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Copper/Gold Capital Growth through Exploration Success Slide 2 Red Metal - Unique Market Appeal Slide 3 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 Slide 4 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. Slide 5 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 Slide 6 Fe oxide CuAu - Geological Models Pluton roof zones Deep penetrating structures Dilation zones Magnetite-rich Slide 7 Gawler - Strategy Slide 8 Gawler - Regional Scale Slide 9 Gawler - Peak Denison J.V.s Large IOCG system below 50-400m 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. Slide 10 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 Slide 11 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 2004. PD funding, Red Metal 21% free carried to DTM. TMI Slide 12 Gawler - Moonta Ranking Targets Calcrete Sampling Gravity Surveying Slide 13 Gawler - Moonta Deep Drilling Slide 14 Gawler - Moonta Alford TMI/Calcrete TMI Ernest Henry size footprint Target 81 Target 1 Displaced copper in saprolite Slide 15 Gawler - Moonta Alford Gravity/Calcrete Cu Gravity Ernest Henry size footprint Target 81 Target 1 Displaced copper in saprolite Slide 16 Gawler - Moonta Alford Gravity/Calcrete Au Gravity Ernest Henry size footprint Target 81 Target 1 Displaced copper in saprolite Slide 17 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 Slide 18 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 Slide 19 Mt Isa - Elizabeth Springs Projects 3D Gravity Model Slide 20 Mt Isa - Maronan Project Slide 21 Mt Isa - Corkwood Projects Untested Magnetic MagneticTargets Drill hole with 210m @ 0.3% Cu 0.2g/t Au TMI Vertical Gradient Magnetics 10km Slide 22 Mt Isa - Naraku Projects Slide 23 Tennant Creek - New Project Areas TMI >50% exposure Interpreted deep seated oxidised intrusive plutons Slide 24 Pine Creek - Browns Geology Slide 25 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 Slide 26 Pine Creek - Browns Longitudinal Section Slide 27 Pine Creek - Browns Residual Gravity Slide 28 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 Slide 29 Pine Creek - Browns Drill Hole in Progress Preliminary Interpretation ? Slide 30 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 Slide 31 Curnamona - Northeast Broken Hill Section NE Broken Hill Project Mine Horizon Broken Hill Mine 282.5 Mt @ 12.4% Zn, 5.8% Pb, 115.5g/t Ag Gravity anomalies Possibly sourced from shallow Mine Horizon ? ~ 2km Slide 32 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 Slide 33 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. Slide 34 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. 2003 Q4 2003 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