Ann: Board Resignations and Appointments, page-10

Mr Patrick O’Connor, Chairman, commented:

“I welcome Mr Brett Smith as a new director to the Board.”
“I look forward to leading the Board and management to work to improve the performance of the
Company. The Board will immediately develop and communicate the future strategy to optimise the
value of the Company’s existing assets and work to have that value ultimately reflected in the
Company’s share price and in its returns to shareholders.”

“With the difficult decision to suspend operations at Nifty Copper Mine made and the process of
placing it on care and maintenance under way, the focus of the Board now turns to reviewing the
strategic options in relation to Nifty. The continued focus on the Company’s 50% joint venture stake
in the world class long-life Renison Tin Operation in Tasmania, Australia’s largest tin producer is a
foremost priority.”

strategic options = sell NIFTY ASAP pay off the debt with sale and start paying dividends to shareholders from the free cash flow from Renison. APAC with 15% are now running the show and they want return on their investment. will be buying more today.