CANNINDAH RESOURCES LIMITED — AGM Information 2005

Nov 23, 2005

CHAIRMAN'S ANNRESS Annual General Meeting November 23 2005

Welcome to the first Annual General Meeting of the Company.

We listed less than six months ago and much has happened since then.

First of all, I would like to introduce you to our Board and Senior Management:-

David Blair, Ken Dredge, Andy Border (our Chief Operating Officer), Peter Prentice (our Chief Commercial Officer), Chris Jordinson (Company Secretary) and our Chief Financial Officer, Peter Birch (who will take over as our Company Secretary and Chief Financial Officer when Chris leaves to take up a Chief Executive position in the near future).

The first point I wish to make is that we are working hard to ensure that the field operations of the Company are injury-free. The terrain where we are working is difficult and the work is arduous. Safety has always been a priority and our Board and Staff continue to monitor our results, and look for ways to improve our safety performance.

I wish to thank our Staff and Board for their involvement during the past 18 months. They have been committed to ensuring that the Company moves forward as quickly as possible. The Board is small in numbers and has worked as a whole to carry out the requirements which would normally fall to Board Committees

In summary, we have Tungsten, Molybdenum and Bismuth at Wolfram Camp, where we are earning an 85% interest. We have Copper and Gold at Mount Cannindah, and also exploration areas at Bamford Hill and Triple Crown.

Let me talk about the progress to date.

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As soon as the funds were available from listing, we mobilised a diamond drill and, within one month, Zen Drilling were core-ing mineralised ground at Wolfram Camp. The drilling has proceeded on a 24-hour-a-day basis, and is continuing as we meet here today.

The results of the 29 holes to date have confirmed the presence of economic grades of Moly and Tungsten over a strike-length of 500 metres, and have also enabled us to better understand the factors controlling mineralisation so that future drill holes can be targeted.

Infill drilling has now commenced to enable a compliant resource to be defined.

Because of our confidence in continuing to achieve positive results and to minimise any potential delays in getting the project into production. We have applied for a Mining Lease at Wolfram Camp. This will enable the processes of environmental clearance and examination of any Cultural Heritage and Native Title issues to be progressed in parallel with further resource definition and technical studies and financing.

Where do we go from here?

At Mount Cannindah, there will be a programme of drilling commencing in December. The cores will be tested to allow design of a treatment plant to be undertaken. The results will provide samples for metallurgical testing to enable more detailed mine planning and process engineering to be undertaken.

At Wolfram Camp, metallurgical testing will commence before Christmas. Technical studies and mining design will be progressed in early 2006. Environmental assessments will be continued and completed by the end of Winter 2006. Cultural Heritage and Native Title matters will be defined and our aim is to finalise these in this financial year. Financing will then be put in place, and a commitment made to develop the project to production.

There is nothing that we have found, or not found to date that diminishes our enthusiasm for the Wolfram Camp project. The minerals which we have at Wolfram Camp and at Mount Cannindah are in short supply and are required in increasing quantities by the Economies of the World which are moving up the development ladder. We are moving quickly to position your Company to take advantage of this demand and price strength by turning exploration areas into producing mines.

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