Nova Minerals Ltd — Interim / Quarterly Report 2007

Apr 29, 2007

REPORT FOR THE QUARTER ENDED 31 MARCH 2007

INTRODUCTION

Quantum Resources Limited ("Quantum" or "the Company") is an Australian uranium, base metal and gold explorer with a suite of projects whose tenements cover approximately 20,000 square kilometres in the Northern Territory and Western Australia.

URANIUM, BASE METAL AND GOLD EXPLORATION

In the Northern Territory, the Barrow Creek, Tanami, Mt Peake and Ware Range projects are prospective for uranium, base metals and gold. In Western Australia, the Gardner Range project (150 kilometres southeast of Halls Creek) is prospective for uranium and gold.

Drill testing of the Mt Mansbridge uranium prospect at Gardner Range in Western Australia is planned as the tenements have now been granted. A heritage survey is currently underway and should be completed shortly. The Gardner Range is also prospective for IOCG (iron oxide copper-gold-uranium) deposits.

The Ware Range tenement in the Northern Territory was granted during the last quarter and a drilling and sampling program is being planned. The tenements are prospective for unconformity related uranium deposits such as those in the Athabasca Basin in Canada, as well as base metals, gold and diamonds. In addition, the Company has tenement holdings in the Barrow Creek, Tanami and Mt Peake regions of the Northern Territory. These regions are known to be prospective for uranium, base metals and gold and large portions of these are under-explored.

The Barrow Creek, Tanami, Mt Peake and Ware Range tenement holdings cover approximately 17,000 square kilometres in the Northern Territory and the Gardner Range tenement holdings cover approximately 650 square kilometres in Western Australia.

Gardner Range (Quantum 100%)

The Company holds tenements in the Gardner Range, 150 kilometres southeast of Hall's Creek with potential for uranium and gold. The Company's tenements cover the Mt Mansbridge prospect where previous exploration reported significant uranium results up to 980ppm (parts per million).

Heritage surveys are underway and should be completed shortly. A drilling program at Mt Mansbridge will commence following heritage clearance. The drilling will test existing uranium mineralisation anomalies. Areas to the north along a significant fault system over 60 kilometres long will be explored during the forthcoming quarter.

The tenements are now surrounded to the north by Cameco, the large Canadian uranium producer and to the south, tenements are held by Northern Uranium Ltd which has an strategic alliance with Areva NC. Modern day geochemical and geophysical methods will be employed to assess these areas.

The tenements are prospective for Olympic Dam-style iron oxide gold-copper-uranium (IOCG) deposits, or unconformity related uranium deposits such as those in the Athabasca Basin in Canada.

Ware Range (Quantum 100%)

The Ware Range tenement was granted in December 2006. The tenement was acquired as a result of geological similarities with the Gardner Range unconformity uranium concept. Previous exploration for uranium, base metals, gold and diamonds has included rock chip sampling and limited drilling. The unconformity contact is under cover and as such has not been assessed. Field investigation in the coming quarter will be undertaken to identify sites for surface sampling and scout RAB drilling. Laterite profiles over these contacts may provide a useful geochemical sampling medium.

Barrow Creek Project (Quantum earning 80%)

The Company has acquired through joint venture two granted exploration licenses as well as five exploration license applications covering a total of total of 5,100 square kilometres of the faulted margin of the Georgina Basin to the southeast of Barrow Creek. The setting is also similar to the Ngalia Basin to the west which contains sediment-hosted uranium deposits of good grade. Radiometrics indicate that adjacent Proterozoic granites are anomalous in uranium, and adiacent sediments are also anomalous. A brief field visit included rock chip sampling which returned results above the background values which would be expected for these rock types.

Heritage surveys are being organised and field programs such as grid soil sampling and stream sediment sampling are planned for the current field season.

Tanami Project (Quantum earning 80%)

This project area covers 2,400 square kilometres in the Mt Davidson area east of The Granites Gold Mine. Previous exploration was restricted to broad spaced sampling for gold. Several tenements within this group overlap the boundary between the Proterozoic basement rocks and the younger Lander Trough of the Wiso basin to the north. This trough is prospective for Mississippi Valley Type (MVT) silver-lead-zinc deposits as well as possible gold deposits. However, the trough is probably most prospective for sedimenthosted uranium deposits similar to those in the Ngalia Basin to the south. There is also potential for calcrete-hosted uranium deposits in the more recent overlying sediments. The Company is actively pursuing agreements with the native title holders where necessary in order to proceed to granting of the tenements.

Mt Peake Project (Quantum earning 80%)

The Mt Peake project area covers approximately 7,700 square kilometres of prospective rocks between the Tanami Project to the northwest and Barrow Creek to the southeast. Previous exploration in this area was entirely restricted to gold, and this was largely wide spaced reconnaissance sampling as well. Several of these tenements also overlie the boundary of the Lander Trough and Proterozoic basement and as such are also highly prospective for sediment-hosted uranium and silver-lead-zinc. The tenements also overlie areas of extensive calcrete deposits which are suitable hosts to uranium elsewhere. The Company is pursuing agreements with the native title holders with regard to these tenements, following which approval for exploration programs from the relevant government departments will be sought.

GOLD EXPLORATION

In Western Australia, the Whiteheads, St Ives and Jackson projects are the major focus of gold exploration and the Company's tenement holdings cover approximately 3,000 square kilometres.

Whiteheads Project (Quantum earning 80%)

The Whiteheads Project is located 60 kilometres northeast of Kalgoorlie within the metamorphosed rocks of the Gindalbie Greenstone Belt. The area hosts mafic and felsic volcanics, sediments, and altered intrusive porphyries. The project areas surround the historic Gindalbie Mining Centre to the east which has produced 45,240 ounces of gold at an average grade of 27 g/t gold. The Lindsays Project immediately to the west has now been found to contain a resource of nearly 2 million ounces at approximately 2.4g/t gold.

Results of broad spaced RAB drilling in August 2006 have now been received and returned several intersections of anomalous gold. RAB hole WTHB959 returned 18 metres @ 1.32 g/t gold from 36 metres to the end of the hole. These were 4 metre composite samples. Resampling by individual metres and fire assay returned 6 metres @ 2.03 g/t gold from 38 metres, followed by 4 metres $@$ 0.46 g/t, another 4 metres $@$ 1.01 g/t and ending in 2 metres @ 0.44 g/t at 54 metres. Hole WTHB966, 160m along strike, also returned anomalous gold of 16m $@$ 0.36 g/t to the end of the hole upon resampling.

Further RAB drilling along the trend in December 2006 returned anomalous gold intercepts such as 3 metres $@1.21$ g/t from 40 metres, 8 metres $@1.01$ from 40 metres, and 11 metres @1.07 g/t from 32 metres. These are 4 metre composites yet to be resampled.

These are RAB drilling samples but as the holes were dry, the results are considered to be encouraging. Infill RAB drilling has been planned.

St. Ives Project (Quantum 100%)

The Company's St Ives project covers 4 granted exploration licences and 1 pending application covering approximately 162 square kilometres of the prospective Lake Lefroy area, 60 kilometres south of Kalgoorlie. Most of the tenements are located immediately east of the main Boulder- Lefroy shear system, which is the major host to the gold mineralisation from the mines of the Kambalda/St Ives area through to Kalgoorlie. The Company believes that these tenements require thorough exploration programs due to their proximity to such an important shear system.

A soil sampling program is planned over one of the tenements once heritage clearance is completed, while RAB drilling over a significant north-south structural splay will be carried out over a further tenement in the project area.

Jackson Project (Quantum 100%)

The project area covers 756 square kilometres of the Barlee-Marda Greenstone Belt which is located 100 kilometres north of Southern Cross. There is a history of small scale underground gold production in the region.

Assessment of open file reports has been completed with the outcome indicating that there are areas of potential for gold under the cover of recent sediments along the margins of the belts. Previous sampling was ineffective as transported material was collected. Wide spaced RAB drilling would be the preferred method of testing these trends. Soil sampling is planned, pending completion of a heritage survey.

Farm-Out Joint Ventures

Wanganoo Joint Venture (Quantum 20%)

The Company's Dingo Range prospect at Wanganoo is the subject of the Wanganoo joint venture with Cullen Exploration Pty Ltd as managers having earned an 80% interest.

Exploration to date within E53/988 has uncovered a number of untested geochemical and magnetic anomalies which are targets for gold and nickel sulphide mineralisation. These anomalies lie on contacts or within favourable komatiitic host rocks with interpreted strike extents of at least 4 kilometres.

A ground EM (electro magnetic) survey completed earlier identified two conductive targets within prospective ultramafic units. The survey targeted a 4 kilometre long trend of ultramafics within E53/988, where strong nickel (to 6405ppm) and copper (to 3525ppm) anomalies from previous RAB traverses occur on contact komatiite positions. Cullen attempted to drill these targets during the December 2006 quarter, however the drill rig was unable to reach the targets due to drilling conditions.

The Company is waiting on a report from its joint venture partner on activities during the quarter.

Officer Hill Joint Venture

Newmont Australia have joint ventured into EL23150 which is located 34 kilometres southwest of The Callie gold mine, also owned by Newmont. Previous explorers located sporadic mineralization from drilling such 4 metres @ 4.64g/t, numerous short intervals of 1-4g/t, and several wide intercepts of 0.1-1g/t. The prospect is considered to have excellent potential to host steeply plunging shoots such as those at the Tanami Gold Mine. An apparent fold closure to the east offers the possibility of discovery of Callie-style mineralization at depth.

The Company is waiting on a report from its joint venture partner on activities during the quarter.

The technical information in this report has been reviewed and approved by Dr D S Tyrwhitt who is a member of the Australasian Institute of Mining and Metallurgy and has approximately 40 years experience in the industry. Attached is a copy of the Company's Mining Exploration Entity Quarterly Report in accordance with Listing Rule 5.3.

J.I. Curtink

J I GUTNICK Chairman & Managing Director 30 April 2007

$Rude$ 5.3

Appendix 5B

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

QUANTUM RESOURCES LIMITED

ABN

84 006 690 348

Quarter ended ("current quarter") 31 March 2007

Consolidated statement of cash flows

				Current quarter	YTD
Cash flows related to operating activities				\$A'000	(9 months)
			\$A'000
1.1	Receipts from product sales and related debtors
1.2	Payments for		(a) exploration and evaluation	(160)	(600)
		(b) development
		(c) production
		(d) administration		(321)	(573)
1.3	Dividends received
1.4			Interest and other items of a similar nature received	19	65
1.5	Interest and other costs of finance paid
1.6	Income taxes paid
1.7	Other (provide details if material)
	Net Operating Cash Flows			(462)	(1, 108)
	Cash flows related to investing activities
1.8	Payment for purchases of:		(a) prospects
			(b) equity investments
			(c) other fixed assets
1.9	Proceeds from sale of:		(a) prospects
			(b) equity investments
			(c) other fixed assets
1.10	Loans to other entities				(256)
1.11	Loans repaid by other entities			493	493
1.12			Other (provide details if material) proceeds from sale
	of non-dealing securities
	Net investing cash flows			493	237
1.13	forward)		Total Operating and investing cash flows (carried	$\overline{31}$	(871)

1.13	Total operating and investing cash flows (brought forward)	31	(871)
	Cash flows related to financing activities
1.14	Proceeds from issues of shares, options, etc.
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 (provide details if material) Share/Option issue costs prior year		(8)
	Net financing cash flows		(8)
	Net increase (decrease) in cash held	31	(879)
1.20	Cash at beginning of quarter/year to date	127	1.037
1.21	Exchange rate adjustments to item 1.20
1.22	Cash at end of quarter	158	158

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

• 1.23 Aggregate amount of payments to the parties included in item 1.2
• 1.24 Aggregate amount of loans to the parties included in item 1.10
• 1.25 Explanation necessary for an understanding of the transactions

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
• $2.2$ Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

Current quarter \$A'000
39

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

Estimated cash outflows for next quarter

	Total	250
4.2	Development	$\mathcal{M}$
4.1	Exploration and evaluation	250
		\$A'000

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	158	127
5.2 Deposits at call 5.3 Bank overdraft 5.4 Other (provide details)
	Total: cash at end of quarter (item 1.22)	158	127

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		See attached

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	price Issue per security (see note	Amount paid up per security (see note 3)
				3) (cents)	(cents)
7.1	Preference +securities
	(description)
7.2	Changes during quarter
	(a) Increases through issues
	(b) Decreases through returns of
	capital, buy-backs, redemptions
7.3	+Ordinary securities	351,113,528	351,113,528
7.4	Changes during quarter
	(a) Increases through issues
	(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)	1,400,000		\$0.08	24/03/2010
		43,748,673	43,748,673	\$0.10	31/10/2010
		32,875,597 68,378,151	32,875,597 68,378,151	\$0.10 \$0.05	30/04/2012 30/11/2012
		8,600,000		\$0.07	19/10/2011
7.8	Issued during quarter			÷	×,
7.9	Exercised during quarter	÷,	$\frac{1}{2}$	$\frac{1}{2}$	×,
7.10	Expired during quarter	1,500,000		\$0.07	19/10/2011
7.11	Debentures
7.12	(totals only) Unsecured notes	÷
	(totals only)

Compliance statement

• $\mathbbm{I}$ This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Law or other standards acceptable to ASX (see note 4).
• $\overline{2}$ This statement does give a true and fair view of the matters disclosed.

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

(Company Secretary)

Sign here:

Date: 30 April, 2007

Print name: Peter J. Lee

Notes

• ĺ 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.
• Appendix 5B has been prepared in accordance with Australian Equivalents of 4 International Financial Reporting Standards (AIFRS).
• 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.

== == == == == ==

Mining exploration entity quarterly report

OUANTUM RESOURCES LIMITED ABN 84 006 690 348

For Quarter Ended 31.03.2007 (referred to in this Statement as the "Current Quarter")

ADDITIONAL INFORMATION

Item 1.23 Payments to Other Entities

Some of the Directors of the Company are also Directors of AXIS Consultants Pty. Ltd. ("AXIS"). The Company does not consider AXIS to be a related party.

Item 7.7 Options

Listed

43,748,673 Options maturing 31 October 2010 at an exercise price of \$0.10 per Option. The Options are exercisable any time after 1 January 2002. Each option will convert to one fully paid ordinary share.

32,875,597 Options maturing 30 April 2012 at an exercise price of \$0.10 per Option. The options are exercisable any time after 1 January 2003. Each option will convert to one fully paid ordinary share.

68.378.151 Options maturing 30 November 2012 at an exercise price of \$0.05 per option. The options are exercisable any time after 1 July 2003. Each Option will covert to one fully paid share.

Unlisted

1,400,000 options maturing 24 March 2010, issued under the 1999 Employee Share Option Plan, have an exercise price of \$0.08 per option. Upon exercise, each option will convert to one fully paid ordinary share. These options cannot be exercised until after 24 March 2003 and only at that time if the Company's share price on the ASX has increased by a factor of 20% over the price of the shares at the time the options were issued.

8,600,000 options maturing 19 October 2011, issued under the 2005 Employee Share Option Plan, have an exercise price of \$0.07 per option. Upon exercise, each option will convert to one fully paid ordinary share. These options cannot be exercised until after 19 October 2008 other than in the case of a change of control.

QUANTUM RESOURCES LIMITED

ACN 006 690 348

CHANGES IN INTERESTS IN MINING TENEMENTS

6.2 Interests in mining
tenements aquired or
increased

$\hat{\mathcal{L}}$

Tenement reference	Nature of Interest (note(4))	Interest at beginning of quarter	Interest at end of quarter
GARDNER RANGE
E 80/3410	Granted	0.00%	100.00%
E 80/3411	Granted	$0.00\%$	100.00%
E 80/3412	Granted	0.00%	100.00%