From the PAN EOFY report...The Company continues to assess...

From the PAN EOFY report...

The Company continues to assess opportunities to grow the business through quality acquisitions of projects and/or companies that
would be complementary to the existing business, and to utilise managements experience and expertise. The primary focus is
nickel, copper, and gold, and the preference is to buy assets at pre-feasibility stage through to operating mines. The Company is also
interested in opportunities in other base metals, PGMs and selected bulk commodities. While Australia remains the preferred
location, the Company is actively pursuing opportunities in selected overseas countries which have mining friendly regulatory
regimes and established infrastructure.
Part of the Companys business development strategy is to take small and strategic equity positions when the opportunity arises. The
Company will either look to exit these investments at the right time, or develop long-term relationships with companies seeking
additional funding and/or technical expertise in order to bring projects into production.
During the financial year, the Company made direct investments in two ASX listed exploration companies with good quality assets.
As at 30 June 2010 the Company held the following investment in ASX listed exploration companies:
􀂃 Ampella Mining Limited (ASX:AMX) 3.467 million shares
􀂃 Magma Metals Limited (ASX:MMW) 6.311 million shares
􀂃 Thundelarra Exploration Limited (ASX:THX) 2.500 million shares
􀂃 Liontown Resources Limited (ASX:LTR) 1.250 million shares