ADVANCE METALS LIMITED — AGM Information 2015

Jan 26, 2015

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PACIFIC AMERICAN COAL LIMITED

PAC ANNUAL GENERAL MEETING 2015

Ladies and gentlemen

this is the last annual general meeting of Metals Finance Limited I shall chair , as, it is also the first annual general meeting of Pacific American Coal to be held today.

I had hoped to be able to say today that the company/’s restructuring and relisting had been successfully completed . However, that is not the case today although, by 31 December 2014 we had completed we thought all of the requirements necessary to be listed as originally planned by the end of 2014 . However, time ; the Christmas holiday period and a new set of regulations at the ASX conspired to force us to roll over our listing into the New Year . Our current plans are to list the company in the next few weeks

It has been a very frustrating period . I say this because your directors and our executive team had worked assiduously over the last 12 months to achieve a transformation of your company. I was able to foreshadow at our last annual meeting the potential merger of MFC with Texas and Oklahoma Coal company and am pleased to be able to report that this has been successfully achieved.

In a difficult market for resource companies we have been able to raise over $3.7 million and added over 200 new shareholders to the companies register . Today we have over 500 shareholders.

2014 was difficult for our company as we struggled to reduce costs and salvage some of our earlier investments. Nickel Developments ; on which we had pinned our hopes suffered from a significant fall in nickel prices and, also from the financial difficulties experienced by our partner. I regret to say you also that we have also been forced to write off our investment in Metals finance Africa as it became readily apparent that the possibility of any recovery would be remote . The Zambian joint-venture which should have enabled a recovery of some funds remains incomplete some two years after its inception.

All of this took place in a period when mining shares fell sharply and

LEVEL 14 52 PHILLIP STREET SYDNEY NSW 2000 ABN: 83 127 131 604 GPO BOX 3486 SYDNEY. NSW. 2001 AUSTRALIA Tel. +612 92525300 Fax +61292528400 www.metalsfinance.com

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PACIFIC AMERICAN COAL LIMITED

investor sentiment became very negative . 2015 shows some signs of recovery I'm pleased to say.

Hopefully with the restructuring of the company the injection, of some exciting coking coal projects in North America and the growing strength of the US economic recovery, we will start to see an enhancement in the value of our investment. I say this because as a significant investor in my own right I'm absolutely committed to enhancing shareholder value .

Coalmining is a long-term not a short-term business and I do not believe we will see the full value of our investment reflected for 2 to 3 more years both as a result of the need to establish our resources and reserves of coking coal; demonstrate the potential of our investment in Oklahoma and importantly, obtain the benefit of a recovery in coking coal prices.

My personal thanks go to Simon Bird ; Ian Morgan ; Mark Sykes; Gary Cochrane and Dom Hill for the outstanding efforts they made to ensure the successful reconstruction of your company.

I look forward to keeping in touch with all shareholders as we now take on the task of building a successful coalmining strategy in the USA.

Thanks to our shareholders too for having the confidence to invest in usa and the patience to allow us to develop the company's assets properly .

Thank you for your attention

GEOFFREY HILL CHAIRMAN gh2446@me.com Mob. +61411539000 LEVEL 14 52 PHILLIP STREET SYDNEY NSW 2000 ABN: 83 127 131 604 GPO BOX 3486 SYDNEY. NSW. 2001 AUSTRALIA Tel. +612 92525300 www.metalsfinance.com Fax +61292528400