LIVIUM LTD — Capital/Financing Update 2012

Feb 6, 2012

==> picture [462 x 87] intentionally omitted <==

ASX Announcement

7 February 2012

Mpaka Metallurgical Coal Project – Swaziland Coal Exploration Target of 55-85Mt

Midwinter Resources NL (ASX: MWN) has identified an opportunity to expand its interests in the ferrous metals industry by the potential acquisition of a high-quality, metallurgical coal project, in proximity to Midwinter’s existing iron exploration assets. The details of the acquisition opportunity were included in an ASX announcement dated 31 January 2012.

Midwinter’s consultant geologist, John Doepel, of Continental Resource Management Pty Ltd (CRM), visited the project during January 2012 as part of the preliminary due diligence performed by Midwinter prior to entering into the agreement and information obtained to date on the Mpaka Metallurgical Coal Project is outlined below.

MPAKA EXPLORATION TARGET

Introduction

Midwinter Resources NL has entered into an agreement to acquire 100% of the issued capital of Teeman (Pty) Ltd, a company incorporated in Swaziland. Teeman’s principal asset is a prospecting right application over approximately 16km[2] covering the Mpaka Colliery (Swaziland) which was operated by Gencor until 1992. The Mpaka Prospecting Licence Application 229/2011, lodged on 26/04/2011 by Teeman Investments Pty Ltd, is situated immediately to the south of the main highway that joins the capital of Mbabne and the large town of Manzini to the west with the provincial capital of Siteki and the Mozambique port of Muputo to the east. The application area contains the dormant Mpaka Coal Mine (also known as the Emaswati Colliery) within its northwest corner

• 1 -

(Figure 1). The area has been tested by at least 48 boreholes, the locations of which are shown on Figure 1.

==> picture [432 x 323] intentionally omitted <==

Figure 1 Mpaka Coal Project – Geological map

Potential Resources

The application has an area of 20.5km[2] , of which 19.3km[2] is over the sedimentary Middle Ecca Series of the Karro Group that contains the high quality anthracite seams of the Lower Coal Zone. Within this zone, the Main Coal Seam is of prime interest. It has an average thickness of 3.7m in the Mpaka area (of one set of 25 bore-holes, 23 intersected thicknesses of the Main Coal Seam between 3.2 and 4.5m, with the other two intersection thicknesses being 2.2m and 1.6m). Within the project area, the seam dips at a shallow angle of the order of 3[o] to the east and is at depths below surface varying from the order of 50m in the west of the project area to the order of 300m in the east.

The pre-mining volume of The Main Seam within the application area was thus of the order of 19,300,000m[2] x 3.7m (70,000,000m[3] ). Assuming a SG of 1.5, this equates to a tonnage of the order of 105Mt. The target resource is, however, less than that, as significant mining of the seam has already occurred, and as the seam has been intruded

• 2 -

by a number of dolerite dykes that reduce its total volume, and as de-volatized and fractured coal occurs adjacent to the dykes.

The Mpaka Mine operated from 1964 to 1992, a period of about 29 years. During 1986 it was producing at a rate of about 210,000tpa. It thus may have produced a total of the order of 6Mt coal. As, however, a room and pillar method of mining was used, perhaps pre-mining resources of up to 10Mt may have been mined or sterilized. If, say, an additional 10% of the Main Seam was affected or replaced by dolerite, then the remaining resource potential could be assumed to be of the order of 85Mt.

Published Reserves

The Swaziland Geological Survey and Mines Department, in June 2006, published a document titled “The Mineral Resources of Swaziland”. In the document, “Area 2 Mpaka Mine” is reported to contain Established (In-situ) Reserves of 55.2Mt of coal, including 41.2Mt of Reserves of Mineable coal.

Grade

The Mpaka Coal Deposit is reported in “The Mineral Resources of Swaziland” as being semi-anthracite, with a low volatile matter content of 12% to 14%, an ash content of 14%, a high heat value (29MJ/kg), low sulphur content (0.35%), and a low phosphorous content (0.01%). It is reported as having a yield of 75%.

Exploration Target

CRM has estimated an exploration target for the Mpaka Prospecting Licence Application. CRM’s estimation is summarised below.

“An exploration target for semi-anthracite coal within the Main Seam is present within the Mpaka Prospecting Licence Application. The potential coal resource within the target area is within the range of 55Mt to 85Mt at a yield of between 70% and 80%. Washed coal from the deposit is reported to have quality of the order of:

• Moisture 1.3%

• Ash Content 14%  Volatile Matter 13%  Phosphorous 0.01%  Sulphur 0.35%  Fixed Carbon 72%  Ash Fusion Temp. 1250[o] C  Calorific Value 29MJ/kg

The potential quantity and quality of the target are conceptual in nature, as, although;

• numerous bore-holes have been drilled into the target Main Seam; and

• Midwinter has access to some historical and published documents,

• 3 -

Midwinter has insufficient information to be able to estimate a Coal Resource, and it is uncertain if further exploration will result in the determination of a Coal Resource.”

Further Information

Midwinter is undertaking due diligence on the project and will release further information as it becomes available.

Investors wanting more information on Midwinter should contact:

Adrian Griffin Managing Director T: +618 9322 6451

The geological information in this report which relates to Exploration Results and Mineral Resources is based upon information compiled by Mr J.J.G. Doepel, B.Sc (Hons), GradDipForSc, Dip Teach, Principal Geologist of Continental Resource Management Pty Ltd. Mr Doepel is a member of the Australasian Institute of Mining and Metallurgy and has sufficient expertise and experience which is relevant to the style of mineralisation and to the type of deposit under consideration 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 Doepel consents to the inclusion in the report of the matters based on his information in the form and context in which they appear.

ENDS

• 4 -