announcement, page-2

ASX Release – 30 January 2012
CORPORATE
• $5.9 m cash on hand
• All resolutions unanimously approved at Annual General Meeting
• New York, London and south east Asia roadshows to increase
institutional investor awareness and on-market support
AUSTRALIAN ALUMINIUM OPERATIONS UPDATE
• Gross Quarterly Cash Receipts of $1,000,151
• Gross Quarterly Operating Cash Surplus of $440,289 with Trade
Receivables of $941,644
• 4,074 tonnes of salt slag and non-salt slag, and 915 tonnes of dross
received during the quarter
• 24-hour operations to re-commence in January
• Landfill processing due to commence Q2 2012
• AL80 customs paperwork finalised, Impex has advised first shipment
scheduled to depart by the end of February
US ALUMINIUM OPERATIONS UPDATE
• Three US supply contracts signed, with additional contract negotiations
ongoing
• US site acquisition in Russellville Kentucky with settlement scheduled
for 3 Feb
• $835,000 purchase price to be funded from cash reserves
• 115-acre site with ample room for growth. Existing buildings expected
to decrease project costs and timeframes
• Preliminary approval for over US$1 million from government grants and
incentives
• Anticipated plant capacity 250,000 tonnes pa
• Plant design and confirmation of capital cost underway, conservative initial budgetary estimate of
US$25 million
• Targeted EBITDA from first US plant US$25 million pa when operating at full capacity
• Project finance favouring non-dilutionary mechanisms
SILICA PROJECT UPDATE
• Continued progress on supply contracts to underwrite Tasmanian silicon smelter
• Analysis of additional silica resources with the potential to fast-track production
• Engagement with corporate advisors regarding spin-off of the silica division
• Any further silica exploration work to be sub-contracted
EXPLORATION UPDATE
• All exploration activity discontinued, geological team wound-down
• Company savings of $300,000 pa from salary payments alone
• Seeking to divest exploration landholdings to third parties