FMR RESOURCES LIMITED — Capital/Financing Update 2012

May 21, 2012

22 May 2012

ASX Announcement & Media Release

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ORREX STARTS DEEP DIAMOND HOLE AT GOLDEN MILE SOUTH

HIGHLIGHTS:

• Orrex has commenced drilling of a deep diamond hole at its Golden Mile South Project.

• The drill hole is designed to test for extensions of the famous “Golden Mile” of Kalgoorlie.

• Hole completion is expected before the end of June with initial interpretation available two weeks later.

• Final results are anticipated by mid August.

Diamond Drill Program:

The board and management of Orrex Resources Ltd (“Orrex” or the “Company”) are pleased to announce that the Company has commenced drilling of a deep diamond hole at its Golden Mile South Project. The drill hole is designed to test for extensions of the famous “Golden Mile” of Kalgoorlie (refer to announcement released 14 May) and to provide stratigraphic information to assist with further exploration.

The program consists of one diamond drill hole up to 1,200m targeting the Golden Mile Dolerite, host to the 70 million oz Kalgoorlie Super Pit gold deposit. We expect to complete the hole by the end of June with the initial interpretation and logging results likely to be available within two weeks of finalising the hole. The final results and assays are expected in mid August. We will look to conduct a follow-up program based on the results of this hole.

The commencement of this hole is an important milestone for Orrex. We are excited about the possible implications of discovering the extension of the Golden Mile Dolerite and look forward to the results.

Yours Faithfully,

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Sonja Felderhof Managing Director

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr. John Bartlett, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr. Bartlett is a consultant to the company. He has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr. Bartlett consents to their inclusion in the report of the matters based on his information in the form and context in which it appears.