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D ’ A G U I L A R G O L D LT D A N D C O N T R O L L E D E N T I T I E S A N N U A L R E P O R T F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 0 7

2007 ANNUAL REPORT VOL 1 (of 2)

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Nicholas Mather Ian Levy (Chairman) Brian Moller Vincent Mascolo

Duncan Cornish

Link Market Services Ltd Level 12, 300 Queen Street Brisbane QLD 4000 Phone: 1300 554 474

BDO Kendalls Level 18, 300 Queen Street Brisbane QLD 4000 Phone: +61 7 3237 5999

D’Aguilar Gold Ltd Level 5, 60 Edward Street Brisbane QLD 4000 Phone: + 61 7 3303 0680 Fax: +61 7 3303 0681

Australia

Australian Stock Exchange Ltd ASX Code: DGR

Hopgood Ganim Level 8, Waterfront Place 1 Eagle Street Brisbane QLD 4000

www.daguilar.com.au

ABN 67 052 354 837

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Chairman’s Report	3
Review of Operations and
Future Developments	4
Management	20
Shareholder Information	22
Interests in Mining and
Exploration Tenements	24

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CHAIRMAN’S REPORT

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Dear Shareholder,

Your company has achieved a successful transition from pure exploration to an exploration/development company with a pipeline of emerging projects. Management’s adroit identification of opportunities and the resulting market support has begun to deliver value for all shareholders.

Corporate: The Company plans to further enhance value by creating several target-specific subsidiary companies that will become separately managed and capitalised to suit their specific projects. As promised, D’Aguilar Gold Limited (“D’Aguilar”) is spawning new businesses, allowing them to grow rapidly with the injection of $6.1 million of capital over the past six months.

Existing and new shareholders will be able to choose the way they wish to invest – either directly in the shares of the new subsidiaries and/or indirectly via holding shares in D’Aguilar which will retain substantial holdings in the new subsidiaries and will continue to create more mining investment opportunities.

Modern Metals: The economic outlook is unprecedented – each year, more than 20 million Chinese relocate from rural areas into the rapidly industrialising urban sectors of China. This modern industrial revolution in the large developing nations has created intense demand for the “modern-metals” at a time when the mining industry was unprepared – exploration investment had declined for over a decade. The resulting lack of new mines combined with rapidly increasing demand has driven metal prices to record highs and this period of intense demand for the modern-metals will last many years. This is why your company has targeted the scarce modern-metals; molybdenum, nickel, copper-gold, uranium and gold.

Anduramba Molybdenum is our most advanced project where drilling results by the Company’s subsidiary, Anduramba Molybdenum Pty Ltd, continue to exceed expectation and early mine studies look positive. Molybdenum is a steel-additive metal that is crucial for petroleum pipelines and other specialist

applications. The company is rapidly advancing a pre-feasibility study so that its route towards production and shareholder value can be optimised.

AusNiCo Nickel: The Company’s subsidiary AusNiCo Pty Ltd (“AusNiCo”) is the vehicle for developing the nickel-cobalt assets. Nickel is the key ingredient in stainless steel and rechargeable batteries - a core modern-metal. AusNiCo’s Mt Cobalt project comprises over 100 metres vertical thickness of nickel oxide mineralisation at surface (no overburden). It is generally low-iron and exceeds 0.6% nickel and 0.03% cobalt. Large tonnages are clearly evident and some areas of higher grades at surface will soon be drill-tested. This is part of a 230 kilometre-long nickel province in south east Queensland that is largely unexplored. Signs of shallow nickel sulphide mineralisation have also been discovered in some prospects and areas of higher-grade nickel oxides are also targeted for exploration over the coming year.

Mt Isa Metals’s Copper-Gold: Tenements have been pegged and are being granted to your company’s subsidiary, Mt Isa Metals Pty Ltd, over prospects in northern Queensland where exploration for large iron-oxide hosted copper-gold (“IOCG”) orebodies like Olympic Dam copper-uranium and Ernest Henry copper is intensifying.

Eastern Uranium: Similarly, tenements prospective for uranium have been pegged and are being granted to your company’s subsidiary, Eastern Uranium Pty Ltd.

D’Aguilar Gold: The parent company is pursuing its own gold targets with encouraging results.

On behalf of shareholders, I thank the management, staff and Board of the D’Aguilar Group – their astute work makes these projects increasingly valuable. Our thanks also go to our founding Chairman, Chris Rawlings, who retired from your company on 2 July 2007 – he helped focus the business plan.

Ian Levy Chairman

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REVIEW OF OPERATIONS AND FUTURE DEVELOPMENTS

BUSINESS SUMMARY

The year ended 30 June 2007 was a watershed year for D’Aguilar Gold Limited (“D’Aguilar”). While exploration for porphyry copper gold ore bodies in the D’Aguilar Block north of Brisbane continued, the Company firmly established its credentials as a generator of exploration and development companies in a wide ranging array of minerals in Queensland and New South Wales.

In late 2006, D’Aguilar refocussed its business model to become a diverse resource company generator. This redefinition of D’Aguilar’s business flowed from the successful track record of management and the Board in resource company creation and growth. The Board has focussed that generative effort for D’Aguilar which has recently identified several promising resource projects in Queensland and New South Wales as a result of exhaustive research and exploration.

This annual report is the first of D’Aguilar’s incarnation as a diverse resource company generator. D’Aguilar’s team has extensive experience in project generation, funding and management which means that the Company is offering shareholders multiple opportunities to participate in the value-growth arising from several different projects in a variety of commodities.

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Host rock to nickel mineralisation at Mt Cobalt
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Stream sediment sampling around Mt Cobalt project
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Other companies have several projects but D’Aguilar offers several points of difference which amount to a competitive edge:

We generate our projects directly through the skills and experience of a team of accomplished geoscience explorationists, thus avoiding the costly capital expense of purchasing projects.
Each project or exploration strategy is held in a separate subsidiary. That way several advantages accrue.
Focussed or specialist management for each project/ commodity/strategy are engaged as required.
Project-specific finance is raised in the subsidiaries – it’s faster and less dilutive to D’Aguilar.
When appropriate, the subsidiary can be separately capitalised – for example by an IPO.
Investors can choose to either invest specifically in a project/commodity by investing in the subsidiary or, by investing in D’Aguilar, they can invest in the resource company generating business. That way D’Aguilar and its subsidiaries can appeal to a wider range of investors.
The projects are very large. That way the opportunity to make world class discoveries and efficiencies of scale in operations is maximised.
The exploration concepts are novel. D’Aguilar’s subsidiary projects frequently involve reassessment of large data bases with new angles and new focus. Alternatively, new exploration models may be developed and applied to extensive exploration areas which can lead to the discovery of nationally important mineral provinces.

D’Aguilar’s subsidiaries demonstrate this:

Anduramba Molybdenum is evaluating an exciting molybdenum deposit located north of Toowoomba in south east Queensland and this project may soon progress to the bankable feasibility study stage.

Mt Isa Metals is targeting an entire new Iron-OxideCopper-Gold (IOCG) province in northern Queensland the size of the Tennant Creek District.

Eastern Uranium is targeting the discovery of new uranium provinces in eastern Queensland using models which have yielded large ore bodies in the Gawler of South Australia, and the Georgetown Block of Queensland respectively.

AusNiCo has combined the advent of atmospheric leaching metallurgical processes and the geophysical identification of extensive low grade nickel oxide mineralisation to define a new, unexplored nickel province in southeast Queensland.

D’Aguilar has additional resource strategies which are in a developmental stage and are not yet tenured. Your Board expects several of these to materialise as new resource exploration subsidiaries in the next 12 months.

In summary , the Board believes that a unique set of macro economic conditions have combined to provide an environment in which there is a strong demand for metals and all commodities. We expect these conditions to prevail for many years, as a result of the long gestation.

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Reverse circulation drilling at Anduramba
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MARKET OUTLOOK

The combination of strong increase in demand for commodities as large sections of the developing world industrialise and the past lack of exploration investments has caused a critical shortage of new mineral exploration and development projects. It takes five years to fund a world class deposit and two to five years thereafter to develop them. The NEW EXPLORATION AGE only started in 2003 and accordingly the outlook is for a 5-10 year period of strong commodity demand and exploration investment.

That environment augers well for the generation of new innovative exploration projects which is now D’Aguilar’s business.

REVIEW OF PROJECTS-SUBSIDIARIES

Mt Isa Metals Pty Ltd (“Mt Isa Metals”), formerly D’Aguilar Minerals Pty Ltd, while suffering delays in the grant of exploration permit areas, was further advanced as an explorer for large iron oxide copper gold (IOCG) systems in the Mt Isa inlier as well as the Clermont area. Over $2 million of seed capital was raised and the Company is preparing for an IPO partially underwritten by Bizzell Capital Partners Pty Ltd (“Bizzell Capital”) in early 2008.

D’Aguilar’s most advanced project at Anduramba, located 40 kilometres north of Toowoomba, south east QLD, was moved in to a wholly owned subsidiary, Anduramba Molybdenum Pty Ltd (“Anduramba Molybdenum”). Funding via a converting note issue advanced resource drilling and commencement of a Detailed Feasibility Study aimed at the development of 2-3 million tonnes per annum molybdenum, copper and silver open cut mine.

Considerable effort has gone in to the identification and application for new gold, nickel, uranium and base metals areas in eastern Australia. New subsidiaries Eastern Uranium Pty Ltd (“Eastern Uranium”) and AusNiCo Pty Ltd (“AusNiCo”) have been formed to hold relevant project areas, and seed funding raised in both entities. Mr Ian Levy was appointed as Chief Executive Officer of AusNiCo in June 2007, and this company is preparing for stock exchange listing via an IPO in early 2008.

Gold exploration tenements at Rannes/Cooper north of Cracow in QLD have recently been transferred to Central Minerals Pty Ltd (“Central Minerals”), a focused gold exploration company. Less developed exploration projects at Bathurst, NSW (polymetallic gold, copper, silver, lead and zinc), Windera (gold), Peenam (porphyry copper gold) and Ban Ban (zinc and base metals) continue to be advanced within the parent company.

To undertake the significantly increased activities, the D’Aguilar Gold exploration team has been supplemented during the year by additional staff and contract geologists with experience in a wide range of geological terrains, supported by extra field staff, vehicles and equipment. The Group Exploration Office was relocated to an easily accessible building on the Bruce Highway in Gympie late in the year.

The significant lift in generative and field exploration activity during the year is well reflected in the amount of drilling undertaken. The company and its subsidiaries drilled 130 holes for a total of 10,272m on 12 different project areas. Of these, 38 holes (5,432m) were drilled on infill and resource extensions at Anduramba Molybdenum, and 32 holes (2,114m) on nickel exploration at Black Snake and Mt Cobalt in south east QLD.

The location of the different D’Aguilar Gold Limited Group project areas in south east QLD is shown in the accompanying Figure 1.

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Figure 1: D’Aguilar Gold Limited Group - south east QLD Project Locations

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Cutting drill core at Anduramba
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Drill cores from Anduramba
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ANDURAMBA MOLYBDENUM PTY LTD

During the year the Anduramba Molybdenum Project, situated 16km north east of Crow’s Nest, one and a half hours drive west of Brisbane, was the subject of extensive drilling and assessment. Two drilling campaigns were completed and a third was underway for a total of 8,000m of predominantly reverse circulation drilling at the date of this report to define the resource, identify high grade zones and provide sample material for metallurgical testing. The attached plan (Figure 2) shows drill hole locations at the conclusion of the third campaign in August 2007.

In April the Company announced the outcome of a revised study incorporating the results from the first drilling campaign. Reoptimisation of the open pit designs by D’Aguilar’s independent engineering consultants Coffey Partners and Australian Mine Design, defined a larger and more valuable project with the following parameters based on:

❚ a two million tonnes of ore per annum mining operation
❚ an 18.7 million tonne inferred resource, at a grade of 0.088% Molybdenum equivalent (refer footnote 1*)
❚ capital cost estimates for the development of the project of $60 million have been adopted for the study, delivering
❚ an estimated discounted net present value of $155 million

This discounted net present value is approximately double the estimate from the previous scoping study completed in mid 2006.

Following the assessment of all data from the second drilling campaign a fresh block model was prepared by the company consultants using the same assumptions as previously. This provided revised estimation of the Anduramba resource in Table 1 below. The resource expanded to 26.6mt @ 0.07% Mo equivalents at a cut off grade of 0.03% Mo resulting in an 11% increase in the contained Mo equivalent.

❚ a discounted net present value of the operating cash flows of $215 million

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Figure 2: Anduramba Molybdenum Deposit and Drillhole Locations

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Nickel - cobalt mineralisation at Mt Cobalt
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Drill pad preparation at Mt Cobalt
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Table 1

A: resources above a cut-off grade of 0.04% molybdenum equivalent (Mo Equiv).

see footnote on page 18 regarding metal equivalence aggregation methods

	Volume		Resource Metal Grades	Resource Metal Grades	Resource Metal Grades	Resource Metal Grades	Contained Tonnes Mo Equiv	Contained Tonnes Mo Equiv	% increase
Resource Category	Million Cubic Metres	Tonnes Millions	Molybdenum (%Mo)	Silver (g/t)	Copper (%Cu)	% Mo Equiv	This Estimate	Previous Estimate Feb ‘07
Inferred Resources	8.3	19.9	0.076%	6	0.015%	0.08%	16,100	15,700	3%

B: resources above a cut-off grade of 0.03% molybdenum equivalent (Mo Equiv).

see footnote below regarding metal equivalence aggregation methods

	Volume		Resource Metal Grades	Resource Metal Grades	Resource Metal Grades	Resource Metal Grades	Contained Tonnes Mo Equiv	Contained Tonnes Mo Equiv	% increase
Resource Category	Million Cubic Metres	Tonnes Millions	Molybdenum (%Mo)	Silver (g/t)	Copper (%Cu)	% Mo Equiv	This Estimate	Previous Estimate Feb ‘07
Inferred Resources	11.1	19.9	0.066%	6	0.014%	0.07%	18,700	16,800	11%

The latest drilling results demonstrate the continuation of ore grade mineralisation at depth and along strike to the west-south-west and north east. This trend is dominated by a structurally controlled zone which hosts higher grade mineralisation characterised by high copper and silver values. Further exploration drilling is expected to further extend the resource limits.

When all results are available from the third drilling campaign concluded in August the company will undertake a full revision of the project study, including optimisation of open pit

designs, and update the financial model. This is expected to demonstrate further enhancement of the project viability.

AusNiCo Pty Ltd

During the year D’Aguilar Gold continued work on its promising atmospheric heap leach nickel and cobalt project in the Black Snake and Mt Cobalt areas near Kilkivan. These are situated on a 30km long prospective greenstone belt stretching from Widgee in the south to north of Kilkivan.

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Figure 3: Mt Cobalt geochemical zones over aeromagnetic drape on topography

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Drilling at Sutakiki
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Drill core from Sutakiki
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Following very encouraging assay results from a drilling program at Black Snake and Mt Cobalt early in the year, applications for further exploration permits over geologically similar ground at Poperima west of Bundaberg were lodged. Subsequently the nickel/cobalt exploration areas were transferred to a subsidiary company, AusNiCo Pty Ltd, and $2 million in seed capital raised for 10% of AusNiCo. In June 2007 the Company announced the appointment of Mr Ian Levy as CEO of AusNiCo, and its intention to seek listing on the ASX by way of an IPO in the first quarter of 2008.

Work has continued on laboratory leach testing of material from Mt Cobalt at the HRL Testing Laboratories in Brisbane, with the current program examining chloride leach techniques. Discussions have also been held with other organisations with access to existing leaching technologies that may be applicable to the AusNiCo ores at Kilkivan.

SOLOMON GOLD PLC

D’Aguilar still holds a 1% net smelter return royalty and 5 million shares in Solomon Gold plc (“Solomon Gold”), and looks forward to a successful program by Solomon Gold in the Solomon Islands.

Solomon Gold is operating an intensive exploration program involving a three rig drilling program and a team of ten geologists, in the search for a world class porphyry copper gold and epithermal gold project on Guadalcanal in the Solomon Islands.

In the last quarter a VTEM airborne electromagnetic and gravity survey was flown over the Mt Cobalt and Mt Widgee project areas. While the detailed report is yet to be finalised, initial data has led to further extensive field work being undertaken east-north-east and south of Mt Cobalt in the Mt Terrible area. Rock, soil and stream sediment sampling has revealed significant mineralised porphyry intrusions, nickel mineralisation and the porphyry serpentinite contacts.

A 200m vertical diamond core hole COB 11 was drilled at Mt Cobalt to provide material for metallurgical testing, with the top 96m assaying 0.58% Ni. A substantial new reverse circulation drilling program is planned for the coming quarter to define an inferred resource at Mt Cobalt. Figure 3 summarises the current state of technical knowledge of the geology, aeromagnetic and geochemistry signature of the Mt Cobalt area.

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The Pacific Rim of Fire – One of the most prospective regions in the world for giant porphyry copper – gold systems

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Windera project area
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Historic open cut workings at Manumbar gold mine
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MT ISA METALS PTY LTD

EASTERN URANIUM PTY LTD

The creation of a focused explorer for large iron oxide copper gold (IOCG) systems in the Mt Isa – Cloncurry area continued apace during the year, with key tenements transferred in to a new company, Mt Isa Metals Pty Ltd (formerly D’Aguilar Minerals Pty Ltd). Further generative exploration research identified additional areas of significant interest, including the potential for roll front uranium in the Toolebuc Formation of the Eromanga Basin, and iron/oxide/copper/gold systems near Clermont, QLD. The company now has over 30 Exploration Permits granted or in the application phase, as shown in Figure 4.

Mt Isa Metals Pty Ltd has commitments for $1.05 million with a further $2.2 million within 12 months fully underwritten by Bizzell Capital to fully fund forthcoming exploration and the Mt Isa Metals IPO. The Company is now owned 72% by D’Aguilar. The Company is progressing a minimum $7 million IPO in association with Bizzell Capital in early 2008, with existing D’Aguilar shareholders to be offered a priority allocation.

Granting of exploration tenements by the Queensland Government started to occur during the quarter, and initial field exploration has already commenced on prospective uranium areas in the Hughenden district. Thirteen concealed IOCG targets in the Gregory, Normanton and Boomara Ridge project areas are evident on the basis of aeromagnetics and present the company with potential for a major discovery. Pending the grant of the majority of the exploration tenement applications preparation of the prospectus for the IPO is well advanced.

Eastern Uranium Pty Ltd raised $1.6 million in seed capital to fund initial exploration and preparation for an IPO. D’Aguilar retains an 84% interest in the subsidiary.

Eastern Uranium has applications for exploration tenements in three project areas – Woolgar South, Biloela and Wondai. The location of the Biloela (northern) and Wondai project areas are shown on Figure 1. An exploration program is ready to commence upon grant of tenements. Preparation of an initial draft prospectus for an IPO has commenced.

CENTRAL MINERALS PTY LTD

The Rannes-Cooper epithermal gold exploration tenements located north of Cracow, QLD, are in the process of being transferred to a purely gold focused subsidiary company, Central Minerals Pty Ltd.

During the quarter field work has identified areas highly anomalous in gold and silver during rock and soil sampling programs, and these will be the target areas for a 4,000m reverse circulation drilling program due to commence in early October. Central Minerals Rannes-Cooper prospect locations and selected drill intercepts of previous explorers are shown in Figure 5.

Fifteen targets have been defined in the area and all host significant gold, silver and mercury/antimony anomalism. This assemblage is considered to represent a classic epithermal signature with potential for high grade gold shoots at depth.

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Figure 4: Mt Isa Metals project locations

Figure 5: Rannes – Cooper Goldfields, showing key prospects, and aeromagnetic background, with selected drill intercepts.

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Reverse circulation drilling for gold at Windera
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Gold mineralisation from Crunchy Granola, Rannes Gold project
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DEVELOPING PROJECT AREAS

The Bathurst Project Area (Figure 6), located 90km south of Bathurst in NSW, returned initial results from re-assay of 7 of 21 historic diamond drill hole cores. Two significant prospects were defined at Apsley and Cow Flat. At Apsley, up to 13.5m @ 5.07% copper equivalent (refer Footnote 2) was identified in historic hill cores. Processing and re-assay of the remaining drill cores is proceeding. Additional field work has commenced ahead of a planned initial drilling campaign later this quarter. The area is prospective for polymetallic skarns and copper gold porphyry systems.

Field work also continues at Windera, Cressbrook and Buaraba in south east QLD for gold and base metals.

The Company is awaiting detailed reports on VTEM airborne electromagnetic and gravity surveys undertaken during the quarter at Peenam (porphyry copper gold) and Ban Ban (zinc and base metals). Further field work has been conducted in both areas during the quarter. At Ban Ban, D’Aguilar holds a 100% interest in an inferred resource of 1.7mt @ 7% zinc and is currently investigating metallurgical process and development options.

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Figure 6: EL 6652, 16km south of Bathurst, NSW

FOOTNOTE 1 - regarding estimation and metal equivalents assumptions for Molybdenum Equivalents:

The Company undertakes a composite assay analysis every 2 metres in each drill hole. The Surpac® block models use a 10 metre by 10 metre by 5 metre vertical block, and an assumed SG of 2.5 tonnes per cubic metre in the Sulphide Zone and 1.9 tonnes per cubic metre in the Oxidised Zone.

Cut-off grades are based on Molybdenum Equivalence (“Mo Equiv”) and the inputs for this calculation are:

1	troyounce (oz)	troyounce (oz)	troyounce (oz)	troyounce (oz)	=	31.103477	31.103477	31.103477	grams (gm)
1	pound (lb)				=	453.5924			grams (gm)

Metal*		Prices (US$) Feb 2007 outlook	Units	Price (US$) per gram (gm)			Ratio	Today’s Spot Prices for comparison with February outlook prices used
Mo		$25.00	/ lb	$0.055 / gm			1.00	US$32/lb
Ag		$13.50	/ troy ounce	$0.434 / gm			7.88	US$12.90/oz
Cu		$2.50	/ lb	$0.006 / gm			0.1	US$3.60/lb

Where Mo = Molybdenum, Ag = Silver and Cu = Copper (all in ppm) On this basis, the formula used to calculate Mo Equiv is as follows: Mo Equiv = Mo + 7.88xAg + 0.1xCu

In the Company’s opinion all elements included in the metal equivalents calculation have a reasonable potential to be recovered, approximately in the proportions of 70% to 85% for Mo, 75% to 85% for Ag and 70% to 80% for Cu based on preliminary metallurgical testwork results to date. Recoveries may change as testwork proceeds.

Competent Persons Statement (relating to Molybdenum Equivalents)

The information in this report that relates to Exploration Results (in relation to Molybdenum Equivalents) is based on information compiled by Nicholas Mather B.Sc (Hons) Geol., who is a Member of The Australian Institute of Mining and Metallurgy. Mr Mather is employed by Samuel Holdings Pty Ltd which provides certain consultancy services including the provision of Mr Mather as the Managing Director of D’Aguilar Gold Ltd.

FOOTNOTE 2 - regarding estimation and metal equivalents assumptions for Copper Equivalents:

Metal equivalents are based on:

Copper (Cu) price of US$2.50 per lb, Zinc (Zn) price of US$1.50 per lb, Silver (Ag) price of US$12 per oz and Gold (Au) of US$600 per oz. These are conservative estimated prices below the current spot prices.
Calculation formula of Cu (eq) ppm = Cu (ppm) +0.6 Zn (ppm) + 70 Ag (ppm) + 3,507 Au (ppm). This is a calculated in-ground value equivalent on the basis of the above analytical grades and assumed prices. Relative value contributions and metallurgical recovery ratios have not been assumed for each commodity. (Such adjustments would be undertaken in estimation of the Net Present Value and feasibility which is not done in this report).
In the Company’s opinion all elements included in the metal equivalents calculation have a reasonable potential to be recovered in the proportions of 90% for Cu, 90% for Zn, 90% for Ag and 90% for Au, based on industry averages. Recoveries are subject to metallurgical test results and may change.

Competent Persons Statement (relating to Copper Equivalents)

The information in this report that relates to Exploration Results (in relation to Copper Equivalents) is based on information compiled by Cameron Switzer B.Sc (Hons) Geol., who is a Member of The Australian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists.

Mr Switzer is employed by Switzer Geological Services Pty Ltd, an entity associated with Mr Switzer. Switzer Geological Services Pty Ltd provides certain consultancy services including the provision of Mr Switzer.

Mr Switzer has sufficient experience which is relevant to the style of mineralisation and type of deposit being reported and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves’. Mr Switzer has consented in writing to the inclusion in this report of the matters based on the information in the form and context in which it appears.

Mr Mather has sufficient experience which is relevant to the style of mineralisation and type of deposit being reported 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, Minerals Resources and Ore Reserves’ (the JORC Code). Mr Mather has consented in writing to the inclusion in this report of the matters based on the information in the form and context in which it appears.

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Recording drill chip data at Anduramba
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19
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MANAGEMENT

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Drilling programs through the year at Mt Cobalt, AusNiCo; Sutakiki, Solomon Gold; and Anduramba

D’AGUILAR GOLD LTD HAS A HIGHLY EXPERIENCED BOARD AND MANAGEMENT TEAM.

Ian Levy

BSc (Hons) (ANU) MSc (Dist) (London) & Diploma of Imperial College (Royal School of Mines) Non-Executive Chairman

Mr Levy has had 29 years experience in both mining geology and mineral exploration including 12 years with Western Mining Corporation Limited (WMC) and 11 years experience in mining business development positions.

Mr Levy commenced his mining career with Western Mining Corporation (WMC) at the major Kambalda Nickel Operations in Western Australia and briefly worked on the Kalgoorlie Golden Mile and Central Norseman gold mines prior to being appointed senior commercial geologist at WMC’s head office in Melbourne in 1980.

In 1983, Mr Levy was appointed WMC’s Chief Geologist of the Tavua Basin Joint Venture with Emperor Gold Mines in Fiji. During this time, exploration teams under his management discovered the million-ounce Prince William ore system. From 1987 until present, Mr Levy has worked in development roles for mining-exploration companies including Pancontinental Mining and Gympie Gold Limited. In 2005 he joined Allegiance Mining Ltd as its Chief Executive Officer.

Mr Levy has been Federal President of the Australian Institute of Geoscientists and was a member of the Joint Ore Reserve Committee (JORC) for 10 years including four years as Vice Chairman.

In June 2007 D’Aguilar announced that Mr Levy had been appointed CEO of AusNiCo Pty Ltd, the specialist nickel explorer of which D’Aguilar owns 90% and plans to seek an ASX listing in the first quarter of 2008.

Nicholas Mather

BSc (Hons, Geol) (Univ. QLD) MAusIMM Managing Director

Nick Mather has 26 years experience in exploration and resource company management. His career has taken him to a variety of countries exploring for precious and base metals and fossil fuels.

Mr Mather has focused his attention on the identification of and investment in large resource exploration projects.

He was managing director of BeMaX Resources NL and instrumental in the discovery of the world class Gingko mineral sand deposit in the Murray Basin in 1998. As an executive director of Arrow Energy NL, Mr Mather drove the acquisition and business development of Arrow’s large Surat Basin Coal Bed Methane project in South East Queensland. He was managing director of Auralia Resources NL, a junior gold explorer before its $23 million merger with Ross Mining NL in 1995. He was also a non-executive director of Ballarat Goldfields NL, having assisted that company in its reemergence as a significant emerging gold producer.

Mr Mather was instrumental in the generation of the project base for Waratah Coal and Northern Energy both emerging coal developers in Queensland.

Mr Mather is also Chief Executive Officer of Solomon Gold plc which is listed on the Alternative Investments Market of the London Stock Exchange (AIM). Solomon Gold plc is a former subsidiary of D’Aguilar Gold Ltd.

Brian Moller

LLB (Hons) (Univ. QLD) Non-Executive Director

Mr Moller is a corporate partner in the Brisbane based law firm Hopgood Ganim. He was admitted as a solicitor in 1981 and has been a partner since 1983. He practices almost exclusively in the corporate area with an emphasis on capital raising, mergers and acquisitions.

He holds an LLB Hons from the University of Queensland and is a member of the Australian Mining and Petroleum Law Association.

Mr Moller acts for many public listed resource and industrial companies and brings a wealth of experience and expertise to the board particularly in the corporate regulatory and governance areas. He is a former Chairman of Gold Aura Limited, a Queensland based ASX listed company.

Mr Moller is currently a non-executive director of Solomon Gold plc, which is listed on AIM. Solomon Gold plc is a former subsidiary of D’Aguilar Gold Ltd.

Vincent Mascolo

BEng Mining (Univ. Wollongong) MAusIMM, MEI Aust Non-Executive Director

Mr Mascolo is a qualified mining engineer with extensive experience in a variety of fields including, gold and coal mining, quarrying, civil-works, bridge-works, water and sewage treatment and estimating.

Mr Mascolo has completed assignments in the Civil and Construction Industry, including construction and project management, engineering, quality control and environment and safety management.

Mr Mascolo is a member of both the Australian Institute of Mining and Metallurgy and the Institute of Engineers of Australia.

Greg Runge

BE (Mining), FAusIMM, FIQ, FAICD General Manager

Greg Runge has more than thirty years experience in the Australian minerals industry, principally in senior management of industrial minerals businesses. He was Managing Director of Australia’s largest diversified lime and limestone company, David Mitchell Limited prior to the successful unsolicited takeover by Unimin in 2003. Mr Runge has served as President

of the National Lime Association (1993-95), a member of Standards Australia Committee BD 27 - Lime (1993-96) and represented Australia on the Executive Committee of the International Lime Association.

Mr Runge holds a Bachelor of Engineering Degree in Mining (University of Queensland), and is a graduate of the Executive Management Program at the Australian Management College, Mt Eliza and the AICD Company Director Diploma Course.

Neil Wilkins

BSc, MSc.

Consulting Geologist

Mr Wilkins’ special area of expertise is project generation and exploration management. He has worked in the resource exploration industry for over 30 years. His varied positions with Carpentaria Exploration, Amoco and Cyprus have taken him throughout Australia, to PNG, Mexico and the United States exploring for gold and base metals in a very wide variety of settings.

Mr Wilkins worked in the Northern Territory and Queensland for Amoco Minerals and also was the local geological manager of oil exploration programs for Amoco in Australia for two years.

Mr Wilkins sought out a variety of gold exploration properties for Amoco in 1981 and when the bid for Gold Ridge was successful, became the manager of the Pacific Islands exploration. Mr Wilkins’ career successes include the 2m oz gold discovery at Gold Ridge, the discovery of the first major intersections at Maggies Hays nickel – PGM deposit in WA, and very recently, new discoveries in the Mount Perry area of Queensland for Acapulco Mining Pty Ltd.

Duncan Cornish

BBus (Acctcy), ACA CFO and Company Secretary

Mr Cornish has more than 15 years experience in the accountancy profession both in England and Australia, mainly with the accountancy firms Ernst & Young and PriceWaterhouseCoopers. He has extensive experience in all aspects of company financial reporting, corporate regulatory and governance areas, business acquisition and disposal due diligence, capital raising and company listings and company secretarial responsibilities.

Mr Cornish holds a Bachelor of Business (Accounting) and is a member of the Australian Institute of Chartered Accountants. He is also Company Secretary of several other listed companies.

SHAREHOLDER INFORMATION

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Molybdenum in Anduramba core Looking north at the Anduramba orebody Drilling at Anduramba

The following shareholder information is current as at 19 September 2007.

(a) Distribution of equity securities

The number of holders, by size of holding, in each class of security is:

	Ordinary Shares	Ordinary Shares	Unlisted $0.197 options exercisable on or before 30 September 2008	Unlisted $0.197 options exercisable on or before 30 September 2008	Unlisted $0.127 options exercisable on or before 31 July2008	Unlisted $0.127 options exercisable on or before 31 July2008
	Number of holders	Number of shares	Number of holders	Number of options	Number of holders	Number of options
1 – 1,000	28	7,662	0	0	0	0
1,001 – 5,000	195	673,325	0	0	0	0
5,001 – 10,000	318	2,886,919	0	0	0	0
10,001 – 100,000	707	28,058,366	1	846,920	22	50,000
100,001 and over	215	102,777,516	5	15,817,678	25	2,350,000
Total	1,463	134,403,788	6	16,664,598	47	2,400,000

	Unlisted $0.127 options exercisable on or before 30 June 2009	Unlisted $0.127 options exercisable on or before 30 June 2009	Unlisted $0.20 options exercisable on or before 30 June 2009	Unlisted $0.20 options exercisable on or before 30 June 2009	Unlisted $0.25 options exercisable on or before 30 June 2009	Unlisted $0.25 options exercisable on or before 30 June 2009
	Number of holders	Number of shares	Number of holders	Number of options	Number of holders	Number of options
1 – 1,000	0	0	0	0	0	0
1,001 – 5,000	0	0	0	0	0	0
5,001 – 10,000	0	0	0	0	0	0
10,001 – 100,000	0	0	0	0	0	0
100,001 and over	1	400,000	1	300,000	1	300,000
Total	1	400,000	1	300,000	1	300,000

(b) Twenty largest holders

The names of the twenty largest holders, in each class of quoted security are:

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Ordinary shares:
----- End of picture text -----

Ordinary shares:

1 ANZ Nominees Limited	17,016,817	12.66%
2 Tenstar Trading Limited	10,693,528	7.96%
3 Laskho PtyLtd	2,351,420	1.75%
4Hayes PropertyCorporation PtyLtd	2,049,231	1.52%
5 Caxton Street Agencies PtyLtd *	2,000,000	1.49%
6 Mr Vincent David Mascolo	1,697,711	1.26%
7 WPI Gold Ltd	1,500,050	1.12%
8 Broadhaven PtyLtd	1,500,000	1.12%
9Mr Stephen Chia-Kuei Hsu & Mrs Jacqueline Chiu-Yueh Hsu	1,401,941	1.04%
10 Mr Craig Bottomley	1,324,000	0.99%
11 Fortunato PtyLtd	1,193,677	0.89%
12 Dr Leon Eugene Pretorius	1,152,999	0.86%
13 AscryPtyLtd *	1,090,000	0.81%
14 P J Enterprises Pty Limited	1,024,685	0.76%
15 Mr Clive Brown & Mrs Cynthia Margaret Brown	1,000,000	0.74%
16 Warren W Brown & Marilyn H Brown	1,000,000	0.74%
17 Mr GuyLance Jones	1,000,000	0.74%
18 Mr RodneyLawrence Bray	925,000	0.69%
19National Nominees Limited	820,000	0.61%
20 Mr Andrew Lynton Hurwitz	800,000	0.60%
Top 20	51,541,059	38.35%
Total	134,403,788	100.00%

Merged

As at the date of this report, there we no securities subject to (ASX or voluntary) restriction agreements.

INTERESTS IN MINING AND EXPLORATION TENEMENTS

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Manumbar North prospect

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D’Aguilar Group Exploration Office Gympie

D’Aguilar Gold Ltd and its subsidiaries held the following interests in mining and exploration tenements as at 21 September 2007:

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Tenure Type, Name and Number Current Holder Registered % Date of Expiry
Interest of Holder
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Tenure Type, Name and Number	Current Holder	Registered % Interest of Holder	Date of Expiry

EL 6652 Cow Flat	D’Aguilar Gold Ltd	100%	20/10/2008
EPM 13359 Kilkivan North	Navaho Mining Pty Ltd	100%	3/01/2008
EPM 13360 Kilkivan East	AusNiCo Pty Ltd	100%	5/02/2008
EPM 13361 Kilkivan West	Navaho Mining Pty Ltd	100%	5/02/2008
EPM 14372 Tableland	AusNiCo Pty Ltd	100%	24/01/2010
EPM 14373 Elginvale No 1	D’Aguilar Gold Ltd	100%	17/02/2010
EPM 14560 Mount Kandanga	AusNiCo Pty Ltd	100%	13/09/2010
EPM 14666 Anduramba	Anduramba Molybdenum Pty Ltd	100%	27/10/2009
EPM 14881 Dovedale	D’Aguilar Gold Ltd	100%	3/03/2010
EPM 15134 Gayndah	D’Aguilar Gold Ltd	100%	29/09/2010
EPM 15211 Windera	D’Aguilar Gold Ltd	100%	14/11/2010
EPM 15254 Black Ridge	Central Minerals Pty Ltd	100%	12/01/2011
EPMA 15238 Manumbar	D’Aguilar Gold Ltd	100%	Under Application
EPM 15309 Golden Gully	D’Aguilar Gold Ltd	100%	28/01/2012
EPM 15310 Elginvale North	D’Aguilar Gold Ltd	100%	9/01/2011
EPM 15403 Buaraba Creek	D’Aguilar Gold Ltd	100%	5/10/2011
EPM 15405 Cressbrook Creek	D’Aguilar Gold Ltd	100%	5/10/2011
EPMA 15456 Cardross	D’Aguilar Gold Ltd	100%	Under Application
EPM 15457 Poperima Creek	AusNiCo Pty Ltd	100%	12/07/2011
EPMA 15460 Mount Delaney	D’Aguilar Gold Ltd	100%	Under Application
EPMA 15462 Chillagoe	D’Aguilar Gold Ltd	100%	Under Application
EPM 15684 Anduramba Extended	Anduramba Molybdenum Pty Ltd	100%	12/09/2011
EPMA 15760 Isa East	Mt Isa Metals Pty Ltd	100%	Under Application

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Tenure Type, Name and Number Current Holder Registered % Date of Expiry
Interest of Holder
----- End of picture text -----

Tenure Type, Name and Number	Current Holder	Registered % Interest of Holder	Date of Expiry

EPMA 15762 Isa Central	Mt Isa Metals Pty Ltd	100%	Under Application
EPMA 15763 Isa West	Mt Isa Metals Pty Ltd	100%	Under Application
EPMA 15764 Isa North	Mt Isa Metals Pty Ltd	100%	Under Application
EPMA 15766 Isa South	Mt Isa Metals Pty Ltd	100%	Under Application
EPMA 15767 Isa North Extended	Mt Isa Metals Pty Ltd	100%	Under Application
EPMA 15772 Gregory Two	Mt Isa Metals Pty Ltd	100%	Under Application
EPMA 15774 Gregory One	Mt Isa Metals Pty Ltd	100%	Under Application
EPM 15779 Cooper	Central Minerals Pty Ltd	100%	20/12/2009
EPM 15780 Larcom	Eastern Uranium Pty Ltd	100%	28/01/2010
EPM 15803 Cooper Extended	Central Minerals Pty Ltd	100%	28/01/2010
EPM 15812 Crows Nest East	Anduramba Molybdenum Pty Ltd	100%	19/12/2009
EPM 15842 Glenmore	Central Minerals Pty Ltd	100%	2/01/2010
EPMA 15874 Big Hill	Mt Isa Metals Pty Ltd	100%	Under Application
EPMA 15913 Gunpowder	Mt Isa Metals Pty Ltd	100%	Under Application
EPMA 15914 Gunpowder Creek	Mt Isa Metals Pty Ltd	100%	Under Application
EPMA 15938 Flinders North	Mt Isa Metals Pty Ltd	100%	Under Application
EPMA 15939 Flinders	Mt Isa Metals Pty Ltd	100%	Under Application
EPMA 15940 Flinders Extended	Mt Isa Metals Pty Ltd	100%	Under Application
EPMA 15942 Magowra	Mt Isa Metals Pty Ltd	100%	Under Application
EPMA 15961 Surprise Creek	Mt Isa Metals Pty Ltd	100%	Under Application
EPMA 15962 Peartree 2	Mt Isa Metals Pty Ltd	100%	Under Application
EPMA 15963 Peartree 1	Mt Isa Metals Pty Ltd	100%	Under Application
EPM 15965 Hughenden	Mt Isa Metals Pty Ltd	100%	28/01/2012
EPMA 15994 Hivesville	D’Aguilar Gold Ltd	100%	Under Application
EPMA 16031 Kamileroi	Mt Isa Metals Pty Ltd	100%	Under Application
EPM 16034 Wolfgang Creek South	Mt Isa Metals Pty Ltd	100%	18/06/2012
EPM 16035 Capella	Mt Isa Metals Pty Ltd	100%	18/06/2012
EPMA 16036 Peakvale	Mt Isa Metals Pty Ltd	100%	Under Application
EPM 16037 Brewery Springs	Mt Isa Metals Pty Ltd	100%	18/06/2012
EPM 16038 Capella West	Mt Isa Metals Pty Ltd	100%	18/06/2012
EPM 16039 Wolfgang Creek	Mt Isa Metals Pty Ltd	100%	18/06/2012
EPMA 16040 Capella South	Mt Isa Metals Pty Ltd	100%	Under Application
EPMA 16075 Cannindah Creek	AusNiCo Pty Ltd	100%	Under Application

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Tenure Type, Name and Number Current Holder Registered % Date of Expiry
Interest of Holder
----- End of picture text -----

Tenure Type, Name and Number	Current Holder	Registered % Interest of Holder	Date of Expiry

EPMA 16076 Brigalow Creek	Mt Isa Metals Pty Ltd	100%	Under Application
EPMA 16077 Boyne River	AusNiCo Pty Ltd	100%	Under Application
EPM 16079 Mundubbera	AusNiCo Pty Ltd	100%	23/08/2012
EPMA 16088 Demon Creek	Mt Isa Metals Pty Ltd (to be assigned to Eastern Uranium Pty Ltd upon granting)	100%	Under Application
EPMA 16115 Fisher	Mt Isa Metals Pty Ltd	100%	Under Application
EPMA 16116 Gregory Extended	Mt Isa Metals Pty Ltd	100%	Under Application
EPMA 16119 Gregory Central	Mt Isa Metals Pty Ltd	100%	Under Application
EPMA 16142 Hughenden Extended	Mt Isa Metals Pty Ltd	100%	Under Application
EPMA 16147 Julia	Mt Isa Metals Pty Ltd	100%	Under Application
EPMA 16180 Dangore Extended	Eastern Uranium Pty Ltd	100%	Under Application
EPM 16181 Dangore	Eastern Uranium Pty Ltd	100%	22/08/2012
EPM 16183 Boyne	Eastern Uranium Pty Ltd	100%	21/09/2012
EPM 16186 Dangore	Eastern Uranium Pty Ltd	100%	3/09/2012
EPMA 16202 Blockade	Mt Isa Metals Pty Ltd	100%	Under Application
EPMA 16212 Southern Cross	AusNiCo Pty Ltd (to be assigned to Central Minerals Pty Ltd upon granting)	100%	Under Application
EPM 16239 Chahpingah	Eastern Uranium Pty Ltd	100%	22/08/2012
EPMA 16254 Greycliffe	Eastern Uranium Pty Ltd	100%	Under Application
EPM 16259 Cadarga	Eastern Uranium Pty Ltd	100%	22/08/2012
EPMA 16260 Cadarga 2	Eastern Uranium Pty Ltd	100%	Under Application
EPMA 16261 Cadarga 1	Eastern Uranium Pty Ltd	100%	Under Application
EPMA 16262 Callide	Eastern Uranium Pty Ltd	100%	Under Application
EPM 16307 Mount Blowhard	D’Aguilar Gold Ltd (to be assigned to Central Minerals Pty Ltd)	100%	23/08/2012
EPM 16417 Shefff Creek	Eastern Uranium Pty Ltd	100%	21/09/2012
EPM 16418 Banana Range	D’Aguilar Gold Ltd (to be assigned to Central Minerals Pty Ltd)	100%	21/09/2012
EPM 16419 Reedy Creek	Eastern Uranium Pty Ltd	100%	3/09/2012
EPM 16420 Dee Valley	D’Aguilar Gold Ltd (to be assigned to Central Minerals Pty Ltd)	100%	21/09/2012
EPM 16441 Brigooda 2	Eastern Uranium Pty Ltd	100%	22/08/2012
EPMA 16442 Brigooda	Eastern Uranium Pty Ltd	100%	Under Application
EPMA 16444 Strategic 2	Eastern Uranium Pty Ltd	100%	Under Application
EPMA 16445 Strategic 1	Eastern Uranium Pty Ltd	100%	Under Application

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Tenure Type, Name and Number Current Holder Registered % Date of Expiry
Interest of Holder
----- End of picture text -----

Tenure Type, Name and Number	Current Holder	Registered % Interest of Holder	Date of Expiry

EPMA 16447 Strategic	Eastern Uranium Pty Ltd	100%	Under Application
EPM 16448 Proston	Eastern Uranium Pty Ltd	100%	21/09/2012
EPMA 16498 Johnnies	Mt Isa Metals Pty Ltd(to be assigned to Central Minerals Pty Ltd upon granting)	100%	Under Application
EPMA 16525 Three Sisters	D’Aguilar Gold Ltd	100%	Under Application
EPMA 16538 Ballogie	Eastern Uranium Pty Ltd	100%	Under Application
EPMA 16638 Etheldale Extended	Eastern Uranium Pty Ltd	100%	Under Application
EPMA 16639 Etheldale	Eastern Uranium Pty Ltd	100%	Under Application
EPMA 16687 Millungera Extended	Eastern Uranium Pty Ltd	100%	Under Application
EPMA 16688 Millungera	Eastern Uranium Pty Ltd	100%	Under Application
EPMA 16739 Perpendicular Peak	Eastern Uranium Pty Ltd	100%	Under Application
EPMA 16740 Georgetown	Eastern Uranium Pty Ltd	100%	Under Application
EPMA 16784 Callide 2	Eastern Uranium Pty Ltd	100%	Under Application
EPMA 16786 Kamileroi 2	Mt Isa Metals Pty Ltd	100%	Under Application
EPMA 16837 Maranoa 4	Ridge Exploration Pty Ltd	100%	Under Application
EPMA 16839 Maranoa 1	Ridge Exploration Pty Ltd	100%	Under Application
EPMA 16841 Maranoa 3	Ridge Exploration Pty Ltd	100%	Under Application
EPMA 16842 Maranoa 2	Ridge Exploration Pty Ltd	100%	Under Application
EPMA 16854 Dawson Valley North	Ridge Exploration Pty Ltd	100%	Under Application
EPMA 16855 Gayndah North	Ridge Exploration Pty Ltd	100%	Under Application
EPMA 16856 Gayndah South	Ridge Exploration Pty Ltd	100%	Under Application
EPMA 16857 Belington	Ridge Exploration Pty Ltd	100%	Under Application
EPMA 16858 Myrtlevale	Ridge Exploration Pty Ltd	100%	Under Application
EPMA 16859 Dawson Valley South	Ridge Exploration Pty Ltd	100%	Under Application
EPMA 16860 Bungil	Ridge Exploration Pty Ltd	100%	Under Application
EPMA 16861 Booringa	Ridge Exploration Pty Ltd	100%	Under Application
EPMA 16862 Stephenton	Ridge Exploration Pty Ltd	100%	Under Application
EPMA 16863 Gelnolive	Ridge Exploration Pty Ltd	100%	Under Application
EPMA 16864 Wallaroo	Ridge Exploration Pty Ltd	100%	Under Application
EPMA 16865 Doonkuna	Ridge Exploration Pty Ltd	100%	Under Application
EPMA 16866 Korcha	Ridge Exploration Pty Ltd	100%	Under Application
EPMA 16876 Monsildale	Ridge Exploration Pty Ltd	100%	Under Application
EPMA 16882 Emu Creek	Ridge Exploration Pty Ltd	100%	Under Application

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Tenure Type, Name and Number Current Holder Registered % Date of Expiry
Interest of Holder
----- End of picture text -----

Tenure Type, Name and Number	Current Holder	Registered % Interest of Holder	Date of Expiry

EPMA 16884 Lawn Hill	Ridge Exploration Pty Ltd	100%	Under Application
EPMA 16902 Kingaroy	Ridge Exploration Pty Ltd	100%	Under Application
MDL 376 Anduramba Molybdenum	Anduramba Molybdenum Pty Ltd	100%	Under Application
ML 3678 United Reefs Gold Mine (Shamrock)	D’Aguilar Gold Ltd	100%	31/05/2022
ML 3732 Jimmy Scrub	D’Aguilar Gold Ltd	100%	31/01/2010
ML 3741 Shamrock Extended	D’Aguilar Gold Ltd	100%	30/09/2009
ML 3748 Black Shamrock	D’Aguilar Gold Ltd	100%	28/02/2013
ML 3749 North Chinaman	D’Aguilar Gold Ltd	100%	31/07/2007
ML 3752 Shamrock Tailings	D’Aguilar Gold Ltd	100%	31/01/2010
ML 3753 Shamrock Tailings Extended	D’Aguilar Gold Ltd	100%	31/08/2005(see Note 1)
ML 50059 Manumbar	D’Aguilar Gold Ltd	100%	31/12/2008
ML 50099 Manumbar Extended	D’Aguilar Gold Ltd	100%	31/08/2005(see Note 1)
ML 50137 Long Tunnel	Navaho Mining Pty Ltd	100%	31/08/2009
ML 50148 Tableland	D’Aguilar Gold Ltd	100%	30/04/2014
ML 6622 Golden Spur	D’Aguilar Gold Ltd	100%	31/07/2009

Note 1 Renewal Applications have been lodged in respect of these Mining Leases.

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Molybdenum mineralisation in drill chip at Anduramba
----- End of picture text -----

Phone: +61 7 3303 0680 Email: [email protected] www.daguilar.com.au ASX:DGR

Printed on 100% recycled paper.

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D ’ A G U I L A R G O L D LT D A N D C O N T R O L L E D E N T I T I E S A N N U A L R E P O R T F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 0 7

2007 ANNUAL REPORT VOL 2 (of 2)

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Mt Cobalt peak
----- End of picture text -----

Director’s Report	2
Auditors Independence Declaration	16
Shareholder Information	17
Interests on Mining and Exploration Tenements	19
Corporate Governance Statement	22
Income Statement for the year ended 30 June 2007	25
Balance Sheet as at 30 June 2007	26
Statement of Changes in Equity for the year ended 30 June 2007	27
Cash Flow Statement for the year ended 30 June 2007	28
Notes to the Financial Statements for the year ended 30 June 2007	29
Director’s Declaration	50
Independent Auditor’s Report	51

Corporate Information

Directors : Nicholas Mather, Ian Levy, Brian Moller & Vincent Mascolo

Company Secretary: Duncan Cornish

Registered Office and Principal Business Office Level 5, 60 Edward Street, Brisbane QLD 4000 Phone: + 61 7 3303 0680 Fax: +61 7 3303 0681

Solicitors:

Hopgood Ganim, Level 8, Waterfront Place 1 Eagle Street, Brisbane QLD 4000

Share Register:

Link Market Services Ltd Level 12, 300 Queen Street Brisbane QLD 4000 Phone: 1300 554 474

Auditors: BDO Kendalls Level 18, 300 Queen Street Brisbane QLD 4000 Phone: +61 7 3237 5999

Country of Incorporation: Australia

Stock Exchange Listing Australian Stock Exchange Ltd ASX Code: DGR

Internet Address

www.daguilar.com.au

Australian Business Number ABN 67 052 354 837

DIRECTOR’S REPORT

Your directors submit their report for the year ended 30 June 2007.

DIRECTORS

The following persons were directors of D’Aguilar Gold Ltd during the financial year end and up to the date of this report, unless otherwise stated:

Christopher Rawlings (resigned 2 July 2007)

Nicholas Mather

Ian Levy Brian Moller Vincent Mascolo

Dr Christopher Rawlings

BSc (PhD), FAusIMM, FAICD

(Non‐Executive Chairman until 2 July 2007)

Dr Rawlings was appointed on 21 May 2003 and acted as the Company’s Chairman until his resignation on 2 July 2007. Dr Rawlings has over 26 years experience in the Australian mining industry, including six years as a Managing Director of South Blackwater Coal Limited and six years as a Managing Director and chief executive officer of QCT Resources Limited. He is a former President of the Queensland Mining Council.

Dr Rawlings is a fellow of the Australian Institute of Company Directors and the Australasian Institute of Mining and Metallurgy.

Dr Rawlings is Non‐Executive Chairman of Australian Magnesium Corporation, director of Uniquest Pty Ltd and JK Tech Pty Ltd, is Chairman of Directors of Renison Consolidated Mines NL and Northern Energy Corporation Ltd and was recently appointed Chairman of Queensland Energy Resources Ltd.

During the past three years, Dr Rawlings has also served as a Director of the following listed companies:

Advanced Magnesium Ltd (formerly Australian Magnesium Corporation Ltd) (from 3 October 2002 to 2 May 2007).
Renison Consolidated Mines NL (from 26 July 2002 to 10 September 2007)
Northern Energy Corporation Ltd* (since 17 February 2005)
denotes current directorship

Dr Rawlings was a member of the Audit and Risk Management Committee and the Remuneration and Nomination Committee, until his resignation on 2 July 2007.

Nicholas Mather

BSc (Hons, Geol) (Univ. QLD) MAusIMM (Managing Director)

Mr Mather was appointed on 26 October 2001. Nick Mather has 26 years experience in exploration and resource company management. His career has taken him to a variety of countries exploring for precious and base metals and fossil fuels.

Mr Mather has focused his attention on the identification of and investment in large resource exploration projects.

He was managing director of BeMaX Resources NL from 1997 until 2000 and instrumental in the discovery of the world class Gingko mineral sand deposit in the Murray Basin in 1998. As an executive director of Arrow Energy NL, until October 2004, Mr Mather drove the acquisition and business development of Arrow’s large Surat Basin Coal Bed Methane project in South East Queensland. He was managing director of Auralia Resources NL, a junior gold explorer before its $23 million merger with Ross Mining NL in 1995. He was also a non‐executive director of Ballarat Goldfields NL, having assisted that company in its re‐emergence as a significant emerging gold producer.

D’Aguilar Gold Limited 2 2007 Annual Report (Vol 2 of 2)

Director’s Report continued :

During the past three years, Mr Mather has also served as a Director of the following listed companies:

Arrow Energy NL (13 May 1998 to 20 October 2004)
Bow Energy Ltd* (since 17 September 2004)
denotes current directorship

Ian Levy

BSc (Hons) (ANU) MSc (Dist) (London) & Diploma of Imperial College (Royal School of Mines) (Non‐Executive Chairman from 2 July 2007)

Mr Levy was appointed as a Non‐Executive Director on 12 February 2003 and subsequently appointed as Non‐ Executive Chairman on 2 July 2007. Mr Levy has had 29 years experience in both mining geology and mineral exploration including 12 years with Western Mining Corporation Limited (WMC) and 11 years experience in mining business development positions.

Mr Levy commenced his mining career with WMC at the Kambalda Nickel Operation in Western Australia. He worked on the Kalgoorlie Golden Mile and Central Norseman Gold Mines prior to being appointed senior commercial geologist at Western Mining's head office in Melbourne in 1980.

In 1984, Mr Levy was appointed WMC’s Chief Geologist of the Tavua Basin Joint Venture with Emperor Gold Mines in Fiji. During this time, exploration teams under his management discovered the million‐ounce Prince William ore system. From 1987 until present, Mr Levy has worked in development roles for mining‐exploration companies including Pancontinental Mining and Gympie Gold Limited. In May 2005 he joined Allegiance Mining Ltd as its Chief Executive Officer.

Mr Levy has been Federal President of the Australian Institute of Geoscientists and was a member of the Joint Ore Reserve Committee (JORC) for 10 years including four years as Vice Chairman.

During the past three years, Mr Levy has also served as a Director of the following listed companies:

Gloucester Coal Ltd* (since 6 April 2004)
denotes current directorship

Mr Levy is a member of the Remuneration and Nomination Committee and joined the Audit & Risk Management Committee on 2 July 2007.

On 11 July 2007, Mr Levy was appointed CEO of subsidiary, AusNiCo Pty Ltd.

Brian Moller

LLB (Hons) (Univ. QLD) (Non‐Executive Director)

Mr Moller was appointed on 2 August 2002. Mr Moller is a corporate partner in the Brisbane based law firm Hopgood Ganim. He was admitted as a solicitor in 1981 and has been a partner since 1983. He practices almost exclusively in the corporate area with an emphasis on capital raising, mergers and acquisitions.

He holds an LLB Hons from the University of Queensland and is a member of the Australian Mining and Petroleum Law Association.

Mr Moller is currently a non‐executive director of Solomon Gold plc, which is listed on AIM. Solomon Gold plc is a former subsidiary of D’Aguilar Gold Ltd.

D’Aguilar Gold Limited 3 2007 Annual Report (Vol 2 of 2)

Director’s Report continued :

During the past three years, Mr Moller has also served as a Director of the following listed companies:

Platina Resources Limited* (since 30 January 2007)
denotes current directorship

Mr Moller is a member of the Audit and Risk Management Committee and the Remuneration and Nomination Committee.

Vincent Mascolo

BEng Mining (Univ. Wollongong) MAusIMM, MEI Aust (Non‐Executive Director)

Mr Mascolo was appointed on 30 September 2002. Mr Mascolo is a qualified mining engineer with extensive experience in a variety of fields including, gold and coal mining, quarrying, civil‐works, bridge‐works, water and sewage treatment and estimating.

Mr Mascolo has completed assignments in the Civil and Construction Industry, including construction and project management, engineering, quality control and environment and safety management.

Mr Mascolo is a member of both the Australian Institute of Mining and Metallurgy and the Institute of Engineers of Australia.

Mr Mascolo is a member of the Audit and Risk Management Committee and the Remuneration and Nomination Committee.

SECRETARY

Mr Duncan Cornish was the secretary of the Company during the year and until the date of this report.

Duncan Cornish

BBus (Acctcy), ACA

Mr Cornish holds a Bachelor of Business (Accounting) and is a member of the Australian Institute of Chartered Accountants. He is also Company Secretary of several other listed companies.

Interests in the shares and options of the Company

As at the date of this report, the interests of the directors in the shares and options of D’Aguilar Gold Ltd were:

	Ordinary Shares	Unlisted $0.197 options	Unlisted $0.127 options
		exercisable on or before 30	exercisable on or before 31
		September 2008	July 2008
Nicholas Mather	5,919,238	35,648	‐
Ian Levy	490,987	11,882	‐
Brian Moller	991,667	‐	‐
Vincent Mascolo	1,697,711	‐	‐

D’Aguilar Gold Limited 4 2007 Annual Report (Vol 2 of 2)

Director’s Report continued :

PRINCIPAL ACTIVITIES

The principal activity of the Company during the financial year was mineral exploration. There where no significant changes in the nature of the Company’s principal activities during the financial year.

DIVIDENDS PAID OR RECOMMENDED

There were no dividends paid or recommended during the financial year.

REVIEW OF OPERATIONS

Detailed comments on operations and exploration programs up to the date of this report are included separately in the Annual Report under Review of Operations and Future Developments.

REVIEW OF FINANCIAL CONDITION

Capital structure

On 18 August 2006, a total of 16,475,000 Ordinary Shares was issued. 16,000,000 shares were issued pursuant to a Share Purchase Plan at an issue price of 5.0 cents each, raising $800,000 (before issue costs). A further 475,000 shares were issued to underwriters of the Share Purchase Plan, who elected to receive their underwriting fee in shares.

The Company issued 6,100,000 ordinary shares at an issue price of 10.0 cents each raising $610,000 (before issue costs) on 14 November 2006, and on 24 November 2006, a further 9,150,000 ordinary shares were issued at an issue price of 10.0 cents each raising $915,000 (before issue costs).

On 22 February 2007, 2,500,000 ordinary shares were issued at an issue price of 10.0 cents each raising $250,000 (before issue costs), and another 7,000,000 ordinary shares were issued on 21 March 2007, at an issue price of 10.0 cents each raising $700,000 (before issue costs).

During the year, the following options were exercised into ordinary shares:

Between 4 May 2007 and 6 June 2007, 1,903,829 $0.197 options expiring 30/09/08
Between 16 May 2007 and 19 June 2007, 550,000 $0.127 options expiring 31/7/08

Also during the year the Company issued the following unlisted options:

650,000 $0.127 options expiring 31/7/08
400,000 $0.127 options expiring 30/6/09
300,000 $0.20 options expiring 30/6/09
300,000 $0.25 options expiring 30/6/09

750,000 unlisted options (31/7/08 @ $0.127) expired.

At 30 June 2006, the Company had 133,509,644 ordinary shares, 2,700,000 unlisted options (31/07/08 @ $0.127), 17,258,742 unlisted options (30/09/08 @ $ 0.197), 400,000 unlisted options (30/6/09 @ $0.127), 300,000 unlisted options (30/6/09 @ $0.20) and 300,000 unlisted options (30/6/09 @ $0.25) on issue.

After balance date a further 300,000 $0.127 options expiring 31/7/08 and 594,144 $0.197 options expiring 30/09/08 were exercised into ordinary shares.

As at the date of this report, the Company had 134,403,788 ordinary shares, 2,400,000 unlisted options (31/07/08 @ $0.127), 16,664,598 unlisted options (30/09/08 @ $ 0.197), 400,000 unlisted options (30/6/09 @ $0.127), 300,000 unlisted options (30/6/09 @ $0.20) and 300,000 unlisted options (30/6/09 @ $0.25) on issue.

D’Aguilar Gold Limited 5 2007 Annual Report (Vol 2 of 2)

Director’s Report continued :

Financial position

The net assets of the consolidated entity have increased by $3,732,973 from $6,349,223 at 30 June 2006 to $10,082,196 as at 30 June 2007. This increase has largely resulted from the following factors:

Proceeds from share issue raisings which has largely been directed on the Company’s (capitalised) exploration expenditure, partly offset by;
Operating losses.

The group’s working capital, being current assets less current liabilities, has increased from $781,033 in 2006 to $6,099,534 in 2007.

During the past year the group has invested in increasing its interests in mineral exploration tenements.

Treasury policy

The Company does not have a formally established treasury function. The Board is responsible for managing the Company’s currency risks and finance facilities. The Company does not currently undertake hedging of any kind.

Liquidity and funding

The Company has sufficient funds to finance its operations and to allow the Company to take advantage of favourable business opportunities, not specifically budgeted for, or to fund unforeseen expenditure.

OPERATING RESULTS

For the year ended 30 June 2007, the consolidated loss for the economic entity after providing for income tax and before minority interests was $4,485,292 (2006: $1,027,861).

SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS

The following significant changes in the state of affairs of the Company occurred in the financial year:

A total of 41,225,000 Ordinary Shares were issued.
750,000 unlisted $0.127 options expiring 31/7/08 expired.
650,000 unlisted $0.127 options expiring 31/7/08, 400,000 $0.127 options expiring 30/6/09, 300,000 unlisted $0.20 options expiring 30/6/09 and 300,000 unlisted $0.25 options expiring 30/6/09 were issued.
A total of 2,453,829 unlisted $0.197 options expiring 30/09/08 and 550,000 unlisted $0.127 options expiring 31/7/08 were exercised into ordinary shares during the year.

Changes in controlled entities:

Mt Isa Metals Pty Ltd (formerly D’Aguilar Minerals Pty Ltd)

On 1 December 2006 it was resolved to subdivide the issued share capital of D’Aguilar Minerals Pty Ltd into 20,000,000 ordinary shares. On 20 December 2006, 500,000 shares were issued at an issue price of $0.02 and on 21 December 2006 4,000,000 shares were issued at an issue price of $0.25 per share to raise seed capital. Following these investments D’Aguilar Gold Ltd retained an 81.6% interest in D’Aguilar Minerals Pty Ltd. On 10 January 2007 D’Aguilar Minerals Pty Ltd changed its name to Mt Isa Metals Pty Ltd.

D’Aguilar Gold Limited 6 2007 Annual Report (Vol 2 of 2)

Director’s Report continued :

Anduramba Molybdenum Pty Ltd

Anduramba Molybdenum Pty Ltd was incorporated on 5 September 2006. On incorporation it was resolved to transfer EPM 14666 from D’Aguilar Gold Ltd to Anduramba Molybdenum Pty Ltd in exchange for 240,000 fully paid shares in Anduramba Molybdenum Pty Ltd at $0.04 per share.

On 3 May 2007 the Company announced that Anduramba Molybdenum Pty Ltd had raised an amount of $1.5 million in mezzanine funding by issuing a converting note. Costs associated with the issue of the converting note were $90,000, of which $45,000 was paid in cash and the remaining $45,000 in notes.

Terms of the note provide for the compulsory conversion to shares in Anduramba Molybdenum Pty Ltd within two years prior to a listing on a recognised exchange or a sale of Anduramba Molybdenum Pty Ltd.

In the event Anduramba Molybdenum Pty Ltd has not been listed on a recognised exchange or sold by way of a trade sale prior to 30 April 2009 the note will convert into ordinary shares in D’Aguilar Gold Limited at the volume weighted average price of D’Aguilar shares over the proceeding 21 trading days before 30 April 2009. A coupon rate of 10% per annum will accrue and be paid annually as converting notes in the same terms and conditions as the original notes issued.

D’Aguilar Gold currently retains a 100% interest of Anduramba Molybdenum Pty Ltd.

AusNiCo Pty Ltd (formerly D’Aguilar Nickel Pty Ltd)

D’Aguilar Nickel Pty Ltd was incorporated on 1 December 2006. On 2 March 2007 D’Aguilar Nickel Pty Ltd changed its name to AusNiCo Pty Ltd. On 17 May 2007 it was resolved to subdivide the issued share capital of AusNiCo Pty Ltd into 72,000,000 ordinary shares. On 4 June 2007 8,000,000 shares were issued at an issue price of $0.25 per share to raise $2.0 million seed capital. Following these investments D’Aguilar Gold Ltd retains a 90% interest in AusNiCo Pty Ltd.

Eastern Uranium Pty Ltd

Eastern Uranium Pty Ltd was incorporated on 22 February 2007. On 28 May 2007 it was resolved to subdivide the issued share capital of Eastern Uranium Pty Ltd into 50,000,000 ordinary shares. On 6 June 2007 8,000,000 shares were issued at an issue price of $0.20 per share to raise $1.6 million seed capital. Following these investments D’Aguilar Gold Ltd retains an 86.2% interest in Eastern Uranium Pty Ltd.

Central Minerals Pty Ltd

Central Minerals Pty Ltd, a 100% owned subsidiary of D’Aguilar Gold Ltd was incorporated on 25 May 2007.

There were no other significant changes in the state of affairs of the Company during the year.

SIGNIFICANT EVENTS AFTER BALANCE DATE

On 31 August 2007, the Company announced that it had reached agreement to acquire the freehold title to some 328 hectares (811 acres) of land at Kilkivan underlying regional exploration and mining interests held by D’Aguilar and it’s 90% owned subsidiary AusNiCo Pty Ltd for $140,000. The acquisition supersedes all prior agreements, including land use, rehabilitation and mining compensation arrangements with the previous landowner.

Ridge Exploration Pty Ltd, a 100% owned subsidiary of D’Aguilar Gold Ltd, was incorporated on 24 August 2007 and has made numerous tenement applications in south east Queensland exploring for lateritic uranium and iron ore and Group 1 minerals in New South Wales.

There have been no other events since the end of the financial year that impact upon the financial report as at 30 June 2007.

D’Aguilar Gold Limited

7 2007 Annual Report (Vol 2 of 2)

Director’s Report continued :

FUTURE DEVELOPMENTS

Likely developments in the operations of the Company and the expected results of those operations in subsequent financial years have been discussed where appropriate in the Annual Report under Review of Operations and Future Developments.

There are no further developments of which the directors are aware which could be expected to affect the results of the Company’s operations in subsequent financial years other than information which the directors believe comment on or disclosure of, would prejudice the interests of the Company.

ENVIRONMENTAL REGULATION AND PERFORMANCE

The consolidated entity is subject to environmental regulation in relation to its exploration activities. Save for the securing for the benefit of the Company of bonds totalling some $600,000 in respect of a possible future liability for rehabilitation of mining leases, there are no matters that have arisen in relation to environmental issues up to the date of this report. Details of these bonds appear in Note 24 in the Notes to Financial Statements.

REMUNERATION REPORT

Remuneration policy

The performance of the Company depends upon the quality of its Directors and Executives. To prosper, the Company must attract, motivate and retain highly skilled Directors and Executives.

The Remuneration and Nomination Committee of the Board of Directors is responsible for determining the reviewing compensation arrangements for the directors and the executive team. The Remuneration and Nomination Committee assesses the appropriateness of the nature and amount of emoluments of such officers on a periodic basis by reference to relevant employment market conditions with the overall objective of ensuring maximum stakeholder benefit from the retention of a high quality board and executive team. Such officers are given the opportunity to receive their base emolument in a variety of forms including cash and fringe benefits. It is intended that the manner of payments chosen will be optimal for the recipient without creating undue cost for the Company. Further details on the remuneration of directors and executives are set out in this Remuneration Report.

The Company aims to reward the Executive Director and Senior Management with a level and mix of remuneration commensurate with their position and responsibilities within the Company. The Board’s policy is to align Director and Executive objectives with shareholder and business objectives by providing a fixed remuneration component and offering long‐term incentives.

In accordance with best practice corporate governance, the structure of Non‐Executive Director and Executive Director and Senior Management remuneration is separate and distinct.

Non‐Executive Director Remuneration

The Board seeks to set aggregate remuneration at a level which provides the Company with the ability to attract and retain directors of the highest calibre, whilst incurring a cost which is acceptable to shareholders.

The Company’s specific policy for determining the nature and amount of emoluments of board members of the Company is as follows:

The Constitution of the Company provides that the Non‐Executive Directors are entitled to remuneration as determined by the Company in general meeting to be apportioned among them in such manner as the directors agree and, in default of agreement, equally. The aggregate remuneration currently determined by the Company is $185,000 per annum. Additionally, Non‐Executive Directors will be entitled to be reimbursed for properly incurred expenses.

D’Aguilar Gold Limited 8 2007 Annual Report (Vol 2 of 2)

Director’s Report continued :

Non‐Executive Director Remuneration continued :

If a Non‐Executive Director performs extra services, which in the opinion of the Directors are outside the scope of the ordinary duties of the Director, the Company may remunerate that Director by payment of a fixed sum determined by the Directors in addition to or instead of the remuneration referred to above. However, no payment can be made if the effect would be to exceed the maximum aggregate amount payable to Non‐Executive Directors. A Non‐Executive Director is entitled to be paid travelling and other expenses properly incurred by them in attending Director's or General Meetings of the Company or otherwise in connection with the business of the Company.
The remuneration of any Executive Director may from time to time be fixed by the Directors. The remuneration may be by way of salary or commission or participation in profits but may not be by commission on, or a percentage of, operating revenue.
All directors have the opportunity to qualify for participation in the Directors’ and Executive Officers’ Option Plan, subject to the approval of shareholders.

The remuneration of Non‐Executive Directors for the year ending 30 June 2007 is detailed in Table 1 of this Remuneration Report.

Executive Director and Senior Management remuneration

The Company aims to reward the Executive Director and Senior Management with a level and mix of remuneration commensurate with their position and responsibilities within the Company and so as to:

reward Executives for company and individual performance against targets set by reference to appropriate benchmarks;
align the interests of Executives with those of shareholders;
link reward with the strategic goals and performance of the Company; and
ensure total remuneration is competitive by market standards.

The remuneration of the Executive Director and Senior Management may from time to time be fixed by the Board. The remuneration will comprise a fixed remuneration component and also may include offering specific short and long‐term incentives, in the form of:

performance based salary increases and/or bonuses; and/or 2. the issue of options

All directors and executives have the opportunity to qualify for participation in the Directors’ and Executive Officers’ Option Plan, subject to the approval of shareholders. All employees have the opportunity to qualify for participation in the D’Aguilar Employee Share Option Plan.

The remuneration of the Executive Director and Senior Management for the period ending 30 June 2007 is detailed in Table 1 of this Remuneration Report.

Employment contracts

It is the Board’s policy that employment agreements are entered into with all Executive Directors, Executives and employees. The current employment agreements with the Managing Director and the Company Secretary have three month notice periods. All other employment agreements have one month (or less) notice periods. No current employment contracts contain early termination clauses. All Non‐Executive Directors have contracts of employment.

D’Aguilar Gold Limited 9 2007 Annual Report (Vol 2 of 2)

Director’s Report continued :

Managing Director

D’Aguilar Gold Ltd has an agreement with Samuel Capital Ltd, an entity associated with Nicholas Mather (a director), and Nicholas Mather for the provision of certain consultancy services. Samuel Capital Ltd will provide Nicholas Mather as the Managing Director of D’Aguilar Gold Ltd for a base fee of $175,000 per annum.

Under the terms of the present contract:

Both D’Aguilar Gold Ltd and Samuel Capital Ltd are entitled to terminate the contract upon giving three (3) months written notice.
D’Aguilar Gold Ltd is entitled to terminate the agreement upon the happening of various events in respect of Samuel Capital Ltd’s solvency or other conduct or if Nicholas Mather ceases to be a Director of D’Aguilar Gold Ltd.
The contract provides for a six monthly review of performance by D’Aguilar Gold Ltd.

Senior Management

Employment contracts entered into with senior management contain the following key terms:

Event	Company Policy
Performance based salary increases and/or bonuses	Board discretion
Short and long‐term incentives, such as options	Board discretion
Resignation/ notice period	1 month
Serious misconduct	Company may terminate at any time
Payouts upon resignation or termination, outside industrial regulations (i.e.	None
‘golden handshakes’)

(a) Details of Directors and Key Management Personnel

(i) Directors

(a) Details of Directors (i) Directors	and Key Management Personnel
Christopher Rawlings	Chairman (non‐executive) (resigned 2 July 2007)
Nicholas Mather	Managing Director
Ian Levy	Director (non‐executive)
Brian Moller	Director (non‐executive)
Vincent Mascolo	Director (non‐executive)

(ii) Key Management Personnel

Greg Runge	General Manager
Duncan Cornish	Company Secretary and Chief Financial Officer
John Roiko	Geologist
Robyn Grayson	Geologist
Neil Wilkins	Geologist

D’Aguilar Gold Limited 10 2007 Annual Report (Vol 2 of 2)

Director’s Report continued :

(b) Remuneration of Directors and Key Management Personnel

The Key Management Personnel are also the five most highly paid executive officers of the consolidated entity for the year ended 30 June 2007.

Table 1:

Primary	Post‐Employment Equity Other Total
Salary & Fees Cash Bonus Non‐cash benefits Superannuation Retirement benefits Options
Directors Christopher Rawlings 2007 2006 36,697 36,697 ‐ ‐ ‐ ‐ 3,303 3,303 ‐ ‐ ‐ ‐ 4,708 5,164 44,708 45,164 Nicholas Mather 2007 2006 175,000 175,000 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 4,708 5,164 179,708 180,164 Ian Levy 2007 2006 30,000 30,000 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 4,708 5,164 34,708 35,164 Brian Moller 2007 2006 30,000 30,000 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 4,708 5,164 34,708 35,164 Vincent Mascolo 2007 2006 30,000 30,000 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 4,708 5,164 34,708 35,164
Total Remuneration: Directors 2007 2006 301,697 301,697 ‐ ‐ ‐ ‐ 3,303 3,303 ‐ ‐ ‐ ‐ 23,540 25,820 328,540 330,820
Key Management Personnel Greg Runge 2007 2006 136,027 47,636 ‐ ‐ ‐ ‐ 12,242 4,287 ‐ ‐ 7,598 48,727 4,273 8,425 160,141 109,075 Duncan Cornish 2007 2006 85,350 88,575 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 26,755 4,708 5,164 90,058 120,494 John Roiko 2007 2006 109,796 37,637 ‐ ‐ ‐ ‐ 9,882 3,387 ‐ ‐ 23,262 ‐ ‐ ‐ 142,940 41,024 Robyn Grayson 2007 2006 59,397 55,000 ‐ 2,000 ‐ ‐ 5,346 4,950 ‐ ‐ ‐ 18,729 3,511 6,204 68,254 86,883 Neil Wilkins 2007 2006 68,919 80,200 ‐ 3,000 ‐ ‐ ‐ ‐ ‐ ‐ ‐ 32,106 ‐ ‐ 68,919 115,306
Total Remuneration: Key Management Personnel 2007 2006 459,489 309,048 ‐ 5,000 ‐ ‐ 27,470 12,624 ‐ ‐ 30,860 126,317 12,493 19,793 530,312 472,782

Group totals in respect of the financial year ended 30 June 2007 do not equal the sums of amounts disclosed for 2006 for individuals specified in 2007, as different individuals were specified in 2006.

D’Aguilar Gold Limited

11 2007 Annual Report (Vol 2 of 2)

Director’s Report continued :

(c) Options issued as part of remuneration for the period ended 30 June 2007

During the year options were granted as equity compensation benefits to certain Key Management Personnel. The options were issued free of charge and expire on 31 July 2008. Each of the granted options entitles the holder to subscribe for one fully paid ordinary share in the entity for 12.7 cents, as set out below.

The Company uses employee continuity of service and the future share price to align comparative shareholder return and reward for Executives.

		Terms & Conditions for Each Grant	Terms & Conditions for Each Grant	Terms & Conditions for Each Grant	Terms & Conditions for Each Grant
	Grant Date	Grant	Vest	Value per	Exercise	Value per	Value at	% of
		Number	Date	option at	Number	Option at	Date	Remune
				grant date		Exercise	Option	ration
				($)#		Date	Lapsed
Directors
Christopher Rawlings
Nicholas Mather
Ian Levy			No options have been		issued to directors
Brian Moller
Vincent Mascolo
Key Management	Personnel
Greg Runge	‐	‐	‐	‐	‐	‐	‐	‐
Duncan Cornish	‐	‐	‐	‐	‐	‐	‐	‐
John Roiko	7/11/06	300,000	7/11/06	$0.078	‐	$0.125	n/a	16.27%
Robyn Grayson	‐	‐	‐	‐	‐	‐	‐	‐
Neil Wilkins	‐	‐	‐	‐	‐	‐	‐	‐

Calculation of value of options granted using the Black‐Scholes option pricing model, which takes into account factors such as the option exercise price, the market price at date of issue and volatility of the underlying share price and the time to maturity of the option.

(d) Shares issued on exercise of remuneration options

Options exercised during the year that were granted as remuneration during the year:

Key Management Personnel	No. of ordinary	Amount paid per	Amount unpaid per
	shares issued	share	share
Robyn Grayson	350,000	$0.127	nil

(e) Shareholdings of Directors and Key Management Personnel	(e) Shareholdings of Directors and Key Management Personnel	(e) Shareholdings of Directors and Key Management Personnel
	Balance	Granted as	On Exercise of	Net Change	Balance
	1 July 2006	Remuneration	Options	Other	30 June 2007
Specified Directors
Christopher Rawlings	1,338,501	‐	‐	360,000	1,698,501
Nicholas Mather	4,835,101	‐	‐	984,137	5,819,238
Ian Levy	390,987	‐	‐	100,000	490,987
Brian Moller	791,667	‐	‐	200,000	991,667
Vincent Mascolo	1,597,711	‐	‐	100,000	1,697,711
Key Management Personnel
Greg Runge	‐	‐	‐	540,000	540,000
Duncan Cornish	300,000	‐	‐	1,035,000	1,335,000
John Roiko	‐	‐	‐	‐	‐
Robyn Grayson	‐	‐	350,000	(150,000)	200,000
Neil Wilkins	370,000	‐	‐	420,000	790,000
Total	9,623,967	‐	350,000	3,589,137	13,563,104

D’Aguilar Gold Limited 12 2007 Annual Report (Vol 2 of 2)

Director’s Report continued :

(f) Option holdings of Directors and Key Management Personnel

(Unlisted) options ($0.127 @ 31/7/08)

	Balance July 2006	Granted as Remuneration	Options Exercised	Net Change Other	Balance 30 June 2007
Directors
Christopher Rawlings	‐	‐	‐	‐	‐
Nicholas Mather	‐	‐	‐	‐	‐
Ian Levy	‐	‐	‐	‐	‐
Brian Moller	‐	‐	‐	‐	‐
Vincent Mascolo	‐	‐	‐	‐	‐
Key Management Personnel
Greg Runge	1,000,000	‐	‐	‐	1,000,000
Duncan Cornish	500,000	‐	‐	‐	500,000
John Roiko	‐	300,000	‐	‐	300,000
Robyn Grayson	350,000	‐	(350,000)	‐	‐
Neil Wilkins	300,000	‐	‐	‐	300,000
Total	2,150,000	300,000	(350,000)	‐	2,100,000

(Unlisted) options ($0.197 @ 30/9/08)

	Balance 1 July 2006		Options Exercised	Net Change Other	Balance 30 June 2007
Directors
Christopher Rawlings	‐	‐	‐	‐	‐
Nicholas Mather	35,648	‐	‐	‐	35,648
Ian Levy	11,882	‐	‐	‐	11,882
Brian Moller	‐	‐	‐	‐	‐
Vincent Mascolo	‐	‐	‐	‐	‐
Key Management Personnel
Greg Runge	‐	‐	‐	‐	‐
Duncan Cornish	28,991	‐	‐	‐	28,991
John Roiko	‐	‐	‐	‐	‐
Robyn Grayson	‐	‐	‐	‐	‐
Neil Wilkins	‐	‐	‐	‐	‐
Total	76,521	‐	‐	‐	76,521

(g) Loans to Directors and Key Management Personnel

There were no loans to Directors or Key Management Personnel during the year.

(h) Other transactions to Directors and Key Management Personnel

Other transactions with Directors are set out in Note 26. There were no other transactions or balances with Key Management Personnel during the period.

D’Aguilar Gold Limited

2007 Annual Report (Vol 2 of 2)

Director’s Report continued :

DIRECTORS’ MEETINGS

The number of meetings of directors held during the period and the number of meetings attended by each director were as follows:

Board Audit & Risk Management Committee	Remuneration & Nomination Committee
Number of meetings held while in office Meetings attended Number of meetings held while in office Meetings attended	Number of meetings held while in office Meetings attended
Christopher Rawlings 11 11 2 2	‐ ‐
Nicholas Mather 11 10 n/a n/a	n/a n/a
Ian Levy 11 10 n/a n/a	‐ ‐
Brian Moller 11 11 2 2	‐ ‐
Vincent Mascolo 11 11 2 2	‐ ‐

There was a total of 11 board meetings and 2 audit and risk management committee meetings held during the financial year.

INDEMNIFICATION AND INSURANCE OF DIRECTORS AND OFFICERS

Each of the directors and secretary of the Company has entered into a Deed with the Company whereby the Company has provided certain contractual rights of access to books and records of the Company to those directors.

The Company has insured all of the directors of D’Aguilar Gold Ltd. The contract of insurance prohibits the disclosure of the nature of the liabilities covered and amount of the premium paid. The Corporations Act does not require disclosure of the information in these circumstances.

The Company has not indemnified its auditor.

SHARE OPTIONS

At balance date, there were 20,958,742 unissued ordinary shares under options as follows:

17,258,742 unlisted options to take up one ordinary share in D’Aguilar Gold Ltd at an issue price of 19.7 cents. The options expire 30 September 2008.
2,700,000 unlisted options to take up one ordinary share in D’Aguilar Gold Ltd at an issue price of 12.7 cents. The options expire 31 July 2008.
400,000 unlisted options to take up one ordinary share in D’Aguilar Gold Ltd at an issue price of 12.7 cents. The options expire 30 June 2009.
300,000 unlisted options to take up one ordinary share in D’Aguilar Gold Ltd at an issue price of 20 cents. The options expire 30 June 2009.
300,000 unlisted options to take up one ordinary share in D’Aguilar Gold Ltd at an issue price of 25 cents. The options expire 30 June 2009.

As at the date of this report, there were 20,064,598 unissued ordinary shares under options as follows:

16,664,598 unlisted options to take up one ordinary share in D’Aguilar Gold Ltd at an issue price of 19.7 cents. The options expire 30 September 2008.
2,400,000 unlisted options to take up one ordinary share in D’Aguilar Gold Ltd at an issue price of 12.7 cents. The options expire 31 July 2008.
400,000 unlisted options to take up one ordinary share in D’Aguilar Gold Ltd at an issue price of 12.7 cents. The options expire 30 June 2009.
300,000 unlisted options to take up one ordinary share in D’Aguilar Gold Ltd at an issue price of 20 cents. The options expire 30 June 2009.
300,000 unlisted options to take up one ordinary share in D’Aguilar Gold Ltd at an issue price of 25 cents. The options expire 30 June 2009.

D’Aguilar Gold Limited 14 2007 Annual Report (Vol 2 of 2)

Director’s Report continued :

PROCEEDINGS ON BEHALF OF THE COMPANY

No person has applied for leave of Court to bring proceedings on behalf of the Company or intervene in any proceedings to which the Company is a party for the purposes of taking responsibility on behalf if the Company for all or any part of those proceedings. The Company was not a party to any such proceedings during the year.

NON‐AUDIT SERVICES

The following non‐audit services were provided by the entity’s auditor BDO Kendalls. The Directors are satisfied that the provision of non‐audit services is compatible with the general standard of independence for auditors imposed by the Corporations Act. The nature and scope of each type of non‐audit service provided means that auditor independence was not compromised.

BDO Kendalls received the following amounts for the provision of non‐audit services:

Tax services $9,390

CORPORATE GOVERNANCE

In recognising the need for the highest standards of corporate behaviour and accountability, the directors of D’Aguilar Gold Ltd support and have adhered to the principles of corporate governance. The Company’s corporate governance statement can be found on page 22.

AUDITORS INDEPENDENCE DECLARATION

The Auditor Independence Declaration forms part of the Directors Report and can be found on page 16.

Signed in accordance with a resolution of the directors.

Brian Moller Director

Brisbane

27 September 2007

D’Aguilar Gold Limited

15 2007 Annual Report (Vol 2 of 2)

AUDITORS INDEPENDENCE DECLARATION

27 September 2007

The Directors D’Aguilar Gold Ltd GPO Box 5262 BRISBANE QLD 4001

Dear Directors

AUDITOR’S INDEPENDENCE DECLARATION

In relation to our audit of the Financial Report of D’Aguilar Gold Ltd for the year ended 30 June 2007, to the best of my knowledge and belief, there have been no contraventions of the auditor independence requirements of the Corporations Act 2001 or any applicable code of professional conduct.

Yours faithfully BDO Kendalls (QLD)

Damian Wright Partner

D’Aguilar Gold Limited 16 2007 Annual Report (Vol 2 of 2)

SHAREHOLDER INFORMATION

Additional information required by the Australian Securities Exchange Ltd and not shown elsewhere in this report is as follows. The information is current as at 19 September 2007.

(a) Distribution of equity securities

The number of holders, by size of holding, in each class of security is:

				Unlisted $0.197 options	Unlisted $0.197 options	Unlisted $0.127 options	Unlisted $0.127 options
	Ordinary shares			exercisable on or before		exercisable on or before 31
				30 September 2008		July 2008
	Number of		Number of	Number of	Number of	Number of	Number of
	holders		shares	holders	options	holders	options
1 – 1,000	28		7,662	0	0	0	0
1,001 – 5,000	195		673,325	0	0	0	0
5,001 – 10,000	318		2,886,919	0 0		0	0
10,001 – 100,000	707		28,058,366	1 846,920		22 50,000
100,001 and over	215		102,777,516	5 15,817,678		25 2,350,000
Total	1,463		134,403,788	6 16,664,598		47 2,400,000
	Unlisted $0.127 options			Unlisted $0.20 options		Unlisted	$0.25 options
	exercisable on or before			exercisable on or before		exercisable on or before
	30	June 2009		30	June 2009	30 June 2009
	Number of		Number of	Number of	Number of	Number of	Number of
	holders		shares	holders	options	holders	options
1 – 1,000	0		0	0 0		0	0
1,001 – 5,000	0		0	0 0		0	0
5,001 – 10,000	0		0	0 0		0 0
10,001 – 100,000	0		0	0 0		0	0
100,001 and over	1		400,000	1 300,000		1	300,000
Total	1		400,000	1 300,000		1	300,000

The number of shareholders holding less than a marketable parcel of shares is 79 (holding a total of 95,458 ordinary shares).

D’Aguilar Gold Limited 17 2007 Annual Report (Vol 2 of 2)

Shareholder Information continued :

(b) Twenty largest holders

The names of the twenty largest holders, in each class of quoted security are:

Ordinary shares:

1	ANZ Nominees Limited	17,016,817	12.66%
2	Tenstar TradingLimited	10,693,528	7.96%
3	Laskho PtyLtd	2,351,420	1.75%
4	Hayes PropertyCorporation PtyLtd	2,049,231	1.52%
5	Caxton Street Agencies PtyLtd *	2,000,000	1.49%
6	Mr Vincent David Mascolo	1,697,711	1.26%
7	WPI Gold Ltd	1,500,050	1.12%
8	Broadhaven PtyLtd	1,500,000	1.12%
9	Mr Stephen Chia‐Kuei Hsu & Mrs Jacqueline Chiu‐Yueh Hsu	1,401,941	1.04%
10	Mr CraigBottomley	1,324,000	0.99%
11	Fortunato PtyLtd	1,193,677	0.89%
12	Dr Leon Eugene Pretorius	1,152,999	0.86%
13	AscryPtyLtd *	1,090,000	0.81%
14	P J Enterprises PtyLimited	1,024,685	0.76%
15	Mr Clive Brown & Mrs Cynthia Margaret Brown	1,000,000	0.74%
16	Warren W Brown & Marilyn H Brown	1,000,000	0.74%
17	Mr GuyLance Jones	1,000,000	0.74%
18	Mr RodneyLawrence Bray	925,000	0.69%
19	National Nominees Limited	820,000	0.61%
20	Mr Andrew Lynton Hurwitz	800,000	0.60%
	Top 20	51,541,059	38.35%
	Total	134,403,788	100.00%

merged

(c) Substantial shareholders

The names of substantial shareholders who have notified the Company in accordance with section 671B of the Corporations Act 2001 are:

(c) Substantial shareholders The names of substantial shareholders who have notified Corporations Act 2001 are:	the Company in accordance with s
	Number of shares
RAB Special Situations (Master) Fund Limited	17,758,239
Western Pacific Gold Inc	8,000,050

(d) Voting rights

All ordinary shares carry one vote per share without restriction

(e) Restricted securities

As at the date of this report, there we no securities subject to (ASX or voluntary) restriction agreements.

D’Aguilar Gold Limited 18 2007 Annual Report (Vol 2 of 2)

INTERESTS IN MINING AND EXPLORATION TENEMENTS

D’Aguilar Gold Ltd and its subsidiaries held the following interests in mining and exploration tenements as at 21 September 2007:

Tenure Type, Name and Number	Current Holder	Registered % Interest of Holder	Date of Expiry
EL 6652 Cow Flat	D’Aguilar Gold Ltd	100%	20/10/2008
EPM 13359 Kilkivan North	Navaho MiningPtyLtd	100%	3/01/2008
EPM 13360 Kilkivan East	AusNiCo PtyLtd	100%	5/02/2008
EPM 13361 Kilkivan West	Navaho MiningPtyLtd	100%	5/02/2008
EPM 14372 Tableland	AusNiCo PtyLtd	100%	24/01/2010
EPM 14373 Elginvale No 1	D’Aguilar Gold Ltd	100%	17/02/2010
EPM 14560 Mount Kandanga	AusNiCo PtyLtd	100%	13/09/2010
EPM 14666 Anduramba	Anduramba Molybdenum PtyLtd	100%	27/10/2009
EPM 14881 Dovedale	D’Aguilar Gold Ltd	100%	3/03/2010
EPM 15134 Gayndah	D’Aguilar Gold Ltd	100%	29/09/2010
EPM 15211 Windera	D’Aguilar Gold Ltd	100%	14/11/2010
EPM 15254 Black Ridge	Central Minerals PtyLtd	100%	12/01/2011
EPMA 15238 Manumbar	D’Aguilar Gold Ltd	100%	Under Application
EPM 15309 Golden Gully	D’Aguilar Gold Ltd	100%	28/01/2012
EPM 15310 Elginvale North	D’Aguilar Gold Ltd	100%	9/01/2011
EPM 15403 Buaraba Creek	D’Aguilar Gold Ltd	100%	5/10/2011
EPM 15405 Cressbrook Creek	D’Aguilar Gold Ltd	100%	5/10/2011
EPMA 15456 Cardross	D’Aguilar Gold Ltd	100%	Under Application
EPM 15457 Poperima Creek	AusNiCo PtyLtd	100%	12/07/2011
EPMA 15460 Mount Delaney	D’Aguilar Gold Ltd	100%	Under Application
EPMA 15462 Chillagoe	D’Aguilar Gold Ltd	100%	Under Application
EPM 15684 Anduramba Extended	Anduramba Molybdenum PtyLtd	100%	12/09/2011
EPMA 15760 Isa East	Mt Isa Metals PtyLtd	100%	Under Application
EPMA 15762 Isa Central	Mt Isa Metals PtyLtd	100%	Under Application
EPMA 15763 Isa West	Mt Isa Metals PtyLtd	100%	Under Application
EPMA 15764 Isa North	Mt Isa Metals PtyLtd	100%	Under Application
EPMA 15766 Isa South	Mt Isa Metals PtyLtd	100%	Under Application
EPMA 15767 Isa North Extended	Mt Isa Metals PtyLtd	100%	Under Application
EPMA 15772 GregoryTwo	Mt Isa Metals PtyLtd	100%	Under Application
EPMA 15774 GregoryOne	Mt Isa Metals PtyLtd	100%	Under Application
EPM 15779 Cooper	Central Minerals PtyLtd	100%	20/12/2009
EPM 15780 Larcom	Eastern Uranium PtyLtd	100%	28/01/2010
EPM 15803 Cooper Extended	Central Minerals PtyLtd	100%	28/01/2010
EPM 15812 Crows Nest East	Anduramba Molybdenum PtyLtd	100%	19/12/2009
EPM 15842 Glenmore	Central Minerals PtyLtd	100%	2/01/2010
EPMA 15874 BigHill	Mt Isa Metals PtyLtd	100%	Under Application
EPMA 15913 Gunpowder	Mt Isa Metals PtyLtd	100%	Under Application
EPMA 15914 Gunpowder Creek	Mt Isa Metals PtyLtd	100%	Under Application
EPMA 15938 Flinders North	Mt Isa Metals PtyLtd	100%	Under Application
EPMA 15939 Flinders	Mt Isa Metals PtyLtd	100%	Under Application
EPMA 15940 Flinders Extended	Mt Isa Metals PtyLtd	100%	Under Application
EPMA 15942 Magowra	Mt Isa Metals PtyLtd	100%	Under Application
EPMA 15961 Surprise Creek	Mt Isa Metals PtyLtd	100%	Under Application
EPMA 15962 Peartree 2	Mt Isa Metals PtyLtd	100%	Under Application
EPMA 15963 Peartree 1	Mt Isa Metals PtyLtd	100%	Under Application
EPM 15965 Hughenden	Mt Isa Metals PtyLtd	100%	28/01/2012
EPMA 15994 Hivesville	D’Aguilar Gold Ltd	100%	Under Application
EPMA 16031 Kamileroi	Mt Isa Metals PtyLtd	100%	Under Application
EPM 16034 WolfgangCreek South	Mt Isa Metals PtyLtd	100%	18/06/2012
EPM 16035 Capella	Mt Isa Metals PtyLtd	100%	18/06/2012
EPMA 16036 Peakvale	Mt Isa Metals PtyLtd	100%	Under Application
EPM 16037 BrewerySprings	Mt Isa Metals PtyLtd	100%	18/06/2012
EPM 16038 Capella West	Mt Isa Metals PtyLtd	100%	18/06/2012
EPM 16039 WolfgangCreek	Mt Isa Metals PtyLtd	100%	18/06/2012
EPMA 16040 Capella South	Mt Isa Metals PtyLtd	100%	Under Application
EPMA 16075 Cannindah Creek	AusNiCo PtyLtd	100%	Under Application

D’Aguilar Gold Limited

19 2007 Annual Report (Vol 2 of 2)

Interests in Mining and Exploration Tenements continued:

Tenure Type, Name and Number	Current Holder	Registered % Interest of Holder	Date of Expiry
EPMA 16076 Brigalow Creek	Mt Isa Metals PtyLtd	100%	Under Application
EPMA 16077 Boyne River	AusNiCo PtyLtd	100%	Under Application
EPM 16079 Mundubbera	AusNiCo PtyLtd	100%	23/08/2012
EPMA 16088 Demon Creek	Mt Isa Metals Pty Ltd	100%	Under Application
	(to be assigned to Eastern Uranium
	PtyLtd upongranting)
EPMA 16115 Fisher	Mt Isa Metals PtyLtd	100%	Under Application
EPMA 16116 GregoryExtended	Mt Isa Metals PtyLtd	100%	Under Application
EPMA 16119 GregoryCentral	Mt Isa Metals PtyLtd	100%	Under Application
EPMA 16142 Hughenden Extended	Mt Isa Metals PtyLtd	100%	Under Application
EPMA 16147 Julia	Mt Isa Metals PtyLtd	100%	Under Application
EPMA 16180 Dangore Extended	Eastern Uranium PtyLtd	100%	Under Application
EPM 16181 Dangore	Eastern Uranium PtyLtd	100%	22/08/2012
EPMA 16183 Boyne	Eastern Uranium PtyLtd	100%	21/09/2012
EPM 16186 Dangore	Eastern Uranium PtyLtd	100%	3/09/2012
EPMA 16202 Blockade	Mt Isa Metals PtyLtd	100%	Under Application
EPMA 16212 Southern Cross	AusNiCo Pty Ltd	100%	Under Application
	(to be assigned to Central Minerals
	PtyLtd upongranting)
EPM 16239 Chahpingah	Eastern Uranium PtyLtd	100%	22/08/2012
EPMA 16254 Greycliffe	Eastern Uranium PtyLtd	100%	Under Application
EPM 16259 Cadarga	Eastern Uranium PtyLtd	100%	22/08/2012
EPMA 16260 Cadarga 2	Eastern Uranium PtyLtd	100%	Under Application
EPMA 16261 Cadarga 1	Eastern Uranium PtyLtd	100%	Under Application
EPMA 16262 Callide	Eastern Uranium PtyLtd	100%	Under Application
EPMA 16307 Mount Blowhard	D’Aguilar Gold Ltd	100%	23/08/2012
	(to be assigned to Central Minerals
	PtyLtd)
EPMA 16417 Shefiff Creek	Eastern Uranium PtyLtd	100%	21/09/2012
EPMA 16418 Banana Range	D'Aguilar Gold Ltd	100%	21/09/2012
	(to be assigned to Central Minerals
	PtyLtd)
EPM 16419 ReedyCreek	Eastern Uranium PtyLtd	100%	3/09/2012
EPMA 16420 Dee Valley	D'Aguilar Gold Ltd	100%	21/09/2012
	(to be assigned to Central Minerals
	PtyLtd)
EPM 16441 Brigooda 2	Eastern Uranium PtyLtd	100%	22/08/2012
EPMA 16442 Brigooda	Eastern Uranium PtyLtd	100%	Under Application
EPMA 16444 Strategic 2	Eastern Uranium PtyLtd	100%	Under Application
EPMA 16445 Strategic 1	Eastern Uranium PtyLtd	100%	Under Application
EPMA 16447 Strategic	Eastern Uranium PtyLtd	100%	Under Application
EPMA 16448 Proston	Eastern Uranium PtyLtd	100%	21/09/2012
EPMA 16498 Johnnies	Mt Isa Metals Pty Ltd	100%	Under Application
	(to be assigned to Central Minerals
	PtyLtd upongranting)
EPMA 16525 Three Sisters	D’Aguilar Gold Ltd	100%	Under Application
EPMA 16538 Ballogie	Eastern Uranium PtyLtd	100%	Under Application
EPMA 16638 Etheldale Extended	Eastern Uranium PtyLtd	100%	Under Application
EPMA 16639 Etheldale	Eastern Uranium PtyLtd	100%	Under Application
EPMA 16687 Millungera Extended	Eastern Uranium PtyLtd	100%	Under Application
EPMA 16688 Millungera	Eastern Uranium PtyLtd	100%	Under Application
EPMA 16739 Perpendicular Peak	Eastern Uranium PtyLtd	100%	Under Application
EPMA 16740 Georgetown	Eastern Uranium PtyLtd	100%	Under Application
EPMA 16784 Callide 2	Eastern Uranium PtyLtd	100%	Under Application
EPMA 16786 Kamileroi 2	Mt Isa Metals PtyLtd	100%	Under Application
EPMA 16837 Maranoa 4	Ridge Exploration PtyLtd	100%	Under Application
EPMA 16839 Maranoa 1	Ridge Exploration PtyLtd	100%	Under Application
EPMA 16841 Maranoa 3	Ridge Exploration PtyLtd	100%	Under Application
EPMA 16842 Maranoa 2	Ridge Exploration PtyLtd	100%	Under Application

D’Aguilar Gold Limited 20 2007 Annual Report (Vol 2 of 2)

Interests in Mining and Exploration Tenements continued :

Tenure Type, Name and Number	Current Holder	Registered % Interest of Holder	Date of Expiry
EPMA 16854 Dawson ValleyNorth	Ridge Exploration PtyLtd	100%	Under Application
EPMA 16855 Gayndah North	Ridge Exploration PtyLtd	100%	Under Application
EPMA 16856 Gayndah South	Ridge Exploration PtyLtd	100%	Under Application
EPMA 16857 Belington	Ridge Exploration PtyLtd	100%	Under Application
EPMA 16858 Myrtlevale	Ridge Exploration PtyLtd	100%	Under Application
EPMA 16859 Dawson ValleySouth	Ridge Exploration PtyLtd	100%	Under Application
EPMA 16860 Bungil	Ridge Exploration PtyLtd	100%	Under Application
EPMA 16861 Booringa	Ridge Exploration PtyLtd	100%	Under Application
EPMA 16862 Stephenton	Ridge Exploration PtyLtd	100%	Under Application
EPMA 16863 Gelnolive	Ridge Exploration PtyLtd	100%	Under Application
EPMA 16864 Wallaroo	Ridge Exploration PtyLtd	100%	Under Application
EPMA 16865 Doonkuna	Ridge Exploration PtyLtd	100%	Under Application
EPMA 16866 Korcha	Ridge Exploration PtyLtd	100%	Under Application
EPMA 16876 Monsildale	Ridge Exploration PtyLtd	100%	Under Application
EPMA 16882 Emu Creek	Ridge Exploration PtyLtd	100%	Under Application
EPMA 16884 Lawn Hill	Ridge Exploration PtyLtd	100%	Under Application
EPMA 16902 Kingaroy	Ridge Exploration PtyLtd	100%	Under Application
MDL 376 Anduramba Molybdenum	Anduramba Molybdenum PtyLtd	100%	Under Application
ML 3678 United Reefs Gold Mine	D’Aguilar Gold Ltd	100%	31/05/2022
(Shamrock)
ML 3732 JimmyScrub	D’Aguilar Gold Ltd	100%	31/01/2010
ML 3741 Shamrock Extended	D’Aguilar Gold Ltd	100%	30/09/2009
ML 3748 Black Shamrock	D’Aguilar Gold Ltd	100%	28/02/2013
ML 3749 North Chinaman	D’Aguilar Gold Ltd	100%	31/07/2007
ML 3752 Shamrock Tailings	D’Aguilar Gold Ltd	100%	31/01/2010
ML 3753 Shamrock Tailings Extended	D’Aguilar Gold Ltd	100%	31/08/2005
			(see Note 1)
ML 50059 Manumbar	D’Aguilar Gold Ltd	100%	31/12/2008
ML 50099 Manumbar Extended	D’Aguilar Gold Ltd	100%	31/08/2005
			(see Note 1)
ML 50137 LongTunnel	Navaho MiningPtyLtd	100%	31/08/2009
ML 50148 Tableland	D’Aguilar Gold Ltd	100%	30/04/2014
ML 6622 Golden Spur	D’Aguilar Gold Ltd	100%	31/07/2009

Note 1 Renewal Applications have been lodged in respect of these Mining Leases.

D’Aguilar Gold Limited

21 2007 Annual Report (Vol 2 of 2)

CORPORATE GOVERNANCE STATEMENT

The board of directors of D’Aguilar Gold Ltd is responsible for the corporate governance of the consolidated entity. The Board guides and monitors the business and affairs of D’Aguilar Gold Ltd on behalf of the shareholders by whom they are elected and to whom they are accountable.

D’Aguilar Gold Ltd’s Corporate Governance Statement is now structured with reference to the Australian Stock Exchange (“ASX”) Corporate Governance Council’s (the “Council”) “Principles of Good Corporate Governance and Best Practice Recommendations”, which are as follows:

Principle	1	Lay solid foundations for management and oversight
Principle	2	Structure the board to add value
Principle	3	Promote ethical and responsible decision making
Principle	4	Safeguard integrity in financial reporting
Principle	5	Make timely and balanced disclosure
Principle	6	Respect the rights of shareholders
Principle	7	Recognise and manage risk
Principle	8	Encourage enhanced performance
Principle	9	Remunerate fairly and responsibly
Principle	10	Recognise the legitimate interests of stakeholders

A copy of the Ten Essential Corporate Governance Principles and the Best Practice Recommendations can be found on the ASX’s website at www.asx.com.au.

Any departures to the Council’s best practice recommendations as at the date of this report, or throughout the year ended 30 June 2007, are set out below.

Structure of the Board

The skills, experience and expertise relevant to the position of director held by each director on office at the date of the Annual Report is included in the Director’s Report. Corporate Governance Council Recommendation 2.1 requires a majority of the board to be independent directors. The Corporate Governance Council defines independence as being free from any business or other relationship that could materially interfere with – or could reasonably be perceived to materially interfere with – the exercise of their unfettered and independent judgement.

In the context of director independence, “materiality” is considered from both the company and the individual director perspective. The determination of materiality requires consideration of both quantitative and qualitative elements. An item is presumed to be quantitatively immaterial if it is equal or less than 10% of the appropriate base amount. It is presumed to be material (unless there is qualitative evidence to the contrary) if it is equal to or greater than 10% of the appropriate base amount. Qualitative factors considered included whether a relationship is strategically important, the competitive landscape, the nature of the relationship and the contractual or other arrangements governing it and other factors which point to the actual ability of the director in question to shape the direction of the Company’s loyalty.

In accordance with the Council’s definition of independence above, and the materiality thresholds set, the following directors were considered to be independent during the reporting period and as at the date of this report:

Name Position Christopher Rawlings Chairman, Non‐Executive Director (resigned 2 July 2007) Ian Levy Non‐Executive Director (during the period and until the date of this report) Chairman (from 2 July 2007) Vince Mascolo Non‐Executive Director

D’Aguilar Gold Limited 22 2007 Annual Report (Vol 2 of 2)

Corporate Governance Statement continued :

In accordance with the Council’s definition of independence above, and the materiality thresholds set, the following directors are not considered to be independent:

Name	Position	Reason for non‐compliance
Nicholas Mather	Executive Director	Mr Mather is employed by the Company in an executive
		capacity
Brian Moller	Non‐Executive Director	Mr Moller is a principal of a material professional advisor to
		the Company

Therefore the majority of the board were considered independent during the year ended 30 June 2007, however since 2 July 2007 (when Dr Rawlings resigned) to the date of this report, half of the Board were considered independent. D’Aguilar Gold Ltd considers industry experience and specific expertise, as well as general corporate experience, to be important attributes of its board members. The directors noted above have been appointed to the board of D’Aguilar Gold Ltd due to their considerable industry and corporate experience.

There are procedures in place, agreed by the board, to enable directors, in furtherance of their duties, to seek independent professional advice at the Company’s expense.

The term in office held by each director in office at the date of this report is as follows:

Name	Term in office
Christopher Rawlings	4 years, 1 month (until resignation on 2 July 2007)
Nicholas Mather	5 years, 11 months
Ian Levy	3 years, 7 months
Brian Moller	4 years, 1 month
Vincent Mascolo	3 years, 7 months

Remuneration and Nomination Committee

The board has established a Remuneration and Nomination Committee, which meets at least annually to:

Discharge the Board’s responsibilities in relation to remuneration of the Company’s executives; and
Determine the state of director nominees for election to the Board, to identify and recommend candidates to fill casual vacancies.

The Remuneration and Nomination Committee comprised all four non‐executive directors during the year ended 30 June 2007, and all three non‐executive directors since 2 July 2007 to the date of this report.

During the financial year there was no cause for the Remuneration and Nomination Committee to meet.

Audit and Risk Management Committee

The Board has established an Audit and Risk Management Committee, which operates under a charter approved by the Board. It is the Board’s responsibility to ensure that an effective internal control framework exists within the entity. This includes internal controls to deal with both the effectiveness and efficiency of significant business processes, the safeguarding of assets, the maintenance of proper accounting records, and the reliability of financial information as well as non‐financial considerations such as the benchmarking of operational key performance indicators. The Board has delegated the responsibility for the establishment and maintenance of a framework of internal control and ethical standards for the management of the consolidated entity to the Audit and Risk Management Committee.

The Committee also provides the board with additional assurance regarding the reliability of financial information for inclusion in the financial reports. All members of the audit committee are non‐executive directors.

The members of the Audit and Risk Management Committee during the reporting period (and until 2 July 2007) were:

Vincent Mascolo (chairman of Audit and Risk Management Committee)
Brian Moller
Christopher Rawlings (resigned 2 July 2007)

D’Aguilar Gold Limited 23 2007 Annual Report (Vol 2 of 2)

Corporate Governance Statement continued :

The members of the Audit and Risk Management Committee since 2 July 2007 and at the date of this report are:

Vincent Mascolo (chairman of Audit and Risk Management Committee)
Brian Moller
Ian Levy (appointed 2 July 2007)

Mr Levy was appointed the Chief Executive Officer of AusNiCo Pty Ltd on 11 July 2007 which is 90% owned by the Company. His appointment may impact upon his actual or perceived independence as a non‐executive director of the Company.

Recommendation 4.3 requires that the composition of audit committees comprise a majority of independent directors and that the committee have at least three members. At all times during the year ended 30 June 2007 and until the date of this report, D’Aguilar Gold Ltd satisfied these requirements.

For additional details of directors’ attendance at Audit and Risk Management Committee meetings and to review the qualifications of the members of the Audit and Risk Management Committee, please refer to the Directors’ Report.

Performance

The Remuneration and Nominations Committee considers remuneration and nomination issues annually and otherwise as required in conjunction with the regular meetings of the Board.

The performance of the board is reviewed annually and otherwise as required in conjunction with the regular meetings of the Board by the Chairman against both measurable and qualitative indicators. The performance criteria against which directors and executives are assessed is aligned with the financial and non‐financial objectives of D’Aguilar Gold Limited.

Remuneration

It is the Company’s objective to provide maximum stakeholder benefit from the retention of a high quality board and executive team by remunerating director and key executives fairly and appropriately with reference to relevant and employment market conditions. To assist in achieving this objective, the Board links the nature and amount of executive director’s and officer’s emoluments to the company’s financial and operations performance. The expected outcomes of the remuneration structure are:

Retention and Motivation of key executives
Attraction of quality management to the Company
Performance incentives which allow executives to share the rewards of the success of D’Aguilar Gold Limited

For details on the amount of remuneration and all monetary and non‐monetary components for each of the five highest paid (non‐director) executives during the year, and for all directors, please refer to the Remuneration Report within the Directors’ Report. In relation to the payment of bonuses, options and other incentive payments, discretion is exercised by the board, having regard to the overall performance of D’Aguilar Gold Limited and the performance of the individual during the period.

There is no scheme to provide retirement benefits, other than statutory superannuation, to non‐executive directors.

The Board is responsible for determining and reviewing compensation arrangements for the directors themselves, subject to the Company’s constitution and prior shareholder approvals, and the executive team. As noted above, the Board has established a Remuneration and Nomination Committee.

D’Aguilar Gold Limited 24 2007 Annual Report (Vol 2 of 2)

Income Statement for the year ended 30 June 2007

Note Economic Entity	Parent Entity
2007 2006	2007 2006
$ $	$ $
Revenue Interest received 2 92,239 66,135 Net gain from sale of non‐current assets 8,404 10,818 Other revenue 9,260 34,848 Profit on disposal of investment 1,091 270,561	63,234 65,975 8,404 10,818 9,170 34,848 1,091 270,561
Total Revenue 110,994 382,362	81,899 382,202
Expenses Borrowing cost expenses 3 (85,000) (64,168) Employee benefits expenses (397,701) (317,582) Depreciation and amortisation expenses (63,550) (52,238) Legal expenses (186,543) (190,267) Administration and consulting expenses (642,143) (535,862) Other expenses (3,034,564) (156,040) Finance costs ‐ ‐ Debt forgiveness ‐ (72,924) Revaluation of investment (186,785) (21,142)	(60,000) (64,168) (397,701) (317,582) (55,462) (52,238) (169,789) (190,267) (638,710) (535,687) (2,420,536) (154,343) ‐ ‐ (2,210,821) (72,924) (186,785) (21,142)
Total Expenses (4,596,286) (1,410,223)	(6,139,804) (1,408,351)
Profit/(loss) before income tax expense (4,485,292) (1,027,861) Income tax expense 4 ‐ ‐	(6,057,905) (1,026,149) ‐ ‐
Profit / (loss) for the year (4,485,292) (1,027,861) Profit / (loss) attributable to minority equityinterest 1,938 ‐	(6,057,905) (1,026,149) ‐ ‐
Profit / (loss) attributable to members of theparent entity (4,487,230) (1,027,861)	(6,057,905) (1,026,149)
Overall Operations Cents Cents Basic Earnings Per Share Diluted Earnings Per Share 8 8 (0.0385) (0.0385) (0.0121) (0.0121)

The Income Statement should be read in conjunction with the Notes to the Financial Statements.

D’Aguilar Gold Limited 25 2007 Annual Report (Vol 2 of 2)

Balance Sheet as at 30 June 2007

Note Economic Entity	Note Economic Entity	Parent Entity	Parent Entity
2007	2006	2007	2006
$	$	$	$
CURRENT ASSETS Cash and cash equivalents 9 5,634,248 555,149 342,055 551,842 Trade and other receivables 10 743,236 54,609 112,835 54,471 Financial assets 11 183,970 370,754 183,970 370,754 Other current assets 16 26,249 24,936 26,249 24,936
Total Current Assets 6,587,703 1,005,448 665,109 1,002,003
NON‐CURRENT ASSETS Financial assets 11 564,950 532,451 488,224 494,837 Trade and other receivables 10 16,566 6,383 1,532,804 847,263 Investments in subsidiaries 12 ‐ ‐ 204,308 79,458 Property, plant and equipment 14 184,609 166,371 173,064 166,371 Exploration and Evaluation Expenditure 15 5,317,946 5,506,804 1,934,239 4,630,881
Total Non‐Current Assets 6,084,071 6,212,009 4,332,639 6,218,810
TOTAL ASSETS 12,671,774 7,217,457 4,997,748 7,220,813
CURRENT LIABILITIES Trade and other payables 17 446,189 204,042 313,920 204,042 Interest bearingliabilities 18 41,980 20,373 41,980 20,373
Total Current Liabilities 488,169 224,415 355,900 224,415
NON‐CURRENT LIABILITIES Interest bearing liabilities 18 1,501,409 43,819 38,909 43,819 Provisions 19 600,000 600,000 600,000 600,000
Total Non‐Current Liabilities 2,101,409 643,819 638,909 643,819
TOTAL LIABILITIES 2,589,578 868,234 994,809 868,234
NET ASSETS 10,082,196 6,349,223 4,002,939 6,352,579
EQUITY Issued capital 20 16,351,081 9,158,658 12,790,233 9,158,658 Reserves 21 792,033 715,343 792,033 715,343 Retained earnings/(Accumulated losses) 22 (8,012,008) (3,524,778) (9,579,327) (3,521,422)
Parent equityinterest 9,131,106 ‐ 4,002,939 ‐
Minorityequityinterest 951,090 ‐ ‐ ‐
TOTAL EQUITY 10,082,196 6,349,223 4,002,939 6,352,579

The Balance Sheet should be read in conjunction with the Notes to the Financial Statements.

D’Aguilar Gold Limited 26 2007 Annual Report (Vol 2 of 2)

Statement of Changes in Equity for the year ended 30 June 2007

Economic Entity

	Issued Capital	Retained Earnings / (Accumulated Losses)	Reserves	Minority Equity Interests	Total
	$	$	$	$	$
Balance at 1 July 2005	7,447,478	(2,526,080)	‐	‐	4,921,398
Issue of shares and options	1,728,009	‐	525,771	‐	2,253,780
Share issue costs	(55,829)	‐	‐	‐	(55,829)
Issue of executive options	‐	‐	189,572	‐	189,572
Options exercised	39,000	‐	‐	‐	39,000
Disposal of subsidiary	‐	29,163	‐	‐	29,163
Profit/(loss)for theyear	‐	(1,027,861)	‐	‐	(1,027,861)
Balance at 30 June 2006	9,158,658	(3,524,778)	715,343	‐	6,349,223
Issue of shares and options	3,298,751	‐	‐	‐	3,298,751
Issue of shares and options to minority	3,660,848	‐	‐	949,152	4,610,000
shareholders
Share issue costs	(112,080)	‐	‐	‐	(112,080)
Share issue costs to minority	(100,000)	‐	‐	‐	(100,000)
shareholders
Issue of executive options	‐	‐	76,690	‐	76,690
Options exercised	444,904	‐	‐	‐	444,904
Profit/(loss) attributable to members	‐	(4,487,230)	‐	‐	(4,487,230)
ofparent entity
Profit attributable to minority	‐	‐	‐	1,938	1,938
shareholders
Balance at 30 June 2007	16,351,081	(8,012,008)	792,033	951,090	10,082,196

Parent Entity

	Issued Capital	Issued Capital (outside equity interests)		Accumulated Losses	Reserves	Total
	$	$		$	$	$
Balance at 1 July 2005	7,447,478		‐	(2,495,273)	‐	4,952,205
Issue of shares and options	1,728,009		‐	‐	525,771	2,253,780
Share issue costs	(55,829)		‐	‐	‐	(55,829)
Issue of executive options	‐		‐	‐	189,572	189,572
Options exercised	39,000		‐	‐	‐	39,000
Profit/(loss)for theyear	‐		‐	(1,026,149)	‐	(1,026,149)
Balance at 30 June 2006	9,158,658		‐	(3,521,422)	715,343	6,352,579
Issue of shares and options	3,298,751		‐	‐	‐	3,298,751
Share issue costs	(112,080)		‐	‐	‐	(112,080)
Issue of executive options	‐		‐	‐	76,690	76,690
Options exercised	444,904		‐	‐	‐	444,904
Profit/(loss)for theyear	‐		‐	(6,057,905)	‐	(6,057,905)
Balance at 30 June 2007	12,790,233		‐	(9,579,327)	792,033	4,002,939

The Statement of Changes in Equity should be read in conjunction with the Notes to the Financial Statements.

D’Aguilar Gold Limited 27 2007 Annual Report (Vol 2 of 2)

Cash Flow Statement for the year ended 30 June 2007

Note Economic Entity	Note Economic Entity	Parent Entity	Parent Entity
2007	2006	2007	2006
$	$	$	$
Inflows/ (Outflows) Inflows/ (Outflows) Inflows/ (Outflows) Inflows/ (Outflows)
CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers 2,935 ‐ 3,063 ‐ Payments to suppliers and employees (1,295,932) (1,160,932) (1,249,234) (1,161,201) Interest received 92,239 66,135 63,234 65,975 Interest and other costs of financepaid (85,000) (64,168) (60,000) (64,168)
Net cash used in operating activities 28(a) (1,285,758) (1,158,965) (1,242,937) (1,159,394)
CASH FLOWS FROM INVESTING ACTIVITIES Security deposit (payments) / refunds (32,500) (20,030) 5,611 (20,030) Proceeds from sale of property, plant and equipment 8,404 10,818 8,404 10,818 Payments for property, plant and equipment (74,288) (20,445) (62,155) (20,445) Exploration and evaluation expenditure (2,561,122) (1,322,848) (2,568,073) (1,129,701) Proceeds from sale of investments 1,091 1,091 Loans to subsidiaries ‐ ‐ ‐ (190,721)
Net cash used in investing activities (2,658,415) (1,352,505) (2,615,122) (1,350,079)
CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of securities 3,719,904 2,253,780 3,719,904 2,253,780 Proceeds from issue of securities in subsidiaries to outside equity interests 4,020,000 ‐ Capital raising expenses (188,329) (55,830) (88,329) (55,830) Proceeds from borrowings 44,759 ‐ 44,759 Repayment of borrowings (28,062) (21,030) (28,062) (21,030) Proceeds from issue of convertible note 1,500,000 ‐ ‐ Payments relatingto issue of convertible note (45,000) ‐ ‐
Net cashprovided by financing activities 9,023,272 2,176,920 3,648,272 2,176,920
Net increase/(decrease) in cash held 5,079,099 (334,550) (209,787) (332,553) Cash at the beginningof the financialyear 555,149 889,699 551,842 884,395
Cash at the end of the financial year 9 5,634,248 555,149 342,055 551,842

The Cash Flow Statement should be read in conjunction with the Notes to the Financial Statements.

D’Aguilar Gold Limited 28 2007 Annual Report (Vol 2 of 2)

Notes to the Financial Statements for the year ended 30 June 2007

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The financial report is a general purpose financial report that has been prepared in accordance with Australian Accounting Standards, including Australian Accounting Interpretations, other authoritative pronouncements of the Australian Accounting Standards Board and the Corporations Act 2001.

This financial report covers the economic entity of D’Aguilar Gold Ltd and controlled entities, and D’Aguilar Gold Ltd as an individual parent entity. D’Aguilar Gold Ltd is a listed public company, incorporated and domiciled in Australia.

The financial report of D’Aguilar Gold Ltd and controlled entities, and D’Aguilar Gold Ltd as an individual parent entity comply with all Australian Accounting Standards (IFRS) in their entirety.

The following is a summary of the material accounting policies adopted by the economic entity in the preparation of the financial report. The accounting policies have been consistently applied, unless otherwise stated.

Basis of preparation

Going concern

The financial statements have been prepared on a going concern basis which contemplates the continuity of normal business activities and the realisation of assets and discharge of liabilities in the ordinary course of business. The ability of the Economic Entity to continue and adopt the going concern assumption will depend upon a number of matters including the successful raising in the future of necessary funding and successful exploitation of exploration expenditure.

Compliance with IFRS

Australian Accounting Standards include Australian Equivalents to International Financial Reporting Standards (AIFRS). Compliance with AIFRS ensures that the consolidated financial statements and notes of D’Aguilar Gold Ltd and controlled entities comply with International Financial Reporting Standards (IFRS).

By virtue of the financial report complying with Australian Accounting Standards (including Australian Accounting Interpretations), the financial report complies with all International Financial Reporting Standards.

Reporting basis and conventions

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

Accounting Policies

(a) Principles of Consolidation

A controlled entity is any entity D’Aguilar Gold Ltd has the power to control the financial and operating policies so as to obtain benefits from its activities. A list of controlled entities is contained in Note 13 to the financial statements. All inter‐company balances and transactions between entities in the Economic Entity, including any unrealised profits or losses, have been eliminated on consolidation.

Accounting policies of subsidiaries have been changed where necessary to ensure consistencies with those policies applied by the parent entity. Where controlled entities have entered or left the Economic Entity during the year, their operating results have been included from the date control was obtained or until the date control ceased.

Minority equity interests in the equity and results of the entities that are controlled are shown as a separate item in the consolidated financial report.

D’Aguilar Gold Limited 29 2007 Annual Report (Vol 2 of 2)

Notes to the Financial Statements for the year ended 30 June 2007

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued

(b) Income Tax

The charge for current income tax expense is based on the profit for the year adjusted for any non‐assessable or disallowed items. It is calculated using the tax rates that have been enacted or are substantially enacted by the balance date.

Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. No deferred income tax will be recognised from the initial recognition of an asset or liability, excluding a business combination, where there is no effect on accounting or taxable profit or loss.

Deferred tax is calculated at the tax rates expected to apply to the period when the asset is realised or liability is settled. Deferred tax is credited in the income statement except where it relates to items that may be credited directly to equity, in which case the deferred tax is adjusted directly against equity.

Deferred income tax assets are recognised to the extent that it is probable that future tax profits will be available against which deductible temporary differences can be utilised.

The amount of benefits brought to account or which may be realised in the future is based on the assumption that no adverse change will occur in income taxation legislation and the anticipation that the economic entity will derive sufficient future assessable income to enable the benefit to be realised and comply with the conditions of deductibility imposed by the law.

D’Aguilar Gold Ltd and its wholly‐owned Australian subsidiaries have formed an income tax consolidated group under the Tax Consolidation Regime. D’Aguilar Gold Ltd will be responsible for recognising the current and deferred tax assets and liabilities for the tax consolidation group. The tax consolidated group have entered a tax sharing agreement whereby each company in the group contributes to the income tax payable in proportion to their contribution to the net profit before tax of the consolidated group.

(c) Plant and Equipment

Plant and equipment

Plant and equipment are measured on the cost basis less depreciation and impairment losses.

The carrying amount of plant and equipment is reviewed annually by directors to ensure it is not in excess of the recoverable amount from these assets. The recoverable amount is assessed on the basis of the expected net cash flows which will be received from the assets employment and subsequent disposal. The expected net cash flows have been discounted to their present values in determining recoverable amounts.

The cost of fixed assets constructed within the economic entity includes the cost of materials, direct labour, borrowing costs and an appropriate portion of fixed and variable costs.

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred.

Depreciation

The depreciable amount of all fixed assets is depreciated over their useful life to the Company commencing from the time the asset is held ready for use. Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the estimated useful lives of the improvements.

The depreciation rates used for each class of assets are:

Class of Fixed Assets Depreciation Rate Freehold building 2.5% Prime Cost Plant and equipment 10% ‐ 35% Prime Cost Site Infrastructure 10% ‐ 25% Prime Cost Leased Plant & Equipment 33% Prime Cost Computers and Office Equipment 33% Prime Cost Furniture and Fittings 20% Prime Cost

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.

D’Aguilar Gold Limited 30 2007 Annual Report (Vol 2 of 2)

Notes to the Financial Statements for the year ended 30 June 2007

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued

(c) Plant and Equipment (continued)

An asset’s carrying amount is written down immediately to its recoverable amount if the assets carrying amount is greater than its estimated recoverable amount.

Gains and losses on disposal are determined by comparing proceeds with the carrying amount. These gains or losses are included in the income statement. When revalued assets are sold, amounts included in the revaluation reserve related to that asset are transferred to retained earnings.

(d) Exploration and development expenditure

Exploration, evaluation and development expenditure incurred is accumulated in respect of each identifiable area of interest. Such expenditures comprise net direct costs and an appropriate portion of related overhead expenditure but does not include overheads or administration expenditure not having a specific nexus with a particular area of interest. These costs are only carried forward to the extent that they are expected to be recouped through the successful development of the area or where activities in the area have not yet reached a stage which permits reasonable assessment of the existence of economically recoverable reserves and active or significant operations in relation to the area are continuing.

A provision is raised against exploration and evaluation expenditure where the Directors are of the opinion that the carried forward net cost may not be recoverable or the right of tenure in the area lapses. The increase in the provision is charged against the results for the year. Accumulated costs in relation to an abandoned area are written off in full against profit in the year in which the decision to abandon the area is made.

When production commences, the accumulated costs for the relevant area of interest are amortised over the life of the area according to the rate of depletion of the economically recoverable reserves.

A regular review has been undertaken on each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area of interest.

(e) Leases

Leases of fixed assets where substantially all the risks and benefits incidental to the ownership of the asset, but not the legal ownership that is transferred to entities in the economic entity, are classified as finance leases.

Finance leases are capitalised by recording an asset and a liability at the lower of the amounts equal to the fair value of the leased property or the present value of the minimum lease payments, including any guaranteed residual values. Lease payments are allocated between the reduction of the lease liability and the lease interest expense for the period.

Leased assets are depreciated on a straight‐line basis over the shorter of their estimated useful lives or the lease term.

Lease payments for operating leases, where substantially all the risks and benefits remain with the lessor, are charged as expenses in the periods in which they are incurred.

Lease incentives under operating leases are recognised as a liability and amortised on a straight‐line basis over the life of the lease term.

(f) Financial instruments

Recognition

Financial instruments are initially measured at cost on trade date, which includes transaction costs, when the related contractual rights or obligations exist. Subsequent to initial recognition trade and other receivables and trade and other payables are measured at amortised cost. Available for sale instruments are measured at fair value via the Asset Revaluation Reserve for revaluation increments or via the Income Statement if no Asset Revaluation Reserve exists for revaluation decrements.

(g) Impairment of assets

At each reporting date, the group reviews the carrying values of its assets to determine whether there is any indication that those assets have been impaired. If such an indication exists, the recoverable amount of the asset, being the higher of the asset’s fair value less costs to sell and value in use, is compared to the asset’s carrying value. Any excess of the asset’s carrying value over its recoverable amount is expensed to the income statement.

Where it is not possible to estimate the recoverable amount of an individual asset, the group estimates the recoverable amount of the cash‐generating unit to which the asset belongs.

D’Aguilar Gold Limited

31 2007 Annual Report (Vol 2 of 2)

Notes to the Financial Statements for the year ended 30 June 2007

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued

(h) Employee benefits

Provision is made for the Company’s liability for employee benefits arising from services rendered by employees to balance date. Employee benefits that are expected to be settled within one year have been measured at the amounts expected to be paid when the liability is settled, plus related on‐costs. Employee benefits payable later than one year have been measured at the present value of the estimated future cash outflows to be made for those benefits.

Equity settled compensation

The group issues share‐based compensation in the form of unlisted options. The bonus element over the exercise price of the employee services rendered in exchange for the grant of shares and options is recognised as an expense in the income statement. The total amount to be expensed over the vesting period is determined by reference to the fair value of the shares and options granted.

(i) Provisions

Provisions are recognised when the group has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured.

(j) Cash and cash equivalents

Cash and cash equivalents include cash on hand, deposits held at call with banks, other short term highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within short‐term borrowings in current liabilities on the balance sheet.

(k) Revenue

Interest revenue is recognised on a proportional basis taking into account the interest rates applicable to the financial assets.

All revenue is stated net of the amount of goods and services tax (GST).

(l) Goods & Services Tax

Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office. In these circumstances GST is recognised as part of the acquisition of the asset or as part of an item of the expense. Receivables and payables in the balance sheet are show inclusive of GST.

Cash flows are presented in the cash flow statement on a gross basis, except for the GST component of financing and investing activities, which are disclosed as operating cash flows.

(m) Comparative figures

When required by Australian Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year.

(n) Investments in Subsidiaries

Investments are brought to account on the costs basis. The carrying amount of investments is reviewed annually by directors to ensure it is not in excess of the recoverable amount of these investments. The recoverable amount is assessed from the shares’ current market value or the underlying net assets in the particular entities. The expected net cash flow from investments has not been discounted to their present value in determining the recoverable amounts, except where stated.

(o) Restoration, Rehabilitation and Environmental Expenditure

Costs of site restoration are provided over the life of the facility from when exploration commences and are included in the costs of that stage. Site restoration costs include the dismantling and removal of mining plant, equipment and building structure, waste removal, and rehabilitation of the site in accordance with clauses of mining permits. Such costs have been determined using estimates of future costs, current legal requirements and technology on a discounted basis.

Estimates of future costs are reassessed at least annually. Changes in estimates relating to areas of interest in the exploration and evaluation phase are dealt with retrospectively, with any amounts that would have been written off or provided against under the accounting policy for exploration and evaluation immediately written off.

D’Aguilar Gold Limited 32 2007 Annual Report (Vol 2 of 2)

Notes to the Financial Statements for the year ended 30 June 2007

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued

(p) Subsidiary Equity Issue

Where a subsidiary makes a new issue of capital subscribed by outside equity interests the parent company may make a gain or loss due to dilution of outside equity interests. These gains or losses are recognised in equity attributed to the parent company.

(q) Approval of financial statements

The Financial Statements were approved by the Board of Directors of D’Aguilar Gold Ltd on 27 September 2007.

Critical accounting estimates and judgments

The directors evaluate estimates and judgments incorporated into the financial report based on historical knowledge and best available current information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the group.

Key estimates – impairment

The group assesses impairment at each reporting date by evaluating conditions specific to the group that may lead to impairment of assets. Where an impairment trigger exists, the recoverable amount of the asset is determined. Value‐in‐use calculations performed in assessing recoverable amounts incorporate a number of key estimates.

Key judgements – exploration & evaluation expenditure

The group performs regular reviews on each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area of interest. These reviews are based on detailed surveys and analysis of drilling results performed to balance date.

Economic Entity Parent Entity	Economic Entity Parent Entity
2007	2006 2007 2006
$	$ $ $
NOTE 2 REVENUE Operating activities ‐ interest received 92,239	66,135 63,234 65,975
Total revenue 92,239	66,135 63,234 65,975
(a) Interest revenue from: ‐partlyowned subsidiaries ‐	‐ 3,408 ‐
‐ otherpersons 92,239	66,135 59,826 65,975
Total interest revenue 92,239	66,135 63,234 65,975
NOTE 3 PROFIT/(LOSS) Profit/(loss) before income tax expense has been determined after: Revenue Interest Received 92,239	66,135 63,234 65,975
Expenses Finance costs: external 25,000	4,168 ‐ 4,168
Finance costs: related entities 60,000	60,000 60,000 60,000
Total finance costs 85,000	64,168 60,000 64,168
Rental expenses on operating leases ‐ minimum leasepayments 28,987	30,375 28,987 30,375
Write off of capitalised exploration 2,987,961	112,805 2,385,489 112,805
Share basedpayments(options) 76,690	189,572 76,690 189,572

D’Aguilar Gold Limited

33 2007 Annual Report (Vol 2 of 2)

Notes to the Financial Statements for the year ended 30 June 2007

Economic Entity	Economic Entity		Parent Entity
2007	2006	2007		2006
$	$	$		$

NOTE 4 INCOME TAX

The prima facie income tax on loss for the is reconciled to the income tax provided in the financial statements as follows:

The prima facie income tax benefit (30%)
on loss before income tax	(1,345,588)	(308,358)	(1,817,371)	(307,844)
Tax effect ofpermanent differences	7,887	‐	7,887	‐
Other non‐allowable items	‐	(36,382)	‐	(36,382)
Deferred tax liabilitynot recognised	71,910	‐	824,245	‐
Deferred tax asset not brought to account
- temporarydifferences	125,773	‐	118,273	‐
- tax losses	1,140,018	344,740	866,966	344,226
Income tax expense	‐	‐	‐	‐

Deferred tax asset reconciliation:
Temporarydifferences	403,197	324,744	395,697	324,744
Tax losses	9,111,168	7,971,150	8,836,404	7,969,438
Total	9,514,365	8,295,894	9,232,101	8,294,182
Accumulated tax losses not recognised due	9,111,168	5,506,804	8,836,404	5,506,804
to lack of highprobability
Deferred tax liability not recognised due to	1,580,132	1,652,041	565,020	1,652,041
lack of highprobability

There are no franking credits available to shareholders of the Company.

NOTE 5 DIRECTORS’ AND EXECUTIVES’ REMUNERATION

Information about the remuneration of Directors and Executives which is currently required under Section 300A of the Corporations Act and under Accounting Standard AASB 124: Related Party Disclosures is included in the Remuneration Report within the Director’s Report.

NOTE 6 AUDITORS’ REMUNERATION

Remuneration to Auditors:
Audit/review	30,453	19,800	30,453	19,800
Other services	9,390	1,200	9,390	1,200
	39,843	21,000	39,843	21,000

NOTE 7 DIVIDENDS & FRANKING CREDITS

There were no dividends paid or recommended during the financial year.

There were no franking credits available to the shareholders of the Company.

D’Aguilar Gold Limited 34 2007 Annual Report (Vol 2 of 2)

Notes to the Financial Statements for the year ended 30 June 2007

Economic Entity Parent Entity	Economic Entity Parent Entity
2007 2006 2007 2006
$ $ $ $
NOTE 8 EARNINGS PER SHARE (a) Reconciliation of Earnings to Loss Loss (4,487,230) (1,027,861) Profit attributed to minorityequityinterest 1,938 ‐ Earnings used to calculate basic and dilutive (4,485,292) (1,027,861) 2007 2006 Number Number (b) Weighted average number of ordinary shares outstanding during theyear 116,595,592 84,830,278 Weighted average number of options outstanding ‐ ‐ Weighted average number of ordinary shares outstanding during the year used in calculating dilutive EPS 116,595,592 84,830,278
Economic Entity Parent Entity
2007	2006 2007 2006
$	$ $ $
NOTE 9 CASH & CASH EQUIVALENTS Cash on hand and at bank 5,634,248	555,149 342,055 551,842
Reconciliation of cash Cash at the end of the financial year as shown in the statement of cash flows is reconciled to items in the balance sheet as follows: Cash and cash equivalents 5,634,248 555,149 342,055 551,842

D’Aguilar Gold Limited 35 2007 Annual Report (Vol 2 of 2)

Notes to the Financial Statements for the year ended 30 June 2007

	Economic Entity	Economic Entity	Parent Entity	Parent Entity
	2007	2006	2007	2006
	$	$	$	$
NOTE 10 TRADE AND OTHER RECEIVABLES
CURRENT
Trade receivables	35,423	‐	35,423
Other receivables	590,000	29,316	‐	29,316
GST receivable	117,813	25,293	77,412	25,155
	743,236	54,609	112,835	54,471
NON‐CURRENT
Amounts receivable from:
- wholly‐owned subsidiaries	‐	‐	1,350,386	840,880
- partly‐owned subsidiaries	‐	‐	165,852
Other receivables	16,566	6,383	16,566	6,383
	16,566	6,383	1,532,804	847,263

NOTE 11 FINANCIAL ASSETS

NOTE 11 FINANCIAL ASSETS
Available‐for‐sale financial assets	183,970	370,754	183,970	370,754
Held‐to‐maturityfinancial assets	564,950	532,451	488,224	494,837
	748,920	903,205	672,194	865,591
Less non‐currentportion	(564,950)	(532,451)	(488,224)	(494,837)

Currentportion	183,970	370,754	183,970	370,754
a. Available‐for‐sale Financial Assets Comprise:
Listed investments, at fair value
‐ shares in listed corporations	183,970	370,754	183,970	370,754

Available‐for‐sale financial assets comprise an investment in the ordinary issued capital of Solomon Gold plc, listed on the London Stock Exchanges Alternative Investment Market (“AIM”). D’Aguilar Gold Ltd acquired 500,000 ordinary shares in Solomon Gold plc in a Pre‐Admission Placing undertaken prior to the subsequent listing of Solomon Gold plc on 10 February 2006. At the time of the Pre‐Admission Placing, D’Aguilar Gold Ltd entered into an orderly market agreement, pursuant to which D’Aguilar Gold Ltd undertook that it would not sell or dispose of, except in certain circumstances, its interests in Solomon Gold plc for a period of six months from admission on AIM. This period ended on 9 August 2006. There are no fixed returns of fixed maturity dates attached to this investment.

b. Held‐to‐maturity Investments Comprise:

Cash on deposit (held as security for bank
forguarantee for securitydeposit)	314,000	494,837	314,000	494,837
Securitybonds	250,950	37,614	174,224	‐
	564,950	532,451	488,224	494,837

NOTE 12 INVESTMENT IN SUBSIDIARIES

Shares in controlled entities
‐ unlisted at cost(Note 13)	‐	‐	204,308	79,458

D’Aguilar Gold Limited 36 2007 Annual Report (Vol 2 of 2)

Notes to the Financial Statements for the year ended 30 June 2007

NOTE 13 CONTROLLED ENTITIES

	Country of Incorporation	Percentage 2007	Owned (%) 2006*
(a) Controlled entities consolidated
Parent entity:
D’Aguilar Gold Ltd	Australia
Subsidiaries of D’Aguilar Gold Ltd:
Navaho Mining Pty Ltd	Australia	100%	100%
Mt Isa Metals Pty Ltd	Australia	81.63%	100%
Anduramba Molybdenum Pty Ltd	Australia	100%	0%
Eastern Uranium Pty Ltd	Australia	86.21%	0%
AusNiCo Pty Ltd	Australia	90%	0%
Central Minerals Pty Ltd	Australia	100%	0%

percentage of voting power is in proportion to ownership

(b) Acquisition of controlled entities

On 5 September 2006, D’Aguilar Gold Ltd formed Anduramba Molybdenum Pty Ltd, a 100% owned subsidiary.

On 1 December 2006, D’Aguilar Gold Ltd formed D’Aguilar Nickel Pty Ltd, a 100% owned subsidiary. On 2 March 2007 D’Aguilar Nickel Pty Ltd changed its name to AusNiCo Pty Ltd. On 4 June 2007 8,000,000 shares were issued at an issue price of $0.25 per share. Following these investments D’Aguilar Gold Ltd retains a 90% interest in AusNiCo Pty Ltd.

On 22 February 2007, D’Aguilar Gold Ltd formed Eastern Uranium Pty Ltd, a 100% owned subsidiary. On 6 June 2007 8,000,000 shares were issued at an issue price of $0.20 per share. Following these investments D’Aguilar Gold Ltd retains an 86.2% interest in Eastern Uranium Pty Ltd.

On 25 May 2007, D’Aguilar Gold Ltd formed Central Minerals Pty Ltd, a 100% owned subsidiary.

	Economic Entity	Economic Entity	Parent Entity	Parent Entity
	2007	2006	2007	2006
	$	$	$	$
NOTE 14 PROPERTY, PLANT AND EQUIPMENT
Freehold Building
At cost	54,535	54,535	54,535	54,535
Accumulated depreciation	(16,789)	(15,425)	(16,789)	(15,425)
	37,746	39,110	37,746	39,110
Plant and Equipment
At cost	1,867,044	1,852,796	1,854,911	1,852,796
Accumulated depreciation	(1,820,589)	(1,803,991)	(1,820,001)	(1,803,991)
	46,455	48,805	34,910	48,805
Site Infrastructure
At cost	2,443,532	2,443,532	2,443,532	2,443,532
Accumulated depreciation	(2,443,532)	(2,443,532)	(2,443,532)	(2,443,532)
	‐	‐	‐	‐
Leased Plant & Equipment
At cost	157,690	115,307	157,690	115,307
Accumulated depreciation	(81,879)	(57,640)	(81,879)	(57,640)
	75,811	57,667	75,811	57,667
Computers and Office Equipment
At cost	49,652	32,847	49,652	32,847
Accumulated depreciation	(26,930)	(13,688)	(26,930)	(13,688)
	22,722	19,159	22,722	19,159
Furniture and Fittings
At cost	3,382	2,528	3,382	2,528
Accumulated depreciation	(1,507)	(898)	(1,507)	(898)
	1,875	1,630	1,875	1,630
Net Book value	184,609	166,371	173,064	166,371

D’Aguilar Gold Limited

2007 Annual Report (Vol 2 of 2)

Notes to the Financial Statements for the year ended 30 June 2007

NOTE 14 PROPERTY, PLANT AND EQUIPMENT continued:

(a) Movements in carrying amounts

Freehold Building Plant & Equipment Site Infra‐ structure	Leased Plant & Equipment Computers & Office Equipment Furniture & Fittings Total
Economic Entity: Balance at the beginning of the year 39,110 48,805 ‐ Additions ‐ 14,248 ‐ Disposals ‐ ‐ ‐ Depreciation Expenses (1,364) (16,598) ‐	57,667 19,159 1,630 166,371 42,382 16,805 853 74,288 ‐ ‐ ‐ (24,238) (13,242) (608) (56,050)
Carrying amount at the end of theyear 37,746 46,455 ‐	75,811 22,722 1,875 184,609
Parent Entity: Balance at the beginning of the year 39,110 48,805 ‐ Additions ‐ 2,115 ‐ Disposals ‐ ‐ ‐ Depreciation Expenses (1,364) (16,010) ‐	57,667 19,159 1,630 166,371 42,382 16,805 853 62,155 ‐ ‐ ‐ (24,238) (13,242) (608) (55,462)
Carrying amount at the end of theyear 37,746 34,910 ‐	75,811 22,722 1,875 173,064
Economic Entity Parent Entity 2007 2006 2007 2006 $ $ $ $ NOTE 15 EXPLORATION AND EVALUATION EXPENDITURE Non‐current Exploration expenditure capitalised ‐ exploration and evaluationphase 5,317,946 5,506,804 1,934,239 4,630,881

Recoverability of the carrying amount of exploration assets is dependent on the successful exploration and extraction of minerals.

NOTE 16 OTHER ASSETS

NOTE 16 OTHER ASSETS
Current
Prepayments –general	26,249	24,936	26,249	24,936

D’Aguilar Gold Limited 38 2007 Annual Report (Vol 2 of 2)

Notes to the Financial Statements for the year ended 30 June 2007

	Economic Entity	Economic Entity	Parent Entity	Parent Entity
	2007	2006	2007	2006
	$	$	$	$
NOTE 17 TRADE & OTHER PAYABLES
Current
Tradepayables	244,911	181,012	137,642	181,012
Sundry payables and accrued expenses	188,521	‐	163,521
Employee benefits	12,757	23,030	12,757	23,030
	446,189	204,042	313,920	204,042
			Employee	Total
			Benefits
Economic Entity:
Openingbalance at 1 July2006:			23,030	23,030
Additional provisions			25,444	25,444
Amounts used			(26,546)	(26,546)
Unused amounts reversed			(9,171)	(9,171)
Balance at 30 June 2007			12,757	12,757
Parent Entity:
Opening balance at 1 July 2006:			23,030	23,030
Additional provisions			25,444	25,444
Amounts used			(26,546)	(26,546)
Unused amounts reversed			(9,171)	(9,171)
Balance at 30 June 2007			12,757	12,757

A provision has been recognised for employee benefits relating to annual leave. The measurement and recognition criteria relating to employee benefits have been included in Note 1 to this report.

NOTE 18 INTEREST BEARING LIABILITIES

CURRENT
Lease Liability– secured	41,980	20,373	41,980	20,373
NON‐CURRENT
Lease Liability– secured	38,909	43,819	38,909	43,819

Convertible Note ‐ unsecured	1,545,000	‐	‐	‐
Amortised borrowingcosts	(82,500)	‐	‐	‐
	1,462,500	‐	‐	‐
	1,501,409	43,819	38,909	43,819

Lease liabilities are secured over the assets to which they relate.

D’Aguilar Gold Limited 39 2007 Annual Report (Vol 2 of 2)

Notes to the Financial Statements for the year ended 30 June 2007

	Economic Entity	Economic Entity	Parent Entity	Parent Entity
	2007	2006	2007	2006
	$	$	$	$
NOTE 19 PROVISIONS
Site restoration	600,000	600,000	600,000	600,000
			Site	Total
			restoration
Economic Entity:
Openingbalance at 1 July2006:			600,000	600,000
Additionalprovisions			‐	‐
Amounts used			‐	‐
Unused amounts reversed			‐	‐
Balance at 30 June 2007			600,000	600,000
Parent Entity:
Openingbalance at 1 July2006:			600,000	600,000
Additionalprovisions			‐	‐
Amounts used			‐	‐
Unused amounts reversed			‐	‐
Balance at 30 June 2007			600,000	600,000

The Company has secured performance bonds to the value of $600,000 (2006:$600,000). Further information regarding these contingent assets can be found in Note 24.

		Economic Entity	Economic Entity	Parent Entity	Parent Entity
		2007	2006	2007	2006
		$	$	$	$
NOTE 20 ISSUED CAPITAL
133,509,644 (2006: 89,830,815)
Fully paid ordinaryshares		13,508,671	9,765,018	13,508,671	9,765,018
Share issue costs		(718,438)	(606,360)	(718,438)	(606,360)
		12,790,233	9,158,658	12,790,233	9,158,658
Outside equityinterest		3,660,848	‐	‐	‐
Share issue costs		(100,000)	‐	‐	‐
		16,351,081	9,158,658	12,790,233	9,158,658
(a)	Ordinary shares
	Balance 1 July	89,830,815	74,505,639	89,830,815	74,505,639
-	27 October 2005 (1)	‐	15,025,176	‐	15,025,176
-	1 November 2005 (2)	‐	300,000	‐	300,000
-	18 August 2006 (3)	16,475,000	‐	16,475,000	‐
-	14 November 2006 (4)	6,100,000	‐	6,100,000	‐
-	24 November 2006 (5)	9,150,000	‐	9,150,000	‐
-	22 February 2007 (6)	2,500,000	‐	2,500,000
-	21 March 2007 (7)	7,000,000	‐	7,000,000	‐
-	4 May 2007 (8)	300,000	‐	300,000	‐
-	11 May 2007 (9)	628,518	‐	628,518	‐
-	16 May 2007 (10)	1,025,311	‐	1,025,311	‐
-	23 May 2007 (11)	200,000	‐	200,000	‐
-	6 June 2007 (12)	100,000	‐	100,000	‐
-	19 June 2007 (13)	200,000	‐	200,000	‐
Balance30 June		133,509,644	89,830,815	133,509,644	89,830,815

D’Aguilar Gold Limited 40 2007 Annual Report (Vol 2 of 2)

Notes to the Financial Statements for the year ended 30 June 2007

NOTE 20 ISSUED CAPITAL continued

(a) Ordinary shares continued :

(1) On 27 October 2005 the Company completed a placement of 15,025,176 ordinary shares for 15.0 cents each plus 7,512,571 free attaching unlisted $0.197 options expiring on 30 September 2008, raising $2,253,780.
(2) On 1 November 2005, 300,000 unlisted $0.127 options expiring 31/07/08 were exercised into 300,000 ordinary shares.
(3) On 18 August 2006, 16,475,000 Ordinary Shares was issued. 16,000,000 shares were issued pursuant to a Share Purchase Plan at an issue price of 5.0 cents each, and a further 475,000 shares were issued to underwriters of the Share Purchase Plan, who elected to receive their underwriting fee in shares.
(4) On 14 November 2006, 6,100,000 ordinary shares ordinary shares were issued at an issue price of 10.0 cents each.
(5) On 24 November 2006, 9,150,000 ordinary shares were issued at an issue price of 10.0 cents each.
(6) On 22 February 2007, 2,500,000 ordinary shares were issued at an issue price of 10.0 cents each.
(7) On 21 March 2007, 7,000,000 ordinary shares were issued at an issue price of 10.0 cents each.
(8) On 4 May 2007, 300,000 unlisted $0.197 options expiring 30/09/08 were exercised into ordinary shares.
(9) On 11 May 2007, 628,518 unlisted $0.197 options expiring 30/09/08 were exercised into ordinary shares.
(10) On 16 May 2007, 675,311 unlisted $0.197 options expiring 30/09/08 and 350,000 unlisted $0.127 options expiring 31/07/08 were exercised into ordinary shares.
(11) On 23 May 2007, 200,000 unlisted $0.197 options expiring 30/09/08 were exercised into ordinary shares.
(12) On 6 June 2007, 100,000 unlisted $0.197 options expiring 30/09/08 were exercised into ordinary shares.
(13) On 19 June 2007, 200,000 unlisted $0.127 options expiring 31/07/08 were exercised into ordinary shares.

	Economic Entity	Economic Entity	Parent Entity	Parent Entity
	2007	2006	2007	2006
	Number	Number	Number	Number
(b) Options
(i) Unlisted $0.197 options expiring 30/9/08
At the beginning of the reporting period	19,162,571	‐	19,162,571	‐
Attaching to Share Placement Oct 05	‐	7,512,571	‐	7,512,571
Solomon Gold plc seed investors Jan 06	‐	11,650,000	‐	11,650,000
Options Exercised:
- 4 May 2007	(300,000)	‐	(300,000)	‐
- 11 May 2007	(628,518)	‐	(628,518)	‐
- 16 May 2007	(675,311)	‐	(675,311)	‐
- 23 May 2007	(200,000)	‐	(200,000)	‐
- 6 June 2007	(100,000)	‐	(100,000)	‐
At reporting date	17,258,742	19,162,571	17,258,742	19,162,571
(ii) Unlisted $0.127 options expiring 31/7/08
At the beginning of the reporting period	3,350,000	‐	3,350,000	‐
Issued to executives and staff:
- 31 July 2005	‐	2,450,000	‐	2,450,000
- 8 May 2006	‐	1,200,000	‐	1,200,000
- 7 November 2006	650,000	‐	650,000
Options Exercised:
- 1 November 2005	‐	(300,000)	‐	(300,000)
- 16 May 2007	(350,000)	‐	(350,000)	‐
- 19 June 2007	(200,000)	‐	(200,000)	‐
Options expired:
- 16 April 2007	(750,000)	‐	(750,000)	‐
	2,700,000	3,350,000	2,700,000	3,350,000
(iii) Unlisted $0.127 options expiring 30/6/09
At the beginning of the reporting period	‐	‐	‐	‐
Issued to consultants:
- 3 April 2007	400,000	‐	400,000	‐
	400,000	‐	400,000	‐

D’Aguilar Gold Limited 41

2007 Annual Report (Vol 2 of 2)

Notes to the Financial Statements for the year ended 30 June 2007

NOTE 20 ISSUED CAPITAL continued

	Economic Entity	Economic Entity			Parent Entity
	2007	2006		2007	2006
	Number	Number		Number	Number
(b) Optionscontinued:
(iv) Unlisted$0.20 options expiring 30/6/09
At the beginning of the reporting period	‐		‐		‐	‐
Issued to consultants:
- 3 April 2007	300,000		‐	300,000		‐
	300,000		‐	300,000		‐
(iv) Unlisted $0.25 options expiring 30/6/09
At the beginning of the reporting period	‐		‐		‐	‐
Issued to consultants:
- 3 April 2007	300,000		‐	300,000		‐
	300,000		‐	300,000		‐

(v) For information relating to share options issued to key management personnel during the financial year, refer to the Remuneration Report included in the Director’s Report.

NOTE 21 RESERVES

NOTE 21 RESERVES
Option Reserve – capital raising	525,771	525,771	525,771	525,771
Option Reserve – employee share options	266,262	189,572	266,262	189,572
	792,033	715,343	792,033	715,343

The option reserve (capital raising) records the value of options issued as part of capital raisings.

The option reserve (employee share options) records items recognised as expenses on valuation of employee share options.

NOTE 22 ACCUMULATED LOSSES

Accumulated losses attributable to members
of D’Aguilar Gold Ltd at beginning of the	(3,524,778)	(2,526,080)	(3,521,422)	(2,495,273)
financial year
Disposal of subsidiary	‐	29,163	‐	‐
Losses from ordinary activities after income
tax	(4,487,230)	(1,027,861)	(6,057,905)	(1,026,149)
Accumulated losses attributable to members
of D’Aguilar Gold Ltd at the end of the	(8,012,008)	(3,524,778)	(9,579,327)	(3,521,422)
financialyear

D’Aguilar Gold Limited 42 2007 Annual Report (Vol 2 of 2)

Notes to the Financial Statements for the year ended 30 June 2007

	Economic Entity Parent Entity
	2007 2006 2007 2006
	$ $ $ $

NOTE 23 COMMITMENTS FOR EXPENDITURE

(a) Future Exploration

The Economic Entity has certain obligations to expend minimum amounts on exploration in tenement areas. These obligations may be varied from time to time and are expected to be fulfilled in the normal course of operations of the Economic Entity.

The commitments to be undertaken are as follows:

‐ within oneyear	2,223,929	1,646,862	701,018	1,047,658
‐ between one and fiveyears	8,421,634	5,225,534	2,064,072	3,735,650
‐greater than fiveyears	‐	21,343	‐	21,343
	10,645,563	6,893,739	2,765,090	4,804,651

All of the Company’s other EPM’s are in Queensland. To keep EPM’s in good standing in Queensland, work programs should meet certain minimum expenditure requirements. If the minimum expenditure requirements are not met, the Company has the option to negotiate new terms or relinquish the tenements. The Company also has the ability to meet expenditure requirements by joint venture or farm in agreements.

(b) Lease expenditure commitments

(i) Operating leases (non‐cancellable):

Minimum lease payments

Minimum lease payments
– not later than one year	24,682	30,375	24,682	30,375
– later than one year and not later than
five years	‐	19,688	‐	19,688
– later than five years	‐	‐	‐	‐
	24,682	50,063	24,682	50,063

The terms of the operating leases range from 1 year to 3 years with no options to renew.

(ii) Finance leases:

(ii) Finance leases:
– not later than one year	46,648	24,508	46,648	24,508
– later than one year and not later than
five years	41,715	46,602	41,715	46,602
– later than five years	‐	‐	‐	‐
Total minimum lease payments	88,363	71,110	88,363	71,110
– future finance charges	(7,474)	(6,918)	(7,474)	(6,918)
– lease liability	80,889	64,192	80,889	64,192
– current liability	41,980	20,373	41,980	20,373
– non‐current liability	38,909	43,819	38,909	43,819
	80,889	64,192	80,889	64,192

D’Aguilar Gold Limited 43 2007 Annual Report (Vol 2 of 2)

Notes to the Financial Statements for the year ended 30 June 2007

NOTE 24 CONTINGENT LIABILITIES AND CONTINGENT ASSETS

(a) Contingent Asset ‐ Provision for Rehabilitation Costs

The Company has conducted an extensive review of the environmental status of the Mining Leases with a view to making an assessment of the appropriate provision it should make in its accounts for future liabilities in respect of rehabilitation and restoration.

In the course of this exercise, advice was received from different parties providing estimations on the potential costs for future rehabilitation and restoration. Based on this information, the Company has provided in its accounts in respect of these contingent liabilities to $600,000.

The Directors have also taken steps to enter into agreements with parties to accept responsibility for a portion of the present liability of the Company in respect of the rehabilitation costs. Pursuant to Deeds entered into in December 2004 between the Company and interests associated with two of the Directors of the Company ("the Bondholders"), the Bondholders have agreed to assume the responsibility for the discharge of $600,000 in total of the environmental liability and restoration obligations of the Company in respect of its mining leases.

Samuel Capital Limited has taken $300,000 of Bonds and is an entity associated with Mr Mather, a director. Vincent Mascolo, also a director of the Company, has also taken $300,000 of the Bonds.

(b) Contingent Liability – Solomon Gold plc warranties and indemnities

In February 2006, in relation to the flotation of Solomon Gold plc, the Company entered into a Placing Agreement between Solomon Gold plc, D’Aguilar Gold Ltd, the directors of Solomon Gold Ltd and Williams de Broe Limited (now Evolution Securities Limited), the nominated advisor (NOMAD). One of the conditions of the Placing Agreement for the London Stock Exchange Alternative Investment Market (“AIM”) is that D’Aguilar Gold provides certain warranties and indemnities to Evolution Securities Limited regarding certain information provided to Solomon Gold plc in the Admission Document. This results in a contingent liability to a maximum value of £1.1m. The Placing Agreement formed part of the terms and conditions upon which Evolution Securities Limited agreed to procure subscribers for shares in the initial public offering by Solomon Gold plc. The warranties and indemnities expire on 10 February 2008 for non taxation matters and 10 February 2012 for taxation matters.

(c) Further Supreme Court of Queensland Proceedings

The Company was the plaintiff in proceedings no 0530086 in the Supreme Court of Queensland against LV Living Ltd. The Company was seeking certain declarations and orders relating to its entitlement to the usage of land at Kilkivan, Queensland. On 31 August 2007, the Company announced that it had reached agreement to acquire the freehold title to some 328 hectares (811 acres) of land at Kilkivan underlying regional exploration and mining interests held by D’Aguilar and it’s 90% owned subsidiary AusNiCo Pty Ltd, for $140,000. The acquisition supersedes all prior agreements, including land use, rehabilitation and mining compensation arrangements with the previous landowner. The acquisition has been completed.

(d) The directors are otherwise satisfied that there are no other significant contingent assets or contingent liabilities.

D’Aguilar Gold Limited 44 2007 Annual Report (Vol 2 of 2)

Notes to the Financial Statements for the year ended 30 June 2007

NOTE 25 SHARE‐BASED PAYMENTS

The following share‐based payment arrangements existed at 30 June 2007.

During the year 650,000 share options were granted to employees. The options are to take up one ordinary share in D’Aguilar Gold Ltd at an issue price of 12.7 cents each. The options expire 31 July 2008 and fully vested on issue.

Also during the year, 1,000,000 share options were granted to a consultant of the Company. The options are to take up one ordinary share in D’Aguilar Gold Ltd at a issue prices of 12.7 cents each (400,000), 20.0 cents each (300,000) and 25.0 cents each (300,000). The options expire 30 June 2009 and vest in two series. Series 1 (500,000 options of varying exercise prices) vests on 31 March 2008 and Series 2 (500,000 options of varying exercise prices) vests on 31 March 2009.

		Economic Entity	Economic Entity		Parent Entity	Parent Entity
		2007	2006		2007	2006
		Weighted		Weighted	Weighted		Weighted
	No. of	average	No. of	average	No. of average	No. of	average
	options	exercise	options	ex	options exercise	options	exercise
		price		price	price		price
		$		$	$		$
Outstanding at beginning of year	3,350,000	0.127	‐	‐	3,350,000 0.127	‐	‐
Granted	1,650,000	0.163	3,650,000	0.127	1,650,000 0.163	3,350,000	0.127
Forfeited	‐	‐	‐	‐	‐ ‐	‐	‐
Exercised	(550,000)	0.127	(300,000)	0.130	(550,000) 0.127	(300,000)	0.130
Expired	(750,000)	0.127	‐	‐	(750,000) 0.127	‐	‐
Outstanding at year‐end	3,700,000	0.143	3,350,000	0.127	3,700,000 0.143	3,350,000	0.127
Exercisable at year‐end	2,700,000	0.127	3,350,000	0.127	2,700,000 0.127	3,350,000	0.127

550,000 options were exercised and 750,000 options expired during the year ended 30 June 2007.

The options outstanding at 30 June 2007 had a weighted average exercise price of $0.143 and average remained actual life of 1.3 years.

The weighted average fair value of the options granted during the year was $0.163.

This price was calculated by using a Black‐Scholes options pricing model applying the following inputs:

	Issued on	Issued on	Total issued
	7/11/06	3/4/07	in 2007
Weighted average exercise price	$0.127	$0.186	$0.163
Weighted average life of the option	1.73 years	2.24 years	2.04 years
Underlying share price	$0.125	$0.145	$0.137
Expected share price volatility	128.599%	128.598%	128.598%
Risk free interest rate	6.14%	6.3%	6.24%
Number of options issued	650,000	1,000,000	1,650,000
Value (Black‐Scholes) per option	$0.087	$0.095*	$0.088
Total value of options issued	$50,401	$94,530	$144,931

Options granted had varying exercise prices and vesting dates and therefore different values. This value represents the weighted average value per option.

Historical volatility has been the basis for determining expected share price volatility as it assumed that this is indicative of future tender, which may not eventuate.

The life of the options is based on the historical exercise patterns, which may not eventuate in the future.

Included under Employee Benefits Expense in the Income Statement is $26,289 (2006: $85,227), and relates, in full, to equity‐ settled share‐based payment transactions.

Included under Exploration Expenditure in the Balance Sheet is $50,401 (2006: $104,345), and relates, in full, to equity‐settled share‐based payment transactions.

D’Aguilar Gold Limited 45 2007 Annual Report (Vol 2 of 2)

Notes to the Financial Statements for the year ended 30 June 2007

NOTE 26 RELATED PARTY DISCLOSURES

Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated.

(a ) Transactions with Directors and Director‐Related Entities

(i)	D’Aguilar Gold Ltd has an agreement with Samuel Capital Ltd, an entity associated with Nicholas Mather (a director), and
	Nicholas Mather for the provision of certain consultancy services. Samuel Capital will provide Nicholas Mather as the
	Managing Director of D’Aguilar Gold Ltd for a base fee of $175,000 per annum, with provision for adjustment based on
	semi‐annual review by the Board on the basis of a minimum 25 hours per week. These amounts are included in the
	Remuneration Report within the Directors’ Report.
(ii)	D’Aguilar Gold Ltd has an agreement with Samuel Capital Ltd, an entity associated with Nicholas Mather (a director)
	whereby Samuel Capital Ltd will provide administration and management services to the Company. Samuel Capital Ltd
	will also provide office facilities to the Company under a non‐exclusive licence to occupy. Samuel Capital Ltd will be
	reimbursed for the costs it incurs in providing these services plus a 10% margin, and in any event, not more than $7,500
	per month. Samuel Capital Ltd was paid $90,000 for the provision of administration, management and office facilities to
	the Company during the year.
(iii)	Mr Brian Moller (a director), is a partner in the firm Hopgood Ganim Lawyers. Hopgood Ganim Lawyers were paid
	$139,198 for the provision of legal services to the Company during the year. The services were based on normal
	commercial terms and conditions.
(iv)	The Company has entered into Performance Bonds in relation to a possible environmental liability of the Company for
	$600,000. On 31 December 2004, Samuel Capital Ltd, an entity associated with Nicholas Mather (a director) and Vincent
	Mascolo (a director) entered into Performance Bonds for $300,000 each in relation to the environmental liability of the
	Company. Under the terms of the Bonds, the Bondholders are entitled to an annual fee of 10% of the amount provided
	for under the Bond payable quarterly. Interest on the Bonds of $30,000 and $30,000 respectively was paid or payable
	during the period.

(b) Share and Option transactions of Directors and Director‐Related Entities are shown in the Remuneration Report within the Directors Report.

NOTE 27 SEGMENT INFORMATION

The Economic Entity operates predominantly in one business and geographical segment being in the mining industry in Australia. No revenue from this activity has been earned to date as the Economic Entity is still in the exploration and evaluation stage.

D’Aguilar Gold Limited 46 2007 Annual Report (Vol 2 of 2)

Notes to the Financial Statements for the year ended 30 June 2007

Economic Entity	Parent Entity
2007 2006	2007 2006
$ $	$ $
NOTE 28 CASH FLOW INFORMATION (a) Reconciliation of Cash Flow from Operations with Profit/(loss) after tax Profit/(loss) after tax (4,485,292) (1,027,861) (6,057,905) (1,026,149) Cash flows excluded from Profit/(loss) attributable to operating activities: Profit on disposal of investment ‐ (270,561) ‐ (270,561) (Profit)/Loss on sales of fixed assets ‐ (10,818) ‐ (10,818) Share Bond Payments ‐ 52,238 ‐ 52,238 Depreciation 63,550 58,472 55,462 58,472 Write back of capitalised expenditure 2,987,961 ‐ 2,385,490 ‐ Share options expensed 26,289 ‐ 26,289 ‐ Revaluation of investments 186,785 186,785 Debt forgiveness ‐ ‐ 2,210,821 ‐ Changes in assets and liabilities, net of the effects of purchase and disposal of subsidiaries: ‐ (Increase)/Decrease in trade and other receivables (118,305) 10,239 (67,858) (7,931) ‐ (Increase)/Decrease in other assets (1,313) (236) (1,313) (236) ‐ Increase/(Decrease) in trade and other payables (13,630) 29,562 (23,904) 45,591 ‐ Increase/(Decrease) accruals 78,470 ‐ 53,469 ‐ ‐ Increase/(Decrease) in provisions (10,273) ‐ (10,273) ‐
Net cash flow from operations (1,285,758) (1,158,965) (1,242,937) (1,159,394)
(b) Finance facilities Finance facilities 1,543,389 64,192 80,889 64,192 Amount used (1,543,389) (64,192) (80,889) (64,192)
‐ ‐ ‐ ‐

NOTE 29 EVENTS OCCURRING AFTER BALANCE DATE

There have been no events since the end of the financial year that impact upon the financial report as at 30 June 2007.

D’Aguilar Gold Limited 47 2007 Annual Report (Vol 2 of 2)

Notes to the Financial Statements for the year ended 30 June 2007

NOTE 30 FINANCIAL INSTRUMENTS

(a) Financial risk management

The group’s financial instruments consist mainly of deposits with banks, accounts receivable and payable, and loans to subsidiaries.

(i) Treasury risk management

The Company does not have a formally established treasury function. The Board is responsible for managing the economic entity’s currency and interest rate exposure and for evaluating treasury management strategies in the context of the most recent economic conditions and forecasts.

(ii) Financial risks

The main risks the group is exposed to through its financial instruments are interest rate risk, liquidity risk and credit risk.

Interest rate risk

Interest rate risk is managed with a mixture of fixed and floating rate debt.

Liquidity risk

The group manages liquidity risk by monitoring forecast cash flows.

Credit Risk

The maximum exposure to credit risk, excluding the value of any collateral or other security, at balance date to recognised financial assets is the carrying amount, net of any provisions, as disclosed in the balance sheet and notes to the financial statements.

The economic entity does not have any material credit risk exposure to any single debtor or group of debtors under financial instruments entered into by the economic entity.

(b) Financial Instruments

	Floating interest	Fixed interest	Non‐interest	Total carrying amount	Total carrying amount	Weighted average
	rate	rate	bearing	as per the	balance	effective interest rate
				sheet
	2007	2007	2007	2007		2007
	$	$	$	$		%
(i) Financial assets
Cash and cash equivalents	5,634,248	‐	‐		5,634,248	4.90%
Trade and other receivables	‐	‐	743,236		743,236	‐
Financial assets	‐	314,000	434,920		748,920	2.20%
Total financial assets	5,634,248	314,000	1,178,156		7,126,404
(ii) Financial liabilities
Trade and other payables	‐	‐	446,190		446,190	‐
Interest bearing liabilities	‐	1,543,389	‐		1,543,389	9.90%
Total financial liabilities	‐	1,543,389	446,190		1,989,579

D’Aguilar Gold Limited 48 2007 Annual Report (Vol 2 of 2)

Notes to the Financial Statements for the year ended 30 June 2007

NOTE 30 FINANCIAL INSTRUMENTS (continued)

(b) Financial Instruments (continued)

	Floating interest	Fixed interest	Non‐interest	Total carrying amount	Total carrying amount	Weighted average
	rate	rate	bearing	as per the	balance	effective interest rate
				sheet
	2006	2006	2006	2006		2006
	$	$	$	$		%
(i) Financial assets
Cash and cash equivalents	555,149	‐	‐		555,149	4.90%
Trade and other receivables	‐	‐	54,609		54,609	‐
Financial assets		314,000	488,368		802,368	2.20%
Total financial assets	555,149	314,000	542,977		1,412,126
(ii) Financial liabilities
Trade and other Payables	‐	‐	204,042		204,042	‐
Interest bearing liabilities	‐	80,889	‐		80,889	8.00%
Total financial liabilities	‐	80,889	204,042		284,931

D’Aguilar Gold Limited 49 2007 Annual Report (Vol 2 of 2)

DIRECTOR’S DECLARATION

The Directors of the Company declare that:

(1) the financial statements and notes as set out on pages 25 to 49, are in accordance with the Corporations Act 2001 and:
(a) comply with Australian Accounting Standards and the Corporations Regulations 2001; and
(b) give a true and fair view of the financial position as at 30 June 2007 and of the performance for the year ended on that date of the Company and Economic Entity;
(2) the Chief Executive Officer and Chief Financial Officer have each declared that:
(a) the financial records of the Company for the financial year have been properly maintained in accordance with Section 286 of the Corporations Act 2001 ;
(b) the financial statements and notes for the financial year comply with the Australian Accounting Standards; and
(c) the financial statements and notes for the financial year give a true and fair view.
(3) 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.

As set out in Note 1 the financial statements have been prepared on a going concern basis.

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

Brian Moller Director

Brisbane 27 September 2007

D’Aguilar Gold Limited 50 2007 Annual Report (Vol 2 of 2)

BDO Kendalls (QLD) Level 18, 300 Queen Street Brisbane QLD 4000 GPO Box 457, Brisbane Q 4001 Phone 61 7 3237 5999 Fax 61 7 3221 9227 [email protected] www.bdo.com.au ABN 70 202 702 402

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INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF D’AGUILAR GOLD LIMITED

Report on the Financial Report and AASB 124 Remuneration Disclosures Contained in the Directors’ Report

We have audited the financial report of D’Aguilar Gold Limited, which comprises the balance sheet as at 30 June 2007, the income statement, statement of changes in equity and cash flow statement for the year ended on that date, a summary of significant accounting policies, other explanatory notes and the directors’ declaration of the consolidated entity comprising the company and the entities it controlled at the year’s end or from time to time during the financial year.

We have also audited the remuneration disclosures contained in the directors’ report. As permitted by the Corporations Regulations 2001, the consolidated entity has disclosed information about the remuneration of directors and executives (“remuneration disclosures”), required by Australian Accounting Standard AASB 124 Related Party Disclosures, under the heading “Remuneration Report” in the directors’ report and not in the financial report.

Directors’ Responsibility for the Financial Report and the AASB 124 Remuneration Disclosures Contained in the Directors’ Report

The directors of the company are responsible for the preparation and fair presentation of the financial report in accordance with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Act 2001. This responsibility includes establishing and maintaining internal control relevant to the preparation and fair presentation of the financial report that is free from material misstatement, whether due to fraud or error, selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances. In Note 1, the directors also state, in accordance with Accounting Standard AASB 101 Presentation of Financial Statements, that compliance with the Australian Accounting Standards ensures that the financial report, comprising the financial statements and notes, complies with International Financial Reporting Standards.

The directors of the company are also responsible for the remuneration disclosures contained in the directors’ report.

Auditor’s Responsibility

Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. These Auditing Standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial report is free from material misstatement. Our responsibility is to also express an opinion on the remuneration disclosures contained in the directors’ report based on our audit.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report and the remuneration disclosures contained in the directors’ report. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial report and the remuneration disclosures contained in the directors’ report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial report and the remuneration disclosures contained in the directors’ report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial report and the remuneration disclosures contained in the directors’ report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

D’Aguilar Gold Limited 51 2007 Annual Report (Vol 2 of 2)

Independent Auditor’s Report continued

Independence

In conducting our audit, we have complied with the independence requirements of the Corporations Act 2001. We confirm that the independence declaration required by the Corporations Act 2001, provided to the directors of D’Aguilar Gold Limited on 27[th] September 2007, would be in the same terms if provided to the directors as at the date of this auditor’s report.

Auditor’s Opinion on the Financial Report

In our opinion the financial report of D’Aguilar Gold Limited is in accordance with the Corporations Act 2001, including:

(a) giving a true and fair view of the company’s and consolidated entity’s financial position as at 30 June 2007 and of their performance for the year ended on that date; and
(b) complying with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Regulations 2001.
(c) complying with International Financial Reporting Standards as disclosed in Note 1.

Auditor’s Opinion on the AASB 124 Remuneration Disclosures Contained in the Directors’ Report

In our opinion the remuneration disclosures that are contained in the directors’ report comply with Australian Accounting Standard AASB 124.

Emphasis of Matter Regarding Going Concern

Without qualification to the opinion expressed above, attention is drawn to the following matter. As set out in Note 1, the financial statements have been prepared on a going concern basis. The ability of the consolidated entity to continue to adopt the going concern basis of accounting, to maintain continuity of normal business activities, and to pay its debts as and when they fall due is dependent upon the continued ability of the consolidated entity to raise capital, and or successfully explore and subsequently exploit the consolidated entity’s petroleum tenements.

No adjustments have been made to the carrying value of assets or recorded amount of liabilities should the consolidated entity’s plans not eventuate.

BDO Kendalls (QLD)

D P Wright

Partner

Brisbane Dated 27 September 2007

D’Aguilar Gold Limited 52 2007 Annual Report (Vol 2 of 2)

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Diamond drilling at Anduramba
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Phone: +61 7 3303 0680 Email: [email protected] www.daguilar.com.au ASX:DGR

AI assistant

DGR GLOBAL LIMITED — Annual Report 2007

64771_rns_2007-10-25_4262da4e-e58c-4296-b532-c70f75ecf72d.pdf

CONTENTS

CHAIRMAN’S REPORT

Dear Shareholder,

BUSINESS SUMMARY

MARKET OUTLOOK

REVIEW OF PROJECTS-SUBSIDIARIES

ANDURAMBA MOLYBDENUM PTY LTD

A: resources above a cut-off grade of 0.04% molybdenum equivalent (Mo Equiv).

B: resources above a cut-off grade of 0.03% molybdenum equivalent (Mo Equiv).

AusNiCo Pty Ltd

SOLOMON GOLD PLC

MT ISA METALS PTY LTD

EASTERN URANIUM PTY LTD

CENTRAL MINERALS PTY LTD

DEVELOPING PROJECT AREAS

FOOTNOTE 1 - regarding estimation and metal equivalents assumptions for Molybdenum Equivalents:

Competent Persons Statement (relating to Molybdenum Equivalents)

FOOTNOTE 2 - regarding estimation and metal equivalents assumptions for Copper Equivalents:

Competent Persons Statement (relating to Copper Equivalents)

MANAGEMENT

D’AGUILAR GOLD LTD HAS A HIGHLY EXPERIENCED BOARD AND MANAGEMENT TEAM.

Ian Levy

Nicholas Mather

BSc (Hons, Geol) (Univ. QLD) MAusIMM Managing Director

Brian Moller

LLB (Hons) (Univ. QLD) Non-Executive Director

Vincent Mascolo

BEng Mining (Univ. Wollongong) MAusIMM, MEI Aust Non-Executive Director

Greg Runge

BE (Mining), FAusIMM, FIQ, FAICD General Manager

Neil Wilkins

BSc, MSc.

Consulting Geologist

Duncan Cornish

SHAREHOLDER INFORMATION

The following shareholder information is current as at 19 September 2007.

(a) Distribution of equity securities

(b) Twenty largest holders

INTERESTS IN MINING AND EXPLORATION TENEMENTS

Contents

Corporate Information

Solicitors:

Share Register:

DIRECTOR’S REPORT

DIRECTORS

Dr Christopher Rawlings

BSc (PhD), FAusIMM, FAICD

(Non‐Executive Chairman until 2 July 2007)

Nicholas Mather

BSc (Hons, Geol) (Univ. QLD) MAusIMM (Managing Director)

Director’s Report continued :

Ian Levy

BSc (Hons) (ANU) MSc (Dist) (London) & Diploma of Imperial College (Royal School of Mines) (Non‐Executive Chairman from 2 July 2007)

Brian Moller

LLB (Hons) (Univ. QLD) (Non‐Executive Director)

Director’s Report continued :

Vincent Mascolo

BEng Mining (Univ. Wollongong) MAusIMM, MEI Aust (Non‐Executive Director)

SECRETARY

Duncan Cornish

BBus (Acctcy), ACA

Interests in the shares and options of the Company

Director’s Report continued :

PRINCIPAL ACTIVITIES

DIVIDENDS PAID OR RECOMMENDED

REVIEW OF OPERATIONS

REVIEW OF FINANCIAL CONDITION

Capital structure

Financial position

Treasury policy

Liquidity and funding

OPERATING RESULTS

SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS

Changes in controlled entities:

Director’s Report continued :

Anduramba Molybdenum Pty Ltd

AusNiCo Pty Ltd (formerly D’Aguilar Nickel Pty Ltd)

DGR GLOBAL LIMITED Annual Report 2007