MOTIO LTD — Proxy Solicitation & Information Statement 2011

Jun 21, 2011

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22 June, 2011 Shareholder Circular

Red October Resources Limited (the “Company”)

Dear Shareholder

I am writing to update you on the recent activities of your Company and the likely events for the Company in the coming months. First and foremost however, I would like to apologise for Red October’s continued suspension from trading and thank you for the messages of support.

As you will be aware the Company has announced two potentially company-making transactions since listing, namely the Yellowstone Copper Project in Kazakhstan and the Akjilga Silver Project in Tajikistan (the “Transactions”). In addition to the Company’s focus on the Pardoo Project in the Pilbara, the IPO Prospectus also highlighted that the Board was actively pursuing new acquisitions and joint venture projects both in Australia and overseas.

The proximity of the announcements of the Transactions to the Company’s listing on the ASX is the main driver for the Company’s prolonged suspension from trading. The potential effect of the two transactions in Kazakhstan and Tajikistan on the Company’s capital structure and balance sheet is significant. As a result of this and in consultation with the ASX, Red October will be required to seek shareholder approval for the Transactions to proceed. Commensurate with this the Company will seek approval from shareholders to issue a Prospectus to undertake a capital-raising of a sufficient size to enable the Company to achieve its corporate objectives.

The ASX has confirmed that the Company will remain in suspension until the meeting documents are despatched to shareholders, expected within the next 6 to 8 weeks. By this stage your board is confident that it will be able to release a resource in compliance with the JORC guidelines on the Yellowstone Project and provide a clear divestment strategy in respect of the Akjilga Project.

On the day of the shareholders meeting to approve all of the above, ASX will again suspend the Company until the successful completion of the re-compliance with Chapters 1 and 2 of the ASX Listing Rules.

I would like to extend my sincere apologies for the delay and thank you for all your patience during this transition period. The Board is confident these steps will help realise our goal of delivering shareholder value by acquiring a portfolio of world-class precious and base metals assets.

Yours faithfully

Ross Smith,

Executive Chairman