IODM LIMITED — AGM Information 2012

Nov 20, 2012

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21 November, 2012

Companies Announcements Office, Australian Securities Exchange Sydney

2012 ANNUAL GENERAL MEETING: CHAIRMAN’S ADDRESS

Address by the Acting Chairman, Stephen Lonergan, to the 2012 Annual General Meeting, North Sydney, 21 November 2012

Ladies and Gentlemen,

Welcome to the 2012 Annual General Meeting of Paradigm Metals Ltd.

The Board has been pursuing its objective of reinvigorating the Company’s project portfolio.

In September 2012 we completed a $220,000 placement to Garrison Capital of Perth and sophisticated and professional investors associated with Taylor Collison Limited. Brian McMaster of Garrison also joined the Paradigm Board. The thinking behind this initiative was to form a relationship with Garrison which has demonstrated an ability to locate resources projects both in Australia and overseas which have delivered value to investors. In addition, the additional funding gave the Company some capacity to pursue its current projects and to continue its search for new opportunities, through the wider catchment provided by Garrison.

In October, we launched a fully-underwritten 1 for 1 non renounceable rights issue to raise some $1,694,215 before costs and this closed last week. We expect that settlement with the Underwriters will take place next week.

The Company will shortly have some $2 million in cash which will enhance the Company’s ability to attract additional opportunities while pursuing its current projects, and will add to the share register new investors who have indicated a willingness to support the Company as we go forward. Paradigm is currently considering a number of new minerals opportunities both offshore and within Australia.

Turning to current activities, we are planning an IP geophysical survey on the Fountaindale prospect at Yellow Mountain as soon as practicable after the landholder has stripped the current wheat crop. The Fountaindale magnetic anomaly has similarities in size and strength to the

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

magnetic anomaly at Newcrest’s Cadia-Ridgeway mine, and a successful geophysical survey will locate targets for future drilling.

The Fountaindale area is the shallowest and strongest part of a large magnetic anomaly at Yellow Mountain, targeted by a single historic drill hole in 1968 by Australian Oil and Gas to a depth of 460m. The hole intersected wide intervals of secondary magnetite with weak copper mineralisation. Although economic mineralisation was not intersected, the alteration in the hole suggests a mineralised intrusive (or porphyry) is nearby and the IP program should locate its most likely location if a porphyry is present.

In North Queensland, our Toolebuc Project tenement has been recently renewed for 3 years. Our 50% Joint Venturer partner in that Project, Exco Resources Limited, has recently been taken over and we are yet to have discussions with the new management on the exploration strategy going forward.

The Company’s non-core assets in New South Wales have partially been farmed out to third parties. Resmetco Limited have an option on the Company’s wholly owned White Rock project which has a small but high-grade tungsten resource. The other properties in NSW including Frogmore and Kangiara are inactive, but may be attractive to other companies wishing to explore and expand opportunities in NSW.

Despite difficult times for many small explorers, we are confident that our strategy for Paradigm will bear positive results for shareholders during 2013.

Steve Lonergan

21 November 2012

The information in this document that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Greg Curnow who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Curnow is the Chief Executive Officer of the Company, and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Curnow consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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