COPPERMOLY LIMITED — Capital/Financing Update 2008

Jan 24, 2008

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ADDRESS PHONE PO Box 7996 +61(07) 5592 2274 Gold Coast Mail Centre FAX Qld 9726 Australia +61 (07) 5592 2275 EMAIL ABN 54 126 490 855 info@coppermoly.com.au WEBSITE www.coppermoly.com.au

22 January 2008

COMPLETION OF AGREEMENT

Reference is made to section 5.4 of the Prospectus issued by Coppermoly Limited, dated 25 October 2007. Coppermoly Limited confirms the completion of the agreement dated 12 October 2007, between Coppermoly Limited, Copper Quest, NGG Canada, New Guinea Gold Limited (NGG PNG), Kanon PNG and Kanon Canada.

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Garry Edwards Company Secretary

Kc/ge016.08