Bushveld Iron Ore Project Scoping Study Report – April 2013

I am pleased to present the Scoping Study for the initial development of the Bushveld Iron Ore Project. The initial development phase of the project has three key criteria. a) Firstly a short timeframe to production and cashflows which will fund future production growth. b) Secondly a low capex requirement to minimize any future equity financing and potential shareholder dilution. c) Finally it is achievable by the Company without reliance on additional 3rd party infrastructure. Subsequent phases will focus on increasing production to leverage the large resource base and proposed infrastructure improvements, enhanced downstream beneficiation and exploitation of the phosphate and other by-product credits to improve margins. Our thanks go to the team of experts, led by Mr. Wally Waldeck, who lent their recognized expertise to this study.