MAGONTEC LIMITED — Capital/Financing Update 2009

Jun 29, 2009

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Suite 5 Level 4 350 George St Sydney NSW 2000 Australia Ph: 61 2 9221 3274 Fax: 61 2 9233 7265

The Manager Company Announcements ASX Limited 20 Bridge Street Sydney 2000

30 June 2009

Dear Sirs

1 FOR 1 RENOUNCEABLE RIGHTS ISSUE

The Rights Issue Offer Document dated 30 June 2009 and released to the market this morning contains a factual error.

Error

In the second line of the fifth paragraph on page 9 the following sentence appears.

“Production should build up to just over 800 tonnes of alloy per day”.

Correction

The sentence should read as follows.

“Production should build up to just over 800 tonnes of alloy per month”.

An amended version of the Rights Issue Offer Document has been lodged with the ASX.

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John Talbot

Company Secretary