Celsius Resources Limited — Capital/Financing Update 2006

May 15, 2006

16 May 2006

Company Announcements Office 20 Bridge Street SYDNEY NSW 2000

AMENDED ASX ANNOUNCEMENT - REDPORT TRIPLES EXPLORATION AREA AT LAKE MAITLAND URANIUM DEPOSIT

Enclosed is an amended Lake Maitland Uranium Deposit announcement with Competent Person's statement included.

Yours faithfully

Richard Howmany

Richard Homsany Chairman Redport Limited

16 May 2006

ASX RELEASE

Company Announcements Office Australian Stock Exchange Limited Bv: ASX Online

REDPORT TRIPLES EXPLORATION AREA AT LAKE MAITLAND URANIUM DEPOSIT

Redport Limited (ASX: RPT) has today signed an agreement with View Resources ("View") to acquire approximately 160km² of highly prospective land surrounding its Lake Maitland Uranium Project in Western Australia. (Refer Fig 1.).

The Lake Maitland Project is located 130km southeast of Wiluna, Western Australia and, with an insitu metal value of more than A\$900 million, is one of Australia's largest unmined uranium deposits.

The View tenements, which are located to the west and south of Redport's existing Lake Maitland Uranium Deposit, triple Redport's total exploration area in the Lake Maitland region.

The newly acquired ground has potential to hold further uranium mineralisation as drilling by various mining and oil companies in the 1970's intersected carnotite to the west and south of the Lake Maitland Deposit.

Under the terms of the agreement, Redport Exploration Pty Ltd (a wholly owned subsidiary of Redport Limited) will acquire 100% of View's mining tenements M53/571 through to M53/587 (inclusive), E53/1210, E53/1211 and P37/6943 for a total consideration of A\$275,000 cash and 2.2 million fully paid ordinary shares in Redport, subject to any existing encumbrances and interests (including those of Korab Resources Limited in its announcement to the ASX on 27 September 2005). View will retain the right (on commercial terms) to toll treat any gold derived from the area at its Bronzewing Plant.

If Redport identifies a JORC compliant uranium resource of 2,500 tonnes or more within the acquired tenements, it has agreed to issue View an additional 1.1 million fully paid ordinary shares in Redport. The agreement is subject to a 14-day due diligence period.

Lake Maitland Exploration Tenements

The tenements subject to this agreement contain 3km of the Paleo-channel upstream (to the west) and 12km downstream (to the south) giving Redport access to an additional 15km of the Lake Maitland uraniferous Paleo-channel.

Widely spaced drilling in the 1970's by Mt Isa Mines, BP Minerals and others intersected carnotite to the west and to the south including portions that abut and are contiguous with the Lake Maitland Deposit.

Closely spaced drilling will be required to define the limits and significance of these uranium occurrences.

Acquisition of remaining interests in exploration tenements

Redport has also agreed to acquire the remaining 20% of securities in its subsidiary Simmax Mining Pty Ltd for the issue of 8 million fully paid ordinary shares in Redport. In 2005 Redport acquired the majority interest in this company, which holds uranium and gold exploration properties at Angelo River. Mt Clement and Yilgarn as well as the Acclaim Uranium Ltd uranium database.

On completion Redport will hold a 100% interest in Simmax, which will allow Redport to effectively realise the maximum value of its gold assets as a package and consolidate its exploration interests.

Yours sincerely

Ruben Hanny

Richard Homsany Chairman Redport Limited

For further information please contact:

Richard Homsany Chairman Repdort Limited Tel: + 61 8 9386 6767

Media Enquiries:

David Tasker Professional Public Relations Tel: + 61 8 9380 944 or 0433 112 936

Investor Enquiries:

Kevin Kartun Radar Investor Relations Tel +61 2 8256 3310

About Report Limited:

Redport is an Australian Stock Exchange listed company in the mineral resource sector with a focus on building its uranium resource base. Report holds 100% interest in the advanced Lake Maitland Uranium Project in Western Australia and has exploration projects within Western Australia and South Australia. The Lake Maitland deposit contains (at a cutoff grade of $0.2$ kg/t $U_3O_8$ ) an Indicated resource estimate which totals 4.9 million tonnes at a grade of 0.59kg/tonne $U_3O_8$ for 2,900 tonnes of $U_3O_8$ and an Inferred resource estimate which totals 10.3 million tonnes at a grade of 0.48kg/tonne U₃O₈ for 4,900 tonnes of U₃O₈ (7,800 tonnes (17 million pounds) of U₃O₈ in combined total) reported in accordance with the JORC Code. Redport also holds a royalty to the Langer Heinrich Uranium Project in Namibia which is expected to be in production in 2006.

Mr Malcolm Mason has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Mason is employed by Redport Limited and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Fig 1. Lake Maitland Uranium Deposit and New Exploration Area