CONICO LTD — Capital/Financing Update 2007

Jul 30, 2007

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

Fission Energy Ltd

ACN

119 057 457

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).

• $\mathbf{1}$ ⁺Class of $\pm$ securities issued or to be Options issued
• Number of ⁺securities issued or to $\overline{2}$ be issued (if known) or maximum number which may be issued

Principal terms of the +securities (eg, 3 if options, exercise price and expiry date; if partly paid *securities, the amount outstanding and due dates payment; $i$ f +convertible for securities, the conversion price and dates for conversion)

Approximately 28,500,000

Each option entitles the holder to subscribe for one fully paid ordinary share. The options are exercisable at any time prior to 5:00pm WST on 28 February 2011 at an exercise price of 20 cents

• See chapter 19 for defined terms.

	4 Do the "securities rank equally in all No quoted options are currently in existence.
	respects from the date of allotment The options will rank equally in all respects
	with an existing $\frac{1}{2}$ class of quoted with the 12,500,000 (unquoted) options already
*securities?	on issue to Tasman Resources NL.

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

Issue price or consideration 5

1 cent

Purpose of the issue 6 (If issued as consideration for the acquisition of assets, clearly identify those assets)

Issue foreshadowed in section 3.12 of the Company's prospectus dated 11 April 2007. The proceeds of the issue will be used to fund the costs of the issue and for general working capital purposes.

Dates of entering +securities into $\overline{7}$ uncertificated holdings or despatch of certificates

6 September 2007 (anticipated)

		Number	+ Class
8	Number and $\text{t}$ telass of all 31,000,000 ASX *securities quoted on (including the securities in clause 2 if applicable)		Ordinary Shares

⁺ See chapter 19 for defined terms.

9 Number and ⁺class of all ⁺securities not quoted on ASX (including the securities in clause 2 if applicable)

Number	$+C$ lass
26,000,000	Ordinary Shares
	(Escrowed)
12,500,000	Options (20c 28
	February 2011)
1,000,000	Options (20c 18 June
	2010)
1,500,000	Options (ESOP)

Dividend policy (in the case of $a \mid$ At this time, the directors do not intend to $10$ trust, distribution policy) on the declare a dividend increased capital (interests)

No

Part 2 - Bonus issue or pro rata issue

• $11$ security holder approval Ιs required?
• Is the issue renounceable or non- $12$ renounceable?

Non-renounceable

• Ratio in which the ⁺securities will $1:2$ 13 be offered
• $14$ ⁺Class of ⁺securities to which the offer relates

15 +Record date to determine entitlements

8 August 2007

Yes

Options (20c, 28 February 2011)

• Will holdings on different registers 16 (or subregisters) be aggregated for calculating entitlements?
• Policy for deciding entitlements in $17$ 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 acceptances or renunciations

Rounded up to the nearest whole number

United Kingdom, Netherlands, Singapore and the United States of America

of | 31 August 2007

Appendix 3B Page 3

⁺ See chapter 19 for defined terms.

Appendix 3B New issue announcement

$\frac{1}{\sqrt{2}}$

$\hat{\mathcal{A}}$

$\hat{\boldsymbol{\beta}}$

20	Names of any underwriters	Taylor Collison Limited
21	Amount of any underwriting fee or commission	\$1.00
22	Names of any brokers to the issue	Taylor Collison Limited
23	Fee or commission payable to the broker to the issue	Nil
24	Amount of any handling fee payable to brokers who lodge acceptances behalf of renunciations on or *security holders	None
25	If the issue is contingent on *security holders' approval, the date of the meeting	N/A
26	Date entitlement and acceptance form and prospectus or Product Disclosure Statement will be sent to persons entitled	13 August 2007
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	provided existing Notice already to optionholders
28	Date rights trading will begin (if applicable)	N/A
29	Date rights trading will end (if applicable)	N/A
30	How do + security holders sell their entitlements in full through a broker?	N/A
31	How do + security holders sell part of their entitlements through a broker and accept for the balance?	N/A

$\sim$

How do ⁺security holders dispose of $N/A$ 32 their entitlements (except by sale through a broker)?

*Despatch date 33

Prospectus will be dispatched to shareholders on 13 August 2007

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)
• Securities described in Part 1 $(a)$
• $(b)$

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

37

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

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

A copy of any trust deed for the additional +securities

This information will be provided after the non-renounceable rights issue has closed.

⁺ See chapter 19 for defined terms.

Entities that have ticked box 34(b)

• 38 Number of securities for which ⁺quotation is sought
• Class of ⁺securities for which 39 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)

Number and ⁺class of all ⁺securities 42 quoted on ASX (including the securities in clause 38)

Number	+Class

• See chapter 19 for defined terms.

Quotation agreement

• +Quotation of our additional +securities is in ASX's absolute discretion. ASX may $\mathbf{1}$ quote the 'securities on any conditions it decides.
• We warrant the following to ASX. $\overline{2}$
• The issue of the 'securities to be quoted complies with the law and is not ٠ 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 $\bullet$ *securities to be quoted under section 1019B of the Corporations Act at the time that we request that the +securities be quoted.
• We will indemnify ASX to the fullest extent permitted by law in respect of any 3 claim, action or expense arising from or connected with any breach of the warranties in this agreement.
• We give ASX the information and documents required by this form. If any 4 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:

General Proven Date: 30/7/07 (Director/Company secretary)

GREGORY H SOLOMON

Print name:

⁺ See chapter 19 for defined terms.