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“An emerging Iron Ore and Base Metals developer which is well placed for significant growth and

potential shareholder upside in the near future”

Apollo Minerals Ltd (Apollo or the Company) is an Australian listed resource company focused on the exploration and development of its Australian and Gabon Iron Ore projects. Apollo’s South Australian tenements are also highly prospective for base and precious metals. Primarily, the Company has, and will continue to focus its efforts on its Commonwealth Hill Project in the Gawler Craton, South Australia.

Highlights

Immediate focus now shifted from Iron Ore to Base Metals with drilling of IOCGU targets (3 holes) commenced;

Base Metals has similarities to Olympic Dam’s classic IOCGU alteration model with latest EM surveys to identify further drill ready targets;

Strategic shareholder ascertained through a 11.7% stake to Jindal Steel & Power (India’s 3rd largest steel producer);

Multiple Projects – at this stage, Commonwealth Hill is a priority however Kango North (Gabon) may prove to be highly prospective with potential DSO iron ore;

An agreement on the divestment of the Iron Ore assets into a separately listed entity in partnership with Jindal currently being worked on;

Scoping Study “supports potential for a competitive iron ore operation at Commonwealth Hill” with a near-term development opportunity;

Potential high quality, high value products via DSO resources with further exploration success;

Potential low development costs; and

Cash of $3m at completion of the Share Purchase Plan (April).

Commonwealth Hill (South Australia) – 100% Owned

Commonwealth Hill covers an extensive 750km2 area approximately 700km north of Adelaide. The project is highly prospective for iron ore and precious metals (gold, silver, copper and platinum). The Company has defined each area of interest into two separate projects – the Iron Project (Iron Ore focused) and the Titan Project (Base Metals focused). A further 700km2 has been secured (1,400km2 total) through JV’s with Mincor Resources and Mormota.

APOLLO MINERALS LTD (AON.ASX) March 2013

COMPANY UPDATE

Company Information

ASX Code AON

Industry Metals & Mining

Report Expiry 14/05/2013

Cash ~$3m

Share Price $0.057

Shares on Issue 298m

Market Cap $17m

Options (various) 62.25m

52 Week H / L $0.0 59/ $0.027

Management & Directors

Dominic Tisdell COO / Director

Tony Ho Chairman

Matthew Rimes Director

Richard Shemesian Director

Guy Robertson CFO

Derek Pang Exploration Manager

Top Shareholders

12 Month Price Movement

March 2013 Apollo Minerals Ltd (AON.ASX) 2

Base Metals Project

Apollo will look to focus on their Titan Project (Base Metal targets of the Commonwealth Hill Project) going forward given the markets significant warming to potentially similar sulphide stories (Sirius Resources NL for example). Apollo have completed EM surveys and have commenced drilling on 3 targets.

Project Highlights

Very large (7-10km) Fe rich, layered ultramafic felsic intrusive;

Results of latest exploration survey identified near surface, ultra-high density domains supportive of supergene enrichment zones and a potential high-grade cap;

Similarities to the Olympic Dam classic IOCGU alteration model;

Obvious surface metal depletion;

Petrology notes widespread sulphides and super saturation during formation (potential for massive sulphides); and

Shallow (typically <50m) historic drilling intersected anomalous Ni (500ppm) and Pt(80ppb).

Recent Gravity Works

Apollo has completed a gravity survey of the Acacia East prospect with encouraging results. A very large, dense body measuring up to 4.2km x 1.6km and +2.3 mgal was identified. It appears that this target extends vertically over 2.5km and displays ‘classic IOCGU alteration’ patterns in profile, not dissimilar to the Olympic Dam deposit.

A potential supergene enrichment and high grade ‘cap’ appears to be located under minimal over burden and to substantial depth. Apollo intends to further test this mineralisation and has highlighted the Acacia East prospect as a high priority drill target. Phase 1 drilling has commenced.

Company COO, Dominic Tisdell, had the following comments on the recent gravity survey: “The success of the gravity survey at Acacia East achieves another important milestone for increasing our confidence that this target has the potential to be an important discovery. While by no means definitive, the combination of the classic alteration patterns with the geophysics and the strong EM conductors are everything you would want to see at this early stage of exploration. The next step is to understand what our recent surface geochemistry programme tells us once results are in. We expect drilling to quickly follow”.

Previous surface rock samples were also encouraging with results including up to 45.4% Fe, 3100ppm Cu and 99g/t Ag. There was also an indication of “rare, highly anomalous Selenium found in rock chips—strongly correlated with copper sulphide mineralisation”.

Similarities to Olympic Dam early days exploration results Drilling to Commence Q1 CY13

March 2013 Apollo Minerals Ltd (AON.ASX) 3

Final results of the Gravity survey are pending whilst the 230 surface geochemical samples are at the lab for assaying. Results are expected in March/April 2013.

Geochemical

Encouraging results were announced on March 11, 2013, regarding the recent surface calcrete geochemistry tests. It appears that a strong EM conductor has been confirmed with Apollo intending to target this in the next drilling campaign.

Dominic Tisdell reported: “It is highly unusual to have such a large number of base and precious metals concentrated in one area. Many of the results are in the top 1% of comparative samples from the SA Government’s 16,000 plus regional reference sample set. Some results, including 1.2 g/t silver, 125 ppm lead and 1.6 g/t platinum are at the absolute top end and set new benchmarks for the region.”

South Australia Iron Project

Project Highlights

A maiden JORC-compliant Indicated and Inferred mineral resource estimate at the Sequoia Deposit of 72mt at 25.9% Fe – smallest of 4 prospects;

Exploration Target increased to 300-550Mt at 25-35% Fe;

Scoping Study identifies the potential for economic upside on development;

Drilling to commence this quarter on large and significant target to expand the current JORC resource and build a more compelling economic argument for mine development;

MOU signed with Flinders Ports regarding access to facilities at Port Pirie (<500km from Commonwealth Hill);

<25km from the Adelaide-Darwin rail network which has capacity for heavy ore haulage to Port Pirie;

Simple processing and infrastructure paths identified and assessed; and

AON are looking at potentially ‘spinning-off’ the Iron Ore assets into a separate listed entity which will focus solely on the development of the Company’s Iron Ore assets.

March 2013 Apollo Minerals Ltd (AON.ASX) 4

Outcomes

Mine Life 17 years

Production Rate 2.5Mtpa

Product Quality 68.8% Fe

Overall Pit Slope 50o

JORC-derived Mineable Ore 47Mt @ 28.7% Fe

At-depth Mineralisation Target 84Mt @ 27.5% Fe

Mineralisation Density 3.17t/m3

Waste Density 3.07t/m3

Annual Sales 2.5Mtpa

Initial Strip Ratio 0.5:1

LOM Strip Ratio 1.1:1

Scoping Study

On 12 November 2012, Apollo released the results of its long anticipated scoping study regarding the Sequoia Deposit at Commonwealth Hill. The study has been based on metallurgical test-work with further planning studies necessary to assess added-value strategies and procedures.

Results from the study highlight the probable economic and technical success of Sequoia via an open-cut operation of highly saleable concentrate ore averaging 68.8% Fe.

The study has defined limited waste pre-strip with immediate feed ore from the commencement of mine development. As a result, operating costs for mining and rehabilitation are estimated at US$19.10 /t. Further key outcomes include:

Apollo intends to truck ore 25km to a balloon-loop rail siding (to be built and serviced by the Company) where it will be loaded and transported to Port Pirie on the Adelaide-Darwin heavy haulage rail network.

Earlier in May 2012, Apollo announced that it had signed a Memorandum of Understanding (MOU) with Flinders Ports regarding port access at Port Pirie for ore shipments made from Commonwealth Hill. This was a large step in the right direction for Apollo and brings the Commonwealth Hill Project one step closer to production.

Apollo has estimated capital costs of $333m plus $100m in EPCM and contingencies. This has been directed across the following:

Further studies are required to progress Commonwealth Hill to development and construction stages. Apollo intends to begin this process with additional drilling of already identified targets in the near-term as well as continuously looking for strategic partners to assist in moving the Company closer to production.

<25km from heavy haulage rail

Low to Medium cost production

Capital Items Cost

Resource definition, studies and approvals $16,000,000

Process plant $182,000,000

Process associated infrastructure $91,000,000

Supporting infrastructure and logistics $44,000,000

Direct Total $333,000,000

EPCM and contingency $100,000,000

March 2013 Apollo Minerals Ltd (AON.ASX) 5

Kango North

Kango North is Apollo’s Gabon (Africa) Iron Project which the Company believes has potential for a significant DSO discovery. Located less than 100km from Gabon’s largest and Capital city Libreville, Kango North is situated in close proximity to rail and port infrastructure.

Project Highlights

A maiden exploration target of 200-300Mt grading at 30-45% Fe on the south-eastern portion of Kango North was estimated earlier this year;

Test work has produced encouraging high grade iron concentrates averaging 69.7% Fe with a mass recovery rate averaging 49% - highlighting DSO potential;

Estimated low to medium operation costs;

A total of 13 potential iron ore bodies have been identified with 8 specifically modelled over an 8km strike length; and

Estimate low strip ratio with the majority of mineralisation outcropping and close to surface.

Despite needing additional exploration work to be completed on Kango North, Apollo believes that this project may be a ‘major focus in its own right’ going forward.

DSO potential with encouraging historical results

March 2013 Apollo Minerals Ltd (AON.ASX) 6

Capital Raisings

Apollo announced on February 27th a share subscription agreement to Jindal Steel and Power Australia Pty Ltd. This further shows the support of one of the global leaders in Steel and Power manufactures towards Apollo’s South Australian operations.

Prior to this, a placement to institutional and sophisticated investors for $650,000 was announced on February 22nd, as well as a $1m Share Purchase Plan to shareholders.

All three capital raisings have been done at $0.04. The $2.05m raised will be used to:

Fund further exploration of the Titan Base-Precious Metals Project, including geophysical surveying and surface geochemical sampling;

Commence drilling at the Acacia East prospect; and

Identify and drill of other high priority base-precious metals targets.

Jindal Steel

In February 2013, Apollo announced a share subscription agreement between itself and Jindal Steel & Power Australia Pty Ltd (Jindal). As a result of this latest agreement, and the preceding share purchase agreement in May 2012, Jindal now holds a 11.7% stake in Apollo.

The February 27, 2013, announcement also stated the “The Company is in discussions with Jindal about a potential majority investment in, and spin-off of, its iron ore assets. The terms of the transaction have not been finalised and it may or may not proceed.”

Jindal is the third largest steel producer in India “with significant presence in sectors like Mining, Power Generation and Infrastructure”. As a group, Jindal has a market capitalisation of over US$13bn with FY2011 turnover of US$3.6bn and cash profit of US$1.1bn.

The financial commitment made by a global steel producing giant like Jindal firms up our view that Apollo has an encouraging future with the Base Metals assets providing future potential upside.

Risks

Including but not limited to:

Exploration Risk – f u rther exploration of Apollo’s projects m a y result in no new or economical discoveries;

Development and Operational Risk – assuming Apollo are positioned to develop beyond exploration on any of their projects, ongoing risks such as financing and budget blowouts may impact on the Company negatively;

Environmental Risks – continuous domestic and international scrutiny on mining operations and the effects it has on the environment is increasing and thus may create additional risks to Apollo;

Commodity Market Risks – future prices of commodities dictated by global supply and demand may affect Apollo’s success;

Market Condition Risks – general market conditions such as movements in interest rates, inflation, and currency rates may contribute in a negative way towards the Company’s exploration, development and operations;

Currency Risks – Apollo will incur expenses in either USD or CFA Franc for spending in Gabon. This will thus be subject to price fluctuations between the AUD and these two currencies.

Legislative Risks – changes in governments, government policies, legislation, regulations, and so forth, may affect Apollo’s ability to carry out its strategy;

Weather Risks – Weather may provide risks to Apollo’s projects along the way.

March 2013 Apollo Minerals Ltd (AON.ASX) 7

Disclosure Disclaimer Report - Prepared by Marc Haynes (B.Comm), representative of Cunningham Peterson Sharbanee Securities Pty Ltd. Cunningham Peterson Sharbanee Securities Pty Ltd, its directors and employees advise that they hold 2m AON and 25m AONO at the date of this report, and may have an interest in and/or may earn brokerage and other benefits or advantages, either directly or indirectly from client transactions mentioned in this report. Marc Haynes does not hold any interest in AON at the date of this report. Cunningham Peterson Sharbanee Securities Pty Ltd also advises that some or all of its representatives may receive commissions as a result of effecting a transaction on behalf of a client. Cunningham Peterson Sharbanee Securities Pty Ltd confirms it does not hold any inside information and this report has been signed off by our day to day compliance officer. This report has been reasonably based on public available information and AON has assisted in its preparation by providing technical assistance in relation to that public information referred to in this report. CPS Securities has received $176,418 in corporate fees regarding to Capital raisings for Apollo as well as a $5,500 monthly Corporate Advice fee. CPS Securities employees have received soft dollar commissions in the past 2 years of $2,709.20 for travel expenses. General Securities Advice Only - In accordance with Section 949A of the Corporations Act 2001, Cunningham Peterson Sharbanee Securities Pty Ltd advises this report contains general financial advice only. In preparing this report, Cunningham Peterson Sharbanee Securities Pty Ltd did not take into account the investment objectives, financial situation, and particular needs of any persons. Cunningham Peterson Sharbanee Securities Pty Ltd advise that the reader of this report should not act on any recommendation issued in this report without first consulting your own investment adviser in order to ascertain whether the recommendation (if any) is appropriate, having regard to your investment objectives, financial situation and particular needs. Cunningham Peterson Sharbanee Securities Pty Ltd believe that the advice herein is accurate however no warranty of accuracy or reliability is given in relation to any advice or information contained in this publication and no responsibility for any loss or damage whatsoever arising in any way for any representation, act or omission, whether express or implied (including responsibility to any persons by reason of negligence), is accepted by Cunningham Peterson Sharbanee Securities Pty Ltd or any officer, agent or employee of Cunningham Peterson Sharbanee Securities Pty Ltd. This research note is current as at 14/3/2013 and should be read in conjunction with Apollo Minerals company announcements. This report is due to expire on 14/05/2013 which is 2 months from the issue date.