AIM RELEASE 16th November 2007 Substantial Holder Notice The Company has today been advised of the restructure of the Macquarie Group effective 13 November 2007, that has resulted in a new entity, Macquarie Group Limited (MQG), replacing Macquarie Bank Limited (MBL) as the ultimate parent of the Macquarie Group. Consequently MQG as the new ultimate parent of the Macquarie Group has filed an initial substantial holding notice setting out the relevant interests of the Macquarie Group in Discovery Metals Ltd. However, the voting power of the Macquarie Group in the Company has not changed due to the restructure and has not changed by 1% or more since the last notice filed. Further information on the Company is available on its website: www.discoverymetals.com.au NOTE: For further information contact Jeremy Read Managing Director Tel: +617 3218 0202 Mobile: 0409 484322 Email: jeremy@discoverymetals.com.au Jamie Wright RFC Corporate Finance Ltd (Nomad) Tel: +618 9480 2508 Email: Jamie.Wright@rfc.com.au Richard Hail Fox-Davies Capital Ltd (AIM Broker) Telephone: +44(0) 20 7936 5200 Email: Richard.Hail@fdcap.com ---END OF MESSAGE---