RecapEnergio ticks many of the boxes as it moves to explore and...

Recap

Energio ticks many of the boxes as it moves to explore and develop the Agbaja project:

- Experienced board of directors
- Proximity to infrastructure
- Large scale resource opportunity
- Lower Risk
- Resource rich and high growth country

The board of directors has a track record of developing and financing large scale resource projects. Kogi State is
home to the largest iron and steel factory in Nigeria with the full backing of The Federal Government of Nigeria.

The licenses have close proximity to existing rail, road and power infrastructure provides potential advantages in
reduced capital expenditure and allows fast track project development.

Energio aims to complete field programs and drilling program in 2011 with a target of maiden JORC resource in first quarter 2012.

Energio has a strong cash position of $4.729 million, which is sufficient to complete the current round of drilling,
and take Agbaja to initial resource estimation in mid 2012.

The company’s securities will be suspended from 30 November until (an estimated) 19 December 2011. A consolidation of shares will provide long term benefits, although in the short term the share price may come under pressure as is common during consolidations.

However, at the current valuation of the company of just $20 million there is no shortage of upside potential for a
company moving in on a 1 billion plus iron ore target with proximity to infrastructure

Energio is one to watch as its valuation does also not take into account the exploration upside at the advanced
Agbaja project.