1430 Nth HW Drill Drive Cross Section 66500mN Cross Section 65700mN 2000mRL 66000mN 67200mN 1500mRL 1000mRL North King North Bassett South Bassett Deep F ederal North Deep Federal South Envelopes Deeps Cascade, King, Dundas Zeehan Schouten Waratah Wedge Mid Federal Envelope Bruny Huon Lower Federal  Deep Federal Rendeep North 0 M 200 M 100 M 300 M 400 M South North Mawson’ s Deep Huon Area 4 Area 4 Down Plunge Granite Recent / Highlight Drillhole BMT Drillhole Pre 2008 Drillhole Fault Decline Crimson Creek Formation Dalcoath Member Mined Out Area Resource Remaining Ore Reserve (Fault Mineralisations) Dolomite 1 Remaining Ore Reserve (Stratabound  Mineralisations) Dolomite 2 Dolomite 3 66400 N 66500 N 66300 N 66600 N 66700 N 66400 N 66500 N 66600 N 66700 N 1200 RL 1300 RL 1200 RL 1300 RL Area 4 Down Plunge Open and to be tested U4227 1.88m @ 3.00% Sn Zone of Demonstrated  P otential U4228 4m @ 2.23% Sn U4229 3m @ 2.53% Sn U4232 3.81m @ 3.17% Sn & 3.18m @ 6.85% Sn U4233 7.22m @ 3.09% Sn & 8.78m @ 6.10% Sn U4244 8.27m 2.17% Sn U4234 1.84m @ 5.17% Sn and 9.68m @ 1.61% Sn U4272 4.18m @ 13.87% Sn  U4242 6.02m 2.46% Sn U4249 8.73m @ 2.41% Sn U4239 2.5m @ 3.63% Sn U4238 6.87m @ 5.78% Sn Zeehan Zone W aratah/Schouten Zone Previously mined Current Reser ve Open and  to be tested To F ederal mining zone 400m of untested strike Current Resource Huon Zone South North Granite Recent Drill Hole BMT Drill Hole Pre 2008 Drillhole Fault Decline Crimson Creek Formation Dalcoath Member Mined Out Area Resource Ore Reserve Dolomite 1 Mineralisation Dolomite 2 Dolomite 3 U4264 7.21m 6.52% Sn from 121.81m U4256 6.88m @ 6.53% Sn from 226m, and 7.94m @ 5.63% Sn from 273.1m. U4240 2.77m @ 3.23% Sn & 5m @ 2.07% Sn U4246 5.18m @ 1.08% Sn U4247B 7.3m @ 2.89% Sn and 3.6m @ 1.89% Sn Another major milestone in the tin concentrator was the commissioning of the copper circuit enabling copper  to be recovered as a co-product from the tin concentration process. Approximately 94 tonnes of copper was  produced for the year and the circuit has now been fully commissioned. Copper in concentrate is now being  output at a rate of approximately 500 tpa and is expected to increase further as higher grade coincident copper  areas are mined. During the year a core focus of BMTJV was on mine exploration. Two diamond drills continuously focussed on  the task of upgrading and extending the Resources and Reserves of the mine. A third diamond drill rig operated  on the surface with a focus on open pittable surface targets within the mining lease. Over 33,000m of diamond  drilling was completed during the year. The exploration outcomes resulted in an increase in the Total Identified Mineral Resource Estimate (as of 30  June 2011) to 8.35Mt @ 1.63%Sn containing 135,3790 tonnes of tin and underground mining reserves alone  were increased to 2.61Mt at 1.43%Sn containing 37,202 tonnes of tin. Renison Mine 12  OPERATIONAL REVIEW It is expected that once the higher grade production from the North Renison area commences, operating costs  will further decline as a result of the higher tin production. The company expects to achieve its targeted mine  productivity of 60,000 tonnes of ore per month and 8,000 tonnes of tin in concentrates per annum when mining  fronts are fully established in both the North and South Renison declines in early 2012.