LIVIUM LTD — Capital/Financing Update 2009

Sep 22, 2009

ABN 29 126 129 413

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23 September 2009

Dear Optionholder

On 22 September, the Directors of Midwinter Resources NL (“Midwinter”) lodged a prospectus for a pro rata Offer (“Offer”) of one (1) new Option for every one (1) Listed Option held by Option Holders registered at 5.00pm (WST) on 30 September 2009 at an issue price of 0.2 cents per Option to raise approximately $36,700.

All optionholders registered at 5.00pm WST on 30 September 2009 will be entitled to participate in the Offer. Generally, options purchased on market in the period 24 September 2009 to 30 September 2009 are NOT entitled to participate in the Offer. If you have any doubt, please consult your sponsoring broker.

The New Options will be issued at a cost of 0.2 cents per New Option. The latest trading price on ASX of the Listed Options prior to the date of this letter was 1.5 cents on 22 September 2009. After expenses of the Offer, any residual funds will be allocated to the general working capital of the Company.

All optionholders whose registered address is in Australia are eligible to participate. Shareholders whose registered address is outside of Australia are not entitled to participate in the Offer.

Full details of the Offer are contained in the Prospectus dated 22 September 2009, which was lodged with the Australian Securities and Investment Commission and the Australian Stock Exchange Limited on Tuesday, 22 September 2009 . The prospectus is available on ASX’s website and the Company’s website at www.midwinterresources.com.au.

The Prospectus together with an Entitlement and Acceptance Form will be mailed to all eligible optionholders on or about 23 September 2009. Other key dates which optionholders should note are as follows:

24 September 2009 Listed Options trade ex-Entitlements on ASX 30 September 2009 Record date for determining Entitlements 21 October 2009 Closing date for acceptances 22 October 2009 Expected date for allotment of New Options

Application for New Options under the Offer may only be made by completing the Entitlement and Acceptance Form which accompanies the Prospectus. Optionholders eligible to participate in the Offer should read the Prospectus carefully. For further information on the Midwinter Offer you should contact your professional adviser.

Yours faithfully

Jon O’Callaghan Chairman

Level 1, 22 Oxford Close LEEDERVILLE WA 6007 P (08) 9388 2816 F (08) 9381 5911 E admin@midwinterresources.com.au www.midwinterresources.com.au