IODM LIMITED — Capital/Financing Update 2007

Jul 31, 2007

Appendix 3B New issue announcement

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement, application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003, 24/10/2005.

Name of entity

PARADIGM METALS LIMITED

ABN

28 102 747 133

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

1 +Class of+securities issued or to be issued 2 Number of+securities issued or to be issued (if known) or maximum number which may be issued 3 Principal terms of the+securities (eg, if options, exercise price and expiry date; if partly paid +securities, the amount outstanding and due dates for payment; if +convertible securities, the conversion price and dates for conversion)	Ordinary Shares
	Conversion of 2 million unlisted Options to Ordinary Shares
	Fully Paid Ordinary Shares

• See chapter 19 for defined terms.

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Appendix 3B New issue announcement

4 Do the+securities rank equally in all respects from the date of allotment with an existing+class of quoted +securities? If the additional securities do not rank equally, please state: • the date from which they do • the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment • the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment Yes 5 Issue price or consideration $0.075 per share 6 Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets) Conversion of unlisted options by Copper Strike Ltd as part payment for White Rock tenements pursuant to the White Rock Purchase Deed. 7 Dates of entering+securities into uncertificated holdings or despatch of certificates 2 August 2007 Number +Class 8 Number and +class of all +securities quoted on ASX (including_the securities in clause 2 if applicable) 64,167,582 30,006,153 Shares Options exercisable at $0.25 expiring 18 May08 Number +Class 9 Number and+class of all +securities not quoted on ASX (_including the securities in clause 2 if applicable) 300,000 Employee options exercisable at $0.25 expiring 22 May 2010 10 Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests) Existing policy	4 Do the+securities rank equally in all respects from the date of allotment with an existing+class of quoted +securities? If the additional securities do not rank equally, please state: • the date from which they do • the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment • the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment Yes 5 Issue price or consideration $0.075 per share 6 Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets) Conversion of unlisted options by Copper Strike Ltd as part payment for White Rock tenements pursuant to the White Rock Purchase Deed. 7 Dates of entering+securities into uncertificated holdings or despatch of certificates 2 August 2007 Number +Class 8 Number and +class of all +securities quoted on ASX (including_the securities in clause 2 if applicable) 64,167,582 30,006,153 Shares Options exercisable at $0.25 expiring 18 May08 Number +Class 9 Number and+class of all +securities not quoted on ASX (_including the securities in clause 2 if applicable) 300,000 Employee options exercisable at $0.25 expiring 22 May 2010 10 Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests) Existing policy	Yes	Yes	Yes
		$0.075 per share
		Conversion of unlisted options by Copper Strike Ltd as part payment for White Rock tenements pursuant to the White Rock Purchase Deed.
		2 August 2007
		Number		+Class
		64,167,582 30,006,153		Shares Options exercisable at $0.25 expiring 18 May08
	Number		+Class
	300,000		Employee options exercisable at $0.25 expiring 22 May 2010
	Existing policy

• See chapter 19 for defined terms.

24/10/2005

Appendix 3B Page 2

Appendix 3B New issue announcement

Part 2 - Bonus issue or pro rata issue

11	Is security holder approval
	required?
12	Is the issue renounceable or non-
	renounceable?
13	Ratio in which the+securities will
	be offered
14	+Class of+securities to which the
	offer relates
15	+Record date to determine
	entitlements
16	Will holdings on different registers
	(or subregisters) be aggregated for
	calculating entitlements?
17	Policy for deciding entitlements in
	relation to fractions
18	Names of countries in which the
	entity has+security holders who
	will not be sent new issue
	documents
	Note: Security holders must be told how their
	entitlements are to be dealt with.
	Cross reference: rule 7.7.
19	Closing date for receipt of
	acceptances or renunciations

• See chapter 19 for defined terms.

Appendix 3B Page 3

1/1/2003

Appendix 3B New issue announcement

Appendix 3B	Appendix 3B	Appendix 3B	Appendix 3B	Appendix 3B	Appendix 3B
New issue announcement
			20 Names of any underwriters
			21 Amount of any underwritin			g fee or
			commission
			22 Names of any brokers to th			issue	-
			23 F ii bl			t th
			ee or commsson paya bk t th i			e o e	-
			roer o e ssue
			24 Amount of any handl			ng fee	-
			payable to brokers wh			o lodge
			acceptances or renunciat +			ons on
			behalf ofsecurity holders
			25 If the issue is conting			ent on
			+security holders’ appro			val, the
			date of the meeting
			26 Date entitlement and ac			ceptance
			form and prospectus or			Product
			Disclosure Statement will b			e sent to
			persons entitled
			27 If the entity has issued opti			ons and
			the terms entitle option h			, lders to
			participate on exercise the			date on
			, which notices will be sent t			o option
			holders
			28 Dt iht tdi ill			i if
			ae rgs rang w libl			egn (
			appcae)
			29 Date rights trading will			end (if
			applicable)
			30 How do+security holders			sell their
			entitlements_in full_thr			ough a
			broker?
			31	How do+security ho	lders	sell_part_
				of their entitlemen	ts thr	ough a
				broker and accept for	the ba	lance?

• See chapter 19 for defined terms.

Appendix 3B Page 4

1/1/2003

Appendix 3B New issue announcement

• 32 How do[+] security holders dispose of their entitlements (except by sale through a broker)?

• 33 +Despatch date

Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of securities

• 34 Type of securities ( tick one )

• (a) X Securities described in Part 1

• (b)[All other securities ]

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

35 If the[+] securities are[+] equity securities, the names of the 20 largest holders of the additional[+] securities, and the number and percentage of additional[+] securities held by those holders

36 If the[+] securities are[+] equity securities, a distribution schedule of the additional +securities setting out the number of holders in the categories 1 - 1,000 1,001 - 5,000 5,001 - 10,000 10,001 - 100,000 100,001 and over

37 A copy of any trust deed for the additional[+] securities

• See chapter 19 for defined terms.

Appendix 3B Page 5

1/1/2003

Appendix 3B New issue announcement

Entities that have ticked box 34(b)

		38 Number of securities for which +quotation is sought 39 Class of +securities for which quotation is sought 40 Do the+securities rank equally in all	38 Number of securities for which +quotation is sought 39 Class of +securities for which quotation is sought 40 Do the+securities rank equally in all	38 Number of securities for which +quotation is sought 39 Class of +securities for which quotation is sought 40 Do the+securities rank equally in all
		respects from the dat with an existing+cl +securities? If h ddiil	e of allotmen ass of quote ii d	t d
		te atona sec rank equally, please st • the date from whic •the extent to	urtes o n ate: h they do which the	t y
		articiate for the	next dividen
		pp (in the case distribution) or int	of a trus erest payment	, t,
		• the extent to whi rank equally o	ch they do no ther than i	t n
		, relation to the	ext dividen
		diibi i		,
		struton or nte	rest payment
		41 Reason for request now	for quotatio	n
		Example: In the case of restric	ted securities, end	of
		restriction period
		(if issued upon c	onversion o	f
		another security, clear	ly identify tha	t
		other security)
					Numb	er		+Class
		42 Number and+class of	all+securitie	s
		quoted on ASX (	_including_th	e
		securities in clause 38	)

• See chapter 19 for defined terms.

Appendix 3B Page 6

1/1/2003

Appendix 3B New issue announcement

Quotation agreement

• 1 +Quotation of our additional +securities is in ASX’s absolute discretion. ASX may quote the[+] securities on any conditions it decides.

• 2 We warrant the following to ASX.

• The issue of the[+] securities to be quoted complies with the law and is not for an illegal purpose.

• There is no reason why those[+] securities should not be granted[+] quotation.

• An offer of the[+] securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any[+] securities to be quoted and that no-one has any right to return any[+] securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the[+] securities be quoted.

• If we are a trust, we warrant that no person has the right to return the +securities to be quoted under section 1019B of the Corporations Act at the time that we request that the[+] securities be quoted.

• 3 We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.

• 4 We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before[+] quotation of the[+] securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

Sign here: Date:.2 August 2007 (Managing Director)

Print name: ..Graham D Carman.......

== == == == ==

• See chapter 19 for defined terms.

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