REDSTONE RESOURCES LIMITED — Board/Management Information 2015

Feb 11, 2015

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12 February 2015

ASX ANNOUNCEMENT

APPOINTMENT OF INTERIM MANAGING DIRECTOR TO DEVELOP THE TOLLU COPPER PROJECT

Redstone Resources Limited (ASX: RDS) (“Redstone” or “the Company”) is pleased to announce that it has appointed Mr Wrixon Gasteen as its interim Managing Director to lead the implementation of the Tollu Copper Project Development Plan on its 100% owned tenement (E69/2450) in the West Musgrave region of Western Australia.

Redstone Chairman, Mr Richard Homsany said, "The Board is pleased to have secured the services of an experienced mining and business turnaround specialist in Mr Gasteen. He will have the leadership role to drive the funding and development of the Tollu Project in accordance with the development timetable proposed to coincide with the global copper supply shortage forecast from 2017." Mr Gasteen's profile is set out below.

Mr Gasteen’s appointment as Managing Director is conditional on his raising the required funds to facilitate further drilling for the Tollu Development Plan at which time the key terms and conditions of Mr Gasteen’s employment will be determined and formalised in a contract of employment. His skills and expertise will be invaluable to the Company in this next key phase of its funding and development.

Redstone’s 100% owned Tollu Project is located in the south-east portion of the West Musgrave region of Western Australia. The Tollu Project consists of a large swarm of hydrothermal copper rich quartz veins in a mineralised system covering an area at least 5km[2] . Malachite-rich gossans associated with quartz veins are exposed at surface and form part of a dilatational system between two major structures within the Tollu Fault Zone. The Tollu Project has a Conceptual Exploration Target estimated to be 22 to 33 million tonnes of mineralisation at a conceptual grade range of 0.9 - 1.3% Cu, containing 198,000 to 445,000 tonnes of copper. This includes 4.3 to 6.4 million tonnes of mineralisation at a conceptual grade range of 1.6 – 2.4%, containing 69,000 to 154,000 tonnes of Copper on the Chatsworth Prospect.

Redstone Resources Limited ABN 42 090 169 154 60 Havelock Street, West Perth WA 6005 Tel: 08 9328 2552 Fax: 08 9328 2660

www.redstone.com.au Email: contact@redstone.com.au

ASX: RDS

"The first step in the Tollu Development Plan is to seek the funding to supplement the circa 23,000 metres of drilling already completed on the Project, with infill drilling to achieve a maiden JORC compliant resource. Subject to funding timing, this proposed drilling program will be conducted to a strict timetable to be completed by October this year.. It is anticipated that this infill drilling has the potential to deliver a JORC compliant maiden resource in the Conceptual Exploration Target range of 198,000 to 445,000 tonnes of contained copper. Extensions to the North and South along the Tollu Fault will also be drilled to add to the resource. This will enable commencement of a feasibility study for a 40,000 tonnes per year surface copper project. In turn, in accordance with the Development Plan, it is envisaged that, subject to a positive development decision based on a funded bankable feasibility study, this will lead to the construction of the Tollu Copper Mine in 2017 or 2018, subject to procuring finance and approvals," Mr Homsany said.

Profile of Wrix Gasteen: B.E. (Mining) Hons, Qld, MBA (Distinction), Geneva

Wrixon (Wrix) Gasteen has a public track record as a Director and Chief Executive Officer of both listed and private companies with a focus on growth, corporate governance and transparency issues. He is a proven “turnaround” specialist, project implementer and business developer.

He holds a Bachelor of Engineering (Mining) with Honours from the University of Queensland, Australia. He was awarded an MBA with Distinction from IMD/University of Geneva, Switzerland, with emphasis on Finance, Accounting, business strategy and Change Management. He also topped his class in Mathematics. He has studied International Marketing at Stanford University’s Business School in Palo Alto in California.

Mr. Gasteen worked for Rio Tinto at Weipa, QLD as Mine Planning Engineer and mining shift supervisor. After 3 years he moved to the Callide Coalfields in Central QLD where over a 10 year period he held the positions of Mine Planning Engineer, Chief Mining Engineer and Mine Manager. While Chief Mining Engineer he led the exploration team which successfully discovered and proved up a new coal deposit in the Exploration lease. His team produced the innovative mine plan and financial feasibility study which lead to the development of the new Boundary Hill Mine. He oversaw the construction of the new mine which was brought into production on time and on budget. He was appointed inaugural Boundary Hill Mine Manager.

He has worked for Thiess to acquire and expand an explosives manufacturing company to service mining operations within the gold (WA), iron ore (WA) and coal industries in Australia, and the coal industry in Indonesia.

Mr Gasteen joined diversified manufacturer Hong Leong Asia Limited (HLA, listed on the Singapore Stock Exchange (SGX)) in Singapore in early 2000 as Chief Executive Officer and Director. He presided over the transformation and rapid development of the company by both acquisition and organic growth, from a loss making South East Asian building materials company with sales of $300 million, to a very profitable, diversified manufacturing group with sales of over $2.2 billion, with 14,000 employees and with 80% of its manufacturing businesses in the fast growing China market. Among the acquisitions during his tenure, HLA acquired and developed Karimun Granite, the largest hard rock quarry in SE Asia. Business units included China Yuchai International (CYI was China’s largest diesel engine manufacturer), Tasek Corporation (Cement), Rex Packaging (Thermoformed and blow molded rigid plastics) with 7 factories in China, Malaysia and Singapore, and Xinfei (China’s No.2 refrigerator, freezer

Redstone Resources Limited ABN 42 090 169 154 60 Havelock Street, West Perth WA 6005 Tel: 08 9328 2552 Fax: 08 9328 2660

www.redstone.com.au Email: contact@redstone.com.au

ASX: RDS

manufacturer). The transformed Hong Leong Asia (HLA) recorded a consolidated profit before tax (PBT) and before minorities of over S$171 million.

The HLA share price increased fourfold during his tenure as CEO. The share price of China Yuchai International increased over 20 times during this same period of tenure.

During this period, Mr Gasteen was a Director of Hong Leong Asia Limited, Director of Tasek Corporation (cement), listed on the Kuala Lumpur Stock Exchange (KLSE) in Malaysia and also Chairman and President of China Yuchai International (diesel engines) listed on the New York Stock Exchange (NYSE).

The Australian business magazine, Business Review Weekly (BRW) ranked Mr Gasteen No.3 in their “Top 20 Australians managing in Asia”. It said that Mr Gasteen was among few Australians who headed large, successful Asian-owned businesses.

In June 2012 Mr Gasteen was appointed to the Board of ASX listed Central Petroleum (ASX: CTP) as an independent, Non-Executive Director. He was also appointed Chairman of the Audit Committee because of his fiscal expertise and his focus on corporate governance.

In March 2014, Mr Gasteen was appointed to the Board of Sino Australia Oil and Gas (ASX: SAO) a Chinese enhanced oil recovery services company listed on the ASX. He was also appointed Audit Committee Chairman.

Mr Gasteen’s work with government bodies, shareholders, staff and boards of directors, together with his drive for transparency, corporate governance and his communication skills with analysts and fund managers have underpinned his success in business and his record as a proven business developer and turnaround specialist.

Competent Persons Statement

The information in this announcement that relates to Exploration Targets and Exploration Results was authorised by Mr Darryl Mapleson, a Principal Geologist and a full time employee of BM Geological Services, who are engaged as consultant geologists to Redstone Resources Limited. Mr Mapleson is a Fellow of the Australian Institute of Mining and Metallurgy. Mr Mapleson has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration to act as a competent person as defined in the 2012 edition of the “Australasian Code for reporting of Exploration results, Mineral Resources and Ore Reserves”. Mr Mapleson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Forward-Looking Statements

This document may include forward-looking statements. Forward-looking statements include, but are not limited to statements concerning Redstone Resources Limited’s (Redstone) planned exploration program and other statements that are not historical facts. When used in this document, the words such as “could”, “plan”, “estimate”, “expect”, “intend”, “may”, “potential”, “should”, and similar expressions are forward-looking statements. Although Redstone believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements.

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Redstone Resources Limited ABN 42 090 169 154 60 Havelock Street, West Perth WA 6005 Tel: 08 9328 2552 Fax: 08 9328 2660

www.redstone.com.au Email: contact@redstone.com.au

ASX: RDS

ABOUT REDSTONE RESOURCES

Redstone Resources Ltd (ASX: RDS) is a Perth-based company focused on highly prospective copper exploration properties in the West Musgrave region of Western Australia.

Redstone’s 100% owned Tollu Project is located in the south-east portion of the West Musgrave region of Western Australia. The Tollu Project consists of a large swarm of hydrothermal copper rich quartz veins in a mineralised system covering an area at least 5km[2] . Malachite-rich gossans associated with quartz veins are exposed at surface and form part of a dilatational system between two major structures within the Tollu Fault Zone.

The Tollu Project has a Conceptual Exploration Target estimated to be 22 to 33 million tonnes of mineralisation at a conceptual grade range of 0.9 - 1.3% Cu, containing 198,000 to 445,000 tonnes of copper. This includes 4.3 to 6.4 million tonnes of mineralisation at a conceptual grade range of 1.6 – 2.4%, containing 69,000 to 154,000 tonnes of Copper on the Chatsworth Prospect.

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For further information please contact:

Richard Homsany Chairman Redstone Resources Limited +61 (08) 9328 2552 contact@redstone.com.au

Redstone Resources Limited ABN 42 090 169 154 60 Havelock Street, West Perth WA 6005 Tel: 08 9328 2552 Fax: 08 9328 2660

www.redstone.com.au Email: contact@redstone.com.au