Highlights

Kingsgate Molybdenum-Bismuth Project, Glen Innes NSW (Auzex 100%)

• Further positive assay results have been received since the last update on the resource drilling program at Kingsgate. Better intersections include:

o 2m @ 1.466 % Mo and 0.256 % Bi from 18m
o 3m @ 0.745 % Mo and 0.080 % Bi from 14m
o 5m @ 0.317% Mo and 0.101 % Bi from 2m
o 3m @ 0.017 % Mo and 0.678 % Bi from 7m
o 4m @ 0.240 % Mo and 0.666 % Bi from 51m

• All assay data is complete and has been forwarded to consultants for resource modelling during June. It should be noted that the modelling completed for the feasibility study will cover only 10 per cent of the entire project area.

• Production of a very high purity molybdenum product has been achieved in the final stage of molybdenum metallurgical testwork. As a result, process options have been finalised. Ammonium molybdate has been produced, which is the starting material for a range of molybdenum products, such as molybdenum trioxide (MoO3) or molybdenum metal powder (Mo).

• The Company expects a premium price will be realised for the Kingsgate product over molybdenite (MoS2) concentrates normally produced from molybdenum mining operations. Marketing discussions have commenced. – Press Release