IODM LIMITED — Interim / Quarterly Report 2013

Jan 27, 2014

==> picture [108 x 113] intentionally omitted <==

Quarterly Activities Report for the period ending 31[st] December 2013

ABN 28 102 747 133

ASX Release

HIGHLIGHTS

28th January 2014

Level 1/330 Churchill Avenue Subiaco, WA 6008

The Ladies Copper Project, Cloncurry

• Highly encouraging copper results received from initial drilling of six reverse circulation (RC) drill holes totalling 816 metres.

Ph: +61 8 9200-4482 Fax: +61 8 9200-4469

Contact : Anthony Reilly Managing Director

Email : info@paradigmmetals.com.au

Website : www.paradigmmetals.com.au

Directors: Anthony Reilly Graham Carman Brian McMaster

ASX Symbol: PDM

• Drill intersections include:

  • LKTPDM001: 15m at 2.00% copper and 0.34g/t gold from 17m depth (oxide), including 2m at 11.0% copper and 1.85g/t gold from 22m;

  • LKTPDM002: 18m at 1.03% copper and 0.1g/t gold from 25m (mixed oxide and sulphide).

  • LKTPDM005: 28m @ 0.70% copper and 0.14g/t gold from 72m (sulphide)

• The programme was successful in testing for high grade zones of sulphide mineralisation below superficial copper oxide mineralisation.

• Copper mineralisation is associated with secondary magnetite and ‘red rock’ alteration typical of many Iron Oxide Copper Gold (“IOCG”) deposits in the Cloncurry region.

• Copper mineralisation remains open along strike in both directions.

Corporate

• The company continues to review new investment opportunities both in Australia and overseas.

• The Company had $1.011 million in cash reserves at the end of the December quarter.

1

THE LADIES COPPER PROJECT (PDM 100%)

EPM 19016 “The Ladies” is a copper gold project located 70km south west of Cloncurry in north west Queensland. The exploration permit was granted to Paradigm in February 2013 for a period of five years.

RC Drilling

During the quarter the company completed a six (6) hole RC drilling programme at three prospects for a total of 816 metres. The programme was successful in testing for high grade zones of sulphides below superficial copper oxide mineralization. Refer ASX announcement 7 January 2014 for full details of all drill results for the six Paradigm holes, and two previous drill holes. Key results are detailed below and plotted in Figure 1 .

Key Results:

• Lady Kate:

LKTPDM001:

• 15m at 2.00% copper and 0.34g/t gold from 17m depth (oxide) including 2m at 11.0% copper and 1.85g/t gold from 22m.

LKTPDM002:

• 18m at 1.03% copper and 0.10g/t gold from 25m (mixed oxide and sulphide).

• Lady Rose:

LKTPDM005:

• 16m at 0.51% copper and 0.04g/t gold from surface (oxide);

• 28m at 0.70% copper and 0.14g/t gold from 72m (sulphide) including 6m at 1.5% copper and 0.28g/t gold from 90m.

LKTPDM006:

• 4m at 1.9% Cu and 0.14g/t Au from 82m (sulphide).

Please refer to ASX Announcement dated 7 January 2014 for the drill hole table and information for Table 1 of the JORC Code ( Previous Announcement ). The company is not aware of any new information or data that materially affects the information included in the Previous Announcement.

2

==> picture [451 x 413] intentionally omitted <==

Figure 1. Drill map of Ladies project on airborne magnetic image (analytic signal).

Lady Kate

Three (3) holes were drilled at the Lady Kate area to a maximum depth of 162 metres to test beneath a number of shallow copper oxide workings. High grade copper mineralisation (up to 2m at 11% copper and 1.85g/t gold) was intersected in two holes at down hole depths of 20 to 40 metres. Copper gold mineralisation appears to be associated with a south west trending shear zone that has the potential to extend to the Lady Rose area 700m to the south west.

Lady Rose

Two (2) holes were drilled at the Lady Rose area to a maximum depth of 180 metres to test beneath copper oxide diggings that are the most extensive and modern of the old workings at the project. Drill hole LKTPDM005 intersected sulphide (as chalcopyrite) copper mineralisation together with significant quantities of magnetite. “Red rock” alteration seen on the periphery of the mineralisation in the Ladies holes is generally typical of many IOCG deposits elsewhere in the Cloncurry region.

Drill hole LKTPDM005 intersected three continuous zones of low to moderate copper gold mineralisation in the top 100 metres – see Figures 2 and 3 . Copper gold mineralisation in drill hole LKTPDM005 is open along strike. A previous drill hole by Placer Exploration in 1992, MD-1, intersected 16m at 0.8% Cu and 0.1g/t gold from 46m, including 2m at 3.5% copper, some 400 metres northeast along strike of Lady Rose.

3

==> picture [390 x 364] intentionally omitted <==

Figure 2. Drill plan of Lady Rose with copper intersections and interpretation of strike direction

==> picture [394 x 278] intentionally omitted <==

Figure 3. Cross section of drill hole LKTPDM005 at Lady Rose with gold, copper, magnetic susceptibility

4

Lady Amy

The Lady Amy area was drilled with one (1) hole to a total depth of 114 metres, aimed to test beneath oxide copper workings that had been channel sampled by the Company. No significant mineralisation was intersected. It is interpreted that the mineralization observed at surface is either faulted off or changes strike so as not to have been intersected at depth.

Future Work

The association of copper mineralisation with magnetite is an important observation and the Company intends to more thoroughly evaluate the deeper magnetic zones away from the superficial copper oxide mineralisation. Future work to be conducted during this current quarter may include desktop studies using existing datasets (i.e. ground magnetics) and additional ground electrical geophysics to map disseminated sulphides along the Ladies mineralised trend.

YELLOW MOUNTAIN (PDM 30%, earning 51%)

No work was carried out on EL 6325 Yellow Mountain during the current quarter.

The Company is reviewing exploration targets at EL 6325 ‘Yellow Mountain’ including the old Yellow Mountain Mine area, and the Melrose porphyry target.

WHITE ROCK (PDM 100%)

No work was carried out on EL 6274 during the current quarter.

FROGMORE (PDM 100%)

No work was carried out on EL 6590 during the current quarter.

KANGIARA (PDM 100%)

No work was carried out on EL 7273 during the current quarter.

FOUR MILE TANK (PDM 100%)

No work was carried out on EPM 18294 during the current quarter.

SUMMARY OF EXPENDITURE INCURRED ON ALL PDM PROJECTS

Project	Quarter Cash Spend$A’000
Frogmore	-
White Rock	-
Kangiara	-
Yellow Mountain	3
Four Mile Tank	-
The Ladies	157
Toolebuc JV	-
Total	160

5

CORPORATE

Opportunities

The Company continues to review new project opportunities both in Australia and overseas which will complement its current focus on base metals.

Farm-outs

Paradigm is continuing its discussions with parties interested in farming in to its non core base metals and silver projects in NSW.

Yours sincerely,

Anthony Reilly Chief Executive Officer 24th January 2014

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 Dr Graham Carman who is a Fellow of the Australasian Institute of Mining and Metallurgy. Dr Carman is a nonexecutive director 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 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Dr Carman consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

6

APPENDIX 1 – TENEMENT TABLE

Tenement*	Project	Holder	Interest	Location
EL 6590EL 6274EL 7273EL 6325EPM 18294EPM 19016EPM 16073	FrogmoreWhite RockKangiaraYellowMountainFour Mile TankThe LadiesToolebuc JV	Tungsten NSW Pty LtdTungsten NSW Pty LtdTungsten NSW Pty LtdTriako Resources Pty Ltd / Golden CrossOperations Pty LtdParadigm Queensland Pty LtdParadigm Queensland Pty LtdToolebuc Resources PtyLtd	100%100%100% 30%100%100%50%	CentralNSWCentralNSWCentralNSWCentralNSWQueenslandQueenslandQueensland

*There were no tenements acquired or disposed of during the quarter. In relation to all tenements, there are no beneficial percentage interests:

• held in farm-in or farm-out agreements at the end of the quarter; and

• in farm-in or farm-out agreements acquired or disposed of during the quarter.

7