South Australia

Stuart Shelf, Straits Joint Venture On the Stuart Shelf the Company holds nine granted exploration licences totalling 3314 km2 of ground prospective for iron oxide copper gold (IOCG) deposits (Olympic Dam and Prominent Hill Cu, Au (U) mines are examples of this type of deposit).

South Australia The licences are subject to a joint venture agreement with Straits Resources Ltd signed in September 2010. Straits have the right to earn a 70% interest in the tenements by spending $10 million on exploration over 7 years.