CADOUX LIMITED — Interim / Quarterly Report 2011

Apr 27, 2011

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QUARTERLY REPORT FOR THE PERIOD ENDING 31 MARCH 2011

Yarlarweelor Exploration Highlights

• Geophysical modelling of aeromagnetic anomalies completed

• Additional sampling of thorium and magnetic anomalies undertaken

• Archaeological survey undertaken prior to commencement of a drilling program

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Figure 1: Yarlarweelor Location Map

Corporate Highlights

• Experienced mining executive, Roland Hill, appointed Chief Executive Officer

• David Sparling appointed Chairman of the Board following the resignation of Russell Barnett

• Successful capital raising finalised subsequent to the end of the quarter for a share placement to raise $600,000 for project generation

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REVIEW OF OPERATIONS MARCH QUARTER 2011

SUMMARY

During the March quarter at Yarlarweelor, the Company completed a program of geophysical modelling of aeromagnetic anomalies which identified several drill targets prospective for uranium and rare earth mineralization. These targets have been inspected and sampled with assay results pending. An archaeological clearance survey was also completed over selected sites in preparation for drilling during the June quarter.

YARLARWEELOR: Uranium project – WA (100% interest)

The Yarlarweelor uranium project is located 125 km north of Meekatharra in Western Australia 2 and consists of two granted exploration licences covering an area of 656km .

As reported in the June 2010 Quarterly report, the Company confirmed the presence of significant primary uranium mineralisation in the form of uraninite within the Archaean Despair Granite on E52/2095. Drilling at the Kangaroo Ridge prospect intersected wide zones of uranium mineralization associated with biotite schists returning drill intersections such as:

 35m @ 503ppm U3O8 from 125.1m, including 5m @ 1,069ppm U3O8; and

 7.8m @ 588ppm U3O8 from 47.8m, including 1m @ 1,873ppm U3O8

The mineralized biotite schists are related to shear zones developed within the Archaean Despair Granite. Results from a previous detailed airborne radiometric survey and geological mapping indicates shear zones with a combined strike length in excess of 25 kilometres exist within the Company’s tenements and may be prospective for uranium mineralization.

At the Doris prospect assaying of diamond drill core from DD10-01 has indicated that uranium mineralization is not restricted to shear zones but may also occur within the surrounding granite (Figure 3). Prospective areas for this style of mineralization were identified during the December 2010 quarter and remain a high priority drill target.

A low level aerial radiometric survey completed at the end of September highlighted a conspicuous bullseye thorium anomaly in the south western corner of exploration licence E52/2478 (Figure 2). In addition, a broad thorium drainage anomaly running from south to north along the eastern side of E52/2478 has as its source a large, 800 metre diameter, prominent circular thorium anomaly in the northern part of E52/2095. This second anomaly is coincident with a number of small magnetic highs.

During the quarter additional sampling of these anomalies and other aeromagnetic anomalies was undertaken. Assay results are pending. An archaeological survey was undertaken over selected anomalies prior to a drilling program planned for the June quarter.

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Figure 2: Yarlarweelor Geology

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Figure 3: Yarlarweelor Mineralised Section

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Figure 4: Yarlarweelor U308 Drill Targets

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MT JAMES CREEK: Uranium project – WA (100% interest)

The Company has applied for two exploration licences in the Gascoyne region of Western Australia which are prospective for uranium mineralization. These two licences cover an area of 43sq km in the Morrissey Metamorphics and are located 300km east of Carnarvon, see Figure 5.

The area contains a number of historical uranium prospects which were investigated during the 1970’s. RC and diamond drilling recorded the presence of uraninite mineralization eg 455ppm U3O8 over 1.3m and 11m @ 137ppm U3O8 , in a sequence of quartz-biotite-chlorite schists and coarse grained siliceous granites.

No work was undertaken during the quarter.

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Figure 5: Mt James Creek Project Location Map

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NEW PROJECTS

The Company has identified a number of new projects and actively undertaken detailed reviews from selected projects prospective for uranium, rare earths, and other commodities both in Australia and overseas. This work is progressing.

CORPORATE

Mr Roland Hill was appointed as Chief Executive Officer for FYI Resources Ltd. in February 2011. Mr Hill holds a Bachelor of Applied Science, a Bachelor of Business, a Graduate Diploma in Applied Finance and Investment and a Masters of Business Administration. He has extensive corporate, stockbroking, financial and managerial experience including five years as managing director of Crescent Gold Ltd.

Mr Russell Barnett tendered his resignation as a director of FYI Resources Ltd following its successful transition from a biotechnology/pharmaceuticals developer through to its relisting as a mineral resources explorer. His role as Chairman has been filled by Dr David Sparling.

Negotiations were completed during the quarter to raise $600,000 by the issue of shares for working capital purposes. Of this sum $490,000 was to be raised from clients of Bligh Capital Pty Ltd and $110,000 from entities associated with FYI’s CEO and Directors subject to shareholder approval. This raising was finalised at a premium to the quoted share price at the time.

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Further Information:

Adrian Jessup Director Tel: (08) 9361 3100

Roland Hill Chief Executive Officer Tel: 0414 666 178

eU and eU3O8 are values obtained using a calibrated Exploranium GR-135 spectrometer.

The information in this report that relates to Exploration Results has been compiled by Mr. David Ross B.Sc(Hons), M.Sc. who is an employee of Empire Resources Ltd. He is a member of the Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. He has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity to which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. David Ross consents to the inclusion in the public release of the matters based on his information in the form and context in which it appears.