Ann: Notice of Annual General Meeting/Proxy Form, page-5

It’s that time to vote and decide if you want to give freebies to management and allow dilution of your asset (shares in the company) and allow them to dump 6m shares ex-div date (joke) … my opinion based on how I read it.

These are my opinion on how I will be voting and I encourage everyone to read the Notice of AGM and take conscious decision on how they want to vote so don’t follow or copy how I voted.

I also encourage everyone to vote even if you have 100 shares as that is the only time you can show your opinion.

Resolution 1: - Adoption ofremuneration report – For

Remuneration report provides 7.8% pay rise to Robert and his new pay will be $613k incl. super plus bonus. This year it is Ok based on last year performance so don’t see issue for this year but this will change if company don’t start aggressive exploration moving forward … IMO.

Resolution 2 – Re-electionof chairman Warwick Davies – For

Mr. Davies comes with significant experience and certainly add value to FEX as I read his bio on the company website so worth considering for next 3 year ... IMO.

Resolution 3 – Re-electionof NED Richard – Against

I do not have any background information on Mr. Richard except what is provided by company but I fundamentally don’t support any accountant or lawyer on engineer/mining/biotechnology company board member. This is my personal view as I believe company can always pay top dollar and higher smartest lawyer and account when they need it but the board should be formed of people with educational qualification & experience of the industry the company represent. Shine lawyer don’t have engineers or miners on their board … they all are lawyers except two…! No disrespect to any accountant or lawyers on this group but this is just my opinion only.

I rather prefer FEX to find experience operator as NED in case Rob try to change careers after buying too many property .. IMO.

Resolution 4 – Approval of 6,000,000performance rights to Robert Brierley – Against

Not because he dumped 6m shares ex-div date. …

This performance shares are divided into 2 category and each provides 3,000,000 shares once performance criteria are met.

1^st category is to increase resource growth for the company and it is subdivided between finding grade of 60% Fe and second is for finding grade of 62%. Fe. I personally don’t believe that employee should be getting paid performance shares when their job is to expand business and that is why he will get paid 613k total remuneration for the year.

Also grade of 60% Fe or 62% Fe is not worth considering as if anything worth considering is the grade of 65% Fe as we have recently seen many mines closed due to lower margin, high shipping rates associated with low Fe grade. So why keep lower bar for his performance and he knows it so he should be the one proposing this for higher then 65% Fe.

2^nd category is TSR (Total Shareholder Return) which is the most important for all shareholders.

FEX is proposing to use the TSR based on comparison with peer company on ASX and the company they are comparing are either GOLD, SALT and Iron ore companies which includes likes of Regis, St Barbara to Mt Gibson. They try to put Regis and St Barbara in the list but didn’t bother putting MIN is surprising… ! .... List is provided on page 14 and 15 of annual report.

The formula to calculate is simple but because they will be comparing it with the 14 peer group companies it will be complex for normal shareholder (including myself) to workout … IMO.

I would be rejecting this resolution on the ground that category 1 is not worth a remuneration as that is part of job of director to extend mine life particularly when they are working on 613k total remuneration package and also it is for grade lower than 65% Fe.

In second category TSR includes companies which are not directly comparable to FEX ... IMO…! They could have used simple YOY SP growth and connect that growth with performance then it would be much better then trying to use peer group of gold, nickel, salt & IO miners ...!

Also, to note that page 16 of the report state that the value of total performance right to Rob will be worth $1.54m which is more then 250% of his total remuneration package of 613k... now we all can give him that level of performance right if our share price is also increase by 250% …!

Resolution 5 – Grant of 2m incentiveoption each to Chairman (Warwick) – For

This incentive option directly linked to exercise price of $0.45 and hence I don’t see any issue with accepting them as exercise of this option will only happens when share price hits at $0.45 and that SP will be capital growth for all the current holders ... IMO.

Resolution 6 – Grant of 2m incentiveoption to NED (Richard) – Against

Against, as I will be voting against resolution no. 3

Resolution 7 – Increase inthe Pool amount related to the fees paid to non-executive directors from 300kto 500k which is fair and reasonable as for growth company may need skilled andexperience operator in future. – Accept.