Future Metals NL — Capital/Financing Update 2011

Nov 27, 2011

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28 November 2011

Manager of Company Announcements ASX Limited Level 8 Exchange Plaza 2 The Esplanade PERTH WA 6000

By E-Lodgement

Project Update

Red Emperor Resources NL (ASX: RMP | AIM: RMP) is pleased to announce the following operations update with respect to the Company’s interests in Georgia and Puntland.

BOARD & MANAGEMENT Mr Greg Bandy EXECUTIVE DIRECTOR

Mr Jason Bontempo NON-EXECUTIVE DIRECTOR

Mr Stephen Brockhurst NON-EXECUTIVE DIRECTOR

Ms Rebecca Sandford Ms Shannon Robinson COMPANY SECRETARY

Georgian Project

REGISTERED OFFICE

Re-interpretation of the Mukhiani-1 seismic data supported by the Vertical Seismic Profile (“VSP”) results has indicated that the well encountered previously unrecognized faults that led to possible basement being encountered far earlier than predicted. New fault and stratigraphic trapping potential has been identified in the vicinity of the well and based on these findings, Red Emperor and its partners have the option to side-track and test these targets. However it has been decided that, based on the exploration schedule and availability of the drilling rig, the Company and its partners will continue onto the next proposed Kursebi well.

As a result, the Mukhaini-1 well will be suspended and the rig moved to the next proposed well site. The Kursebi well is targeting separate geological structures from the Vani area, with the Kursebi target having been identified using different seismic lines for interpretation purposes. With additional seismic planed for Block VIb in Q2 next year, the Company and its partners have decided to also complete a further seismic tie in line over Mukhiani-1 to assist with the proposed side-track well to be completed in the second half of 2012.

Puntland Project

In Puntland, Horn Petroleum Corp. ("Horn") is currently in final preparations to commence a two well drilling campaign in the Dharoor Valley Block, with the first well (Shabeel-1) planned to spud in December 2011. Drilling locations have been selected over two robust prospects targeting gross best estimated prospective resources of over 300 million barrels each, based on internal operator estimates.

Horn has completed sourcing drilling related materials and the majority of these materials are on site or on route to the drilling site. Preparation works including the drill site, air strip and ingress route construction have been completed. Water wells are currently being drilled to provide source water for drilling operations.

Ground Floor 1 Havelock Street West Perth WA 6005

POSTAL ADDRESS PO Box 1440 West Perth WA 6872

CONTACT DETAILS Tel: +61 8 9488 5220 Fax: +61 8 9324 2400

WEBSITE

www.redemperorresources.com

SHARE REGISTRY Computershare Level 2 45 St Georges Terrace Perth WA 6000 Tel: 1300 555 159

NOMINATED ADVISER Cairn Financial Advisers LLP 61 Cheapside London EC2V 6AX Tel: +44 (0) 207 148 7900 Fax: +44 (0) 207 148 7909

ASX CODE RMP

For and on behalf of the Board

AIM CODE RMP

Greg Bandy Executive Director

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Background

Red Emperor Resources NL (ASX: RMP) is a natural resources exploration company with interests in the frontier state of Puntland, Somalia, the Republic of Georgia and Western Australia.

• In Puntland, Red Emperor holds a 20% working interest in two licences encompassing the highly prospective Dharoor and Nugaal valleys. These two exploration areas cover over 36,000km[2] and have independently been assessed to potentially contain a combined 19 billion barrels of oil in-place. Red Emperor’s joint venture partner and PSA operator Africa Oil Corp. (TSXV: AOI) has signed a contract with a drilling company Sakson Drilling and Oil Services as well as all related third party contracts and expects the first well to be drilled in Dharoor in Q4, 2011.

• In the Republic of Georgia, Red Emperor has a 20% working interest in onshore blocks VIa and VIb, covering approx. 6,500km[2] . Joint Venture partner Range Resources Limited (ASX: RRS | AIM: RRL) last year funded a 410km 2D seismic program with independent consultants RPS Energy identifying 68 potential structures containing an estimated 2.045 billion barrels of oil‐in‐place (on a mean 100% basis). Two wells are to be drilled this year as part of the proposed drill program.

• The Company also has a 25% interest in the Jillewarra Project, a copper and gold project in Western Australia. This interest is free carried through until bankable feasibility study.

Ground Floor, 1 Havelock Street, West Perth WA 6005 | Tel: +61 8 9488 5220 | Fax; +61 8 9324 2400 | www.redemperorresources.com ABN 99 124 734 961