Future Metals NL — Capital/Financing Update 2011

Feb 2, 2011

3 February 2011

Australian Securities Exchange Level 4, 20 Bridge Street SYDNEY NSW 2000

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Via E‐lodgement

RED EMPEROR PLACEMENT ‐ OFFER TO RANGE SHAREHOLDERS

As previously announced by Range Resources Limited (“ Range ” or “ the Company ”), Red Emperor Resources NL (“ RMP ”) are offering eligible Range Shareholders the opportunity to participate in a share placement by RMP. This follows RMP’s recent acquisition of farm‐in interests in Range’s Puntland and Georgian oil and gas projects. This offer to participate in RMP’s share placement is open (due to regulatory restrictions) to:

• All Range Australian Shareholders; and

• Range UK Shareholders who satisfy the criteria as specified in the RMP Prospectus, (clause 1.2 Foreign Jurisdictions – United Kingdom), as summarised below:

“The Offer made under this Prospectus is only made in the United Kingdom to Certified High Net Worth Individuals, Self‐Certified Sophisticated Investors, Investment Professionals or High Net Worth Companies in the United Kingdom as defined in the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (each a “Relevant Person”).

To qualify as a Certified High Net Worth Individual, an individual must have signed, within the previous twelve months of the date of this Prospectus, a statement which contains the information set out in Part 1 of Schedule 5 to the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005. To qualify as a Self‐Certified Sophisticated Investor, an individual must have signed, within the previous 12 months, a statement which contains the information set out in Part 2 of Schedule 5 to the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005.”

RMP is a company listed on the Australian Securities Exchange (“ ASX ”) and a full copy of the Australian prospectus for the RMP share placement can be found on the ASX website under the Red Emperor code RMP.

For Australian Range Shareholders please contact:

Matthew Lumb or Max Ludowici – Minc Stockbroking

Max.ludowici@mincstockbroking.com.au

+61 (0) 2 8116 9616

For UK Range Shareholders, please contact your UK broker directly who will in turn contact Minc Stockbroking

For and on behalf of the Board

Regards

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Peter Landau Executive Director

Contacts

Range Resources Peter Landau

Tel : +61 (8) 8 9488 5220 Em: plandau@rangeresources.com.au

Australia

PPR

David Tasker Tel: +61 (8) 9388 0944 Em: david.tasker@ppr.com.au

RFC Corporate Finance (Nominated Advisor)

Stuart Laing Tel: +61 (8) 9480 2500

London

Tavistock Communications

Jonathan Charles

Tel: +44 (0) 20 7920 3150 Em: jcharles@tavistock.co.uk

Old Park Lane Capital (Broker)

Michael Parnes Tel: +44 (0) 207 493 8188

Range Background

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Range Resources is a dual listed (ASX: RRS; AIM: RRL) oil & gas exploration company with oil & gas interests in the frontier state of Puntland, Somalia, the Republic of Georgia and Texas, USA.

• Range holds a 25% interest in the initial Smith #1 well and 20% interest in further wells on the North Chapman Ranch project, Texas. The project area encompasses approximately 1,680 acres in one of the most prolific oil and gas producing trends in the State of Texas. Drilling of the first well has resulted in a commercial discovery with independently assessed gross recoverable reserves in place of 240 Bcf of natural gas, 18 mmbbls of oil and 17 mmbbls of natural gas liquids.

• Range holds a 21.75% interest in the East Texas Cotton Valley Prospect in Red River County, Texas, USA, with the prospect’s project area encompasses approximately 1,570 acres encompassing a recent oil discovery. Independently assessed gross recoverable reserves in place of 5.4 Mmbbls of oil.

• In Puntland, Range holds a 20% working interest in two licences encompassing the highly prospective Dharoor and Nugaal valleys with plans to drill two wells (TSXV:AOI) – 45% Operator, in 2011.

• In the Republic of Georgia, Range holds a 50% farm‐in interest in onshore blocks VIa and VIb, covering approx. 7,000sq.km. Currently, Range has recently completed a 410km 2D seismic program with independent consultants RPS Energy identifying 68 potential structures containing and estimated 2.045 billion barrels of oil‐in‐place.

• In Trinidad Range has entered into a HOA to acquire a 10% interest in holding companies with three onshore production licenses. Independently assessed gross recoverable P2 reserves in place of 4.8MMbls.

The reserves estimate for the North Chapman Ranch Project and East Texas Cotton Valley has been formulated by Lonquist & Co LLC who are Petroleum Consultants based in the United States with offices in Houston and Austin. Lonquist provides specific engineering services to the oil and gas exploration and production industry, and consults on all aspects of petroleum geology and engineering for both domestic and international projects and companies. Lonquist & Co LLC have consented in writing to the reference to them in this announcement and to the estimates of oil, natural gas and natural gas liquids provided. These estimates were formulated in accordance with the guidelines of the Society of Petroleum Engineers (“SPE”). The SPE Reserve definitions can be found on the SPE website at www.spe.org.

The reserves estimates for the 3 Trinidad blocks referred above have been formulated by Forrest A. Garb & Associates, Inc. (FGA). FGA is an international petroleum engineering and geologic consulting firm staffed by experienced engineers and geologists. Collectively FGA staff has more than a century of world‐wide experience. FGA have consented in writing to the reference to them in this announcement and to the estimates of oil and natural gas liquids provided. The definitions for oil and gas reserves are in accordance with SEC Regulation S‐X.

RPS Group is an International Petroleum Consulting Firm with offices worldwide, who specialise in the evaluation of resources, and have consented to the information with regards to the Company’s Georgian interests in the form and context that they appear. These estimates were formulated in accordance with the guidelines of the Society of Petroleum Engineers (“SPE”).

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