LYCOPODIUM LIMITED — AGM Information 2007

Nov 28, 2007

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Level 5, 1 Adelaide Terrace East Perth, Western Australia 6004 PO Box 6832, East Perth Western Australia 6892 Tel +618 6210 5222 Fax +618 6210 5201 www.lycopodium.com.au

ASX RELEASE Annual General Meeting – Operations Report Update 29 November 2007

As previously reported, the 2007 financial year was another successful year for Lycopodium. The more significant achievements and highlights were presented in the Shareholders Report and I would now like to take this opportunity to provide an update and insight into the company’s operations subsequent to presentation of the report. Generally company operations are continuing at a very high level of activity with resources fully committed.

Personnel numbers as at 30 October 2007 were 570 compared to 530 at 30 June 2007. Whilst the availability of suitable people remains tight, we have achieved a 7.5% growth in the past 4 months and believe that we are on target to source the people we need to service our ongoing commitments.

Lycopodium Engineering’s Brisbane office opened for business in October 2007 with 5 personnel recruited principally from the Brisbane area. Furnishings, office services and IT systems are installed and recruitment is continuing. A number of studies and some project work have been awarded.

Sherwood Utilities continues to grow and has now relocated to new premises in order to accommodate their larger team of 20 personnel.

Lycopodium Engineering’s Manila office has now expanded its capability in order to deliver the full suite of design services rather than being limited to providing backup drafting services for the Perth office. The engineering design services for CGA Mining’s 4 Mtpa Masbate Gold Project are currently being performed in this office.

Pdf continues to develop its operations at Gladstone in Queensland and has recently relocated to new premises in order to secure additional accommodation to enable an expansion of this team.

Lycopodium Engineering has been awarded an Engineering Excellence Award for its work on Newmont’s 7.5 Mtpa Ahafo Gold Project in Ghana. The award was made by the Western Australian Division of Engineers Australia under the International Projects and Exports category.

Lycopodium Engineering and Pdf successfully commissioned and handed over BHP Billiton’s Kwinana Nickel Refinery Replacement Hydrogen Sulphide Plant in June 2007.

On 20 August 2007 Lycopodium Engineering commenced construction of Barrick Gold’s 4 Mtpa Buzwagi Copper Gold Project in Tanzania. Earthworks are progressing with the village area complete and the plant area well advanced. The building, concrete, tank installation, tailings dam and security fencing contractors have all mobilised. Work on the 107 km 220 V power line has also commenced. When completed in July 2009, this project will be the largest copper/gold project in Tanzania.

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Lycopodium Engineering successfully commissioned and handed over BHP Billiton’s Kalgoorlie Nickel Smelter Early Works Matte Granulation Project on 2 September 2007. This project involved the replacement of existing equipment used to cool and granulate the nickel matte which is the product of the smelting process. The new equipment, designed by Lycopodium Engineering, incorporated many features that enhanced safety and allowed automation of the operation. The installation work could only be completed during planned shutdowns because this part of the plant is off limits when granulation is in process. The major shutdown took place in late August 2007 and, we had 11 days to dismantle existing structures and install the new plant. This was completed on schedule.

Lycopodium Engineering successfully commissioned and handed over the 80 MW Mining Reserve Power Plant in Ghana on 30 September 2007. This project was developed for a consortium of mining companies comprising Newmont, Goldfields, AngloGold Ashanti and Golden Star Resources.

Lycopodium Engineering has commenced design and procurement services for the Kolwezi Copper and Cobalt Project in the Democratic Republic of the Congo. This US$553 million project is managed and 65% owned by First Quantum Minerals Ltd. When complete the project will annually treat 2.5 million tonnes of tailings to produce 35,000 tonnes of copper cathode and 7,000 tonnes of cobalt hydroxide. The project is scheduled for completion in the 3Q2009.

On 16 November 2007 Lycopodium Engineering commenced construction of Queensland Ores’ Wolfram Camp 150 ktpa Molybdenum and Tungsten Project in Queensland.

During November 2007 Pdf completed and handed over the Barnawatha Biodiesel Project in Victoria, This 60 million litre per annum plant, developed for Biodiesel Producers Ltd, is the largest project implemented to date by Pdf.

Construction work has commenced on Rio Tinto’s Hope Downs Stage 2 Iron Ore Project. As is the case with the Hope Downs Stage 1 Iron Ore Project, the EPCM services are being provided jointly by Lycopodium Engineering and KBR.

On 15 November 2007 Lycopodium Engineering and KBR achieved a major milestone in the development of Rio Tinto’s Hope Down’s Stage 1 Iron Ore Project with the introduction of first ore. This was achieved ahead of schedule.

Finally, I would like to take this opportunity recognise and thank all our personnel for their commitment and contribution. We are a service organisation and therefore our ability to deliver world class services and to grow the company is dependant on this loyalty and support.

For further information:

Laurie Marshall Managing Director Telephone: +61 8 6210 5222 Facsimile: + 61 8 6210 5201