Copper/Gold Capital Growth through Exploration Success

Red Metal - Unique Market Appeal

Red Metal - Assets Australia-wide Cu exploration alliance with Phelps Dodge. Pipe line drill- ready targets on  33 licences  5 PD-funded J.V.’s Projects are hand- picked in fertile terrain's, >15,000km Acquired at bottom of cycle Olympic Dam Broken Hill Prominent Hill Mt Isa Ernest Henry Browns HYC Century Nifty Base metal mines and projects Red Metal project 100% CaningtonOsborne Copper mines and projects Red Metal managed/ PD-funded J.V. Gawler Curnamona Mt Isa Pine Creek McArthur Basin Tennant Creek Tenant Creek

Exploration Strategy Giant high-grade, copper+gold deposits;  IOCG, Mt Isa and Zambian styles.  In fertile Early-Middle Proterozoic terrain's.  Refined exploration models. Deposits containing >1 million tonnes Cu  >15% IRR or greater Explore in covered portions of highly prospective terrain's. Utilise cost effective, new technology. Undertake drill intensive programs.

Gawler Craton  Moonta J.V.  Hawks Nest J.V.  Peak & Denison J.V.’s Mt Isa  Southern Isa - Elizabeth Springs  Maronan  Corkwood  Naraku  Others including NE Isa, Western Isa Pine Creek  Browns J.V. Curnamona  NE Broken Hill, McArthur Basin  Urapunga Tennant Creek Inlier  Tennant Creek Projects Red Metal - Main Projects Red Metal 100% Joint Ventures

Fe oxide CuAu - Geological Models Pluton roof zones Deep penetrating structures Dilation zones Magnetite-rich

Gawler - Strategy

Gawler - Regional Scale

Gawler - Peak Denison J.V.’s Large IOCG system below m of cover. Similar regional setting to Olympic Dam system. Limited previous drilling Reprocessing and re- interpretation of regional data complete. Several structure controlled magnetic and gravity targets. PD funding, Red Metal 18%-21% free carried to DTM. Drilling in 2004.

Gawler - Peak and Denison J.V.’s Olympic Dam analogy: discordant NE trending structure, coincident magnetic and gravity, deep seated magmatic source, basement 295m TMI Gravity 20km 200m Basement 100m RTZ RTZ/BHP RTZ RTZ/BHP RTZ

Gawler - Moonta J.V. Moonta J.V. with Adelaide Res. 8km Large IOCG system under shallow cover. Historic Cu,Au mines. Excellent infrastructure. Reprocessed and re- interpreted historic and new data. Initial RAB drilling completed over Moonta J.V. RC and DDH drill targets defined (PD spent > $A1M). Drilling initiated Feb PD funding, Red Metal 21% free carried to DTM. TMI

Gawler - Moonta Ranking Targets Calcrete Sampling Gravity Surveying

Gawler - Moonta Deep Drilling

Gawler - Moonta Alford TMI/Calcrete TMI Ernest Henry size footprint Target 81 Target 1 Displaced copper in saprolite

Gawler - Moonta Alford Gravity/Calcrete Cu Gravity Ernest Henry size footprint Target 81 Target 1 Displaced copper in saprolite

Gawler - Moonta Alford Gravity/Calcrete Au Gravity Ernest Henry size footprint Target 81 Target 1 Displaced copper in saprolite

Mt Isa - Regional Scale Red Metal acquired 100% Fertile terrain Re-interpretation of data Buried geophysical drill targets with potential for a giant FeOx Cu-Au deposit. Public funds raised used to drill test and generate new plays. PD retain claw back option up to 70% of major discovery. Red Metal free carried 30-40% to DTM

Mt Isa - Regional Scale Red Metal acquired 100% Fertile terrain Re-interpretation of data Buried geophysical drill targets with potential for a giant FeOx Cu-Au deposit. Public funds raised used to drill test and generate new plays. PD retain claw back option up to 70% of major discovery. Red Metal free carried 30-40% to DTM

Mt Isa - Elizabeth Springs Projects 3D Gravity Model

Mt Isa - Maronan Project

Mt Isa - Corkwood Projects Untested Magnetic MagneticTargets Drill hole with 0.3% Cu 0.2g/t Au TMI Vertical Gradient Magnetics 10km

Mt Isa - Naraku Projects

Tennant Creek - New Project Areas TMI >50% exposure Interpreted deep seated oxidised intrusive plutons

Pine Creek - Browns Geology

Pine Creek - Browns J.V. Concept Compass/Guardian Mt Isa or Zambian style Cu-Co target at depth below known Browns Pb-Co-Cu resource. Detailed gravity survey indicates anomalous mass is synclinal axis. Drilling soon after listing PD funded, Red Metal 21% free carried to DTM

Pine Creek - Browns Longitudinal Section

Pine Creek - Browns Residual Gravity

Pine Creek - Browns Gravity and TMI Model Poor fit Dense core Poor fit Dense core Dense keel Good fit Magnetic Target Magnetic Model Gravity Model 3 Gravity Model 2 Gravity Model 1

Pine Creek - Browns Drill Hole in Progress Preliminary Interpretation ?

Curnamona - NE Broken Hill Project Tenement adjacent to Broken Hill Mine Targets - Mt Isa style Cu, Strataform styles of Pb- Zn-Ag. 2 significant Falcon Gravity anomalies Anomalous bedrock Cu surrounding magnetic target Red Metal 100% or free carried 30-40% to DTM if PD clawback Drilling 2004

Curnamona - Northeast Broken Hill Section NE Broken Hill Project Mine Horizon Broken Hill Mine % Zn, 5.8% Pb, 115.5g/t Ag Gravity anomalies Possibly sourced from shallow Mine Horizon ? ~ 2km

McArthur Basin - Urapunga Projects Fertile terrain Right stratigraphy Basement high Structural antiform Crustal scale faults Known stratabound and epigenetic Cu,Pb,Zn Proposed airborne TEM program Access issues Red Metal 100% or free carried 30-40% to DTM if PD clawback Cannington Mt Isa Lorretta Walford Century McArthur Airborne TEM

Copper - Good Time to Make Discovery Increased copper consumption in China, improved economic conditions in USA and Japan predicted to result in copper supply deficit and increase Cu prices.

Red Metal - Drilling Schedule Olympic Dam Broken Hill Prominent Hill Mt Isa Ernest Henry Browns HYC Century Nifty Base metal mines and projects Red Metal project 100% CaningtonOsborne Copper mines and projects Red Metal managed/ PD-funded J.V. Gawler Curnamona Mt Isa Pine Creek McArthur Basin Tennant Creek Tenant Creek List Sept Q  Browns  Moonta  Hawks Nest First half 2004  Browns J.V.  Moonta J.V.  Elizabeth Springs  NE Broken Hill  Maronan  Isa - Others >24 Drill targets in year 1