HAWSONS IRON LTD — Capital/Financing Update 2008

May 27, 2008

ACN 095 117 981

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CARPENTARIA EXPLORATION LIMITED

SUPPLEMENTARY PROSPECTUS

This is a Supplementary Prospectus intended to be read with the Short Form Prospectus dated 19 May 2008 for a non-renounceable entitlements issue of 1 New Option, exercisable at 30 cents on or before 30 June 2010, for every 2 Shares held by Shareholders at an issue price of $0.01 per New Option ( the Prospectus ).

This Supplementary Prospectus is dated 27 May 2008 and was lodged with the Australian Securities and Investments Commission on that date. ASIC and ASX take no responsibility for the contents of this Supplementary Prospectus.

Pursuant to Section 719(4) of the Corporations Act 2001 (Cth), the Prospectus is taken to include this Supplementary Prospectus.

Rounding of Entitlements

Section 1.4 of the Prospectus erroneously states that in determining a Shareholder’s Entitlement, where the number of New Options to which a Shareholder is entitled contains a fraction, the number will be rounded down to the nearest whole number of New Options.

For the purposes of clarification, the Company notes that in determining a Shareholder’s Entitlement, the number will be rounded up to the nearest whole number of New Options.

The personalised Entitlement and Acceptance Form that will be sent to Shareholders on 6 June 2008 will set out each Shareholder’s Entitlement, based on the rounding up to the nearest whole number of New Options.

Directors’ Consent

This Supplementary Prospectus has been approved by unanimous resolution of the Directors of the Company. Each Director of the Company has given, and has not withdrawn, its consent to the lodgement of this Supplementary Prospectus.

It is noted that the Directors believe that the clarification included in this Supplementary Prospectus is not materially adverse from the point of view of investors.

Dated: 27 May 2008

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Robert Hair

Director – Carpentaria Exploration Limited