Speewah Metals Limited has adopted comprehensive systems of control and accountability as the basis for the administration of corporate governance. The Board is committed to administering the policies and procedures with openness and integrity, pursuing the true spirit of corporate governance commensurate with the Company's needs.

To the extent they are applicable; the Company has adopted the Ten Essential Corporate Governance Principles and Best Practice Recommendations (“Recommendations”) as published by ASX Corporate Governance Council.

As the Company's activities develop in size, nature and scope, the size of the Board and the implementation of additional corporate governance structures will be given further consideration.

The Board sets out below its “if not, why not” report in relation to those matters of corporate governance where the Company's practices depart from the Recommendations.

Principle 2 Recommendation 2.1

Notification of Departure
The Board does not have a majority of independent directors.  It is comprised of three non-independent directors.

Explanation for Departure
The existing structure is considered appropriate given the small scale of the Company's enterprise and the associated economic restrictions this places on the Company.  The existing structure is aimed at maximising the financial position of the Company by keeping its operating costs to a minimum.

Principle 2 Recommendation 2.2

Notification of Departure
The Board does not have an independent Chairman.

Explanation for Departure
The existing structure is considered appropriate given the small scale of the Company's enterprise and the associated economic restrictions this place on the Company.  The existing structure is aimed at maximising the financial position of the Company by keeping its operating costs to a minimum.

Principles 2 and 9 Recommendations 2.4 and 9.2

Notification of Departure
Separate nomination and remuneration committees have not been formed.  However, the Company has adopted Nomination and Remuneration Committee Charters.

Explanation of Departure
The role of the nomination and remuneration committees is carried out by the full Board in accordance with the appropriate charters.  The Board considers that at this stage, no efficiencies or other benefits would be gained by establishing separate committees.

Principle 4 Recommendation 4.2 and 4.3

Notification of Departure
A separate audit committee has not been formed.

Explanation for Departure
The role of the audit committee is carried out by the full Board.  The Board considers that given its size, no efficiencies or other benefits would be gained by establishing a separate audit committee.