ASX Announcement February 2013 FUSION RESOURCE UPDATE General Manager 18th February 2013 The Company Announcements Office Australian Securities Exchange Electronic Lodgement System Dear Sir/Madam FUSION MINERAL RESOURCES REACH 680Mt Highlights • Total Fusion Mineral Resources increase to 680Mt • Indicated/Measured Resources now at 312Mt • Overall Eyre Iron joint venture resources reach 894Mt Summary Centrex Metals Limited (“Centrex”) announces an increase in Mineral Resources for the Fusion Magnetite Project (“Fusion”) located on South Australia’s Eyre Peninsula. The updated estimate brings the total Mineral Resource for the project to 680Mt. This includes Indicated and Measured Resources of 312Mt.The update comes from additional drilling completed late in 2012 at the Brennand deposit within Fusion. Fusion forms part of the Eyre Iron Joint Venture with Chinese steel major Wuhan Iron & Steel (Group) Co. (“WISCO”) in which Centrex holds a 40% interest. The joint venture covers additional magnetite iron ore projects at CarrowFor personal use only and Greenpatch along with numerous other iron ore exploration prospects. With the Fusion update total Mineral Resources for the joint venture have now reached 894Mt. ASX Announcement — February 2013 WISCO are funding the first A$ 75 million of development for the projects. In addition WISCO will pay four tranches of A$ 27 million directly to Centrex if the joint venture reaches resource milestones of 1.25Bt, 1.5Bt, 1.75Bt and 2Bt, for a total potential value of A$ 108 million. Fusion Summary Mineral Resources Tonnage Head Grade DTR Concentrate Grade Classification (Mt) (%) Fe (%) SiO2 (%) Fe (%) SiO2 (%) Measured 10.8 22.7 52.3 18.0 68.2 4.1 Indicated 300.9 24.9 50.2 21.3 68.5 3.7 Inferred 368.4 25.2 45.4 23.9 65.4 6.3 Combined Mineral Resources Total 680.0 25.1 47.7 22.7 66.8 5.2 *DTR (percent weight recovery) and concentrate results were from Davis Tube test work performed at P80 passing -75µm *Includes the deposits of Koppio, Brennand, Kapperna and Iron Mount, detailed breakdowns shown below. *Due to the effects of rounding, overall totals may not be able to be reproduced from individual classification totals. Kapperna Brennand KOPPIO Figure: 3D oblique view of KBK deposits. For personal use only CENTREX METALS LIMITED Unit[Type 1102, text] 147 Pirie Street, Adelaide, South Australia, 5000 | P: +61 8 8100 2200 | centrexmetals.com.au | ABN 97 096 298 752 ASX Announcement — February 2013 FUSION OVERVIEW Fusion is located approximately 35km north of the city of Port Lincoln on the Southern Eyre Peninsula, South Australia. The project comprises numerous prospective magnetite deposits spanning a 50km anomalous magnetic BIF trend. Fusion aims to establish a centralised processing facility to access all deposits within the project area and transport magnetite concentrate 40km to the northeast via a slurry pipeline to Port Spencer for export. Centrex holds a 50% interest in the development of a deep-water export facility at Port Spencer with WISCO again holding the remaining share. State Government development approval was recently received for the first stage of Port Spencer. The focus of mining and project studies to date at Fusion has been at the adjacent deposits of Koppio, Brennand and Kapperna (“KBK”), however further drilling across the project area completed in 2012, in particular at Bald Hill and Charlton Gully has demonstrated potential to increase the project resource base. The overall resource base would support a long-term iron ore industry in the region. Fusion is likely to act as a catalyst to the development of vital infrastructure on the Southern Eyre Peninsula including Port Spencer as well as potentially underpinning a new transmission network that could have the added benefit of unlocking much of the Eyre Peninsula’s green energy (wind) potential. Figure:For personal use only Location map showing high-resolution aero-magnetic image of Fusion. CENTREX METALS LIMITED Unit[Type 1102, text] 147 Pirie Street, Adelaide, South Australia, 5000 | P: +61 8 8100 2200 | centrexmetals.com.au | ABN 97 096 298 752 ASX Announcement — February 2013 RESOURCE SUMMARIES Koppio Resources Summary Tonnage Head Grade DTR Concentrate Grade Classification (Mt) (%) Fe (%) SiO2 (%) Fe (%) SiO2 (%) Measured 10.8 22.7 52.3 18.0 68.2 4.1 Indicated 106.6 24.3 52.0 19.9 68.6 3.6 Inferred 99.6 24.5 52.3 21.1 68.8 3.4 Combined Mineral Resources Total 217.0 24.3 52.1 20.4 68.7 3.5 *DTR (percent weight recovery) and concentrate results were from Davis Tube test work performed at P80 passing -75µm Brennand Resources Summary Tonnage Head Grade DTR Concentrate Grade Classification (Mt) (%) Fe (%) SiO2 (%) Fe (%) SiO2 (%) Indicated 155.8 24.2 50.8 18.8 67.8 4.5 Inferred 110.4 24.6 50.2 18.0 67.2 4.9 Combined Mineral Resources Total 266.2 24.4 50.6 18.5 67.6 4.7 *DTR (percent weight recovery) and concentrate results were from Davis Tube test work performed at P80 For personal use only passing -75µm CENTREX METALS LIMITED Unit[Type 1102, text] 147 Pirie Street, Adelaide, South Australia, 5000 | P: +61 8 8100 2200 | centrexmetals.com.au | ABN 97 096 298 752 ASX Announcement — February 2013 Kapperna Resources Summary Tonnage Head Grade DTR Concentrate Grade Classification (Mt) (%) Fe (%) SiO2 (%) Fe (%) SiO2 (%) Indicated 38.5 29.7 43.1 35.1 69.9 2.2 Inferred 23.3 29.7 43.8 32.8 68.9 3.3 Combined Mineral Resources Total 61.8 29.7 43.3 34.3 69.6 2.6 *DTR (percent weight recovery) and concentrate results were from Davis Tube test work performed at P80 passing -75µm Iron Mount Resources Summary Tonnage Head Grade DTR Concentrate Grade Classification (Mt) (%) Fe (%) SiO2 (%) Fe (%) SiO2 (%) Inferred 135.0 25.5 36.7 29.3 62.1 9.1 *DTR (percent weight recovery) and concentrate results were from Davis Tube test work performed at P80 passing - 75µm *Refer ASX release 28th September 2011 For personal use only CENTREX METALS LIMITED Unit[Type 1102, text] 147 Pirie Street, Adelaide, South Australia, 5000 | P: +61 8 8100 2200 | centrexmetals.com.au | ABN 97 096 298 752 ASX Announcement — February 2013 Carrow Resources Summary Tonnage Head Grade DTR Concentrate Grade Classification (Mt) (%) Fe (%) SiO2 (%) Fe (%) SiO2 (%) Indicated 72.4 27.3 40.1 28.7 68.5 3.3 Inferred 86.8 27.2 41.6 27.0 65.4 6.7 Combined Mineral Resources Total 159.2 27.2 41.0 27.8 66.9 5.2 *DTR (percent weight recovery) and concentrate results were from Davis Tube test work performed at P80 passing -75µm *Refer ASX release 1st June 2011 Greenpatch Resources Summary Tonnage Head Grade DTR Concentrate Grade Classification (Mt) (%) Fe (%) SiO2 (%) Fe (%) SiO2 (%) Inferred 54.8 24.9 33.8 26.8 68.3 3.0 *DTR (percent weight recovery) and concentrate results were from Davis Tube test work performed at P80 passing - 75µm *Refer ASX release 12th January 2012 For further information please contact: Ben Hammond Steve Brown Acting CEO Chief Operating Officer CentrexFor personal use only Metals Limited Eyre Iron Pty Ltd Ph (08) 8100 2200 Ph (08) 8221 6177 CENTREX METALS LIMITED Unit[Type 1102, text] 147 Pirie Street, Adelaide, South Australia, 5000 | P: +61 8 8100 2200 | centrexmetals.com.au | ABN 97 096 298 752 ASX Announcement — February 2013 Competent Persons Statement The information in this report relating to Mineral Resources for Fusion is based on and accurately reflects information compiled by Mr Alan Miller of Golder Associates who is a consultant and adviser to Eyre Iron Pty Ltd and who is a Member and Chartered Professional of the Australasian Institute of Mining and Metallurgy. Mr Miller has sufficient experience, which is relevant to the style of mineralization and type of deposit under consideration and to the activity, which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Miller consents to the inclusion in the report of the matters based on his information in the form and context in which it appear. The information in this report relating to Mineral Resources for Carrow and Greenpatch is based on and accurately reflects information compiled by Mr Alex Virisheff of Coffey Mining Limited who is a consultant and adviser to Eyre Iron Pty Ltd and who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Virisheff has sufficient experience, which is relevant to the style of mineralization and type of deposit under consideration and to the activity, which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Virisheff consented to the inclusion of this information in the 1st June 2011 and 12th January 2012 announcements in the form and context in which it appeared in those documents. For personal use only CENTREX METALS LIMITED Unit[Type 1102, text] 147 Pirie Street, Adelaide, South Australia, 5000 | P: +61 8 8100 2200 | centrexmetals.com.au | ABN 97 096 298 752 15 February 2013 Reference No. 127641014-009-L-Rev0 Mr Scott Duncombe Eyre Iron Pty Ltd Level 9, 420 King William Street ADELAIDE SA 5000 MINERAL RESOURCE STATEMENT: BRENNAND MAGNETITE DEPOSIT Dear Scott Golder Associates Pty Ltd (Golder) has completed a resource model update of the Brennand magnetite deposit, which is part of the Fusion Magnetite Project located on the Eyre Peninsula in South Australia. The Mineral Resource update uses all available assay data as of 22 January 2013.