LIVIUM LTD — Capital/Financing Update 2009

Aug 31, 2009

ABN 29 126 129 413

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1 September 2009

Dear Optionholder

OPTION EXPIRY

Notice is hereby given that the final date for exercising the Company's 25 cent, 30 September 2009 listed options ( Options ) is 5.00pm WDT on 30 September 2009 ( Expiry Date ). The exercise price is 25 cents per option. Optionholders will be issued with one new fully paid ordinary share in Midwinter Resources NL ( Midwinter or the Company ) for each option exercised.

New Option Offer

Further, on 20 August 2009, the Company dispatched to shareholders a Notice of Meeting containing a resolution seeking approval for the issue of options exercisable at 25 cents on or before 30 November 2011 ( New Options ) to holders of the Company’s current listed Options due to expire on 30 September 2009.

Subject to passing of the resolutions at the meeting to be held on 22 September 2009, investors holding existing listed Options at the Expiry Date will receive a prospectus for the offer of New Options.

Listing Rule Information for Expiring Options

With regard to the expiring stream of listed Options, in accordance with Australian Stock Exchange (ASX) Listing Rule 6.24, Midwinter provides the following information:

• (a) each Option entitles you to apply for one fully paid ordinary share in the capital of Midwinter;

• (b) the exercise price payable to exercise your Options by the Expiry Date is 25 cents per Option;

• (c) if you fail to exercise your Options prior to the Expiry Date, those Options will lapse and you shall have no further right or entitlement (other than the entitlement to subscribe for New Options detailed above which at the date of this letter remains subject to shareholder approval) to those Options;

• (d) quotation of the Options on the ASX will end on Wednesday 23 September 2009;

• (e) the last available closing price of the listed shares in Midwinter prior to the date of this letter was 13 cents;

• (f) the last available closing price of the Options prior to the date of this letter was 1.5 cents;

• (g) the highest and lowest market sale price of Midwinter’s shares on ASX during the 3 months immediately preceding the date if this letter and the respective dates of those sales were:

Highest: 14 cents on 24 August 2009 Lowest: 5.5 cents on 1 June 2009

L1/22 Oxford Close Leederville WA 6007 Ph: 9388 2816 Fax: 9381 5911 Email: admin@midwinterresources.com.au

www.midwinterresources.com.au

ABN 29 126 129 413

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• (h) the highest and lowest market sales price of Midwinter’s Options on the ASX during the 3 months immediately preceding the date of this letter and the respective dates of those sales were:

Highest: 3 cents on 29 July, 3[rd] , 13[th] and 18[th] of August 2009 Lowest: 1 cent on 3 June 2009

• (i) you can exercise all or part of your Options prior to the Expiry Date by completing the option exercise form attached and forward with your payment to:

Advanced Share Registry Services or deliver to: Advanced Share Registry Services PO Box 1156 150 Stirling Highway NEDLANDS WA 6909 NEDLANDS WA 6009

Cheques should be made payable to Midwinter Resources NL . Receipt for payment will not be forwarded.

If you wish to clarify any taxation consequences relating to the exercise of options, please consult your solicitor, accountant or professional adviser.

Yours faithfully

Jon O’Callaghan Chairman

L1/22 Oxford Close Leederville WA 6007 Ph: 9388 2816 Fax: 9381 5911 Email: admin@midwinterresources.com.au

www.midwinterresources.com.au