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All of the information including but not limited to, reports, tables, diagrams, maps, photographs and newspaper or journal articles, incorporated in the files and documents of Gladiator Resources Limited (GLA) website under the web site address and domain name http://www.gladiatorresources.com.au (herein after referred to as the home page), is supplied for the benefit of those with an interest in Gladiator Resources Limited and not as specific advice to any particular party or person.

Information supplied by Gladiator Resources Limited for inclusion in the home page is based on publicly available information, internally developed data and other sources. No independent verification of those sources has been undertaken and where any opinion is expressed in the files and documents of this home page it is based on the assumptions and limitations mentioned herein and is an expression of opinion only.

Unless expressly indicated, this home page is not and should not be construed as a prospectus or formal support to any capital raising activities, and the contents should not be used as a substitute for an independent and careful analysis of the contents. You should seek independent advice from your financial adviser before making any decision to invest in Gladiator Resources Limited.

The information contained within the home page is supplied on the condition and understanding that GLA does not warrant the accuracy, currency or completeness of the files and documents contained in this home page and that before making use of or relying on the contained information the viewer should take due care to satisfy themself as to the accuracy and currency of the information and, where necessary or appropriate, seek expert advice.

Gladiator Resources Limited shall not be liable and the viewer shall indemnify Gladiator Resources Limited for any accidents, injury, irregularity, loss or damage caused by or arising, directly or indirectly, as a result of the viewer’s use of the information contained within the files and documents that comprise this home page.

The information may be freely downloaded but may not be modified without the written permission of Gladiator Resources Limited.

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Australia

Address:	Ground Floor 284 Oxford Street LEEDERVILLE Western Australia 6007
Telephone:	+61 8 9443 1600
Fax:	+ 61 8 9242 5903
Web:	www.gladiatorresources.com.au
Email:	info@gladiatorresources.com.au

Uruguay

Address:	Cooper 1938, CP: 11500 Montevideo Uruguay Telephone: +598 2600 5205 Facsimile: +598 2604 8430 Cell: +598 91 081188
Telephone:	+598 9108 1188
Web:	www.gladiatorresources.com.au
Email:	tadams@gladiatorresources.com

ASX Announcements

News and Releases

Maps

Company Presentations

February 2011 Gladiator Investor Presentation

International Pig Iron Association Presentation

March 2011 Gladiator Investor Presentation (Spanish)

Project Details

The Company commenced work on a prefeasibility study on the development of a pig iron project in Uruguay. The new project transforms the Company from a gold and nickel explorer in Western Australia to a potential producer of pig iron in Uruguay.

The Company entered into an agreement with Orosur Mining Inc (“OMI”) whereby it can earn up to an 80% interest in a highly prospective mineralised region in Uruguay. The aim of the project (the Zapucay Project) is to develop an operation producing pig iron for the overseas market. Resource drilling is underway and initial results are very encouraging and show that a high quality magnetite concentrate can be produced suitable for conversion to pig iron. Relevant metallurgical, engineering, environmental and infrastructure studies are being commissioned and several have commenced.

The Company has also entered into a licence agreement with a Brazilian company (“DPC”), which grants to Gladiator the worldwide rights (with the exception of Brazil) to a carbonisation and pyrolysis technology (“DPC Process”) that has particular relevance to the pig iron project in Uruguay. DPC is currently working with Gladiator in selecting samples of timber for charcoal production tests at DPC’s facilities in Brazil.

Agreement

The Company entered into an Option and Joint Venture Agreement with Orosur Mining Inc (“OMI”) whereby the Company can earn up to an 80% interest in the iron ore, manganese ore and base metals in OMI’s project area at the Isla Cristalina Belt (“ICB”) in Uruguay (Figures 1 and 2).

Figure 1: Location of Isla Cristalina Belt in Uruguay

The Agreement with OMI provides for Gladiator to earn a 20% interest in the joint venture by expending USD $1,000,000 on work programmes. Gladiator may, at its discretion, earn a further 31% by expending a further USD $4,000,000 taking its interest to 51%. Gladiator may elect to earn a further 29% taking its interest to 80% by producing a bankable feasibility study on or before 31 December 2015.

Under the terms of the agreement, the Company issued to OMI 450,000 fully paid shares in the Company (with a market value of $100,000 calculated using the average trading price of the Company’s shares over the 5 day trading period following the election to proceed with the project).

The Agreement provides for OMI to retain the mineral rights to gold, silver and diamonds within the project area. The Agreement addresses the usual matters contained in agreements of this nature including, but not limited to, the conduct of the parties under the proposed joint venture, the manner in which the Company exercises its options to earn its interest in the project, provisions for transfer of exploration tenements between the parties, and the definition of an area of mutual interest which substantially covers all of the prospective iron areas of the ICB.

The Agreement also addresses work programmes during the earn-in phase as well as the conduct of the parties once mining commences on any portion of the project area. The guidelines and parameters of the bankable feasibility study are defined and considered to be on commonly accepted terms for studies of this nature.

The Agreement anticipates the formation of a joint venture via an incorporated entity in Uruguay with the joint venture parties holding their respective interests in the incorporated entity.

Geology

The project area comprises 750 kms² in the ICB district of Uruguay and is located approximately 400kms north of Montevideo, the capital of Uruguay, and some 50kms from the border with Brazil.

The ICB is a geological inlier of Proterozoic age rocks in the northern part of Uruguay. The inlier extends approximately 100kms east west and is 30kms wide at its widest point. The ICB is considered to be prospective for a number of commodities and is known to contain areas with good iron ore potential. OMI’s tenements extend over the most prospective areas of the ICB.

The project area has been explored by OMI for gold and base metals and OMI has provided Gladiator with relevant airborne and ground geophysical data, geological maps, drilling and other data relevant to iron ore exploration in the projects area.

The rocks comprise a package of basement gneisses, quartzites, schists and metamorphic sedimentary and volcanic rocks. Historic reports viewed by the Company indicate that the project area is prospective for iron ore, manganese ore and base metals.

Iron ore mineralisation occurs in stratigraphic units that generally form prominent topographic ridges rising 70 to 100 metres above the surrounding plains. These ridges extend east-west for approximately 60kms from Zapucay through Curtume to Vichadero, striking NW-SE and dipping steeply to the SW at 70^O to 80^O. The zone containing the BIF outcrops varies in width from 5 to 10kms.

Figure 2: Isla Cristalina Belt

Development Concept

The Company has completed a conceptual study on the project as part of Gladiator’s obligations under the Option Agreement. Based on the results of the study, Gladiator is of the opinion that the ICB has the potential for the development of a financially attractive project based on the production of pig iron using the iron ore resources located within the project tenements.

To provide information and data for the study Gladiator undertook the following activities:

• An initial reconnaissance of some of the iron ore outcrops;
• Surface mapping of the Papagayo and Iman iron ore outcrops;
• Preliminary metallurgical test work on surface samples collected during the surface mapping;
• Preliminary investigations into infrastructure requirements including options for rail and port infrastructure; and
• Preliminary estimates of capital and operating costs.

Based on field reconnaissance, the Zapucay area was identified as the most attractive for initial development. The Zapucay area includes the Papagayo and Iman magnetite deposits. The presence of iron ore outcrops elsewhere in the ICB provides good potential for additional ore supply outside the Zapucay area

Preliminary metallurgical test work indicates the potential for the production of a high-grade iron concentrate. At a grind of p80 -250 mm, it was possible to recover both a high grade magnetic and a non-magnetic iron concentrate, with an average iron grade >66% and between 2 to 3% manganese. While preliminary, this does indicate the potential for the production of a high-grade iron product. The test work also appears to indicate the potential for the production of a manganese product.

Based on its investigations, Gladiator has developed a preferred development concept, which involves the production of pig iron via mini blast furnace technology using the iron ore resources located within the project area and the plantations of the surrounding area as the principal feedstocks. The concept envisages that the iron ore will be mined and processed to an iron concentrate, which will then be sintered to make it suitable as a blast furnace feed. Charcoal, produced using the timber from nearby plantations will be used as the reductant in the mini blast furnace. The pig iron will then be exported using the established logistics infrastructure.

A sealed road passes within 10kms of the Zapucay area and the electrical grid terminates less than 20kms from the project. Employees experienced in mining and forestry can be sourced from population centres in the vicinity of the project.

Drilling

Drilling commenced in August 2010 and is scheduled to continue for most of 2011.

Drilling operations concentrated on the Cerro Papagayo (Figure 3) and Cerro Iman (Figure 4) deposits with an additional two RC holes being completed at the Buena Orden deposit.

32 RC drill holes aggregating 2,521 metres and 28 diamond drill holes aggregating 1,414 metres have been completed at the three project areas up to the end of December 2010. Drilling completed to date is summarised in Table 1.

TABLE 1 DRILL HOLES COMPLETED AS AT 31 DECEMBER 2010
Location	RC Drilling		Diamond Drilling
	Holes	Metres	Holes	Metres
Papagayo	15	1,370	15	924
Iman	15	1,037	13	490
Buena Orden	2	114	0	0
Total	32	2,521	28	1414

Figure 3: Drill Hole Location Plan – Cerro Papagayo

Figure 4: Drill Hole Location Plan – Cerro Iman Geological Mapping

Geological Mapping

Detailed geological mapping was completed over most of the Zapucay area, and is now concentrated on the ironstone ridges close to Zapucay at Curtume and Areicua. Trenching and pitting was undertaken to identify the extent of the colluvium at the Papagayo and now currently at the Iman areas.

A significant result from the mapping was the identification of small areas of outcrop striking approximately north-east/south-west that have not been previously recognised by earlier work. These outcrops correspond with features on the ground magnetics that extend for some kilometres. The strike of this feature is approximately perpendicular to the general trend of the other outcrops. The magnetic feature runs through the main Papagayo ridgeline and small bulls eye anomalies occur at the intersection of the two trends. There are several other similar magnetic features in the region that warrant further investigation.

Analytical Results

The Orosur Mining Inc (“OMI”) laboratory in Uruguay is being used for sample preparation with analytical work being undertaken by Nagrom in Perth. As at the end of December 2010, 1,530 samples had been sent to Nagrom for analysis and DTR determination. A summary of samples submitted for assay is provided in Table 2.

TABLE 2 SAMPLES SUBMITTED FOR ASSAY AS AT 31 DECEMBER 2010
Location	RC Samples	DD Samples	Rock Chip samples
Papagayo	440	432	0
Iman	377	195	0
Buena Orden	48	0	0
Project Area	0	0	38
TOTAL	865	627	38
GRAND TOTAL	1,530

Head assay results for 20 drill holes from Papagayo (Appendix 1, Tables 1 & 2), 20 drill holes from Iman (Appendix 2, Tables 1 & 2) and 2 drill holes from Buena Orden (Appendix 3, Table 1) were received during the reporting period.

Thick intersections of magnetite mineralisation many with high manganese content were recorded from all three areas.

Best intersections of magnetite mineralisation recorded from Papagayo included:

§ CPRC 008 – 53m @ 26.5% Fe

§ CPDD 020 – 39m @ 29.8% Fe

§ CPDD 018 – 30m @ 33.2% Fe

§ CPDD 010 – 27m @ 33.5% Fe

§ CIDD 022 – 18m @ 32.4% Fe

§ CIDD 014 – 16m @ 31.6% Fe

Best intersections of magnetite mineralisation recorded from Iman included:

§ CIDD 023 – 33m @ 29.9% Fe

§ CIRC 010 – 26m @ 26.4% Fe

Best intersections of manganese mineralisation recorded from Papagayo included:

§ CPRC 008 – 53m @ 13.3% Mn

§ CPRC 026 – 30m @ 12.7% Mn

§ CPDD 018 – 30m @ 9.4% Mn

Davis Tube Recovery (DTR)

Davis Tube Recovery (DTR) test work is being undertaken in Perth on all mineralised samples. DTR test work recovers the magnetic fraction from a sample, which is then assayed. The test work provides information on the recovery of magnetite that could be expected from a commercial plant and also the quality of magnetite that could be produced.

DTR results have been received for 277 one-metre samples from diamond and RC drill holes from both Cerro Papagayo and Cerro Iman and these are summarised in Appendix 4 (Cerro Papagayo) and Appendix 5 (Cerro Iman). (It should be noted that the DTR data for many of the drill holes are incomplete with additional DTR results yet to be received from the laboratory.)

The results received to date show several thick intersections of magnetite mineralisation with high recovery of excellent quality magnetite. The most significant results include:

Cerro Papagayo

• CPRC 026 – 61m grading 34.4% magnetite containing 64.2% Fe
• CPDD 020 – 52.1m grading 36.3% magnetite containing 69.1% Fe
• CPDD 018 – 31.15m grading 40.1% magnetite containing 67.1% Fe
• CPDD 010 – 27m grading 36.2% magnetite containing 68.4% Fe
• CPDD 012 – 19m grading 39.2% magnetite containing 65.7% Fe

Cerro Iman

• CIDD 023 – 36.5m grading 33.5% magnetite containing 67.5% Fe
• CIDD 016 – 14m grading 38.3% magnetite containing 69.5% Fe

The DTR results are very encouraging and confirm that a high quality magnetite concentrate can be produced containing very low levels of contaminants such as sulphur and phosphorous from both Cerro Papagayo and Cerro Iman.

Metallurgical Test Work

Four samples of magnetite from the diamond drill core, each of approximately 100kg have been collected and were dispatched in mid-December to Nagrom laboratories in Perth for metallurgical test work. The samples are representative of four distinct ore types, namely:

1. Siliceous magnetite with high manganese content

2. Siliceous magnetite with moderate manganese content

3. Siliceous magnetite with low manganese content

4. Pyroxenitic magnetite with low manganese content

Each ore type sample will be subjected to a testwork programme to:

• Establish the physical characteristics of the ore
• Determine the optimum grind for release of magnetite
• Investigate optimum recovery of manganese

In addition, four samples of colluvial material have been collected for testwork to determine how to optimise the recovery of magnetite and manganese from this material and to determine the quality of magnetite that could be expected to be recovered from this potentially important resource. Two of the samples have a high manganese content and two have a low manganese content.

Pre-Feasibility Study

The Company has commenced a pre-feasibility study on an initial starter project. The main elements of the project will consist of:

• A mine site where the iron ore will be mined and processed to an iron concentrate;
• A pig iron plant where the concentrate will be sintered and then converted into pig iron;
• Several charcoal production modules, which may be located at the pig iron plant or next to plantations; and
• Development and augmentation of relevant infrastructure to support the project operations.

Preliminary studies are scheduled to commence in early 2011. Discussions are ongoing with several organisations regarding the design, operation and costing of the main components of the proposed production plant. Proposals for a charcoal production plant, a sinter plant, a mini blast furnace and a power plant are currently being prepared for Gladiator.

Power generation, preliminary indications are that the cogeneration capacity of the mini blast furnace may be capable of supplying a large proportion of the power demands of the production facilities.

A local consulting group has been engaged to undertake a review of the various transportation alternatives available to the Project for transport of the pig iron to port. This study will include the Rio Grande port in Brazil, which is reported to be capable of loading 75,000 tonne vessels.

Charcoal Production

An important part of the pre-feasibility study is the design of a suitable charcoal production plant and the identification of suitable supplies of timber for the process. A study was completed into the ownership, availability and volumes of timber available in the northern region of Uruguay together with an evaluation of the economics of plantation development in the area. The report provides a comprehensive background on plantations in Uruguay and identifies the major plantation owners and indicative quantities of the different timbers available, together with current and projected cost structures and economics.

Final estimates of timber requirements for the project are subject to charcoal testwork and the blast furnace engineering and sintering testwork. However, the report indicates that there should be ample supplies of suitable and reasonably priced timber available to the project from plantations in the region.

In conjunction with its consultants, a preliminary listing of timber samples for charcoal testwork has been prepared. DPC, which has agreed to undertake the charcoal production tests, has also provided valuable input to the selection of suitable samples for the testwork that is to be carried out at the DPC facilities in Brazil. Quarantine restrictions prevent timber samples from Uruguay being used in Brazil consequently timbers from plantations in Brazil are to be used in the testwork. The Company’s timber consultants, who have confirmed that the same timber species are available in Brazil, are in Brazil verifying that the samples collected for the testwork are essentially identical to those that would have been collected in Uruguay. The charcoal testwork programme is expected to commence following the completion of the verification work.

Environmental Baseline Studies

Baseline environmental studies on the project area have commenced. These studies include ground water and hydrology, fauna and flora, land use evaluations, archaeological heritage values, visual amenity and community issues. Fieldwork for these studies has been completed and reporting is expected in 2011.

BIOMASS PYROLYSIS TECHNOLOGY

DPC BIOMASS PYROLYSIS PROCESS

PROJECT OVERVIEW AND BACKGROUND

Licensing Agreement

During 2010, the Company entered into “The Patent Technology and Know-How Licence Agreement”, with the inventors of the DPC biomass pyrolysis process.

The licence grants to Gladiator the worldwide rights, with the exclusion of Brazil, in the field of carbonisation and pyrolysis of biomass, mainly wood and other materials (with the exception of tyres) for the production of charcoal. Gladiator is able to proceed to develop and commercially exploit the technology within the territory and is also able to sub-licence the use of the technology territorially or to industry sectors.

The Licence agreement provides for an initial payment of US$100,000 and for a further payment upon the grant of a patent under an international Patent Co-operation Treaty (“PCT”) or in the USA. The Company has also agreed to pay a commissioning fee to be calculated as a one-off fee at the rate of $12 per tonne of total annual capacity upon the successful commissioning of a plant.

The Licence is for an initial term of six years with extensions of four further terms of three years provided commercial milestones are met in commissioning plants or payments in lieu of commissioning fees to the inventors.

DPC Process

The DPC Process comprises three phases occurring simultaneously in three interconnected horizontal kilns to produce charcoal from suitable organic feedstock, such as timber from eucalypt plantations.

• Phase 1 – the timber is dried and pre-heated.
• Phase 2 – controlled pyrolysis of the feedstock occurs.
  • Phase 3 – the charcoal is cooled. When it is sufficiently cool to avoid spontaneous combustion the charcoal is removed and the kiln re-loaded with feedstock ready to recommence the process.

The Company has been advised that when compared to conventional and traditional methods of charcoal production, the DPC Process offers many advantages including:

• Higher yield;
• Lower fines generation;
• Significantly faster production cycles;
• The ability to process green, freshly harvested timber;
• A dramatically reduced environmental impact; and
• Lower overall charcoal production costs.

The Process leads to a reduction in timber consumption, resulting in minimising the area of plantation necessary to support a given level of charcoal production, with a saving in timber production costs.

When compared to other methods, the Process generates a stronger charcoal with a higher fixed carbon content and more uniform product quality.

The charcoal produced by the Process is very suitable for use as a reductant in mini blast furnaces. Gladiator believes that the Process represents a valuable addition to its Uruguay Pig Iron Project and will assist in ensuring that the project will be highly competitive when compared to other pig iron producers.

DPC Process and the Zapucay Project

The Company has held discussions with the owners of the DPC technology regarding several matters relating to the Zapucay Project including:

• Support for the proposed test work programme;
• Provision of a design for a test unit;
• Provision of data as required under the agreement; and
• A review of the latest kiln design.

DPC has agreed to undertake a series of charcoal production tests for the Zapucay Project and following the completion of the tests to assist the Company’s consultants in developing a design for the Project.

Project Overview

PROJECT OVERVIEW AND BACKGROUND

In 2010 the Company entered into an Option and Joint Venture Agreement with Orosur Mining Inc (“OMI”) whereby the Company can earn up to an 80% interest in the iron ore, manganese ore and base metals in OMI’s project area at the Isla Cristalina Belt (“ICB”) in Uruguay (Figures 1 and 2).

The Agreement with OMI provides for Gladiator to earn a 20% interest in the Zapucay Project by expending USD $1,000,000 on work programmes. Gladiator may, at its discretion, earn a further 31% by expending a further USD $4,000,000 taking its interest to 51%. Gladiator may elect to earn a further 29% taking its interest to 80% by producing a bankable feasibility study on or before 31 December 2015.

Under the terms of the agreement in August 2010 the Company issued to OMI 450,000 fully paid shares in the Company (with a market value of $100,000 calculated using the average trading price of the Company’s shares over the 5 day trading period).

The Agreement provides for OMI to retain the mineral rights to gold, silver and diamonds within the project area. The Agreement addresses the usual matters contained in agreements of this nature including, but not limited to, representations and warranties by OMI and Gladiator, termination provisions, the conduct of the parties under the proposed joint venture, the manner in which the Company exercises its options to earn its interest in the project, provisions for transfer of exploration tenements between the parties, force majeure and the definition of an area of mutual interest which substantially covers all of the prospective iron areas of the ICB.

The Agreement also addresses work programmes during the earn-in phase as well as the conduct of the parties once mining commences on any portion of the project area. The guidelines and parameters of the bankable feasibility study are defined and considered to be on commonly accepted terms for studies of this nature.

The Agreement anticipates the formation of a joint venture via an incorporated entity in Uruguay with the joint venture parties holding their respective interests in the incorporated entity. The Option Agreement covers the key terms to be included in the incorporated joint venture and the parties expect this agreement to be completed during calendar 2010.

Geology

The project area comprises 750 km² in the ICB district of Uruguay and is located approximately 400km north of Montevideo, the capital of Uruguay and some 50km from the border with Brazil.

The ICB is a geological inlier of Proterozoic age rocks in the northern part of Uruguay. The inlier extends approximately 100km east west and is 30km wide at its widest point. The ICB is considered to be prospective for a number of commodities and is known to contain areas with good iron ore potential. OMI’s tenements extend over the most prospective areas of the ICB.

The project area has been explored by OMI for gold and base metals and OMI has provided Gladiator with relevant airborne and ground geophysical data, geological maps, drilling and other data relevant to iron ore exploration in the projects area.

The rocks comprise a package of basement gneisses, quartzites, schists and metamorphic sedimentary and volcanic rocks. Historic reports viewed by the Company indicate that the project area is prospective for iron ore, manganese ore and base metals.

Iron ore mineralisation occurs in stratigraphic units that generally form prominent topographic ridges rising 70 to 100 metres above the surrounding plains. These ridges extend east-west for approximately 60km from Zapucay through Curtume to Vichadero, striking NW-SE and dipping steeply to the SW at 70^O to 80^O. The zone containing the BIF outcrops varies in width from 5 to 10km.

Development Concept

The Company completed a conceptual study on the project as part of Gladiator’s obligations under the Option Agreement. Based on the results of the study Gladiator is of the opinion that the Zapucay Project has the potential for the development of a financially attractive project based on the production of pig iron using the iron ore resources located within the project tenements.

To provide information and data for the study Gladiator undertook the following activities:

• An initial reconnaissance of some of the iron ore outcrops;
• Surface mapping of the Papagayo and Iman iron ore outcrops;
• Preliminary metallurgical test work on surface samples collected during the surface mapping;
• Preliminary investigations into infrastructure requirements including options for rail and port infrastructure;
• Preliminary estimates of capital and operating costs.

Based on field reconnaissance, the Zapucay area was identified as the most attractive for initial development. The Zapucay area includes the Papagayo and Iman magnetite deposits. The presence of iron ore outcrops elsewhere in the ICB provides good potential for additional ore supply outside the Zapucay area

Preliminary metallurgical test work indicates the potential for the production of a high-grade iron concentrate. At a grind of p80 -250 mm, it was possible to recover both a high grade magnetic and a non-magnetic iron concentrate, with an average iron grade >66% and between 2 to 3% manganese. While preliminary, this does indicate the potential for the production of a high-grade iron product. The test work also appears to indicate the potential for the production of a manganese product.

Based on its investigations, Gladiator has developed a preferred development concept, which involves the production of pig iron via mini blast furnace technology using the iron ore resources located within the project area and the plantations of the surrounding area as the principal feedstocks. The concept envisages that the iron ore will be mined and processed to an iron concentrate, which will then be sintered to make it suitable as a blast furnace feed. Charcoal, produced using the timber from nearby plantations will be used as the reductant in the mini blast furnace. The pig iron will then be exported using the established rail and port infrastructure.

A sealed road passes within 10km of the project area, the electrical grid terminates less than 20km from the project and employees experienced in mining and forestry can be sourced from population centres in the vicinity of the project.

Figure 1: Location of Isla Cristalina Belt in Uruguay

Figure 2: Isla Cristalina Belt

Investor Information

Board & Management

Chairman

Len Dean, B.Sc (Metallurgy)

Mr Len Dean was appointed as non-executive Chairman of the Company on 30 August 2010. Mr Dean is a metallurgist with over 40 years experience in operations and marketing in the global iron ore industry.

Mr Dean spent 36 years with BHP finishing in 2000 as Vice President, Coal and Iron Ore Marketing. During his time with BHP he was General Manager, Marketing for BHP Iron Ore for 8 years and managed the iron ore mining operations at BHP’s Yampi Sound mine.

From 2003 to 2006, Mr Dean was Managing Director of Sesa Goa Limited, a specialist pig iron producer and India’s largest private sector iron ore company. During this time Sesa Goa produced approximately 9.5 Mt of iron ore, 280,000 tonnes of coke and 245,000 tonnes of high quality pig iron per annum.

More recently, Mr Dean has been an iron ore consultant with a wide client base including Orinoco Iron (Venezuela), Mitsui Iron Ore Development, CVRD (Brazil) and Mineral Enterprises Limited (India) and a Strategic Marketing Consultant for Orinoco Iron, Thiess, One Steel, BHP Minerals and Portman Mining.

Mr Dean is also a director of Western Plains Resources Limited and sits on the Robe River Joint Venture board as a Mitsui representative. He is a director of Ferrum Consultants an international iron ore consultancy specialising in marketing iron ore and specifically pig iron through their London office.

Executive Director

Tim Adams, MBA, BE (Mining), B.Sc (Medical)

Mr Adams is a highly experienced mining engineer, senior executive and consultant in the resources sector with over 24 years experience. Mr Adams has worked across the full spectrum of activities in the mining industry from exploration to corporate strategic planning, project development, mine planning and feasibility studies, operations and mergers and acquiristions and has worked with companies such as BHP, North Limited, WMC Limited, Portman Limited and Western Metals.

Since 2001, he has provided consulting advice to companies including CITIC Pacific Mining, Xtrata Limited, Grange Resources (Southdown/Kemaman magnetite project) and Onesteel and a number of junior resource companies. As well as the management of feasibility and engineering studies, Mr Adams has also undertaken high level studies, due diligences and project evaluations on resource projects both in Australia and overseas.

Executive Director and Company Secretary

John Palermo, B.Bus, FCA, FCPA, JP

Mr Palermo is a Chartered Accountant with 28 years experience in public practice.  After commencing his career as an auditor, he was the principal in a private practice from 1978 until 2006.

His main areas of expertise are corporate services and company administration with his main focus in mining and exploration and bio-technology.

Mr Palermo has extensive management, corporate and directorial experience and is also Chairman and Company Secretary of other public companies, both listed and unlisted.

Non-Executive Director

Daniel Bruno, MBA CFA

Mr Bruno has over 15 years of investment industry experience. He began his career with the Ontario Teachers’ Pension Plan Board, and then transitioned to investment banking where most of his career was spent with GMP Securities Ltd in Toronto, Canada, as a Director in the Investment Banking group.

Mr Bruno has also worked as a Managing Director of a US-based investment bank.

Born in Uruguay and fluent in Spanish, Mr Bruno’s background and continuing relationships in South America will help Gladiator further its development initiatives in Uruguay. Mr Bruno’s expertise in cross-border transactions and international corporate finance will be extremely useful as the Company grows its corporate profile and develops its South American projects.

Non-Executive Director

Stuart Hall, B.Sc Hons, FAusIMM, FGS

Mr Hall is a qualified geologist with 40 years experience of exploration and mining projects in Australia, Africa and SE Asia. He has experience in the areas of exploration strategy, mine geology, open pit and underground mining operations, resource/reserve estimations, reconciliation, feasibility studies, mine project development and mine management.

His experience has covered a wide range of commodities including base metals, gold, iron ore, tantalum and industrial minerals. Mr Hall currently runs his own geological consultancy and is a non-executive director for three ASX listed companies.

Corporate Directory

Chairman Len Dean Directors John Palermo Tim Adams Stuart Hall Daniel Bruno Company Secretary John Palermo Registered Office Ground Floor 284 Oxford Street Leederville Western Australia 6007

Principal Place of Business Ground Floor 284 Oxford Street Leederville Western Australia 6007 Tel: +61 8 9443 1600 Fax: + 61 8 9443 2859 Web: www.gladiatorresources.com.au Email: info@gladiatorresources.com.au Uruguay Office Vientorman S.A. Cooper 1938, CP: 11500 Montevideo Uruguay Tel: (+598) 2600 5205 Fax: (+598) 2604 8430

Auditor and Independent Accountant RSM Bird Cameron 8 St Georges Terrace Perth Western Australia 6000 Share Registry Security Transfer Registrars Pty Ltd Alexandrea House Suite 1 770 Canning Highway Applecross Western Australia 6153 Solicitors Allion Legal Spinifex House Level 1 50 Kings Park Road West Perth Western Australia 6005

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