CZR RESOURCES LTD — Interim / Quarterly Report 2009

Mar 15, 2009

COZIRON RESOURCES LIMITED & CONTROLLED ENTITIES ABN 92 112 866 869

CONDENSED CONSOLIDATED HALF-YEAR FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

COZIRON RESOURCES LIMITED & CONTROLLED ENTITIES

FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

TABLE OF CONTENTS

Corporate Directory ........................................................................................................................................... 3 Directors’ Report................................................................................................................................................ 4 Auditor’s Independence Declaration.................................................................................................................. 7 Condensed Consolidated Income Statement.................................................................................................... 8 Condensed Consolidated Balance Sheet.......................................................................................................... 9 Condensed Consolidated Statement of Changes in Equity ............................................................................ 10 Condensed Consolidated Cash Flow Statement............................................................................................. 11 Notes to the Financial Statements................................................................................................................... 12 Directors’ Declaration ...................................................................................................................................... 16 Independent Auditor’s Review Report............................................................................................................. 17

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COZIRON RESOURCES LIMITED & CONTROLLED ENTITIES

FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

CORPORATE DIRECTORY

EXECUTIVE CHAIRMAN

Richard Teng Beng Tan

EXECUTIVE DIRECTORS

Lam Fatt Tan (Norman) Sai Kwok Miu Ronald Stanley Punch

COMPANY SECRETARY

Timothy John Spooner

PRINCIPAL OFFICE

Level 4 102 James Street Northbridge, Western Australia 6003 Telephone: (08) 9227 7766 Facsimile: (08) 9227 1370

REGISTERED OFFICE

C/- MGI Perth

Level 41, 108 St Georges Terrace, Perth, Western Australia 6001 Telephone: (08) 9227 7766 Facsimile: (08) 9227 1370 E-mail: admin@coziron.com Website: www.coziron.com

AUDITORS

Cormac Sharkey & Co 1[st] Floor, 216 Stirling Highway Claremont, Western Australia 6010 Telephone: (08) 9383 3488 Facsimile: (08) 9383 3455

SHARE REGISTRAR

Security Transfer Registrars Alexandria House, Suite 1 770 Canning Highway Applecross, Western Australia 6153 Telephone: (08) 9315 2333 Facsimile: (08) 9315 2233

STOCK EXCHANGE LISTING

Australian Stock Exchange (Home Exchange: Perth, Western Australia) Code: CZR

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COZIRON RESOURCES LIMITED & CONTROLLED ENTITIES

FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

DIRECTORS’ REPORT

Your directors submit the financial report of the consolidated group for the half-year ended 31 December 2008.

DIRECTORS

The names of directors who held office during or since the end of the half-year:

Lam Fatt Tan Richard Teng Beng Tan Sai Kwok Miu Ronald Stanley Punch (Appointed 28 October 2008)

REVIEW OF OPERATIONS

In February 2008, the Company entered into a Heads of Agreement to Joint Venture with PT Galian Endapan Buana (“GEB”), on an 80:20 basis, (CZR 80% GEB 20%) with GEB’s interest to be a free carried interest, in respect of a Lead Trading, Exploration and Mining venture in Indonesia.

GEB was awarded the requisite Lead export licence by the West Sumatra Government on 12 February 2008.

In April 2008, the Company entered into a Heads of Agreement to Joint Venture with PT Galian Endapan Buana (“GEB”), on an 80:20 basis, (CZR 80% GEB 20%) with GEB’s interest to be a free carried interest, in respect of an Iron Sands Trading, Processing, Exploration and Mining venture in Indonesia.

In September 2008, the Company entered into two Joint Venture (JV) agreements with GEB, one for the exploration of iron sands and the other for the exploration of lead. The JV agreements confirm the terms and conditions specified in the Heads of Agreement. Through the JV, the Company’s rights and interests are fully protected regarding all aspects of the licence requirements.

AGAM Iron Sands Project

The AGAM Iron Sands project area is located on Sumatra Island. The project comprises two licences totalling 3,960 hectares. The two licences are situated approximately 100 kms north-west of Padang, the capital city of West Sumatra.

The licences are located on the coastal plains within a few hundred metres of the shoreline. The northernmost tenement has been the focus for exploration of iron rich sands. The concentrations of heavy mineral sands, principally magnetite, occur as distinct bands of varying thicknesses within a sequence of silt, sand and gravel beds below surface.

Coziron had previously dug 20 exploration test pits down to 4m below surface in the main prospect area of the northern licence. Each pit was sampled according to the geology and assayed for iron using a hand held X-Ray Fluorescence (XRF) analyser, a total of 67 samples were collected and analysed. The weighted average analysis for the mineralised zones using the hand held XRF was approximately 22% Fe and the results indicate that the magnetite mineralisation extends over a minimum area of one square kilometre.

These samples were transported to Nagrom in Perth for metallurgical test work and assay. A group of these samples was selected as representing typical mineralisation and these were assayed by Ultratrace in Perth. The results were compared with the assays obtained using the hand held XRF.

The head grade was 25.90% Fe and 4.79% TiO2. This sieve analysis confirmed the highest grades were in the finest fractions so that the –150 micron fraction assayed 48.40%Fe and contained 32% of the total iron.

Davis Tube Recovery (DTR) test work was carried out by Nagrom at 3 strength settings, 3,000, 1,000 and 500 gauss, on 3 separate splits of the composite sample. A sieve analysis was then carried on the material recovered.

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COZIRON RESOURCES LIMITED & CONTROLLED ENTITIES

FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

DIRECTORS’ REPORT (Continued)

REVIEW OF OPERATIONS (Continued)

AGAM Iron Sands Project (Continued)

The best grades in each case reported to the fine fraction or <150 micron. At 3,000 gauss the <150 micron grade was 56.65% Fe and 11.20% TiO2 and Fe recovery was 44.36%. At 1,000 gauss the <150 micron grade was 56.89% Fe and 11.10% TiO2 and Fe recovery was 47.05%. At 500 gauss the <150 micron grade was 57.14% Fe and 11.10 TiO2 and Fe recovery was 48.30%.

It was decided that in order to improve the grade Nagrom should try ‘attritioning’. ‘Attritioning’ is a process of strongly agitating the sample to break the constituent grains down and cause separation of clay/waste particles.

‘Attritioning’ did not improve the best grades in the <150 micron fraction and did not improve the recovery over that in the non-attritioned DTR test work; Grinding in a ball mill to better liberate the magnetite grains from the unwanted gangue was tested. There was a significant improvement of the overall grade to 55.86%Fe and the average grade for <150 micron fraction was 56.29%Fe, the recovery to this fraction is significantly improved to 71.0%.

Since the end of the half year financial period, an off take agreement has been signed for a 5 year period for high titanium magnetite concentrate at a rate of 30,000 tonnes per month and pilot process plant has been ordered with capacity of 10,000 tonnes per month.

Solok Selatan Galena Lead Ore Project

After Citic International visited our lead site and warehouse in Indonesia, they came to the conclusion that the grade of lead obtained is not up to their specification on dry basis of 50%, the trial shipment of 500 ton lead ore did not eventuate. Hence, no field activities were carried out at Solok Selatan Galena. Due to the economic downturn, the Company has decided to concentrate on the AGAM Iron Sands project with a faster turnover time.

Project Generation

In addition to the company’s active Asian exploration project work undertaken during the period, the Company has been considering several prospective exploration project proposals, both domestically in Australia and overseas.

SIGNIFICANT CHANGES IN STATE OF AFFAIRS

The following significant changes in the state of affairs of the Economic Entity occurred during the financial period:

On 28 October 2008, Mr Ronald Stanley Punch was appointed a director of the company.

In September 2008, the Company entered into two Joint Venture (JV) agreements with PT Galian Endapan Buana (‘GEB’), one for the exploration of iron sands and the other for the exploration of lead. The Joint Venture agreement confirms the terms and conditions specified in the Heads of Agreement between the two parties.

Other than stated above, there were no significant changes in the state of affairs of the Company during the financial year.

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COZIRON RESOURCES LIMITED & CONTROLLED ENTITIES

FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

DIRECTORS’ REPORT (Continued)

SUBSEQUENT EVENTS

In January 2009, the Company signed an offtake agreement for 5 years with Wuhan Tongrui Industry & Trade Ltd (a company incorporated in the People’s Republic of China) to supply 30,000 tonnes of Iron Sands each month. Also in the same month, the Company signed an agreement to purchase iron sands separating equipment at a cost of US$99,000 from the People’s Republic of China. This machine will be used at the AGAM site for producing iron sand concentrates.

In February 2009, the Company’s joint venture partner in the AGAM iron sands project, PT Galian Endapan Buana, was awarded the requisite Iron sands mining and export licence by the West Sumatra Government.

Except for the above, in the opinion of the Directors, no other matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the Company, the results of those operations, or the state of affairs of the Company in future financial years.

AUDITOR’S INDEPENDENCE DECLARATION

The lead auditor’s independence declaration under section 307C of the Corporations Act 2001 for the halfyear ended 31 December 2008 is set out on page 7.

This report is signed in accordance with a resolution of the Board of Directors.

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Mr Richard Tan Executive Chairman

Dated this 13[th] day of March 2009

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COZIRON RESOURCES LIMITED

FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2008 AUDITOR’S INDEPENDENCE DECLARATION

& CONTROLLED ENTITIES

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COZIRON RESOURCES LIMITED & CONTROLLED ENTITIES

FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

CONDENSED CONSOLIDATED INCOME STATEMENT FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

(a) Note Revenue Exploration expenditure written off Employee benefits expense Compliance and professional fees Depreciation Occupancy costs Travel expenses Administration expenses (Loss) before income tax 2 Income tax expense (Loss) for the period (Loss) attributable to the members of Coziron Resources Limited Overall operations Basic loss per share (cents) Diluted loss per share (cents)	Consolidated Group Half-Year 31 December 2008 $ Half-Year 31 December 2007 $ 24,746 46,719 - (1,207,766) (124,372) (148,044) (126,482) (191,423) (16,899) (8,156) (38,497) (1,811) (26,409) (13,382) (184,456) (26,092)
	(492,369) (1,549,955) - -
	(492,369) (1,549,955)
	(492,369) (1,549,955)
	(0.70) (2.36) (0.62) (1.52)

The above income statement should be read in conjunction with the accompanying notes.

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COZIRON RESOURCES LIMITED & CONTROLLED ENTITIES

FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

CONDENSED CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2008

Note ASSETS Current Assets Cash and cash equivalents Trade and other receivables Inventories Total Current Assets Non-Current Assets Investments in associates accounted for using the equity method Property, plant and equipment Exploration assets 3 Total Non-Current Assets TOTAL ASSETS LIABILITIES Current Liabilities Trade and other payables Accruals Short term provisions Total Current Liabilities TOTAL LIABILITIES NET ASSETS EQUITY Contributed equity 5 Reserves Accumulated losses TOTAL EQUITY	Consolidated Group As At 31 December 2008 $ As At 30 June 2008 $ 652,615 271,651 47,774 252,997 51,795 51,795
	752,184 576,443
	25,872 25,872 162,451 167,228 471,130 -
	659,453 193,100
	1,411,637 769,543
	257,216 2,820 10,000 54,908 26,607 18,398
	293,823 76,126
	293,823 76,126
	1,117,814 693,417
	6,513,114 5,596,348 (54,586) (54,586) (5,340,714) (4,848,345)
	1,117,814 693,417

The above balance sheet should be read in conjunction with the accompanying notes.

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COZIRON RESOURCES LIMITED & CONTROLLED ENTITIES

FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

Balance at 1 July 2007 Loss attributable to members of parent entity Balance at 31 December 2007 Balance at 1 July 2008 Exercise of options Expiration of options Rights issue Loss attributable to members of parent entity Balance at 31 December 2008	Ordinary Shares Options Reserves Retained Earnings Total Equity $ $ $ $ $ 4,833,740 317,608 (5,130) (747,854) 4,398,364 - - - (1,549,955) (1,549,955)
	4,833,740 317,608 (5,130) (2,297,809) 2,848,409
	5,278,740 317,608 (54,586) (4,848,345) 693,417 200 - - - 200 - - - - - 916,566 - - - 916,566 - - - (492,369) (492,369)
	6,195,506 317,608 (54,586) (5,340,714) 1,117,814

The above statement of changes in equity should be read in conjunction with the accompanying notes.

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COZIRON RESOURCES LIMITED & CONTROLLED ENTITIES

FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

CONDENSED CONSOLIDATED CASH FLOW STATEMENT FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

Cash flows from operating activities Receipts from customers Payments to suppliers and employees Interest received Net cash flows used in operating activities Cash flows from investing activities Acquisition of plant and equipment Deposit paid Payment for exploration expenditure Net cash flows used in investing activities Cash flows from financing activities Proceeds from issue of ordinary shares Proceeds from exercise of options Net cash flows provided by financing activities Net increase/(decrease) in cash held Cash and cash equivalents at the beginning of the half-year Cash and cash equivalents at the end of the half-year	Consolidated Group Half-Year 31 December 2008 $ Half-Year 31 December 2007 $ 18,000 - (77,296) (453,619) 6,746 32,900
	(52,550) (420,719)
	(12,122) - - (56,469) (471,130) (254,089)
	(483,252) (310,558)
	916,566 - 200 -
	916,766 -
	380,964 (731,277) 271,651 1,234,957
	652,615 503,680

The above cash flow statement should be read in conjunction with the accompanying notes.

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COZIRON RESOURCES LIMITED & CONTROLLED ENTITIES

FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

1. STATEMENT OF SIGNIFICANT ACCOUNT POLICIES

The principal accounting policies adopted in the preparation of the financial report are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Basis of Preparation

The half-year consolidated financial statements are a general purpose financial report prepared in accordance with the requirements of the Corporations Act 2001 , Australian Accounting Standard AASB 134 Interim Financial Reporting , Australian Accounting Interpretations and other authoritative pronouncements of the Australian Accounting Standards Board.

It is recommended that this financial report be read in conjunction with the annual financial report for the year ended 30 June 2008 and any public announcements made by Coziron Resources Limited and its controlled entities during the half-year in accordance with continuous disclosure requirements arising under the Corporations Act 2001 .

The half-year report does not include full disclosures of the type normally included in an annual financial report. Therefore, it cannot be expected to provide as full an understanding of the financial performance, financial position and cash flows of the group as in the full financial report.

The accounting policies and methods of computation adopted in the preparation of the half-year financial report are consistent with those adopted and disclosed in the company’s annual financial report for the financial year ended 30 June 2008.

It has been determined by the Group that there is no impact, material or otherwise, of the new and revised Standards and Interpretations on its business and, therefore, no change is necessary to Group accounting policies.

Reporting basis and conventions

The half-year report has been prepared on an accruals basis and is based on historical costs modified by the revaluation of selected non-current assets, financial assets and financial liabilities for which the fair value basis of accounting has been applied.

2. LOSS BEFORE INCOME TAX	Consolidated	Group
	Half-Year		Half-Year
	31 December 2008	31 December 2007
	$		$
The following revenue and expense items are
relevant in explaining the financial performance for
the half-year:
Interest revenue	6,746		32,900

3. EXPLORATION ASSETS

A reconciliation of the movements in the capitalised exploration assets per tenement or exploration right is detailed below:

right is detailed below:
	As at
	31 December	2008
Opening balance at the beginning of the half-year		-
Add: Exploration expenditure capitalised during the period	471,130
Less: Exploration expenditure written off in the period		-
Closing Balance	471,130

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COZIRON RESOURCES LIMITED & CONTROLLED ENTITIES

FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

3. EXPLORATION ASSETS (CONTINUED)

Exploration costs are only carried forward to the extent that they are expected to be recouped through the successful development or sale of the area or where activities in the area have not yet reached a stage that permits reasonable assessment of the existence of economically recoverable reserves.

In addition, the group has material mining exploration rights in Indonesia which are the subject of contractual requirements to undertake continuous work throughout the period. The group has received correspondence for the local Indonesian mining authorities and the Directors are reviewing all the group’s rights to explore, to determine if projects are economically viable and should be maintained. If the directors believe that the projects are not viable to continue exploring these tenements, this will result in a write off of the existing Exploration Assets in the next period.

4. INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD

The company adopts equity accounting for investments in associates where the group is considered to have significant influence upon that entity.

The carrying value would include the group’s share of the net profits or losses of the Associate. Where the company has been unable to be provided with sufficiently reliable information as to the performance of the Associate, the investment in the Associate has been carried at cost. The directors have assessed the recoverability of the cost of the investment against the tangible assets of the associate and where there are indicators of impairment, the asset is written down to the net tangible asset position of the Associate.

5. ISSUED CAPITAL	5. ISSUED CAPITAL	Consolidated Group	Consolidated Group	Consolidated Group
		As At			As At
		31 December	2008	30	June 2008
			$		$
Ordinary shares		6,195,506			5,278,740
Options		317,608			317,608
		6,513,114			5,596,348
Movements in ordinary shares on issue
Date	Details			Number	$
1 July 2008	Opening balance			65,939,253	5,278,740
31 July 2008	Listed options exercised			1,000	200
24 October 2008	Rights issue			11,457,075	916,566
31 December 2008	Closing balance			77,397,328	6,195,506
Movements in options	on issue
Date	Details			Number	$
1 July 2008	Opening balance			34,260,751	317,608
31 July 2008	Listed options exercised			(1,000)	-
31 July 2008	Expiration of remaining listed	options		(29,759,751)	-
31 December 2008	Closing balance			4,500,000	317,608

6. SEGMENT INFORMATION

The Company operates predominantly in one geographical segment, being Indonesia, and in one industry, being mineral exploration.

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COZIRON RESOURCES LIMITED & CONTROLLED ENTITIES

FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

7. CONTINGENT LIABILITIES

Subsidiaries in Indonesia have no insurance. If there is any claim of whatsoever nature, the company would have to satisfy such claim.

Except for the above, in the opinion of the Directors, there are no material contingent liabilities that existed at the reporting date.

8. RELATED PARTY TRANSACTIONS

Transactions with related parties

The following transactions occurred with related parties during the half-year:

Management fees received from related parties Management fees paid to related parties*	Consolidated Group Half-Year 31 December 2008 $ Half-Year 31 December 2007 $ 18,000 -
	82,962 -

• These fees are received from Integrated Rubber Industries Limited, a company with common directors.

** These fees were paid to PT Wahana Karet, a company with common directors.

9. COMMITMENTS

Exploration commitments Within one year Later than one year but not later than 5 years Later than 5 years	Consolidated Group As At 31 December 2008 $ As At 30 June 2008 $ 36,085 67,525 - - - -
	36,085 67,525

• In September 2008, the Group entered into two joint venture (‘JV’) agreements with PT Galian Endapan Buana (‘GEB’) for the exploration of lead and iron sands, which are subject to completion of legal due diligence. The heads of agreement for both JVs have been signed, and the initial payments for US$40,000 (for lead) and US$25,000 (for iron sands) have been affected representing 50% of the total amount payable under each agreement. The amount reflected above at 30 June 2008 is the remaining 50% payable under each agreement which has been translated at the closing rate of AUD 1 = USD 0.9626. Since then US$10,000 has been paid and at 31 December 2008, a remaining total of US$55,000 is payable. Out of this amount US$30,000 has been taken up as accruals, making the remaining commitment US$25,000, translated at the closing rate of AUD 1 = USD 0.6928.

In addition, the JV agreement requires that upon the execution of deed of assignment for the exploration of lead, Coziron is to issue a total of 3,000,000 shares and 3,000,000 options (exercisable at 30 cents per share within two years) to GEB. These shares and options are yet to be issued at the date of this report and will be issued shortly. The value of the 3,000,000 shares has been taken up as part of the accruals at a value of 3.5 cents per share (being the share price as at 31 December 2008). The 3,000,000 options have been taken up at nil cents per option. A further 2,000,000 shares is to be issued to GEB upon the delivery of the first shipment of iron sands. At the date of this report, this first shipment has not yet been delivered and hence these shares have not yet been issued to GEB.

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COZIRON RESOURCES LIMITED & CONTROLLED ENTITIES

FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

10. SUBSEQUENT EVENTS

In January 2009, the Company signed an offtake agreement for 5 years with Wuhan Tongrui Industry & Trade Ltd (a company incorporated in the People’s Republic of China) to supply 30,000 tonnes of Iron Sands each month. Also in the same month, the Company signed an agreement to purchase an iron sand separating equipment with a cost of US$99,000 from the People’s Republic of China. This machine will be used at the AGAM site for producing iron sand concentrates.

On 16 February 2009, the Company’s joint venture partner in the AGAM iron sands project, PT Galian Endapan Buana, was awarded the requisite Iron sands mining and export licence by the West Sumatra Government.

Except for the above, in the opinion of the Directors, no other matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the Company, the results of those operations, or the state of affairs of the Company in future financial years.

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COZIRON RESOURCES LIMITED & CONTROLLED ENTITIES

FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

DIRECTORS’ DECLARATION FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

The directors of the Company declare that:

1. The financial statements and notes, as set out on pages 8 to 15:

2. (a) comply with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations; and

3. (b) give a true and fair view of the economic entity’s financial position as at 31 December 2008 and of its performance for the half-year ended on that date.

4. In the Directors’ opinion there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the Board of Directors.

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Mr Richard Tan Executive Chairman

Dated this 13[th] March 2009

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COZIRON RESOURCES LIMITED & CONTROLLED ENTITIES

FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2008 INDEPENDENT AUDITOR’S REVIEW REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

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COZIRON RESOURCES LIMITED & CONTROLLED ENTITIES

FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

INDEPENDENT AUDITOR’S REVIEW REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

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