Major Shareholder Rejects RNG Takeover Offer 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 Major Shareholder Rejects RNG Takeover Offer the Johannesburg Stock Exchange (JSE). Firestone Energy has entered into a Joint Venture with Sekoko Resources (Pty) Ltd through which Firestone Energy has acquired the right to 60% participation interests in the Waterberg Coal Project located in Lephalale area, Limpopo Province, The Board of Firestone Energy Limited (ASX/JSE: FSE) (“Firestone” or the South Africa. “Company”) welcomes feedback from BBY Nominees Pty Ltd (“BBY Nominees”) The first stage of the project is to develop indicating its intention to reject the takeover Offer of Firestone by the Smitspan mine which has a substantial Range River Gold (“RNG”). measured thermal coal resource and to develop the Vetleegte mine which is a BBY Nominees on behalf of its clients is a significant shareholder in Firestone, substantial metallurgical coal deposit. holding 16.9% of the Ordinary Shares on Issue. BBY Nominees on behalf of its clients is also the major holder of convertible notes issued by Firestone. Firestone Energy is committed to becoming a profitable independent coal and energy Commenting on intentions of BBY Nominees, David Knox, CEO of Firestone said producer at its projects in South Africa, “We welcome the support of BBY Nominees in rejecting the takeover Offer. We thereby making a substantial contribution to the social and economic development of the believe that the Offer is inadequate and opportunistic and does not provide Lephalale area and South Africa. Firestone shareholders with appropriate value for their shares. We look forward to the support of other retail shareholders and other major shareholders.” Corporate Details ASX: FSE JSE: FSE Your Board recommends that Firestone Shareholders REJECT the RNG Offer. Issued Capital: To reject the Offer, Firestone Shareholders should simply take no action in 3,549 million ordinary shares relation to the Offer or any communication from RNG. Major Shareholders: Sekoko Resources (Pty) Ltd Linc Energy Ltd All Firestone announcements are available on the Company’s website BBY Nominees Pty Ltd on www.firestoneenergy.com.au and via www.asx.com.au. Bell Potter Nominees Ltd Directors and Officers Shareholders can also receive further information on the Offer by calling the Firestone shareholder information line on: 1800 643 977 or for international Non Executive Directors: calls +61 2 8256 3363. Mr Tim Tebeila (Chairman) David Perkins (Deputy Chairman) Dr Pius Kasolo Yours sincerely, Ben Mphahlele Kobus Terblanche Oren Zohar Jack James David Knox Officers: Mr David Knox CEO Chief Executive Officer Ms Amanda Matthee CFO www.firestoneenergy.com.au Mr Jerry Monzu Company Secretary Tel: Australia (+61 08 9287 4600) South Africa (+27 11 706 3548) Contact: Suite B9, 431 Roberts Road Subiaco, Western Australia 6008 Tel: +61 (08) 9287 4600 BBY NOMINEES PTY LTD ACN 007 001 443 Registered Office: Level 17, 60 Margaret Street, Sydney NSW 2000 The Board of Directors Firestone Energy Limited Suite B9, 431 Roberts Rd., Subiaco,, WA 6008 Attention: Tim Tebeila – Chairman David Knox – Chief Executive e Officer FOR PUBLIC ANNOUNCEMENT Dear Sirs, We have reviewed the takeover offer (“Offer”) made by Range River Gold (“RNG”) for all of the shares in issue in Firestone Energy Limited (“FSE”) including RNG’s Bidder’s Statement issued on 30 January 2013 and supplementary Bidder’s Statements issued on 19 March 2013 and 27 March 2013 respectively . We agree with the Board’s assessment of the Offer and support its continued recommendation to reject RNG’s Offer. We confirm that we will not be accepting the Offer as currently presented to FSE shareholders. We believe that FSE is in the best position to advance the development and future production of the Waterberg Coal Project. Sincerely, BBY Nominees Pty Limited Arun Maharaj 12 April Johannesburg Sponsor River Group Date: 12/04/2013 07:10:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.