Founded as Discovery Nickel Limited, the Company was incorporated in New South Wales, Australia in May 2003 and listed on the Australia Stock Exchange (ASX) in December 2003. Following the ASX listing, exploration commenced on the company's projects in Western Australia and the Northern Territory.

In July 2004, the Company and Falconbridge Exploration (Botswana) Pty Ltd signed a joint venture agreement for the Company to earn up to a 100% interest in the north eastern Botswana nickel project. By entering this project, the Company changed from an explorer of greenfields projects in Australia to the developer of an advanced nickel project in Botswana.

A significant addition to the company's project portfolio in 2005 was the Boseto copper project in north west Botswana. With initially over 6,000km² (now 10,100km² of tenements and containing significant known copper resources), this project became the Company's main focus during 2006 and 2007.

In 2006 the Company underwent a name change to Discovery Metals Limited (DML) to encompass the change of direction of expanding its mineral exploration in to commodities other than nickel and with the Boseto copper project becoming the focus of the company's activities.

In addition to its primary listing on the ASX the Company listed on the Botswana Stock Exchange (BSE:DML) in December 2006 and on the London Stock Exchange AIM Market (AIM: DME) in June 2007.

Since 2007, the Company concentrated its focus on the Boseto copper project.

The past 2 years have seen Discovery Metals Limited evolve from an explorer to an emerging copper producer. Key highlights for the year included:

		The Company remains debt free.
		Increased the Indicated and Inferred Mineral Resource at the Boseto copper project to over 50 million tonnes @1.5% copper plus approximately 18 g/t silver.
		Changed the focus of the company from exploration to development and recruited a team to achieve this purpose starting Brad Sampson as Managing Director in February 2008.
		Established a representation and administration office in the Botswana national capital Gaborone.
		Appointed an experienced Botswana mining executive, Ribson Gabonowe as Non Executive Director in April 2008.
		Secured seven additional 100% owned prospecting licences in Botswana. Discovery Metals now holds 14 copper tenements covering 10,100 square kilometres.
		Completed the Boseto copper project pre-feasibility study which demonstrated an economically and technically viable project. Features included: - An open cut mine delivering 2Mtpa of copper-silver ore to a centrally located processing plant. - Annual production of 23,500 tonnes of copper and 780,000 ounces of silver. - Internal Rate of Return (IRR) of 23% with after tax NPV of US$115 million using US$2.38/lb Cu. - NPV rises to US$220 million and IRR to 35% with US$3.50/lb Cu price.
		Commenced the bankable feasibility study for the Boseto copper project.
		Completed the extensive BFS drilling programme to enhance the mineral resource status to indicated and thus be "bankable".
		Completed the studies for the environmental and community impact assessment and submitted the Environmental Impact Study document for Government of Botswana approval.
		Received Government of Botswana archaeological approval for the project.
		Scheduled the completion of the Bankable Feasibility Study for March 2010.
		Renewed the Dikoloti nickel prospectus license.
		Defined a ground water resource for the Boseto project that exceeds projects supply requirements.