DREADNOUGHT RESOURCES LTD - Interim / Quarterly Report 2009

QUARTERLY REPORT period ending 30 September 2009

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HIGHLIGHTS

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�� NT G eorgetown
�� Supl e jack QLD
�� WA NT Eromanga Basin
�� WAAbminga/Welbourn Hill QLD
�� SA SA
�� Kingoonya M arree
�� GawlerCraton Billa Kalina NSW
NSW
Nackara Arc
500km
VICVIC
Location of Projects.
TASTAS
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REVIEW OF OPERATIONS Corporate Activities

Capital Raising

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Finance

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Eromanga Uranium Quarterly Report for the period ending 30 September 2009 1

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OPERATIONS
Georgetown Gold Operations ��
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Figure 1 Location of the Georgetown Gold Project.
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Figure 2 Location of the 13 mining leases and granted Exploration Permit for Minerals EPM 15995.

2 Eromanga Uranium Quarterly Report for the period ending 30 September 2009

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Figure 3 Bulk sampling plant, Georgetown Alluvial Gold Operations.

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New Operations Plan

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Eromanga Uranium Quarterly Report for the period ending 30 September 2009 3

EXPLORATION ACTIVITIES Georgetown Regional Gold Exploration

(Eromanga Uranium 100% in EPM15995)

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ML30124
Proposed costeans 0 250 m
River Gravel Distribution
River terrace
River active channel
-18°30'
Exploration Target
200,000 - 400,000 bcm gold bearing
gravel @ 0.45 - 0.75 grams Au per bcm (bcm = bank cubic metre)
143°25'
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Figure 4 ML30124 (The Golden Tabletop) showing the location of costeans and Au BCM grades.

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Costean Grade Gold gm/BCM 'True Blue''True Blue''True Blue''True Blue' ��
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Figure 5 Figure 3 Location of True Blue Prospect.

4 Eromanga Uranium Quarterly Report for the period ending 30 September 2009

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Nackara Arc Gold Project

(Eromanga Uranium earning an 80% interest in EL 3692)

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Figure 6 Location of Hillside Prospect, Nackara Arc Gold Project area.

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Gold 50 to 500 ppb
Gold 20 to 50 ppb
6,371,600 mN
Tapley Hill Formation Gold 5 to 20 ppb
Open Open
Rock chip sampling traverses
Fault
Open
Geological boundary
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PADDYS GUN
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� APPLEBYS Historical Gold Workings
6,371,400 mN
IRONCLAD �
WALLAROO UNITED�
Wilyerpa Formation
Apilla Tillite
0 50 m
6,371,200 mN
Open
Open
321,000 mE 321,200 mE 321,400 mE
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Figure 7 Location of Hillside Prospect, Nackara Arc Gold Project area.

Eromanga Uranium Quarterly Report for the period ending 30 September 2009 5

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Suplejack Gold/Uranium Project

(Eromanga Uranium 100% in EL26625)

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ELA26625
- 1 9º55'
-20º
Fault
Dolerite dyke 0 2 km
Magnetite schist
Granite
5'
º0
0
13
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Mr Kevin Lines Managing Director ��

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Kevin Lines who is a Member of the Australasian Institute of Mining and Metallurgy, and who has sufficient experience relevant to the style of mineralisation, the type of deposit under consideration, and the activity he is undertaking, to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration results, Mineral Resources and Ore Reserves (the JORC Code). This report is issued in the form and context in which it appears with the written consent of the Competent Person, who is Managing Director of the Company.

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www.eromangauranium.com

Figure 8 Suplejack preliminary magnetic interpretation.

6 Eromanga Uranium Quarterly Report for the period ending 30 September 2009

Appendix 5B Mining exploration entity quarterly report

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.

	Name of entity		Quarter ended (“current quarter”) 30 September 2009	Quarter ended (“current quarter”) 30 September 2009
	Eromanga Uranium Limited
	ABN 40 119 031 864 Consolidated statement of cash flows
			30 September 2009

Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration and evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other (provide details if material) Net Operating Cash Flows		Current quarter $A’000		Year to date (3 months) $A’000
		(547) (253) 5 328		(547) (253) 5 328
		(467)		(467)
Cash flows related to investing activities 1.8 Payment for purchases of: (a)prospects (b)equity investments (c) other fixed assets 1.9 Proceeds from sale of: (a)prospects (b)equity investments (c)other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other (provide details if material) Net investing cash flows 1.13 Total operating and investing cash flows (carried forward)		(205)		(205)
		(205)		(205)
		(672)		(672)

See chapter 19 for defined terms.

30/9/2001

Appendix 5B Page 1

Appendix 5B Mining exploration entity quarterly report

1.13 Total operating and investing cash flows (brought forward)	(672)	(672)
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other (provide details if material) Net financing cash flows	2,024	2,024
	2,024	2,024
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end ofquarter	1,352 758	1,352 758
	2,110	2,110

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities Current quarter $A'000

1.23 1.24	1.23 1.24	Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10	Current quarter $A'000
			117

1.25 Explanation necessaryfor an understandingof the transactions Non-cash financing and investing activities 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reportingentityhas an interest		Explanation necessaryfor an understandingof the transactions


	Details of outlays made by other entities to establish or increase their share in projects in which the reportingentityhas an interest

See chapter 19 for defined terms.

Appendix 5B Page 2

30/9/2001

Appendix 5B Mining exploration entity quarterly report

Financing facilities available

Add notes as necessary for an understanding of the position.

3.1 Loan facilities 3.2 Credit standby arrangements

	Amount available	Amount used
	$A’000	$A’000

Estimated cash outflows for next quarter

Estimated cash outflows for next quarter
4.1 Exploration and evaluation 4.2 Development	$A’000
	300
	150
Total	450

Reconciliation of cash

Reconciliation of cash
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Current quarter $A’000	Previous quarter $A’000
5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other (provide details)	2,010	558
	100	200


Total: cash at end of quarter(item 1.22)	2,110	758

Changes in interests in mining tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased	Tenement reference	Nature of interest (note (2))	Interest at beginning ofquarter	Interest at end of quarter

See chapter 19 for defined terms.

30/9/2001

Appendix 5B Page 3

Appendix 5B Mining exploration entity quarterly report

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

	Total number	Number quoted	Issue price per security (see note 3) (cents)	Amount paid up per security (see note 3) (cents)
7.1 Preference +securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs, redemptions

7.3 +Ordinary securities 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital,buy-backs	160,175,576	160,175,576
	34,469,896	34,469,896
7.5 +Convertible debt securities (description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted

7.7 Options (description and conversion factor) 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	26,785,714 283,000 225,000 635,500 941,666		Exercise price $0.30 $0.22 $0.22 $0.165 $0.028	Expiry date 30/06/2011 20/03/2012 19/11/2012 05/03/2013 03/02/2014



7.11 Debentures (totals only)
7.12 Unsecured notes (totals only)

See chapter 19 for defined terms.

Appendix 5B Page 4

30/9/2001

Appendix 5B Mining exploration entity quarterly report

Compliance statement

1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).
2 This statement does give a true and fair view of the matters disclosed.

Sign here: (Company Secretary)

Date: 30 October 2009

Print Name: David W Godfrey

Notes

1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.
2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.
3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .
4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.
5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

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See chapter 19 for defined terms.

30/9/2001

Appendix 5B Page 5

AI assistant

DREADNOUGHT RESOURCES LTD Interim / Quarterly Report 2009

64785_rns_2009-10-29_89ee4c12-92c5-42b5-88cd-fa6965e7be82.pdf

HIGHLIGHTS

REVIEW OF OPERATIONS Corporate Activities

Capital Raising

Finance

New Operations Plan

EXPLORATION ACTIVITIES Georgetown Regional Gold Exploration

Nackara Arc Gold Project

(Eromanga Uranium earning an 80% interest in EL 3692)

Suplejack Gold/Uranium Project

(Eromanga Uranium 100% in EL26625)

Appendix 5B

Mining exploration entity quarterly report

Financing facilities available

Estimated cash outflows for next quarter

Reconciliation of cash

Changes in interests in mining tenements

Issued and quoted securities at end of current quarter

Compliance statement

Notes

AI assistant

DREADNOUGHT RESOURCES LTD — Interim / Quarterly Report 2009

64785_rns_2009-10-29_89ee4c12-92c5-42b5-88cd-fa6965e7be82.pdf

HIGHLIGHTS

REVIEW OF OPERATIONS Corporate Activities

Capital Raising

Finance

New Operations Plan

EXPLORATION ACTIVITIES Georgetown Regional Gold Exploration

Nackara Arc Gold Project

(Eromanga Uranium earning an 80% interest in EL 3692)

Suplejack Gold/Uranium Project

(Eromanga Uranium 100% in EL26625)

Appendix 5B

Mining exploration entity quarterly report

Financing facilities available

Estimated cash outflows for next quarter

Reconciliation of cash

Changes in interests in mining tenements

Issued and quoted securities at end of current quarter

Compliance statement

Notes

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DREADNOUGHT RESOURCES LTD Interim / Quarterly Report 2009