CASSIUS MINING LIMITED — Capital/Financing Update 2011

Jul 13, 2011

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14 July 2011

Dear Option Holder

Notice of Non Renounceable Rights Issue to Option Holders

We are writing to you in relation to your option holding in Gulf Industrials Limited (“Company”).

The Company has announced the details of a pro rata non‐renounceable entitlement issue on the basis of 3 new fully paid ordinary shares for every 5 Shares held by shareholders of the Company as at 7pm 22 July 2011 at an issue price of $0.04 per share (Offer).

Pursuant to the terms of the options that were issued to you, the Company is required to notify you of your right to participate in any pro rata issue of securities if you exercise your options prior to the record date for the pro rata issue.

Accordingly, take notice that in order to participate in the Offer, you will need to exercise your options prior to the record date for the Offer, being 22 July 2011.

Details of the Offer are set out in the Company’s announcement to the ASX made on 14 July 2011. The Offer document containing full details of the Offer will be lodged with the ASX and dispatched to shareholders of the Company on 25 July 2011.

Should you have any queries in relation to this matter, please do not hesitate to contact either the Share Registry on + 61 8 9315 2333 or the Company on + 61 2 8247 5333.

Yours faithfully Gulf Industrials Limited

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W J 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