METEORIC RESOURCES NL — Interim / Quarterly Report 2008

Mar 13, 2008

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NL

ABN 64 107 985 651

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HALF-YEAR FINANCIAL REPORT

31 DECEMBER 2007

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ABN 64 107 985 651

METEORIC RESOURCES NL

CONTENTS

HALF-YEAR FINANCIAL REPORT

	Page No.
Directors’ Report	3
Auditor’s Independence Declaration	10
Condensed Income Statement	11
Condensed Balance Sheet	12
Condensed Statement of Changes in Equity	13
Condensed Statement of Cashflows	14
Notes to and forming part of the Financial Statements	15
Directors' Declaration	18
Independent Review Report	19

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METEORIC RESOURCES NL

DIRECTORS’ REPORT

Your directors submit the financial report of the company for the half-year ended 31 December 2007.

DIRECTORS

The following persons were directors of Meteoric Resources NL (“Meteoric”) during the whole of the half-year and up to the date of this report:

Mr Peter Thomas

Mr Roger Thomson Mr George Sakalidis

REVIEW OF OPERATIONS

The profit for the half-year ended 31 December 2007 was $77,296 (2006 – Net Loss - $717,991).

The company’s activities during the six month period are summarised as follows, with project locations shown in Figure 1:

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Figure 1 Project Location Map

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METEORIC RESOURCES NL

DIRECTORS’ REPORT

Robinson Range (Meteoric 100%)

Significant iron ore potential has been identified on Meteoric’s 100%-owned Robinson Range project situated 100km north of Meekatharra (see Figure 2). This 50sq km project covers a folded sequence of iron formations within the Robinson Range Formation, a Proterozoic sequence of banded iron formation, siltstone and hematitic shale. Meteoric’s tenements cover a cumulative strike length of some 13km of iron formations.

Previous work by the Geological Survey of WA (GSWA Record 1970/6) observed that the iron formations range up to 30 metres or more in thickness. The GSWA also noted the presence of iron oxide enrichments (hematite, hematite-goethite and goethite) interpreted to have been formed by deep weathering accompanied by leaching and near-surface enrichment of iron formation in favourable structural, lithological and hydrological environments on or below an old land surface.

Sampling by the GSWA identified grades up to 62.5% Fe within Meteoric’s project area comprising E52/1851 and application E52/2163, as shown in Figure 1. Significantly, sampling of hematitegoethite outcrops by the GSWA in the Robinson Range district indicates that deleterious elements are generally low and within accepted limits for iron ore (dry basis: silica 2.5%-8.2%, phosphorous 0.04%-0.17%, sulphur 0.01%-0.14%, alumina 1.3%-2.9%, titanium 0.03%-0.08% and manganese 0.02%-0.08%). In addition the aeromagnetic image shown in Figure 2 indicates that the iron formations may extend below alluvial cover within the Meteoric tenements and be more extensive than indicated by previous mapping.

Whilst Meteoric’s E52/1851 has been granted, access is not yet available following a dispute over the Nharnuwangga Wajarri Ngarlawangga (NWN) indigenous land use agreement (ILUA) which covers the project area. Contrary to the provisions of the ILUA, the NWN traditional owners have refused to sign a standard aboriginal heritage agreement and discussions are currently in progress with several mineral exploration companies to resolve this issue. Significant progress has been made and it is anticipated that the dispute will be settled in the near future.

Scorpion Well (Meteoric earning up to 70%)

A 79-hole, 2840m aircore drilling programme was completed at Scorpion Well, 10km southeast of the +1Moz Darlot-Centenary gold mine. The scout drilling targeted ground magnetic anomalies in a search for magnetic dolerites adjacent to the EI Dorado shear zone similar to those which host the Centenary mineralisation.

The wide-spaced drilling intersected extensive sequences of gabbros, dolerites and ultramafic rocks below transported cover. Of the 11 ground magnetic targets investigated by this and the previous drilling programme within a 5km x 3km area, 10 are associated with mafic and ultramafic rocks. Several other targets remain untested. Elevated gold values in weathered mafic and ultramafic rocks (20-60 ppb Au compared to a background of less than 2 ppb Au) were identified in several drill holes and will be further investigated as possible leakage anomalies above blind Centenary-style mineralisation. In addition, elevated copper and nickel values (peak value 174 ppm Cu and 0.23% Ni over 4m) were identified associated with mafic and ultramafic rocks in one of the target areas, indicating a potential for intrusive-related copper-nickel mineralisation. Further investigation of the copper-nickel potential of this mafic-ultramafic complex is being planned with further drilling anticipated.

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METEORIC RESOURCES NL

DIRECTORS’ REPORT

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Figure 2 Robinson Range Project – Geology and Sampling Results (Source: GSWA Record 1970/6)

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METEORIC RESOURCES NL

DIRECTORS’ REPORT

Wilthorpe (Meteoric 90%)

Project locations are shown in Figure 1. A 2-hole, 509m RC drilling programme was carried out at Harrods Central to test the depth extensions of higher grade zones identified in the block model of the resource area. Both drill holes encountered numerous quartz stringer zones with associated carbonate-sericite alteration. Assay results are summarised in Table 1.

Table 1 Harrods Central Drilling Results

Hole Number	Coordinates	Coordinates	From m	To m	Interval m	Gold Grade g/t
	E	N
WDRC165	36555	74414	9	10	1	1.0
			16	17	1	3.5
			22	23	1	1.0
			33	35	2	2.8
			40	41	1	1.0
			48	53	5	1.8
		Including	50	52	2	3.0
			73	74	1	1.2
			133	136	3	4.9
			138	140	2	1.4
			150	151	1	2.2
			170	171	1	3.3
			174	175	1	1.6
			202	203	1	1.6
WDRC166	36555	74492	60	61	1	5.0
			75	77	2	3.2
			79	81	2	1.9
			92	93	1	2.4
			110	111	1	7.6
			113	114	1	4.5
			117	119	2	1.1
			134	135	1	1.6
			156	157	1	3.9
			192	194	2	1.6
			196	197	1	1.6

Hole azimuth 180°, dip -60° 1m sample, uncut Samples analysed using an aqua regia digestion and ICPMS determination

The drilling confirmed depth extensions of the mineralised stringer system below the previous RC drilling, however the high gold grades intersected by some of the previous shallower drilling were not encountered.

A preliminary resource model has been completed at Harrods South about 1km south of Harrods Central. Based on 50m x 20m RAB drilling, using a 0.8g/t cut-off and cutting high gold values to 15g/t, an Inferred Resource has been estimated at 545,000 tonnes at 1.5g/t Au containing 27,000ozs. Using a 1.0g/t cut-off the Inferred Resource is estimated at 413,000 tonnes at 1.6g/t containing 23,000ozs. The resource model has identified a series of steep dipping lenses over a 700m strike length and generally to a depth of 75m, open at depth. The Harrods South resource brings the global resource at Harrods to 61,600 ozs as summarised in Table 2:

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METEORIC RESOURCES NL

DIRECTORS’ REPORT

Table 2 Harrods Resources

Zone	Indicated Resource	Indicated Resource	Indicated Resource	Inferred Resource	Inferred Resource	Inferred Resource		Total
	**Tonnes **	Grade g/t	ozs	**Tonnes **	Grade g/t	ozs	Tonnes	Grade g/t	ozs
Harrods Central	452,000	1.50	21,800	260,000	1.53	12,800	712,000	1.51	34,600
Harrods South				545,000	1.55	27,000	545,000	1.55	27,000
Total	452,000	1.50	21,800	805,000	1.54	39,800	1,257,000	1.52	61,600

Inverse distance squared method 0.8g/t cut-off. High values cut to 20g/t at Harrods Central, 15g/t at Harrods South.

A preliminary economic analysis of the 61,600oz Harrods Central and Harrods South resource indicates that parts of the resource are likely to be economic at gold prices above US$800/oz, by development of a series of shallow open pits and toll treatment of ore. Various options of exploiting this modest resource are currently being examined.

Barkly (Meteoric earning 70%)

A ground radiometric survey in the Perseverance-Bluebird area east of Tennant Creek has identified distinct uranium-channel radiometric anomalies coincident with the known copper-gold mineralisation and the associated gravity anomalies related to the ironstone hosting the mineralisation. As a result, the radiometric survey is being extended to test for additional coppergold-uranium targets in this area.

RC drilling of the Bluebird copper-gold prospect (best intersection 8m at 1.0% Cu and 0.3g/t Au from 72m at end of hole) is scheduled to commence during the next six month period, depending on weather conditions and drill rig availability.

Ruby Well (Meteoric 60%)

A 247-hole, 448m shallow geochemical vacuum drilling programme was completed at Ruby Well about 70km north of Meekatharra. The project is situated on the interpreted extension of the Jenkin Fault zone where several gold discoveries have recently been reported in the Doolgunna region. Meteoric’s drilling targeted structures interpreted from aeromagnetic data.

This wide-spaced drilling (1000m x 50m centres) identified several coincident ENE-trending goldarsenic-antimony trends up to 5km in length and parallel with the structural trend of the area.

A 125-hole, 379m vacuum drilling follow-up programme closed selected areas to a 500m line spacing and generally confirmed a series of sub parallel gold-arsenic-antimony-copper trends which have provided targets for RAB drilling.

Bullfinch (Meteoric 90%)

A 3-hole, 624m RC drilling programme was completed at Rutherford’s Find to test below a previous best intersection of 4m at 10.5g/t Au from 71m. All three holes intersected quartz veins and/or silica pyrite alteration in granite with assay results summarised as shown in Table 3:

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METEORIC RESOURCES NL

DIRECTORS’ REPORT

Table 3 Rutherfords Drill Intersections

Hole No	Coordinates	Coordinates	From m	To m	Interval m	Gold Grade g/t
	E	N
BRC 36	11863	69587	184	186	2	3.32
	including		185	186	1	4.87
BRC 37	11788	69570	195	196	1	4.66
BRC 38	11712	69564	156	157	1	0.75

Hole azimuth 360º, dip -60º.

1m samples, uncut. Samples analysed by fire assay (40g charge).

Silica-pyrite alteration zones adjacent to the quartz veins contain anomalous gold values up to 0.5g/t Au. The intersections confirm the gold mineralisation extends to at least 150m to 170m below surface and some 50m to 100m below the previous RC intercepts, however the intersected gold grades are unlikely to be economic without a significant increase in the gold price.

Top Well (Meteoric earning up to 70%)

A 52-hole, 2249m scout aircore drilling programme was completed over aeromagnetic targets situated 85km west of Leonora in the Eastern Goldfields, testing for both gold and nickel sulphide mineralisation. The drilling intersected ultramafic rocks intruded by granites however in some target areas transported cover up to 90m thick was encountered and bedrock was not intersected.

Weakly elevated nickel and copper values (0.12% Ni, 92 ppm Cu and 0.09% Ni, 115 ppm Cu) were identified in weathered ultramafic rocks in two target areas about 1km apart which warrant further investigation. No significant gold values were encountered by the drilling.

Warrego North (Meteoric 100%)

A ground radiometric survey is in progress on Meteoric’s tenements to the north west of the Warrego copper-gold mine near Tennant Creek. The survey is targeting two radiometric anomalies identified from historical airborne surveys and prospective for uranium. The survey has also been extended to cover the Parakeet copper-gold prospect, where Meteoric previously intersected anomalous copper values associated with a coincident magnetic and gravity anomaly, to examine if targeting of further drilling at this prospect can be improved. Recent exploration activity for uranium in the Warrego district has highlighted the potential for uranium in this area.

Mertondale (Meteoric 100%)

Meteoric has applied for two exploration licences totalling 129sq km at Mertondale, about 6km north east of Leonora. The tenements cover some 35km of strike along a pronounced aeromagnetic lineament interpreted to be reflect a shear zone sub- parallel to, and some 2km east of, the Mertondale Shear Zone where Pacrim Energy has announced significant gold intersections at its Redcliffe gold project. Upon grant of the tenements Meteoric plans to carry out ground magnetic surveys and sampling aimed at defining drilling targets.

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METEORIC RESOURCES NL

DIRECTORS’ REPORT

INDEPENDENCE DECLARATION BY AUDITOR

The lead auditor’s independence declaration under section 307C of the Corporations Act 2001 is set out on page 10 for the half-year ended 31 December 2007.

This report has been signed in accordance with a resolution of directors.

For and on behalf of the Directors

RM Thomson

Managing Director 13[th] March 2008

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METEORIC RESOURCES NL

AUDITOR INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT 2001 TO THE DIRECTORS OF METEORIC RESOURCES NL

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Auditor’s Independence Declaration to the Directors of Meteoric Resources NL

In accordance with section 307C of the Corporations Act 2001, I am pleased to provide the following declaration of independence to the directors of Meteoric Resources NL.

As audit partner for the review of the financial statements Meteoric Resources NL for the period ended 31 December 2007, I declare that to the best of my knowledge and belief, there have been no contraventions of:

• (i) the auditor independence requirements of the Corporations Act 2001 in relation to the review; and

• (ii) any applicable code of professional conduct in relation to the review.

SOMES and COOKE

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K. C. Somes Partner 1304 Hay Street West Perth WA 6005

Date: 14 March 2008

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METEORIC RESOURCES NL

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

Notes Revenue from ordinary activities Profit on sale of investments Depreciation expense Exploration and tenement expenses written off Other expenses from ordinary activities Share based payments Profit/(Loss) from ordinary activities before income tax expense Income tax expense relating to ordinary activities Profit/(Loss) from ordinary activities after related income tax expense Profit/(Loss) from ordinary activities after related income tax expense attributable to members of Meteoric Resources NL Basic profit/(loss) per share (cents per share) Diluted profit/(loss) per share (cents per share) The accompanying notes form part of these financial statements.	Half Year Ended 31 Dec 2007 ($) 35,032 642,177 (5,177) (420,195) (174,541) - 77,296 - 77,296 77,296 0.0017 0.0017	Half Year Ended 31 Dec 2006 ($) 60,161 - (6,848) (438,481) (230,823) (102,000)
		(717,991) -
		(717,991)
		(717,991)
		(1.6396) (1.6396)

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METEORIC RESOURCES NL

CONDENSED BALANCE SHEET AS AT 31 DECEMBER 2007

Notes Current Assets Cash assets Receivables Prepayments Total Current Assets Non-Current Assets Plant and equipment Other financial assets 2 Total Non-Current Assets TOTAL ASSETS Current Liabilities Payables Total Current Liabilities TOTAL LIABILITIES NET ASSETS Equity Contributed equity 3 Reserves Accumulated losses TOTAL EQUITY	31 Dec 2007 ($) 1,533,337 53,300 4,549 1,591,186 46,655 18,108 64,763 1,655,949 115,229 115,229 115,229 1,540,720 6,166,549 519,648 (5,145,477) 1,540,720	30 June 2007 ($) 1,318,207 31,808 3,320
		1,353,335
		51,831 976,820
		1,028,651
		2,381,986
		111,073
		111,073
		111,073
		2,270,913
		6,166,549 1,327,137 (5,222,773)
		2,270,913

The accompanying notes form part of these financial statements.

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METEORIC RESOURCES NL

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

	Share Capital ($)	Available for Sale Financial Assets Reserve Capital ($)	Employee Benefit Reserve ($)	Accum Losses ($)	Total ($)
Balance at 1.7.2006	6,083,106	75,687	432,720	(4,199,967)	2,391,546
Shares issued duringtheperiod	1,606				1,606
Share based payments			102,000		102,000
Changes in fair value of available for sale assets		539,658			539,658
Loss forperiod				(717,992)	(717,992)
Balance at 31.12.2006	6,084,712	615,345	534,720	(4,917,959)	2,316,818
Balance at 1.7.2007	6,166,549	792,417	534,720	(5,222,773)	2,270,913
Changes in fair value of available for sale assets		(807,489)			(807,489)
Profit/(Loss) for period				77,296	77,296
Balance at 31.12.2007	6,166,549	(15,072)	534,720	(5,145,477)	1,540,720

The accompanying notes form part of these financial statements.

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METEORIC RESOURCES NL

CONDENSED STATEMENT OF CASH FLOWS FOR THE HALF-YEAR ENDED 31 DECEMBER 2007

CASH FLOWS FROM OPERATING ACTIVITIES GST refunds received Payments to suppliers and contractors Interest and dividends received Net cash provided by / (used in) operating activities CASH FLOWS FROM INVESTING ACTIVITIES Purchase of plant and equipment Payments for exploration and evaluation Repayment of loan Purchase of investments Purchase of new prospects Proceeds from sale of investments Net cash provided by / (used in) investing activities CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from new issues of shares Net cash provided by financing activities Net (decrease) / increase in cash held Cash at the beginning of the financial period Cash at the end of the financial period	Half Year Ended 31 Dec 2007 ($) 30,321 (202,452) 35,032 (137,099) - (434,502) - - (6,669) 793,400 352,229 - - 215,130 1,318,207 1,533,337	Half Year Ended 31 Dec 2006 ($) 45,907 (197,584) 58,871
		(92,806)
		(1,574) (571,441) 33,204 (15,000) (9,545) 53,291
		(511,065)
		1,605
		1,605
		(602,266) 2,109,559
		1,507,293

The accompanying notes form part of these financial statements.

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METEORIC RESOURCES NL

NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2007

NOTE 1 BASIS OF PREPARATION

The half-year condensed financial statements are a general purpose financial report prepared in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standard AASB 134: Interim Financial Reporting, Australian Accounting Interpretations and other authoritative pronouncements of the Australian Accounting Standards Board.

It is recommended that this financial report be read in conjunction with the annual financial report for the year ended 30 June 2007 and any public announcements made by Meteoric Resources NL during the half-year in accordance with continuous disclosure requirements arising under the Corporations Act 2001.

The accounting policies have been consistently applied and are consistent with those in the June 2007 financial report.

The half-year report does not include full disclosures of the type normally included in an annual financial report.

Reporting Basis and Conventions

The half-year report has been prepared on an accruals basis and is based on historical costs modified by the revaluation of selected non-current assets, financial assets and financial liabilities for which the fair value basis of accounting has been applied.

NOTE 2 OTHER FINANCIAL ASSETS Available for sale assets Balance 1 July 2007 Purchases – at cost Sales at carrying value Increase/(Decrease) in fair value Balance 31 December 2007	Half Year Ended 31 Dec 2007 ($) 976,820 - (956,000) (2,712)
	18,108

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METEORIC RESOURCES NL

NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2007

NOTE 3 CONTRIBUTED EQUITY Ordinary Fully Paid Shares Balance 1 July 2007 Total Ordinary Fully Paid Shares Issued at 31 December 2007 Contributing Shares Balance 1 July 2007 Total Contributing Shares Issued at 31 December 2007 Total Equity Other Unlisted Options to acquire Contributing Shares Issued to directors 21 November 2010, $0.06 payable to acquire each contributing share Issued to directors 16 November 2011, $0.06 payable to acquire each contributing share Total Options to acquire Contributing Shares at 31 December 2007	Number 44,198,908 44,198,908 15,099,727 15,099,727 2,400,000 2,400,000 4,800,000
		$
		6,120,116
		6,120,116
		46,433
		46,433
		6,166,549
		- -
		-

NOTE 4 TENEMENT EXPENDITURE COMMITMENTS

The Company has entered into certain obligations to perform minimum exploration work on tenements held or joint ventured into. These obligations vary from time to time in accordance with contracts signed. Tenement rentals and minimum expenditure obligations which may be varied or deferred on application are expected to be met in the normal course of business. The minimum statutory expenditure requirements on the granted tenements for the next twelve months amounts to $543,000.

NOTE 5 SEGMENT INFORMATION

The Company operates only in one business, being the exploration for and development of minerals. Geographically, the company's activities are conducted mainly within Western Australia and Northern Territory.

NOTE 6 EVENTS SUBSEQUENT TO REPORTING DATE

There has been no matters or circumstances that have arisen since 31 December 2007 that has significantly affected or may significantly affect:

• (a) the Company’s operations in future years; or

• (b) the results of those operations in future years; or

• (c) the Company’s state of affairs in future years.

NOTE 7 CONTINGENT LIABILITIES

Native Title

The Company’s activities in Australia are subject to the Native Title Act and its interpretation.

The Native Title Act legally recognises the title rights of indigenous Australians over areas where those rights have not been lawfully extinguished. State and Commonwealth native title legislation regulates the recognition, application and protection of native title. Native title may affect the status,

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METEORIC RESOURCES NL

NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2007

renewal and conversion of existing tenements and the granting of new tenements. Indigenous land use agreements, including terms of compensation, heritage survey and protection agreements or other agreement types may need to be negotiated with affected parties.

The Native Title Act prescribes procedures applicable to the grant of tenements which apply even in the case of, for instance, a granted exploration licence being “converted” to, say, a mining lease. Compensation may become payable in respect of any impact which the grant of any tenements or other activities have on native title. A tenement holder may be liable for the payment of compensation for the affect of mining and exploration activities on any native title rights and interests that exist in the area covered by a tenement. Compensation may be payable in forms other than money, including the transfer of property and the provision of goods and services.

It is not currently possible to assess whether compensation will be payable by the Company to native title holders in relation to any of the tenements but such compensation could be significant.

There may be sites and objects of significance to indigenous Australians located on the land relating to the Company’s tenements. State and Commonwealth Aboriginal heritage legislation aims to preserve and protect these sites and objects from use in a manner inconsistent with Aboriginal tradition. The Company proposes carrying out ‘clearance surveys’ before conducting any exploration work that would disturb the surface of the land. The Company’s tenements may contain some such sites of significance, which would need to be avoided or cause delays. It is possible that areas containing mineralisation or an economic resource may also contain sacred sites, in which case they may remain unexploited. Access agreements will need to be negotiated with affected parties.

Native title, Aboriginal heritage or other indigenous matters are matters of substantial risk (giving rise to the threat that certain tenements may not be granted, access to certain tenements may be denied or delayed in addition to potentially significant cost exposure in respect of things such as negotiations, surveys, incentive payments and compensation to name but a few) as the legislative frame works provide torturous and frequently uncertain routes to the endeavour by both stakeholders (that is explorers/miners and indigenous peoples) to attain certainty.

It is not possible to quantify the financial or other impact native title and Aboriginal heritage will have upon the Company as, amongst other things, the processes involved with:

• (a) identifying all and only the indigenous peoples with a relevant interest; (b) registering an indigenous land use agreement;

(c) obtaining access to land without infringing the provisions of the Aboriginal Heritage Act; are open ended, can involve substantial delay and cost and there can be no certainty as to the outcome with it being possible for projects to be entirely frustrated.

This could be the case, for instance, even in circumstances where:

• (a) a native title party consents to the grant of an exploration licence and assists the exploration endeavour thereon (and the discovery of an otherwise economic deposit);

• (b) the Company, in order to exploit that discovery, applies for a mining lease (or other required approval, consent, authority etc.) but such grant, approval, consent or authority is not forthcoming by reason of an objection by the same or another native title party.

Freehold Access

The interests of holders of freehold land encroached by the tenements are given special recognition by the Mining Act (WA). As a general proposition, a tenement holder must obtain the consent of the owner of freehold before conducting operations on the freehold land. There can be no assurance that the Company will secure rights to access those portions of the tenements encroaching freehold land, either at all or for all purposes, but, importantly, the grant of freehold extinguished native title so wherever the tenements encroach freehold the Company is in the position of not having to abide by the Native Title Act albeit aboriginal heritage matters will still be of concern.

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METEORIC RESOURCES NL

DIRECTORS' DECLARATION

The directors of the company declare that:

1. the accompanying financial statements and notes:

2. (a) comply with Accounting Standard AASB 134 : Interim Financial Reporting and the Corporations Regulations 2001; and

3. (b) give a true and fair view of the financial position of the company as at 31 December 2007 and its performance for the half-year ended on that date.

4. in the directors’ opinion there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the Board of Directors:

Signed at Perth: Roger M Thomson Managing Director

Dated this 13[th] day of March 2008.

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Independent review report to the members of METEORIC RESOURCES NL Scope

We have reviewed the accompanying half-year financial report of Meteoric Resources NL (the Company), 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 half-year ended on that date, a statement or description of accounting policies, other selected explanatory notes and the directors’ declaration.

Directors’ Responsibility for the Half-Year Financial Report

The directors of the Company 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 designing, implementing 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 Engagements 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 Company‘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 the Company, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

Liability Limited by a scheme approved under Professional Standards Legislation

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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 have 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 the Company on 16 March 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 the Company is not in accordance with the Corporations Act 2001 including:

• (a) giving a true and fair view of the Company’s financial position as at 31 December 2007 and of its performance for the half-year ended on that date; and

• (b) complying with Accounting Standard AASB 134 Interim Financial Reporting and Corporations Regulations 2001.

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Somes & Cooke Chartered Accountants Kevin Clarence Somes Partner Perth

Date: 14 March 2008

Liability Limited by a scheme approved under Professional Standards Legislation

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