IODM LIMITED — Capital/Financing Update 2013

Apr 3, 2013

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ABN 28 102 747 133

ASX / Media Announcement

4 April 2013

EPM 19016 - The Ladies Update

Paradigm Metals Ltd (Paradigm) has completed a second phase of sampling and mapping at The Ladies (100% owned by Paradigm) and a number of samples have returned significant grades of copper and gold.

The Ladies is a new copper-gold project for the Company, located between Mt Isa and Cloncurry in Queensland covering a number of historic copper prospects over a 2 km trend (see Fig 1).

Key facts:

• 8 Cu-Au prospects occur along a 2 km trend about a prospective dome structure;

• 24 selective samples collected targeting the prospects not sampled in previous work;

• 10 of the 24 samples > 1% Copper (oxide) & 9 samples > 0.25g/t Gold:

• Best results of 9.3% Cu (sample LR027) & 18.1g/t Au (sample LR028);

• Located just north of the Lady Jenny underground copper mine.

• The Ladies is held 100% by Paradigm

The Ladies tenement includes the prospects of the Lady Rose, Lady Kate, Lady Ethel, Lady Jola, Morning Star, Evening Star and the Australian Flag.

Selective sampling of mineralisation in the workings and mullock dumps associated with the above prospects has returned results of greater than 1% oxide copper from 6 of the prospects and the seventh, Lady Rose, returned a result of > 0.5% oxide copper (see Table 1).

Mapping and sampling at the Evening Star found a 30 metre wide zone of shearing associated with old workings, which limited the sampling of the mineralisation, and Paradigm sampling returned results of:

• LR026 – 0.26g/t Au & 2.07% Cu (mullock);

• LR027 - 0.38g/t Au & 9.27% Cu (shear);

• LR028 – 18.1g/t Au & 1.46% Cu (shear);

• LR029 – 0.03g/t Au & 1.93% Cu (shear).

Principal Office: Suite 202, 122 Walker Street Registered Office: Level 1, 33 Richardson Street North Sydney, NSW, 2060 West Perth, WA, 6005 Ph: +61 (2) 9955-7130 Ph: +61 (8) 9200-4482 Fax: +61 (2) 8920-3576 Fax: +61 (8) 9200-4469

Paradigm Metals Limited

Website: www.paradigmmetals.com.au Email: info@paradigmmetals.com.au

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Figure 1: Simplified Geological Map of The Ladies (based on open file data)

The Evening Star mineralisation is associated with ironstone and minor quartz in schistose rocks. Sampling at the Evening Star extends the known copper gold mineralisation further to the south of the Morning Star/Australian Flag area that was focussed on in the first phase of work where mineralisation occurs in strongly brecciated quartzite.

Work at the Lady Kate/Lady Ethel zone highlighted a 0.5–1 metre wide shear zone that could extend over a 100 metre length between the two prospects. Results from the area returned up to 7.5% Cu (oxide) and 1.8g/t Au.

The results from the two areas extend the mineralisation found in the original Paradigm work and continues to add to the prospectivity of The Ladies.

Future Work

Paradigm is planning more detailed work at The Ladies, especially between the Evening Star and the Morning Star, two areas of significant copper and gold mineralisation and Paradigm will carry out rock sampling and detailed mapping in the area to see if the two zones of mineralisation are connected.

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Paradigm is also considering a ground magnetics survey of the area and possibly an EM survey of selective targets.

Sample	EastGDA94	NorthGDA94	Au(g/t)	Cu(%)	Description
LR01	393,974	7,688,451	0.11	0.28	Australian Flag-gossanous breccia withquartzite frags
LR02	393,954	7,688,461	0.34	0.94	Australian Flag- 7m widequartz vein
LR03	393,954	7,688,457	1.99	11.15	Australian Flag- 1m wide malachite breccia dyke
LR04	393,865	7,688,436	0.06	0.49	MorningStar North - smallpit withqtz veins
LR05	393,840	7,688,411	0.41	0.33	MorningStar North - 3m deep pit withqtz veins
LR06	393,773	7,688,330	0.1	0.60	MorningStar - 2m deep pit,Fe-stone
LR07	393,785	7,688,323	0.95	0.64	MorningStar -gossanqz vein outcrop
LR08	393,786	7,688,290	0.01	0.17	MorningStar - Fe-stone in drillpad
LR09	393,799	7,688,315	0.02	0.22	MorningStar - 5m outcrop,ox.goss andqz frags
LR10	393,748	7,688,310	<0.01	0.07	MorningStar - 5m wide shear
LR11	393,696	7,688,179	0.18	4.54	MorningStar - mullock dump
LR12	393,655	7,688,109	0.18	0.72	MorningStar - 4m wide outcrop
LR13	393,747	7,688,293	0.03	0.07	MorningStar - massive hematite
LR14	393,749	7,688,600	0.04	0.04	Massivequartzite in creek
LR15	393,726	7,688,252	0.07	0.26	MorningStar -Qtz Fe-stone shear
LR16	393,726	7,688,252	0.33	0.58	MorningStar -Qtz Fe-stone shear
LR17	393,833	7,688,360	<0.01	0.19	MorningStar North - Magnetite
LR18	394,214	7,688,313	0.07	0.38	Fe-stone Scree
LR19	394,090	7,688,125	1.05	0.93	LadyEthel - mullock dump
LR20	394,094	7,688,152	0.44	1.48	LadyEthel - mullock dump
LR21	394,072	7,688,102	0.30	2.38	LadyEthel - sheared Fe-stone in shaft
LR22	394,050	7,688,113	1.81	7.44	LadyEthel - mullock dump
LR23	394,116	7,688,230	0.16	0.33	LadyKate - sheared sediments with minorqtz veins
LR24	394,031	7,688,371	1.30	1.81	Australian Flag- shear in old workings
LR25	392,519	7,687,223	0.19	0.26	Extension of LR 24 Shear
LR26	393,728	7,687,705	0.26	2.07	EveningStar Mullock
LR27	393,627	7,687,693	0.38	9.27	EveningStar West Shear
LR28	393,653	7,687,692	18.10	1.46	EveningStar East Shear
LR29	393,656	7,687,691	0.03	1.93	EveningStar East Shear
LR30	393,370	7,687,754	0.46	0.93	Unnamed Old Working–Qtz Fe-stone shear
LR31	393,148	7,687,894	0.12	2.54	LadyJola - mullock dump
LR32	393,148	7,687,894	0.08	1.59	LadyJola - sheared Fe-stone sediments
LR33	393,305	7,688,124	0.02	0.61	LadyRose - sheared Fe-stone &Qtz
LR34	393,304	7,688,121	<0.01	0.20	LadyRose - sheared sediments
LR35	393,303	7,688,118	0.05	0.06	LadyRose - sheared sediments
LR36	393,308	7,688,137	0.02	0.06	LadyRose - sheared sediments
LR37	393,305	7,688,133	<0.01	0.07	LadyRose - sheared sediments

Table 1: The Ladies Selective Rockchip Samples (New Samples Highlighted)

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Greg Curnow Chief Executive Officer Paradigm Metals

Ph: (02) 9955-7130 Email: info@paradigmmetals.com.au Website: www.paradigmmetals.com.au

The information in this report 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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