FENIX RESOURCES LTD — AGM Information 2010

Oct 28, 2010

CHAIRMAN’S ADDRESS

Dear Shareholder,

My name is Wolfgang Fischer and it is my privilege and pleasure to have been appointed your executive Chairman in early October.

Our company, Emergent Resources Limited, has seen a number of very significant events over the last couple of months.

• On 16 September it was announced that, despite several extensions, Beijing China Metallurgical Investment Co Limited (CMIC) had not fulfilled the terms of its proposed joint venture with Emergent for the development of the Beyondie Iron Project and as a result it was decided by Emergent to not to proceed with the joint venture.

• On 9 September Mr Rob Boylan was appointed to your Board as a non-executive Director.

• On 1 October I was appointed to your Board as a non-executive Director.

• On 7 October Emergent announced a restructuring of your Board. Mr George McMaster, your inaugural Chairman, stepped down from that role to become a non-executive Director. At the same time I was appointed executive Chairman. Mr Kevin Judge tendered his resignation from the Board and the former Managing Director, Mr Garry Hemming, resigned from that position and Mr Nathan Lude was appointed as Emergent’s Chief Executive Officer.

• On the project front, Emergent has continued to make progress with its exploration programs. In June the company discovered a near–surface hematite prospect at the Beyondie iron project and last month we commenced drilling a 40 hole, 4,000 metre program there. In addition, the Beyondie project area has the potential to host detrital hematite, and this may provide further options for the company to deliver early cash flows from the project. Results from the drill program are expected to be available in the near future.

• At the corporate level, the company recently completed the raising of $4,255,841 from the conversion of options issued as part of its IPO. This places Emergent in a sound financial position, and the fact that a large majority of the options were exercised is testament to the strong support for the company shown by shareholders.

These changes have been pivotal in Emergent’s development. For your company to be a success it needs many things but amongst these there are three key ingredients:

1. Your company has to have the right assets which have the potential to generate the financial rewards that we are all seeking. When I was first approached to join the Board I was immediately impressed by the tremendous assets Emergent has. It can take new companies decades to assemble an assets portfolio with the upside potential of Emergent’s tenements. To discover a potentially world class mineral deposit such as the Beyondie magnetite ore body is exceptional. Emergent is also blessed with a portfolio of mineral exploration tenements offering the promise of base metal, gold and uranium discoveries.

2. You the shareholders, are the owners of the company and without your financial support and continued commitment to the company, Emergent’s ability to realise its considerable potential would be significantly constrained. Thank you for your support, tangibly demonstrated by the high proportion of options converted.

3. People are a critical resource of your company and at all levels in the organisation we are building a team that has the required skills, experience, vision and passion to make Emergent one of the foremost mining companies in Australia. We are building a team that will deliver to shareholders the financial rewards that Emergent’s assets offer.

So what are our next steps?

On 30 November, in Sydney, we will be holding Emergent’s Annual General Meeting for 2010 and you are warmly invited to attend. A formal invitation and notice of meeting will be sent to you shortly. At the AGM, we plan to present our near term strategy for the company.

Your team has been working diligently reviewing all of the company’s assets and assessing the resources (time, people, funds) required, and the optimal way, to unlock their wealth. Based on this we are developing a near term strategy that will bring Emergent to the next important decision point.

A key part of the asset review and near term strategy will focus on the Beyondie project. Beyondie hosts a massive iron ore (magnetite) deposit which, if the technical analyses and geological investigations confirm its prospectivity, could produce millions of tonnes of ore for decades. It is our intention to ascertain Beyondie’s resources and reserves as quickly and cost effectively as possible, as well as the most attractive manner in which to finance the project and develop it into a world class mine.

Our company also has an exciting, high potential portfolio of base metal, gold and uranium tenements and we are currently determining how best to unlock the promise they hold by identifying high potential targets that could result in commercial ore bodies.

The Emergent team and I are enthusiastic about the company’s future and confident of unlocking the wealth that Emergent’s assets proffer and we look forward to your continued support.

Yours sincerely,

Wolfgang Fischer Executive Chairman 29 October 2010

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