

18‐Jan

25‐Jan

1‐Feb

8‐Feb

15‐Feb

Total

Cash Receipts

Ounces Sold

1,470

1,412

1,762

1,260

1,220

1,330

1,553

1,421

889

900

1,100

700

1,800

1,100

1,100

1,100

1,500

1,500

1,500

1,500

1,500

1,500

16,800

Price per Ounce

1,754

1,801

1,812

1,846

1,849

1,817

1,773

1,745

1,768

1,700

1,700

1,700

1,700

1,700

1,700

1,700

1,700

1,700

1,700

1,700

1,700

1,700

1,700

Gold Sales

2,579

2,543

3,192

2,326

2,255

2,417

2,754

2,480

1,571

1,530

1,870

1,190

3,060

1,870

1,870

1,870

2,550

2,550

2,550

2,550

2,550

2,550

28,560

Other

39

114

1,338

12

18

5

2,228

2

348

‐ (548)

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ (548)

Total Cash Receipts

2,618

2,657

4,530

2,338

2,274

2,422

4,982

2,483

1,919

1,530

1,322

1,190

3,060

1,870

1,870

1,870

2,550

2,550

2,550

2,550

2,550

2,550

28,012

Cash Disbursements

Suppliers

(1,598)

(2,221)

(3,694)

(1,611)

(1,836)

(3,562)

(789)

(889)

(2,699)

(1,446)

(1,604)

(864)

(1,604)

(1,484)

(1,100)

(1,540)

(1,280)

(1,680)

(2,380)

(2,314)

(1,594)

(1,684)

(20,573)

Payroll and Ben

efits

(8,564)

(866)

(263)

(698)

(50)

(2,008)

(196)

(839)

(50)

(1,606)

(761)

(895)

(50)

(1,437)

‐ (1,725)

‐ (1,000)

(714)

(672)

(243)

(700)

(9,803)

Royalties

‐ ‐

(787)

‐ ‐

‐ (1,336)

‐ ‐

‐ ‐

‐ ‐

‐ ‐

(49)

‐ ‐

‐ (1,350)

‐ ‐

(1,399)

Insurance

(75)

(186)

(140)

‐ ‐

(186)

(75)

‐ (148)

‐ (265)

(79)

(500)

(75)

(190)

‐ ‐

‐ ‐

(265)

(21)

‐ (1,395)

Other

(2)

(105)

60

(20)

(58)

52

(2)

(0)

33

‐ (400)

‐ (150)

‐ ‐

‐ ‐

(100)

‐ ‐

‐ (100)

(750)

Professional Fees

(227)

(11)

(1,165)

(965)

(240)

(2,719)

(177)

(44)

(17)

(4,609)

(386)

(25)

(2,720)

(200)

‐ (25)

(213)

(1,970)

(175)

(150)

(25)

(1,970)

(12,467)

Total Cash Disbursements

(10,466)

(3,389)

(5,990)

(3,295)

(2,184)

(8,423)

(2,575)

(1,773)

(2,882)

(7,662)

(3,416)

(1,863)

(5,024)

(3,196)

(1,290)

(3,339)

(1,492)

(4,750)

(3,269)

(4,751)

(1,883)

(4,454)

(46,388)

Net Cash Flow Before Finan

cing

(7,848)

(732)

(1,459)

(957)

90

(6,002)

2,407

710

(963)

(6,132)

(2,094)

(673)

(1,964)

(1,326)

580

(1,469)

1,058

(2,200)

(719)

(2,201)

667

(1,904)

(18,376)

Red

Kite Rep

aymen

t(988)

‐ ‐

(1,670)

(1,275)

‐ ‐

(1,883)

(1,062)

‐ ‐

‐ (1,458)

(1,487)

‐ ‐

(1,988)

(957)

‐ ‐

(1,988)

(957)

(8,832)

Interest ‐ Term loan

I‐

‐ ‐

‐ ‐

‐ ‐

‐ (1,750)

‐ ‐

‐ (1,750)

(550)

‐ ‐

‐ ‐

‐ ‐

‐ ‐

(2,300)

DIP Financing Fees

‐ ‐

‐ ‐

‐ ‐

‐ ‐

(786)

(5)

(5)

(5)

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

(14)

Interest

‐ ‐

‐ ‐

‐ ‐

‐ ‐

(98)

(59)

(59)

(59)

(71)

(71)

(71)

(71)

(71)

(71)

(71)

(71)

(71)

(71)

(883)

Net Cash Flow After Finan

cing

(8,836)

(732)

(1,459)

(2,626)

(1,185)

(6,002)

2,407

(1,173)

(4,659)

(6,195)

(2,157)

(737)

(5,243)

(3,434)

510

(1,539)

(1,000)

(3,227)

(789)

(2,271)

(1,391)

(2,931)

(30,404)

DIP Advances

9,235

‐ 5,000

‐ ‐

5,500

‐ ‐

9,300

‐ ‐

‐ 5,965

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ 5,965

Intercompany Advances

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐

Net Cash Flow post DIP

399

(732)

3,541

(2,626)

(1,185)

(502)

2,407

(1,173)

4,641

(6,195)

(2,157)

(737)

722

(3,434)

510

(1,539)

(1,000)

(3,227)

(789)

(2,271)

(1,391)

(2,931)

(24,440)

Cash & Equivalents Position

Open

ing Cash Position

6,254

6,653

5,921

9,462

6,835

5,650

5,149

7,556

6,382

11,023

4,828

2,671

1,935

2,657

(777)

(267)

(1,806)

(2,806)

(6,033)

(6,823)

(9,094)

(10,485)

11,023

Net Cash Flow incl. D

IP399

(732)

3,541

(2,626)

(1,185)

(502)

2,407

(1,173)

4,641

(6,195)

(2,157)

(737)

722

(3,434)

510

(1,539)

(1,000)

(3,227)

(789)

(2,271)

(1,391)

(2,931)

(24,440)

Closing Cash Position

6,653

5,921

9,462

6,835

5,650

5,149

7,556

6,382

11,023

4,828

2,671

1,935

2,657

(777)

(267)

(1,806)

(2,806)

(6,033)

(6,823)

(9,094)

(10,485)

(13,416)

(13,416)

DIP Balan

ce

GBG Ltd

‐ ‐

2,000

1,200

‐ 3,000

3,000

3,000

9,100

9,100

9,100

9,100

12,265

12,265

12,265

12,265

12,265

12,265

12,265

12,265

12,265

12,265

12,265

Burnstone

9,235

9,235

10,235

10,235

10,235

10,235

10,235

10,235

11,985

11,985

11,985

11,985

14,785

14,785

14,785

14,785

14,785

14,785

14,785

14,785

14,785

14,785

14,785

Burnstone

9,235

9,235

10,235

10,235

10,235

10,235

10,235

10,235

11,985

11,985

11,985

11,985

14,785

14,785

14,785

14,785

14,785

14,785

14,785

14,785

14,785

14,785

14,785

Hollister

‐ ‐

2,000

2,800

4,000

6,500

6,500

6,500

7,950

7,950

7,950

7,950

7,950

7,950

7,950

7,950

7,950

7,950

7,950

7,950

7,950

7,950

7,950

Closing DIP Balance

9,235

9,235

14,235

14,235

14,235

19,735

19,735

19,735

29,035

29,035

29,035

29,035

35,000

35,000

35,000

35,000

35,000

35,000

35,000

35,000

35,000

35,000

35,000

kramanathan

Typewritten Text

SCHEDULE A

Unau


agement

Great Basin Gold Ltd. ‐ CANADA

Consolid

ated W


For the 13‐w


in $ 000's USD


d price of Gold)

Actual

Actual

Actual

Actual

Actual

Actual

Actual

Actual

Actual

12

34

56

78

910

11

12

13

13 W

eek

Week En

ding

21‐Sep

28‐Sep

5‐Oct

12‐Oct

19‐Oct

26‐Oct

2‐Nov

9‐Nov

16‐Nov

23‐Nov

30‐Nov

7‐Dec

14‐Dec

21‐Dec

28‐Dec

4‐Jan

11‐Jan

18‐Jan

25‐Jan

1‐Feb

8‐Feb

15‐Feb

Total

Gold Sales

‐

‐

‐

‐

‐

‐

‐

‐

‐

‐

‐

‐

‐

‐

‐

‐

‐

‐

‐

‐

‐

‐

‐

Othe r

‐ ‐

6

‐ ‐

‐ (71)

‐ 29

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

Total Cash Receipts

‐ ‐

6

‐ ‐

‐ (71)

‐ 29

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

Cash Disbursement s

Suppliers

(1)

(0)

(11)

‐ (3)

(17)

(9)

(12)

(0)

‐ (100)

(10)

‐ (50)

‐ (10)

‐ ‐

‐ (50)

(10)

‐ (230)

Payroll and Ben

efits

‐ (261)

(13)

(42)

(50)

(566)

(196)

(14)

(50)

(155)

(357)

(20)

(50)

(193)

‐ (18)

‐ (50)

(120)

(22)

(18)

(50)

(1,053)

Royalties

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐

Insurance

‐ ‐

(15)

‐ ‐

‐ ‐

‐ (148)

‐ ‐

‐ (500)

‐ ‐

‐ ‐

‐ ‐

‐ (21)

‐ (521)

Othe r

(5)

(55)

(13)

(22)

(58)

52

(2)

(0)

(37)

‐ ‐

‐ (150)

‐ ‐

‐ ‐

(100)

‐ ‐

‐ (100)

(350)

Professional Fees

(227)

‐ (1,146)

(950)

(151)

(2,703)

(161)

(28)

(7)

(4,459)

(250)

‐ (2,695)

‐ ‐

‐ ‐

(1,945)

(100)

‐ ‐

(1,945)

(11,394)

Total Cash Disbursement s

(233)

(316)

(1,198)

(1,014)

(263)

(3,234)

(367)

(54)

(243)

(4,615)

(707)

(30)

(3,395)

(243)

0

(28)

0

(2,095)

(220)

(72)

(49)

(2,095)

(13,548)


cing

(233)

(316)

(1,192)

(1,014)

(263)

(3,234)

(438)

(54)

(214)

(4,615)

(707)

(30)

(3,395)

(243)

0

(28)

0

(2,095)

(220)

(72)

(49)

(2,095)

(13,548)

Red

Kite Rep

aymen

t‐

‐

‐

‐

‐

‐

‐

‐

‐

‐

‐

‐

‐

‐

‐

‐

‐

‐

‐

‐

‐

‐

‐

DIP Financing Fees

‐ ‐

‐ ‐

‐ ‐

‐ ‐

(786)

(5)

(5)

(5)

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

(14)

Interest

‐ ‐

‐ ‐

‐ ‐

‐ ‐

(98)

(59)

(59)

(59)

(71)

(71)

(71)

(71)

(71)

(71)

(71)

(71)

(71)

(71)

(883)


cing

(233)

(316)

(1,192)

(1,014)

(263)

(3,234)

(438)

(54)

(1,098)

(4,678)

(770)

(93)

(3,466)

(313)

(71)

(99)

(71)

(2,166)

(291)

(143)

(120)

(2,166)

(14,445)

DIP Advances

9,235

‐ 5,000

‐ ‐

5,500

‐ ‐

9,300

‐ ‐

‐ 5,965

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ 5,965

Interco Non‐DIP disbursem

ent

(1,800)

1,993

99

‐ 75

365

173

‐ (612)

‐ ‐

‐ ‐

‐ ‐

‐

Interco disbursem

ent

(9,235)

‐ (3,000)

(800)

(1,200)

(2,500)

‐ ‐

(3,200)

‐ ‐

‐ (2,800)

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ (2,800)


(2,033)

1,677

907

(1,814)

(1,388)

130

(265)

(54)

4,390

(4,678)

(770)

(93)

(301)

(313)

(71)

(99)

(71)

(2,166)

(291)

(143)

(120)

(2,166)

(11,280)


Open

ing Cash Position

4,452

2,419

4,097

5,004

3,189

1,802

1,932

1,667

1,613

6,003

1,325

555

462

161

(153)

(223)

(322)

(393)

(2,558)

(2,849)

(2,992)

(3,111)

6,003


IP(2,033)

1,677

907

(1,814)

(1,388)

130

(265)

(54)

4,390

(4,678)

(770)

(93)

(301)

(313)

(71)

(99)

(71)

(2,166)

(291)

(143)

(120)

(2,166)

(11,280)


2,419

4,097

5,004

3,189

1,802

1,932

1,667

1,613

6,003

1,325

555

462

161

(153)

(223)

(322)

(393)

(2,558)

(2,849)

(2,992)

(3,111)

(5,277)

(5,277)

kramanathan

Typewritten Text

SCHEDULE A

Unau


agement

Great Basin Gold Ltd ‐ United States

Consolid

ated W


For the 13‐w


in $ 000's USD


d price of Gold)

Actual

Actual

Actual

Actual

Actual

Actual

Actual

Actual

Actual

12

34

56

78

910

11

12

13

13 W

eek

Week En

ding

21‐Sep

28‐Sep

5‐Oct

12‐Oct

19‐Oct

26‐Oct

2‐Nov

9‐Nov

16‐Nov

23‐Nov

30‐Nov

7‐Dec

14‐Dec

21‐Dec

28‐Dec

4‐Jan

11‐Jan

18‐Jan

25‐Jan

1‐Feb

8‐Feb

15‐Feb

Total

Cash Receipts

Nevada Ounces Sold

1,470

1,412

1,455

1,260

1,220

1,330

1,553

1,421

889

900

1,100

700

1,100

1,100

1,100

1,100

1,500

1,500

1,500

1,500

1,500

1,500

16,100

Nevada Price per Ounce

1,754

1,801

1,825

1,846

1,849

1,817

1,773

1,745

1,768

1,700

1,700

1,700

1,700

1,700

1,700

1,700

1,700

1,700

1,700

1,700

1,700

1,700

22,100

2,579

2,543

2,655

2,326

2,255

2,417

2,754

2,480

1,571

1,530

1,870

1,190

1,870

1,870

1,870

1,870

2,550

2,550

2,550

2,550

2,550

2,550

27,370

Gold Sales

2,579

2,543

2,655

2,326

2,255

2,417

2,754

2,480

1,571

1,530

1,870

1,190

1,870

1,870

1,870

1,870

2,550

2,550

2,550

2,550

2,550

2,550

27,370

Other

26

36

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐

Total Cash Receipts

2,605

2,578

2,655

2,326

2,255

2,417

2,754

2,480

1,571

1,530

1,870

1,190

1,870

1,870

1,870

1,870

2,550

2,550

2,550

2,550

2,550

2,550

27,370

Cash Disbursements

Suppliers

(1,586)

(1,419)

(2,929)

(1,344)

(1,711)

(3,417)

(424)

(377)

(2,629)

(1,000)

(1,100)

(600)

(1,350)

(900)

(1,100)

(1,350)

(1,100)

(1,500)

(2,200)

(2,000)

(1,400)

(1,500)

(17,100)

Payroll and Ben

efits

(215)

(605)

(250)

(657)

‐ (903)

‐ (825)

‐ (875)

‐ (875)

‐ (875)

‐ (1,707)

‐ (950)

(225)

(650)

(225)

(650)

(7,032)

Royalties

‐ ‐

(787)

‐ ‐

‐ (1,336)

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

(1,350)

‐ ‐

(1,350)

Insurance

‐ (186)

(50)

‐ ‐

(186)

‐ ‐

‐ ‐

(190)

(22)

‐ ‐

(190)

‐ ‐

‐ ‐

(190)

‐ ‐

(591)

Other

(6)

‐ ‐

‐ ‐

‐ ‐

‐ 4

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

Professional Fees

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

(50)

‐ ‐

‐ (50)


(1,807)

(2,211)

(4,016)

(2,000)

(1,711)

(4,506)

(1,760)

(1,202)

(2,625)

(1,875)

(1,290)

(1,497)

(1,350)

(1,775)

(1,290)

(3,057)

(1,100)

(2,450)

(2,475)

(4,190)

(1,625)

(2,150)

(26,123)


cing

798

367

(1,361)

326

545

(2,090)

994

1,279

(1,054)

(345)

580

(307)

520

95

580

(1,187)

1,450

100

75

(1,640)

925

400

1,247

Red

Kite Rep

aymen

t(988)

‐ ‐

(1,670)

(1,275)

‐ ‐

(1,883)

(1,062)

‐ ‐

‐ (1,458)

(1,487)

‐ ‐

(1,988)

(957)

‐ ‐

(1,988)

(957)

(8,832)

DIP Financing Fees

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐

Interest

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ (550)

‐ ‐

‐ ‐

‐ ‐

‐ ‐

(550)


cing

(190)

367

(1,361)

(1,344)

(730)

(2,090)

994

(605)

(2,116)

(345)

580

(307)

(938)

(1,942)

580

(1,187)

(537)

(857)

75

(1,640)

(1,062)

(557)

(8,135)

DIP Advances

Intero NON‐DIP funding

1,800

(1,934)

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐

Interco funding

‐ ‐

2,000

800

1,200

2,500

‐ ‐

1,450

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐


1,610

(1,566)

639

(544)

470

410

994

(605)

(666)

(345)

580

(307)

(938)

(1,942)

580

(1,187)

(537)

(857)

75

(1,640)

(1,062)

(557)

(8,135)


Open

ing Cash Position

110

1,720

153

793

249

719

1,129

2,123

1,519

853

508

1,088

781

(157)

(2,098)

(1,518)

(2,705)

(3,242)

(4,099)

(4,024)

(5,664)

(6,726)

853


IP1,610

(1,566)

639

(544)

470

410

994

(605)

(666)

(345)

580

(307)

(938)

(1,942)

580

(1,187)

(537)

(857)

75

(1,640)

(1,062)

(557)

(8,135)


1,720

153

793

249

719

1,129

2,123

1,519

853

508

1,088

781

(157)

(2,098)

(1,518)

(2,705)

(3,242)

(4,099)

(4,024)

(5,664)

(6,726)

(7,283)

(7,283)

kramanathan

Typewritten Text

SCHEDULE A

Unau


agement

Great Basin Gold Ltd ‐ SOUTH

AFR

ICA

Consolid

ated W


For the 13‐w


in $ 000's USD


d price of Gold)

Actual

Actual

Actual

Actual

Actual

Actual

Actual

Actual

Actual

12

34

56

78

910

11

12

13

13 W

eek

Week En

ding

21‐Sep

28‐Sep

5‐Oct

12‐Oct

19‐Oct

26‐Oct

2‐Nov

9‐Nov

16‐Nov

23‐Nov

30‐Nov

7‐Dec

14‐Dec

21‐Dec

28‐Dec

4‐Jan

11‐Jan

18‐Jan

25‐Jan

1‐Feb

8‐Feb

15‐Feb

Total

Cash Receipts

Burnstone Ounces Sold

‐

‐

307

‐

‐

‐

‐

‐

‐

‐

‐

‐

700

‐

‐

‐

‐

‐

‐

‐

‐

‐

700

Burnstone Price per Ounce

1,650

1,650

1,750

1,650

1,650

1,650

1,650

1,650

1,650

1,650

1,650

1,650

1,650

1,650

1,650

1,650

1,650

1,650

1,650

1,650

1,650

1,650

21,450

‐ ‐

537

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ 1,155

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ 1,155

Gold Sales

‐ ‐

537

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ 1,190

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ 1,190

Other

13

78

1,332

12

17

5

2,299

‐ 318

‐ (548)

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ (548)

Total Cash Receipts

13

78

1,869

12

17

5

2,299

‐ 318

‐ (548)

‐ 1,190

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ 642

Cash Disbursements

Suppliers

(11)

(801)

(754)

(267)

(122)

(127)

(356)

(500)

(70)

(446)

(404)

(254)

(254)

(534)

‐ (180)

(180)

(180)

(180)

(264)

(184)

(184)

(3,243)

Payroll and Ben

efits

(8,349)

‐ ‐

‐ 0

(539)

‐ ‐

‐ (576)

(403)

‐ ‐

(369)

‐ ‐

‐ ‐

(369)

‐ ‐

‐ (1,718)

Royalties

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ (49)

‐ ‐

‐ ‐

‐ ‐

(49)

Insurance

(75)

‐ (75)

‐ ‐

‐ (75)

‐ ‐

‐ (75)

(57)

‐ (75)

‐ ‐

‐ ‐

‐ (75)

‐ ‐

(283)

Other

10

(51)

73

2

‐ ‐

‐ ‐

70

‐ (400)

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ (400)

Professional Fees

‐ (11)

(19)

(15)

(89)

(16)

(17)

(17)

(10)

(150)

(136)

(25)

(25)

(200)

‐ (25)

(213)

(25)

(25)

(150)

(25)

(25)

(1,023)


(8,426)

(863)

(776)

(280)

(210)

(683)

(449)

(517)

(10)

(1,172)

(1,419)

(336)

(279)

(1,179)

0

(254)

(392)

(205)

(574)

(489)

(209)

(209)

(6,716) ‐


cing

(8,412)

(784)

1,094

(268)

(194)

(678)

1,851

(517)

308

(1,172)

(1,967)

(336)

911

(1,179)

0

(254)

(392)

(205)

(574)

(489)

(209)

(209)

(6,074)

Red

Kite Rep

aymen

t‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

DIP Financing Fees

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐

Interest

‐ ‐

‐ ‐

‐ ‐

‐ ‐

(1,750)

‐ ‐

‐ (1,750)

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ (1,750)


cing

(8,412)

(784)

1,094

(268)

(194)

(678)

1,851

(517)

(1,442)

(1,172)

(1,967)

(336)

(839)

(1,179)

0

(254)

(392)

(205)

(574)

(489)

(209)

(209)

(7,824)

DIP Advances

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐

Intero NON‐DIP Advances

‐ (59)

(99)

‐ (75)

(365)

(173)

‐ 612

‐ ‐

‐ ‐

‐ ‐

‐

Interco Advances

9,235

‐ 1,000

‐ ‐

‐ ‐

‐ 1,750

‐ ‐

‐ 2,800

‐ ‐

‐ ‐

‐ ‐

‐ ‐

‐ 2,800


823

(844)

1,994

(268)

(269)

(1,042)

1,678

(517)

920

(1,172)

(1,967)

(336)

1,961

(1,179)

0

(254)

(392)

(205)

(574)

(489)

(209)

(209)

(5,024)


Open

ing Cash Position

1,692

2,514

1,671

3,665

3,397

3,128

2,086

3,764

3,247

4,167

2,995

1,028

692

2,652

1,474

1,474

1,220

828

624

50

(439)

(648)

4,167


IP823

(844)

1,994

(268)

(269)

(1,042)

1,678

(517)

920

(1,172)

(1,967)

(336)

1,961

(1,179)

0

(254)

(392)

(205)

(574)

(489)

(209)

(209)

(5,024)


2,514

1,671

3,665

3,397

3,128

2,086

3,764

3,247

4,167

2,995

1,028

692

2,652

1,474

1,474

1,220

828

624

50

(439)

(648)

(857)

(857)

kramanathan

Typewritten Text

SCHEDULE A

Table of Contents - KPMG · 1 1.0 INTRODUCTION AND PURPOSE OF MONITOR’S REPORT 1.1 KPMG Inc....

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