IODM LIMITED — AGM Information 2008

Nov 19, 2008

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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 2008 Annual General Meeting, North Sydney, 20 November 2008

Ladies and Gentlemen,

Welcome to the 2008 Annual General Meeting of Paradigm Metals Limited. This is the fifth AGM of Paradigm as an ASX listed company.

The minerals exploration industry faces difficult times with the downturn in the share market making fundraising difficult. However difficult times also bring new opportunities. The prices and expectations of vendors of exploration properties have now become more realistic and the recent declines in exploration industry spending is causing drilling and other services to become reasonably available again. Companies like ours are accustomed to running on low overheads and we are prepared for the market environment which lies ahead.

In my experience, now is the time for us to take advantage of opportunities. It is not the time to hibernate. My business career has revolved around resources and, while it is chancy and difficult, it does deliver rewards on a discovery which leave most other investments far behind. Staying in the game, and being creatively active, will bring rewards. This is Paradigm’s approach.

As I noted in the 2008 Annual Report, the Company has been strengthened this year with our 50:50 Joint Venture with Exco over the uranium/ vanadium / molybdenum tenements near Cloncurry. We have also welcomed Sempra Metals and Concentrates, a leading US based metals and commodities trading company to our share register with an 11% holding.

I will not review our current projects as that is done in some detail in our 2008 Annual Report which you will have received. However I will say that our Frogmore copper and Democrat copper/ gold projects continue to show promise and justify additional work. Our resources do not extend to doing all we would like to do on our White Rock tungsten project, near Boorowa, NSW or our Blue Bush copper gold target north of Cloncurry. We are looking for partners to pursue these projects with us. We are also pleased that our North Cadia project is to be taken over by a group which has the resources to pursue the deeper target potential of the area for copper-gold porphyry deposits. Closure of this transaction will release some exploration funds to the Company which we will put to good use on current projects or new opportunities.

Paradigm provides a vehicle for investors to get exposure to quality exploration targets in a company which is cost conscious, lean and focussed and the Company intends to enhance its reputation by seeing out the current difficult market and, ideally, delivering a discovery to shareholders.

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

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I have chosen not to seek re-election as a Director of the Company, and will be retiring from today. I wish to thank my associate Richard Harvey for his support as Alternate Director, and my fellow directors John Gaskell and Stephen Lonergan for their support and wise counsel. I thank our two full time employees Dr Graham Carman, Managing Director, and Geologist Kurt Worden, for their work throughout the year. I would also like to thank the Paradigm Metals shareholders for their continued support.

The Company looks forward to further significant advancements at our projects during 2009.

Thank you.

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Richard Austen AO Chairman 20 November 2008

www.paradigmmetals.com.au

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