Regalis Petroleum Limited
Universal Coal Resources Pte Ltd

Iron Ore, Vanadium and Precious Metals Projects, Canada
19.5% equity interest

In December 2010 the Company made a US$7.90 million investment followed by a further US$4.91 million in March 2011 in Ironstone, a private Canadian company which owns the Clear Hills Iron Ore/Vanadium Project ("Clear Hills") in Alberta, Canada.

Currently the Clear Hills NI 43-101 compliant resources are categorised as follows:

Indicated: 557 million tonnes iron, with an average grade of 33 per cent of iron 1.45 billion pounds of vanadium (as vanadium pentoxide)
Inferred: 96 million tonnes of iron, with an average grade of 33 per cent of iron

Ironstone is continuing its work on defining the Hatch-Ironstone Chloride Segregation process for the Clear Hills Project. Pilot testing has been completed through ore preparation, calcination, iron reduction and iron segregation stages of the process flow sheet development with very encouraging results. Work at Hazen Research (Golden, CO) is currently focused on the mineral processing segment of the flowsheet in advance of piloting the process on commercial scale equipment.

Results from some iron reduction tests suggest an alternative process should be investigated that may potentially reduce both capital and operating costs, and shorten the development timeline to commercial start-up. Some preliminary testing to determine the technical feasibility of this alternative process is being conducted.

Following the positive results from the continuous pilot process campaign at Hazen Research achieved in the last quarter, Ironstone will be commissioning a PEA ahead of the major pre-commercial processing pilot campaign at FL Smidth (Bethlehem, PA), proposed for the second quarter 2014.

Ironstone is planning to conduct a limited coal drilling programme in Q1 2015 to delineate and map the lignite coal deposit in the Clear Hills. The coal is an important carbon source for the direct reduction of iron oxide into metallic iron. The company is collaborating with North American Coal Corp. ( which has entered into an option agreement to lend its expertise in coal development, mine planning and eventual contract mining operations.

Ironstone’s management and resource team travelled to Asia in November 2013 to exhibit at the China Mining Conference. The company also participated in three investor forums in China and Japan in collaboration with Alberta Energy department officials. The forums were hosted by Canadian Embassy trade officials in Beijing, Shanghai and Tokyo. Strong interest was shown in Ironstone’s Clear Hills project, specifically in how its products are targeted to China’s eventual move to less polluting electric furnace steel-making and the country’s recent emphasis on renewable energy development.

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