Silver Lake Resources : Dealing in Securities Policy

Suite 4, Level 3 South Shore Centre

85 South Perth Esplanade South Perth WA 6151

TEL +61 8 6313 3800

FAX +61 8 6313 3888

ABN 38 108 779 782

In accordance with ASX Listing Rule 12.10, Silver Lake Resources Limited advises that it has adopted a revised Dealing in Securities Policy.

A copy of the revised policy is attached.

David Berg Company Secretary

Silver Lake Resources Ltd (ASX: SLR) Page 1 of 9

1. Objectives

   The objectives of the Dealing in Securities Policy (Policy) are to:

   • minimise the risk of Designated Persons contravening, or being perceived by the broader market to have contravened, the laws against insider trading;

   • protect the reputation of the Company by ensuring transparency of dealings in the Company's

     securities by Designated Persons;

   • establish a procedure for dealing in the Company's securities by Designated Persons; and

   • ensure the Company meets its obligations under the Corporations Act 2001 (Cth) (Corporations Act) and the ASX Listing Rules.

2. Persons covered by this Policy

   This Policy applies to Designated Persons which, for the purpose of the Policy, means any of the following:

   • Any person who meets the definition of "Key Management Personnel" as that term is defined in the ASX Listing Rules (Key Management Personnel). The definition extends to any person having authority and responsibility for planning, directing and controlling the activities of the Company, directly or indirectly, including directors (both executive and non-executive).

   • Any other employee or contractor who is notified in writing by the Board of Directors from time to time as a person to whom this Policy applies (Notified Personnel).

3. Securities covered by this Policy

   This Policy applies to dealings in all securities issued by the Company. These securities include but are not limited to:

   • shares, options or any other security capable of conversion into shares;

   • debentures (including bonds and notes);

   • derivatives of any of the above (including equity swaps, futures, hedges and exchange-traded or over-the-counter options) whether settled by cash or otherwise.

4. Dealing in securities

   Dealing in securities includes applying for, buying, selling, borrowing or the lending of securities in the Company, or entering into any transaction in relation to securities in the Company, either directly or

   indirectly through entities including but not limited to family trusts, superannuation funds and companies or in any other manner.

   Dealing in securities also includes the procuring of another person or entity to do any of these things.

5. Insider trading prohibition What is insider trading?

   The Corporations Act prohibits anyone in possession of "inside information" in relation to the Company's securities, whether in their own capacity or as an agent for another, from:

   • dealing in the securities; or

   • communicating the information to others who might deal in the securities.

     "Inside information" means information that:

   • is not generally available; and

   • if generally available, would be expected by a reasonable person to have a material effect on the price or value of securities in the Company (ie the information is "price-sensitive").

     Annexure A to this Policy provides some further information as to when information might be considered "generally available" and "price-sensitive".

     When might a person be at risk of insider trading?

     Designated Persons will at times be in possession of price-sensitive information that is not generally available, for example, in:

   • the period prior to release of annual or half-yearly results to ASX;

   • the period during which a major transaction is being negotiated; or

   • the period prior to release of significant exploration results.

     During such periods, the price-sensitive information may not have been disclosed to the market as part of the Company's continuous disclosure obligations, because the Company has relied on an exemption in the ASX Listing Rules that permits the withholding of information from continuous disclosure in certain circumstances. For example, the Company does not need to disclose information concerning a potential acquisition which is the subject of negotiation provided it remains incomplete and confidential.

     Designated Persons should be aware of the heightened risk of insider trading in situations such as those listed above.

     Contravention of the insider trading laws

     Whilst this Policy only applies to Designated Persons, the prohibitions against insider trading under the Corporations Act apply to anyone who is in possession of inside information.

     Individuals who contravene the insider trading provisions of the Corporations Act are liable to significant penalties including criminal prosecution and / or to civil penalty action by the Australian Securities and Investments Commission. Designated Persons should refer directly to the Corporations Act for specific penalty details.

6. Closed Periods in which dealings are restricted The general restriction

   Designated Persons must not deal in the Company's securities whilst in possession of inside

   information.

   In addition, Designated Persons must not deal in the Company's securities during "Blackout Periods" or any "Restricted Period", unless permitted to do so in accordance with this Policy (including only after obtaining written clearance in accordance with section 6).

   Blackout Periods and Restricted Periods, which are described below, are together referred to in this Policy as Closed Periods.

   Blackout Periods

   Each of the following periods is a Blackout Period:

   • The period between close of business on the last day of the half-year period and the next trading day that is at least one full trading day after the release of the Company's half-year financial accounts.

   • The period between close of business on the last day of the end of the full year period and the next trading day that is at least one full trading day after the release of the Company's annual financial accounts.

   • The period between close of business on the last day of the March and September quarters and the next trading day that is at least one full trading day after the release of the Company's quarterly reports for those quarters.

Designated Persons may only deal in securities in a Blackout Period if the circumstances are (1) exceptional AND (2) the procedure for prior written clearance described section 6 has been followed and clearance obtained.

The Board may from time to time, by written notice, impose a period of time during which a Designated Person may not deal in the Company's securities (Restricted Period), unless the circumstances are (1) exceptional AND (2) the procedure for prior written clearance in section 6 has been followed and clearance obtained.

Restricted Periods are in addition to Blackout Periods.

Designated Persons who are given notice of a Restricted Period by the Board must keep the existence of the notice confidential and not disclose it to anyone else, including to another Designated Person, unless authorised to do so by the Board.

A Designated Person may be given prior written clearance to deal in the Company's securities during a Closed Period in accordance with the procedure in section 6, where it has been determined that one of the following exceptional circumstances apply: