Projects Overview

Mt Isa Metals' core exploration strategy is to identify and advance opportunities that provide exposure to two key strategic drivers:

• a "first mover" advantage; and/or
• exposure to mineral provinces with a proven mineral endowment pedigree.

The Board believes that a disproportionate share of exploration success accrues to those companies that have a first mover advantage. That is, companies that are either the first to move into unexplored regions or those companies that are first to apply new technology or new exploration models to regions where exploration has previously been conducted.

Secondly, the Board is of the view that the probability of exploration success is significantly enhanced by exploring in mineral provinces that have a proven high level of mineral endowment - a proven pedigree.

Having regard for the above, the Company has assembled a substantial exploration tenement portfolio across central and north-west Queensland that provides variable exposure to each of the two key strategic drivers.

In addition to the above the company also holds a 20% contributing joint venture interest* in a significant sedimentary phosphate deposit, the D-Tree Project.

A summary of the key attributes of each of the Company's key project areas is provided below.

* JV Heads of Agrrement dated 27 Oct. 08. Subject to completion of formal documentation with Legend International Holdings, Inc.

• Project Locations