Ann: Results of Drill Programme , page-30

The Company does not intend to relinquish the tenements the subject of
the Lightjack Hill Project, pending improvements in commodity price levels. It should also be noted that on 11
September 2012, Rey announced completion of a placement of $11.8m. These funds were raised to progress
their Duchess Paradise project. Ultimately, the success of this project will have a positive effect on the
commercial outcomes of TPL’s coal deposit.