Ranking & Key Targets within Priority Projects

Exploration tenure comprises three (3) projects covering approximately 1,950 square kilometres of mineral tenure within 114 permits in southern and central Madagascar. The MML tenement portfolio is prospective for commodities as diverse as nickel, copper, cobalt, silver, base metals, manganese, ilmenite (titanium) and silica. The company also enjoys substantial revenue from operational royalty and third-party rental payments.

Ampanihy (Ni-Cu-PGE)

• Nickel sulphide targets delineated with strong similarities to Voiseys Bay - anorthosite intrusion association
• Coincident VTEM and surface geochemical anomalies indicating possible sulphide-hosted Ni-Cu (+/-PGE) mineralisation
• Sulphides within anorthosites have returned up to 0.67% Ni; 0.64% Cu; 0.12% Co; 26ppb (Pt+Pd)
• Six (6) immediate follow-up targets for possible drilling in 2010

Vohibory (Cu-Zn-Ag-[Au])

• Polymetallic ´Besshi´-type mineralisation targeted (historical production from Japanese Besshi deposit comprised 30 million Tonnes averaging 2.5% Cu; 0.3%Zn; 7gpt Ag; 0.2gpt Au)
• Numerous surface Cu-mineralisation indications suggest a possible new Cu-Zn-Ag VMS mineralisation district
• Multiple multi-km copper-silver geochem zones aligned with VTEM conductors - immediate drilling targets
• On strike between historical (Cu) production centre (Besatrana) and recent anomalous competitor drilling (21m @ 0.7% Cu; 1,1% Zn; 0.5gpt Au; 21gpt Ag)
• MGY surface sampling 2009: results of up to 29% Cu; 175gpt Ag and 4,000ppm Ni

Fotadrevo (Vanadium)

• Adjacent to and along strike from emerging Green Giant vanadium project of Energizer Resources Ltd.
• 2009 programme - anomalous vanadium defined in trenches over 4km strike
• 35km of untested strike of prospective lithologies contiguous with current exploration area

Cash Flow - Strategic Assets

• LABRADORITE - ROYALTY INCOME
  • Three (3) counterparty agreements in force - combined income of approximately A$350K - A$400K pa
• ST. DENIS HOLDINGS - PROPERTY AND RENTAL INCOME
  • Significant upgrading of premises completed - back-up electrical and water - reticulated for cable in wireless internet
  • Commissioning of Intertek-Genalysis sample preparation facility and Kirk Petrophysics tar sands laboratory - May-September 2009230% increase in third-party rental income to approximately A$300K pa
  • Possible commercial redevelopment of site - three (3) developer proposals received

• Combined income stream of approximately A$700K pa to the company