The Company’s Collingwood Tin Project is located in Far North  Queensland approximately 30km south of Cooktown. The Company  has decided to dispose these assets and is currently actively  marketing the project for sale. In the meantime the project will  remain under care and maintenance. There was no production from the project for the reporting period.  The net operating loss after income tax for the Collingwood Project  for the financial year was $505,195 (2010: $820,100). There was no  impairment of property, plant and equipment during the year (2010:  $500,000). There was no revenue from tin concentrate sales for the  year. The LME Australian dollar tin price increased from approximately  A$20,000/t at the commencement of the year and reached an  historical high of A$33,255/t in April 2011 before receding to  approximately A$24,000/t by the end of the year. The demand for tin returned to levels prior to the global financial  crisis of approximately 360,000 tonnes per annum while production  remained relatively flat at approximately 350,000 tonnes resulting in  a deficit of approximately 10,000 tonnes for the 2011 financial year. The supply of tin continues to remain extremely tight as production  from China, Indonesia and Peru which together supplies 75% of  global tin-in-concentrate, continue to show signs of decline. Limited  additional global production capacity is currently being seen in  the short to medium term. It is estimated that the supply deficit  for the 2012 financial year will be similar to 2011 financial year of  approximately 10,000 tonnes. In the current period of substantial market volatility, the tin price has  tended to trade in line with general market sentiment for base metals  without cognisance of its specific supply-demand fundamentals. We  expect price volatility in the current market but anticipate that the  solid underlying supply pressures will ultimately prevail and create  stronger pricing through 2012. TIN MARKET COLLINGWOOD TIN PROJECT 26,000 24,000 22,000 20,000 18,000 16,000 14,000 12,000 10,000 21/07/10 10/08/10 30/08/10 19/09/10 9/10/10 29/10/10 18/11/10 8/12/10 28/12/10 17/12/10 6/02/11 26/02/11 18/03/11 7/04/11 27/04/11 17/05/11 6/06/11 26/06/11 16/07/11 5/08/11 25/08/11 $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 USD Tin Price and Stocks