IODM LIMITED — AGM Information 2011

Nov 24, 2011

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25 November, 2011

Companies Announcements Office, Australian Stock Exchange Ltd, Sydney

2011 ANNUAL GENERAL MEETING: CHAIRMAN’S ADDRESS

Address by the Acting Chairman, Stephen Lonergan, to the 2011 Annual General Meeting, North Sydney, 25 November 2011

Ladies and Gentlemen,

Welcome to the 2011 Annual General Meeting of Paradigm Metals Ltd. I propose to bring you up to date with the latest developments that have occurred since 30 June 2011.

Paradigm has been active over the past year in advancing its existing exploration projects. As we are all well aware, the worsening state of the international financial markets has increased the need 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.

As foreshadowed in the last Quarterly Report, Paradigm last week, completed an eleven hole 500metre air core drill program at the Toolebuc project (EPM 16073) 50km southeast of Cloncurry, northwest Queensland. Holes were drilled to a maximum depth of 51m, to intersect basement rocks beneath soft unconsolidated sedimentary cover 35m thick. The Toolebuc project is a joint venture between Paradigm Metals Ltd and Exco Resources Ltd (PDM 50%: EXS 50%). The purpose of the recent drill program was to follow up on a rare earth element (REE) drill intersection reported by the joint venture in early 2011, and to obtain additional geological information from the area. Forty six samples were dispatched to laboratory for analysis and the results are expected next week.

In order to continue with our exploration momentum in Cloncurry, a ground gravity survey will be carried during December 2011, to aid in the targeting of future deeper drill holes. The gravity survey should take a few days to complete, weather permitting.

The Company has also scheduled a percussion drill program at its 100%-owned Frogmore project near Boorowa NSW. Two to three holes are planned to 350 metres depth, to test the concept of improved grade and thickness of copper mineralization down-plunge from previous intersections

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

including 24m @ 2.0% copper and 11 g/t silver in FDD001, 5m @ 2.3% copper and 16g/t silver in FRC027 and 6m @ 2.1% copper and 29g/t silver in FRC020.

Discussions are continuing with third parties who have expressed interest in farming into the Company’s magnetite-tungsten project at White Rock, 30km south of Frogmore.

Turning now to impending changes to the Company management structure; we are very pleased to announce today that we have appointed Greg Curnow as our Chief Executive Officer. Greg is a geologist with some 25 years experience in mineral exploration, development and production operations focussing mainly on gold and base metal projects in Australia. He will join the Company on 5[th] December 2011.

Dr Graham Carman who has been the Company’s Managing Director since its float in 2003, will cease to be Managing Director on 2nd December 2011 to take up a position with an international exploration company.

To ensure an optimum transition and continued access to Dr Carman’s exploration skills, Graham will continue as a non-executive Director of the Company. John Gaskell and I wish to record our appreciation for Graham’s dedication and hard work over the past eight years and we are especially pleased that he will continue to contribute to the Company’s development at board level.

Finally, we can discern a silver lining to the current financial storm clouds. As a result of tightening of investment in the junior exploration sector the flow of new floats has dwindled to a trickle. This presents opportunities to companies such as Paradigm, and we are reviewing a number of projects that are currently stalled for the lack of funds or access to markets.

Thankyou for your attendance at the Company’s Annual General Meeting. Despite the current world wide uncertainties we are confident that Paradigm can and will deliver value to our shareholders.

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Steve Lonergan Company Secretary

25 November 2011

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