IODM LIMITED — AGM Information 2009

Nov 19, 2009

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20 November, 2009

Companies Announcements Office, Australian Stock Exchange Ltd, Sydney

ANNUAL GENERAL MEETING: CHAIRMAN’S ADDRESS

PARADIGM METALS LIMITED

ACN 102 747 133

Address by the Acting Chairman Stephen Lonergan, to the 2009 Annual General Meeting, North Sydney, 20 November 2009

Ladies and Gentlemen,

Welcome to the 2009 Annual General Meeting of Paradigm Metals Ltd. On behalf of the Board, I propose to briefly outline the main events in the 2009 financial year and to bring you up to date with the latest developments that have occurred since 30 June.

Paradigm has been active over the past year in advancing its existing exploration projects and also acquiring, at minimum initial expense, new and prospective tenements. At the same time, the Board is acutely aware of the necessity for strict control of administrative costs and for ensuring that every dollar spent in the ground has the best chance to add value for shareholders.

We have expanded the Company’s exploration portfolio during the year with the acquisition of two tenements prospective for gold and base metals in the Lachlan Fold Belt of New South Wales. Kangiara EL 7273 is a gold and base metals project located near our existing Frogmore and Democrat projects about 100km north of Canberra. The Rosedale EL 7343 gold project is located in the highly prospective Cadia‐McPhillamys gold belt close to Bathurst. Both of these new ELs have old workings indicating near surface mineralization, and both have been subject to relatively minor prior drilling. Exploration drilling is currently underway at Kangiara, and we plan to commence drilling at Rosedale in December.

A third tenement application was made over part of the Temora gold field in central western NSW.

Paradigm Metals Ltd ABN 28 102 747 133 Suite 202, 122 Walker Street, North Sydney, AUSTRALIA 2060 Ph: +61 (2) 9955-7130 Fax: +61 (2) 8920-3576 E-mail: info@paradigmmetals.com.au

In following up the encouraging initial drill results during 2008 at Frogmore near Boorowa NSW, an EM geophysical survey located a conductor south of the relatively high‐grade ‘Pride of Frogmore’ copper lens. This constitutes a “drill ready” target which we plan to explore as soon as time and resources permit.

Paradigm transferred ownership of the North Cadia project near Orange NSW to a third party in return for a $100,000 net cash payment, with the prospect of further payments should future exploration discover economic mineralisation of a defined size.

Subsequent to the 30 June reporting period, Paradigm completed a Share Purchase Plan raising $758,000 net of fees by offering shareholders up to $15,000 in shares at 3.5 cents per share. The raising was more than 600% oversubscribed and a substantial scale back was necessary. Simultaneously a further $380,000 was raised at the same price of 3.5 cents per share via a private placement.

Returning now to the recent activities at Kangiara and Rosedale we are pleased to report very encouraging initial results at both localities.

During October an Induced Polarisation survey was undertaken at Rosedale. Two strong anomalies were detected; such anomalies are often caused by disseminated sulphide mineralisation. It is particularly encouraging that the larger of the geophysical anomalies is coincident with a gold soil anomaly and occurs on the edge of gold intersections in two previous, preliminary, shallow percussion drill holes. We plan to commence detailed mapping and prospecting next week with a view to locating drill targets planned for December.

Of more immediate interest are the results obtained to date from our initial percussion drilling at Kangiara. Over the past three weeks we have completed 12 holes for a total of 1700 metres. The drilling has located a southern extension of a high grade copper/lead/zinc/gold and silver mined at various times between during the early 1900s. Underground mining occurred on four levels over a strike length of about 200 metres to a depth of 120 metres. It appears that the old workings stopped at a fault that resulted in the mineralised zone being displaced about 40 metres to the west. Visual inspection of the drill cuttings and the assay results received to date suggest that the narrow (2 to 3 metres), high grade veins that were mined in the past extend to the south, and are surrounded by an envelope of lower grade but still significant polymetallic mineralisation up to 50 metres thick. The latest drilling has confirmed the strike and steep westerly dip of the southern extension of the zone for 200 metres, remaining open to the south. The zone appears to have a depth extent of about 100 metres and plunges to the south at about 45 degrees. Assay results for a number of holes are pending.

At the Blue Bush project 140 km north of Cloncurry in Queensland, our drilling programme qualified the Company for a grant of $50,000 from the Queensland Department of Mines and Energy. Paradigm also attracted a joint venture partner who is spending up to $125,000 to acquire an initial 25% interest in the project with the option to earn 50% by spending a further $600,000 on drilling. The initial two‐hole diamond drill programme, carried out during September, intersected low grade copper/gold mineralisation over an interval of 30 to 90 metres beneath 120m of soft sedimentary cover. Whilst these results are not considered economic, we

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believe they are highly encouraging, and we are discussing with our joint venture partner the next steps.

Thankyou for your attendance at the Company’s Annual General Meeting. We have a busy and, we hope, fruitful programme of drilling ahead of us over the next few months. We look forward to updating you on these results as and when they become available.

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Steve Lonergan

20 November 2009

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