COPPERMOLY LIMITED — Interim / Quarterly Report 2009

Jan 27, 2010

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ADDRESS PHONE PO Box 6965 +61(07) 5592 1001 Gold Coast Mail Centre FAX Qld 9726 Australia +61 (07) 5592 1011 EMAIL ABN 54 126 490 855 info@coppermoly.com.au WEBSITE www.coppermoly.com.au

ASX Announcement

28[th] January 2010

ASX Code: COY

TECHNICAL REPORT – QUARTER ENDED 31 DECEMBER 2009

HIGHLIGHTS

• Barrick due diligence completed on Coppermoly’s tenements

• Barrick prepares for drilling at the Nakru project

• Coppermoly acquires a 100% ownership of its Simuku project

1.0 BARRICK FARM-IN

Barrick (PNG Exploration) Limited (Barrick), a wholly owned subsidiary of Barrick Gold Corporation successfully completed its due diligence under the terms of the Letter Agreement between the two companies. Barrick have commenced the farm-In from the 9[th] October 2009 which allows them to earn a 72% of the projects by spending $20 million within eight years. Once this is achieved, Coppermoly can retain a 28% interest in its exploration licences EL 1043 (Nakru), EL 1077 (Simuku) and EL 1445 (Talelumas). The projects on New Britain Island are accessible by road from the provincial capital of Kimbe which has a deep water port and a domestic airport at Hoskins (refer to Figure 1).

Barrick has committed to a minimum expenditure of AUD$3 million within the first two years. If Barrick withdraws at any time after it has met the minimum expenditure but before it earns 72% equity in the farm-in, it will not retain any interest in the exploration licences. Barrick has also taken a placement of 4.6% of Coppermoly shares raising $567,868.

Once Barrick has earned 72% equity, Coppermoly can elect to delay the payment of its share (28%) of ongoing costs, incurred up to the production of a feasibility study,,until that stage to be repaid from 50% of its share of revenue.

Barrick are currently undertaking preparations for the commencement of exploration on the Nakru and Simuku projects. It is anticipated the exploration programme will include further surface sampling, mapping and drilling early in 2010. Coppermoly are assisting Barrick over the next few months with staff, equipment and office space in order to facilitate the start of field activity.

Barrick plan to undertake further diamond drilling to test the extent and grade of copper mineralisation. Drilling will also test the geophysical targets identified from the induced polarisation survey at Nakru.

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FIGURE 1

2.0 ABOUT COPPERMOLY

Coppermoly Ltd is an Australian based company, listed on the Australian Stock Exchange (ASX) that is focussed on exploring for copper-gold-molybdenum and gold deposits. It holds 100% title to three Exploration Licences EL 1077 (Simuku), EL 1043 (Mt. Nakru) and EL 1445 (Talelumas) covering 170 km[2] . These three tenements are currently part of the Barrick earn-in arrangement. They are located in an excellent geological environment and close to essential infrastructure including roads, an airfield and an operating deep water port at the provincial capital of Kimbe (refer to Figure 1).

The Company’s interest in Simuku is now 100% from a previous 90% following the allotment of 4,650,000 shares and 1,200,000 COYOA Options to a minor interested party.

Topography of all Coppermoly project areas is moderate, at between 300 metres and 800 metres above sea level, enabling relatively easy conditions for on-site development and logistics. Access to Simuku from the provincial capital of Kimbe takes one hour using a four wheel drive vehicle via a logging road. Access to Nakru takes approximately four hours driving along roads and logging tracks.

As a result of Coppermoly’s successful rights issue and placement of shortfall we now have sufficient funds and a significant number of new investors. The Barrick Farm-In provides the project funding required to further advance our existing copper-molybdenum-gold projects. Coppermoly will closely monitor the early drilling results by Barrick while it continues to review other projects, initially on New Britain Island and other islands within PNG.

Public Relations: The Managing Director carried out a roadshow to investors and brokers in Adelaide, Melbourne and Sydney in December 2009. A presentation was also given at the offices of Novus Capital, which was fully attended, and to the investment community at the “20:20 Investor Series” held in Sydney. This presentation is available for download from Coppermoly’s website. An article “Coppermoly Attracts Major Interest” was published in the Resource Stocks journal in November and is also available for download from Coppermoly’s website in the media section.

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3.0 SIMUKU PORPHYRY COPPER – GOLD - MOLYBDENUM SYSTEM

Major exploration programs have been successfully completed where 6,021 metres of drilling in 31 diamond drillholes and 28 kilometres of bulldozer surface trenching have defined a 3,500 metre by 650 metre copper envelope of mineralisation. A maiden Inferred Mineral Resource has been estimated containing 200 million tonnes grading 0.47% copper equivalent (using a 0.30% copper equivalent cut-off). Within this Resource, an Inferred Mineral Resource of 80 million tonnes grading 0.60% copper equivalent was obtained using a 0.5% copper equivalent cut-off.

The 200 million tonne Inferred Resource covers less than one-third of the area of known surface copper mineralisation. There is scope for a significant increase in tonnage and grade. The near surface copper mineralisation envelope is similar in size to the Yandera porphyry copper system in PNG (refer to Figure 2).

A near surface ‘supergene’ blanket of secondary copper enrichment of 0.49% to 1.00% copper has been encountered in at least eleven drillholes at Nayam, Tobarum and Misili Prospects (refer to Table 1). Bulldozer trench exposures outside the Inferred Resource area show indications of leaching which would occur above areas of possible copper enrichment.

- Table 1: Drillhole Copper Enrichment (0.4% copper cut off)

Hole	From	To	Width	Vertical	Cu	Mo	Au	Ag
	(m)	(m)	(m)	Thickness	(%)	(ppm)	(g/t)	(g/t)
				(m)
SMD03	17.15	23.5	6.35	6	0.52	5	0.07	0.7
(Tobarum)
SMD04	27.6	65.3	37.7	37.7	0.64	27	0.04	1.4
(Tobarum)
SMH10	30	66	36	36	0.70	39	0.10	1.8
(Tobarum)
SMH12	21.5	33.5	12	12	0.62	87	0.06	N/A
(Nayam)
SMD18	42	60	18	16	0.97	174	0.09	1.3
(Nayam)
SMD19	18	36	18	16	1.00	140	0.11	4.4
(Nayam)
SMD21	19	32	13	11	0.62	34	0.14	3.1
(Misili)
SMD25	41	57	16	14	0.49	215	0.04	1.8
(Nayam)
SMD26	18	42	24	21	0.62	43	0.06	4.6
(Nayam)
SMD27	24	52	28	27	0.74	16	0.07	1.8
(Tobarum)
SMD30	12	30	18	16	0.67	126	0.09	3.1
(Misili)

The Simuku porphyry copper deposit contains 700,000 tonnes of copper, 12,000 tonnes of molybdenum, 12 tonnes of gold and 391 tonnes of silver (or 1.5 billion pounds of copper, 26 million pounds of molybdenum, 0.4 million ounces of gold and 13 million ounces of silver).

Higher grades of primary copper were intersected at the Nayam Prospect including 16 metres grading 1.24% copper from 240 metres down hole depth in SMD026. These areas of higher grade copper warrant further detailed drilling to evaluate the extent of a higher grade copper resource of primary mineralisation.

High grade zones of molybdenum are yet to be fully tested by drilling. At the Horseshoe prospect, diamond drillhole SMD-014 intersected 19 metres grading 0.32% molybdenum, including 7 metres grading 0.61% molybdenum from surface.

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FIGURE 2: Simuku Inferred Resource and Surface Mineralisation

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4.0 NAKRU COPPER-GOLD-MOLYBDENUM SYSTEMS

The Mt. Nakru tenement encloses copper-(gold) and copper-(molybdenum) hydrothermal breccia, porphyry and/or volcanogenic hosted massive sulphide (VHMS) systems.

Coppermoly completed a three dimensional induced polarisation (3D-IP) geophysical survey which clearly identified for the first time two large chargeable bodies of sulphide related to copper mineralisation. These targets present very exciting features for further drill testing at the Nakru-1 and Nakru-2 prospects.

The Nakru-2 polymetallic system occurs as a 700 metre diameter hydrothermal breccia or VHMS. The associated 3-D IP anomaly indicates potential for a significant tonnage of copper sulphide mineralisation (refer to Figure 3).

The first ever drillhole into this system was completed by Coppermoly (NAK2-001) and it intersected 51.7 metres grading 1.21% copper (with minor zinc, gold and silver), associated with the 19 metres grading 4.3% copper along surface trenching. The second drillhole (NAK2-002) intersected 73 metres grading 0.96% copper, including 7 metres grading 3.36% copper (with minor zinc, gold and silver). At 100 metres depth, NAK2-001 intersected 51.7 metres grading 1.21%. Copper mineralisation has been intersected to over 200m metres depth within the geophysical anomaly, which remains largely untested by drilling.

At the Nakru-1 Prospect over 9,000 metres of bulldozer trenching and 1,967.6 metres of diamond drilling in 17 holes have been completed to date. During 2008, Coppermoly completed 880.8 metres of drilling in eight drillholes and over 2,100m of trenching.

The first deep drillhole completed by Coppermoly (NAK017) tested part of “IP Anomaly 2” (refer to Figure 4). The drillhole intersected semi-massive sulphides, with 28.4 metres grading 1.10% copper plus 0.27 g/t gold below the ‘base of oxidation’ at 30 metres vertical depth. Above the ‘base of oxidation’, NAK017 intersected higher gold grades of 35.5 metres grading 0.39 g/t gold from 13 metres vertical depth.

Historical drillholes also partly tested “IP Anomaly 2” with intervals of 40 metres grading 0.95% copper in drillhole NAK006 and 86.15 metres grading 0.50 g/t gold and 0.46% copper (including 14.4 metres grading 2.2 g/t gold and 0.40% copper from 80 metres vertical depth) in drillhole NAK003.

Historical and mainly barren drillholes outside the presently defined geophysical anomalies were targeted on surface gold and copper results from trench sampling. With the presence of significant copper values related to the smaller and less intense “IP Anomaly 2”, the “IP Anomaly 1” is a significant new source of potential copper mineralisation totally un-tested by drilling.

An upper gold bearing breccia blanket has been defined by trenching and soil sampling over a 700 metre by 300 metre area. Trench intersections include 9 metres grading 1.08 g/t gold. Drilling results include an interval of 5.8 metres grading 1.9 g/t gold from surface. This blanket of gold mineralisation overlies intervals of 17.1 metres grading 0.5% copper and 7.6 metres grading 1.1% copper in historical drillhole NAK001.

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FIGURE 3: Nakru-2 Induced Polarisation (100m depth) and select surface geochemistry.

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FIGURE 4: Nakru-1 Induced Polarisation (200m depth) and drillhole locations.

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5.0 EXPLORATION AT TALELUMAS (EL 1445)

The Talelumas Exploration Licence encompasses the northern and western periphery of the Simuku tenement. The area was explored previously by CRA Exploration, BHP, Nord Resources, Esso, City Resources, Macmin NL and Placer (PNG) Exploration from 1965 to 1995. Drainages within the entire tenement have been covered by historical regional stream sediment sampling together with limited ridge and spur and grid-based soil sampling.

The Isme Creek prospect was initially identified from historical stream sediment anomalies and historical rock samples which included 0.86% copper, 0.77 g/t gold, 0.74 g/t gold and 0.58 g/t gold. The prospect occurs as a zinc anomalous area approximately 2.3 kilometres long by 1.0 kilometre wide and is located on a major structural “Kulu-Awit” trend, which traverses the island.

Coppermoly collected thirteen outcrop samples with one sample grading an exceptional 9.47 g/t gold, 552 g/t silver, 0.15% copper, 7.94% zinc and 7.05% lead. In light of last year’s drilling at the Nakru-2 prospect where zinc and other base metals were encountered in semi-massive sulphide, Isme Creek presents a promising target for on-going exploration.

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FIGURE 5: Location of Prospects in the Talelumas Tenement

At the Mt. Misusu copper-molybdenum prospect, nine out of the eighteen samples collected by Coppermoly were anomalous in copper including 1.07% copper and 109 ppm molybdenum. These samples occur within a copper anomalous area of 850 metres by 500 metres where historical rock sample results of 7.89% copper and 0.85 g/t gold, 3.66% copper and 0.80 g/t gold were reported. Further work is required at Mt. Misusu to define a likely sub parallel porphyry mineralised system such as demonstrated at nearby Simuku.

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On behalf of the board,

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Peter Swiridiuk MANAGING DIRECTOR

For further information please contact Peter Swiridiuk on (07) 5592 1001 or visit www.coppermoly.com.au,

The information in this report that relates to Exploration Results is based on information compiled by Peter Swiridiuk, who is a Member of the Australian Institute of Geoscientists. Peter Swiridiuk is a consultant to Coppermoly Ltd and employed by Aimex Geophysics. Peter Swiridiuk has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Peter Swiridiuk consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Notes:

• *Copper Equivalent

Mineralisation at Simuku consists of copper, molybdenum, gold and silver. Copper equivalent* is calculated as follows:

Metal (assay results)	Metal (assay results)	Metal (assay results)	Metal (assay results)	Metal Price 9 Dec 2008	Metal Price 9 Dec 2008	Factors	Factors	Value Cllti	Metal value US$
A				B		C		acuaon
1	Copper	Cu	ppm	1.44	US$/lb	453.59	ppm/lb	1A x(1B/1C)=	M
2	Molybdenum	Mo	ppm	11.00	US$/lb	453.59	ppm/lb	2A x(2B/2C)=	N
3	Gold	Au	g/t	772.00	US$/oz	31.103	g/oz	3A x(3B/3C)=	O
4	Silver	Ag	g/t	10.00	US$/oz	31.103	g/oz	4A x(4B/4C)=	P
Sumof metal values								S	M+N+O+P
**Metal equivalent in Copperppm **								*Cu. Eq **	S / 1B x 1C

• The copper equivalent* values for intersections are quoted in addition to individual metal values, as they provide the most meaningful comparisons between different drill holes and trenches. The copper equivalent value will vary with the metal prices.

• All stated intersections are weighted assay averages ([Sum of each total interval x grade] / Total length of intersection) with a cut-off of 0.1 g/t gold or 0.2% copper.

• Copper Equivalent (Cu.Eq) is the contained copper, molybdenum, gold and silver and that are converted to an equal amount of pure copper and summed (based on assays of mineralised rock and actual metal prices). It is used to allow interpretation of the possible theoretical ‘value’ of mineralised rock, without consideration of the ultimate extractability of any of the metals.

• Island Arc related porphyry copper – molybdenum - gold – silver deposits such as Simuku typically recover those metals subject to prevailing metal prices and metallurgical characteristics.

• The ASX requires a metallurgical recovery be specified for each metal, however, no testwork has ever been undertaken at Simuku and recoveries can only be assumed to be typical for Island Arc porphyry copper -molybdenum–gold–silver deposits.

• It is the Company’s opinion that each of the elements included in the metal equivalents calculation has reasonable potential to be recovered if the project proceeds to mining.

• Drilling samples were transported to the camp site, logged, photographed and sampled at 2 metre intervals from core split by saw. The split samples are then transported to the town of Kimbe where they are air freighted to Intertek in Lae (PNG) for sample preparation. Samples are dried to 106 degrees C and crushed to 2-3 mm. Samples greater than 2kg are rifle split down to 1.5kg and pulverised to 75 microns. The final 300g sized pulp samples are then sent to Intertek laboratories in Jakarta for geochemical analysis. Intertek analyse for gold using a 50g Fire Assay with Atomic Absorption Spectroscopy finish. Other elements are assayed with ICPAES Finish. Copper values greater than 1000ppm are re-assayed using a multi acid digest (hydrochloric, nitric, perchloric and hydrofluoric acid) to leach out the copper with an ICP finish. Molybdenum samples greater than 100ppm were check assayed using X-Ray diffraction. Intertek laboratories have an ISO 17025 accreditation.

• Quality control and quality assurance checks on sampling and assaying quality are satisfactory.

• The reported mineral resource estimate has been rounded to appropriate significant figures.

Kc/ps001.10

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Appendix 5B Mining exploration entity quarterly report

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

Name of entity

COPPERMOLY LIMITED

ACN OR ARBN Quarter ended ("current quarter") 095 684 389 31 December 2009

Consolidated statement of cash flows

Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration and evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other - Expenditure reimbursable by others Net Operating Cash Flows	Current quarter $A'000	Year To Date $A'000*
	1 (99) - - (226) - 11 - - 31	61 (180) - - (409) - 15 - - 23
	(282)	(490)
Cash flows related to investing activities 1.8 Payment for purchase of: (a) prospects (b) equity investments (c) other fixed assets 1.9 Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other - Mines Dept & Premises deposits Net Investing Cash Flows 1.13 Total operating and investing cash flows (carried forward)	- - (1) - - - - 54 -	- - (1) - - - (88) 114 -
	53	25
	(229)	(465)

Appendix 5B Page 1

Appendix 5B Mining exploration entity quarterly report

COPPERMOLY LIMITED

~~1.13~~ Total operating and investing cash flows (brought forward)	(229)	(465)
Cash flows related to financing activities 1.14 Proceeds from issue of shares, options, etc. 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Net financing cash flows Other - proceeds from subscription money held pending issue of shares	711 - - - - (158)	2,590 - - - - 1
	553	2,591
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to 1.20 1.22 Cash at end ofquarter	324 2,292 (12)	2,126 490 (12)
	$2,604	$2,604

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

related	entities
1.23 1.24	Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of payments to the parties included in item 1.10	Current quarter $A'000
		90
		Nil
1.25	Explanation necessaryfor an understandingof the transactions
	Directors: salaries and consulting fees

Non-cash financing and investing activities

2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows.

A Letter Agreement was signed with Barrick (PNG Exploration) Limited to sole fund AUD$20 million to earn up to a 72% interest in Coppermoly Ltd's three exploration tenements on New Britain Island, Papua New Guinea.

• 2.2 Details of outlays made by other entities to establish or increase their shares in projects in which the reporting entity has an interest.

Barrick (PNG Exploration) Limited has spent $A210 ('000) in relation to exploration of the tenements in West New Britain, Papua New Guinea.

Appendix 5B Page 2

Appendix 5B Mining exploration entity quarterly report

COPPERMOLY LIMITED

Financing facilities available

Add notes as necessary for an understanding of the position

Financing facilities available Add notes as necessary for an understanding of the position
3.1 Loan facilities 3.2 Credit standby arrangements	Amount available $A'000		Amount used $A'000
Estimated cash outflows for next quarter
4.1 Exploration and evaluation 4.2 Development		$A'000
		100
		-
Total		100

Reconciliation of cash

Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows. 5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other : fixed term deposits	Current quarter $A'000	Previous quarter $A'000
	1,204	2,292
	1,400	0
Total: cash at end ofquarter (item 1.22)	2,604	2,292

Changes in interests in mining tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased	Tenement Reference	Nature of Interest (note(2))	Interest at beginning ofQuarter	Interest at end of Quarter
	EL 1077 (Simuku)	Acquired from W S Yeaman	90%	100%

Appendix 5B Page 3

Appendix 5B Mining exploration entity quarterly report

COPPERMOLY LIMITED

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates

	Total number	Numberquoted	Issue price per security (see note 3) (cents)	Amount paid up per security (see note 3) (cents)
7.1 Preference +securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs redemptions	Nil	Nil
7.3 +Ordinary securities 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs	137,179,551	93,899,552
	3,170,000 4,650,000 6,309,647 26,972	3,170,000 4,650,000 6,309,647 26,972	$0.050 $0.140 $0.090 $0.070	$0.050 $0.140 $0.090 $0.070
7.5 +Convertible debt securities (description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured,converted	Nil	Nil
7.7 Options (description and conversion factor) 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired/cancelled during quarter	3,000,000 1,700,000 2,000,955 20,503,822 23,690,757 1,325,000 3,500,000 3,500,000	20,503,822 23,690,757	Exercise price 30 cents 25 cents 30 cents 30 cents 7 cents 10 cents 19 cents 23 cents	Expiry date 22-Oct-10 13-Mar-11 30-Apr-11 30-Apr-11 01-Dec-11 05-Oct-12 01-Dec-12 01-Dec-12
	2,785,000 1,325,000 3,500,000 3,500,000	2,785,000	7 cents 10 cents 19 cents 23 cents	01-Dec-11 05-Oct-12 01-Dec-12 01-Dec-12
	26,972	26,972	7 cents	01-Dec-11
7.11 Debentures (totals only)	Nil	Nil
7.12 Unsecured notes (totals only)	Nil	Nil

Appendix 5B Page 4

Appendix 5B Mining exploration entity quarterly report

COPPERMOLY LIMITED

Compliance statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Law or other standards acceptable to ASX (see note 4)

• 2 This statement does / ~~does not*~~ (delete one) give a true and fair view of the matters disclosed.

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Sign here: Date: January 27, 2010
( Director/ Company Secretary)
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Print name: Maurice Gannon

Notes

• 1 The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. Any entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

• 2 The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of interest and conditions precedent in the list required for items 6.1 and 6.2.

• 3 Issued and Quoted Securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities.

• 4 The definitions in, and provisions of , AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report

• 5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

• == == == ==

Appendix 5B Page 5