NEURIZER LTD — Board/Management Information 2009

Jul 6, 2009

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Tuesday, 7 July 2009

Manager – Company Announcements Australian Securities Exchange

ASX E Lodgement

Dear Sir/Madam

ASX Code MTN

Revised letter to Shareholders and details of CEO remuneration

Marathon refers to its announcement yesterday advising of the letter to be sent to shareholders from new CEO Dr Linley, including an annexed copy of the ASX release on the 10th of June 2009 advising of the appointment of Dr Linley as CEO.

The letter to shareholders included the following commentary: “At the spot market price (US$52/lb*) the Mt Gee deposit has an inground value of $3.6 billion and at long term contract prices (US$75/lb) the deposit has an in-ground value of US$5.2 billion", with reference to the UxC U3O8 spot price as at 29 June 2009. Marathon withdraws that commentary and has revised its release to shareholders accordingly.

The letter also stated "The current combined indicated and inferred resource estimate of the Mt Gee deposit is 69,000,000 lbs of U3O8…. ” and in doing so omitted the corresponding tonnage and grade of the indicated and inferred mineral resources. Marathon now includes that information, as follows:

Category Tonnes (Mt) * Grade U3O8 (ppm) * TonnesU3O8 kt * Indicated 4 706 2.8 Inferred 47 607 28.5 Total 51 615 31.3 * at 300 ppm U3O8 cutoff

Marathon also refers to the appointment of Dr Linley as CEO and advises the following key terms of his remuneration and employment:

Term of employment and base remuneration

Dr Linley’s employment commenced on 10 June 2009 and will expire on 30 June 2012, subject to any extension agreed between Marathon and Dr Linley. The gross base remuneration inclusive of superannuation under the contract is AUD $100,000 per annum. Dr Linley’s employment can be terminated by either Marathon or Dr Linley by giving 3 months written notice, in which case Dr Linley will become entitled to any accrued but unpaid remuneration and all reimbursable expenses not previously reimbursed. If Marathon so terminates Dr Linley’s employment, Dr Linley will also become entitled to the full amount of the gross base remuneration applicable to the term remaining at the time of termination.

Short and Long Term Incentives

Subject to obtaining shareholder approval, as part of his remuneration, Dr Linley will be issued with 1,000,000 unlisted options, each being an option to acquire an ordinary share in the capital of Marathon, at an exercise price of $0.80. Each option will have an exercise period of 3 years from the issue date, but if Dr Linley leaves the employment of Marathon for any reason, the options will lapse on the earlier of 12 months from the date he ceases to be employed by Marathon and the expiry of the exercise period. Full details of the terms of these options will be disclosed to shareholders when shareholder approval is sought to the issue of the options.

Yours faithfully

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Sam Appleyard Company Secretary

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TUESDAY, 07 JULY 2009

Dear Shareholder,

I am writing to introduce myself to you as the new CEO of Marathon Resources. As you may know, I joined the Board of Marathon in June 2008 and have spent the past year working closely with my fellow Board Members.

During the last 12 months our company continued to be active with our primary focus on the world class Mt Gee (EL 3258) uranium deposit in the Northern Flinders Ranges of South Australia.

In addition to the considerable effort dedicated to the rectification work at Mt Gee, we have recently undertaken the following work on EL 3258:-

• Gravity survey • Geological mapping

• Heli-magnetometer survey • Radiometric survey

• Stream sediment sampling

The information we have gathered from these activities, coupled with our present knowledge base, supports our belief that there is potential to significantly increase our resource base within EL 3258.

The current combined indicated and inferred resource estimate of the Mt Gee deposit is 69,000,000 lbs of U3O8,,at the tonnage and grades specified below, making it the fifth largest undeveloped uranium deposit in Australia.

Mt Gee resource estimate:

Category	Tonnes (Mt)*	Grade U3O8 (ppm)*	TonnesU3O8 kt*
Indicated	4	706	2.8
Inferred	47	607	28.5
Total	51	615	31.3
* at 300 ppm U3O8 cutoff

It is important to note that the margins of the Mt Gee deposit are open in three directions, so the potential to increase our resource base are very prospective and give us confidence to continue our efforts.

We are realistic about the many challenges that lay ahead and the responsibilities that are associated with developing such a significant mineral deposit. As CEO, it is my responsibility to drive this company forward to develop a world class environmentally sustainable mining operation.

We will continue to work with all relevant groups and authorities to achieve an outcome that benefits all stakeholders, the state and country.

Thank you for your continued support of Marathon Resources. I am looking forward to the many challenges that lie ahead and I will keep you regularly informed of our progress as the company grows and we develop one of Australia’s largest uranium resources.

Yours sincerely

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Dr John G. (Shad) Linley

The Mt Gee Mineral Resource Estimate was based on information compiled on behalf of Marathon by Tony Marshall B.Sc (Hons) Uni.Melb. a Member of the AusIMM. Tony Marshall is Principal Geologist with SMGC and a full-time employee of that company. He has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2004 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Tony Marshall consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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