TROY RESOURCES NL ABN

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1 TROY RESOURCES NL ABN All Correspondence to: REGISTERED OFFICE Ground Floor 44 Ord Street West Perth 6005 Western Australia Telephone: (61 8) Facsimile: (61 8) Web Site: NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES PRESS RELEASE 27 August 2010 Troy Forecasts Doubling of Production and Builds the Foundation for Future Growth HIGHLIGHTS FOR FY2010 Gold production of 61,453 ounces Net loss after tax of A$6.7 million Construction of the Casposo gold/silver project in Argentina within budget and on schedule to pour first gold in September % increase in the Casposo Mining Reserve Andorinhas moving into higher grade Reserves and the commissioning of Casposo leading to a forecast increase of more than 100% in gold equivalent production for FY2011 compared to FY2010 LOI signed to monetise the Andorinhas iron ore The Sandstone mine forecast to complete processing of low grade stockpiles and move to care and maintenance in September 2010 Net cash and bullion of over A$11 million as at 30 June Total Debt facility of A$25 million, A$3 million drawn to 30 June Unhedged gold position PERTH, Western Australia: Growing junior gold producer, Troy Resources NL (TSX/ASX: TRY) today announced a loss of $6.7m for the financial year ended 30 June This result compares to a profit of $16.7m in FY The loss for the year came from gold production of 61,453oz and gold sales revenue of $75.2m (FY2009: 61,786 oz and $75.4m). Commenting on the results Troy s CEO, Paul Benson, said: FY2010 continued to be one of transition for Troy as we move Sandstone to closure, care and maintenance and build Casposo. With the commissioning of Casposo and the processing of higher grade ores at Andorinhas, we expect production will more than double in FY2011. A lot of hard work has been invested in FY2010 which will be better reflected in future financial results, the most obvious being the construction of Casposo. We only approved construction of the project in August last year and we are on track to pour first gold in September; 13 months from commencing earthworks to first pour is a considerable achievement.

2 Although it doesn t make the same headlines, we have made excellent progress at Andorinhas. The June quarter saw a 17% increase in gold production and a 15% reduction in unit cash costs. We expect to see continued improvement over the coming financial years as the focus on minimising dilution and moving into wider, higher grade parts of the orebody should see production increasing to over 40,000oz in each of the next two years. Coincidentally, in the same month we are opening our new mine in Argentina, we will be closing Sandstone in Australia. Sandstone has historically been the backbone of the Company. Although never having had a forecast mine life of more than three years, it recently celebrated its 11th anniversary of continuous production for the Company. We hope that Casposo will be able to break that record. Sandstone will go into care and maintenance while nickel exploration will continue through the joint venture with Western Areas. We will re-evaluate what we do with the property next calendar year once we have greater clarity from the nickel exploration program. The Board will make a final decision on an annual dividend in October after Casposo is commissioned. ENDS For further information please contact: Mr. Paul Benson Annette Ellis / Warrick Hazeldine Chief Executive Officer Media Relations Troy Resources Purple Communications T: (618) T: (618) E: E: This report contains forward-looking statements, statements, including those relating to expected production levels. These forward-looking statements reflect management s current beliefs based on information currently available to management and are based on what management believes to be reasonable assumptions. A number of factors could cause actual results, performance, or achievements to differ materially from the results expressed or implied in the forward looking statements. Such factors include, among others, future prices of gold, the actual results of current production, development and/or exploration activities, changes in project parameters as plans continue to be refined, variations in ore grade or recovery rates, plant and/or equipment failure, delays in obtaining governmental approvals or in the commencement of operations. ABOUT TROY RESOURCES Troy Resources (TSX, ASX: TRY) is a dividend-paying junior gold producer, with a clear growth strategy. The Company has two producing gold operations; at Sandstone in Western Australia and the Andorinhas Mine in Para State, Brazil and a gold silver development project, Casposo, in San Juan province, Argentina. Troy has an experienced Board and management team with a portfolio of successful, fasttrack mine development and low-cost operations. Troy has an annual exploration budget of $5 million and a proven track record in exploration discoveries and strategic acquisitions. Troy is currently focused on developing its Casposo Project, which it acquired in May With the acquisition and development of Casposo, Troy is entering a renewed growth phase which will again lift the Company s annual gold production above 100,000 ounces of gold per annum.

3 The Company maintains a robust balance sheet, and its current assets are forecast to continue to generate strong cash flow. Troy s gold production is unhedged, allowing its shareholders access to the full benefit of current and future gold price upside. With the recent Casposo acquisition, Troy is positioned to continue its path of strong growth and profitable operations and is well on track to achieve its vision of becoming a highly profitable mid-tier gold producer with a portfolio of quality long-life assets. Troy is a responsible corporate citizen, committed to the best practice of health and safety, environmental stewardship and social responsibility. PROJECT LOCATIONS

4 APPENDIX 4E Preliminary Final Report of Troy Resources NL (ACN ) for the Financial Year Ended 30 June 2010

5 TROY RESOURCES NL Preliminary Final Report Appendix 4E for the year ended 30 June 2010 TABLE OF CONTENTS Results for Announcement to the Market 1 Review of Results 2 Consolidated Income Statement 5 Consolidated Statement of Comprehensive Income 6 Consolidated Statement of Financial Position 7 Consolidated Statement of Changes in Equity 8 Consolidated Statement of Cash Flows 9 Notes to the Preliminary Final Report 10

6 Results for Announcement to the Market Revenue and Net Profit Percentage Change Amount Revenue from ordinary activities Down 0.2% 75,224 Loss from ordinary activities after tax attributable to members Loss from Profit N/A (6,735) Net loss attributable to members Loss from Profit N/A (6,735) Dividends Resolved for payment Amount per security Franked amount per security Final dividend cents per share Nil (1) Nil Interim dividend Nil Nil Net tangible assets per security Net tangible assets per security 2010 per share 2009 per share $1.72 $1.86 Common shares on issue at balance date 87,474,323 74,703,578 Controlled entities acquired or disposed of: During the year Troy disposed of its 100% owned subsidiary Troy Resources Mongolia Alt. The disposal does not have a material impact on the financial position or performance of the group. The above results should be read in conjunction with the notes and commentary contained in this report. (1) A decision on a dividend will be made in October

7 Results for Announcement to the Market REVIEW OF RESULTS Financial Result Overview Revenue from ordinary activities was $75.2 million for the full year, which is down only slightly from the previous year s revenue of $75.4 million. The consolidated net loss after tax and non-controlling interests for the full year was $6.7 million, which was down compared to the previous year s net profit of $16.7 million. The previous year s profit included $20.9 million in other income from the sale of the Company s equity stake in Comaplex Minerals Corporation. Gross margins from operations declined during the year to $7.2 million, from $20.9 million the previous year, principally due to the Sandstone operations in Western Australia incurring mining costs for the full year rather than processing stockpiles carried at $nil cost, plus 9% or approximately $4 million in lesser gold produced from Sandstone. The net loss reported includes other income of $6.2 million (2009: $25.6 million), including $4.4 million in gains on disposal of equity investments (2009: $20.9 million re Comaplex), $1.0 million in interest income and $0.5 million arising from the disposal of the Mongolian subsidiary. The loss before income tax is after expensing $7.0 million of exploration expenditure (2009: $7.2 million), $14.9 million of depreciation and amortisation (2009: $10.5 million) and $nil for the impairment of assets (2009: $5.6 million). The loss per share for the year was 8.0 cents per share ( cps ) on a nominal basis (2009: profit of 18.6 cps) and 8.0 cps on a fully diluted basis (2009: Profit of 18.6 cps). Operating Review The Financial year ended 30 June 2010 was a period of investment for the Troy group due to the development of the Casposo gold silver project in Argentina supported by a combination of continued production from the Sandstone gold operation in Western Australia and the Mamão underground mine at the Andorinhas gold project in Brazil. The Sandstone operation continued operating for the full twelve months utilising lower grade ore from a cut-back to the Lord Nelson pit as a result of improved gold prices. The Andorinhas gold project now principally comprises the Mamão underground mine. Mining activities at the Mamão underground mine continued throughout the 2010 financial year. Existing low grade stockpiles from the previously mined Lagoa Seca open pit were used to supplement the processing for every third month. The Company s total gold production for the FY2010 year was 61,451 ounces (2009: 61,786 ounces). The wholly owned Sandstone operation in Western Australia produced a total of 29,884 ounces of gold for the year (2009: 32,930 ounces) at an average cash cost of A$1,000 per ounce (2009: A$602) from the processing of 474,704 tonnes of ore (2009: 541,656 tonnes) at an average grade of 2.1 grams per tonne (2009: 2.1g/t). Mining and haulage costs were A$421 per ounce of the total cash costs (2009: A$149 per ounce due to processing of stockpiles carried at $nil cost). The wholly owned Andorinhas operation in Brazil produced a total of 31,568 ounces of gold for the year (2009: 28,856 ounces) at an average cash cost of A$717 per ounce (2009: A$753) from the processing of 232,718 tonnes of ore (2009: 213,762 tonnes) at an average grade of 4.59g/t (2009: 4.76g/t). 2

8 Results for Announcement to the Market Finance Review At 30 June 2010, the Group held cash and cash equivalents of $16.4 million, of which $2.7 million is held in restricted cash deposits as security for various environmental bonds. Under the Company s debt facility agreement with Investec Bank (Australia) Limited the Troy group is required to maintain a minimum available cash balance of $5.0 million. In addition, the Group held listed investments with a market value of $2.7 million and gold bullion ready for sale with a market value of $0.6 million. In January 2010, the Company sold its interest in Troy Resources Mongolia Alt for a profit of $0.5 million with an equity component of the consideration still pending final approvals by TSX Venture Exchange which when received will permit Meritus Minerals Ltd to issue the required equity. The equity component has therefore not been recognised as part of the sale consideration in the year to 30 June Cash decreased $21.2 million over the year. Operating activities consumed $7.8 million as further analysed below. Investing activities consumed $38.5 million with $44.7 million in capital expenditure, principally the development of the Casposo project in Argentina, offset by $4.7 million realised on the sale of the equity investment in Alchemy Resources Limited. Financing activities generated $25.1 million with $26.0 million raised in equity from the call of partly paid shares and the 1 for 6 rights issue net of costs with a further $2.1 million from debt funding net of costs being offset by the payment of $3.0 million in dividends to shareholders in relation to FY2009 year s results. Operating activities consumed $7.8 million in cash. The loss before income tax of $6.9 million is inclusive of approximately $6.2 million in other income classified as Investing activities and $15.5 million in non cash expenses representing depreciation and amortisation and share based payments expense. The main drivers to the operating cash net outflow are therefore movements in working capital in particular $5.2 million in Gold sales receivable for Brazil where the cash was received on 1 July 2010 and $5.4 million in value added tax receivables in Argentina which are expected to be progressively claimed back over an extended period of approximately 3 years. At the end of the year, the Company had no outstanding gold or foreign currency hedge contracts. Troy had A$15.0 million available from Tranche A of the Investec Bank (Australia) Limited debt facility as at 30 June Troy has drawn A$3.0 million against this facility to 30 June Unrestricted net cash totalled $10.7 million of which $5.0 million is to be maintained as a minimum cash balance. A further A$10.0 million became available from Tranche B of the Investec Bank (Australia) Limited debt facility on 30 July Outlook Troy is committed to pursuing growth through exploration, acquisition of new projects and/or corporate merger activity. The Casposo mine and processing plant development remains on schedule and on budget to complete first production and gold pour during September Current gold equivalent reserves for the Casposo gold silver project are in excess of 460,000 ounces. Production for the FY2011 year is currently forecast at greater than 90,000 gold equivalent ounces. The Andorinhas gold project in Brazil is expected to process high grade underground ore from the Mamão mine for the majority of the financial year with the remainder of the processing sourced from the low grade open cut stockpiles on-hand and a new small open pit at Coruja. Production for the FY2011 year is currently forecast at greater than 40,000 ounces of gold. 3

9 Results for Announcement to the Market The Andorinhas iron ore announcement to the Australian Securities Exchange on 29 July 2010, detailed a letter of intent had been signed and an executed agreement is now pending the purchaser s due diligence to sell the high grade colluvial iron ore on the Andorinhas leases. This includes initial staged payments of US$4 million, plus expected annual payments of more than US$3 million based on current iron ore prices and minimum monthly volumes. The Sandstone operation is expected to finalise processing of ore in Mid September 2010 producing approximately 4,000 ounces of gold for the FY2011 year. The site will then move to care and maintenance with a view to its sale or merger with other local assets within the following 12 months. 4

10 Consolidated Income Statement Notes Revenue from continuing operations 2(a) 75,224 75,390 Cost of sales (67,995) (54,464) Gross Profit 7,229 20,926 Other income 2(a) 6,196 25,605 Exploration expenses (6,993) (7,218) General and administration expenses Regional operations (5,123) (5,427) Corporate (7,551) (6,850) Impairment of assets - (5,563) Other expenses - Corporate (597) (2,108) Finance costs (54) (45) (Loss) / Profit before tax 2(b) (6,893) 19,320 Income tax benefit (expense) 100 (2,824) (Loss) / Profit for the year (6,793) 16,496 Profit attributable to: Owners of the parent (6,735) 16,667 Non-controlling interests (58) (171) (6,793) 16,496 (Loss) / Earnings Per Security (EPS) Basic EPS (cents) (8.0) 18.6 Diluted EPS (cents) (8.0) 18.6 Notes to the consolidated financial statements are included on pages 10 to 15. 5

11 Consolidated Statement of Comprehensive Income for the Year ended 30 June 2010 Notes ($'000) ($'000) (Loss) / Profit for the year (6,793) 16,496 Other comprehensive income Changes in value of available for sale assets 1,904 (14,116) Exchange differences on translation of foreign operations (4,920) (2,912) Income tax relating to components of other comprehensive income (267) 284 Other comprehensive income for the year (3,283) (16,744) Total comprehensive income for the year (10,076) (248) Total comprehensive income attributable to: Owners of the parent (10,019) (76) Non-controlling interest (57) (172) (10,076) (248) 6

12 CURRENT ASSETS Troy Resources NL Consolidated Statement of Financial Position as at 30 June 2010 Notes Cash and cash equivalents 5(a) 16,432 37,646 Trade and other receivables 8,681 2,954 Other financial assets - 1,291 Inventories 10,692 14,180 Current tax asset 42 - TOTAL CURRENT ASSETS 35,847 56,071 NON-CURRENT ASSETS Property, plant and equipment 77,243 51,314 Mineral resources development project 29,251 30,302 Other financial assets 2, Receivables 5,397 - Deferred tax assets TOTAL NON-CURRENT ASSETS 114,912 82,744 TOTAL ASSETS 150, ,815 CURRENT LIABILITIES Trade and other payables 7,165 8,215 Current tax payables 549 1,630 Deferred consideration on acquisition 2,334 - Provisions 4,000 4,850 TOTAL CURRENT LIABILITIES 14,048 14,695 NON-CURRENT LIABILITIES Deferred tax liabilities 5,539 6,266 Provisions Deferred consideration on acquisition - 2,348 Borrowings 4 1,308 - TOTAL NON-CURRENT LIABILITIES 7,525 9,241 TOTAL LIABILITIES 21,573 23,936 NET ASSETS 129, ,879 EQUITY Issued Capital 96,022 70,001 Reserves 2,407 4,334 Retained earnings 3 30,975 40,705 Parent interest 129, ,040 Non - controlling interests (218) (161) TOTAL EQUITY 129, ,879 7

13 Consolidated Statement of Changes in Equity for the Year ended 30 June 2010 Share Capital ($,000) Available for Sale Reserve ($,000) Option Premium Reserve ($,000) Foreign Currency Translation Reserve ($,000) Retained Earnings ($,000) Attributable to Equity Holder of Parent ($,000) Noncontrolling Interest ($,000) TOTAL ($,000) Balance at 1 July , ,361 1,182 40, ,040 (161) 114,879 Profit / (Loss) for the year (6,735) (6,735) (58) (6,793) Changes in fair value of available-for-sale assets, net of tax - 1, ,637-1,637 Exchange differences on translation of Foreign Operations (4,921) - (4,921) 1 (4,920) Total comprehensive income for the year - 1,637 - (4,921) (6,735) (10,019) (57) (10,076) Issue of Fully paid shares 25, ,512-25,512 Partly paid shares converted to ordinary fully paid shares 1, ,960-1,960 Issue of shares fully paid shares on conversion of options 36 - (6) Share issue cost (1,487) (1,487) - (1,487) Share-based payments Share-based borrowing costs Dividends payable / paid (2,995) (2,995) - (2,995) Balance at 30 June ,022 2,428 3,718 (3,739) 30, ,404 (218) 129,186 Balance at 1 July ,997 14,623 1,754 4,093 26, , ,768 Profit / (Loss) for the year ,667 16,667 (171) 16,496 Changes in fair value of available-for-sale assets, net of tax - (13,832) (13,832) - (13,832) Exchange differences on translation of Foreign Operations (2,911) - (2,911) (1) (2,912) Total comprehensive income for the year - (13,832) - (2,911) 16,667 (76) (172) (248) Partly paid shares converted to ordinary fully paid shares Share-based payments Dividends payable / paid (2,252) (2,252) - (2,252) Balance at 30 June , ,361 1,182 40, ,040 (161) 114,879 Notes to the consolidated financial statements are included on pages 10 to 15. 8

14 CASHFLOWS FROM OPERATING ACTIVITIES Troy Resources NL Consolidated Statement of Cash flows Notes Receipts from customers 67,520 76,480 Payments to suppliers and employees (76,189) (61,516) Proceeds from sundry income 1,945 - Income taxes paid (1,061) (171) Interest and other costs of finance paid - (6) NET CASH (USED IN) / PROVIDED BY OPERATING ACTIVITIES (7,785) 14,787 CASHFLOWS FROM INVESTING ACTIVITIES Payments for property, plant and equipment (44,690) (14,457) Proceeds on sale of property, plant and equipment Proceeds on sale of investment securities 4,735 48,487 Payments for development project acquired - (27,091) Proceeds on sale of tenements Payments for purchase of tenements - (14) Proceeds from sale of subsidiary Interest received 980 2,705 NET CASH (USED IN) / PROVIDED BY INVESTING ACTIVITIES (38,548) 10,374 CASHFLOWS FROM FINANCING ACTIVITIES Borrowings Investec Bank (Australia) Limited 3,000 - Payments of debt raising costs (914) - Proceeds from issues of equity securities 27,501 4 Payments of equity raising costs (1,487) - Dividends paid members of parent entity (2,995) (2,294) Deferred hedging costs paid - (1,154) NET CASH PROVIDED BY / (USED IN) FINANCING ACTIVITIES 25,105 (3,444) Net (decrease) / increase in cash and cash equivalents (21,228) 21,717 Cash and cash equivalents at the beginning of the financial year 37,646 15,751 Effects of exchange rate changes on balances held in foreign currencies Cash and cash equivalents at end of the financial year 16,432 37,646 9

15 Notes to the Financial Statements Note 1 Basis of Preparation This preliminary final report has been prepared in accordance with ASX Listing Rule 4.3A and the disclosure requirements of ASX Appendix 4E Note 2 Profit From Continuing Operations (a) (b) Revenue Gold sales 75,224 75,390 Other income Interest received 980 2,705 Gain on sale of investment securities 4,427 20,934 Gain on sale of assets 25 - Gain on sale of exploration tenements - 1,345 Gain on sale of subsidiary Net foreign currency exchange gains Other ,196 25,605 Expenses Exploration expenses 6,993 7,218 Finance costs Depreciation of plant & equipment: - Cost of sales 8,209 5,135 - Administration expenses ,922 5,736 Amortisation of mining properties 5,989 4,799 Government royalties 1,587 1,241 Impairment Other Financial Assets (current) - 5,549 Impairment Tenements / exploration - 14 Other Expenses - Corporate Loss on sale of plant and equipment Mark-to market Hedging cost 37 1,118 Share based payments

16 Notes to the Financial Statements Note 3 Retained Profits Balance at beginning of financial year 40,705 26,290 Net profit (loss) (6,735) 16,667 Dividend paid (2,995) (2,252) Balance at end of financial year 30,975 40,705 Note 4 Borrowings Bank loan Investec Bank (Australia) Limited 3,000 - Capitalised borrowing costs (889) - Deferred borrowing costs (Unlisted share options) (803) - 1,308 - Note 5 Notes to the Statement of Cash Flows (a) Reconciliation of Cash and Cash Equivalents Cash at Bank 4,856 11,004 Cash at Bank Overseas 4,454 3,177 Interest Bearing Deposits at call - Australia 7,122 23,465 (b) Non-Cash Financing and Investing Activities 16,432 37,646 NIL (c) Financing Facilities Troy Resources has a debt facility with Investec Bank (Australia) Limited of $25,000,000. This facility is available in two tranches, Tranche A $15,000,000 and Trance B $10,000,000. As at 30 June 2010, $3,000,000 had been drawn and $12,000,000 of Tranche A remained available to be drawn down. Tranche B became available for draw on 30 July (d) Cash Balances Not Available for Use $2,663,125 which is currently used to cash back environmental performance bonds provided to governmental authorities for mining operations and related infrastructure, along with $70,000 for bank guarantees. Under the Investec Bank (Australia) Limited facility above the Troy group is required to maintain a minimum cash reserve of $5,000,

17 Notes to the Financial Statements Note 6 Details Relating to Dividends Amount per security Franked amount per security at 30% tax Final dividend 2010 N/A N/A - Amount per security of foreign sourced dividend Interim dividend 2010 N/A N/A N/A N/A - Total 2010 N/A N/A Total dividend per security (interim plus final) Ordinary securities N/A 4.0 Interim and final dividend on all securities Ordinary securities (i) - 2,995 (i) Final dividend in relation to 2009, declared post year end and recognised during There are no dividend reinvestment plans in operation. 12

18 Note 7 Segment Reporting Troy Resources NL Notes to the Financial Statements Information regarding segments is presented below. Amounts reported for the prior period have been restated to conform to the requirements of AASB 8. The accounting policies of the new reportable segments are the same as the consolidated entity s accounting policies. The following is an analysis of the consolidated entity s revenue and results by reportable operating segment for the periods under review: Segment Revenue Year Ended Segment Profit Year Ended Jun 2010 Jun 2009 Jun 2010 Jun 2009 Note $'000 $'000 $'000 $'000 Producing Operations: Australia 36,438 40,360 2,752 15,776 Brazil 38,786 35,030 2,086 1,376 Total 75,224 75,390 4,838 17,152 Exploration: Australia and other (4,365) (3,571) Brazil (1,419) (3,313) Argentina (1,209) (334) Total (6,993) (7,218) Development Operations: Argentina (2,025) - Total (2,025) - Total Segments 75,224 75,390 (4,180) 9,934 Other Income 2(a) 6,196 25,605 Corporate expenses - general and administration (7,551) (6,850) Asset Impairments - (5,563) Other expenses (1,358) (3,806) (Loss) / Profit before tax (6,893) 19,320 The revenue reported above represents revenue generated from external customers. There were no intersegment sales during the period. Segment profit represents the profit earned by each segment without the allocation of central administration costs and directors salaries, interest income, profit on the sale of shares, gains on sale of exploration tenements, expenses in relation to corporate facilities, and tax expense. This is the measure reported to the chief operating decision maker for the purpose of resource allocation and assessment of segment performance. 13

19 Note 7 - Segment Reporting (Continued) Troy Resources NL Notes to the Financial Statements The following is an Analysis of the consolidated entity s assets and liabilities by reportable segment: Continuing Operations: Total Assets Jun 2010 Jun 2009 $'000 $'000 Australia 3,137 10,299 Brazil 57,753 54,748 Exploration - - Project development - Argentina 69,171 30,669 Total Segment assets 130,061 95,716 Cash and cash equivalents 16,432 37,646 Income tax assets Investments in listed entities 2,741 1,678 Other assets 1,203 3,071 Total Assets 150, ,815 Various corporate and head office assets including cash held and income tax balances have not been allocated to the underlying segments. Continuing Operations: Total Liabilities Jun 2010 Jun 2009 $'000 $'000 Australia 5,490 9,576 Brazil 3,882 3,594 Exploration - - Project development - Argentina 2, Total Segment liabilities 11,755 13,325 Income tax liabilities 6,088 7,897 Deferred consideration on acquisition 2,334 2,348 Borrowings 1,308 - Other liabilities Total Liabilities 21,573 23,936 14

20 Notes to the Financial Statements Note 8 Tax Rate Difference The actual tax rate applicable to the annual profit varies from the nominal rate applicable in Australia due to the different tax rates applying in the overseas jurisdictions in which Troy operates. The effective tax rate for Troy s Australian group companies for the year ended 30 June 2010 is nil% due to income tax losses for the period. The effective tax rate for RML in Brazil for the year ended 30 June 2010 is 23.2% as incomes tax is currently levied at 3.2% of total revenues. Once RML exceeds the Brazilian reals R$48 million annual revenue threshold, it will incur income tax on a net income basis at a rate of 34%. In Argentina double income tax deductions for exploration expenditure on approved projects has resulted in a small income tax benefit being recognised in the current period. Note 9 Subsequent Events On 29 July 2010, the Company announced that a letter of intent had been signed to sell the high grade colluvial iron ore on the Andorinhas leases. This includes initial staged payments of US$4 million, plus expected annual payments of more than US$3 million based on current iron ore prices and minimum monthly volumes. On 30 July 2010, the Company issued 632,912 unlisted options, as part of consideration for the provision of Tranche B of the debt facility with Investec Bank (Australia) Limited. These options are exercisable at $3.16 and expire on 30 July On 11 August 2010 the Company issued 80,000 unlisted options under the Troy Employee Share Option plan at an exercise price of $2.60. The options vest in three annual tranches and all expire on 5 August Note 10 Information on Audit This preliminary final report is based on accounts which are in the process of being audited. Mr John Dow Date: 27 August 2010 Chairman 15

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