Annual Report for EL 26915 Ammaroo Phosphate Project period ended 7 April 2014

Abstract

The Ammaroo Phosphate Project is located 240 km southeast of Tennant Creek. The project covers over 250 km of strike of the northwestern neck of the highly prospective southern Georgina Basin where it connects to the Wiso Basin. The project area contains the Ammaroo Phosphate Deposit, which is Australia's largest JORC phosphate resource, the Ammaroo South and Rockhole prospects, and significant greenfields potential. EL 26915 is east of the defined resource and is a JV between Fertoz Limited and Rum Jungle Resources which Rum Jungle Resources acquired when it took over Central Australian Phosphate. There were considerable delays beyond Rum Jungle Resources' control involved in the take-over. In addition, the terms of the JV on EL 26915 had to be renegotiated. As of 30/05/2014, the agreement was still with the lawyers. Only desktop studies have been possible during the corporate changes. As incoming operators, Rum Jungle Resources has included a 40 hole drill program for EL 26915 in its 2014 MMP Authorisation. As of 30 May 2014 this had still not been approved by DME.