CAZALY RESOURCES LIMITED — Capital/Financing Update 2003

Oct 28, 2003

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Cazaly Resources Limited
ACN: 101 049 334

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Statement of Commitments
Prospectus Dated 14 October 2003 - Offer Fully Oversubscribed

Use of Funds	Fully Over Subscribed 5
Pre-Offer cash and receivables	210,000
Total raised in the Offer (Actual)	4.000,000
Total Funds Available	4,210,000
Exploration expenditure	1,875,000
Acquisition costs of tenements (including stamp duty)	358,745
Expenses of the Issue, including broker fees (increase of \$25,000 being 5% commission on oversubscriptions raised)	344,000
Additional working capital (Increase of \$475,000)	1,632,255
Total Funds Applied	4,210,000