THE COMPANY

BUSINESS OBJECTIVE

Identify and develop a substantial new metallurgical coal resource in the Tiaro Coal Measures
located in SE Queensland through Tiaro Joint Venture Coal Project (“TJV”).

PROJECT STRUCTURE

Unincorporated joint venture (TJV).

Partners holding an equal one third interest are:-

1. Tiaro Energy Corporation Pty Limited (TEC-100% subsidiary of Tiaro Coal Limited).

2. Core Resources (Qld) Pty Limited a subsidiary of Core Resources Pty Ltd a private company
    which is involved with resources development and which also provides services to the mining
    industry.

3. Jandale Pty Limited a subsidiary of Anglo Pacific Group Limited a global mining house listed
    on the London and Australian stock exchanges.

 

FARM IN AGREEMENT

TEC has exercised an option to acquire 80% interest in the TJV through the provision of $5 million exploration expenditure over the next 4 years.