Ann: Response to ASX Query, page-3

I refer to your letter dated 16 March 2016 and provide the following responses to your questions: 1. Please explain why the Half Year Accounts were not lodged by the due date? The Half Year Accounts could not be lodged due to the Company, as Second Defendant, being served with an Originating Process by Ngaanyatjarra Council (Aboriginal Corporation) (NCAC) close to the due date for the winding up on the grounds of insolvency. The amount claimed by NCAC is $104,880.91. The First Defendant to the Originating Process is Palgrave Resources Ltd (ACN 116 047 299) (First Defendant). The Company has an indemnity from the First Defendant in respect of the claim by NCAC. The Company is currently seeking legal advice in relation to this matter and the Half Year Accounts will be finalised and lodged with the ASX subsequent to the Company receiving legal advice. 2. When does the Company expect to be able to lodge the Half Year Accounts so that trading in its securities can resume? Soon after receiving legal advice in relation to the matter detailed in paragraph 1 above, the Company expects to be able to lodge the Half Year Accounts so that trading in its securities can resume. 3. What arrangements does the Company have in place, or proposes to put in place, to ensure that it will be able to comply with its reporting obligations under the Listing Rules in a timely manner in the future? This is a one off instance where the reporting obligations could not be met in a timely manner due to the Company being served with an Originating Process by NCAC right before the due