Independent Experts Opinion FIRESTONE ENERGY LIMITED (Incorporated in Australia) (Registration number ABN 058 436 794) Share code on the JSE Limited: FSE Share code on the ASX: FSE ISIN: AU000000FSE6 (SA company registration number 2008/023973/10) ("FSE" or "the Company") About Firestone Energy Firestone Energy Limited is an 11 April 2013 independent, Australian exploration and development company listed on the Australian Stock Exchange Ltd (ASX) and Independent Experts Opinion the Johannesburg Stock Exchange (JSE). Firestone Energy has entered into a Joint Venture with Sekoko Resources (Pty) Ltd through which Firestone Energy has Firestone Energy Limited (ASX/JSE: FSE) (the “Company” or “Firestone”) wishes acquired the right to 60% participation to draw Shareholders attention to the updated Independent Experts Report by interests in the Waterberg Coal Project Deloitte Corporate Finance Pty Limited (Deloitte), as attached to this located in Lephalale area, Limpopo Province, announcement. The opinion by Deloitte on the Supplementary Bidders Statement South Africa. (“Offer”), served on the Company on 27 March 2013, by Range River Gold Limited (“RNG”), was inadvertently omitted from yesterdays announcement. The first stage of the project is to develop the Smitspan mine which has a substantial measured thermal coal resource and to All Firestone announcements are available on the Company’s website develop the Vetleegte mine which is a on www.firestoneenergy.com.au and via www.asx.com.au. substantial metallurgical coal deposit. Shareholders can also receive further information on the Offer by calling the Firestone Energy is committed to becoming a Firestone shareholder information line on: 1800 643 977 or for international profitable independent coal and energy calls +61 2 8256 3363. producer at its projects in South Africa, thereby making a substantial contribution to Yours sincerely, the social and economic development of the Lephalale area and South Africa. Corporate Details ASX: FSE David Knox JSE: FSE Chief Executive Officer Issued Capital: www.firestoneenergy.com.au 3,549 million ordinary shares Tel: Australia (+61 08 9287 4600) South Africa (+27 11 706 3548) Major Shareholders: Sekoko Resources (Pty) Ltd Linc Energy Ltd BBY Nominees Pty Ltd Bell Potter Nominees Ltd Directors and Officers Non Executive Directors: Mr Tim Tebeila (Chairman) David Perkins (Deputy Chairman) Dr Pius Kasolo Ben Mphahlele Kobus Terblanche Oren Zohar Jack James Officers: Mr David Knox CEO Ms Amanda Matthee CFO Mr Jerry Monzu Company Secretary Contact: Suite B9, 431 Roberts Road Subiaco, Western Australia 6008 Tel: +61 (08) 9287 4600 Deloitte Corporate Finance Pty Limited ACN 003 833 127 AFSL 241457 Woodside Plaza Level 14 240 St Georges Terrace Perth WA 6000 GPO Box A46 Perth WA 6837 Australia Tel: +61 8 9365 7000 Fax: +61 8 9365 7001 www.deloitte.com.au Independent Directors Firestone Energy Limited Suite B9, 431 Roberts Road Subiaco 6008 WA 10 April 2013 Dear Directors Re: Range River Takeover Offer for Firestone On 7 March 2013, Deloitte Corporate Finance Pty Limited (Deloitte) issued an independent expert’s report (IER) in relation to the Takeover Offer for Firestone Energy Limited (Firestone) by Range River Gold Limited (Range River). Our opinion was that the Takeover Offer was neither fair nor reasonable to non-associated Firestone shareholders. Regulatory Guide 112 issued by the Australian Securities and Investments Commission requires us to consider all new information that may have a material impact on our opinion subsequent to its issue. Range River released supplementary Bidder’s Statements on 19 March 2013 (First Supplementary Bidder’s Statement) and 27 March 2013 (Second Supplementary Bidder’s Statement). Range River has made a number of other public announcements providing additional information and updates on related matters. The key matters set out in the First Supplementary Bidder’s Statement were fully considered in our IER as they were originally announced via the Range River notice of general meeting issued on 21 February 2013. The Second Supplementary Bidder’s Statement and the other public announcements are referred to as the New Information. We have considered the New Information and have completed our analysis of the effect of the New Information on our opinion. Our opinion has not changed and remains that the Takeover Offer is neither fair nor reasonable to non-associated Firestone shareholders. Yours faithfully Nicki Ivory Director Deloitte Corporate Finance Pty Limited Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/au/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms. Member of Deloitte Touche Tohmatsu Limited Johannesburg 11 April 2013 Sponsor River Group Date: 12/04/2013 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 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