Abn 84 121 700 105

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ABN 84 121 700 105 for the of fer of 50,000,000 shares each at $0.20 per share to raise $10,000,000 Lead manager to the issue: Element Capital pty Ltd prospectus Important InformatIon: this is an important document that you should read in its entirety. If you do not understand it, you should consult your professional adviser without delay. the shares offered by this prospectus should be considered speculative. refer to section 10 for detail relating to investment risks. highlights of the
  Important InformatIon: this is  i dcue h yu shuld ed i is eiey. I yu d  udesd i, yu shuld csul yu essil dvise wihu dely. the shes eed by his psecus shuld be csideed seculive.ree  seci 10  deil elig  ivese isks. p r o s p e c t u s  ABN 84 121 700 105 f he e  50,000,000 shes ech $0.20 e she  ise $10,000,000 Led mge  he issue: Elee Cil py Ld  highlights o the issuehighlights o the issue Malagasy Minerals Limited Prospectus 1 MALAGASY MINERALS – ASOLID PROJECT PORTFOLIO Nickel-copper-coal-cobalt-PGE  mineralisation in south-centralMadagascar Eight (8) 100%-owned projects -  totalling 6,300 square kilometres o tenureFive priority projects identied including  dened targets o interpreted Voisey’sBay style nickel-copper-PGEmineralisation and basin coal at SakoaImmediate ollow up targets  incorporating up to 24,000m o drillingplanned or the rst 18 months ater completion o the Oer  Building Value In Madagascar  Experienced and successul management team ã Long-term presence and experience in Madagascar  ã Established operations bases in Madagascar  ã Senior operations management personnel based in ã Madagascar 100%-owned tenements (8 projects – 6,300 sq km) – all ã located in Madagascar  Acquisition o BRGM – Madagascar key assets; including ã 3 drilling rigsCoal assets in Sakoa region in southern Madagascar. ã Focussed on target commodities & mineralisation styles ã (Ni-Coal-Cu-Co-PGE-VMS)Dened ollow-up targets or interpreted Voisey’s Bay style ã mineralisation at Ampanihy ProjectUp to 24,000 metres drilling planned or rst 18 months ã ater completion o the Oer  Malagasy Minerals Ltd – The Assets Madagascar - a New Frontier  ã Signicant yet under explored metals province  Over 7,000 recorded historical mineral occurrences  World-class mineral resource projects (e.g. Ni-Co-  ilmenite) currently under developmentRecent junior explorer success  Madagascar – Strongly Prospective ã Geologically linked to central-eastern Arica (Kenya-  Tanzania) & western India.Complex variety o rock associations and intrusions –  and abundance & variety o minerals occurrencesMadagascar – Investment Friendly ã Fourth largest island in the world – approximate size o  NSW AustraliaPolitically stable democracy – President recently re-  elected (2006)National mining culture – low operating costs  New mining code – modern transparent tenement  administration regimeMajor ongoing oreign-assisted upgrade in geological  data inrastructureMajor inrastructure development – 9,000km o roads  rehabilitatedMalagasy Minerals Limited – an established presence in ã Madagascar 10 years in-country experience  Successul exploration track record  BRGM – Madagascar: acquisition & ongoing  co-operationEstablished operational bases with several drilling rigs  Ongoing cash fow rom quarrying dimension stone  operations BRGM Assets:  Acquiring three drilling rigs with operators & support ã equipmentOperating assay laboratory and sta ã  Adjacent to Ministry o Mines & mining tenements national ã oces or Madagascar 19,000 square metre commercial property base in ã  Antananarivo, the capital o Madagascar Company oces and management residences on-site ã Ongoing co-operation and mutual support agreements ã with BRGM Objectives and Strategy  Create Shareholder wealth through ocused exploration, ã discovery & development o signicant nickel, coal, PGE &copper ore bodies.Utilise the technically competent & experienced resource ã team assembled by the Company.Fast track evaluation & exploration o the Company’s ã priority projects utilising its own drilling rigs & establishedservice base.Continually assess existing projects & create new ã opportunities whilst remaining a ocussed nickel-copper-coal-PGE explorer in southern Madagascar. Exploration Programs Five (5) priority projects identied with immediate ollow up ã and/or drill-ready targets delineated.  2 Malagasy Minerals Limited Prospectus Focussing on rapid target delineation and aggressive ã ollow-up with up to 24,000 metres o drilling plannedwithin the rst 18 months post-listing.Utilising established exploration teams and logistical ã support inrastructure to enable sustained momentum intarget generation and ollow-up.Well-established in-country expertise will acilitate ã acquisition o additional prospective exploration acreage. Key Investment Risks The ollowing are risks the Company considers to be key ã investment risks:Failure o exploration to dene economic mineral  depositsUnoreseen advent o political instability in Madagascar    A downturn in commodity prices  Failure o third parties to perorm contractual  obligationsReer to Section 10 or more inormation on investment ã risks that could adversely aect MML’s nancialperormance and the value o its Shares.   This section is not intended to provide ull inormation or investors ã considering an application or Shares oered pursuant to thisProspectus. The Prospectus should be read and considered in itsentirety. Village o Miadakaeno west o AntsirabeCountryside southeast o Tulear
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