METALS AUSTRALIA LTD — Capital/Financing Update 2006

Jun 28, 2006

AUSTRALIAN UNITED GOLD LTD

ACN 008 982 474

1st Floor, 8 Parliament Place West Perth WA 6005 PO Box 1618 West Perth WA 6872 Tel: (08) 9481-7833 Fax: (08) 9481-7835 Email: aul@austunitedgold.com Website: www.austunitedgold.com

29 June 2006

Australian Stock Exchange Companies Announcement Office 20 Bond Street SYDNEY NSW 2000

Dear Sirs,

Further to our announcement today we wish to advise the underwriting fee of \$155,000 is to be satisfied by a cash payment of \$5,000 and the issue of 350 million options exercisable at 5 cents each on or before 30 September 2009. The allotment of the options is conditional on shareholder approval before 30 September 2006.

Yours faithfully, Australian United Gold Ltd

1. D N ZUKERMAN

Director