NEOMETALS LTD — Interim / Quarterly Report 2003

Jul 23, 2003

706 Murray Street West Perth WA 6005 Tel: +61 8 9322 1182 Fax: + 61 8 9321 0556

QUARTERLY REPORT FOR THE PERIOD ENDING 30 JUNE 2003

HIGHLIGHTS

• Diamond drilling at the Sand George Prospect has confirmed continuity of $\bullet$ the narrow vein, high grade mineralization in the SG 1 Lode over a strike length of approximately 225m and the SG 2 Lode, below the SG 1 Lode, over a strike length of approximately 150m.
• The SG 1 and SG 2 Lodes have a total Indicated Mineral Resource of $\bullet$ 138,000 tonnes at 14.4 g/t Au (2 g/t Au cut-off) for 63,900 ounces of contained gold.
• Deep drilling has intersected two new lode positions (SG 4 and SG 5 $\bullet$ Lodes) with high-grade intersections including 0.6m @ 104.9 g/t Au in SG 4 Lode and 1.0m @ 40.8 g/t Au in SG 5 Lode.
• A new high grade lode (1m $@$ 15 g/t Au) and indications of a second new lode have been intersected below the No.6 Level of the old Sand Queen workings in the same stratigraphic and structural positions as the SG 1 and SG 2 Lodes at Sand George.
• A zone of high-grade mineralization at Sand Queen South, between Nos.1 $\bullet$ and 3 Levels, contains an Indicated Mineral Resource of 6,500 tonnes at 19.8 g/t (2 g/t Au cut-off) for 4,100 ounces of contained gold.
• An extensive flat-lying to gently west-dipping thrust zone with zones of $\bullet$ massive quartz at the Sand Prince West prospect has potential to host a significant, shallow low-grade resource.
• A new geological understanding of the geological characteristics of the $\bullet$ Sand Queen and Sand George Lodes has enhanced the potential for the discovery of additional lodes between these two locations, as well as to the north of the Sand Queen mine and to the south of the Sand George prospect.

COMET VALE PROJECT

The Company's principal operations during the June quarter continued to be at the Comet Vale Project with the focus on completion of an infill and extension drilling program at the Sand Queen South Extension, the Sand George prospect and the Sand Prince West prospect; and a re-interpretation of the geology of the Sand Queen-Sand George area. A number of modifications to the geological interpretation, including re-labelling of the Sand George lodes, are included in the following descriptions.

A programme of 28 infill reverse circulation percussion (RC) drill holes and diamond drill pre-collars totalling 3,165m was completed at the Sand Queen mine, the Sand George prospect and the Sand Prince West prospect. A total of 1539.8m of diamond drill tails was completed in 11 holes including re-entering and deepening of some old holes.

The results of the latest drilling and deepening of previous drill holes are summarized in Table 1.

The Company's consultants have completed a revision of the Mineral Resource. incorporating the latest drilling information, for those lodes that have sufficient drill intersections. The resource evaluation has included the use of density measurements of drill core that was undertaken during the quarter. Metallurgical test work and mineralogical examinations are scheduled for the September quarter.

The results of the Mineral Resource estimation are presented in Table 2.

The Comet Vale database has been validated to industry standard.

Sand George Prospect

Diamond drilling at Sand George has confirmed continuity of the narrow vein, high grade mineralization in the SG 1 Lode over a strike length of approximately 225m between 13250N and 13025N and in the SG 2 Lode, structurally below the SG 1 Lode, over a strike length of about 150m between 13175N to 13025N.

Drilling on line 13025N (50m south of previous drilling at Sand George) has demonstrated that the SG 1 Lode continues uninterrupted and, although of medium grade in the intersection, has the potential to contain additional high grade mineralization further south. The degree and width of hydrothermal alteration intersected on both the 13075N and 13025N sections suggests that the hydrothermal alteration system is still intense, confirming the potential for mineralization to continue to the south

Drilling on line 13025N (50m south of previous drilling) also intersected two new lode positions, referred to as SG 4 Lode and SG 5 Lode, with an intersection of SG 4 Lode including 0.6m @ 104.89 g/t Au and an intersection of SG 5 Lode including 1.0m @ 40.86 g/t Au. The SG 4 and SG 5 Lode intersections demonstrate that high-grade mineralization continues at depth and to the south. Both lodes have 2 intersections which also suggest that the gold is nuggetty or patchy, varying from very high grade to low to medium grades over short distances which is typical of this style of mineralisation.

The total Indicated Mineral Resource (at 2 g/t Au lower cut-off grade) for the SG 1 and SG 2 Lodes at Sand George is estimated at 138,000 tonnes @ 14.4 g/t Au for 63,800 ounces of gold (Table 2). An increase in the lower cut-off grade to 5 g/t Au reduces the total resource to 121,800 tonnes at 15.8 g/t Au for 61,700 ounces of gold (Table 2).

An apparent difference in the size of the Sand George resource, compared with previous resource estimates, is due to better geological control and the application of a higher grade envelope for the resource estimate listed in Table 2. Previous resource estimates have used 0.5 g/t Au as the lower cut-off grade compared with the 2 g/t and 5 g/t Au cut-off grades used here. Also, the quartz veins containing this resource, and the enclosing host rocks, exhibit excellent geological continuity between drill holes thereby providing a high degree of confidence in the latest resource estimate.

Sand Queen Mine

Geological mapping and sampling of the No.4 Level of the Sand Queen mine. south of the shaft, has been completed along with accessible parts of Nos.1, 2 and 3 Levels. This mapping has revealed a low angle thrust fault that has caused dislocation and displacement of the Sand Queen lodes and also indicates that the lodes above No.4 Level have a markedly different structural character to the lodes below this level

Following completion of the geological mapping and sampling, the pumps and ancillary equipment were removed from the Sand Queen Main Shaft until the shaft is required again.

Diamond drilling at Sand Queen has located a new high grade lode (1m @ 15g/t) Au in RD 9) and indications of a second new lode below the No.6 Level of the old Sand Queen workings. The two intersections, referred to as the Sand Queen 'New Lode', are in the same stratigraphic and structural positions as the SG 1 and SG 2 Lodes at the Sand George Prospect.

The high-grade intersection in DDH RD 9 (a diamond tail on DRC 151) is approximately 45m below the south end of No.6 Level and correlates with the same position as the Sand George SG 1 Lode to the south, i.e., on the hanging wall of the upper-most feldspar porphyry unit within the corresponding doleritic sequence. This drilling has significantly upgraded the potential of the Sand Queen Mine for new mineralization, at depth, below the previous deepest mining level (No.6 Level at RL 147m, approximately 237m below surface).

Sand Queen South Extension

A program of shallow, infill reverse circulation percussion (RC) drilling of the Sand Queen South Extension has demonstrated that potentially open pittable mineralization is not present, but the zone of high grade mineralization identified from previous drilling programmes is present between the No.1 and No.3 Levels.

An Indicated Mineral Resource (at 2 g/t Au lower cut-off grade) in the zone of high-grade mineralization outlined between the No.1 and No.3 Levels has an estimated 6,500 tonnes @ 19.8 $g/t$ Au for 4,100 ounces gold (Table 2).

Sand Prince West Prospect

Additional RC drilling of this prospect (previously referred to as 'Sand Prince Flat') has established that the Sand Prince West prospect is part of an extensive flat-lying to gently west, north and east dipping thrust zone which contains large pods of massive quartz up to 5m thick. The thrust zone continues to the north and west.

Previous drilling, pre-Reed Resources, had intersected mineralization in a number of holes, but a flat-lying interpretation had not been applied. Some of the previous intersections include 5m @ 5.47 g/t Au in DRC 17, 4m @ 2.66 g/t Au in RD 8, 5m @ 4.15 g/t Au in GRC 17 and 2m @ 6.93g/t Au in RD 4. Results from the latest drilling are included in Table 2.

Mineralization outlined to date extends from the surface to a depth of about 35m and is spread over a strike length of about 200m and a width in excess of 50m. The mineralised structure has the potential to host a significant resource with current estimates indicating some 77,600 tonnes at 3.9 g/t Au (1 g/t lower cut-off grade) for 9,700 ounces of gold (unclassified resource), or about 8,000 ounces at 2 g/t Au cut-off. The shallow character of this mineralisation warrants continuing assessment and further infill drilling is planned.

Implications of the Geological Re-interpretation

A persistent and consistent geological sequence has now been established along the line of the Sand Queen mine and the Sand George prospect, over a distance of approximately 500m. The sequence is west dipping and from east to west consists of:

• An eastern, footwall ultramafic formation, the Walter Williams Formation of extensive thickness.
• A doleritic unit, approximately 30-45m thick, which has been intruded by at least three felsic, feldspar porphyry dykes. The contact between the ultramafic rocks and the doleritic rocks is a complex fault zone with severe deformation in places. Felsic porphyry dykes, some intensely sheared, occur along the contact and within the ultramafics.
• A sequence of variably porphyritic basalts, 50-70m thick, are overlain or intruded by a 30 to 50m thick, possibly differentiated, dolerite-gabbro formation with additional basaltic rocks further west.
• A separate feldspar porphyry dyke has been intruded the basaltic rocks to the west of the gabbroic unit.

The underground geological mapping combined with detailed logging of drill core and re-logging of RC chips indicates that the main lode at the Sand Queen Mine is hosted within the porphyritic basalt sequence, and not within the underlying doleritic sequence. All new lodes recently discovered at Sand George and below the No.4 Level at the Sand Queen Mine are consistently associated with felsic porphyry dykes within the doleritic sequence. This is particularly striking in the case of the Sand George SG 1 Lode and the Sand Queen New Lode which are both in the same stratigraphic and lithological position.

This new geological understanding of the structural relationships of lodes between the lodes at the Sand Queen mine and the Sand George prospect has enhanced the potential for the discovery of additional lodes at depth between these two locations, to the north of the Sand Queen, and to the south of the Sand George Prospect, as well as in the Sand Prince West thrust.

Surface mapping has demonstrated that the doleritic sequence continues northwards along the east side of and parallel to the old Sand Queen-Gladsome Mine workings. The exploration potential of the lode positions within the doleritic sequence to the north of Sand Queen has not been fully tested and further data compilation is required to demonstrate this potential prior to drilling.

BARRAMBIE PROJECT

Consultants were engaged to compile and validate all previous exploration data on the magmatic Ti-Fe-V oxide deposit at Barrambie. The validated data will then be used to plan an exploration program to test the extent and continuity of the Eastern Band which is the principal target for high-grade titanium mineralisation within the Barrambie Lavered Complex.

MT FINNERTY PROJECT

Consultants were commissioned to undertake an interpretation of the low-level airborne geophysical survey that was completed during March 2003. The survey included total magnetic intensity, radiometrics (total counts, potassium, uranium and thorium) and digital elevation data.

As part of the interpretation, the consultants have been requested to provide an assessment of potential exploration targets, including:

• Major structures that may host or have controlled lode gold mineralisation.
• Zones of potential hematite enrichment in thicker units of banded iron formation (BIF) within the greenstone belt.
• Ultramafic rocks that may be potential hosts for nickel sulphides or a source for lateritic nickel.

CORPORATE

The company has been approached by a major underground mining contractor who is conducting a feasibility study to develop the Sand George 1 & 2 Lodes. The board actioned this request to facilitate a decision to mine. Concurrently, the company has submitted a Request for Price to Resource Service Group to perform a Pre-Feasibility Study pending the outcome of the ongoing study.

The company encourages shareholders and interested parties to visit our website (www.reedresources.com) to register to receive announcements electronically.

David John Reed EXECUTIVE CHAIRMAN

Dr P Collins (BSc (Hons), PhD, MAIG), an employee of Curtin Consultancy Services Ltd has compiled the technical aspects of this report. Dr Collins has sufficient experience which is relevant to the style of mineralisation and types of deposit under consideration and to the activity which is being reported on to qualify as a Competent Person under the JORC Australasian Code for Reporting of Mineral Resources and Ore Reserves (1999 Edition). Dr Collins consents to the inclusion in the report of the matters in the form and context in which it appears.

Indicated Mineral Resources detailed in this statement are in accordance with the JORC Australasian Code for Reporting of Mineral Resources and Ore Reserves (1999 Edition) and have been compiled under the supervision of Mr Geoff Davis, Consulting Geologist, who has relevant experience to qualify as a Competent Person under the Code and has authorised their release to the ASX.

Prospect	Hole No	North	East	Dip	From	To	Width	Au
& Lode					(m)	(m)	(m)	g/t
SAND GEORGE
SG 1 Lode	DRC160	13175	7676	70	194	195	1.00	1.83
	RD006b	13073	7705	70	181.92	181.32	0.40	3.59
	RD010	13025	7662	70	312	313	1.00	2.34
	RD014	13025	7698	70	221.5	222.2	0.70	8.64
SG 2 Lode	RD006b (1)	13025	7705	$\overline{70}$	208.2	210.6	2.40	4.58
	RD011(2)	13082	7753	$\overline{70}$	136.5	137.8	1.30	7.10
	RD012	13125	7670	70	286.0	287.2	1.20	7.63
	RD014	13025	7698	$\overline{70}$	256.3	257.26	0.96	8,30
	RD015	13075	7674	$\overline{70}$	280.25	284.1	3.85	3.49
	RD016	13175	7676	$\overline{70}$	202.6	204.35	1.75	17.12
	RD017	13028	7607	$\overline{70}$	373.1	$\overline{374}$	0.90	1.55
SG 3 Lode	RD013	13127	7620	$\overline{70}$	435.7	436.7	1.00	9.96
					438.7	439.7	1.00	4.89
SG 4 Lode	RD010	13025	7662	$\overline{70}$	399.4	401.4	2.00	8.75
	RD017	13028	7607	$\overline{70}$	387.5	389.95	2.45	28.55
		includes			387.5	388.1	0.60	104.89
SG 5 Lode	RD010	13025	7662	70	418	421	3.00	14.14
		includes			418	419	1.00	40.86
	RD014	13025	7698	70	294.75	295.7	0.95	1.60
	RD017	13025	7607	$\overline{70}$	405.85	406.55	0.70	1.48
SAND QUEEN
New Lode 1	RD009	13499	7585	60	299	$\overline{300}$	1.00	15.45
New Lode 2	RD009	13499	7585	60	337	338	1.00	1,77
Sand Queen South	DRC141 (3)	13500	7767	60	28.0	28.5	0.50	2.58
	DRC143	13487.5	7741	60	59.5	62.5	3.00	6.60
					68.5	69	0.50	1.26
					71.5	$\overline{73}$	1.50	1.10
					74	76.5 80	2.50 0.50	6.98 1.36
	DRC146	13437.5	7781	60	79.5 $\overline{15}$	16	1.00	2.07
	DRC147	13437.5	7774	60	30.5	$\overline{31}$	0.50	1.30
	DRC148	13437.5	7764	60	44.5	45	0.50	3.23
	DRC149	13437.5	7755	60	$\overline{57}$	$\overline{58}$	1.00	9.66
SAND PRINCE WEST
	DRC153	13025	7698	70	$\overline{2}$	4	2.00	2.26
	DRC154	13025	7662	$\overline{70}$	7	10	3.00	1.62
					21	22	1.00	1.39
	DRC156	13027	7612	70	40	41	1.00	3.93
	DRC157	13075	7674	70	14	16	2.00	2.71
	DRC159	13075	7595	70	46	50	4.00	1.27
	DRC160	13175	7676	70	24	$\overline{25}$	1.00	1.84
	DRC163	13150	7679	70	23	$\overline{27}$	4.00	2.91
	DRC167	13222	7674	70	29	31	2.00	2.07
	DRC168	13222	7659	70	29	35	6.00	1.88

Table 1. Summary of significant drill-hole intersections (only assay intervals >1 g/t Au using a 1g/t Au lower cut-off are listed).

All assays conducted by Genalysis Laboratories Pty Ltd of 75 Davison St, Maddington, West Australia using a 50g fire assay charge with Atomic Absorption Spectrometry finish.

1. Diamond drill hole RD006 was re-entered and deepened. Notes:

2. RC drill hole DRC033 was re-entered and deepened as diamond drill hole RD011.

3. This hole also intersected No.1 Level drive.

Table 2. Comet Vale Sectional Mineral Resource estimates. Sand George SG 1 and SG 2 Lodes and Sand Queen South Lode are calculated at 2 g/t Au and 5 $a/t$ Au lower cut-off grades. Sand Prince West Lode is calculated for 1 g/t Au and 2 g/t Au lower cut-off grades.

Prospect & Lode	Category *	Tonnes	Grade g/t Au	Contained gold (ounces)
SAND GEORGE
SG 1 Lode	INDICATED	68,100	16.82	36,800
SG 2 Lode	INDICATED	53,700	14.44	24,900
TOTAL		121,800	15.8	61,700
SAND QUEEN
Sand Queen South	INDICATED	6,100	20.98	4.100

Sectional Resource at 5 g/t cut-off

Sectional Resource at 2 g/t Au cut-off

Prospect & Lode	Category *	Tonnes	Grade g/t Au	Contained gold (ounces)
SAND GEORGE
SG 1 Lode	INDICATED	78,100	15.13	38,000
SG 2 Lode	INDICATED	59,900	13.42	25,800
TOTAL		138,000	14.4	63,800
SAND QUEEN
Sand Queen South	INDICATED	6,500	19.76	4,100
SAND PRINCE WEST
Sand Prince West	UNCLASSIFIED	53,300	4.75	8,000

Sectional Resource at 1 g/t Au cut-off

Prospect & Lode	Category *	Tonnes	Grade a/t Au	Contained gold (ounces)
SAND PRINCE WEST
Sand Prince West	UNCLASSIFIED	77.600	3.88	9.700

Indicated and Inferred Mineral Resources listed above are in accordance with the JORC 'Code for Reporting of Mineral Resources and ore Reserves' and have been assigned under the supervision of Geoff Davis, Consultant Geologist, who has relevant experience to qualify as a Competent Person under the Code.

Notes:

• 1. Drill hole intersection grades used in the resource calculations are the first assay for each sample as determined by Genalysis Laboratories Pty Ltd Perth using the FA50 method (fire assay with a 50g charge and AAS finish). Intersections with >1 g/t Au have been checked by interlab assaying at ALS-Chemex Laboratories, Perth using the AA-AU26 method (50g fire assay charge with an AAS finish).
• 1. Sectional areas are based on interpretations by G. Davis and digitised in Surpac by Maxwell Geo-services, Fremantle, under the supervision of G. Davis.
• 1. SGs used in the resource calculations are of representative samples of lode and determined by Genalysis Laboratories, Perth. Estimated ISBDs used for resource calculation are: SG 1 Lode 2.67 (block grades 2-5 and >5 g/t Au); SG 2 Lode 2.70 (block grades 2-5 g/t Au) and 2.71 (block grades >5 g/t Au). Sand Queen South lode 2.67; Sand Prince West lode 2.65
• 1. Average grades have been calculated by Maxwell Geoservices using the following 95^th percentile top-cuts applied to high-grade intercepts: SG 1 Lode, 52.7 g/t Au; SG 2 Lode, 31.6 g/t Au; Sand Queen South Lode, 43.3 g/t Au; Sand Prince West Lode, 10.6 g/t Au.

Sand Queen - Lode Relationships Along Strike

Appendix 5B

Rule 5.3

Mining exploration entity quarterly report

Introduced 17796. Origin: Appendix 8. Amended 17797, 17798, 30/9/2001.

Name of entity

REED RESOURCES LTD

ABN

89 099 116 631

Quarter ended ("current quarter")

Year to date

$(12$ months)

30 JUNE 2003

Current quarter

\$A'000

Consolidated statement of cash flows

Cash flows related to operating activities

					\$A'000
1.1	Receipts from product sales and related debtors
1.2	Payments for (a) evaluation	exploration	and	(679)	(1, 673)
		(b) development (c) production		(226)	(1, 222)
		(d) administration		(175)	(761)
1.3	Dividends received
1.4	Interest and other items of a similar nature received			60	162
1.5	Interest and other costs of finance paid				(2)
1.6	Income taxes paid
1.7	Other $-$
	Net Operating Cash Flows			(1,020)	(3, 496)
	Cash flows related to investing activities
1.8	Payment for purchases of: (a)prospects	(b)equity		(114)	(346)
	investments
		other (c)	fixed	(118)	(268)
	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			(232)	(614)
1.13	Total operating and investing cash flows			(1, 252)	(4, 110)
	(carried forward)

1.13	Total operating and investing cash flows (brought forward)	(1, 252)	(4, 110)
1.14 1.15 1.16 1.17 1.18 1.19	Cash flows related to financing activities Proceeds from issues of shares, options, etc. Proceeds from sale of forfeited shares Proceeds from borrowings Repayment of borrowings Dividends paid Other - Prospectus Costs - Deposits	(4)	6,000 (18) (337) (29)
	Net financing cash flows	(4)	5,616
	Net increase (decrease) in cash held	(1, 256)	1,506
1.20 1.21	Cash at beginning of quarter/year to date Exchange rate adjustments to item 1.20	2,522	(240)
1.22	Cash at end of quarter	1,266	1,266

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 \$A'000
Aggregate amount of payments to the parties included in item 1.2 1.23	(103)
Aggregate amount of loans to the parties included in item 1.10 1.24

1.25 Explanation necessary for an understanding of the transactions

Office rent and service fees paid to a company related to a director	(35)
Salary, superannuation and consulting fees paid to directors	(68)

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

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

Financing facilities available

Add notes as necessary for an understanding of the position.

		Amount available \$A'000	Amount used \$A'000
-3.1	Loan facilities		-
3.2	Credit standby arrangements		۰

Estimated cash outflows for next quarter

4.1	Exploration and evaluation	\$A'000 200
4.2	Development	υ
	Total	200

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	114	338
5.2	Deposits at call	1,263	2,200
5.3	Bank overdraft	(111)	(17)
5.4	Other (provide details)
	Total: cash at end of quarter (item 1.22)	1,266	2,521

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
6.2	Interests in mining tenements acquired or increased	M57/173	Acquisition	$0\%$	100%

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.

Appendix 5B Mining exploration entity quarterly report

		Total number	Number quoted	Issue price per	Amount paid up per
				security (see note $3)$ (cents)	security (see note 3) (cents)
7.1	Preference
	i securities
	(description)
$7.2^{\circ}$	Changes during
	quarter
	(a) Increases
	through issues
	(b) Decreases
	through returns
	of capital, buy-
	backs, redemptions
7.3	'Ordinary	49,750,000	32,750,000
	securities
7.4	Changes during
	quarter (a) Increases
	through issues	750,000	750,000	20	20
	(b) Decreases
	through returns
	of capital, buy-
	backs
7.5	+ Convertible
	debt securities
	(description)
7.6	Changes during
	quarter (a) Increases
	through issues
	(b) Decreases
	through
	securities
	matured,
	converted
7.7	Options			Exercise price	Expiry date
	(description and
	conversion
	factor)
7.8	Issued during
7.9	quarter Exercised during
	quarter
7.10	Expired during
	quarter
7.11	Debentures
	(totals only)
7.12	Unsecured
	notes (totals
	only)

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 /does not^*/delete one) give a true and fair view of the matters disclosed.

......................................

Gheed

Sign here:

(Director/Company secretary)

CHRISTOPHER JOHN REED................................... Print name:

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.
• $\overline{2}$ 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.
• 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.

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