INVESTMENTS WESTGOLD RESOURCES LIMITED Central Murchison Gold Project Rover Project 16  OPERATIONAL REVIEW Within the Rover field there are also several other exciting targets that have very similar magnetic and gravity  signatures of similar size. It is anticipated that several of the these targets will be drilled over the proceeding year  which could add significantly to the economics of the high quality Rover 1 discovery and to the development of a  new Australian gold field. During the year Westgold announced an updated resource at Rover 1 to 6.8 million tonnes at an equivalent gold  grade of 5.57g/t for 1.22 million ounces of gold equivalent. The large portfolio of highly prospective tenements within the Rover field contains a number of coincident  magnetic and gravity anomalies that are interpreted to signify iron oxide copper gold (“IOCG”) bodies under  varying thicknesses (60m-250m) of un-conforming cover rocks. To date Westgold has focussed most of its  attention on two of these targets which have both resulted in the discovery of significant ore bodies referred to as  Rover 1 and Explorer 108.  The Rover project is located approximately 100kms SW of Tennant Creek in the Northern Territory. Westgold has  been targeting high grade gold and copper deposits similar to the historical mines of the Tennant Creek Goldfield  renowned for their exceptional high grade gold and copper mines which produced over 5M ounces of gold and  around 0.5Mt of copper metal between the 1930’s to late 1990’s. During the year exploration programs continue to progress towards development and production. A successful  underground mining study was undertaken which envisages an 800,000 tpa processing facility to produce  approximately 100,000 oz pa. An open pit mining study is also in progress to supplement the underground ore  feed. The strategy is to build a centralised processing plant to re-commence mining and production from as early  as 2012. A current Total Identified Resource estimate of 2Moz has currently been identified. The Central Murchison Project is located in the Murchison gold fields of Western Australia south of Cue. The project  includes the historical production areas of Big Bell, Day Dawn and Cuddingwarra that have collectively produced  over 5Moz.  Westgold Resources Limited (“Westgold”) is an ASX listed (ASX:WGR) gold and base metals exploration company.  Its principal focus is on exploring and developing a new gold field at its Rover project near Tennant Creek in the  Northern Territory and the commencement of gold production from its large tenement holding in the Murchison  Goldfields of Western Australia. Westgold currently holds a combined resource of over 3.2 million ounces gold  equivalent within these two main projects and is aspiring to become Australia next 200,000 ounce per annum  gold equivalent producer. This strategy proved successful during the year as the Company crystallised a $55.2M profit from the partial sale  of its investment in Jabiru Metals Limited (now Independence Group). Metals X looks to take significant shareholdings and Board representation in these entities such as: Metals X has operated a strategy over the past few years to build a diverse portfolio of metal and industrial  mineral interests. It is not always possible to acquire assets outright and when opportunities are identified our  strategy is to invest directly within the publicly listed or unlisted entity that owns the assets. We consider this  provides us with both the flexibility to fund and finance the exploration and development activities in a dedicated  manner without the competition for capital from our operations. 1. Westgold Resources Limited 25.02% (2010: 31.99%); 2. Independence Group NL 3.23% (2010: Nil); 3. Mongolian Resource Company Limited 16.97% (2010: Nil); and 4. Aziana Limited 25.00% (2010: Nil).