CENTAURUS METALS LIMITED — Interim / Quarterly Report 2006

Jan 29, 2007

Appendix 5B

$Rule 5.3$

Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.

Name of entity

GLENGARRY RESOURCES LIMITED

Current quarter

ABN

40 009 468 099

Quarter ended ("current quarter")

31 December 2006

Year to date

Consolidated statement of cash flows

	Cash flows related to operating activities

	Cash flows related to operating activities	\$A'000	$\binom{1}{1,1}$ (, months) \$A'000
1.1	Receipts from product sales and related debtors
1.2	Payments for
	(a) exploration and evaluation (b) development	(251)	(645)
	(c) production
1.3	(d) administration Dividends received	(267)	(472)
1.4	Interest and other items of a similar nature received	29	44
1.5	Interest and other costs of finance paid
1.6	Income taxes paid
1.7	Other - security deposits returned
	Net Operating Cash Flows	(489)	(1,073)
	Cash flows related to investing activities
1.8	Payment for purchases of:
	(a)prospects
	(b)equity investments
1.9	(c) other fixed assets Proceeds from sale of:	(8)	(12)
	(a)prospects
	(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)
	Net investing cash flows	(8)	(12)
1.13	Total operating and investing cash flows (carried forward)	(497)	(1,085)

⁺ See chapter 19 for defined terms.

1.13	Total operating and investing cash flows (brought forward)	(497)	(1,085)
	Cash flows related to financing activities
1.14	Proceeds from issues of shares, options, etc.	292	1,632
1.15	Proceeds from sale of forfeited shares
1.16	Proceeds from borrowings
1.17	Repayment of borrowings
1.18	Dividends paid
1.19	Other (provide details if material)	(87)	(98)
	Net financing cash flows	205	1,534
	Net increase (decrease) in cash held	(292)	449
1.20	Cash at beginning of quarter/year to date	2,216	1.475
1.21	Exchange rate adjustments to item 1.20
1.22	Cash at end of quarter	1,924	1,924

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 SA'000
1.23	Aggregate amount of payments to the parties included in item 1.2	106
1.24	Aggregate amount of loans to the parties included in item 1.10

1.25 Explanation necessary for an understanding of the transactions All transactions with directors are on normal commercial terms

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

None

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

⁺ See chapter 19 for defined terms.

Financing facilities available
Add notes as necessary for an understanding of the position.

		Amount available \$A'000	Amount used SA'000
3.1	Loan facilities	Nil	Nil
-3.2	Credit standby arrangements	Nil	nı

Estimated cash outflows for next quarter

		\$A'000
4. I	Exploration and evaluation	389
4.2	Development
	Total	389

Reconciliation of cash

	Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Current quarter SA'000	Previous quarter SA'000
5.1	Cash on hand and at bank	5	1,416
5.2	Deposits at call	1,919
5.3	Bank overdraft
5.4	Other (provide details)		800
	Total: cash at end of quarter (item 1.22)	1,924	2,216

Changes in interests in mining tenements

		Tenement reference	Nature of interest (note (2))	Interest at beginning of quarter	Interest at end of quarter
-6.1	Interests in mining tenements relinquished. reduced or lapsed	Charters Towers EPM 14388 Granny's Swamp EPM 14604	Sold Sold	100% 100%	$0\%$ 0%
6.2	Interests in mining tenements acquired or increased	Acacia Creek EL 25240	Granted	0%	100%

⁺ See chapter 19 for defined terms.

Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights together with prices and dates.

		Total number	Number quoted	Issue price per	Amount paid up per
				security (see note	security (see note 3)
7.1	Preference			$3)$ (cents)	(cents)
	+ securities
	(description)
7.2	Changes during
	quarter
	(a) Increases through issues
	(b) Decreases
	through returns
	of capital, buy-
	backs, redemptions
7.3	i Ordinary	247,827,528	247,827,528
	securities
7.4	Changes during quarter
	(a) Increases	14,861,000	14,861,000	4.2 cents	4.2 cents
	through issues
	(b) Decreases
	through returns of capital, buy-
	backs
7.5	+ Convertible
	debt securities
7.6	(description) Changes during
	quarter
	(a) Increases
	through issues
	(b) Decreases through
	securities
	matured,
	converted
7.7	Options (description and	500,000	w	Exercise price 15 cents	Expiry date 30 June 2007
	conversion	500,000		15 cents	1 September 2007
	factor)	1,450,000	w.	11 cents	10 April 2011
		1,100,000		13 cents	10 April 2011
		2,200,000		15 cents	10 April 2011
7.8	Issued during quarter
7.9	Exercised during
	quarter
7.10	Expired during quarter
7.11	Debentures (totals only)

$+$ See chapter 19 for defined terms.

7.12	Unsecured notes (totals only)

Compliance statement

• $\begin{array}{c} \hline \end{array}$ This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).
• $\overline{2}$ This statement does /does not* (delete one) give a true and fair view of the matters disclosed.

Sign here: ...................................... (Joint Company secretary)

Print name: Janelle Burns

Notes

• $\mathbf{1}$ The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.
• $\overline{2}$ The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.
• 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities.
• $\overline{4}$ The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.
• Accounting Standards ASX will accept, for example, the use of International 5 Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

$= 1.42$

⁺ See chapter 19 for defined terms.