IRON BEAR RESOURCES LTD — Capital/Financing Update 2010

Nov 11, 2010

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ASX A n nounc e ment 12 No v ember 2010

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MARAMPA CAN ACHIEVE LATE 2012 START-UP WITH MAIDEN 200MT JORC RESOURCE REPRESENTING ONLY 20% OF THE MINERALISED STRIKE

Cape La m bert is an Australian domiciled, mineral investment company. Its current investment portfolio i s geographically diverse and consists of mineral a ssets and interests i n mining and exploration companies.

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Key Points:

The Comp a ny continues t o focus on investment in early stag e resource projects and companies, p rimarily in iron ore, c o pper and gold. Its “hands on” approa c h is geared t o add value and position assets for d e velopment and/or sale.

• Maiden JORC compliant iron ore mineral resource at Marampa Project of 197 million tonnes with an in-situ grade of 28.5% Fe.

• The resource estimate represents drilling at only two (Gafal West and Matukia) of the eight known prospects, covering approximately 20% of the mineralised strike.

• Initial metallurgical testing, at a coarse grind size of 80% passing 440µm, produced a hematite concentrate grading 63-65% Fe, 3.7-4.3% SiO2, 0.9-1.2% Al2O3, nil S and 0.02% P, with mass and iron yields of 30-33% and 80-83% respectively.

The Board and manage m ent exhibit a strong t r ack record of delivering shareholde r value.

Australian Securities E x change Code: CFE Ordinary s h ares 625,759,256

• The hematite concentrate is a suitable feedstock for sinter fines and/or blast furnace pellet feed.

• Aggressive drilling program utilising five rigs currently underway to rapidly expand the mineral resource.

• First resource update scheduled to be released in March 2011 quarter.  Current resource supports a mine life in the order of 20 years at 2Mtpa with production possible in late 2012.

• Refurbishment of Marampa railway and Pepel port progressing.

Board of D irectors

Tony Sage Executive C h airman Tim Turner Non-executi v e Director Brian Mah e r Non-executi v e Director Ross Levin Non-executi v e Director Eloise von P uttkammer Company S ecretary

Aust r alian reso u rces and i n vestment c ompany, C ape Lamb e rt Resources Limited (AS X : CFE) (“C a pe Lamb e rt” or the “Company”) continues to advanc e its 100% own e d Maramp a Iron Ore Project (“ M arampa P roject” or “ Marampa” ) in Sierra Leon e , West Af r ica (refer F igure 1) to w ards a po s sible late 2 012 produ c tion startup, w ith the C o mpany an n ouncing a maiden J O RC compliant Inferr e d Mineral Resource at th e Marampa Project of 197 millio n tonnes a t 28.5% F e (above a 15% Fe lower c u t-off).

Key Proje c ts and Intere s ts

Marampa I r on Ore Project Pinnacle G r oup Assets Sappes Gold Project Mayoko Iro n Ore Project Corvette R e sources Limited

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Cape La m bert Contact

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Tony Sage Executive C hairman Phone: +6 1 8 9380 9555

The M arampa P roject is a h ematite ir o n ore proj e ct uniquel y leveraged to a rapid and l o w risk pat h way to pr o duction, via existing r ail and port infrastruc t ure that is currently being refurbishe d (refer A S X annou n cements 6 April 2010 and 15 Octo b er 2010).

Australian Enquiries

Profession a l Public Relati o ns David Tasker Phone: +6 1 8 9388 0944 Mobile: +61 433 112 936 Email: davi d .tasker@ppr.c o m.au UK Enqui r ies

Com m enting o n the maid e n JORC r esource e s timate fo r Marampa , Mr Tony Sage, Executive Chairman of Cape Lambert, sai d :

“This is a land m ark mom e nt for the developm e nt of the M arampa P roject, we have made rapi d progress in the past t welve months and with five rigs n ow drilling at sit e , we expe c t to accel e rate the ti m ing of our first resour c e update, scheduled for t h e March 2011 quarter, at w h ich time the bulk o f the rail and port infra s tructure re f urbishmen t associate d with the project will b e completed.”

Conduit Pu b lic Relations Jos Simso n Phone: +4 4 (0)20 7429 6 6 03 Mobile: +4 4 (0)7899 870 4 50

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“With this subst a ntial maiden JORC r esource c o mplete, w e will now be able to finali s e a scopin g study looking at a p r oposed initial develop m ent rate o f 2-5Mtpa, from late 2012, with the maiden JORC resourc e providing for a mine life in the

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Cape L ambert Res o urces Limite d ABN 71 095 0 4 7 920 PO Bo x 144, West Pe r th Western Au s tralia 6872 info@ c apelam.com.a u Phone: +61 8 9380 9 5 55 Facsimile: + 61 8 9380 9666 www.c a pelam.com.a u

ASX Anno u ncement 12 Nove m ber 2010

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orde r of 20 year s at 2Mtpa c oncentrat e productio n , with sign i ficant reso u rce growt h to follow.”

“In a d dition, the metallurgic a l test wor k has show n that the h e matite res o urce can b e upgrade d to a sinter fines or bl a st furnace pellet fee d product, a t a coars e grind size using mature, low ri s k magneti c separatio n ,” Mr Sage added.

Maiden JORC Inferred Mineral Resource Estimate

The m aiden Inf e rred Miner a l Resourc e estimate is 197 milli o n tonnes at 28.5% F e above a 1 5 % Fe low e r cutoff of oxide and fresh iron o re. This estimate co v ers the M a tukia and G afal West prospects o nly (refer F igure 2) o v er a drille d strike len g th of 1.4 a nd 1km, r e spectively. It represents appro x imately 2 0 % of the k nown mine r alised stri k e at the M arampa Project (refe r Figure 2) and as su c h the Co m pany is c o nfident it can be incre a sed subst a ntially.

The m ineral res o urce esti m ate was p r epared an d classified by indepe n dent, inte r national mining consultancy Gold e r Associa t es Pty Ltd (“Golders”) in Perth A ustralia using geolo g ical interp r etations provided by Cape Lam b ert and is reported in accorda n ce with t h e 2004 e d ition of th e Australa s ian Code for Reporting of Expl o ration Re s ults, Mine r als Resources and O re Reser v es (“JOR C ”). A full copy of Golders’ M ineral Resource State m ent is attached to thi s announcement.

The m ineral res o urce esti m ate is bas e d upon a t o tal of dia m ond drilling of 12,170 m etres (49 h oles) completed at th e Matukia a nd Gafal W est prosp e cts (refer F igure 2) u p to 1 Oct o ber 2010. Both pros p ects are l o cated imm e diately alo n g strike of previous o pen pit iro n ore mine s operated by DELC O until the m id-1970s. Gafal West remains o p en to the w est, wher e it links with the Mafu r i prospect and Matuk i a remains o pen to th e north (refe r Figure 2).

A su m mary of t h e Inferred M ineral Re s ource esti m ate for ea c h prospec t is set out in Table 1.

Above 15% Fe Lower Cut‐Off

Deposit	Millio Tonne n s Fe % AI2O3 % SiO2 % P % S % TiO2 % LOI %
G afal West Matukia	113. 83.5 7 26.5 31.2 6.2 4.6 45.5 39.4 0.14 0.13 0.00 0.00 0.24 0.18 2.7 3.3
TOTAL	197. 2 28.5 5.6 42.9 0.13 0.00 0.22 3.0

Re s ource includ e s all minerali s ation located between the surface and -150mRL, app r oximately 25 0 vertical met r es below sur f ace .

Tabl e 1: Inferre d Mineral R e source Estimate

Resource Growth

A tot a l of eight i r on ore pro s pects hav e been ide n tified at M a rampa (ref e r Figure 2 and ASX a nnouncem e nt 27 July 2 010). Th e six pros p ects not i n cluded in t his maide n JORC re s ource estimate repr e sent 80% of the pros p ective min e ralised strike identifie d to date. W ith the ex c eption of three diam o nd drill hol e s at Petifu , none of thi s prospecti v e minerali s ation has b een teste d by drilling . This ther e fore prese n ts consid e rable pote n tial to signi f icantly incr e ase the resource inv e ntory of th e Marampa Project with further dr i lling.

Five drill rigs ar e now ope r ating at M a rampa, fo l lowing the mobilisation of three a dditional r igs to acc e lerate the r e source de f inition drilli n g progra m . This acc e lerated drilling progra m compris e s 34,000m in 250 drill holes and i s targeting the Mafuri, Rotret, Pe t ifu and M a kambo prospects (ref e r Figure 2 ) , where little or no pr e vious drilling has tak e n place. The Company is c o nfident th a t this aggressive drilling progr a m will re s ult in subs t antial addi t ions to the resource i n ventory.

The f irst resour c e update is planned for the M a rch 2011 quarter an d will inclu d e the results from c urrent drilling.

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Cape L ambert Resour c es Limited ASX:C F E

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ASX Anno u ncement 12 Nove m ber 2010

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Metallurgical Test Work

Bate m an Engin e ering Pty L td (“Bate m an”) is cur r ently undertaking a s c oping stu d y for the e s tablishme n t of a stan d alone, op e n pit mining operat i on and c o ncentrator to produ c e 2-5Mtp a of hematite conce n trate, expa n dable to 1 0 Mtpa. Th e scoping study is due for completion in mid-December 2010.

As p a rt of this study, Bat e man has undertake n metallurg i cal test w o rk on two represent a tive run-o f -mine com p osite sam p les from the Matukia a nd Gafal W est prosp e cts, with t h e aim of d e termining m ass reco v ery to conc e ntrate, co n centrate q u ality and d efining the proposed w et, high intensity ma g netic separation (“W H IMS”) proc e ss flowsheet.

This metallurgical test wo r k was ba s ed on sin g le stage c rushing, S A G milling to a prim a ry grind o f 80% passing 440 µm, roughing, cleaning and re-clea n ing WHIM S stages, w ith the mi d dlings frac t ions regro u nd to 100 % passing 2 5 0 µm, foll o wed by W H IMS cleaning and re- c leaning st a ges.

Initial results (p r ior to circ u it optimisa t ion) show a hematite concentra t e grading 63-65% F e , 3.7-4.3% SiO2, 0.9-1.2% Al2O3, nil S and 0.02% P c an be pr o duced, wi t h mass a n d iron yields of 30-33% and 8 0 -83% resp e ctively.

Exploration Target Size

With the maide n JORC re s ource now complete, and with t h e Company having a better und e rstanding of the mine r alisation a t Marampa , Cape La m bert has i n creased t h e Explorat i on Target S ize to 60 0 Mt-900Mt at 2832% Fe[1] .

Infrastructure update

Marampa is co n nected to the deepw a ter port, s tockpiling a nd ship l o ading facil i ty located at Pepel v ia the 84k m Marampa railway (“Marampa Inf r astructure ” ).

As a n nounced t o the ASX on 16 July 2010, Cap e Lambert has signed a term sh e et with U K based co m pany Afric a n Minerals Limited (AIM: AMI), w hich has a 99-year le a se over the Maramp a Infrastruc t ure. The a greed term sheet provides for Ca p e Lambert to hold a 33% equity interest in t h e Maramp a Infrastru c ture, with A frican Mine r als holdin g 57% an d the Gov e rnment of Sierra Le o ne holdin g 10% interests resp e ctively. A frican Mine r als, through a special purpose infrastructur e vehicle, i s overseein g the refur b ishment of , and will o p erate on a d ay-to-day basis, the M arampa I n frastructur e .

• In re c ent month s work has commenced on refur b ishing the M arampa I n frastructur e . Key acti v ities unde r taken inclu d e: - r e moval of e x isting rail w ay line an d sleepers, a nd re-co m pacting th e rail format i on; - r e placing mi s sing rail s e ctions and ballast; - a r rival of a s e cond han d locomotiv e ; - c o mmence m ent of civil works at P e pel for ne w stockpile a nd reclai m areas.

Your s faithfully Cape Lambert Resources Limited

Tony Sage Executive Chairman

1 The e stimate of e x ploration tar g et size is con c eptual in nat u re and there has been insufficient resul t s received fr o m drilling co m pleted to dat e to estimat e a mineral r e source com p liant with th e JORC Cod e (2004) gui d elines. Furt h ermore, it i s uncertain if further explor a tion will result in the deter m ination of a m ineral resou r ce.

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Cape L ambert Resour c es Limited ASX:C F E

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ASX Anno u ncement 12 Nove m ber 2010

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Competent Person – Exploration Results

The c o ntents of thi s report relating to explorati o n results an d mineral res o urces are ba s ed on inform a tion compile d by Mr Sean Halpin, a Me m ber of the A ustralasian I n stitute of Geoscientists. M r Halpin is a geological c onsultant to Cape Lamb e rt and has s u fficient experience relevant to the styles o f mineralisat i on and the d e posit under c onsideration a nd to the act i vity he is un d ertaking to q u alify as a Co m petent Perso n , as defined in the 2004 e d ition of the “ A ustralasian C ode for Rep o rting of Expl o ration Result s , Mineral Re s ources and Ore Reserves”. Mr Halpin c o nsents to th e inclusion in t his report of t he matters c o mpiled by hi m in the form and context i n which they a p pear.

Competent Person – Metallurgical Test Results

The content of thi s report relat i ng to metall u rgical test r e sults is bas e d on inform a tion compil e d by GV Ariti, a Membe r of the Austr a lasian Institu t e of Mining a n d Metallurg y . Mr Ariti is a consultant t o Cape Lamb e rt and has s u fficient expe r ience releva n t to the styles of mineralisa t ion and the d e posits unde r consideratio n and to the a c tivity he is u n dertaking to q ualify as a Competent Pe r son, as define d in the 2004 edition of the “Australasia n Code for R ep orting of Ex p loration Res u lts, Mineral R esources an d Ore Reserv e s”. Mr Ariti c o nsents to the inclusion in t h is report of t h e matters co m piled by him in the form a n d context in w hich they ap p ear.

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Cape L ambert Resour c es Limited ASX:C F E

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-13º -12º -11º -10º
2000km
Dalaba
G U I N E A
Mamou
AREAMAP 2.4Bt JORC ResourceKalia Iron Project
Kindia
Faranah
10º
SANDENIA IRON ORE
PROJECT (Permits I and II )
Kabala
CONAKRY
KUKUNA IRON ORE
Forecariah Kukuna PROJECT (EXPL 04/09)
GBINTI WEST Kissidougou
Kambia (RL04/2010) Tonkolili Project
Bumbuna 10.5Bt JORC Resource
9º
Makeni Marampa Mine
Pepel Port Loko London Mining (ML02/09)0.5Bt JORC Resource
Port
Lunsar Yengema
FREETOWN MARAMPA IRON ORE PROJECT
(EXPL 09/06 & RL01/2010)
Waterloo
MAWANKA
(RL03/2010) L I B E R I A
BO 8º
Atlantic Kenema
Ocean Gbangbatok
Existing Railway
BULLOM LIGNITE PROJECT Proposed Railway
(EXPL’s 04/08, 05/08, 06/08)
0 20 40 60 80 100km
Marampa Iron Ore (SL) Limited (CFE-100%)
Figure 1
Metal Exploration (Mauritius) Limited (CFE-100%) MARAMPA PROJECT
LOCATION
Pinnacle Group (CFE-37.2%)
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770 000mE 780 000mE
EX EXPL09/06
“L “Lunsar” u
N
Makambo bo PROSPECTIVE 0 5km
STRIKE
Prospect e ct
970 000mN
To RL01/2010
Makeni “Marampa East”
Petifu Petifu Kumrabai
Prospect Prospect Prospect
MATUKIA
RESOURCE AREA
GAFAL WEST
RESOURCE AREA
To
Freetown
Mafuri
Prospect
Masaboin
Hill
Lunsar
Town
ML02/09
Gafal Hill
Rotret Other rocks
Prospect Marampa Group
Rokotolon Fm schists
Matoto Fm mafics
PROSPECTIVE Leonian Basement
STRIKE
Gneiss and amphibolite
Hematite schist outcrop (confirmed
by drilling and or mapping)
Hematite schist (inferred
under cover by IP Survey)
Thrust contact
Fault
Tenement boundary
Toma Disused mine
950 000mN
Prospect
Figure 2
MATUKIA AND GAFAL
WEST RESOURCE AREAS
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11 Nov e mber 2010

Document N o. 107641 3 30 002 L R e v2

Sean H a lpin Marampa Iron Ore Limited Victoria Place 31 Victoria Street Hamilto n HM10 Bermud a

MINERAL RESOURCE STATEMENT FOR THE MARAMPA IRON ORE PROJECT – MATUKIA AND GAFAL WEST DEPOSITS

Dear Sean

Golder A ssociates ( G older) has c ompleted r e source mo d els for the M atukia and G afal West d eposits of t h e Marampa Iron Ore P roject (Marampa) in Sie r ra Leone. T he resource estimates are based on all available geologi c al and assa y data as of 1 October 2 0 10.

The res o urce estim a tes were pr e pared and c lassified in a ccordance w ith the Aus t ralasian Co d e for the Reporti n g of Explor a tion Results, Mineral Re s ources and Ore Reserves (JORC C ode, 2004). Classifi c ation of the r esource es t imates was c ompleted by Golder ge o logists, bas e d principally on data density, geological confidence c r iteria and representativeness of sampling.

The Min e ral Resour c es were pr e pared unde r the supervi s ion of Mr S t ephen God f rey, of Gold e r Associate s Pty Ltd ( Golder). M r Stephen G o dfrey is a m ember of th e Australasi a n Institute o f Mining and Metallurgy a nd has suff i cient experi e nce which i s relevant to the style of mineralisati o n and type o f deposit u n der conside r ation and to the activity w hich he is u ndertaking t o qualify as a Compete n t Person as defined in t h e JORC C ode.

Assumptions and Methodology

The in s i tu Mineral R esource for each depos i t is constrai n ed by the g e ological bo u ndaries of the SQS, Q M S, PMS an d GN_MS u n its.

The maj o r direction o f mineralis a tion at Matu k ia is in a N o rth-North- W est/South-S o uth-East o r ientation. A fault ha s been interpreted to sep a rate the N o rth and Sou t h blocks. Mineralisatio n in the Sout h block dips steeply t o the East. Mineralisati o n in the No r th block dip s steeply to the West. A t Matukia, >15% Fe minerali s ation is contained withi n the SQS u n its.

The maj o r direction o f mineralis a tion at Gafa l is in an Ea s t/West orie n tation. At G afal West, >15% Fe minerali s ation is contained withi n the SQS u n it and withi n the GN_M S unit adjac e nt to the GN_MS/SQS hanging w all contact. The SQS u nit begins a s two separ a te units in t h e East whic h merge around 770200 m E at -70m R L.

The Min e ral Resour c e estimates are based o n a number of factors a n d assumpti o ns:

• A r e view of the drill hole da t a base was completed a nd considered satisfact o ry. The dat a base cons i sts of d iamond drill holes and sample trenc h es. Both d i amond drill h oles and tr e nches were used for ge o logical interpretation, h o wever, only diamond drill holes wer e used for re s ource esti m ation. A su m mary of th e drill holes used for resource estima t ion is provided in Table 1 .

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Golder Associates Pty Ltd Tel: Fax: www. g older.com Golder Associates: Operations in Africa, Asia, Australasia, Europe, North America and Southh America A.B.N. 64 006 1 07 857 Golder, Gold e r Associates and th e GA globe design a r e trademarks of Golder Associates Corpoporation.

Sean Halpi n Marampa Ir o n Ore Limited

1076 4 1330 002 L R e v2 11 November 2 0 10

Table 1: Summary of diamond drill holes used for resource estimation

Deposit	Matukia	G afal West
Number of holes	18	3 1
Total me tres drilled	3938.16	8 979.29
Number of holes with samples	13	3 1
Total nu mber of sam ples	1387	4 033

• Th e survey co n trol for colla r positions o f diamond h o les was co n sidered ade q uate for th e purposes o f resource estim a tion. The nominal drill s pacing at Matukia and G afal West i s 200 m spa c ed sections wit h drill hole c o llars at 100 m on-sectio n spacing. T here is one 400 m secti o n at Matukia with a trench to a ssist geolo g ical interpre t ation and t h ere are so m e in-fill drill h oles central to the Gafal West depo s it.

• Ori g inal diamo n d drill hole s amples are half-core. Q AQC data provided to G older consi s ted of standards, qua r ter-core du p licates and l aboratory r e peats. A summary of Q A QC sampl e s is provide d in Ta b le 2. Gold e r completed a review of t he QAQC data and con s iders it sati s factory for t h e purposes of thi s study.

Table 2: Summary of QAQC samples

QAQC S ample Type	Matuk ia	Gafal W est
Standard s	180	519
Quarter- core duplica tes	53	144
Laborato ryrepeats	70	215

• Ge o logical and weathering domains we r e modelled by Golder b a sed on the g eology log g ed and int e rpreted by M arampa.

• Ge o logical do m ains were e x trapolated h alf the drill s pacing dist a nce where u nconfined b y drilling.  Th e geological and weathe r ing domain s were used t o flag the s a mple data f o r statistical analysis an d estimation, and to construc t geological b lock model s . A summa r y of the blo c k model pa r ameters is pr o vided in Ta b le 3.

Table 3: Block mod elparamete rs	Table 3: Block mod elparamete rs
Deposi t	P arameter	East	North	RL
Matukia	O rigin	77000 0	960000	0
	M in. Offset	3000	2500	-250
	M ax. Offset	4500	4000	150
	P s arent block ize	50	50	10
	S ub-block siz e	5	5	2
GafalW est	O rigin	70000 0	950000	0
	M in. Offset	69300	8150	-250
	M ax. Offset	70700	9050	150
	P s arent block ize	50	50	10
	S ub-block siz e	5	5	2

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2/5

Sean Halpi n Marampa Ir o n Ore Limited

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• St a tistical and g eostatistica l analysis w a s carried o u t on drilling d ata compo s ited to 2 m d own hole. This included v a riography t o model spa t ial continuit y relationshi p s in the mi n eralised do m ains. Ho w ever, as th e re were insufficient sa m ples in eac h deposit to p rovide reas o nable vario g ram model s , the interpolatio n method of Inverse Dist a nce Squar e d (ID[2] ) was used for the resource e s timation of F e, Fe 2 , SiO2, Al2 O 3[, P, S, TiO] 2 , LOI, MgO, MnO, CaO a nd K2O.

• In s itu density a ssignment w as based o n diamond drill hole den s ity data pro v ided by Ma r ampa. Density data was flagg e d by the ge o logical and weathering d omains an d then lengt h weighted a v erages wer e cal c ulated. Th e average d e nsity value s were assig n ed to the g e ological do m ains in the i nterpolated blo c k models. A summary o f the densit y assignme n t is provide d in Table 4.

Table 4: Density as signment	Table 4: Density as signment	Table 4: Density as signment
Deposit	Fault Block	Geo logy	Weathering	Density a ssignment
Matukia	South	SQS	Fresh	3.28
			Transition	2.37
			Oxide	2.01
		QM S	Fresh	2.76
			Transition	2.53
			Oxide	2.03
		PMS	Fresh	2.86
			Transition	2.61
			Oxide	2.00
	North	SQS	Fresh	3.28
			Transition	2.37*
			Oxide	2.01*
		QM S	Fresh	2.68
			Transition	2.01
			Oxide	1.39
		PMS	Fresh	2.64
			Transition	1.37
			Oxide	1.67
	n/a	Late rite	Laterite	2.11
GafalW est	n/a	SQS	Fresh	3.42
			Transition	2.37*
			Oxide	2.28
		QM S	Fresh	2.86
			Transition	2.60
			Oxide	1.90
		PMS	Fresh	2.87
			Transition	3.27
			Oxide	1.88
		GN_ LG min MS; Fe eralisation	Fresh	3.11
			Transition	2.66
			Oxide	2.15
		GN_ Was MS; te	Fresh	2.89
			Transition	2.69
			Oxide	2.00
		Dole rite Dyke	Fresh	3.06

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		Transition	2.91
		Oxide	1.76
	Late rite	Laterite	2.00

no sam_ _p les within th_ _e se domains; equivalent de_ _n sity average_ _s from Matuki_ _a South fault_ _b* lock were used.

Mineral Resource Statement

The res o urce estim a tes were classified in ac c ordance wi t h the Austr a lasian Cod e for Reporti n g of Identifi e d Mineral R esources a nd Ore Res e rves (JOR C Code, 200 4 ).

The Min e ral Resour c es are bas e d on the Inv e rse Distan c e Squared b lock model s matukia_2 0 10_ID.bmf a nd gw_201 0 _ID.bmf. Both Mineral R esources h ave been cl a ssified as I n ferred base d principally on data density. The Inferre d Mineral R e sources ha v e been rest r icted to incl u de only ma t erial above - 150mRL and within the Marampa t enement b o undary.

Marampa is conducting metallur g ical test wo r k with a vie w to produci n g a concen t rate from th e in situ mineral r esources. N o metallurgical upgrad e factors hav e been applied to the re s ource mod e ls.

Both m o dels have b e en reporte d at 15% an d 20% Fe cu t off grades w here the 1 5 % cut off re p resents the in situ global Fe min e ralisation.

Matukia

Table 5 a nd Table 6 break down the Inferred Mineral Re s ource at M a tukia by ma t erial type at the 15% an d 20% Fe cut off grad e s.

Gafal West

Table 7 a nd Table 8 break down the Inferred Mineral Re s ource at Gafal West by g eology and material type at the 1 5 % and 20% Fe cut off g r ades.

Table 5: Inferred Mineral Resource at Matukia using a 15% Fe cut off

Weathe ring	Mt	Fe	Si O2	Al2O3	TiO2	P	S	MnO	LOI
Fresh	79.3	31.30	39 .24	4.49	0.18	0.1 36	0.002	0.63	3.31
Laterite	0.5	29.02	39 .87	10.42	0.41	0.0 44	0.019	0.13	4.98
Oxide	3.7	29.57	42 .08	6.86	0.28	0.0 76	0.003	2.16	2.50
Total	83.5	31.21	39 .37	4.63	0.18	0.1 33	0.002	0.70	3.28

Table 6: Inferred Mineral Resource at Matukia using a 20% Fe cut off

Weathe ring	Mt	Fe	Si O2	Al2O3	TiO2	P	S	MnO	LO I
Fresh	77.1	31.69	38 .84	4.39	0.17	0. 136	0.002	0.62	3.3 2
Laterite	0.3	34.50	33 .45	9.34	0.38	0. 047	0.018	0.17	4.6 7
Oxide	3.6	30.17	41 .31	6.69	0.28	0. 076	0.003	2.26	2.4 8
Total	81.0	31.63	38 .93	4.51	0.18	0. 133	0.002	0.69	3.2 9

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Table 7: Inferred Mineral Resource at Gafal West using a 15% Fe cut off

Weathe ring	Geol ogy	Mt	Fe	S iO2	Al2O3	TiO2	P	S	MnO	LO I
Fresh	GN_ MS	34.5	21.05	5 2.38	7.36	0.29	0.2 09	0.003	0.07	1.7 3
	SQS	64.1	29.42	4 1.39	4.97	0.19	0.1 19	0.002	0.55	3.2 2
FreshT otal		98.6	26.49	4 5.23	5.80	0.23	0. 151	0.003	0.38	2.7 0
Laterite	GN_ MS	1.1	34.56	3 0.18	8.70	0.49	0.0 09	0.009	0.02	6.9 8
	SQS	0.8	33.54	2 7.79	14.27	0.63	0.0 56	0.037	0.03	8.0 1
Laterite Total		1.9	34.14	2 9.19	11.01	0.55	0.0 29	0.021	0.02	7.4 1
Oxide	GN_ MS	8.1	22.59	5 2.41	8.48	0.37	0.0 91	0.006	0.06	2.5 0
	SQS	5.1	28.96	4 5.42	7.91	0.27	0.0 20	0.008	0.67	2.1 7
OxideT otal		13.2	25.05	4 9.71	8.26	0.33	0.0 63	0.007	0.29	2.3 7
Total		113.7	26.46	4 5.48	6.18	0.24	0. 139	0.003	0.37	2.7 4

Table 8: Inferred Mineral Resource at Gafal West using a 20% Fe cut off

Weathe ring	Geol ogy	Fe	Fe	SiO 2	Al2O3	TiO2	P	S	MnO	LO I
Fresh	GN_ MS	20.0	23.40	50 .07	6.79	0.27	0.2 06	0.003	0.08	1.7 3
	SQS 1	61.6	29.88	40 .94	4.85	0.19	0.1 20	0.002	0.54	3.2 3
FreshT otal		81.6	28.29	43 .17	5.33	0.21	0. 141	0.003	0.43	2.8 6
Laterite	GN_ MS	1.1	35.05	29 .43	8.62	0.49	0.0 09	0.009	0.02	7.0 7
	SQS 1	0.8	33.54	27 .79	14.27	0.63	0.0 56	0.037	0.03	8.0 1
Laterite Total		1.9	34.41	28 .74	11.00	0.55	0.0 29	0.021	0.02	7.4 7
Oxide	GN_ MS	5.9	24.27	50 .80	8.15	0.36	0.0 70	0.006	0.06	2.5 6
	SQS 1	5.1	28.96	45 .42	7.91	0.27	0.0 20	0.008	0.67	2.1 7
OxideT otal		11.0	26.44	48 .31	8.04	0.32	0.0 47	0.007	0.34	2.3 8
Total		94.5	28.20	43 .48	5.76	0.23	0. 128	0.003	0.41	2.9 0

Kind Re g ards,

GOLDER ASSOCIATES PTY LTD

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Andrea S nare Senior R esource Geologist

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St e phen Godf r ey A s sociate, Se n ior Resourc e Geologist

AS/SAG

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