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Quarterly Report to 30 June 2011

Highlights

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. Current cash position now approximately $7.5M.

Listed ASX investments over $80M market value (see Table 1).

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

High nickel, cobalt and scandium extraction results and low acid consumption from initial HPAL testwork on Greenvale & Lucknow ores.

NORNICO Mining Study & Venture Analysis (capital & operating cost estimate) near completion.

Significant enquiries in relation to Scandium and Zircon projects.

Completion of Inspecie distribution of 11.7M Cape Alumina shares to Metallica shareholders on a 1:10 basis.


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