HAWSONS IRON LTD — Capital/Financing Update 2010

Jun 16, 2010

A N N O U N C E M E N T ASX

==> picture [104 x 76] intentionally omitted <==

16 June 2010

ASX Announcements Office 20 Bridge Street SYDNEY NSW 2000

Dear Sir/Madam,

The Directors of Carpentaria Exploration Limited (ASX: CAP) wish to advise that the CAPO options exercisable at $0.30c per option will expire at 5:00 pm (AEST) on 30 June 2010

Pursuant to listing Rule 3.17 please find attached a copy of the letter and Notice of Exercise of Options Form sent to all CAPO option holders.

Yours Faithfully,

==> picture [83 x 34] intentionally omitted <==

Chris J Powell Company Secretary

Ground Level, Boundary Court, 55 Little Edward Street, Springhill Queensland 4000 PO Box 1019 Spring Hill QLD 4004 Phone: + 61 7 3161 3801 Fax: + 61 7 3161 3786 e-mail: info@capex.net.au

==> picture [92 x 65] intentionally omitted <==

7 May 2010

To: CAP Option Holders

We are pleased to provide you the opportunity to exercise your Carpentaria Exploration
Ltd. options (CAPO) which will expire on 30 June 2010, the enclosed form gives complete
instructions on how you can go about this.

Carpentaria Exploration has recently announced a major deal of $81 M on our Hawsons
Iron Ore Project in NSW (Refer ASX announcement 20 April 2010) which as you may be
aware has had a positive effect on our share price.

CAP will be continuing exploration on a number of its tenements in the coming months in
conjunction with JV partners. We expect to spend some $10 M on exploration this calendar
year, most of it on drilling. The majority of these funds will be contributed by JV partners
earning in to our projects. CAP contribution will be approximately $600,000. The drilling
will be undertaken on our gold, coal, tin and iron projects and will provide our investors
with a continuous news flow.

As mentioned above, the enclosed form explains the situation with your options and how
to exercise them if you so wish. If you have any queries please advise us.

Thanks
Yours faithfully,

==> picture [79 x 36] intentionally omitted <==

Nick Sheard
Executive Chairman

==> picture [48 x 47] intentionally omitted <==

55 Little Edward Street, Ground Level, Boundary Court,   Spring Hill,  Queensland  4000
PO Box 1019  Spring Hill  QLD 4004
Phone: + 61 7 3161 3801   Fax: + 61 7 3161 3786
e-mail: info@capex.net.au Website:  www.capex.net.au

All Registry communications to: Link Market Services Limited Locked Bag A14 Sydney South NSW 1235 Australia Telephone: 1300 554 474 From outside Australia: +61 2 8280 7454 ASX Code: CAPO Website: www.linkmarketservices.com.au

==> picture [128 x 91] intentionally omitted <==

----- Start of picture text -----

ACN 095 117 981
----- End of picture text -----

SRN/HIN:

Number of Options held as at 6 May 2010: Conversion Ratio: 1 for 1 Exercise Price: A$0.30 Expiry Date: 30 June 2010 SAMPLE ~~ONLY~~ Last date of Quotation on ASX: 23 June 2010

NOTICE OF EXERCISE OF OPTIONS

Carpentaria Exploration Limited Options ASX Quotation Prices:

Closing price on 6 May 2010 A$0.125 3 month high before 6 May 2010 A$0.32 3 month low before 6 May 2010 A$0.001 Last date of quotation on ASX 23 June 2010

PLEASE COMPLETE BELOW (using block letters) – refer overleaf for details and further instructions on how to complete this form.

I/We apply to exercise the following number of options and make payment in Australian currency drawn on an Australian branch of a financial institution for the amount payable. Please allot me/us Ordinary Shares calculated on the basis of one (1) Ordinary Share for every one (1) Option which I/we exercise. I/We agree to accept such Shares subject to the Constitution of Carpentaria Exploration Limited.

PAYMENT OPTIONS – There are two payment options:

OPTION 1: PAyINg by bpay[®]

OPTION 2: PAyINg by CHEQuE, bANk dRAfT OR MONEy ORdER

If paying by Bpay[®] , refer to the instructions overleaf. You do NOT need to If paying by cheque, bank draft or money order, complete and return the return the acceptance slip below if you elect to make payment by Bpay[®] . payment slip below with your payment. No signature is required on the Payment must be received via Bpay[®] before 5:00pm (AEST) on 30 June payment slip. The payment slip with your payment must be received by the 2010. You should check the processing cut off-time for Bpay[®] transactions Registry before 5:00pm (AEST) on 30 June 2010. with your bank, credit union or building society to ensure your payment will be SAMPLE ONLY received by the Registry in time. By paying by Bpay[®] you will have deemed to have completed an Application Form for the number of Options subject of your application payment.

==> picture [96 x 44] intentionally omitted <==

Biller Code: 126896 Ref:

Telephone & Internet Banking – Bpay[®]

Contact your bank or financial institution to make this payment from your cheque, savings, debit or transaction account. More info: www.bpay.com.au

® Registered to Bpay Pty Ltd ABN 69 079 137 518

==> picture [596 x 222] intentionally omitted <==

----- Start of picture text -----

THIS IS A PERSONALISED FORM FOR THE SOLE USE OF THE OPTIONHOLDER AND HOLDING RECORDED ABOVE.
Please detach and enclose with payment
SRN/HIN
NuMbER Of OPTIONS EXERCISEd TOTAL PAyMENT REQuIREd
A B
(Exercise all or part of CAPO Options) (A$0.30 per CAPO Option exercised)
S AMPLE at A$0.30 per O NLY
A$
Option Exercised
C PLEASE INSERT CHEQuE, bANk dRAfT OR MONEy ORdER dETAILS – Cheques, bank drafts or money orders must be drawn on an Australian
branch of a financial institution in Australian currency, made payable to “Carpentaria Exploration Limited” and crossed “Not Negotiable”.
Drawer Cheque Number BSB Number Account Number Amount of Cheque
A$
D CONTACT dETAILS – Telephone Number Telephone Number – After Hours Contact Name
( ) ( )
----- End of picture text -----

HOW TO COMPLETE THE NOTICE OF EXERCISE OF OPTIONS

Please complete all relevant sections of this form USING BLOCK LETTERS. These instructions are cross referenced to each section of the notice.

Payment Options

Option 1 – Paying by bpay[®]

held in your account, as your cheque will be banked as soon as it is received.

If you elect to make payment using Bpay[®] you must contact your bank or financial institution to make this payment from your cheque, savings, debit or transaction account. For more information: www.bpay.com.au

• A. Application for Shares under the Notice of Exercise of Options

Refer to the front of this form for the Biller Code and Customer Reference Number. Payments must be received by Bpay[®] before 5:00pm (AEST) on 30 June 2010. If the BpayBpaypay[[®]] payment is for any reason not received in full, Carpentaria Exploration Limited may treat you as applying for as many New Shares as the cleared monies will pay for. You should check the processing cut off-time for BpayBpaypay[[®]] transactions with your bank, credit union or building society to ensure your payment will be received by the Registry in time. Optionholders using the Bpay[®] Facility will be bound by the provisions relating to this Offer. you are not required to submit this completed notice of Exercise of Options form if you elect to make payment using Bpay[®] .

• You may exercise either part of, or all of, your Options holding. Please write in Box A the number of Options that you wish to exercise.

• 30 June 2010. If the BpayBpaypay[[®]] payment is for any reason not received in full, Carpentaria Exploration Limited may treat you as applying for as many New If you do not indicate the number of Options you wish to Exercise, Shares as the cleared monies will pay for. You should check the processing the Company will exercise as many Options as your accompanying cut off-time for BpayBpaypay[[®]] transactions with your bank, credit union or building cheque will pay for. The number of Options exercised, however, will not SAMPLE ONLY

• If you do not indicate the number of Options you wish to Exercise, the Company will exercise as many Options as your accompanying cheque will pay for. The number of Options exercised, however, will not exceed the number of Options that you hold.

b. Total Payment Required for Options Exercise

• Please enter in Box B the total amount of the cheque required for the payment of the Options you wish to exercise at the Exercise Price of A$0.30 per Option.

Option 2 – Paying by Cheque/bank draft or Money Order Please enter your cheque details in Section C.

• d. Contact details

Please enter your contact telephone number so we can contact you regarding your notice, if necessary.

Cheques must be drawn on an Australian branch of a financial institution in Australian currency and made payable to “Carpentaria Exploration Limited” and crossed “Not Negotiable”. Please ensure sufficient cleared funds are

Consequence of non-payment

If a Notice of Exercise and the required payment are not received before 5:00pm (AEST) on 30 June 2010, the Options will automatically lapse and no longer be available for exercise.

SAMPLE ONLY

How to Lodge the Notice of Exercise of Options

A reply paid envelope is enclosed for you to return your payment slip. No postage stamp is required if it is posted in Australia. Mailing Address or Hand delivery Carpentaria Exploration Limited Carpentaria Exploration Limited Link Market Services Limited Link Market Services Limited SAMPLE ONLY Locked Bag 3415 Level 15, 324 Queen Street Brisbane QLD 4001 Brisbane QLD 4000 (Please do not use this address for mailing purposes) Make sure you send your payment slip and payment allowing enough time for mail delivery, so that Link Market Services Limited receives them no later than 5:00pm (AEST) on 30 June 2010. Please ensure sufficient cleared funds are held in your account, as your cheque will be banked as soon as it is received. Carpentaria Exploration Limited reserves the right not to process any payment slips received after this date.

If you require information on how to complete this form please contact Carpentaria Exploration Limited on (07) 3161 3801, between 8:30am and 5:00pm (AEST) Monday to friday.

If you are unsure as to whether or not to participate in the Exercise of Options, please consult your investment, financial, taxation or other professional adviser.

Privacy Clause: Link Market Services Limited advises that Chapter 2C of the Corporations Act 2001 requires information about you as a securityholder (including your name, address and details of the securities you hold) to be included in the public register of the entity in which you hold securities. Information is collected to administer your securityholding and if some or all of the information is not collected then it might not be possible to administer your securityholding. Your personal information may be disclosed to the entity in which you hold securities. You can obtain access to your personal information by contacting us at the address shown on this form. Our privacy policy is available on our website (www.linkmarketservices.com.au).