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The 2012 Inferred estimates represent an increase in estimated resource tonnages of 16% for Main Zone, and 13% for the combined project.

MPR estimated that, in addition to the Mineral Resources described above, broadly spaced drill holes at Main Zone suggest the presence of further mineralisation with exploration potential of approximately 150Mt to 250Mt at an average P2O5 grade of approximately 15% to 20%. This potential mineralisation is based on broadly spaced drilling and has had insufficient exploration to define a Mineral Resource, and the estimates of tonnage are conceptual in nature. It is uncertain that further drilling will convert any of the exploration potential to a Mineral Resource.

To view "Figure 2: Wonarah Locality and Infrastructure", please visit the following link: http://media3.marketwire.com/docs/Figure2WonarahLocality.jpg.

To view "Figure 3: Wonarah Deposit", please visit the following link: http://media3.marketwire.com/docs/Figure3WonarahDeposit.jpg.

EXPLORATION DRILLING

An RC drilling programme commenced on 8 September 2012 drilling through to 24 September 2012 when crew break and rig maintenance interrupted the programme. The programme was completed in early October 2012. This programme was targeting high grade and relatively shallow phosphate intersections to the north of Main Zone and close to the Barkly Highway, as well as broadly spaced testing to the northwest of Main Zone and in the western target area to determine their overall prospectivity and to confirm areas that need to be retained for potential future production. A total of 2,945m was drilled during the Quarter.

NOTICE OF INTENT (NOI)

On 20 December 2012, the Company's environmental consultants, Coffey Environments, submitted on behalf of Minemakers, a new Notice of Intent to the Northern Territory government, thereby triggering the Territory's environmental assessment process.

The submission of the NOI was preceded by a company briefing session with the various government agencies involved in the assessment process.

The Company expects to be advised of the level of assessment required and will be issued with a set of guidelines during the first Quarter of 2013. It should be noted that the NOI, and subsequent assessment document, will be restricted to addressing the differences between the previously approved DSO project and the project now proposed. This will significantly reduce the time and cost of the environmental part of the BFS.

STRATEGIC PARTNERSHIP PROCESS

Minemakers continues to engage actively with potential project partners for the Wonarah project. The key criteria remain technical input, support in financing and off-take of product.

Our increasing understanding of the IHP, especially as it relates to timing and extent of capital expenditure coupled with the cash received from the sale of our Namibian assets, allows us more flexibility as it relates to partner selection. It is possible, should the IHP technology be selected as the preferred technical route, that Minemakers proceeds to the first 200,000tpa module without a partner or with a minority equity off-take partner, albeit our preference remains to secure a JV partner at this stage.

As a consequence of the above, we are able to be more selective in our partner choice and ensure that the ensuing business combination is sustainable and value enhancing.