COPPERMOLY LIMITED — Capital/Financing Update 2008

Jan 24, 2008

REVISED PROPOSED USE OF FUNDS

In the two years after listing on ASX, the Company proposes to apply the funds raised from the Offer as follows:

	Minimum Subscription
Use of Funds	\$
Pre-Offer cash	500,000
Total raised in the Offer	8,004,000
Total Funds Available	8,504,000
Exploration year 1 - Simuku Project	2,244,000
Exploration year 1 - Nakru Project	539,000
Exploration year 2 - Simuku Project	2,497,000
Exploration year 2 - Nakru Project	872,300
New project generation and acquisition	85,000
Expenses of the Offer, including broker fees	1,040,000
Administration and compliance costs	1,226,700
Working capital	0
Total Funds Applied	8,504,000