Tiaro Coal Limited

Tiaro Coal Limited (Tiaro Coal) was established for the specific purpose of acquiring from Hudson Resources Limited (HRL) all of the issued capital of Tiaro Energy Corporation Pty Ltd (TEC), through which Tiaro Coal proposes to develop the Tiaro Coal project. TEC is a member of a joint venture called the Tiaro Coal Joint Venture (TCJV). The Tiaro coal field (Tiaro) is located in south eastern Queensland. Tiaro Coal holds, through its wholly owned subsidiary TEC, a 33.33% interest in TCJV and has exercised the option to earn an 80% interest in the TCJV. The TCJV holds applications for exploration permit for coal (EPCs) over an area of 2,200 square kilometers, which is underlain by Tiaro Coal Measures.