FENIX RESOURCES LTD — Capital/Financing Update 2010

Sep 6, 2010

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7 September 2010

Company Announcements Office Australian Securities Exchange Level 4 20 Bridge St Sydney NSW 2000

OPTION EXPIRY NOTICE TO OPTION HOLDERS

Please find attached an option expiry notice mailed today to holders of listed options expiring 30 September 2010.

Emergent Resources Limited

Kevin Hart Company Secretary

Emergent Resources Limited ABN 68 125 323 622

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A

000001 000 1301011221012102012221332120133322113 SAM MR JOHN SMITH 1 FLAT 123 123 SAMPLE STREET THE SAMPLE HILL SAMPLE ESTATE SAMPLEVILLE VIC 3030

Please return completed form to: Computershare Investor Services Pty Limited GPO Box D182 Perth 6840 Western Australia Enquiries (within Australia) 1300 850 505 (outside Australia) 61 3 9415 4000 web.queries@computershare.com.au www.computershare.com

Securityholder Reference Number (SRN)

I1234567890

I 1234567890 I N D

Use a black pen. Print in CAPITAL letters A B C 1 2 3 inside the grey areas.

 For your security keep your SRN/HIN confi dential.

Option Expiry Notice

Options exercisable at A$0.20 expiring at 5pm WST on 30 September 2010

Dear Optionholder(s)

You are reminded that the Options to subscribe for Shares in the capital of Emergent Resources Limited registered in your name expire on 30 September 2010. These Options are exercisable wholly or in part by the payment of A$0.20 for each option exercised. Payment has to be received at the address overleaf, by 5pm WST on 30 September 2010. For every one option exercised, the optionholder will be allotted one Share in the capital of Emergent Resources Limited.

Options not exercised by 5pm WST on 30 September 2010 will lapse.

To be completed by Optionholder

Optionholder Entitlement details Subregister Issuer ASX Code EMG Number of Options registered in XXX,XXX,XXX your name Amount payable on full exercise of Options at A$0.20 per Option X,XXX,XXX.XX Number of Shares to be issued XXX,XXX,XXX

B Number of Options to be exercised C Amount enclosed at A$0.20 per Option . A$

I/We enclose my/our payment for the amount shown above being payment of A$0.20 per Option.

To the Directors

Emergent Resources Limited

I/We the abovenamed being the registered holder(s) of the options, hereby exercise my/our option for Shares in Emergent Resources Limited and I/we request you allot such Shares to me/us and I/we agree to be bound by the Constitution of the Company.

Payment details – Please note that funds are unable to be directly debited from your bank account

Individual or Optionholder 1Sole Director and Sole Company SecretaryOptionholder 2DirectorESign Here - This section must be signed for your instructions to be executedDBSB NumberAccount NumberDrawerCheque NumberMake your cheque or bank draft payable to Emergent Resources Limited	Optionholder 3Director/Company SecretaryAmount of chequeA$

The directors reserve the right to make amendments to this form where appropriate. Please refer to the lodgement instructions overleaf.

This form may not be used to effect an address change. Please contact Computershare Investor Services Pty Limited on 1300 850 505 for an appropriate form, or download a Change of Address Notification form from www.computershare.com

See back of form for completion guidelines

E M G

O E N

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How to complete this form

Exercise of your Options in full or part

A Registration Name(s) Your name and address as it appears on the Register of Emergent Resources Limited.

Registration Name(s) E Signature(s) Your name and address as it appears on the Register of Emergent You must sign the form as follows in the space provided: Resources Limited. Joint holding: where the holding is in more than one name all of the Options Exercised securityholders must sign. Enter the number of Options you wish to exercise. Power of Attorney: to sign under Power of Attorney, you must have already lodged this document with the registry. Exercise Monies Alternatively, attach a certified copy of the Power of Enter the amount of exercise monies. To calculate the amount payable, Attorney to this form when you return it. multiply the number of Options exercised by the exercise price. Deceased Estate: all executors must sign and, if not already noted by the registry, a certified copy of Probate or Letters of Payment Administration must accompany this form. Make your cheque or bank draft payable to Emergent Resources Limited in Companies: where the company has a Sole Director who is also Australian currency and cross it Not Negotiable. Your cheque or bank draft must be drawn on an Australian Bank. the Sole Company Secretary, this form must be signed by that person. If the company (pursuant to Complete the cheque details in the boxes provided. The total amount section 204A of the Corporations Act 2001) does must agree with the amount shown in box C. Please note that funds are not have a Company Secretary, a Sole Director can unable to be directly debited from your bank account. also sign alone. Otherwise this form must be signed by a Director jointly with either another Director or a Cheques will be processed on the day of receipt and as such, Company Secretary. Please sign in the appropriate sufficient cleared funds must be held in your account as cheques place to indicate the office held. returned unpaid may not be re-presented and may result in your Expiry Notice being rejected. Paperclip (do not staple) your cheque(s) to the Options Expiry Notice where indicated. Cash will not be accepted. Receipt for payment will not be forwarded .

• B Options Exercised

C Exercise Monies

D Payment

This is an important document and requires your immediate attention. If you are in any doubt as to how to deal with it, please consult your Financial or other Professional Advisor.

Lodgement of Notice

Option Expiry Notices must be received by Computershare Investor Services Pty Limited Perth by no later than 5pm WST on 30 September 2010. You should allow sufficient time for this to occur. Return the Option Expiry Notice with cheque(s) attached to:

Computershare Investor Services Pty Limited GPO Box D182 PERTH WA 6840

Neither CIS nor the Company accepts any responsibility if you lodge the Option Expiry Notice at any other address or by any other means.

Privacy Statement

Personal information is collected on this form by Computershare Investor Services Pty Limited (“CIS”), as registrar for securities issuers (“the issuer”), for the purpose of maintaining registers of securityholders, facilitating distribution payments and other corporate actions and communications. Your personal information may be disclosed to our related bodies corporate, to external service companies such as print or mail service providers, or as otherwise required or permitted by law. If you would like details of your personal information held by CIS, or you would like to correct information that is inaccurate, incorrect or out of date, please contact CIS. In accordance with the Corporations Act 2001, you may be sent material (including marketing material) approved by the issuer in addition to general corporate communications. You may elect not to receive marketing material by contacting CIS. You can contact CIS using the details provided on the front of this form or e-mail privacy@computershare.com.au

Recent Share Prices on Australian Securities Exchange

Latest available market sale price of the Shares was A$0.29 on 3 September 2010. Highest sale price during the 3 months preceding 3 September 2010 was A$0.55 on 30 June 2010. Lowest sale price during the 3 months preceding 3 September was A$0.27 on 1 September 2010.

Last trading day of Options on the Australian Securities Exchange will be on 23 September 2010.

Details of Underwriting Agreement

The Company has entered into a Subscription and Underwriting agreement with Casimir Capital (Asia Pacific) Pty Ltd (Casimir), pursuant to which Casimir has agreed to underwrite the exercise of all the options quoted on the ASX, and expiring 30 September 2010. The obligations of the underwriter are conditional upon, among other things:

• Casimir securing sub-underwriting commitments on acceptable terms by 30 September 2010;

• The Company entering into a Placement Underwriting Agreement which is to be negotiated between the Company and Casimir pursuant to which a further placement of, if completion occurs under the Subscription and Option Agreement between the Company and Beijing China Metallurgical Investment Company Limited (CMIC Agreement), up to 20 million shares at $0.25 each and 20 million options with and exercise price of $0.35 and a term of 12 months, and otherwise, up to 50 million shares at $0.20 each; and

• No termination event occurring, including non completion under the CMIC Agreement.

• If you have any enquiries concerning your Option holding, please contact Computershare Investor Services Pty Limited on 1300 850 505.

Please return the completed form in the envelope provided or to the address opposite:

Computershare Investor Services Pty Limited GPO Box D182 Perth WA 6840 Australia