PILBARA IRON ORE PROJECT (“PIOP”)

Location

The PIOP is located in the Pilbara region of Western Australia, approximately 60km north-west of Tom Price.

Mineral Resources

PIOP Global Resource Estimate Summary

Small discrepancies may occur due to rounding. Cut Off: Ore types DID1, DID2, DID3 reported using Fe>40% and Al2O3<8%; ore types DID4, CID, BID reported using Fe>50% and Al2O3<6%

Blacksmith (M47/1451) and Anvil Deposits (E47/1560)

Competent Person’s Statement – Mineral Resources

The information in this report that relates to the PIOP Mineral Resource estimate is based on information compiled by John Graindorge who is a Chartered Professional (Geology) and a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM) and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity to which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. John Graindorge is a full-time employee of Snowden Mining Industry Consultants Pty Ltd and consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.