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.

The Directors are pleased to advise they have entered into an Agreement with RM Capital Pty Ltd who have agreed to underwrite the exercising of the Company's options expiring on 30 June 2006. The fee payable is \$155,000 and the amount underwritten being \$3,653,766.

Yours faithfully, Australian United Gold Ltd

$\mathbb{C}$

D N ZUKERMAN Director