COPPERMOLY LIMITED — Capital/Financing Update 2008

Jan 24, 2008

FINANCIAL INFORMATION

SUBSCRIPTION OBTAINED - $8,004,000

BALANCE SHEET ASSETS Current Assets Cash and cash equivalents Trade and other receivables Total Current Assets Non-Current Assets Tenement acquired by share issue & tenement expenditure to be reimbursed Total Non-Current Assets TOTAL ASSETS LIABILITIES Current Liabilities Trade and other payables Total Current Liabilities Non-Current Liabilities Deferred tax liabilities Total Non-Current Liabilities TOTAL LIABILITIES NET ASSETS EQUITY Contributed equity Reserves TOTAL EQUITY	Pre Prospectus Pro-forma Pro-forma Subsequent Transactions Events $ $ $ 500,000 6,764,000 7,264,000 - - -
	500,000 6,764,000 7,264,000
	1,640,000 - 1,640,000
	1,640,000 -1,640,000
	2,140,000 6,764,000 8,904,000
	200,000 (200,000) -
	200,000 (200,000) -
	- - -
	- - -
	200,000 (200,000) -
	1,940,000 6,964,000 8,904,000
	1,940,000 6,724,000 8,664,000 - 240,000 240,000
	1,940,000 6,964,000 8,904,000

This Balance Sheet is to be read in conjunction with the notes to and forming part of the financial statements.

COPPERMOLY LIMITED PROSPECTUS

FINANCIAL INFORMATION

STATEMENT OF CHANGES IN EQUITY

BALANCE AT 30 JUN 2007 Loss for the period Placement of shares (net of fees) Tax consolidation distribution BALANCE AT 31 DEC 2007 Placement of shares (net of fees) Issue of options PRE-PROSPECTUS SUBSEQUENT EVENTS Prospectus share issue (net of fees) PRO-FORMA BALANCE	Issued Share Accumulated Total Capital Options Losses Reserve $ $ $ $ - - - - - - - - 1,940,000 - - 1,940,000 - - - -
	1,940,000 - - 1,940,000
	- - - - - 240,000 240,000
	- 240,000 -
	6,724,000 - - 6,724,000
	8,664,000 240,000 - 8,904,000

The Statement of Changes in Equity is to be read in conjunction with the notes to and forming part of the financial statements.

NOTE TO BALANCE SHEET

PRO-FORMA BALANCE SHEET

The purpose of the pro-forma balance sheet is to show the financial effects on Coppermoly as if the following transactions had taken place as at 31 December 2007:

2(a). Pre prospectus subsequent events (Transactions which have been concluded by the Company subsequent to 30 June 2007 but prior to the issue of the Prospectus)

• the issue of 10,000,000 shares at 5 cents per share to raise $500,000 for Seed Capital

• the issue of 10,526,316 fully paid ordinary shares for the termination of Nakru JV Agreement to Kanon Canada at the notional value of .036 cents per share in consideration

• the issue of 29,473,683 fully paid ordinary shares for the Tenement transfer from NGG Canada at the notional value of .036 cents per share

2(b). Pro-forma financial information

• the issue of 32,015,288 shares at 25 cents per share pursuant to the Prospectus to raise $8,003,822; and

• the payment and recognition directly in equity of costs incurred by the Company in relation to the capital raising estimated to be $1,040,000.

COPPERMOLY LIMITED PROSPECTUS