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PROJECT OVERVIEW

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Mithril is an Australian resources company focused on growth through the discovery and development of mineral deposits. The Company has consolidated an extensive land holding throughout Australia and is primarily focused on nickel-copper sulphide exploration on three core project areas. These are:

• The Huckitta Project where the Company has recently discovered a number of new nickel-copper mineral occurrences suggesting a large, fertile magmatic event has occurred within the project with the potential to host significant nickel-copper sulphide deposits. The new occurr ences include Blackadder where rockchips returned 3.8% nickel, 9.6% copper and 1.7 g/t platinum+palladium. No drilling has been completed on the project to date but will commence in September 2009.

• The Pardoo Nickel Project in Western Australia, host to the Highway Deposit, a 2004 JORC Code compliant inferred resource of 44.7Mt at 0.3%Ni, 0.1%Cu. Pardoo is well located in regards to infrastructure and Mithril sees considerable potential for new discoveries and scope to increase the size and tonnage of the existing Highway Resource.

Company holds the leading tenement position totalling some 34,000km2 and is one of only a handful of explorers with exploration access to this highly prospective and under explored region.

A key part of the company's growth strategy is the early identification and aggressive exploration of areas and projects that are prospective for economic mineral deposits. Core to this is an experienced board and exploration team with strong technical and project development skills.

Details of the Company's activities for the financial year ending June 30, 2009 are presented in this report along with the financial statements, corporate information, director's report and additional information.

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