IDENTIFIED MINERAL RESOURCES & MINING RESERVE ESTIMATES IDENTIFIED MINERAL RESOURCE – CONSOLIDATED AS AT 30 JUNE 2011 TIN DIVISION  PROJECT TIN COPPER Tonnes (Kt) Grade (%Sn) Sn Metal (t) Tonnes (Kt) Grade (%Cu) Cu Metal (t) Measured Renison Bell 917 2.01 18,473 479 0.28 1, 321 Mt Bischoff Rentails 19,505 0.44 86,594 19,505 0.21 41,353 Collingwood Sub-total 20,422 0.51 105,067 19,985 0.21 42,673 Indicated Renison Bell 4,260 1.52 64,585 2,995 0.39 11,737 Mt Bischoff 968 0.59 5,681 Rentails - - - Collingwood 652 1.29 8,436 Sub-total 5,879 1.34 78,702 2,995 0.39 11,737 Inferred Renison Bell 3,177 1.66 2,732 1,242 0.36 4,426 Mt Bischoff 699 0.47 3,300 Rentails - - - Collingwood 51 1.12 570 Sub-total 3,927 1.44 56,602 1,242 0.36 4,426 TOTALS Renison Bell 8,354 1.63 135,790 4,716 0.37 17, 4 8 4 Mt Bischoff 1,667 0.54 8,981 Rentails 19,505 0.44 86,594 19,505 0.21 41,353 Collingwood 702 1.28 9,006 Total I.M.R 30,229 0.80 240,370 24,221 0.24 58,837 Wingellina Cut Off (%Ni) Tonnes(Mt) Ni (%) Co (%) Fe203(%) Measured 0.5 68.8  1.00 0.078 48.7 Indicated 0.5 98.6  0.97 0.075 46.4 Inferred 0.5 15.7  0.97 0.069 42.7 Total I.M.R 0.5 183.2  0.98 0.076 47.0 Claude Hills* Cut-off (% Ni) Tonnes (Mt) Ni (%) Co (%) Fe2O3 (%) Inferred 0.5 33.3 0.81 0.07 39 Inferred 0.7 19.2 0.96 0.08 44  * Approximately 50% of the Claude Hills Resource is located within EL4751 and the remainder within the Mt Davies JV lease EL3932. 19  OPERATIONAL REVIEW NICKEL DIVISION