EV RESOURCES LTD — M&A Activity 2013

Feb 19, 2013

ASX ANNOUNCEMENT

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20 February 2013

Proposed Acquisition of Tasmanian Coal Project

South East Asia Resources (ASX: SXI ) ( Company ) (previously Victory West Metals Limited (ASX: VWM) is pleased to announce that it has entered into a Term Sheet recording an ‘in-principle’ understanding of the terms by which, South East Asia Energy Resources Pty Ltd ( SEA ), a wholly-owned subsidiary of the Company, is to be granted an option to acquire Tiger Coal Pty Ltd and Energy Investments Pty Ltd (“ Target Companies ”), the holders of three coal exploration licences in Tasmania, Australia.

The three exploration licenses, pertaining to the Central Midlands of Tasmania, cover an approximate area of 700 km[2] which, at this early juncture, are estimated to contain non JORC coal resources of 390 million tonnes of potential shallow open cut bituminous coal. Coal seams are of approximately 3.2m in thickness, with low sulphur, with insitu calorific value of 5500 kcal. The inherent qualities of this type of coal are preferred by cement producers.

The Central Midland project area is serviced by extensive infrastructure including two nearby large regional towns, highway, and rail with direct access through the area and direct 150klm to Bell Bay deep-water port. The project area is predominantly low rainfall open grazing country with year round access.

First stage due diligence has been undertaken by SEA which has included discussions both directly and indirectly with Tasrail, Tasports , Mines Department Consultants, Contractors and local stakeholders. The project area has previously been the subject of extensive exploration and feasibility works.

The Terms Sheet contemplates the signing of formal legal documentation at which time detailed (technical and legal) due diligence will commence, including an exploration program to establish a JORC measured resource of at least 25 million tonnes – all of which are anticipated to be completed within 4 months.

On the basis that the option is entered into and exercised, it is proposed to develop the project area to accommodate mining production at a minimum of 1 million tonnes p.a. for a specific export market. Discussions are underway with potential long term off-takers. Given the nature of the resource and infrastructure availability, first production within 18 months of securing necessary approvals is presently envisaged.

Given under utilisation of infrastructure and resources within Tasmania, including rail, road, ports, transport, construction and civil contractors with highly competent local workforce, the Company sees this project as having the potential to provide a low cost, low capital, and efficient export coal production complementing the Company’s similarly modelled Indonesian coal projects.

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South East Asia Resources Limited ACN 009 144 503

311-313 Hay Street Subiaco, Western Australia 6008 T:+61 (0) 8 6489 0600 www.southeastasiaresources.com.au

About South East Asia Resources Limited (previously Victory West Metals Limited)

South East Asia Resources is a resources focused resource exploration company listed on the Australian Securities Exchange (ASX code: SXI) and Frankfurt Stock Exchange (FSE code: R1E), with a vision to find, prove and extract value from world class resource projects in South East Asia. The Company is building a resources portfolio with its cornerstone project Malala Molybdenum Project in the Toli Toli Province in North Sulawesi, Indonesia and interests in the Penajam East Coal Project in Penajam Regency of East Kalimantan, Indonesia.

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