PTR MINERALS LTD — Share Issue/Capital Change 2004

Jul 25, 2004

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PETRATHERM LTD ACN 106 806 884

ASX ESCROW ARRANGEMENTS

Shareholders	Escrow Period	No. under Escrow	Controller
Minotaur Resources Investments Pty Ltd	24 months from date of quotation	15,000,001 shares	Minotaur Resources Ltd (ultimate holding company)
		7,500,000 options
Richard Hillis	24 months from date of quotation	300,000 options	N/A
Lloyd Taylor	24 months from date of quotation	400,000 options	N/A
Richard Bonython	24 months from date of quotation	500,000 óptions	N/A
Derek Carter	24 months from date of quotation	1,200,000 options	N/A
Simon O'Loughlin	24 months from date of quotation	200,000 options	N/A
Taylor Collison Ltd	24 months from date of quotation	2,000,000 options (to be issued)	N/A
Adelaide Research & Innovation Pty Ltd (atf The Adelaide Research & Innovation Investment Trust)	24 months from date of quotation	625,000 shares (Undertaking provided in the event of issue)	The University of Adelaide

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