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Massive Black Horse Chromite Discovery

Black Horse deposit has an Inferred Resource Now 85.9 Million Tonnes @ 34.5%

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Message: Proposed Business Combination of KWG Resources Inc. (“KWG”) and Spider Resources
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A lot to read but this is a date to concider

Each of Spider and KWG shall use its commercially reasonable best efforts to satisfy the
conditions to be satisfied by it hereunder and to complete the Merger by July 16, 2010 or such
other date as the parties may agree (the “Completion Deadline”). If the Merger has not been
completed by the Completion Deadline, this Letter Agreement may be terminated in accordance
with its terms

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