LEGEND MINING LIMITED — Interim / Quarterly Report 2007

Apr 18, 2007

Appendix 5B

$Rule 5.3$

٦

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

LEGEND MINING LIMITED

Г

ABN

22 060 966 145

Quarter ended ("current quarter") 31 March 2007

Consolidated statement of cash flows

		Current quarter	Year to date
	Cash flows related to operating activities	\$A'000	$(12$ months) \$A'000
1.1	Receipts from product sales and related debtors	40	40
	1.2 Payments for (a) exploration and evaluation (b) development (c) production	(605)	(605)
1.3	(d) administration Dividends received	(426)	(426)
1.4	Interest and other items of a similar nature received	129	129
1.5	Interest and other costs of finance paid	(184)	(184)
1.6	Income taxes paid
1.7	Other
	DoIR rent refunds on tenement application withdrawals	189	189
	Net Operating Cash Flows	(857)	(857)
1.8 1.9	Cash flows related to investing activities Payment for purchases of: (a)prospects (b) equity investments (c) other fixed assets Proceeds from sale of: (a)prospects	(115)	(115)
	(b)equity investments (c)other fixed assets	$\overline{\phantom{a}}$
1.10	Loans to other entities
1.11	Loans repaid by other entities
1.12	Other (provide details if material)
		(115)	(115)
1.13	Net investing cash flows Total operating and investing cash flows (carried
	forward).	(972)	(972)

⁺ See chapter 19 for defined terms.

1.13	operating and investing cash flows Total	(972)	(972)
	(brought forward)
	Cash flows related to financing activities
1.14	Proceeds from issues of shares, options, etc.	7
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
	Broker fees on Share Issue	(136)	(136)
	Net financing cash flows	(129)	(129)
	Net increase (decrease) in cash held	(1,101)	(1,101)
1.20 1.21	Cash at beginning of quarter/year to date Exchange rate adjustments to item 1.20	8,925	8.925
		7,824	7,824
1.22	Cash at end of quarter

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

		Current quarter SA'000
1.23	Aggregate amount of payments to the parties included in item 1.2	139.
1.24	Aggregate amount of loans to the parties included in item 1.10

1.25 Explanation necessary for an understanding of the transactions Directors salary & consultancy 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 $N/A$
• Details of outlays made by other entities to establish or increase their share in projects in which the $2.2$ reporting entity has an interest

$N/A$

Financing facilities available

Add notes as necessary for an understanding of the position.

⁺ See chapter 19 for defined terms.

		Amount available \$A'000	Amount used \$A'000
3.1	Loan facilities	3,224	3,224
3.2	Credit standby arrangements

Estimated cash outflows for next quarter

	Total	720
4.2	Development
4.1	Exploration and evaluation	\$A'000 1,720
	ESUMBROS CASH GAUNOTIS IOI HOAC QUAH COI

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 SA'000	Previous quarter SA'000
5.1	Cash on hand and at bank	516	1,220
5.2	Deposits at call	7.308	5,015
5.3	Bank overdraft
5.4	Other (provide details)
	Total: cash at end of quarter (item 1.22)	7,824	6.235

Changes in interests in mining tenements

		Tenement reference	Nature of interest (note (2))	Interest at beginning of quarter	Interest at end of quarter
6.1	Interests in mining tenements relinquished, reduced or lapsed	Nil	Nil	Nil	Nil
6.2	Interests in mining	E57/632	Granted	$0\%$	100%
	tenements acquired or	E57/634	Granted	$0\%$	$100\%$
	increased	P57/1081	Granted	$0\%$	$100\%$
		P57/1082	Granted	$0\%$	$100\%$
		P57/1083	Granted	$0\%$	100%
		P57/1084	Granted	$0\%$	$100\%$
		P57/1087	Granted	$0\%$	100%
		P57/1088	Granted	$0\%$	$100\%$
		P57/1093	Granted	$0\%$	100%
		P57/1094	Granted	$0\%$	100%

⁺ See chapter 19 for defined terms.

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 i securities (description)
7.2	Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-
	backs,
7.3	redemptions + Ordinary securities	924,287,651	924,287,651		Fully Paid
7.4	Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs	172,000	172,000	4.0	Fully Paid
7.5	+ Convertible debt securities (description)
7.6	Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted
$\overline{7.7}$	Options (description and conversion	15,000,000 2,000,000		Exercise price 20.0 10.0	Expiry date 20.04.2007 07.02.2008
	factor)	1,500,000 286,911,385	152,562,885	30.0 4.0	30.07.2009 31.07.2008
7.8	Issued during quarter
7.9	Exercised during quarter	172,000	172,000	4.0	31.07.2008
7.10	Expired during quarter
7.11	Debentures
7.12	(totals only) Unsecured notes (totals only)

⁺ See chapter 19 for defined terms.

Compliance statement

• $\mathbf{1}$ 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).
• $\overline{2}$
• This statement does give a true and fair view of the matters disclosed.

Anthony Datsh

Sign here:

...................................... (Company secretary)

Print name:

Tony Walsh....................................

Notes

• $\mathbf{1}$ 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.
• $\overline{2}$ 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.
• The definitions in, and provisions of, AASB 1022: Accounting for Extractive $\overline{4}$ 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.