EML PAYMENTS LIMITED — AGM Information 2006

Nov 29, 2006

Australasia Gold Limited Chairman's Address

Delivered at the 2006 Annual General Meeting Thursday 30^th November 2006 at 160 O'Connell Street, North Adelaide

Ladies and Gentlemen.

Before addressing the Business of today's meeting I would like to briefly up-date you on the Company's activities. Our Managing Director. Trevor Ireland, will review Australasia Gold's projects in more detail later today.

As described in the 2006 Chairman's Report (2006 Annual Report), the Company achieved a major milestone during the year with its successful capital raising through an Initial Public Offering culminating in trading of the company's shares and options on the Australian Stock Exchange commencing 18 January 2006. Exploration and acquisition activities commenced shortly after the capital raising, and results to June 30, 2006 are described in the 2006 Annual Report.

Subsequent to June 30, 2006 activities may be summarised as follows:

A second round of drilling comprising 21 holes was completed at Wetherstones (Otago, New Zealand) and although assay results are pending, visible gold was logged in many of the holes and, depending on final assays, the results of this programme should allow a sound decision as to the future of this project.

At Glencoe, in the Northern Territory, indications are that the shallower portion of this gold resource may be economically mineable, but the mineralised system is open and we believe further deeper and down-plunge drill testing is required to more accurately quantify the overall resource. Better definition of the global resource will lead to a better development decision, if justified, in terms of production rates, extraction techniques, cut-off grades, etc. Work is proceeding on the Company's other Pine Creek projects and Trevor Ireland will update you on progress.

At Lucknow in New South Wales, geochemical drilling of geophysical targets has just been completed and Trevor will also describe this work.

As outlined in the 2006 Annual Report, Australasia Gold completed its first acquisition and acquired an interest in the prospective Murninnie copper/ gold/ uranium project in the very prospective Gawler Craton geological region of South Australia. Work is progressing on this project with a view to drill testing in 2007. Our small team continues to actively evaluate acquisition opportunities from many and varied geological and geographical locations and Murninnie demonstrates how excellent projects can result from this initiative.

With Australasia Gold's small exploration team coming together, cash reserves of \$2.1 million, an expanding exploration project portfolio and drilling activity increasing, the company (as I mentioned in the Annual Report) is well placed to pursue its mission of building a significant mining enterprise.

Finally. I would like to express my very sincere thanks to my fellow directors for their support and sound advice and to record special thanks to Trevor Ireland, Managing Director and his small dedicated team for an outstanding effort during this formative period.

John Roberts Chairman