DGR GLOBAL LIMITED — Interim / Quarterly Report 2004

Mar 3, 2004

D'AGUILAR GOLD LTD AND CONTROLLED ENTITIES

HALF-YEAR FINANCIAL REPORT

FOR THE HALF-YEAR ENDED 31 DECEMBER 2003

CONTENTS

Corporate Information
Director's Report	4
Statements of Financial Performance for the half-year ended 31 December 2003	9
Statements of Financial Position as at 31 December 2003	10
Statements of Cash Flows for the half-year ended 31 December 2003	11
Notes to the Financial Statements for the half-year ended 31 December 2003	12.
Directors' Declaration	13
Independent Audit Report	14

CORPORATE INFORMATION

DIRECTORS

Christopher Rawlings (Chairman) Nicholas Mather (Managing Director) Ian Levy Brian Moller Damien Reynolds Vincent Mascolo

COMPANY SECRETARY

Duncan Cornish

REGISTERED OFFICE AND PRINCIPAL BUSINESS OFFICE

D'Aguilar Gold Ltd Level 30, Riverside Centre 123 Eagle Street Brisbane QLD 4000 Phone: $+61$ 7 3839 5113 Fax: +61 7 3839 8661

SOLICITORS

Hopgood Ganim Level 8. Waterfront Place 1 Eagle Street Brisbane OLD 4000

SHARE REGISTER

Pitcher Partners Registries Level 22, 300 Queen Street Brisbane QLD 4000 Phone: +61 7 3228 4000

AUDITORS

BDO Kendalls Level 18, 300 Queen Street Brisbane OLD 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

DIRECTORS' REPORT

Your directors submit their report on the consolidated entity consisting of D'Aguilar Gold Ltd and the entities it controlled at the end of, or during, the half-year ended 31 December 2003.

DIRECTORS

The names of the directors of D'Aguilar Gold Ltd in office during the half-year and until the date of this report are shown below. Directors were in office for this entire period unless otherwise stated.

Christopher Rawlings	(Non-Executive Chairman)
Nicholas Mather	(Executive Director)
Ian Levy	(Non-Executive Director)
Brian Moller	(Non-Executive Director)
Damien Reynolds	(Non-Executive Director)
Vincent Mascolo	(Non-Executive Director)

REVIEW AND RESULTS OF OPERATIONS

Set out below are the Company's key activities during the half-year ended 31 December 2003.

Project Database

During the half-year, the Company focused broadly on the development of a multidisciplinary data management system for the D'Aguilar Gold Project. The management system has accumulated all of the existing data over the project area. All data sets have been leveled and standardised.

D'Aguilar is now able to examine and compare known prospects using any exploration tool for which data exists, identify patterns in the data and determine controls to mineralisation. This has enabled identification of several new targets and enabled a re-prioritisation of the target inventory. Of key importance is the recognition of several new high grade epithermal target areas, principally Wongella-Gold Top, the Sinai Basin and the Cinnabar Project area, in addition to the Manumbar Basin.

The construction of the data management plan has led to a recognition of the importance of potassic calcalkaline andesitic volcanics on structural corridors as favourable gold ore body host positions.

The key data bases include aeromagnetics, geochemistry streams soil rock chips and drilling, gravity. Landsat imagery, digital terrain models (topography), aerial photography, geology and radiometrics.

Drilling Programs

During the half, the Company commenced drilling programs on the Company's portfolio of tenements in order to rapidly define 300,000 ounces of gold resources within economic trucking distance from the Shamrock gold treatment plant.

The drilling programs focussed on Clara Fault Line, Tablelands Mine and Shamrock Mine.

Clara Fault Line and Tahlelands

During the period a total of 1.500 metres were drilled in 18 reverse circulation percussion drill holes on the Clara Fault Line and Tablelands Mine.

The initial program of 1,500 metres reverse circulation drilling tested prospective strike extensions of the Tablelands mine which previously produced 5,000 ounces of gold from an open cut mining operation in the late 1990's.

Previous reconnaissance exploration work in the area had consisted of a small soil sampling grid, limited surface trenching and a limited number of short drill holes (10-20 metres) drilled with a blast hole rig by a previous explorer. That work showed that gold mineralisation is generally depleted at surface, with anomalies of 0.1 to 0.5 $g/t$ gold, in a weathering zone up to 25 metres thick, which masks the fresh sulphide mineralisation below. Reverse circulation drilling under a low order surface anomaly at the Tableland Mine by previous explorers yielded ore zones which attained grades up to 28 g/t at the water table at a depth of approximately 30 metres. Numerous other low order anomalies were never investigated.

On the Clara Fault, including Tablelands, D'Aguilar's drilling results indicated a broad, persistent and mineralised structure with extensive gold anomalism up to 3 metres at 1.56 grams per tonne in drill hole DP15 (Tablelands West Prospect). The broader zones of mineralisation include 12 metres at 0.45 grams per tonne gold in DP11 (Commercial Prospect), between 30 and 42 metres and a zone of 15 metres at 0.55 grams per tonne including 3 metres at 1.56 grams per tonne between 12 and 27 metres depth in DP15.

The drilling results substantiate the prospectivity of the Clara Fault and D'Aguilar has commenced testing deeper targets indicated at 150 to 200 meters below the Tablelands Pit, on the prognosed intersection of the Tablelands and Tablelands West ore bodies. Sampling of existing trenches on the New Zealand prospect, located on the Clara Fault identified a broad zone of anomalous gold mineralisation and a core zone of 6 metres $(a)$ 1.7 g/t gold.

Mineralised zones were characterised by anomalous silver copper and bismuth, indicating an intrusive related source for the mineralisation. Mineralised zones are generally blind at surface and are largely devoid of quartz veins. The host is a sheared arsenopyritic serpentinite between the Black Snake Porphyry to the east and Devonian metabasalts to the west.

Shamrock Mine

During the period the Company commenced a reverse circulation and diamond drill program of 1,500 metres on the Shamrock Mine. Three drill holes have been completed to date for a total of approximately 900 metres.

The drilling has intersected significant altered and mineralised structures across a true width of approximately 15 metres underneath the main Shamrock Shaft at a depth of approximately 130 metres below surface on the south end of the Shamrock workings. The intersection contains abundant pyrite, chalcopyrite, quartz, magnetite and potassium feldspars. The core is currently being logged, cut and submitted for assay. The results indicate that the mineralisation at the Shamrock plunges to the south. D'Aguilar is planning to test this zone further to the south and at depth towards an area of intense magnetic anomalies.

Mount Clara

During the period the Company arranged for the drilling of three diamond drill holes totalling 900 metres on the Mount Clara prospect 4 kilometres north of Shamrock.

Drilling of these holes is planned to commence in early 2004. The Company is targeting ore grade copper and gold mineralisation in sheared serpentinites and intrusive granodiorites.

Prospect Reconnaissance

During the half year, D'Aguilar conducted field review activities on several targets exhibiting significant prospectivity, within the project area.

Mt Terrible

At the Mt Terrible prospect, the Company conducted field reconnaissance activities which outlined a 500 metre long trending structure hosting anomalous silver, lead, zinc and gold mineralisation. Porphyritic intrusives rocks adjacent to this structure were mineralised and altered between hornfelsed sediments and the Station Creek adamellite. No drill targets have yet been identified, however the recognition of an altered and mineralised porphyritic host containing 0.93 g/t gold and 35 g/t silver is considered significant and adds to the development of D'Aguilar's disseminated gold model for the area.

Neusavale Arsenic Anomaly, Mt Teitsel

D'Aguilar assayed samples collected by Gympie Gold from a reverse circulation drilling program conducted in the previous quarter by Gympie. The drilling program was centred on a high order arsenic anomaly at Neusavale road, some 4 km to the east of the historic Mt Teitsel gold diggings. Mt Teitsel is a large copper gold low grade sheeted quartz vein prospect, located approximately 15 kilometres east of the Gympie Goldfield.

The Neusavale anomaly is developed on the Mt Teitsel granodiorite phase of the Woondum Intrusive Complex, Four holes totalling 384 metres were drilled by Gympie Gold into the centre of the north easterly oriented high order arsenic soil anomaly which peaked at 1,760 ppm over an area of $1.25 \times 0.7$ km. The best results included spot results up to 1 metre @ 2.81 g/t gold and 3 metres @ .24 g/t.

D'Aguilar intends to investigate the gold prospectivity of the zone between the Mt. Teitsel diggings and the Neusavale anomaly.

Sawpit Creek

The Sawpit Creek anomaly lies to the south east of the Long Tunnel Prospect. The Sawpit Creek anomaly is a north easterly oriented zone of stream sediment anomalies detected by the previous management of D'Aguilar gold but never previously followed up. The zone is three kilometres long and up to 1 kilometre wide and ranges up to 40 parts per billion gold in bulk leach extractable gold stream sediment samples. Reconnaissance by D'Aguilar has identified a complex structural zone disrupting a suite of diorite intrusive rocks, metamorphics and sediments and an intrusive rhyplite dyke on the main northeast oriented structural feature. Sampling has vielded up to 1.02 $g/t$ gold, 0.62 % copper and 20.9 $g/t$ silver in a fractured and altered diorite containing disseminated and joint plane sulphides, which outcrops in Sawpit Creek over a width of approximately 50 metres. The zone also hosts both coarse grained and porphyritic tournaline rich granite phases which are also variably fractured and mineralised. Hornfelsed sediments assaying up to .8 g/t gold were also evident.

The area is coincident with a north easterly oriented fault zone evident in the aeromagnetic data and lies immediately north of the Mt Sinai intrusive and volcanic centre (Sinai Basin) which is anomalous in both copper and gold and 1.5km north of the Ortt's gold silver lead zinc vein system. D'Aguilar intends to follow up a 1 km² area 3km south which hosts stream sediment anomalies to 40 ppb gold. Since the end of the half-year, D'Aguilar has recognised the prospectivity of the Sinai Basin for epithermal bonanza grade gold deposits, similar to the Manumbar Basin and which D'Aguilar holds tenements to the south.

Manumbar

The Company commenced a detailed assessment of the geology of the Manumbar high grade epithermal gold prospect. D'Aguilar is focusing on the following elements:

• The thickness and orientation of ore shoots encountered during open cut operations which mined 49,000 ounces at a diluted head grade of 5.2 g/t to 60 metres depth from 1994 to 1996.
• The movement on key fault structures in the prospect.
• The low temperature quartz calcite potassium feldspar mineral assemblage.
• The detailed magnetic signatures and the application of other geophysical techniques.
• The broad similarity between Manumbar and other epithermal gold deposits (including the Cracow and Vera-Nancy deposits).

The Manumbar mine can be accessed by 32 kilometres of haul road south of the Shamrock treatment plant. The deposit occurs in an epithermal quartz, calcite and potassium feldspar vein which has been emplaced in fractures in the altered Neara Volcanics filling the Esk Trough west of the D'Aguilar Block. The vein has been previously mined on three small pits. High grade exploration targets exist at depth beneath both pits and along strike.

High grades in the bottom of the east pit of 1.8 metres grading 36.9 grams per tonne, provides the basis for a small existing inferred gold resource of 39,400 tonnes at 7 grams per tonne. Currently, D'Aguilar is conducting a detailed review of all of the existing data on Manumbar in order to define the likely ore shoot plunge and trend. The Company then intends to drill the deep extension Manumbar veins early in 2004 to define in excess of 500,000 ounces of high grades which may be treated rapidly through the Shamrock plant. D'Aguilar has identified potential for up to 2.5 million ounces of gold at Manumbar on the 5km strike extension of known vein systems to a depth of 700 metre below surface. The drilling program will consist of approximately 2,000 metres of diamond and reverse circulation drilling following the study of existing data.

OtherEpithermal Targets

The Company has also commenced a review of additional epithermal targets in the D'Aguilar Gold Project area, focusing on the prospective zone of Neara Volcanics, adjacent to the D'Aguilar Block west of Kilkivan. The Company has identified the Cinnabar prospect area of over 25 $km²$ as a key target for follow up.

Nickel

The Company also investigated records of nickel occurrences within the D'Aguilar Gold Project area. Nickel occurs as low moisture laterite bodies in association with cobalt at the cobalt mine 1kilometre north of Mount Clara and in lateritised serpentinite bodies 3 kilometres east of the Shamrock Mine. A resource of 150,000 tonnes ( $@1.3\%$ nickel and 0.15% cobalt) was outlined by previous workers based on a shallow drilling program. Occurrences of nickel anomalism and erythrite (a cobalt mineral) in the altered serpentinite on the Tablelands Mine also support the prospectivity of the serpentinites for nickel laterite deposits.

The Company is investigating the extent of the laterite and the potential for additional resource, the identification of further prospects within the exploration tenements and the potential for Nickel resources in the saprolite zone beneath the laterite horizon.

Solomon Islands

The Company held discussions with Department of Mines representatives of Solomon Islands during the half year with a view to recommence field activities at the Company's Guadalcanal projects.

The Company's key prospects at Mbetilonga covers 6 km² of copper in soil anomalism above 0.1% copper and trenching results of 100 metres at 2.5% conner.

D'Aguilar is waiting for a resumption of acceptable law and order conditions before recommencing field work in Solomon Islands.

Staffing and Logistics

Since the Company's IPO, the Company appointed Mr Ron Cunneen as the Exploration Manager and Senior Site Executive at Kilkivan as well as equipping the site office at the Shamrock Mine to support intense exploration activities. The Company is continuing to engage the services of additional geologists and field hands to assist with the exploration program.

Mr Cunneen has had 12 years experience with Gympie Gold and was responsible for the re-establishment of operations at the Gympie Gold Mine. His prior experience was with bulk mineable disseminated porphyry exploration in Papua New Guinea and Tasmania.

Corporate Activities

Initial Public Offering and Capital raisings

On 21 August 2003 the Company completed its \$4 million capital raising and listed on ASX. In December 2003 the Company also completed a pro rata non-renounceable entitlements offer of 28.656,000 20 cent options exercisable on or before 31 March 2006 for a price of 1 cent per option, raising a further \$286,560.

Tenement transfers

The Woolooga, Glastonbury and Mt Teitsel projects were transferred from Gympie Gold Limited during the half. The issue of 7,500,000 ordinary shares to Gympie Gold Limited as consideration was also completed in November 2003. ASX and shareholder approval for this issue had previously been granted.

Tenure Application

D'Aguilar has applied for a further 348 $km^2$ of gold exploration tenure in an area to the north east of Gympie Goldfield. The area was selected on the basis of its aeromagnetic signature highlighting structures which may indicate high grade mezathermal gold deposits.

Gympie Gold

D'Aguilar's exploration program is in no way affected by the appointment of Receivers and Managers to Gympie Gold Limited in December 2003.

Gympie Gold holds 14.5 million shares in D'Aguilar, 12.75 million of which remain subject to ASX restriction agreements.

SIGNIFICANT EVENTS AFTER BALANCE DATE

No matters or circumstances have arisen since 31 December 2003 which are likely to have a material affect on the results of the consolidated entity as disclosed in this half-year financial report.

LIKELY DEVELOPMENTS

The Company intends to conduct further drilling on the Shamrock and Tablelands Mines, subject to assay results from the current program. In addition the Company is currently drilling the Mt Clara prospect.

Drilling programs at Manumbar and Long Tunnel are planned following the results of mapping programs of mapping programs and assessment of existing data sets.

A detailed assessment of the high grade epithermal gold potential of the eastern Esk Trough is planned, and several key consultants have been engaged to assist with this assessment.

Nicholas Mather Director

Brisbane 3 March 2004

Statement of Financial Performance for the half-year ended 31 December 2003

	Consolidated Entity
	2003 S	2002 S
Revenue from Ordinary Activities
Operating revenue
Interest received	46,828	7,090
Proceeds from sale of non-current assets	2,287
Gain on debt forgiveness		3,860,273
Total Revenue from Ordinary Activities	49,115	3,867,363
Expenses from Ordinary Activities
Borrowing cost expenses	(87)	(5,018)
Employee benefits expenses	(82, 277)
Depreciation expenses	(109,071)	(152,686)
Site Restoration expenses		(600,000)
Legal expenses	(14, 317)	(108, 443)
Administration and consulting expenses	(257, 172)	(348,999)
Total Expenses from Ordinary Activities	(462, 924)	(1, 215, 146)
Profit/(loss) from ordinary activities before income tax expense	(413, 809)	2,652,217
Income tax expense relating to ordinary activities
Net profit/(loss) attributable to members of D'Aguilar Gold Ltd	(413, 809)	2,652,217
Total change in equity other than those resulting from transaction with owners as owners	(413, 809)	2,652,217
	Cents	Cents
Basic Earnings Per Share *	(0.90)	68.18

The above Consolidated Statement of Financial Performance should be read in conjunction with the accompanying notes.

* Note: The 2002 results are prior to the Company's restructure, \$4.0 million capital raising and listing on ASX On 21 August 2003.

Statement of Financial Position as at 31 December 2003

	Consolidated Entity
	31 December 2003 S	30 June 2003 \$
CURRENT ASSETS
Cash assets	3,128,613	8,812
Receivables	24,149	37,620
Other assets		226,116
Total Current Assets	3,152,762	272,548
NON-CURRENT ASSETS
Other financial assets	451,187	451,187
Receivables	6,135
Property, plant and equipment Exploration expenditure	194,086 1,794,691	220,953 64,298
Other	597
Total Non-Current Assets	2,446,696	736,438
TOTAL ASSETS	5,599,458	1,008,986
CURRENT LIABILITIES
Payables	92,010	289,726
Borrowings	14,033	19,817
Total Current Liabilities	106,043	309,543
NON-CURRENT LIABILITIES
Borrowings	60,099	7,022
Provisions	1,300,000	1,300,000
Total Non-Current Liabilities	1,360,099	1,307,022
TOTAL LIABILITIES	1,466,142	1,616,565
NET ASSETS	4,133,316	(607, 579)
EQUITY
Contributed equity	6,226,635	1,071,931
Accumulated losses	(2,093,319)	(1,679,510)
TOTAL EQUITY	4,133,316	(607,579)

The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.

Statement of Cash Flows for the half-year ended 31 December 2003

	Economic Entity
	2003 5 Inflows/ (Outflows)	2002 \$ Inflows/ (Outflows)
CASH FLOWS FROM OPERATING ACTIVITIES Payments to suppliers and employees (inclusive of goods and services tax) Interest received GST Refunds Interest and other costs of finance paid	(481,748) 44,480 32,677 (87)	(502, 055) 7,090 11,647 (5,018)
Net cash outflow from operating activities	(404, 678)	(488, 336)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipment Proceeds from sale of investments Payments for property, plant and equipment Loans to subsidiaries Loans to associated entities Exploration and evaluation expenditure	2,500 (4,400) (434, 572)	93,674 (4, 534) (24, 419) (1, 476)
Net cash outflow from investing activities	(436, 472)	63,245
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of securities Payments of security issue costs Repayment of borrowings	4,282,267 (321, 199) (117)	779,793
Net cash inflow/(outflow) from financing activities	3,960,951	779,793
Net increase/(decrease) in cash held	3,119,801	354,702
Cash at the beginning of the financial period	8,812	(3,422)
Cash at the end of the financial period	3,128,613	351,280

Note: During the period, the Economic Entity acquired plant and equipment with an aggregate value of \$77,469 (2002: \$Nil) by means of finance leases. These acquisitions are not reflected in the statement of cash flows.

The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.

Notes to the Financial Statements for the half-year ended 31 December 2003

Note 1. Basis of Preparation of Half-Year Financial Statements

This general purpose financial report for the interim half-year reporting period ended 31 December 2003 has been prepared in accordance with Australian Accounting Standard 1029: Interim Financial Reporting, other mandatory professional reporting requirements (Urgent Issues Group Consensus Views), other authoritative pronouncements of the Australian Accounting Standards Board and the Corporations Act 2001.

This interim report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 30 June 2003 and any public announcements made by D'Aguilar Gold Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.

(Unless otherwise stated,) the accounting policies adopted are consistent with those applied in the 30 June 2003 annual report.

Note 2. Equity Securities Issued

	Half Year		Half Year
	2003	2002	2003	2002
	Shares	Shares	\$	\$
Issues of Ordinary Shares During the Half-Year
Opening balance 1 July	29,812,039	3,200
Seed capital		10,325,000		413,000
Pre-seed capital raising issue of shares to Western
Pacific Gold Inc.		9,996,800		I
Initial Public Offering issued at 20 cents each	20,000,000		4,000,000
Shares issued to Gympie Gold Ltd *	7,500,000		1,350,000
Closing balance 31 December	57,312,039	20,325,000
Issues of listed \$0.20 options exercisable on or
before 31 March 2006 during the half-year
Opening balance 1 July
Pro rata non-renounceable Option entitlements
issue issued at 1 cent each	28.656.000		286,560
Closing balance 31 December	28,656,000
Issues of unlisted \$0.20 options exercisable on or
before 31 October 2005 during the half-year Opening balance 1 July	4,500,000
Issued during the half-year Closing balance 31 December	4.500,000

*Note: On 27 November 2003, 7,500,000 ordinary shares were issued to Gympie Gold Ltd for consideration for the acquisition of mining tenements, pursuant to a Sale Agreement described in Section 10.1 of the Company's prospectus dated 28 May 2003. The 7,500,000 shares are subject to ASX escrow restrictions for a period of 12 months from the date of their issue.

Note 3. Contingent Assets/Liabilites

There have been no changes in contingent liabilities and contingent assets since the last annual report date, 30 June 2003.

Note 4. Events Subsequent to Balance Date

There have been no events since 31 December 2003 that impact upon the financial report as at 31 December 2003.

DIRECTORS' DECLARATION

The Directors of the Company declare that:

• $(1)$ the financial statements and notes to the financial statements:
• comply with Australian Accounting Standards, the Corporations Act 2001, and the Corporations $(a)$ Regulations 2001.
• $(b)$ give a true and fair view of the financial position as at 31 December 2003 and of the performance for the half-year ended on that date of the Company and consolidated entity; and
• in the Directors' opinion there are reasonable grounds to believe that the Company will be able to $(2)$ pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the Board of Directors and is signed for and on behalf of the Directors by:

Nicolas Mather Director

Brisbane 1 March 2004

BDO Kendalls

Independent Review Report to the Members of D'Aguilar Gold Limited and Controlled Entities

Scope

We have reviewed the financial report comprising the Statement of Financial Performance, Statement of Financial Position, Statement of Cash Flows, accompanying notes and Directors' Declaration of D'Aguilar Gold Limited (the Company) and Controlled Entities (the Consolidated entity) for the halfyear ended 31 December 2003. The consolidated entity comprises the Company and the entities it controlled during the half year ended 31 December 2003.

The directors of the Company are responsible for the financial report. We have performed an independent review of the financial report in order to state whether, on the basis of the procedures described, anything has come to our attention that would indicate that the financial report is not presented fairly in accordance with Accounting Standard AASB 1029: Interim Financial Reporting, other mandatory professional reporting requirements in Australia and statutory requirements, so as to present a view which is consistent with our understanding of the Company's and the Consolidated entity's financial position, and performance as represented by the results of its operations and its cash flows, and in order for the Company to lodge the financial report with the Australian Securities $\&$ Investments Commission.

Our review has been conducted in accordance with Australian Auditing Standards applicable to review engagements. A review is limited primarily to inquiries of the Company's and the Consolidated entity's personnel and analytical procedures applied to the financial data. These procedures do not provide all the evidence that would be required in an audit, thus the level of assurance provided is less than given in an audit. We have not performed an audit and, accordingly, we do not express an opinion.

Statement

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of D'Aguilar Gold Limited and Controlled Entities is not in accordance with:

• (a) the Corporations Act 2001, including:
• giving a true and fair view of the D'Aguilar Gold Limited and Controlled Entities' $(i)$ financial position as at 31 December 2003 and of its performance for the half-year ended on that date; and
• $(ii)$ complying with Accounting Standard AASB 1029: Interim Financial Reporting and the Corporations Regulations 2001; and
• (b) other mandatory professional reporting requirements in Australia.

BDO Kendalls Chartered Accountants

T J Kendall Partner

Brisbane, 3 March 2004