Senetek Plc.

Historically the Company was focused on the skincare and
pharmaceutical businesses. In March 2010, after an extensive review by
the Board of Directors of the Company and outside advisors, the Board
elected to change the overall direction of the Company from these
sectors to the natural resources sector. The Board realized that the
business prospects of the existing portfolio of assets were not capable
of generating sufficient revenue, and the Company had insufficient cash
on hand to reach significant revenue generation from any of the product
lines in the Company’s portfolio. The Company elected to pursue
opportunities in the resources sector as this sector has been
experiencing significant growth and investor interest in the past few
years and the Board believes the sector has continued growth prospects
and significant opportunities exist within the sector.

Initially Senetek perused Relief Canyon, a gold mining project in
Nevada. Unfortunately we were not able to close adequate financing in
time to purchase 100% of the Relief Canyon Project as we intended. Since
a controlling interest in Relief Canyon was not attainable and a
minority interest was unacceptable, the Company changed focus to two
newly acquired properties. In 2010 we acquired the superb projects, the
Gray Eagle Mine in California, and the Iron Creek Property in Idaho,
which we own 100% free and clear. The fact that we are now debt free
also should also aid us significantly in structuring future new
financings for the Company as we develop these projects.

The Gray Eagle Copper Mine, in Siskiyou County, the northernmost
county of the State of California, is a past producer of significant
amounts of both copper and gold. The deposit hosts a historical resource
of just over 1.1 million tons of ore grading 2.59% copper and .027
ounces per ton gold using a 3.3 to 1 strip ratio, a copper cutoff grade
of 1%, and recovery factors of 90% on copper and 30% on gold.

The Iron Creek Copper Cobalt Property, in Lemhi County, Idaho some 26
miles southwest of the town of Salmon, consists of seven patented
mining claims of approximately 140 acres. The Company recently staked an
additional 42 unpatented mining claims over the last several months to
expand the land position by 840 acres. Past work by previous operators
has identified several mineralized zones of copper and cobalt, and
numerous other exploration targets on the property that have not as yet
been evaluated.