Quarterly Report For The Period Ended 31 December 2009

(Thomson Reuters ONE) - Finders Resources LtdQuarterly Report for the Period Ended December 31(st) 2009 Wetar Copper Project·      Definitive Feasibility Study positive.- Life of mine operating costs estimated to be US$1.00/lb Cu- Project, as scoped, has a total funding requirement of up to US$118 million.- NPV(10) US$240 million pre-tax at $6,500/t Cu·      Whim Creek SX-EW Plant purchased- Dismantling underway.·      Expanded Demonstration Plant project delivery study completed; revisedscope contemplates- 7,000 tpa cathode capacity (up from 5,000 tpa)- Utilisation of Whim Creek plant to reduce capital requirements- Board approval scheduled for next quarter·      Modifications to irrigation and demonstration plant completed.- Plant running at nameplate capacity by end of period·    Definitive Feasibility Study positive.Ojolali Gold-Silver Project·      Diamond drill testing of new areas of epithermal gold-silver veining atWay Neki  underway·      Initial results include- 1 m at 8.13 g/t Au from 60.7m in WNK04- 6.25m at 1.3 g/t Au and 24 g/t Ag from 14.7m in WNK01·      Detailed remodelling of geological controls for the Jambi oxide golddeposit complete.Corporate·    The Company issued 13,421,439 fully paid ordinary shares to a subsidiary ofStraits Resources Limited in consideration for the acquisition of the Whim Creek      SX-EW plantPhotographs A, B & C Wetar Copper Project(FND ~94% and earning through expenditure)Background Information on the Wetar Copper ProjectThe Wetar Copper Project comprises two high grade deposits, Kali Kuning andLerokis, which are located within 3km from the coast and suitable for open pitmining.During 2009 Finders has constructed and operated a 5 tonne per day SX-EWdemonstration plant to optimise process design and provide data required for therecently completed Definitive Feasibility Study (DFS). The test heaps are atheights similar to commercial operations worldwide and the SX-EW technologybeing used is industry standard. SX-EW technology is currently responsible forapproximately 22% of the world's copper production.The Ore Reserves have been independently assessed by Australian Mine Design &Development Pty Ltd and in accordance with the JORC Code (Table 1). Thefollowing statement uses a cut-off of 0.5% copper for two pits at Kali Kuningand Lerokis with an overall waste to ore ratio of 0.98.-------------------------------------------------------------------------------- Table 1:  Wetar Ore Reserves--------------------------------------------------------------------------------   Category Tonnes (m) Grade % Cu Contained Contained Copper Copper (kt) Attributable to Finders (94%) (kt) Kali Kuning Pit Proved 4.91 2.5 123 116   Probable 0.85 2.2 19 18   Sub-Total 5.76 2.5 142 133-------------------------------------------------------------------------------- Lerokis Pit Proved 2.05 2.4 49 46   Probable 0.37 2.3 9 8   Sub-Total 2.42 2.4 58 55-------------------------------------------------------------------------------- Combined Proved 6.96 2.5 172 162   Probable 1.22 2.2 28 26   Total 8.18 2.5 205 193--------------------------------------------------------------------------------The tonnes and grades are stated to a number of significant digits reflectingthe confidence of the estimate.  Since each number and total is roundedindividually the columns and rows in the above table may not show exact sums orweighted averages of the reported tonnes and grades.In addition there is a third deposit, Meron, located 2 km from Kali Kuning.This prospect has a potential size of 1mt (at) 2.3% Cu (Non-JORC compliant) basedon historical drilling results from the previous gold mining operation.  Thisestimate is an exploration target which is conceptual in nature and may or maynot be converted into a Mineral Resource depending on future exploration andresource modelling work. Meron is not included in the current DFS due to itslack of technical definition, however, engineering plans do recognize thepotential for later additional leach ore from Meron and additional leachingspace is available in the DFS.Copper mineral species at Kali Kuning and Lerokis are dominated by chalcociteand covellite, which are readily amenable to bacterial assisted leaching, andchalcopyrite which leaches faster at higher temperatures.  A two year laboratorytest program indicated copper recoveries of up to 80%.The project is at the same location as an old gold mine which operated between1989-1997 and benefits from having existing infrastructure in place,particularly a wharf, camp and roads.Demonstration Plant UpdateDuring the period, considerable effort was spent optimising lime and soda ashdosing levels to assist the reduction of high levels of free acid in thepregnant leach solution.High acid levels, together with consumable shortages (as a result of newprocedures for customs clearance of speciality chemicals), led to a significantperiod of reduced cathode production during the quarter (~60% of design).However, by the end of the period free acid levels had dropped by 50% and withthe delivery of the speciality chemicals, the plant resumed nameplateproduction.Modifications to the irrigation delivery system (larger pumps and wobblers) werecompleted resulting in a doubling of solution on-flow and a pick-up of leachrecovery rates.-------------------------------------------------------------------------------- Table 2: Operating Parameters-------------------------------------------------------------------------------- Leach Performance* Heap 2 Heap 3 Heap 4 Grade (Cu %) 3.6 4.9 5.0 Recovered Copper (total) - Tonnes 420 565 382 Approx. % Copper Recovery to date 51% 60% 23% Approx. Number of weeks under Irrigation 47 41 22 Electrowinning (+) Actual Target Variance Copper Produced - Tonnes         1127          1542       -27% Copper Shipped - Tonnes         1011          1510       -33%-------------------------------------------------------------------------------- *As of 16 Jan 2010. All subject to final mass balances and weight reconciliations (+) All figures project to date (31 Dec 2009), based on 5tpd nameplate capacityThe month of December sees the onset of the wet season at Wetar, with dailyrainfall commonly exceeding 50mm. The heaps have proven very stable duringtorrential downpours and very minor ponding has been evident on the heapsurface.Rainfall has no negative effect on the leaching process but does affect thewater balance.  Pond levels are gradually rising and during the quarter anadditional storm water pond was built to provide extra storage capacity for thewet season.Figures 1 & 2Definitive Feasibility Study (DFS)On November 12(th) 2009, the Company announced positive results of the DFS whichindicate an economically robust project with a mine life of approximately nineyears.Life of mine operating costs are estimated to be US$1.00/lb Cu and the projecthas a total funding requirement of up to US$118 million.The DFS envisaged three stages of project development, with Stage 1 being theexpansion of the current 1,800 tpa copper cathode demonstration plant to 5,000tpa, followed by Stage 2, final expansion to 23,000 tpa copper cathode utilizingthe Whim Creek SX-EW plant.  Stage 3 is the development of the Lerokis pit andhaulage of Lerokis ore to the Kali Kuning plant to maintain copper cathodeproduction at 23,000 tpa.Stage 1 uses expanded heap leach areas all within the footprint of the existingdisturbed area from previous mining at the Kali Kuning deposit.  It has thedistinct advantage of making Finders a profitable copper producer at theearliest opportunity, and of equal importance, it significantly reduces theconstruction risk in Stage 2.  The timeline for achieving Stage 1 production isexpected to be five months after completion of the permitting process.Stage 2 comprises expansion to 23,000 tpa copper cathode, comprising on-goingproduction of 5,000 tpa from the expanded demonstration plant plus an additional18,000 tpa, utilizing a newly constructed pad area in the adjacent Kali Kuningvalley and the Whim Creek SX-EW plant. Subject to obtaining project finance,full capacity cathode production is expected to be reached within 12 months ofStage 1 completion.Stage 3 development envisages additional ore feed from the Lerokis deposit tomaintain full production levels at the existing plant and is expected tocommence in Year 3 of operations.Key results from the DFS on a 100% project basis are summarized below Table 3.------------------------------------------------------------------------- Table 3: Key Results------------------------------------------------------------------------- Ore Tonnes* 8.4 Million tonnes Strip Ratio 1.0 Life of Mine (LOM) Production 146,000 Tonnes cathode Mine Life 8.7 Years Average Grade (LOM) 2.5% Cu Average Recovery (LOM) 71% Average operating cost (LOM) US$ 1.00 per lb Cu Capital  - Stage 1 / EDP US$ 12 million                 - Stage 2 / incl. Whim Ck US$ 91 million Working capital US$ 15 million Pre-tax Payback (Stages 1 & 2) 1.4 years Pre-tax NPV10 US$ 240 Million(+) Pre-tax IRR 60%-------------------------------------------------------------------------* Includes 0.2Mt of Inferred Resource within the pit shell; (+ )using $6,500/tcu priceThese capital estimates include a total of almost US$40 million in indirectcosts included in vendor and contractor quotations, principally for theearth-moving component of the initial pre-strip and pad construction and forEPCM (overall management and delivery) for Stage 2.Finders' management considers that significant savings to capital estimates arepossible on the basis of its review of the DFS and during the period  commencedoptimization studies based on results of the DFS including; targeting areduction in the earthworks in the KK Valley associated with the disposal ofwaste from mining operations; reduction in EPCM and indirect capital coststhrough the use of more Indonesian contractors and improving the costeffectiveness of integrating the Whim Creek process plant acquisition into theoverall 23,000tpa cathode development plan.Nine geotechnical drill holes (768m) were completed in the area of the proposedeastern pit wall at Kali Kuning, the vicinity of the plant site and at Lerokis.It is expected that additional analysis will enable the volume of waste at KaliKuning currently in the DFS to be reduced significantly, resulting in lessearthworks for the planned Heap Leach pad area.In addition, a new waste dump site was located and this will significantlyreduce the cost of waste material handling.Whim Creek SX-EW PlantOn 23(rd) December 2009, the Company announced completion of the outrightpurchase of the Whim Creek SX-EW plant from a subsidiary of Straits ResourcesLimited ("Straits").The Whim Creek SX-EW plant is capable of producing 18,000 tonnes of coppercathode per annum and is well suited to Finders' needs at the Wetar CopperProject. It represents a major advance towards development of the full scaleproject, by providing certainty of both supply and timing for key components forthe development, as well as significant cost savings compared to the purchase ofnew equipment.The Whim Creek plant is currently located in Western Australia.  Finders hasalready commenced dismantling work and preparations for transportation to Wetar.Finders have assumed the Statutory Managers role at Whim Creek under the WAMines regulations. Twelve contractors are currently working on a 7 day per weekbasis with Karridale Construction Pty Ltd appointed to manage the process.Figures 3 & 4Project Development - Expanded Demonstration Plant (EDP)The first stage of the Wetar Project development involves the brown-fieldexpansion of the existing demonstration plant.  During the quarter, the Companyhas detailed a project execution plan which outlines the strategy for thedevelopment of the EDP Project.The DFS scope has been succeeded by a planned expansion to 7,000 tpa coppercathode (up from 5,000 tpa). It is expected that a formal proposal for the newlyincreased Stage 1 capacity will be lodged for Board approval in the nextquarter.The objective of the plan is to minimise the engineering required, use as muchexisting Whim Creek equipment as possible, maximise the use of local resourceswithout risking the quality of work and minimise the construction period.  Themodular nature of an EW cell house is ideal for this approach. Basically it isplanned to remove four bays from the Whim Creek EW Facility and integrate thiswith the existing demonstration plant. There are also sufficient cathodes andanodes in good working order at Whim Creek to equip the EDP.  A second SX trainwould be built in Indonesia using similar design principals as the DemonstrationPlant and additional power generating capacity also locally sourced.  The scopeof work for the EDP includes the following:§  Expansion of the demonstration heap leach pad and construction of the GoldPit leach pad;§  Integration of the Gold Pit leach pad with the EDP;§  Construction of the Gold Pit ROM pad & associated access road upgrade;§  Relocation of the demonstration crushing plant & agglomerator to the Gold PitROM pad;§  Expansion of the demonstration SX-EW Plant from 1,825 tpa to 7,000 tpa;§  Expansion of the demonstration neutralisation plant;§  Construction of the raw water pipeline; and§  Construction of an airfield. Figure 5Ojolali ProjectFinders Resources Limited ~72% with option to increase to 100%Background InformationFinders believe that the Ojolali project has strong potential to generateshort-term cash flow by open pit CIL/CIP development of the gold resource at theJambi Oxide gold deposit (Table 4.)-------------------------------------------------------------------------------- Table 4. Jambi Mineral Resource Estimates-------+-----------------+---------------+-----------------+---------+---------- Cut | Indicated | Inferred | Total |Contained| Attrib. off | | | | | FND | | | | | Au g/t|Mt Au g/t Ag |Mt Au Ag |Mt Au g/t Ag | Au koz |(72%) Au | g/t | g/t g/t | g/t | | koz | | | | | 0.5 |2.98 1.1 8.3 |1.1 0.9 5.7 |4.08 1.05 7.6 | 138 | 99 | | | | | 1.0 |1.13 1.74 8.5 |0.3 1.6 6.7 |1.43 1.71 8.1 | 79 | 57-------+-----------------+---------------+-----------------+---------+----------Finders has previously announced Inferred Resources at the Tambang Prospect (7.9Mt (at) 167g/t Ag and 0.7 g/t Au at a 1 g/t Au equivalent cut-off using drillingdata from a previous explorer).  Previous regional exploration by Finders, usingboth soil geochemistry and ground geophysics has located numerous targets withoutstanding potential for the discovery of additional resources.Finders' current exploration strategy at Ojolali is to increase the oxide goldresource to +300,000 Oz Au, to provide the basis for a low cost 30-50,000 Ozgold per year open pit mine based on the Jambi oxide resource, and to use thecash flow from this plant to fund exploration for additional resources andprogressive expansion of the project.Exploration ActivitiesDuring the quarter, a new program of diamond drilling commenced, designed forinitial testing of narrow, epithermal gold-silver vein targets defined bysurface trench sampling. Field-based work was completed leading to a detailedre-modelling of the geological controls for the existing Jambi oxide goldresource.Way Neki DrillingA six hole diamond drilling program at Way Neki has been largely completed with702m drilled to date. The last hole, targeted for 50m depth, intersectedincreasingly strong alteration over the last 10m so has been extended and isstill ongoing (Table 5, Figure 6). --------------------------------------------------------------------   Table 5. Drilling Locations --------------------------------------------------------------------   Hole ID East (m) North (m) RL (m) Azimuth Dip TD WNK01 446746 9481313 170 90 -50 121.05 WNK02 446688 9481308 160 90 -50 149.55 WNK03 446696 9481118 137 90 -50 127.05 WNK04 446630 9481019 132 130 -50 134.55 WNK05 446582 9481069 137 130 -50 169.80 WNK06 446260 9481059 163 90 -50 51*------------------------------------------------------------------------ *InProgressAssays have now been received for WNK01-04 (Table 6), with a best intercept of1m (at) 8.13 g/t Au at a depth of 60.72m in WNK04.----------------------------------------------------------------- Table 6. Significant Assay results----------------------------------------------------------------- Hole Number From Width Au ppm Ag ppm WNK01 14.50 6.25* 1.30 24 WNK01 24.60 1.60 1.17 17 WNK01 97.00 0.50 2.51 120 WNK02 20.70 2.15 1.33 77 WNK02 92.70 1.00 1.12 1.5 WNK02 103.20 1.78 0.93 17 WNK03 107.50 1.00 0.56 2.3 WNK03 109.55 1.00 1.56 3.5 WNK04 60.72 0.98 8.13 2.9 WNK04 98.50 0.50 1.84 4.7----------------------------------------------------------------- *Includes 0.7m no recovery, assumed average grade for sectionA number of samples show poor reproducibility for gold, indicating the presenceof (relatively) coarse gold particles and visible gold has been identified indrill core. These samples will be re-assayed by screen fire assay. Narrow 1-2mintercepts of strongly veined material have been encountered in both WNK05 andWNK06. Final assessment of this program awaits remaining assays, and also areview of interpreted structures based on this drilling and additionaltrenching.Figure 6Jambi Resource RemodellingDetailed re-modelling of the Jambi resource envelopes has been completed, andhas clearly defined the grade controlling structures. This work will be used asa basis for re-appraisal of the resource estimate for the Jambi oxide golddeposit and has been highly valuable for targeting potential extensions to theJambi resource. Re-estimation of the Jambi resource will be undertaken byHellman & Schofield Pty Ltd during February.  On completion of WNK06, the rigwill move to Jambi to carry out an initial test of potential resource extensionspreviously indicated by trenching, comprising approximately 500m of diamonddrilling in 4 holes (Figure 7).Figure 7CorporateInvestmentsFinders Resources holds 5,900,000 fully paid ordinary shares in GeopacificResources Ltd. (GPR). On 20(th) November 2009 GPR issued 9,446,225 new fullypaid ordinary shares in a placement and subsequently on 23(rd) Dec 2009 issued72,421,060 new fully paid ordinary shares in a rights issue. Finders now holdsapproximately 4% of the undiluted capital of Geopacific Resources.Capital StructureFollowing approval by shareholders at the annual general meeting on 24(th)November 2009, during the quarter the Company issued 13,421,439 fully paidordinary shares to a subsidiary of Straits Resources Limited as considerationfor the acquisition of the Whim Creek solvent extraction electro-winning plant.These shares represent a total consideration of $5.25 million, being $5.0million for the plant plus $0.25 million for a plant purchase option fee payableunder an option agreed during June 2009 with Straits.As reported previously, Straits participated in the share placement in theSeptember 2009 quarter.   Together with the above new shares, Straits is now asubstantial shareholder with a 10.06% interest in the Company.The capital structure at 31 December 2009 is set out in Table 7.-------------------------------------------------------------------------------- Table 7. Capital Structure Type of Security      Number on Issue-------------------------------------------------------------------------------- Fully Paid Ordinary Shares ("Shares") Shares on issue at 30 Sep 2009     180,159,733-------------------------------------------------------------------------------- Issued in payment of convertible note interest                 146,837 Issued in payment of Whim Creek SX-EW plant              13,421,439 Shares on Issue at 31 Dec 2009     193,728,009-------------------------------------------------------------------------------- Unlisted Options Exercise Price Expiry Date   A$0.6875 June 13, 2010               500,000   A$0.30 April 16, 2012 500,000   A$0.30 April 16, 2014 500,000   A$0.30 May 8, 2014 2,000,000   A$0.37 June 23, 2014 250,000   A$0.37 June 28, 2014 625,000   A$0.37 June 29, 2014 500,000   A$0.37 Aug 29, 2014 250,000   A$0.37 Sep 14, 2014 1,000,000 Unlisted Options on issue at 31 Dec 2009                   6,125,000-------------------------------------------------------------------------------- Conversion 12% Convertible Note Face Value Price Maturity Date   US$1,500,000   (A$2,323,972)   A$0.36 19 January 2012--------------------------------------------------------------------------------As at 31 December 2009, Finders had $7.6 million in cash.  This excludes $0.5million paid as the GST impost on the acquisition of the Whim Creek plant andwhich is recoverable after the end of the quarter.  The mining explorationentity quarterly report (Appendix 5B) is appended.Chris FarmerManaging DirectorFurther details for all projects including location maps, tenement schedules andtechnical descriptions may be found on the Finders website atwww.findersresources.com For further information please contact Finders Resources Ltd: Russell Fountain Non-Executive Chairman +61 2 9211 8299 Chris Farmer Managing Director info(at)findersresources.com Financial PR: Doug Macdonald Capital Group (in Australia) +61 424 255 959 Nick Elwes College Hill (in the UK) +44 20 7457 2020 RFC Corporate Finance Ltd - Nomad: Rob Adamson Managing Director +61 2 9250 0000 Stuart Laing Executive Director +61 8 9480 2500 FinnCap -  Finders' Broker for the AIM market: Mathew Robinson Corporate Finance Director +44 20 7600 1658 Joe Lunn Analyst +44 20 7600 1658Competent Person StatementsThe information in this report that relates mineral resource estimation is basedon work completed by Dr Phillip Hellman who is a full time employee of Hellmanand Schofield Pty Ltd and a member of the Australasian Institute of Mining andMetallurgy. Dr Hellman has sufficient experience which is relevant to the styleof mineralisation and type of deposit under consideration and to the activitywhich he is undertaking to qualify as a Competent Person as defined in the 2004Edition of the 'Australasian Code for Reporting of Exploration Results, MineralResources and Ore Reserves' and as a Qualified Person as defined in the AIMRules. Dr Hellman consents to the inclusion in the report of the matters basedon his information in the form and context in which it appears. Estimates forKali Kuning are based on a data set from which some diamond drill holes havebeen excluded due to poor recovery of copper mineralisation as evidenced byneighbouring RC holes.Geological information in this announcement and comments relating to explorationpotential and the project in general is based on information compiled by DrRussell Fountain, who also accepts responsibility for the data on which theresource is based.  Dr Fountain is a Director of Finders and a Fellow of theAustralasian Institute of Geoscientists. Dr Fountain has sufficient experiencethat is relevant to the styles of mineralisation and types of deposits underconsideration and to the activity that he is undertaking to qualify as CompetentPerson as defined in the JORC Code. He consents to the inclusion in thisannouncement of the matters based on his information in the form and context inwhich they appear.The information in this report that relates mineral reserve estimation is basedon work completed by Mr John Wyche who is a full time employee of AustralianMine Design and Development Pty Ltd and a member of the Australasian Instituteof Mining and Metallurgy. Mr Wyche has sufficient experience which is relevantto the style of mineralisation and type of deposit under consideration and tothe activity which he is undertaking to qualify as a Competent Person as definedin the 2004 Edition of the 'Australasian Code for Reporting of ExplorationResults, Mineral Resources and Ore Reserves'. Mr Wyche consents to the inclusionin the report of the matters based on his information in the form and context inwhich it appears.All assaying of drill core samples was undertaken by the ITS laboratory inJakarta. ITS is one of the world's largest product and commodity testing,inspection and certification organizations. The Jakarta laboratory is ISO 17025accredited and employs a Laboratory Information Management System (LIMS) forsample tracking, quality control and reporting.DisclaimerThis announcement may or may not contain certain "forward?looking statements".All statements, other than statements of historical fact, which addressactivities, events or developments that Finders believes, expects or anticipateswill or may occur in the future, are forward?looking statements. Forward?lookingstatements are often, but not always, identified by the use of words such as"seek", "anticipate", "believe", "plan", "estimate", "targeting", "expect", and"intend" and statements that an event or result "may", "will", "can", "should","could", or "might" occur or be achieved and other similar expressions. Theseforward?looking statements reflect the current internal projections,expectations or beliefs of Finders based on information currently available toFinders. Statements in this document that are forward-looking and involvenumerous risks and uncertainties that could cause actual results to differmaterially from expected results are based on the Company's current beliefs andassumptions regarding a large number of factors affecting its business. Actualresults may differ materially from expected results. There can be no assurancethat (i) the Company has correctly measured or identified all of the factorsaffecting its business or the extent of their likely impact, (ii) the publiclyavailable information with respect to these factors on which the Company'sanalysis is based is complete or accurate, (iii) the Company's analysis iscorrect or (iv) the Company's strategy, which is based in part on this analysis,will be successful. Finders expressly disclaims any obligation to update orrevise any such forward?looking statements. Appendix 5BMining exploration entity quarterly report Mining exploration entity quarterly report Name of entity+---------------------------+| FINDERS RESOURCES LIMITED |+---------------------------+ ABN   Quarter ended ("current quarter")+----------------+ +-----------------------------------+| 82 108 547 413 |   | 31 DECEMBER 2009 |+----------------+ +-----------------------------------+Consolidated statement of cash flows +----------+---------+ | | Year to |   | Current | date | Cash flows related to operating activities | quarter | (6 |   | $A'000 | months) | | | $A'000 | +----------+---------+     |   |   | | | | 1.1 Receipts from product sales and related debtors | 1,847 | 4,050 | | | | Payments for (a) exploration and evaluation | (1,024) | (2,246) | 1.2                          (b) development | (141) | (221) |                          (c) production | (1,959) | (5,144) |                          (d) administration | (1,449) | (2,574) | | | | 1.3 Dividends received |   |   | | | | 1.4 Interest and other items of a similar nature | 88 | 91 | received | | | | | | 1.5 Interest and other costs of finance paid | (65) | (203) | | | | 1.6 Taxes and value added tax paid | (793) | (1,018) | | | | 1.7 Other (provide details if material) |   |   | +----------+---------+   Net Operating Cash Flows | (3,496) | (7,265) |----------------------------------------------------------+----------+---------+     |   |   | Cash flows related to investing activities | | | | | | Payment for purchases of:   (a) prospects |   |   |                                                   |   |   | 1.8 (b) equity investments | (58) | (226) |                                                   | | | (c) other fixed assets | | | | | | Proceeds from sale of:          (a) prospects |   |   |                                                   |   |   | 1.9 (b) equity investments | - | - |                                                   | | | (c) other fixed assets | | | | | | 1.10 Loans to other entities |   |   | | | | 1.11 Loans repaid by other entities |   |   | | | | 1.12 Other (provide details if material) | 98 | 172 | +----------+---------+   Net investing cash flows | 40 | (54) | +----------+---------+ 1.13 Total operating and investing cash flows (carried | (3,456) | (7,319) | forward) | | |----------------------------------------------------------+----------+---------+-------------------------------------------+-------------+---------------------+ 1.13 Total operating and investing cash | (3,456) | (7,319) | flows (brought  forward) | | |-------------------------------------------+-------------+---------------------+   | | | Cash flows related to financing |   |   | activities | | |   | | | | | | 1.14 Proceeds from issues of shares, | - | 20,648 | options, etc. | | | | | | 1.15 Proceeds from sale of forfeited |   |   | shares | | | | | | 1.16 Proceeds from borrowings | - | 622 | | | | 1.17 Repayment of borrowings | (189) | (8,050) | | | | 1.18 Dividends paid |   |   | | | | 1.19 Other (provide details if material) |  |  | +-------------+---------------------+   Net financing cash flows | (189) | 13,220 |-------------------------------------------+-------------+---------------------+     | | | Net increase (decrease) in cash held | (3,645) | 5,901 |   | | | | | | 1.20 Cash at beginning of quarter/year to | 11,246 | 1,706 | date | | | | | | 1.21 Exchange rate adjustments to item | 4 | (2) | 1.20 | | | +-------------+---------------------+ 1.22 Cash at end of quarter | 7,605 | 7,605 | --------------------------------------+-------------+---------------------+ Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities +---------------------+     | Current quarter | | $A'000 | +---------------------+   1.23 Aggregate amount of payments to the | 434 | parties included in item 1.2 | | +---------------------+   1.24 Aggregate amount of loans to the parties | - | included in item 1.10 | | ------------------------------------------------+---------------------+   1.25 Explanation necessary for an understanding of the transactions +----------------------------------------------------------------+     |Payments for salaries, directors fees and consulting fees. |   | | +----------------------------------------------------------------+Non-cash financing and investing activities 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows +--------------------------------------------------------------------------+   |The Company issued 13,421,439 fully paid ordinary shares to a subsidiary | |of Straits Resources Limited as consideration for the acquisition of the | |Whim Creek solvent extraction electro-winning plant.  These shares | |represent a total consideration of $5.25 million, being $5.0 million for | |the plant plus $0.25 million for a plant purchase option fee payable under| |an option agreed during June 2009 with Straits. | +--------------------------------------------------------------------------+ 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest +--------------------------------------------------------------------------+   |NONE | |  | +--------------------------------------------------------------------------+Financing facilities availableAdd notes as necessary for an understanding of the position +----------------+-----------+     |Amount available|Amount used| | $A'000 | $A'000 | +----------------+-----------+     |   |   | 3.1 Convertible note facility (USD 1,500,000)| 2,324 | 2,324 | +----------------+-----------+ 3.2 Credit standby arrangements | NIL | NIL |----------------------------------------------+----------------+-----------+Estimated cash outflows for next quarter +--------+     | $A'000 | +--------+     | 300 | 4.1 Exploration and evaluation | | +--------+     | | 4.2 Development | 2,100 |   | |-----------------------------------+--------+     | | Total | 2,400 |   | |-----------------------------------+--------+Reconciliation of cash +---------------+----------------+ Reconciliation of cash at the end of the |Current quarter|Previous quarter| quarter (as shown in the consolidated | $A'000 | $A'000 | statement of cash flows) to the related items| | | in the accounts is as follows. | | |----------------------------------------------+---------------+----------------+ 5.1 Cash on hand and at bank | 1,573 | 11,246 | +---------------+----------------+ 5.2 Deposits at call | 6,032 | - | +---------------+----------------+ 5.3 Bank overdraft | - | - | +---------------+----------------+ 5.4 Other (provide details) | - | - |----------------------------------------------+---------------+----------------+   Total: cash at end of quarter (item 1.22)| 7,605 | 11,246 |----------------------------------------------+---------------+----------------+Changes in interests in mining tenements +--------------+-------------+-------------+------------+     | Tenement | Nature of | Interest at |Interest at | | reference | interest |beginning of | end of | | | (note (2)) | quarter | quarter | +--------------+-------------+-------------+------------+ 6.1 Interests in | | | | | mining tenements | | | | | relinquished, | NIL |   |   |   | reduced or lapsed | | | | |   | | | | |   | | | | | +--------------+-------------+-------------+------------+ 6.2 Interests in | NIL |  |  |  | mining tenements | | | | | acquired or | | | | | increased | | | | |   | | | | |   | | | | | +--------------+-------------+-------------+------------+Issued and quoted securities at end of current quarterDescription includes rate of interest and any redemption or conversion rightstogether with prices and dates. +------------+-------------+-------------+--------------+   |Total number|Number quoted| Issue price |Amount paid up| | | |per security | per security | | | |(see note 3) | (see note 3) |-----------------------+------------+-------------+-------------+--------------+ 7.1 Preference | | | | | +securities  | N/A |   |   |   | (description) | | | | | +------------+-------------+-------------+--------------+ 7.2 Changes during | | | | | quarter | | | | | (a)  Increases | | | | | through issues | | | | | (b)  Decreases | N/A |   |   |   | through returns | | | | | of capital, | | | | | buy-backs, | | | | | redemptions | | | | |-----------------------+------------+-------------+-------------+--------------+ 7.3 +Ordinary |193,728,009 | 193,728,009 |   |   | securities | | | | | +------------+-------------+-------------+--------------+ 7.4 Changes during |   |   |   |   |   quarter |   |   |   |   | (a)   Increases |   |   |   |   | through issues |   |   |   |   |   |   |   |   |   | -        | 146,837 | 146,837 | 35cents | 35cents | Conversion of |   |   |   |   | interest payable |   |   |   |   | under convertible| 12,696,801 | 12,696,801 | 39.38cents | 39.38cents | note |   |   |   |   | -        Shares |   |   |   |   | issued as |   |   |   |   | consideration for| 724,638 | 724,638 | 34.50cents | 34.50cents | Whim Creek plant |   |   |   |   | -        Shares | NIL | NIL |  |   | issued as | | |   |   | consideration for| | |   | | option over Whim | | | | | Creek plant | | | | |   | | | | | (b)  Decreases | | | | | through returns | | | | | of capital, | | | | | buy-backs | | | | |-----------------------+------------+-------------+-------------+--------------+ 7.5 +Convertible debt| | | | | securities | 6,455,477 | NIL | 36cents | 36cents | (description) | | | | | +------------+-------------+-------------+--------------+ 7.6 Changes during | | | | | quarter | | | | | (a)  Increases | | | | | through issues | | | | | (b)  Decreases | NIL |   |   |   | through | | | | | securities | | | | | matured, | | | | | converted | | | | |-----------------------+------------+-------------+-------------+--------------+ 7.7 Options  |   | | Exercise | Expiry date | (description and | | | price | | conversion | 500,000 | NIL | | 13.06.2010 | factor) | | | 68.75cents | | | 500,000 | NIL | | 16.04.2012 | | | | 30cents | | | 500,000 | NIL | | 16.04.2014 | | | | 30cents | | | 2,000,000 | NIL | | 08.05.2014 | | | | 30cents | | | 250,000 | NIL | | 23.06.2014 | | | | 37cents | | | 625,000 | NIL | | 28.06.2014 | | | | 37cents | | | 500,000 | NIL | | 29.06.2014 | | | | 37cents | | | 250,000 | NIL | | 31.08.2014 | | | | 37cents | | | 1,000,000 | NIL | | 14.09.2014 | | | | 37cents | | |   | | | | +------------+-------------+-------------+--------------+ 7.8 Issued during | NIL | NIL |   |   | quarter | | | | | |   | | | | +------------+-------------+-------------+--------------+ 7.9 Exercised during | NIL | NIL |   |   | quarter | | | | | +------------+-------------+-------------+--------------+ 7.10 Expired during | NIL | NIL |   |   | quarter | | | | |-----------------------+------------+-------------+-------------+--------------+ 7.11 Debentures  |   |   | (totals only) | | |-----------------------+------------+-------------+ 7.12 Unsecured notes | | | (totals only) |   |   |   | | | +------------+-------------+Compliance statement1              This statement has been prepared under accounting policies whichcomply with accounting standards as defined in the Corporations Act or otherstandards acceptable to ASX (see note 4).2              This statement does /does not* (delete one) give a true and fairview of the matters disclosed.Sign here:............................................................Date: . 29 January 2010(Director)Print name:        ....Christopher Ben Farmer...........................Notes1              The quarterly report provides a basis for informing the markethow the entity's activities have been financed for the past quarter and theeffect on its cash position.  An entity wanting to disclose additionalinformation is encouraged to do so, in a note or notes attached to this report.2              The "Nature of interest" (items 6.1 and 6.2) includes options inrespect of interests in mining tenements acquired, exercised or lapsed duringthe reporting period.  If the entity is involved in a joint venture agreementand there are conditions precedent which will change its percentage interest ina mining tenement, it should disclose the change of percentage interest andconditions precedent in the list required for items 6.1 and 6.2.3              Issued and quoted securities  The issue price and amount paid upis not required in items 7.1 and 7.3 for fully paid securities.4              The definitions in, and provisions of, AASB 1022: Accounting forExtractive Industries and AASB 1026: Statement of Cash Flows apply to thisreport.5              Accounting Standards ASX will accept, for example, the use ofInternational Accounting Standards for foreign entities.  If the standards useddo not address a topic, the Australian standard on that topic (if any) must becomplied with.[HUG#1378510] Figure 3 Whim Creek removal of anodes.docx: http://hugin.info/138746/R/1378510/339020.docx Figure 7 Projected mineralised envelopes at Jambi and drilling plan.docx: http://hugin.info/138746/R/1378510/339024.docx Figure 4 Equipment removal at Whim Creek.docx: http://hugin.info/138746/R/1378510/339021.docx Photo C Way Neki Drilling.docx: http://hugin.info/138746/R/1378510/339017.docx Photo A: Loading Cathode at Wetar.docx: http://hugin.info/138746/R/1378510/339015.docx Figure 2L Process Ponds: http://hugin.info/138746/R/1378510/339019.docx Figure 5 Stage 1 Project Development ? EDP (orange area).docx: http://hugin.info/138746/R/1378510/339022.docx Figure 1 Demo Pads after rain with new Irrigation.docx: http://hugin.info/138746/R/1378510/339018.docx Photo B Removing pumps at Whim Creek.docx: http://hugin.info/138746/R/1378510/339016.docx Figure 6 Way Neki Drill locations.docx: http://hugin.info/138746/R/1378510/339023.docx

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