CONICO LTD — Capital/Financing Update 2007

Jul 22, 2007

ACN 119 057 457

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AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

23 JULY 2007

- - PRO RATA NON RENOUNCEABLE OPTIONS ISSUE

As foreshadowed by the Company in its IPO Prospectus dated 11 April 2007, the Company proposes to make an offer to all Fission shareholders in the immediate future, on a record date to be determined, of one option for every two shares held as at the record date at 1 cent per option (each option to acquire one share at an exercise price of 20 cents per share at any time up to and including 28 February 2011).

The Company anticipates that it will lodge the prospectus required for this pro-rata rights issue of options with ASIC and ASX on Monday 30 July 2007. If the prospectus is lodged on that date, the record date for determining shareholders’ entitlements to participate in the issue will be Tuesday 7 August 2007. These dates, however, are anticipated dates only and are subject to change. If there is any delay in the lodgement of the prospectus at ASIC and ASX, the record date will be 6 business days after the date of lodgement.

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Gregory H. Solomon Executive Chairman

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Level 40, Exchange Plaza 2 The Esplanade, Perth, Western Australia 6000 Telephone: (08) 9282 5889 Facsimile: (08) 9282 5866 Website: www.fissionenergy.com.au