ECLIPSE METALS LIMITED. — Interim / Quarterly Report 2010

Feb 14, 2011

ECLIPSE URANIUM LIMITED UNAUDITED STATEMENT OF FINANCIAL POSITION AS AT 7 FEBRUARY 2011

			Actual Subscription	Actual Subscription	Actual Subscription
			($4,069,400)
		Unaudited	Pro-forma	Pro-forma
		31 Dec 2010	Adjustments	7	Feb 2011
	Notes	$	$		$
CURRENT ASSETS
Cash and cash equivalents	1	445,626	3,140,300		3,585,926
Prepayments		18,150	80,000		98,150
TOTALCURRENT ASSETS		463,776	3,220,300		3,684,076
NON-CURRENT ASSETS
Deferred exploration & evaluation
expenditure	2	5,000,000	5,000,000		10,000,000
Plant and equipment	3	14,398	-		14,398
TOTAL NON-CURRENT ASSETS		5,014,398	5,000,000		10,014,398
TOTAL ASSETS		5,478,174	8,220,300		13,698,474
CURRENT LIABILITIES
Trade and otherpayables	4	443,600	(443,600)		0
TOTALCURRENT LIABILITIES		443,600	(443,600)		0
NON-CURRENT LIABILITIES
Trade and otherpayables	4	533,940	-		533,940
TOTAL NON-CURRENT ASSETS		533,940	-		533,940
TOTAL LIABILITIES		977,540	-		533,940
NET ASSETS		**4,500,634 **	8,663,900		13,164,534
EQUITY
Contributed equity	5	5,000,002	8,663,900		13,663,902
Accumulated Losses	6	(499,368)	(88,000)		(587,368)
Share-basedpayments reserve	7	-	88,000		88,000
TOTAL EQUITY		4,500,634	8,663,900		13,164,534

The Pro-Forma Statement of Financial Position as at 7 February 2011 represents the Unaudited Statement of Financial Position as at 31 December 2010 adjusted for the pro-forma transactions relating to the issue of shares pursuant to the Original Prospectus, First Supplementary Prospectus and Second Supplementary Prospectus and other transactions dependent on the acceptance of Eclipse to the official list of the ASX. The Statements of Financial Position should be read in conjunction with the accompanying notes.

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ECLIPSE URANIUM LIMITED NOTES TO THE UNAUDITED FINANCIAL INFORMATION AS AT 7 FEBRUARY 2011

1. CASH AND CASH EQUIVALENTS Cash Adjustments arising in the preparation of the pro- forma balance are summarised as follows: Unaudited balance of Eclipse Group at 31 December 2010 Pro-forma adjustments: Balance proceeds from shares issued under the prospectus Capital raising costs Pro-forma Balance at 7 February 2011	Unaudited 31 Dec 2010 Pro-forma after Actual Subscription 7 Feb 2011 $ $ 445,626 3,585,926
	445,626 3,625,800
	(485,500) 3,140,300
	3,585,926

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ECLIPSE URANIUM LIMITED NOTES TO THE UNAUDITED FINANCIAL INFORMATION AS AT 7 FEBRUARY 2011

2. EXPLORATION AND EVALUATION EXPENDITURE Exploration and evaluation expenditure Adjustments arising in the preparation of the pro-forma balance are summarised as follows: Unaudited balance of Eclipse Group at 31 December 2010 Pro-forma adjustments: Fair value attributed to tenements acquired from Cauldron Energy Limited Pro-forma Balance at 7 February 2011 3. PLANT AND EQUIPMENT Cost Accumulated depreciation Net carrying amount 4. TRADE AND OTHER PAYABLES Current Share application funds Non-Current Loans from ultimate holding company (Dourado Resources Limited)	Unaudited 31 Dec 2010 $ 5,000,000	Pro-forma after Actual Subscription 7 Feb 2011 $ 10,000,000
	14,685 (287)	5,000,000 5,000,000
		10,000,000
		14,685 (287)
	14,398	14,398
	443,600	443,600
	533,940	533,940

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ECLIPSE URANIUM LIMITED NOTES TO THE UNAUDITED FINANCIAL INFORMATION AS AT 7 FEBRUARY 2011

5. CONTRIBUTED EQUITY Contributed equity Adjustments arising in the preparation of the pro-forma balance are summarised as follows: Unaudited balance of Eclipse Group at 31 December 2010 Pro-forma adjustments: Fully paid ordinary shares issued as part-payment for future services to be rendered Fully paid ordinary shares issued as consideration for tenements acquired from Cauldron Energy Fully paid ordinary shares issued pursuant to the prospectus at $0.20 each based of actual subscription Costs associated with the share issue pursuant to the prospectus Pro-forma Balance at 7 February 2011 assuming Actual Subscription

Unaudited 31 Dec 2010 Pro-forma after Actual Subscription 7 Feb 2011 5,000,002 13,663,902

Number of Shares $ 25,000,000 5,000,002 400,000 80,000 25,000,000 5,000,000 20,230,000 4,069,400 (485,500) 70,630,000 13,663,902

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ECLIPSE URANIUM LIMITED NOTES TO THE UNAUDITED FINANCIAL INFORMATION AS AT 7 FEBRUARY 2011

6. ACCUMULATED LOSSES Accumulated Losses Adjustments arising in the preparation of the pro-forma balance are summarised as follows: Unaudited balance of Eclipse Group at 7 February 2011 Pro-forma adjustments: Issue of Directors share options Pro-forma Balance at 7 February 2011 7. SHARE BASED PAYMENTS RESERVE Share based payments reserve Adjustments arising in the preparation of the pro-forma balance are summarised as follows: Unaudited balance of Eclipse Group at 7 February 2011 Pro-forma adjustments: Issue of Directors share options Prof-forma Balance at 7 February 2011	Unaudited 31 Dec 2010 (499,368)	Pro-forma after Actual Subscription 7 Feb 2011 (587,368)
	Unaudited Consolidated 31 Dec 2010 - Note (a)	(499,368) (88,000) (587,368) Pro-forma Consolidated after Actual Subscription 7 Feb 2011 88,000 Number of Options 0 550,000
		550,000

(a)	550,000 share options are	to be issued to the Directors on successful listing of Eclipse on	to be issued to the Directors on successful listing of Eclipse on
	the ASX.
	The share options are exercisable at $0.20 on or before 30 November 2015. Using the
	Binomial Option Pricing Model the fair		value of an option has been assessed as
	approximately $0.16 based on the following criteria:
	Input Value
	Underlying share price	$0.20
	Exercise price	$0.20
	Expected volatility		110%
	Option life		5 years
	Risk free interest rate	5.06%

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