4DS MEMORY LIMITED — Interim / Quarterly Report 2010

Jan 26, 2011

www.fitzroyresources.com.au

FITZROY RESOURCES LTD

ABN 43 145 590 110

Fast Facts - January 2011 Share Code ASX: FRY Shares on Issue 41 Million Options 11 Million Market Cap $8.2M Cash at Bank $4.9M

Directors and Management Tom Henderson, Chairman Will Dix, Managing Director Ric Vittino, Director

Projects Rookwood:

27[th] January 2011

Quarterly Report for the period ending 31December 2010

HIGHLIGHTS

Initial Public Offer completed successfully and listing on ASX on 9[th] December;

Completed the acquisition of Queensland assets from Icon Resources;

Geophysical re-assessment of historic data provides immediate drilling targets;

Exploration to commence on-ground in late February following the heavier than expected start to the wet-season.

• 70km NW of Rockhampton

• 20km S of Marlborough

CORPORATE

• Total area approx. 390km[2]

• 1.75Mt @ 1.7% Cu, 2.1% Zn, 8.5 g/t Ag Inferred JORC Resource

Glentanna:

During the Quarter the Company’s Offer of Securities by way of Prospectus dated 7 October 2010 raised $5,000,000 from the issue of 25,000,000 Shares at 20 cents.

The Company was admitted to the official list of ASX and quotation of its Shares commenced on 9 December 2010.

• 140km SW of Brisbane

• Total area approx. 75km[2]

• Greenfields Exploration

• Drilling identified low level

Fitzroy has on issue a total of 41,000,005 Shares and 11,000,000 unlisted 30 cent options of which 27,125,005 Shares are currently listed on ASX for trading.

ASX code for the Company’s Shares is FRY.

• Cu/Zn mineralization

• Previous drilling intersected 12.3m @ 1.2% Cu and 8.9% Zn

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Contact Details

Perth Office Lvl 2, 35 Havelock Street West Perth WA 6005 Postal Address PO BOX 839 West Perth WA 6872 T +61 8 9481 7111 F +61 8 9320 7501 E admin@fitzroyresources.com.au

Listing on ASX was the final condition for the completion of the Sale and Purchase Agreements between the Company and Icon Resources for the Rookwood and Glentanna Projects. Both projects are now 100% owned by Fitzroy Copper Pty Ltd a wholly owned subsidiary of Fitzroy Resources Ltd. In addition a tenement application (EPM 18845) lodged over prospective ground adjacent to the Rookwood EPM was granted during the quarter. The payable consideration to Icon Resources for the assets was 7,500,000 shares, which are subject to an ASX escrow of 2 years and 5,000,000 30 cent options.

Cash at the end of the quarter totaled $4.9 million after payment of all costs associated with the listing and the company is well positioned to execute its planned exploration programs.

EXPLORATION

ROOKWOOD PROJECT (100% FRY)

Work at Rookwood during the quarter focused on the re-processing and re-interpretation of aeromagnetic, gravity and TEM data and the development of initial work programs.

Aeromagnetic data covering the entire tenement package and surrounding stratigraphy has been re-interpreted to provide a broad geological framework for future exploration activities (Figure 1). This interpretation will guide the locations for the initial field portable XRF (FPXRF) soil geochemical sampling programs which are scheduled to commence as soon as access to the project is possible following the wet season.

Media Enquiries Ian Howarth 0407 822 319 ian@collinsstreetmedia.com.au

www.fitzroyresources.com.au

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Figure 1 TMI magnetic image with outcropping Develin Creek host volcanic highlighted. Additional Rookwood’s are also present under Tertiary cover

www.fitzroyresources.com.au

Historical TEM surveys have also been re-interpreted and have confirmed the presence of un-explained conductors at Tarantula, and Sulphide Suburb (Figure 2). These areas as well as confirmation EM at Develin Creek (1.75Mt @ 1.7% Cu, 2.1% Zn, 8.5 g/t Ag Inferred JORC Resource) and initial geophysical testing of the Jabiru Prospect will form the basis of the Company’s initial geophysics field program. Concurrently with the geophysics, diamond drilling on the periphery of the resource and follow-up downhole electro-magnetics (DHEM) will be a priority.

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Figure 2 showing the location of un-explained geophysical conductors and the Jabiru target.

www.fitzroyresources.com.au

GLENTANNA PROJECT (FRY 100%)

Initial TEM surveys for Glentanna are planned and are scheduled for late in the March quarter providing access to the project is possible at this time.

COMMUNITY RELATIONS

Fitzroy is committed to having a strong presence in the local community, liaising clearly with all stakeholders and supporting the outstanding work of local community groups. To this end and in light of the recent tragic flooding events throughout Queensland, the Company resolved to make a donation to the Rockhampton SES to assist with their on-going work in the region and specifically with the construction of a new SES facility at Marlborough.

ABOUT FITZROY:

Fitzroy Resources Ltd is an Australian based mineral exploration company, with two significantly underexplored Queensland base metals projects.

Fitzroy’s main focus is to rapidly evaluate the Rookwood project, containing the promising Develin Creek Resource (estimated 1.75Mt @1.7% Cu, 2.1% Zn, 8.5ppm Ag and 0.24ppm Au). Typical VHMS prospects such as Rookwood, often contain multiple ore systems, with Develin Creek the first system discovered to date in this terrain. Rookwood contains significant potential for the discovery of substantial copper/gold deposits beyond the existing resource.

The smaller Glentanna project, to the south, remains in the early exploration stages, with previous drilling suggesting strong potential. Focus on this project will include further first pass geophysics and drilling.

COMPETENT PERSONS STATEMENT:

The information in this document that relates to Mineral Resources has been compiled by Ms Fleur Muller. Ms Muller, who is a Member of the Australasian Institute of Mining and Metallurgy, is a full time employee of Geostat Services Pty Ltd and produced the Mineral Resource Estimate based on data and geological information supplied by Icon. Ms Muller has sufficient relevant experience to the style of mineralisation and type of deposit under consideration and to the activity that she is undertaking to qualify as a Competent Person as defined in the 2004 edition of the Australasian Code. Ms Muller consents to the inclusion in this document of the matters based on her information in the form and context in which it appears.