HIGHFIELD RESOURCES LIMITED — Capital/Financing Update 2012

Feb 2, 2012

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30 January 2012

ASX Limited Level 8, Exchange Plaza 2 The Esplanade Perth WA 6000

HIGHFIELD RESOURCES LIMITED – UPDATED USE OF FUNDS

The Company intends to apply funds raised from the Offer, together with existing cash reserves, over the first two years following admission of the Company to the official list of ASX as follows:

	Fll biti
Funds available	u suscrpon($4000000)
	,,
Existing cash reservesFunds raised from the OfferTotal	400,1254,000,0004,400,125
Allocation of funds
Exploration costsExpenses of issueAdministration costs and workingcapital	3,125,000390,808884,317
Total	4,400,125

The above table is a statement of the Company’s intentions as per the Prospectus dated 5 December 2011. As with any budget, intervening events (including exploration success or failure) and new circumstances have the potential to affect the manner in which the funds are ultimately applied. The Board reserves the right to alter the way funds are applied on this basis.

Yours Faithfully

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AARON BERTOLATTI Company Secretary HIGHFIELD RESOURCES LIMITED

Level 1, 33 Richardson Street, West Perth, WA 6005 PO Box 826, West Perth, WA 6872

Tel: (08) 9200 4426 Fax: (08) 9200 4469 www.highfieldresources.com.au/