REDIVIUM LIMITED — Capital/Financing Update 2004

Jan 27, 2004

Hannans Reward NL Exploring for Gold and Base Metals

27 February 2004

Company Announcements Office Australian Stock Exchange Limited 10th Floor, 20 Bond Street SYDNEY NSW 2000

Dear Sirs

Rights Issue of Options

The Directors of Hannans Reward NL confirm that, as outlined in the Company's prospectus dated 10 October 2003, the Company will make a free pro rata nonrenounceable offer of up to 16,455,002 options (Options) to acquire fully paid ordinary shares (Shares) in the Company (Offer).

The Offer will be made to shareholders on the basis of one (1) Option for every two (2) Shares held at 5.00pm WST on 3 March 2004 (Record Date). The Company intends to lodge a prospectus for the Offer at the Australian Securities & Investments Commission on 23 February 2004. The Prospectus will be mailed to each shareholder registered in the share register on the Record Date. Each shareholder's entitlement under the Offer will be set out in the Entitlement and Acceptance Form that will accompany the Prospectus.

The Options will be exercisable at 20 cents each on or before 31 March 2006. The Company will apply for official quotation of the Options issued under the Prospectus.

Yours faithfully,

August Holly

Damian Hicks

Director