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BGD Corporation Ltd

108 Outram Street, WEST PERTH WA 6005

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Manufacturers - West Perth, WA

Boulder, a resources company based in Perth, WA, is currently engaged in the planning and development of the Euroa Steel Plant Project.

An integrated steel making plant to be built in Gladstone, Queensland. The Company is in the process of transferring its interest in the Project to a newly formed company, Euroa Steel Plant Project Pty Ltd (ESPP), for which it will own 50% equity and Gladstone Steel Pty Ltd (GSPL) will own the other 50%.

Boulder is in the final stages of completing an Environmental Impact Study (EIS) for the Project. The initial advice statement for the Project was submitted to the Queensland State Government on 11 November 2008. On 6 March 2009, the Project was referred to the Commonwealth Minister for the Environment.

The EIS went through a public consultation period from 12 January 2013 to 25 February 2013. Additional information to the EIS was requested by the Co-ordinator- General on 16 May 2013. Boulder is currently providing additional information to the EIS. It is anticipated that once satisfactory additional information is provided the government will provide the necessary approvals for the Project to commence construction.

The site allocated for construction of the plant is within the Aldoga Precinct of the Gladstone State Development Area (GSDA). The plant is designed to produce 5M tonnes per annum of high quality steel in bloom and round billet form (i.e. semi-finished steel) for export to overseas finishing plants.

Previous estimates provide a total capital expenditure for the Project of around US$4.28 billion, 80% higher than a similar project in China. The internal rate of return of the Project is 13.64%, much higher than the cost of capital.

In addition to the Gladstone Steel Project, the new management team will actively seek out complementary and non-complementary assets, investments and businesses that will generate additional shareholder value.

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