Quarterly Activities Review and Appendix 5B

Milestones and Key Events
During the December 2013 quarter milestones and key events included:

• Excellent ongoing high grade phosphate auger drilling results from the Três Estradas South prospect with intersections of up to 10.0 metres grading 10.6% P₂O₅ from surface.
• Ongoing auger drilling at Joca Tavares to define the boundaries of the mineralised carbonatite.
• Samples for beneficiation testwork from Três Estradas sent to the metallurgical laboratory at the University of Sao Paulo, with work to commence in Q1, 2014.
• Board and management changes, with the appointment of a new Managing Director, interim Chairman and non-executive director.

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