CAZALY RESOURCES LIMITED — Capital/Financing Update 2013

May 22, 2013

ASX ANNOUNCEMENT

CAZALY RESOURCES LIMITED

MAIDEN INDICATED MINERAL RESOURCE HAMERSLEY IRON JV PROJECT

• Total Resource 343.2 Mt @ 54.5% Fe (57.9% Calcined Iron - Ca Fe)

  • Indicated category 42.6 Mt @ 55.2% Fe (57.3% Ca Fe)

  • Inferred category 300.6 Mt @ 54.5% Fe (58.0% Ca Fe)

• Potential for early development of Direct Shipping Ore (DSO)

• Prefeasibility studies and infrastructure discussions underway

Cazaly Resources Limited ( ASX: CAZ, “Cazaly” or “the Company” ) is pleased to report that its joint venture partner, Winmar Resources Limited (ASX: WFE) (Winmar), has today announced a maiden Indicated Resource at the Hamersley Iron Joint Venture Project (Winmar 51%, Cazaly 49%), located 50km north-northeast of Tom Price in the Pilbara region of Western Australia.

The Total Resource of 343.2Mt @ 54.5% Fe (57.9% Ca Fe) comprises an Indicated Resource of 42.6 Mt @ 55.2% Fe (57.3% Ca Fe) and an Inferred Resource of 300.6 Mt @ 54.5% Fe (57.9% Ca Fe). The Indicated Resource estimate was calculated by independent mining consultants RungePincockManarco (ASX: RUL), and remains open in several areas, particularly to the north.

The upgrade of the Mineral Resource to Indicated category provides the Joint Venture with the opportunity to commence a range of studies including scoping studies, mine economic studies, environmental studies and Native Title negotiations as part of prefeasibility studies. These studies will examine the potential for the early development of Direct Shipping Ore (DSO) from the Channel iron Deposit (CID) material to the southwest of the project area.

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Level 2, 38 Richardson Street, West Perth, Western Australia, 6005. PO Box 396, West Perth, Western Australia, 6872 Phone: +61 8 9322 6283 Fax: +61 8 9322 6398 email: admin@cazalyresources.com.au ACN 101 049334 www.cazalyresources.com.au

Cazaly Resources Joint Managing Director Nathan McMahon said, “Today’s announcement by our Joint Venture partner Winmar Resources is a very positive step towards the development of the Hamersley Iron Project and adds additional credibility and urgency to discussions that are currently underway with potential infrastructure providers, Native Title parties and with contractors working on prefeasibility studies and other studies associated with the project.”

ENDS

For further information please contact:

Nathan McMahon / Clive Jones Tony Dawe Joint Managing Directors Senior Counsel Cazaly Resources Limited Professional Public Relations Tel: +618 9322 6283 Tel: +618 9388 0944/ +61 433 112 936 Em: admin@cazalyresources.com.au E: tony.dawe@ppr.com.au Website: www.cazalyresources.com.au

Competent Person’s Statement

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