ORBMINCO LIMITED — Capital/Financing Update 2006

May 3, 2006

4 May 2006

Dear Shareholder

NON RENOUNCEABLE RIGHTS ISSUE

On 2 May 2006, Monaro Mining NL (Company) lodged a Prospectus in relation to a nonrenounceable Rights Issue of one (1) Option (exercisable at \$1.20 on or before 31 July 2007) for every four (4) Shares held by Shareholders at an issue price of 10 cents per Option to raise approximately \$462,500 (before costs) (Rights Issue) and a placement offer of 900 Shares at an issue price of \$1.00 per Share to raise \$900 (Placement Offer).

The proceeds from the Offers will be used to fund exploration on uranium exploration tenements in the Kyrovz Republic and for working capital purposes.

The timetable and important dates of the Offers are set below:

Prospectus Lodged with ASIC and ASX	2 May 2006
Notice in relation to Rights Issue despatched to Shareholders	4 May 2006
Securities Quoted 'Ex' Rights	5 May 2006
Record Date for determining entitlements	11 May 2006
Despatch Prospectus/Opening Date for the Offers	17 May 2006
Closing Date for the Offers (excluding participating organisations of ASX)	31 May 2006
Deferred settlement trading commences	1 June 2006
ASX notified of any under subscriptions of the Rights Issue	2 June 2006
Despatch date of holding statements for Rights Issue and Placement Offer, deferred settlement trading ends	7 June 2006

The Prospectus has been lodged with ASX and is available on the ASX website at www.asx.com.au and the Company's website www.monaromining.com.au for inspection.

The Rights Issue is fully underwritten by Douglas Financial Consultants Pty Ltd (Underwriter). The Underwriter will be paid an underwriting fee \$18,500 (plus GST) and will be issued 250,000 Options exercisable at \$1.20 on or before 31 July 2007.

The capital structure of the Company on completion of the Rights Issue and Placement Offer is set out below:

Shares on issue as at the date of this Prospectus	18,500,100
Shares issued pursuant to the Placement Offer	900.
Total Shares on Issue	18,501,000

Partly Paid Shares (paid to 0.001 cents, 19.999 cents unpaid) $5,200,000$

Options on issue as at the date of this Prospectus (i)	6,350,000
Options offered pursuant to the Rights Issue	4,625,025
Options to be issued to Underwriter	250,000
Total Options on issue	11,225,025

$(i)$ Options on issue at the date of this Prospectus include:

• 3,000,000 Unlisted Options exercisable at 40 cents on or before 30 June 2007; $\bullet$
• 3,000,000 Unlisted Options exercisable at 60 cents on or before 31 December 2008; and
• 350,000 Employee Options exercisable at \$1.07 on or before 19 April 2011. $\bullet$

In calculating entitlements under the Rights Issue fractions will be rounded down to the nearest whole number.

The Offers under the Prospectus are to shareholders with registered addresses in Australia and New Zealand. Overseas shareholders should contact the Company Secretary with any queries regarding participation in the Offers.

I would encourage you to carefully read the Prospectus documentation when you receive it and consider an investment in the Rights Issue. We look forward to the continued growth and success of the Company.

Yours faithfully

Wart Rampe

Mart Rampe Executive Director