DREADNOUGHT RESOURCES LTD - Interim / Quarterly Report 2009

QUARTERLY REPORT period ending 30 June 2009

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HIGHLIGHTS

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NT G eorgetown
�� Supl e jack
QLD
�� NT Eromanga
WA Basin
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WA QLD
Abminga/Welbourn Hill
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SA SA
�� M arree
Kingoonya
�� GawlerCraton Billa Kalina NSW
�� NSW
Nackara Arc
�� 500km VICVIC
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Figure 1 Location of Projects. TASTAS
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REVIEW OF OPERATIONS Corporate Activities Strategic Realignment

Eromanga Uranium Limited ��

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

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FINANCE

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OPERATIONS

Georgetown Gold Operations, Queensland Transaction Details

Description of Operations

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Overview – Georgetown Gold Project

Location and Access

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GEORGETOWN
PROJECT
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Figure 2 Location of the Georgetown Gold Project.

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

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Figure 3 Location of the 13 mining leases and granted Exploration Permit for Minerals EPM 15995.

Alluvial Gold Resource Potential

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Near Term Operation Focus

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

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BC32
0.68
BC31
BC01 0.65
0.36 BC03 BC04 BC05 BC33
0.51 0.48 0.47 BC29 0.61
0.51
BC30
BC23
BC08 0.94 BC27 0.60
BC02 0.40 BC26 0.56 BC28
0.46 BC07 BC22 BC25 0.55 0.59
BC06 0.46 1.0 BC24 0.38
-18º30' 0.36 BC090.57 BC100.62 BC110.55 BC120.61 BC130.58 BC140.40 BC17 BC201.27 BC211.10 0.48
1.07
BC19
BC16 1.20
0.66
BC15 BC18
Grade Au gm/BCM 0.62 0.61
>1
0.8 to 1 Mining Lease (approximate location)
0.6 to 0.8
Costean (representative : Not to scale)
0.4 to 0.6
0 500 m
0.2 to 0.4 BC20 Costean ID
1.27 Grade Au gm/BCM
-18º31'
143º23' 143º24' 143º25' 143º26'
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Figure 4 ML 30124 (The Golden Tabletop) showing the location of costeans and Au BCM grades.

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Future Mine Expansion

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EXPLORATION ACTIVITIES

Nackara Arc Gold Project

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Project Location

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Figure 5 Location of Hillside and Heithersay Prospects, Nackara Arc Gold Project area.

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

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

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Exploration Potential

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Recent Exploration

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Future Exploration

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

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Suplejack Gold/Uranium Project

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Project Location and Prospectivity

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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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Exploration Status

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Uranium Exploration

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Mr Kevin Lines Managing Director

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www.eromangauranium.com

Figure 7 Suplejack preliminary magnetic interpretation.

6 Eromanga Uranium Quarterly Report for the period ending 30 June 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

Eromanga Uranium Limited

		Quarter ended (“current quarter”) 30 June 2009	Quarter ended (“current quarter”) 30 June 2009
		30 June 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 (12 months) $A’000
	(473) (14) 37		(2,655) (942) 356
	(450)		(3,241)
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)	(2,162) (491) - 100		(2,162) (503) 19 100
	(2,553)		(2,546)
	(3,003)		(5,787)

See chapter 19 for defined terms.

Appendix 5B Page 1

30/9/2001

Appendix 5B Mining exploration entity quarterly report

1.13 Total operating and investing cash flows (brought forward)	(3,003)	(5,787)
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	7	7
	7	7
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 of quarter	(2,996) 3,755	(5,780) 6,539
	759	759

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

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
		123

1.25	Explanation necessaryfor an understandingof the transactions

Non-cash financing and investing activities

2.1 2.2	Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

	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 $A’000	Amount used $A’000


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 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)	559	955
	200	2,800


Total: cash at end of quarter(item 1.22)	759	3,755

Changes in interests in mining tenements

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

See chapter 19 for defined terms.

Appendix 5B Page 3

30/9/2001

Appendix 5B Mining exploration entity quarterly report

6.2 Interests in mining tenements acquired or increased	EPM15995 EPM18130 ML3487 ML3488 ML3498 ML3539 ML6721 ML30017 ML30018 ML30019 ML30084 ML30091 ML30122 ML30124 ML30148	Purchased 11-06-2009 Purchased 11-06-2009 Purchased 11-06-2009 Purchased 11-06-2009 Purchased 11-06-2009 Purchased 11-06-2009 Purchased 11-06-2009 Purchased 11-06-2009 Purchased 11-06-2009 Purchased 11-06-2009 Purchased 11-06-2009 Purchased 11-06-2009 Purchased 11-06-2009 Purchased 11-06-2009 Purchased 11-06-2009	0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%	100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

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
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	125,705,680	125,705,680
	263,334	263,334
7.5 +Convertible debt securities (description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted

See chapter 19 for defined terms.

Appendix 5B Page 4

30/9/2001

Appendix 5B Mining exploration entity quarterly report

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

	263,334	$0.028	03/02/2014

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

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:

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(Company Secretary)

Date: 30 July 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.
See chapter 19 for defined terms.

Appendix 5B Page 5

30/9/2001

Appendix 5B Mining exploration entity quarterly report

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.

Appendix 5B Page 6

30/9/2001

AI assistant

DREADNOUGHT RESOURCES LTD Interim / Quarterly Report 2009

64785_rns_2009-07-30_fa1c3a1a-fa6b-4beb-9a81-141690738353.pdf

HIGHLIGHTS

REVIEW OF OPERATIONS Corporate Activities Strategic Realignment

FINANCE

OPERATIONS

Georgetown Gold Operations, Queensland Transaction Details

Description of Operations

Overview – Georgetown Gold Project

Location and Access

Alluvial Gold Resource Potential

Near Term Operation Focus

Future Mine Expansion

EXPLORATION ACTIVITIES

Nackara Arc Gold Project

Project Location

Exploration Potential

Recent Exploration

Future Exploration

Suplejack Gold/Uranium Project

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Project Location and Prospectivity

Exploration Status

Uranium Exploration

Appendix 5B

Mining exploration entity quarterly report

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

Non-cash financing and investing activities

Financing facilities available

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_2009-07-30_fa1c3a1a-fa6b-4beb-9a81-141690738353.pdf

HIGHLIGHTS

REVIEW OF OPERATIONS Corporate Activities Strategic Realignment

FINANCE

OPERATIONS

Georgetown Gold Operations, Queensland Transaction Details

Description of Operations

Overview – Georgetown Gold Project

Location and Access

Alluvial Gold Resource Potential

Near Term Operation Focus

Future Mine Expansion

EXPLORATION ACTIVITIES

Nackara Arc Gold Project

Project Location

Exploration Potential

Recent Exploration

Future Exploration

Suplejack Gold/Uranium Project

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Project Location and Prospectivity

Exploration Status

Uranium Exploration

Appendix 5B

Mining exploration entity quarterly report

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

Non-cash financing and investing activities

Financing facilities available

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

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