AUSTRALIAN VANADIUM LIMITED — Capital/Financing Update 2007

Dec 4, 2007

YELLOW ROCK RESOURCES LIMITED

ABN 90 116 221 740

5 December 2007

Company Announcements Office ASX Limited 20 Bridge Street SYDNEY NSW 2000

COMPLETION OF CABE RESOURCES LIMITED TAKEOVER

The Company is pleased to confirm that the Cabe Resources Limited takeover has now been completed with the issue of shares and options in the Company to the shareholders and optionholders of Cabe Resources Limited.

An updated Appendix 3B in respect of the consideration securities is attached to this announcement.

A schedule of the top 20 shareholders and optionholders following completion of the issue of securities is attached . Also attached is a distribution schedule of shareholders and optionholders.

Denis McInerney Chairman

35 Great Eastern Highway, Rivervale WA 6103 Telephone +61 8 9361 5400 Facsimile +61 8 9361 5900

Appendix 3B New issue announcement

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement, application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003, 24/10/2005.

Name of entity

YELLOW ROCK RESOURCES LIMITED

ABN 90 116 221 740

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

• 1 +Class of +securities issued or to be Ordinary Fully Paid Shares issued Listed Options

• 2 Number of[+] securities issued or to Ordinary Fully Paid Shares be issued (if known) or maximum 85,000,000 number which may be issued Listed Options 85,000,000

• 3 Principal terms of the[+] securities Equal with existing ordinary fully paid shares (eg, if options, exercise price and expiry date; if partly paid +securities, the amount outstanding and due dates for payment; if +convertible securities, the conversion price and dates for conversion)

• See chapter 19 for defined terms.

24/10/2005 Appendix 3B Page 1

Appendix 3B New issue announcement

• 4 Do the[+] securities rank equally in all Yes respects from the date of allotment with an existing[+] class of quoted +securities? If the additional securities do not rank equally, please state: • the date from which they do

• the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment

• the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment

5 Issue price or consideration The offer of shares and listed options is in consideration of the offers made for shares and options in Cabe Resources Limited and pursuant to the Bidder’s Statement dated 9 October 2007

• 6 Purpose of the issue To satisfy the consideration offered under the (If issued as consideration for the takeover bid made to acquire shares and options acquisition of assets, clearly identify in Cabe Resources Limited. those assets)

• 7 Dates of entering[+] securities into 5 December 2007 uncertificated holdings or despatch of certificates

Number +Class 8 Number and +class of all 148,526,205 Ordinary fully paid +securities quoted on ASX shares ( including the securities in clause 2 if applicable) 151,873,800 Options expiring 30/11/09

• See chapter 19 for defined terms.

Appendix 3B Page 2

24/10/2005

Appendix 3B New issue announcement

9 Number and +class of all +securities not quoted on ASX (_including_the securities in clause 2 if applicable) 10 Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests)	Number	+Class
	40,000,000 20,000,000	Ordinary shares – Restricted Options expiring 30/11/09
	Not applicable.

Part 2 - Bonus issue or pro rata issue

11 Is security holder approval required? 12 Is the issue renounceable or non- renounceable? 13 Ratio in which the+securities will be offered 14 +Class of+securities to which the offer relates 15 +Record date to determine entitlements 16 Will holdings on different registers (or subregisters) be aggregated for calculating entitlements? 17 Policy for deciding entitlements in relation to fractions 18 Names of countries in which the entity has+security holders who will not be sent new issue documents Note: Security holders must be told how their entitlements are to be dealt with. Cross reference: rule 7.7. 19 Closing date for receipt of acceptances or renunciations	-
	-
	-
	-
	-
	-
	-
	-
	-

• See chapter 19 for defined terms.

1/1/2003

Appendix 3B Page 3

Appendix 3B New issue announcement

20 Names of any underwriters 21 Amount of any underwriting fee or commission 22 Names of any brokers to the issue 23 Fee or commission payable to the broker to the issue 24 Amount of any handling fee payable to brokers who lodge acceptances or renunciations on behalf of+security holders 25 If the issue is contingent on +security holders’ approval, the date of the meeting 26 Date entitlement and acceptance form and prospectus or Product Disclosure Statement will be sent to persons entitled 27 If the entity has issued options, and the terms entitle option holders to participate on exercise, the date on which notices will be sent to option holders 28 Date rights trading will begin (if applicable) 29 Date rights trading will end (if applicable) 30 How do+security holders sell their entitlements_in full_through a broker? 31 How do+security holders sell_part_ of their entitlements through a broker and accept for the balance?	-
	-
	-
	-
	-
	-
	-
	-
	-
	-
	-
	-

• See chapter 19 for defined terms.

Appendix 3B Page 4

1/1/2003

Appendix 3B New issue announcement

• 32 How do[+] security holders dispose of their entitlements (except by sale through a broker)?

• 33 +Despatch date

Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of securities

• 34 Type of securities ( tick one )

• (a) √ Securities described in Part 1 (except for convertible notes)

• (b)[All other securities ]

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

• 35[If the ][+][securities are ][+][equity securities, the names of the 20 largest holders of the ] additional[+] securities, and the number and percentage of additional[+] securities held by those holders

36[If the ] +securities setting out the number of holders in the categories[+][securities are ][+][equity securities, a distribution schedule of the additional ] 1 - 1,000 1,001 - 5,000 5,001 - 10,000 10,001 - 100,000 100,001 and over

• 37 N/A A copy of any trust deed for the additional[+] securities

• See chapter 19 for defined terms.

1/1/2003

Appendix 3B Page 5

Appendix 3B New issue announcement

Entities that have ticked box 34(b)

38 Number of securities for which +quotation is sought 39 Class of +securities for which quotation is sought 40 Do the+securities rank equally in all respects from the date of allotment with an existing+class of quoted +securities? If the additional securities do not rank equally, please state: •the date from which they do •the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment •the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment 41 Reason for request for quotation now Example: In the case of restricted securities, end of restriction period (if issued upon conversion of another security, clearly identify that other security) 42 Number and+class of all+securities quoted on ASX (_including_the securities in clause 38)	-	-
	-
	-
	-
	Number	+Class
	-	-

621359526_1107051

• See chapter 19 for defined terms.

Appendix 3B Page 6

1/1/2003

Appendix 3B New issue announcement

Quotation agreement

• 1 +Quotation of our additional +securities is in ASX’s absolute discretion. ASX may quote the[+] securities on any conditions it decides.

• 2 We warrant the following to ASX.

• The issue of the[+] securities to be quoted complies with the law and is not for an illegal purpose.

• There is no reason why those[+] securities should not be granted[+] quotation.

• An offer of the[+] securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any[+] securities to be quoted and that no-one has any right to return any[+] securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the[+] securities be quoted.

• If we are a trust, we warrant that no person has the right to return the +securities to be quoted under section 1019B of the Corporations Act at the time that we request that the[+] securities be quoted.

• 3 We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.

• 4 We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before[+] quotation of the[+] securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

Sign here: J C Geary Company secretary

Date: 5/12/07

Print name: John Charles Geary

== == == == ==

621359526_1107051.doc

• See chapter 19 for defined terms.

24/10/2005 Appendix 3B Page 7

CRP/COMPUTERSHARE INVESTOR SERVICES PTY LTD *** T O P 2 0 H O L D E R S *** (RSP520:12.45:051207) YELLOW ROCK RESOURCES LIMITED/YRR RUN NUMBER 0220 05/12/2007 A.C.N. 116 221 740 PAGE : 1 CLASS GROUP: *G1/ORDINARY SHARES (GROUPED) HOLDER NO NAME AND ADDRESS UNITS % I/C RANK GREATER PACIFIC GOLD LIMITED 40,000,005 21.22 1 68 ABERDEEN STREET NORTHBRIDGE WA 6003 SELCAM INVESTMENTS PTY LTD 8,500,000 4.51 2 33 PLOVER WAY KINGSLEY WA 6026 GRAND ENTERPRISES PTY LTD 5,413,502 2.87 3 PO BOX 1093 NEDLANDS WA 6909 SELCAM INVESTMENTS PTY LTD 5,400,000 2.86 4 33 PLOVER WAY KINGSLEY WA 6026 KIMBRIKI NOMINEES PTY LTD 5,200,000 2.76 5 PO BOX 1295 SUBIACO WA 6008 MILLCREST PTY LTD 5,200,000 2.76 6 31 RAINLOVER COURT DARLING DOWNS WA 6122 MR ROD WYLDE 4,000,000 2.12 7 95 CHRYSOSTOM STREET TRIGG WA 6029 PATA NOMINEES PTY LTD 3,765,000 2.00 8 830A BEAUFORT STREET INGLEWOOD WA 6052 MR BERND NEUMANN 3,000,000 1.59 9 171 WALCOTT STREET MT LAWLEY WA 6050 EDWARDS ENGINEERING PTY LTD 2,500,000 1.33 10 PO BOX 23 DARLINGTON WA 6070 MR PETER BENSON & 2,450,000 1.30 11 MS ELIZABETH BENSON 31 RAINLOVER COURT DARLING DOWNS WA 6122 MR ANTONIO ALESSIO TORRESAN 2,100,000 1.11 12

CRP/COMPUTERSHARE INVESTOR SERVICES PTY LTD *** T O P 2 0 H O L D E R S *** (RSP520:12.45:051207) YELLOW ROCK RESOURCES LIMITED/YRR RUN NUMBER 0220 05/12/2007 A.C.N. 116 221 740 PAGE : 2 CLASS GROUP: G1/ORDINARY SHARES (GROUPED) HOLDER NO NAME AND ADDRESS UNITS % I/C RANK 5 EDNA ROAD DALKEITH WA 6009 MR JOHN FRANCIS STEERE & 2,050,000 1.09 13 MR NORMAN CRAIG STEERE 28 ONSLOW ROAD SHENTON PARK WA 6008 FURNER HOLDINGS PTY LTD 2,000,000 1.06 14 49 CASTLECRAG DRIVE KALLAROO WA 6025 GURITALI PTY LTD 2,000,000 1.06 15 380 OXFORD STREET MT HAWTHORN WA 6016 IANNELLO PTY LTD 1,750,000 0.93 16 PO BOX 1294 FREMANTLE WA 6160 JAYVEE INVESTMENTS PTY LTD 1,750,000 0.93 17 21 WAYLEN ROAD SHENTON PARK WA 6008 MR CAMERON HARDIE 1,555,000 0.82 18 5 HAMMOND ROAD CLAREMONT WA 6010 VARGAS HOLDINGS PTY LTD 1,500,000 0.80 19 1ST FLOOR 47 ORD STREET WEST PERTH WA 6005 MR BERND NEUMANN 1,300,000 0.69 20 171 WALCOTT STREET MOUNT LAWLEY WA 6050 *** REPORT TOTAL *** 101,433,507 53.80 *** REMAINDER *** 87,092,698 46.20 ----------------------** GRAND TOTAL *** 188,526,205 100.00 =======================

CRP/COMPUTERSHARE INVESTOR SERVICES PTY LTD *** T O P 2 0 H O L D E R S *** (RSP520:12.45:051207) YELLOW ROCK RESOURCES LIMITED/YRR RUN NUMBER 0220 05/12/2007 A.C.N. 116 221 740 PAGE : 3 CLASS GROUP: *G1/ORDINARY SHARES (GROUPED) HOLDER NO NAME AND ADDRESS UNITS % I/C RANK

-----------------------------------------------------------------------------------------------------------------------------------TOTAL CURRENT HOLDERS MEETING CRITERIA FOR THIS REPORT: 1339

-----------------------------------------------------------------------------------------------------------------------------------******************** * NUMBER OF PAGES WRITTEN = 3 * END OF REPORT *** NUMBER OF LINES WRITTEN = 94 **********************

CRP/COMPUTERSHARE INVESTOR SERVICES PTY LTD *** T O P 2 0 H O L D E R S *** (RSP520:14.23:051207) YELLOW ROCK RESOURCES LIMITED/YRR RUN NUMBER 0221 05/12/2007 A.C.N. 116 221 740 PAGE : 1 CLASS GROUP: *G2/OPTIONS EXP 30/11/09 @ 20C HOLDER NO NAME AND ADDRESS UNITS % I/C RANK GRAND ENTERPRISES PTY LTD 34,011,600 19.79 1 PO BOX 1093 NEDLANDS WA 6909 GREATER PACIFIC GOLD LIMITED 20,000,000 11.64 2 68 ABERDEEN STREET NORTHBRIDGE WA 6003 GRAND ENTERPRISES PTY LTD 12,221,844 7.11 3 70 ABERDEEN STREET NORTHBRIDGE WA 6003 KIMBRIKI NOMINEES PTY LTD 5,200,000 3.03 4 PO BOX 1295 SUBIACO WA 6008 MR PETER BENSON & 5,050,000 2.94 5 MS ELIZABETH BENSON 31 RAINLOVER COURT DARLING DOWNS WA 6122 PATA NOMINEES PTY LTD 3,920,000 2.28 6 830A BEAUFORT STREET INGLEWOOD WA 6052 IANNELLO PTY LTD 3,200,000 1.86 7 PO BOX 1294 FREMANTLE WA 6160 MILLCREST PTY LTD 2,600,000 1.51 8 31 RAINLOVER COURT DARLING DOWNS WA 6122 MEROLIZA PTY LTD 2,500,000 1.45 9 PO BOX 817 NEDLANDS WA 6909 MEROLIZA PTY LTD 2,500,000 1.45 10 PO BOX 817 NEDLANDS WA 6909 SELCAM INVESTMENTS PTY LTD 2,350,000 1.37 11 33 PLOVER WAY

CRP/COMPUTERSHARE INVESTOR SERVICES PTY LTD *** T O P 2 0 H O L D E R S *** (RSP520:14.23:051207) YELLOW ROCK RESOURCES LIMITED/YRR RUN NUMBER 0221 05/12/2007 A.C.N. 116 221 740 PAGE : 2 CLASS GROUP: *G2/OPTIONS EXP 30/11/09 @ 20C HOLDER NO NAME AND ADDRESS UNITS % I/C RANK KINGSLEY WA 6026 MR JOHN FRANCIS STEERE & 2,050,000 1.19 12 MR NORMAN CRAIG STEERE 28 ONSLOW ROAD SHENTON PARK WA 6008 MCINERNEY CORPORATION (WA) PTY 2,000,000 1.16 13 LTD PO BOX 315 MORLEY WA 6943 MR ROD WYLDE 2,000,000 1.16 14 95 CHRYSOSTOM STREET TRIGG WA 6029 MR CAMERON HARDIE 1,905,000 1.11 15 5 HAMMOND ROAD CLAREMONT WA 6010 JAYVEE INVESTMENTS PTY LTD 1,750,000 1.02 16 21 WAYLEN ROAD SHENTON PARK WA 6008 FURNER HOLDINGS PTY LTD 1,600,000 0.93 17 49 CASTLECRAG DRIVE KALLAROO WA 6025 VARGAS HOLDINGS PTY LTD 1,500,000 0.87 18 1ST FLOOR 47 ORD STREET WEST PERTH WA 6005 WHITVISTA PTY LTD 1,370,000 0.80 19 PO BOX 1093 NEDLANDS WA 6909 MR MICHAEL JON KEEMINK 1,344,632 0.78 20 PO BOX 957 SOUTH PERTH WA 6951

CRP/COMPUTERSHARE INVESTOR SERVICES PTY LTD *** T O P 2 0 H O L D E R S *** (RSP520:14.23:051207) YELLOW ROCK RESOURCES LIMITED/YRR RUN NUMBER 0221 05/12/2007 A.C.N. 116 221 740 PAGE : 3 CLASS GROUP: G2/OPTIONS EXP 30/11/09 @ 20C HOLDER NO NAME AND ADDRESS UNITS % I/C RANK *** REPORT TOTAL *** 109,073,076 63.46 *** REMAINDER *** 62,800,724 36.54 ----------------------** GRAND TOTAL *** 171,873,800 100.00

-----------------------------------------------------------------------------------------------------------------------------------TOTAL CURRENT HOLDERS MEETING CRITERIA FOR THIS REPORT: 705

-----------------------------------------------------------------------------------------------------------------------------------******************** * NUMBER OF PAGES WRITTEN = 3 * END OF REPORT *** NUMBER OF LINES WRITTEN = 98 **********************

CRP/COMPUTERSHARE INVESTOR SERVICES PTY LTD *** Range Of Units Summary *** (RSP510:12.54:051207) YELLOW ROCK RESOURCES LIMITED/YRR RUN NUMBER 0220 05/12/2007 A.C.N. 116 221 740 PAGE : 1 1 1001 5001 10001 100001 * TOTAL * Less Than to to to to to M/Parcel of 1000 5000 10000 100000 (MAX) 2084 *G1/ORDINARY SHARES (GROUPED) Holders Issuer 8 29 61 156 111 365 16 Chess 26 237 209 415 87 974 97 Total 34 266 270 571 198 1339 113 Units Issuer 6304 103223 586553 6869441 116338190 123903711 20421 Chess 20403 753730 1848016 13712782 48287563 64622494 136269 Total 26707 856953 2434569 20582223 164625753 188526205 156690

TOTAL HOLDERS FOR CLASSES SELECTED 1339 TOTAL UNITS " " " 188526205 ******************** * NUMBER OF PAGES WRITTEN = 1 * END OF REPORT *** NUMBER OF LINES WRITTEN = 16 **********************

CRP/COMPUTERSHARE INVESTOR SERVICES PTY LTD *** Range Of Units Summary *** (RSP510:14.22:051207) YELLOW ROCK RESOURCES LIMITED/YRR RUN NUMBER 0221 05/12/2007 A.C.N. 116 221 740 PAGE : 1 1 1001 5001 10001 100001 * TOTAL * Less Than to to to to to M/Parcel of 1000 5000 10000 100000 (MAX) 5000 G2/OPTIONS EXP 30/11/09 @ 20C Holders Issuer 1 62 174 81 318 1 Chess 18 70 230 69 387 14 Total 19 132 404 150 705 15 Units Issuer 4500 614000 7149904 86227937 93996341 4500 Chess 65480 676058 8308707 68827214 77877459 45480 Total 69980 1290058 15458611 155055151 171873800 49980 TOTAL HOLDERS FOR CLASSES SELECTED 705 TOTAL UNITS " " " 171873800 ******************* * NUMBER OF PAGES WRITTEN = 1 * END OF REPORT *** NUMBER OF LINES WRITTEN = 16 **********************