IODM LIMITED — Capital/Financing Update 2010

Nov 30, 2010

==> picture [176 x 26] intentionally omitted <==

==> picture [176 x 26] intentionally omitted <==

1 December 2010

Company Announcements Office Australian Securities Exchange Level 4, Exchange Centre 20 Bridge Street Sydney NSW 2000

Dear Sir / Madam,

Non Renounceable, 1 for 3 fully Underwritten Rights Issue announced on 26 October 2010 Results of the Issue

The Company advises in relation to the above issue (“Rights Issue”) that subscriptions received were as follows;

Maximum number of New Shares available under the Rights Issue 37,220,373 New Shares applied for under Entitlements 20,829,570 Add Additional New Shares applied for 33,650,214 New Shares not applied for nil

As the number of Additional New Shares applied for exceeds the pool available, allocations will be scaled back in accordance with paragraph 1.4 of the Rights Issue Prospectus.

It is noted that for each 2 New Shares, holders of New Shares will receive one unlisted Option for no consideration exercisable at 10 cents on or before 30 November 2012.

The New Shares and Options will be allotted on 2 December 2010 and statements will be despatched to shareholders on that date.

The Company wishes to thank shareholders for their continuing strong support.

Yours faithfully

==> picture [142 x 71] intentionally omitted <==

Stephen J Lonergan Company Secretary

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