IODM LIMITED — AGM Information 2007

Nov 14, 2007

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ANNUAL GENERAL MEETING: CHAIRMAN’S ADDRESS

PARADIGM METALS LIMITED

ACN 102 747 133

Address by the Chairman, Mr. Dick Austen A.O., to the 2007 Annual General Meeting, North Sydney, 15 November 2007

Ladies and Gentlemen,

Welcome to the 2007 Annual General Meeting of Paradigm Metals Limited. This is the fourth AGM of Paradigm as an ASX listed company, but the first since our change of name from Gold to Metals reflecting a change of direction away from pure gold exploration.

As I said in the Annual Report, the past year has been one of significant developments for Paradigm. We spent 2004 and 2005 completing our exploration programme under our IPO prospectus and then searched for new projects. Many deals were evaluated - most of these involved significant dilution to our shareholders and were deemed unattractive. Our fortunes changed following our decision to apply for ground in the Cloncurry area prospective for uranium, and our acquisition of the White Rock tungsten project from Copper Strike Limited late last year. We also recognised potential for copper beneath the old mine workings at Frogmore, and we now have a highly prospective copper project in our portfolio.

White Rock Tungsten project

We have defined an Indicated and Inferred tungsten Mineral Resource of 150,000 tonnes grading 0.9% tungsten trioxide at White Rock. Since this Resource was calculated, Paradigm has completed two rounds of RC drilling with several high-grade tungsten intersections made outside the Resource area. Assay results are awaited from the most recent drill program comprising 21 holes for a total of 750 metres.

Although the current White Rock Resource is small, it is high grade and located at shallow depths of less than 40 metres, and extensions are open. Preliminary metallurgical test work is underway to determine whether the ore can be processed to a saleable concentrate relatively simply by a combination of magnetic and gravity techniques.

Following receipt of drill assays in the next fortnight, we expect to be in a position to update the Resource by the end of the year. A Scoping Study will be initiated shortly, and more drilling is planned for early next year.

Frogmore Copper project

We have now completed some 1040 metres of diamond cored drilling and 2200 metres of RC percussion drilling at Frogmore. Drilling beneath the old workings has uncovered what seems to be a Cobar-style copper prospect with at least 5 copper lodes, some of which are also zinc bearing. So far every deeper hole has intersected improved copper grades. Currently mineralisation at the Pride of Frogmore lode is open at depth, and in both directions along strike.

Paradigm Metals Ltd: ACN 102 747 133 Suite 202, 122 Walker Street, North Sydney NSW 2060, Australia 1 Ph: 61(2)-99557130 Fax: 61(2)-89203576 Email: info@paradigmmetals.com.au Web: www.paradigmmetals.com.au

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The results to date are highly encouraging. The next step is to carry out an aerial VTEM and magnetic survey in early December, which should provide us with new sulphide targets and improve our geological knowledge. In early January 2008 a programme of deep diamond drilling will commence.

This prospect is well located in a welcoming community and its location gives any future development a significant economic advantage.

Mt Isa – Cloncurry Uranium projects

Paradigm recently announced a joint exploration initiative with Exco Resources to explore for uranium and other minerals in the Toolebuc Limestone Formation on both company’s exploration permits east of Cloncurry, Queensland. The combined area amounts to 600 sq km and brings together a large package of tenements which would otherwise be fragmented. The Cloncurry deal allows focus to be maintained on Paradigm’s projects in NSW whilst continuing to advance the uranium projects at a rapid pace through cost-sharing arrangements with Exco.

We are planning to complete a first round of aircore drilling at Cloncurry in December prior to the summer wet season. The Company’s Blue Bush and Jacktim projects are not part of the Cloncurry deal, but will also be advanced over the next few months.

Funding

Paradigm continues to maintain very tight cost controls over corporate overheads in keeping with its objective of maximizing expenditure on direct exploration mainly in the form of drilling. Currently the Company has $1.6 million in cash million which will be sufficient to fund the planned exploration programmes outlined above.

Corporate

During the year, your Board reluctantly accepted the resignation of Mr Ray Soper. I would like to take this opportunity to thank him for his valuable contributions during the formative years of your Company.

I look forward to a continuing flow of exciting results from our prospects.

Thank you.

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Richard Austen AO Chairman 15 November 2007

Paradigm Metals Ltd: ACN 102 747 133 Suite 202, 122 Walker Street, North Sydney NSW 2060, Australia 2 Ph: 61(2)-99557130 Fax: 61(2)-89203576 Email: info@paradigmmetals.com.au Web: www.paradigmmetals.com.au