DGR GLOBAL LIMITED — Interim / Quarterly Report 2007

Oct 25, 2007

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R E P O R T F O R T H E S E P T E M B E R 2 0 0 7 Q U A R T E R
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Highlights for the September 2007 Quarter

ANDURAMBA MOLYBDENUM

Third Reverse Circulation Drilling program 3,303m for 20 holes at Anduramba completed, indicating significant expansion of the mineralised zone (beyond the existing 26.6 mt @ 0.07% Mo Eq Inferred Resource) and confirming significant silver credits in core zone (see Footnote 1). A new block model and open pit optimisation is in progress.

AUSNICO

The Mt Cobalt nickel oxide project advanced during the quarter with definition of a high grade nickel cobalt copper core zone in surface sampling. At Widgee, Ni Co Au and Pt anomalies in soil sampling coincident with airborne electromagnetic anomalies have defined nickel sulphide targets.

BAN BAN ZINC

Regional sampling and airborne electromagnetics has outlined additional drill targets to the west of the 1.5mt @ 7.4% Inferred Resource of zinc. Regional porphyry molybdenum targets are also identified.

BATHURST BASE METALS PROJECT

Significant base metals and silver identified in reassayed historic cores at Apsley and Cow Flat prospects.

ELGINVALE PORPHYRY COPPER GOLD PROJECT

Detailed results of helicopter borne electromagnetic survey (VTEM) over Elginvale‐Peenam porphyry project defines new porphyry exploration targets.

RANNES

A three phase 4,000m drilling program commenced on 15 targets at the Rannes Epithermal Gold Project north of the Cracow Gold Mine.

MT ISA METALS

The company entered a joint venture agreement with Syndicated Metals over the Barbara Project in the Mt Isa block during the quarter. D’Aguilar is currently assessing the previous drilling results.

RIDGE EXPLORATION

New subsidiary, Ridge Exploration Pty Ltd, formed to focus on new exploration model for lateritic iron ore and uranium. Substantial land position secured with applications for Exploration Permits lodged over majority of the geologically favourable terrain.

Phone: +61 7 3303 0680 Email: info@daguilar.com.au www.daguilar.com.au ASX:DGR

INTRODUCTION

During the quarter the Company was strongly focused on advancing exploration projects within the parent and subsidiary companies, and one new exploration model was sufficiently advanced to be developed within a new subsidiary. Ridge Exploration Pty Ltd is specifically focused on the discovery of economic iron ore and uranium in iron rich sediments in Queensland’s Surat Basin.

While experiencing the frustrations shared by all other exploration companies in the delays in securing assay results from analytical laboratories and the scarcity of suitable drilling rigs, your company has been encouraged by quicker processing and grant of Exploration Permits, particularly in Queensland.

D’Aguilar has established a new Group Exploration Office based in Gympie which assists in attracting additional exploration geologists and field staff to carry out the increased exploration program as more Exploration Permits proceed to grant.

The location of D’Aguilar’s project interests in the parent and various subsidiary companies in south‐ east Queensland is shown in the accompanying Figure 1. The location of the Mt. Isa Metals projects in central and north‐west Queensland is shown in Figure 2.

Considerable progress was made in the search for executive management for the operating subsidiaries and D’Aguilar expects to finalise several key appointments in the current quarter.

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

Report for the September 2007 Quarter ‐ Page 2

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Gulf of Carpentaria
Coral Sea
Figure 2: Mt Isa Metals project locations
Report for the September 2007 Quarter ‐ Page 3
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MOLYBDENUM
Anduramba Molybdenum Pty Ltd completed the
third reverse circulation drilling program during
the quarter, and all assay results have now been
received. The results indicate a significant
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increase to the previously defined mineralised
zone. Substantial extensions to mineralisation
have been defined in the western and north‐
eastern sectors of the project. A significant silver
zone has also been defined and has not yet been
closed off at depth. The full data set is now being
used to prepare a new block model with the
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NICKEL

AusNiCo Pty Ltd CEO Ian Levy (formerly General Manager of Allegiance Mining Ltd) commenced with the company during the quarter. Mr Levy also holds the position of Chairman of D’Aguilar Gold Limited.

AusNiCo’s main project at Mt Cobalt, west of Gympie, was defined with soil sampling, mapping and drilling of 11 holes in 2006‐07 (figure 4). Nickel mineralisation is present as oxides and the mineralised zone averages 0.5% nickel over a drilled zone approximately 200m wide, 250m long and 115m deep. Extensions to mineralisation are clearly evident and form the basis of further drill target definition.

Additional mineralisation is present at Ridleys 2km to the south, over a 1km by 200m anomalous zone. Previous drill hole intersections by D’Aguilar, reported in 2006, will be reassessed in the current quarter.

Samples of nickel oxide ore from diamond core Hole COB11 have been sent to both HRL and Direct Nickel laboratories for further metallurgical testing.

Extensive soil surveys have defined a number of anomalous nickel/cobalt/gold zones stretching from Mt Cobalt south east to the Mt Terrible area, with further follow up planned. A specialist drilling rig for this program is currently being sought in a tight market.

Follow up of two conductive areas indicated by the recent VTEM survey in the Mt Widgee area (15km south east of Mt Cobalt) has revealed co‐incident nickel and platinum anomalies in detailed stream sediment surveys, with the highest assays exceeding 2,000 ppm Ni. The platinum values, while not expected to be commercial, are however indicative in this association with a sulphide source of mineralisation. Further follow up work is underway at the Mt Widgee sites, and also at the Kandanga Creek area (refer June Quarterly Report for details). Unlike the rugged terrain in the Mt Cobalt area, the Mt Widgee areas of interest at this stage are on relatively open undulating ground.

The first of the Mundubbera area nickel EPM’s to the north has now been granted, and field work will commence in November, in conjunction with further programs at Poperima, north of Mundubbera.

Report for the September 2007 Quarter ‐ Page 4

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Figure 3: Anduramba Molybdenum Project drill hole location plan

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Figure 4: Mt Cobalt geochemical zones

Report for the September 2007 Quarter ‐ Page 6

MT ISA METALS

This subsidiary is strongly focused on Iron‐Oxide‐ Copper‐Gold (IOCG) targets in the Mt. Isa and Cloncurry area, roll front uranium in the Toolebuc Formation of the Eromanga Basin, and copper/gold in IOCG settings near Clermont.

Granting of exploration tenements has now started to gather pace, with all copper/gold exploration tenements in the Clermont area now granted, along with some uranium exploration areas near Hughenden. Many of the exploration areas in the Mt Isa area (subject to Native Title) have now been advertised, and the period for objection (4 months) has closed for several of the areas. Agreement over exploration access on nine EPM’s has been reached with the Indigenous Peoples Groups.

Negotiations over exploration access to the “Isa West” tenement with the Indigenous Peoples Groups are in progress.

The company has recently entered a joint venture exploration agreement with Syndicated Metals Ltd over two areas that had been applied for by both companies. Mt Isa Metals withdrew its applications for the contested areas to allow the Syndicated applications to proceed to grant after agreeing to a 49% contributing interest in the Syndicated areas, with Syndicated to manage the JV. The area hosts significant copper mineralisation encountered in previous drilling campaigns.

Thirteen concealed IOCG targets in the Gregory, Normanton and Boomara Ridge project areas are evident on the basis of aeromagnetics, gravity, structural and available past exploration results, and present the company with potential for a major discovery. Preparation of the prospectus for the Mt Isa Metals IPO is well advanced, and an issue date is dependent on the grant of the majority of the exploration tenement applications.

CENTRAL MINERALS

Fifteen targets have been identified in the Rannes‐ Cooper exploration tenements located north of Cracow in Queensland. 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 (Figure 6). The Rannes Project is considered to be an epithermal gold field analogous geologically to the Cracow Goldfield to the south.

Following delays due to rain and availability of a drilling rig, drilling at Rannes originally planned to commence in August started very late in September. Dependant on turn around time for assaying it is expected that initial results should be available prior to Christmas.

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BATHURST BASE METALS

The Bathurst Project Area is shown in Figure 5. Two significant prospects have already been identified at Apsley and Cow Flat following initial results from the reassay of the first seven of 21 historic diamond drill cores (refer ASX Announcement 25 July 2007). The area is prospective for polymetallic skarns and copper gold porphyry systems.

Results of the reassaying of the remaining 14 diamond drill cores of previous explorers stored at the Londonderry Core Library in NSW have now been received. These results indicate potential for significant base metals mineralisation in skarns, porphyry and volcanogenic settings.

Results have also been received from reconnaissance field work, in the Mountain Run‐Elliots zone (Figure 5) and indicate potential for significant tonnage disseminated copper deposits.

The company will carry out further follow up field work, and plans to commission an Induced Polarisation (IP) survey to narrow target definition ahead of an initial drilling campaign.

EASTERN URANIUM

Eastern Uranium has applications for exploration tenements in three project areas – Woolgar South, Biloela and Wondai, all in Queensland. Ten EPM’s in the Wondai‐Mundubbera area have now been granted, and land owner notices preparatory to the initial field exploration program are being sent out. At Woolgar in north Queensland, the company holds exploration licence applications over areas downstream of the Strategic Minerals Corporation Woolgar unconformity style uranium project.

Preparation of an initial draft prospectus for the Eastern Uranium IPO is in progress.

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Figure 5: EL 6652, 16km south of Bathurst, NSW ‐ geochemistry overlaid on grey scale magnetics

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Figure 6: Rannes – Cooper Goldfields, showing key prospects, and aeromagnetic background, with selected drill intercepts

Report for the September 2007 Quarter ‐ Page 8

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RIDGE EXPLORATION PTY LTD

BAN BAN ZINC PROJECT

Further results during the quarter confirmed the Ban Ban Zinc Project in south east Queensland as a significant base metals prospect. Historically the area has been assessed by several companies, including Cyprus Mines, Esso Australia and CRA Exploration. It contains an Inferred Resource of 1.5 million tonnes averaging 7.4% Zinc from surface in one continuous mineralised zone over 460 metres long and up to 17 metres wide, tested to a depth of 220 metres.

D’Aguilar has now identified four new areas where EM conductor anomalies identified in the recent airborne electromagnetic (EM) survey are coincident with elevated soil and rock geochemistry results, leading to recognition of zoned lead, zinc and copper mineralised structures and an adjacent molybdenum porphyry system. As shown on the attached Figure 8, these elevated base metal levels coincident with electromagnetic conductors align within the Mt. Perry Fault corridor, with the western target area offset 500 metres to the west from the existing known zinc deposit. Gossanous zones up to 10m wide outcrop over these electromagnetic targets and in non selective samples assay up to 0.22% copper, 1.5% lead, 0.8% zinc, 356ppm molybdenum, and in excess of 100ppm silver. These values are considered highly encouraging.

Further soil geochemical survey and mapping is continuing, with the aim of having targets ready to drill early in 2008.

GAYNDAH COPPER GOLD PROJECT

A comprehensive field program on the Gayndah tenements has confirmed significant gold, copper and silver zones for drilling. Access tracks and drill pads for an initial six holes have been prepared, and drilling will commence this quarter after completion of the initial Rannes program. One hole will collar on outcrop recently assayed at 12g/t gold.

OTHER ACTIVITIES

At Elginvale‐Peenam, south east of Gympie in south east Queensland, the recent VTEM survey has also indicated an EM conductor coincident with elevated soil copper geochemistry anomalies. Two holes are planned to be drilled at Elginvale late in this quarter following the drilling program at Gayndah. D’Aguilar is targeting a significant copper porphyry in the area.

Field work continued during the quarter at Clermont and Windera. Following initial field work which did not reveal encouraging results the company intends to immediately surrender an EPM at Yarwun near Gladstone.

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Figure 7: Ridge Exploration tenement application areas on significant geology

Report for the September 2007 Quarter ‐ Page 10

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Figure 8: Ban Ban Project area over black and white magnetics

Footnote 1 regarding estimation and metal equivalents assumptions:

The company undertakes a composite assay analysis of every 2 metres in each drill hole. Cut‐off grades are based on Molybdenum Equivalence (“Mo Equiv”) and the inputs for this calculation are:

	1	troy ounce (oz)	troy ounce (oz)	=		31.103477	grams (gm)	grams (gm)	Ratio Today’s Spot Prices for comparison with the February outlook prices used 1.00 US$32/lb	Ratio Today’s Spot Prices for comparison with the February outlook prices used 1.00 US$32/lb
	1	pound (lb)		=		453.5924	grams (gm)
	Metal*		Prices (US$) Feb 2007 outlook			Units		Price (US$) per gram (gm)	Ratio
	Mo		$25.00			/ lb		$0.055 / gm	1.00
	Ag Cu		$13.50 $2.50			/ troy ounce / lb		$0.434 / gm $0.006 / gm	7.88 0.1	US$13.90/oz US$3.54/lb

Where Mo = Molybdenum, Ag = Silver and Cu = Copper (all in ppm)

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. On this basis, the formula used to calculate Mo Equiv is as follows:

Mo Equiv = Mo + 7.88xAg + 0.1xCu

Competent Persons Statement

The information in this report that relates to Exploration Results and Mineral Resources 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.

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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Corporate Information

DIRECTORS

Nicholas Mather (Managing Director) Ian Levy Brian Moller Vincent Mascolo

COMPANY SECRETARY

Duncan Cornish

EXPLORATION MANAGER

Neil Wilkins

ISSUED CAPITAL

At 30 September 2007, D’Aguilar Gold Ltd had the following securities on issue:

• 134.4 million ordinary shares

• 2.4 million (unlisted) 12.7c staff options expiring 31/7/08

• 16.7 million (unlisted) 19.7c options expiring 30/9/08

• 1.0 million (unlisted) options (12.7c to 25.0c) expiring 30/6/09 (certain vesting conditions apply)

GENERAL MANAGER

Greg Runge

AUSTRALIAN STOCK EXCHANGE (“ASX”)

ASX Codes: DGR (Ordinary shares)

REGISTERED OFFICE AND HEAD OFFICE

D’Aguilar Gold Ltd Level 5 60 Edward Street Brisbane QLD 4000 Phone: + 61 (0)7 3303 0680 Fax: + 61 (0)7 3303 0681

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Website: www.daguilar.com.au

AUSTRALIAN BUSINESS NUMBER

ABN 67 052 354 837

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Link Market Services Limited Locked Bag A14 SYDNEY SOUTH NSW 1235 Phone: 1300 554 474