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1 ACN June 2012 Letter to Shareholders RE: Amended Announcement of 25 th May, 2012 Please find attached for your interest an amended copy of the Announcement 25th May, 2012, Drilling Results at the Wilgar Prospect Expands the Area of Mineralisation containing additional information regarding the inclusion of a hole location diagram and clarifying the Competent Person (CP) statement, including anticipated recoveries of the target metals. The Company has included the anticipated recoveries in its Gold-equivalent calculation, based on its mineralogical assay work at Wilgar, and retracts its statement a recovery of 100% has been used in the Gold Equivalent Calculation from the original 25 th May, 2012 announcement. Regards Wayne McCrae Chairman Unit 34, Brickworks Annex,19 Brolga Avenue, SOUTHPORT 4215 Phone: Facsimile: admin@cudeco.com.au

2 ACN MARKET RELEASE 25 th May 2012 DRILLING RESULTS AT THE WILGAR PROSPECT EXPANDS THE AREA OF MINERALISATION Drilling at the Wilgar Prospect in the northern area of the Rocklands Project continues to deliver high grade results. The Wilgar Prospect is a separate zone of mineralisation to the main Las Minerale and associated ore bodies that will be processed at the rate of 3mtpa over the next 10 years. Wilgar is only one of a number of prospects that have been categorised as high priority targets. Currently two-thirds of the diamond drill rigs at site are drilling at Wilgar and in the areas immediately to the North East and North West of Wilgar. The current diamond drill programme is aimed at geophysical targets beneath the shallow Corella Formation that acts as geochemical barrier, not allowing any surface expression of mineralisation to be seen at surface, hiding what may lay beneath. The targets are thought to be highly prospective of being associated with the Wilgar zone of mineralisation. In previous drilling campaigns high grade gold and silver have been discovered from surface to approximately 50m depth. Recent high grade results include: ROCKLANDS COPPER PROJECT (CDU 100%) DODH 264: Intersected 50.1g/t Au fm 1-24m and 101g/t Ag fm 1-24m including 185g/t Au fm 7-13m The metal rich fluids responsible for the mineralisation at Wilgar may be more widespread than originally predicted. A new bedrock drilling campaign will start to identify and pinpoint at surface the positioning of intrusive rocks that are associated with the mineralisation at Wilgar. The bedrock programme will look for where the intrusive rocks may have penetrated through the Corella Formation or erosion has allowed the exposure of the intrusive rock at surface. Current diamond drill programmes are aimed at geophysical targets beneath the shallow Corella Formation. Figure 1 (top right): Gravity Survey (3D Inversion Model) over Wilgar and the North-west Prospect. Figure 2 (above right): Magnetic Survey over Wilgar and the North-west Prospect. Figure 3 (right): Rocklands Group Copper Project. White outlines; ML (centre) and ML (right) and; Yellow outline EPM (left). Unit 34, Brickworks Annex,19 Brolga Avenue, SOUTHPORT 4215 Phone: Facsimile:

3 Latest Drilling Results from the Wilgar Gold/Silver/Tellurium/Uranium/Molybdenum Prospect follow; DODH264 Width AuEq g/t Au g/t Ag g/t Te ppm U ppm Mo ppm From To Intersection m - 24m including m - 13m including m - 8m DODH270 Width AuEq g/t Au g/t Ag g/t Te ppm U ppm Mo ppm From To Intersection m - 17m DODH282 Width AuEq g/t Au g/t Ag g/t Te ppm U ppm Mo ppm From To Intersection m - 18m DODH297 Width AuEq g/t Au g/t Ag g/t Te ppm U ppm Mo ppm From To Intersection m - 15m DODH305 Width AuEq g/t Au g/t Ag g/t Te ppm U ppm Mo ppm From To Intersection m - 23m DODH315 Width AuEq g/t Au g/t Ag g/t Te ppm U ppm Mo ppm From To Intersection m - 7m Intersection m - 31m DODH316 Width AuEq g/t Au g/t Ag g/t Te ppm U ppm Mo ppm From To Intersection m - 6m Intersection m - 23m DODH319 Width AuEq g/t Au g/t Ag g/t Te ppm U ppm Mo ppm From To Intersection m - 14m Intersection m - 36m DODH321 Width AuEq g/t Au g/t Ag g/t Te ppm U ppm Mo ppm From To Intersection m - 15m DODH324 Width AuEq g/t Au g/t Ag g/t Te ppm U ppm Mo ppm From To Intersection m - 20m DODH325 Width AuEq g/t Au g/t Ag g/t Te ppm U ppm Mo ppm From To Intersection m - 16m DODH327 Width AuEq g/t Au g/t Ag g/t Te ppm U ppm Mo ppm From To Intersection m - 10m Intersection m - 24m cut-off grade of 0.4g/t AuEq with 3m allowance for internal waste Page 2

4 DODH333 Width AuEq g/t Au g/t Ag g/t Te ppm U ppm Mo ppm From To Intersection m - 32m DODH335 Width AuEq g/t Au g/t Ag g/t Te ppm U ppm Mo ppm From To Intersection m - 43m including m - 27m DODH338 Width AuEq g/t Au g/t Ag g/t Te ppm U ppm Mo ppm From To Intersection m - 11m Intersection m - 18m DODH339 Width AuEq g/t Au g/t Ag g/t Te ppm U ppm Mo ppm From To Intersection m - 27m DODH340 Width AuEq g/t Au g/t Ag g/t Te ppm U ppm Mo ppm From To Intersection m - 12m Intersection m - 30m cut-off grade of 0.4g/t AuEq with 3m allowance for internal waste Yours faithfully Wayne McCrae Chairman Competent Person Statement The information in this report that relates to Exploration Results is based on information compiled by Mr Andrew Day. Mr Day is employed by GeoDay Pty Ltd, an entity engaged, by CuDeco Ltd to provide independent consulting services. Mr Day has a BAppSc (Hons) in geology and he is a Member of the Australasian Institute of Mining and Metallurgy (Member #303598). Mr Day has sufficient experience which is relevant to the style of mineralisation and type of deposits 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 Ores Reserves. Mr Day consents to the inclusion in this report of the information in the form and context in which it appears. The information in this report insofar as it relates to Metallurgical Test Results and Recoveries, is based on information compiled by Mr Peter Hutchison, MRACI Ch Chem, MAusIMM, a full-time executive director of CuDeco Ltd. Mr Hutchison has sufficient experience in hydrometallurgical and metallurgical techniques which are relevant to the results under consideration and to the activity which he is undertaking to qualify as a Competent Person for the purposes of this report. Mr Hutchison consents to the inclusion in this report of the information, in the form and context in which it appears. Page 3

5 Wilgar style mineralisation Polymetallic and rare element hosting prospect, which includes mineralisation of Au, Mo, Ag, Te, ±U. The high-grade gold, silver and tellurium may be present as tellurides and mineralisation may be related to an Intrusion-Related Gold System (IRGS). Notes on Assay Results All analyses are carried out at internationally recognised, independent, assay laboratories. Quality Assurance (QA) for the analyses is provided by continual analysis of known standards, blanks and duplicate samples as well as the internal QA procedures of the respective independent laboratories. Wilgar drill intersections reported have been calculated on the basis of a gold cut-off grade of 0.4g/t AuEq with 3m allowance for internal waste. Reported intersections are down-hole widths. Au = Gold Ag = Silver Te = Tellurium Mo = Molybdenum Pb = Lead Cu = Copper Co = Cobalt U = Uranium Se = Selenium Zn = Zinc CuEq = Copper Equivalent AuEq = Gold Equivalent Gold (Au) Equivalent Calculation (AuEq) The formula is based on metal prices of; Gold Silver Tellurium $ USD/ounce (80% recovery) $30.00 USD/ounce (80% recovery) $ USD/kg (70% recovery) Molybdenum $25.00 USD/lb (80% recovery) U 3 O 8 $45.00 USD/lb (85% recovery) AuEq = Au ppm x Ag ppm x Te ppm x Mo ppm x U ppm x Gold is the most economically important metal present at the Wilgar prospect. The Company believes is it appropriate to represent the value of the unique suite of additional metals also found at Wilgar, as a single, easy to understand, gold-equivalent grade (AuEq). AuEq results are calculated to 2 decimal places and reported in mineralised intercepts to 3 significant figures. Uranium results are converted to U 3 O 8 for calculation purposes; Uranium (ppm) results are multiplied by a conversion factor of to account for the oxide form of the uranium compound. The recoveries used above in the AuEq calculation are based on the mineralogical analysis of the metals in this deposit and possible extraction methods. It is the Company s opinion that all the elements that form part of the Goldequivalent (AuEq) calculation have a reasonable potential to be recovered. Page 4

6 Disclaimer and Forward-looking Statements This report contains forward-looking statements that are subject to risk factors associated with resources businesses. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including, but not limited to: price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, project delays or advancements, approvals and cost estimates. Figure 4: Hole Location Plan (right) with Airborne Radiometrics (total count) Wilgar location references within ML90177 (left). Hole Location Table: Hole ID Easting Northing RL Azi Dip Hole (m) ( ) ( ) Depth (m) DODH DODH DODH DODH DODH DODH DODH DODH DODH DODH DODH DODH DODH DODH DODH DODH DODH Datum: AGD66 Project: UTM54 surveyed with Differential GPS Page 5