CASSIUS MINING LIMITED — Capital/Financing Update 2011

Jul 13, 2011

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14 July 2011

Ms Farlee Walker Senior Adviser ASX Markets Supervision Pty Ltd Level 8 Exchange Plaza 2 The Esplanade Perth WA 6000

Dear Farlee

Notice under section 708AA(2)(f) of the Corporations Act 2001

The notice is given by Gulf Industrials Limited ( Gulf ) under section 708AA(2)(f) of the Corporations Act 2001 (Cth) ( Act ).

Gulf has announced today pro‐rata non‐renounceable entitlement offer ( Rights Issue ) of three ordinary fully paid Gulf shares ( New Shares ) for every five Gulf ordinary shares held at 7:00pm (AEST) on 22 July 2011 by eligible shareholders with a registered address in Australia or New Zealand and any other jurisdictions in which Gulf has decided to make offers ( Eligible Shareholders ). Further details regarding the Rights Issue are set out in today’s earlier announcement, and terms defined in that announcement carry the same meaning in this announcement.

Gulf gives notice under section 708AA(2)(f) of the Act that:

1. the New Shares will be offered for issue without disclosure under Part 6D.2 of the Act;

2. this notice is being given under section 708AA(2)(f) of the Act;

3. as at the date of this notice, Gulf has complied with;

   • (1) the provisions of Chapter 2M of the Act as they apply to Gulf; and

   • (2) section 674 of the Act;

4. as at the date of this notice, there is no excluded information of the type referred to in sections 708AA(8) and 708AA(9) of the Act; and

5. the potential effect of the issue of the New Shares under the Rights Issue on the control of Gulf, and the consequences of that potential effect, are as follows:

Level 10 Gold Fields House 1 Alfred Street Sydney NSW 2000 PO Box R745 Royal Exchange NSW 1225 Australia t +61 2 8247 5333 f +61 2 9247 7722

ACN 115 027 033

www.gulfindustrials.com.au

• (1) if all Eligible Shareholders take up their entitlements under the Rights Issue then the Rights Issue will have no effect on the control of Gulf;

• (2) Jonah Capital BVI Limited, African Lion 3 Limited and Contango Asset Management Limited, which collectively hold approximately 36% of the issued capital of Gulf at the date of this announcement, have indicated that they intend to take up their full entitlement under the Rights Issue. ; and

• (3) If Eligible Shareholders (other than Jonah Capital BVI Limited, African Lion 3 Limited and Contango Asset Management Limited) do not take up their entitlements under the Rights Issue, the Joint Underwriters or their respective sub‐underwriters will acquire approximately 189,562,837 New Shares which would will result in the Joint Underwriters collectively obtaining voting power in Gulf of approximately 24%.

Signed for Gulf Industrials Limited by

Wayne Kernaghan Company Secretary

Level 10 Gold Fields House 1 Alfred Street Sydney NSW 2000 PO Box R745 Royal Exchange NSW 1225 Australia t +61 2 8247 5333 f +61 2 9247 7722

ACN 115 027 033

www.gulfindustrials.com.au