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Quarterly Report to 30 Sept 2011

Highlights

- Signed 12 month Option Agreement to explore and purchase (for A$8.0M) Rio Tinto Exploration’s Gippsland zircon-rutile (HMS) project located in Victoria.

- Successful completion 1:10 Rights Issue raising $4.9 million gross and distributing 23.4 million Planet Metals Limited shares to Metallica shareholders who participated in the Rights Issue.

- Listed ASX investments over $55M market value (see Table 1).

- Appointment of Gavin Becker as CEO to lead NORNICO Feasibility and Development.

- NORNICO Venture Analysis (capital & operating cost estimate) completed with the delayed mining study now near completion.

- 100% ownership of NORNICO Scandium project (previously 80%).


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