annuoncement, page-5

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Noble is therefore keen to expand its partnership with Territory Resources to develop an increased supply
program for carbon steel-related raw materials from Australia. Noble has offered to provide a high level of
financial and corporate support, and particularly to assist with the early acquisition of suitable exploration and
near-term mining projects.
The mutually agreed criteria for these investments is that the products must be centred on supply to the steel
industry and that projected operating and supply costs must fit reasonably on the forward cost curve versus
other major suppliers.
As previously indicated, Noble has agreed in principle to at least partially convert some of its outstanding
debt to equity to support this program. The timetable for this conversion will depend on our success in
identifying and acquiring suitable projects.
This business development program is now underway and we are in the process of recruiting business
development resources to assist with identifying and targeting suitable opportunities. Initial acquisition targets
will primarily be in iron ore, however quality opportunities in manganese and chromite ore are also currently
under consideration.