MGX RESOURCES LIMITED — Board/Management Information 2011

Dec 8, 2011

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Mount Gibson Iron Limited

ABN 87 008 670 817

First Floor, 7 Havelock Street West Perth 6005, Western Australia

PO Box 55, West Perth WA 6872

Telephone: 61-8-9426-7500 Facsimile: 61-8-9485-2305 E-mail: admin@mtgibsoniron.com.au

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VIA: WWW.ASXONLINE.COM

9 December 2011

The Manager Company Announcements ASX Limited Level 10, 20 Bond Street SYDNEY NSW 2000

MANAGING DIRECTOR

Mount Gibson Iron Limited announced on 17 November 2011 that the Company’s Managing Director, Mr Luke Tonkin, had agreed to step down from his position after a transition period of up to six months, during which the Company would identify and appoint a successor.

The Company has since received advice that termination benefits payable to Mr Tonkin will be subject to section 200B(1) of the Corporations Act, as amended in 2009 (even though Mr Tonkin’s contract of employment was entered into before that date). As a result, shareholder approval must be obtained for benefits exceeding Mr Tonkin’s average annual base salary for the 3 years preceding termination.

Within the parameters set by this advice, the Company and Mr Tonkin have been unable to finalise transitional arrangements (incorporating a termination benefit package) that are satisfactory to both parties in terms of value and conditionality. The Board has therefore resolved not to pursue the transitional period arrangement, but to make alternative arrangements for the Chief Executive role immediately.

Mr Tonkin will therefore cease to carry out duties as Managing Director of the Company, with immediate effect. His employment with the Company will formally come to an end on 16 December 2011.

Mr Jim Beyer, Chief Operating Officer of Mount Gibson, will act in the position of Chief Executive Officer while the Board considers options for a permanent appointment.

Yours sincerely MOUNT GIBSON IRON LIMITED

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David Berg Company Secretary

For further information:

Geoffrey Hill Mount Gibson Iron Limited +61 411 539 000 www.mtgibsoniron.com.au

David Griffiths Gryphon Management +61 8 9382 8300

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