DGR GLOBAL LIMITED — Capital/Financing Update 2003

Dec 28, 2003

ASX Announcement - 29 December 2003

OPTION ISSUE CLOSED

In accordance with the timetable set out in the Company's prospectus dated 21 November 2003, the pro rata non-renounceable entitlements Offer closed at 5pm (Brisbane time) on 24 December 2003

The Options were offered as a 1 for 2 entitlement issue to shareholders who were registered on the Company's share register at the close of business on 3 December 2003, for a price of 1 cent per Option. The Options are exercisable for 20 cents on or before 31 March 2006.

Of the 28,656,000 Options offered 26,331,307 were accepted by shareholders.

The timetable set out in the prospectus remains unchanged:

• Allotment and Issue of Options
• Dispatch of Optionholding Statements for Options
• Anticipated date of Trading of Options on ASX

29 December 2003 31 December 2003 5 January 2004

The Directors will be exercising their right (as contemplated in the prospectus and the Listing Rules) to allocate the shortfall of Options (2.324,693 Options).

The Directors are very encouraged by the success of the entitlements Offer. Over 91% (in value) of the Offer was accepted by shareholders, which along with the allocation of the shortfall, will result in the full \$286,560 flowing to the Company.

The funds raised will be applied to the Company's short term working capital needs and assist with the Company's drilling program in the exciting D'Aguilar Block Gold Project in south east Queensland

Further information on the Company may be reviewed on the Company website www.daquilar.com.au or by calling Mr Nicholas Mather, Managing Director or Mr Duncan Cornish, Secretary on +61 7 3839 5113.

On behalf of the Board

D Cornish Company Secretary D'Aquilar Gold Limited