LIVIUM LTD — Capital/Financing Update 2014

May 4, 2014

5 May 2014

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Dear Optionholder

Non-Renounceable Entitlement Offer and Bonus Offer

The Directors of Cobre Montana NL ( Company ) have resolved that the Company will undertake:

• a non-renounceable pro rata entitlement offer of shares to eligible shareholders at an issue price of $0.04 each on the basis of 1 new share for every 4 shares held to raise approximately $732,406 before costs ( Entitlement Offer ); and

• a non-renounceable, pro rata bonus offer of partly paid shares to eligible shareholders at a total issue price of $0.05 each on the basis of 1 new partly paid share for every 2 shares held with each partly paid share deemed to be paid up to $0.001 and being issued for nil cash consideration ( Bonus Offer ).

Entitlement Offer

The Entitlement Offer will be made to eligible shareholders who are registered as at 5.00pm WST on 9 May 2014 ( First Record Date ). As an optionholder in the Company, you are not entitled to participate in the Entitlement Offer unless you exercise some or all of your options into fully paid ordinary shares in the Company and are entered onto the Company’s share register before the First Record Date. If you wish to participate in the Entitlement Offer in respect of the shares that would be issued to you on exercise of your options, please send an option exercise form, together with a cheque for the relevant exercise price, to the Company Secretary so that it is received prior to the First Record Date.

Bonus Offer

The Bonus Offer will be made to shareholders who are registered as at 5.00pm WST on 18 July 2014 ( Second Record Date ). As an optionholder in the Company, you are not entitled to participate in the Bonus Offer unless you exercise some or all of your options into fully paid ordinary shares in the Company and are entered onto the Company’s share register before the Second Record Date. If you wish to participate in the Bonus Offer in respect of the shares that would be issued to you on exercise of your options, please send an option exercise form, together with a cheque for the relevant exercise price, to the Company Secretary so that it is received prior to the Second Record Date.

IMPORTANT

The partly paid shares will be issued to eligible shareholders for no cash consideration . However, in order to receive an entitlement (if any), shareholders must return an acceptance form in accordance with the Company’s Prospectus dated 2 May 2014. Shareholders who apply for shares under the Entitlement Offer are deemed to accept their entitlements (if any) under the Bonus Offer and are therefore not required to lodge a separate (additional) acceptance form for new partly paid shares. Shareholders who fail to return an acceptance form for partly paid shares by 21 July 2014 (or who do not apply for shares under the Entitlement Offer) will not receive their entitlement (if any) to free partly paid shares.

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Please contact the Company’s share registry, Advanced Share Registry Services, on +61 8 9389 8033 or email admin@advancedshare.com.au for a copy of the option exercise form.

The last closing market sale price of the Company’s shares on ASX on the last day that trading took place in the shares prior to the date of this letter was $0.043 (on 2 May 2014).

The key dates for the Offers are as follows:

Event	Date
Announcement of Offers, Appendix 3B lodged with ASX and Prospectuslodged with ASX and ASIC	5 May 2014
Entitlement Offer
Notice sent to Optionholders	5 May 2014
Notice sent to Shareholders	6 May 2014
‘Ex’ date	7 May 2014
Entitlement Offer Record Date (5.00pm (WST))	9 May 2014
Prospectus issued to Eligible Shareholders and announcement of issue ofProspectus	12 May 2014
Opening Date for Offers	12 May 2014
Last day to Extend Entitlement Offer Closing Date	30 May 2014
Entitlement Offer Closing Date (5.00pm (WST))	4 June 2014
Deferred settlement trading commences	5 June 2014
ASX notified of under-subscriptions	10 June 2014
Issue of New Shares and deferred settlement trading ends	12 June 2014
Commencement of trading of New Shares	13 June 2014
Bonus Offer
‘Ex’ date and deferred settlement trading commences	16 July 2014
Bonus Offer Record Date (5.00pm (WST))	18 July 2014
Bonus Offer Closing Date (5.00pm (WST))	21 July 2014
Issue of New Partly Paid Shares and deferred settlement trading ends	28 July 2014
Commencement of trading of New Partly Paid Shares	29 July 2014

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The timetable is subject to change. The Company reserves the right to vary the timetable for the Offers without notice, subject to the Corporations Act, ASX Listing Rules and other applicable laws. The commencement of quotation of new securities is subject to confirmation from the ASX.

Applicants should consult their brokers or professional advisors in regards to the definition of ‘Ex’ date and record date to ensure that their entitlements to participate in the Offers are assured.

The Company lodged a Prospectus for the Offers at the Australian Securities & Investment Commission on 5 May 2014. The Prospectus will be mailed to each eligible shareholder on 12 May 2014. Each shareholder’s entitlement under the Entitlement Offer will be set out in the Entitlement Offer Application Form that will accompany the Prospectus.

Please note that this letter is not an offer or an invitation to acquire securities or to participate in the Entitlement Offer or the Bonus Offer.

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____________________ Yours faithfully Adrian Griffin Managing Director

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