50/50 jv

Agreed key commercial terms for negotiating a proposed 50/50 joint venture with Timeone
Holdings for mining operations on Cockatoo Island
· SS&T Group, a leading Shanghai based commodities trading company with mine
development expertise selected by Timeone to assist with its funding obligations
· A further $3 million received by Timeone under the Subscription Agreement
· Under this amended agreement Timeone will now provide funding of $70 million,
comprised of $17.66 million to complete its share subscription (which includes the $3
million already received) and $52.34 million to earn a 50% interest in the proposed joint
venture over the Cockatoo Island project
· If completed, the proposed earn-in by Timeone will give Pluton a free carry through the
proposed acquisition of the Cockatoo Island project, and partial carry for the development
of stage 4 mining
· The subscription for the remaining Tranche 4 is varied to occur in two tranches and
subject to certain conditions but at the agreed 35.5 cents per share