EV RESOURCES LTD — Interim / Quarterly Report 2008

Feb 28, 2008

APPENDIX 4D HALF YEAR REPORT
HALF YEAR REPORT
FOR THE HALF YEAR ENDED 31 DECEMBER 2007

Name of Entity:	Richfield Group Limited
1. Details of the current and prior reporting period
Current period:
Prior period:	1 July 2007 to 31 December 2007 1July 2006 to 31 December 2006
2. Results for announcement to the market:
	\$'000
2.1 Revenues from ordinary activities	Up 1164% to	10
2.2 Profit (loss) from ordinary activities after	Down 8% to	(114)
tax attributable to members
2.3 Net profit (loss) for the period attributable	Down 8% to	(114)
to members
Dividend distributions 2.4	Amount per security	Franked amount per
		security
No final dividend has been proposed	Nil	Nil
2.5 Record date for determining entitlements to the dividend		N/A
2.6 Explanation of any figures in 2.1 to 2.5 that	Not necessary
may be required
	Current Period	Previous
		Corresponding Period
3. Net tangible asset backing per ordinary	0.0013cents	$(0.0002)$ cents
security
4.
Control gained or lost over entities during the period
Name of entity 4.1	Nil	Nil
4.2 The date of the gain or loss of control	Nil	Nil
4.2.1 Where material, the contribution of such	Nil	Nil
entities to the reporting entity's profit (loss) from ordinary activities
4.2.2 Where material, the contribution of such	Nil	Nil
entities to the reporting entity's profit (loss) from
ordinary activities during the whole of the
previous corresponding period
5. Distributions to shareholders		N/A
6. Dividend reinvestment plan details		N/A
Joint venture and associate details 7.		N/A
8. Foreign entities accounting standards used		N/A

Audit/review of accounts upon which this	This report is based on accounts which have not
report is based	vet been audited

÷

RICHFIELD GROUP LTD A.B.N. 66 009 144 503 FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER, 2007

CONTENTS

$\frac{1}{2} \sum_{i=1}^n \frac{1}{2} \sum_{j=1}^n \frac{1}{2} \sum_{j=1}^n \frac{1}{2} \sum_{j=1}^n \frac{1}{2} \sum_{j=1}^n \frac{1}{2} \sum_{j=1}^n \frac{1}{2} \sum_{j=1}^n \frac{1}{2} \sum_{j=1}^n \frac{1}{2} \sum_{j=1}^n \frac{1}{2} \sum_{j=1}^n \frac{1}{2} \sum_{j=1}^n \frac{1}{2} \sum_{j=1}^n \frac{1}{2} \sum_{j=1}^n \frac{1}{2} \sum_{j=$

	Page
Directors' Report	3
Directors' Declaration	4
Auditors' Independence Declaration	5
Condensed Income Statement	6
Condensed Balance Sheet	7
Condensed Statement of Changes in Equity	8
Condensed Cash Flow Statement	9
Notes to the condensed interim financial report	10
Independent Review Report	12

RICHFIELD GROUP LTD A.B.N. 66 009 144 503 DIRECTORS REPORT

Your Directors submit the financial report for the half year ended 31 December 2007. In order to comply with the provisions of the Corporations Act 2001, the Directors report as follows:

Directors

The names of the Company's Directors who held office during or since the end of the half year and until the date of this report are as below. Directors were in office for this entire period unless otherwise stated.

Mr Steven Pynt	Chairman
B.Jurs
Mr Mark Balfour	Director	Resigned 3rd December 2007
Mr Michael Scivolo B.Com FCPA	Director	Appointed 2 nd February 2007
Mr Wayne Knight	Director	Appointed 3rd December 2007

Review of Operations

During the period Richfield Group Limited made a loss of \$127,083, (\$106,455 in 2006). The company entered into a Head of Agreement with Victory West Pty Ltd to purchase 75% of the company together with wholly owned subsidiaries having the rights to exploration and exploitation of Molybdenum and other metals in defined areas of Sulawesi, Indonesia.

Events Subsequent to Balance Date

Richfield Group Limited resolved to proceed with the acquisition of the Porphyry Molybdenum deposit in Indonesia, this is subject to completion of a detailed legal agreement to the company's satisfaction and the finalisation of all government regulations.

The company will be issuing a notice of general meeting to have shareholders approve the transaction.

There has been over 37,000,000 Richfield Group Limited options converted to shares subsequent to balance date.

Auditor's Independence Declaration

Section 307C of the Corporations Act 2001 requires our Auditors, Grant Thornton, to provide the Directors of the Company with an Independence Declaration in relation to the review of the half-year financial report. This Independence Declaration is set out on page and forms part of this Directors' Report for the half year ended 31 December 2007.

This report is signed in accordance with a resolution of the Board of Directors made pursuant to s.306(3) of the Corporations Act 2001.

Steven Pynt Director

Dated this 29 day of February 2008

DIRECTORS' DECLARATION

In accordance with a resolution of the directors of Richfield Group Limited, I state that:

In the opinion of the directors:

• The financial statements and notes of the consolidated entity are in accordance with the Corporations Act 2001, including:
• (a) complying with Accounting Standard AASB 134 "Interim Financial Reporting" and the Corporations Regulations 2001; and
• (b) give a true and fair view of the economic entity's financial position as at 31 December, 2007 and the performance for the half-year ended on that date.
• there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

Steven Pynt

Director

2.

Dated this 29 day of February 2008

Grant Thornton (WA) Partnership ABN: 17 735 344 518 Level 1 10 Kings Park Road
West Perth WA 6005 PO BOX 570 West Perth WA 6872 T +61 8 9480 2000 F +61 8 9322 7787 E admin@gtwa.com.au
W www.grantthornton.com.au

AUDITOR'S INDEPENDENCE DECLARATION

TO THE DIRECTORS OF RICHFIELD GROUP LIMITED

In accordance with the requirements of section 307C of the Corporations Act 2001, as lead auditor for the review of Richfield Group Limited for the half-year ended 31 December 2007, I declare that, to the best of my knowledge and belief, there have been:

• No contraventions of the auditor independence requirements of the Corporations Act 2001 $(a)$ in relation to the review; and
• $(b)$ No contraventions of any applicable code of professional conduct in relation to the review.

(part Whomber (wa) Parlamenta

GRANT THORNTON (WA) PARTNERSHIP

M Wk

M J Hillgrove Partner Perth

Date: 29 February 2008

Liability limited by a scheme approved under Professional Standards Legislation. $5$

CONDENSED INCOME STATEMENT FOR THE HALF-YEAR ENDED 31 DECEMBER 2007

	Note	Consolidated
		31 December 2007	31 December 2006
Continuing Operations
Other revenue		9,971	876
Cost of Sales
Management and consulting expense Finance Costs		(68, 778)	(14, 487)
			(152)
Depreciation and amortisation expenses		(35,068)	(14, 010)
Listing expenses Employee benefits expense			(14, 636)
Audit Fees			(2,500)
Impairment of Investment			(7, 458)
Bad and Doubtful Debts expense			(26, 054)
Other Expenses from Ordinary Activities		(33, 208)	(28, 034)
Profit/(loss) from continuing operations before income tax		(127, 083)	(106, 455)
Income tax expense
Profit/(loss) from continuing operations after tax		(127, 083)	(106, 455)
Profit/(loss) Attributable to members of the Parent		(127, 083)	(106, 455)
Earnings per Share
Basic earnings per share		(0.0002)	(0.0002)
Diluted earnings per share		(0.0002)	(0.0002)

The condensed income statement is to be read in conjunction with the notes to and forming part of the consolidated interim financial report.

CONDENSED BALANCE SHEET AS AT 31 DECEMBER 2007

	Note		Consolidated
		As at	As at
		31 December 2007	30 June 2007
Current Assets
Cash and cash equivalents		536,988	418,872
Trade and other receivables		16,418	16,766
Inventories
Total Current Assets		553,406	435,638
Non-Current Assets
Property, plant and equipment
Other Financial Assets	4	301,090	22,378
Total Non-Current Assets		301,090	22,378
Total Assets		854,496	458,016
Current Liabilities
Trade and Other Payables		182,618	176,451
Total Current Liabilities		182,618	176,451
Non-Current Liabilities
Total Non-Current Liabilities
Total Liabilities		182,618	176,451
Net Assets		671,878	281,565
Equity
Issued Capital		9,747,408	9,223,096
Reserves		(9, 133)	(2, 217)
Accumulated Losses		(9,066,397)	(8,939,314)
Parent interests		671,878	281,565
Total Equity		671,878	281,565

The condensed balance sheet is to be read in conjunction with the notes to and forming part of the consolidated
interim financial report.

CONDENSED STATEMENT OF CHANGES IN EQUITY FOR THE HALF YEAR ENDED 31 DECEMBER 2007

	Consolidated
S	\$		\$
Share Capital
Ordinary	Retained Profits	Reserves	Total
8,730,799	(8,760,261)	16,409	(13,053)
	(106, 455)		(106, 455)
		(493)	(493)
8,730,799	(8,866,716)	15,916	(120,001)
8,730,799	(8,866,716)	15,916	(120,001)
9,223,096	(8,939,314)	(2, 217)	281,565
524,312			524,312
	(127, 083)		(127,083)
		(6,916)	(6,916)
9,747,408	(9,066,397)	(9, 133)	671,878
9,747,408	(9,066,397)	(9, 133)	671,878

The condensed statement of changes in equity is to be read in conjunction with the notes to and forming part of the consolidated interim financial report.

CONDENSED CASH FLOW STATEMENT FOR THE HALF YEAR ENDED 31 DECEMBER 2007

	Note	Consolidated
		31 December 2007	31 December 2006
Cash Flow from Operating Activities
Receipts from Customers			967
Payments to Suppliers and employees		(129, 810)	(59, 200)
Interest Received		9,241	876
Net cash flows from operating activities		(120, 569)	(57, 357)
Cash Flow from Financing Activities
Proceeds of borrowings
Repayment of borrowings
Proceeds from issue of shares		584,243
Share issue transaction costs		(59, 930)
Net cash flows used in financing activities		524,313
Cash Flow from Investing Activities
Investments/Advances to Controlled Entities
Investments in other related entities		(278, 712)
Payments for property, plant and equipment
Net cash flows used in investing activities		(278, 712)
Net increase (decrease) in cash and cash equivalents		125,032	(57, 357)
Cash and cash equivalents at the beginning of the period		418,872	101,719
Net foreign exchange differences		(6,916)	(493)
Cash and cash equivalents at the end of the period		536,988	43,869

The condensed cashflow statement is to be read in conjunction with the notes to and forming part of the
consolidated interim financial report.

CONDENSED NOTES TO THE CONSOLIDATED INERIM FINANCIAL REPORT 31 DECEMBER 2007

1. CONDENSED NOTES TO THE CONSOLIDATED INTERIM FINANCIAL REPORT.

$(a)$ Reporting Entity

Richfield Group Limited (the "Company") is a company domiciled in Australia. The consolidated interim financial report of the Company as at and for the six months ended 31 December 2007 comprises the Company and its subsidiaries (together referred to as the "consolidated entity").

Statement of Compliance $(b)$

The consolidated interim financial report is a general purpose financial report, which has been prepared in accordance with the requirements of the Corporations Act 2001, applicable Accounting Standards including Accounting Standard AASB 134: "Interim Financial Reporting" and other mandatory professional reporting requirements (Urgent Issues Group Consensus Views).

The consolidated interim financial report does not include all notes of the type normally included within the annual financial report and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the consolidated entity as the full financial report.

The consolidated interim financial report should be read in conjunction with the annual financial report of consolidated entity as at 30 June 2007, as prepared under A-IFRS. It is also recommended that the half-year financial report be considered together with any public announcements made by the consolidated entity during the half-year ended 31 December 2007 in accordance with the continuous disclosure obligations arising under the Corporations Act 2001.

Significant accounting policies $(c)$

The accounting policies adopted in the preparation of the half-year financial report are consistent with those adopted and disclosed in the annual financial report as at and for the year ended 30 June 2007.

Since 1 July 2007 the group has adopted the following Standards and Interpretations, mandatory for annual periods beginning on or after 1 July 2007. Adoption of these Standards and Interpretations did not have any effect on the financial position or performance of the group.

AASB 7 - Financial Instruments: Disclosures $\bullet$

$(d)$ Going Concern

The financial report has been prepared on a going concern basis, which contemplates continuity of normal business activities and the realisation of assets and liabilities in the ordinary course of business and on the assumption of sufficient funds becoming available for the operations of the consolidated entity.

The basis of adopting the going concern assumption is dependent upon the Richfield Group Ltd and controlled entities raising additional funds from debt or equity sources, or operations becoming profitable in the future.

$2.$ Segment Reporting

The Group operated predominantly in one geographical segment and one business, being the seeking of business opportunities in the IT and mining industries.

3. Contingent Assets and Liabilities

There are no contingent assets or liabilities as at the reporting date.

CONDENSED NOTES TO THE CONSOLIDATED INERIM FINANCIAL REPORT 31 DECEMBER 2007

Other Financial Assete 4.

inancial Assets		Consolidated
	31 December 2007	30 June 2007
Victory West Pty Ltd	278.712
Richfield International Ltd	22,378	22.378
	301,090	22.378

During the half year ended 31 December 2007 Richfield Group Limited made advance payments to Indonesian entities, through Victory West Pty Ltd, that hold interests and mining rights in Indonesia. Upon successful completion of the Heads of Agreement Richfield Group Limited will own 75% of Victory West Pty Ltd.

This agreement did not exist at 30 June 2007 and as such there is no comparative.

Richfield Group Limited holds shares in Richfield International Ltd, a public listed company on the Australian Stock Exchange.

5. Events Subsequent to Balance Date

Richfield Group Limited resolved to proceed with the acquisition of the Porphyry Molybdenum deposit in Indonesia, this is subject to completion of a detailed legal agreement to the company's satisfaction and the finalization of all government regulations.

The company will be issuing a notice of general meeting to have shareholders approve the transaction.

There has been over 37,000,000 Richfield Group Limited options converted to shares subsequent to balance date.

Grant Thornton (WA) Partnership ABN: 17 735 344 518 Level 1 10 Kings Park Road West Perth WA 6005
PO BOX 570 West Perth WA 6872 T +61 8 9480 2000 F +61 8 9322 7787 E admin@gtwa.com.au W www.grantthornton.com.au

INDEPENDENT AUDITOR'S REVIEW REPORT

TO THE MEMBERS OF RICHFIELD GROUP LTD AND CONTROLLED ENTITIES

Report on the half-year financial report

We have reviewed the accompanying half-year financial report of Richfield Group Ltd (the Company) and the entities it controlled (the consolidated entity), which comprises the condensed balance sheet as at 31 December 2007, and the condensed income statement, condensed statement of changes in equity and condensed cash flow statement for the halfyear ended on that date, a statement of accounting policies, and other selected explanatory notes. The consolidated entity comprises both the Company and the entities it controlled during that half-year.

Directors' responsibility for the half-year financial report

The directors of the consolidated entity are responsible for the preparation and fair presentation of the half-year financial report in accordance with Australian Accounting Standards including the Australian Accounting Interpretations and the Corporations Act 2001. This responsibility includes establishing and maintaining internal control relevant to the preparation and fair presentation of the half-year financial report that is free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditor's responsibility

Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagement ASRE 2410: Review of an Interim Financial Report Performed by the Independent Auditor of the Entity, in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the consolidated entity's financial position as at 31 December 2007 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134: Interim Financial Reporting and the Corporations Regulations 2001. As the auditor of Richfield Group Ltd, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

12

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Independence

In conducting our review, we complied with the independence requirements of the Corporations Act 2001. We confirm that the independence declaration required by the Corporations Act 2001, provided to the directors of Richfield Group Ltd on 31 December 2007, would be in the same terms if provided to the directors as at the date of this auditor's review report.

Conclusion

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of Richfield Group Ltd and its controlled entities is not in accordance with the Corporations Act 2001, including:

• $(a)$ giving a true and fair view of the consolidated entity's financial position as at 31 December 2007 and of its performance for the half-year ended on that date.
• $(b)$ complying with Accounting Standard AASB 134: Interim Financial Reporting and Corporations Regulations 2001.

Significant Uncertainty Regarding the Going Concern Assumption

Without qualification to the opinion expressed above, attention is drawn to the following matter

We refer to Note 1 to the financial statements relating to the preparation of the financial statements on a going concern basis. The ability of the Company and the consolidated entity to operate as going concerns is dependent on the operations becoming profitable or additional funds being provided by financiers or shareholders of the entity.

(part Thomba (wa) Parlaman

GRANT THORNTON (WA) PARTNERSHIP

M J Hillgrove Partner Perth

Date: 29 February 2008