QUARTERLY REPORT TO 30 September 2013 QUARTER OVERVIEW

• Compensation Claim for Groote Eylandt ongoing with Northern Territory Government
• Application for Consent - BMB documents lodged
• Wounded Knee mapping continues
• Mt Alexander - NTM enter sale negotiations

PROJECT UPDATES

The Northern Territory Government's proposed introduction of a general reserve preventing mineral exploration and mining within the coastal waters surrounding Groote Eylandt (in addition to or in substitution for the existing Moratorium on Seabed Exploration and Mining) by 30 September 2013 has not eventuated. NTM are continuing discussions with the Northern Territory Government with the aim of achieving a settlement by December 2013 that would see a general reserve introduced and NTM receive compensation.
NTM continues to seek both cash compensation and the grant of priority rights to mineral exploration tenure should Northern Territory Government policy change and the Moratorium on Seabed Exploration and Mining and any general reserve that is imposed be withdrawn sometime in the future.

Blue Mud Bay

As advised last quarter the consent to negotiate over the four (4) Blue Mud Bay Islands was issued. NTM had until the 17 October to lodge our Consent Application with the Northern Land Council (NLC) and the Department of Mines and Energy (DME). We advised that we bettered this date at the request of the NLC by lodging in August 2013.
The next step is to have the first community meeting to introduce NTM to the community and allow the community to hear, first hand, who we are and what it would mean if we were allowed to explore on their country.
Unfortunately, we have not been able to hold this first meeting due to a number of deaths in the community. NTM advised the NLC that we respect the importance of these matters and, out of respect, were keen to ensure that sufficient time elapsed to enable the community to conclude sorry business before meeting with the community.

Offshore Commonwealth Waters Project

No further activity occurred during the quarter. These tenements are located south of the Groote Eylandt
West project and are applications.

Wounded Knee Project

The W ounded Knee project on EL46/873 is located in the Pilbara Mineral Field approximately 15 km south- east of the W oodie W oodie manganese mine.
During the quarter ongoing interpretation of existing and acquired data from the previous quarter was carried out to assist with the next planned field trip to complete mapping and identify future targets.

Mt Alexander

As reported last quarter, Cardinal Resources have withdrawn from this JV. Your Board made the decision to look for a Joint Venture partner or a willing buyer of the project and negotiations have commenced.

Subsequent Events

On the 29th October the company announced that we had sold the Mt Alexander project to Zenith Minerals
Ltd (ZNC)

Corporate

The Company is currently in discussions with sophisticated, professional and exempt investors in respect to the placement of the Shares available under its ASX Listing Rule 7.1 and 7.1A capacities and placement funds.

Tenements

No tenements were acquired or relinquished during this period

Lloyd Jones Managing Director
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