CODEIFAI LIMITED — Regulatory Filings 2011

May 15, 2011

AUSTRALIS MINING CORPORATION LTD

ACN 108 649 421

SUITE 3, LEVEL 11, 100 WALKER STREET, NORTH SYDNEY, NSW 2060 TELEPHONE: (02) 8908 9444 FACSIMILE: (02) 8908 9490

16 May 2011 AUST0C0R\ASX001A

The Company Announcements Platform ASX Limited SYDNEY NSW 2000

Company Update

Australis Mining Corporation Limited wishes to advise of the activities that it is undertaking to ensure the Company’s continued ASX listing.

The Company has identified a number of activities that it must complete in order to obtain long term growth and ultimately Shareholder value and as at current date these activities are still in progress.

The Company continues to review a proposal to acquire an interest in a coal mining project in the Kalimantan Province of Indonesia. The transaction will in effect be a “restructure” involving changes to the corporate structure of the Company.

The Company is not only reviewing this transaction but also any other viable potential Acquisitions, most of which are in the resource sector and the Company will continue to evaluate these opportunities.

A Meeting of Creditors associated with the implemented DOCA that will extinguish creditors’ claims is set to be held in June /July 2011.

A Shareholders Meeting is expected to be called mid August 2011 to implement a re-capitalisation plan in tandem with the said DOCA. The Shareholders Meeting is expected to take place sixty (60) days after the DOCA is approved by Creditors.

A capital raising in tandem with the above-mentioned Shareholder Meeting is expected to proceed to raise sufficient funds to pursue the Indonesian coal mining or alternatively purchase a prospective acquisition, the timing subject to regulatory approval.

The Company is progressing with the completion of all outstanding financial reports which when completed to final draft will be submitted for audit. The final signed audited financials are expected to be completed within the next three (3) months.

The Company will then look towards arranging the work associated with the 2011 year end, including the Audited Annual Report and the holding of an Annual General Meeting; in order to ensure compliance with the statutory requirements of the Corporations Act.

AUSTRALIS MINING CORPORATION LTD

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AUST0C0R\ASX001A

The re-capitalisation will provide the Company with a new Board and funding options - the pursuit of projects that will have the potential to add Shareholder value and the ability to engage professional administration personnel with the required skill set to ensure that work is completed in accordance with the statutory timeframes.

Anthony Damianos Executive Director