EV RESOURCES LTD — Interim / Quarterly Report 2010

Jan 30, 2011

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, 01/06/10.

Name of entity

	Victory West Moly Limited
	ABN 66 009 144 503 Consolidated statement of cash flows
			31 December 2010
Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration & 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 (Deposits) NetOperating Cash Flows		Current quarter $A’000		Year to date (12 months) $A’000
		- (351) - - (457) - 1 (60) - -		- (636) - - (971) - 2 (122) - -
		(867)		(1,727)
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)		- - - - - - (919) 100 -		- - (4) - - - (1,534) 100 -
		(819)		(1,439)
		(1,686)		(3,206)

• See chapter 19 for defined terms.

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1.13 Total operating and investing cash flows (brought forward)	(1,686)	(3,206)
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	2,775 - 1,328 - - -	4,025 - 1,328 - - -
	4,103	5,353
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	2,417 164 (2)	2,187 412 (21)
	2,578	2,578

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
		23
1.25	Explanation necessaryfor an understandingof the transactions
	Directors fees

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

Issued 25,000,000 Ordinary Shares as part consideration for the acquisition of the remaining 25% of Victory West Pty Ltd

• 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

Financing facilities available

Add notes as necessary for an understanding of the position.

Amount available Amount used $A’000 $A’000 3.1 Loan facilities - -

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

• 3.2 Credit standby arrangements 3.3 Short term loan receivable

	- 2,084	- -

Estimated cash outflows for next quarter

Estimated cash outflows for next quarter
4.1 Exploration and evaluation 4.2 Development 4.3 Production 4.4 Administration	$A’000
	500
	-
	-
	350
Total	850

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)	2,578	164
	-	-
	-	-
	-	-
Total: cash at end of quarter(item 1.22)	2,578	164

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.

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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	161,877,677	156,752,677
	22,916,667 25,000,000	22,916,667 25,000,000	12 cents Part consideration for the acquisition of the remaining 25% in Victory West Pty Ltd	12 cents Part consideration for the acquisition of the remaining 25% in Victory West Pty Ltd
7.5 +Convertible debt securities (description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted	Secured convertible note deed Unsecured convertible loans	- -	$2 million $1.328 million	$2 million $1.328 million
	Unsecured convertible loans Unsecured convertible loans	- -	$1.578 million $250,000	$1.578 million $250,000
7.7 Options (description and conversion factor) 7.8 Issued during quarter 7.9 Exercised during quarter	78,737,984 25,000,000 3,250,0001 3,000,0002	78,737,984 - - -	Exercise price 20 cents 20 cents 25 cents 25 cents	Expiry date 24 February 2010 31 December 2011 31 August 2014 31 August 2014
	2,083,334	2,083,334	20 cents	31 December 2011

1 The Company issued performance options to key management personal that are exercisable upon the achievement of - The Company announcing to the ASX (or other recognised stock exchange) a JORC compliant resource of at least 120,000 tonnes (265 million pounds) of contained Molybdenum at a minimum grade of 600ppm either within one of the permits or total across all of the permits held at that time by the Company.

2 The Company issued performance options to key management personal that are exercisable upon the achievement of - The Company having a market capitalisation of $80,000,000 Australian Dollars for 5 consecutive trading days.

• See chapter 19 for defined terms.

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7.10	Expired during
	quarter
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.

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Sign here: ............................................................ Date: ......31 January 2011......... (Director/Company secretary)

Print name: ............Luke Martino.............................................

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.

• See chapter 19 for defined terms.

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== == == == ==

• See chapter 19 for defined terms.

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