Pilbara Minerals JV

During the September - December 2012 quarter, Fox reviewed a data package provided by Pilbara Minerals (PLS), in order to determine whether Fox wished to enter into a Joint Venture (JV) over some or all of the tenements in the Pilbara region held by PLS. Fox and Pilbara Minerals have subsequently signed a non-binding MOU in order to progress negotiations toward a farm-in and JV agreement.

During this initial review, Fox and geophysical consultants Newexco Services Pty Ltd (Newexco) reinterpreted the VTEM data that had been previously collected by PLS. Newexco identified a large number of anomalies that warrant follow-up work, and have commenced further work aimed at prioritising the anomalies. This work, combined with other review and exploration targeting exercises, are being undertaken in order to produce a comprehensive exploration strategy that can be rolled out following the official signing of the farm-in and JV agreement.

Plan of Fox West Pilbara tenure and PLS tenure subject to the Fox/PLS MOU