ORBMINCO LIMITED — Interim / Quarterly Report 2005

Oct 11, 2005

All Correspondence to: PO Box 427 Narellan NSW 2567

12/10/2005

The Company Announcements Office Australian Stock Exchange Limited Level 6, 20 Bridge Street Sydney NSW 2000

Dear Sir,

QUARTERLY ACTIVITIES REPORT FOR THE PERIOD FROM 1^ST JULY TO 30^TH SEPTEMBER, 2005

HIGHLIGHTS

• Monaro Mining NL listed successfully on the ASX on the 15^th September, 2005; $\ddot{\phantom{0}}$
• Work has commenced on assessing the Company's NSW exploration tenements; and $\bullet$
• A number of other mineral opportunities are being assessed.

CORPORATE $\ddot{\phantom{0}}$

Monaro Mining NL listed on 15^th September, 2005 and was well oversubscribed. The Prospectus had allowed for oversubscriptions to the value of \$400,000, resulting in a total capital raising of \$3,000,000.

$\overline{2}$ PROJECT REVIEW

$2.1$ GEOLOGICAL SETTING

MAYFIELD (Monaro Mining NL 80%)

Exploration Licence 6358 contains the Mayfield Copper/Gold Prospect as well as a number of other mineralised prospects. The Mayfield Prospect will be the main focus of exploration as it is host to a drill-defined copper and gold mineral occurrence which is considered to have good potential. The style of mineralisation is related to intrusive induced skarn settings.

MOUNT PAYNTER (Monaro Mining NL 100%)

Exploration Licence 6356 contains the Mt Paynter tin and tungsten lode which has been well defined by previous diamond and percussion drilling. A number of subsidiary lodes are located nearby and all are hosted by acid igneous intrusives.

CAPTAINS FLAT (Monaro Mining NL 100%)

Exploration Licence 6381 contains the Lake George base metal mine together with a host of other copper/lead/zinc and gold prospects. The setting for these deposits is typically a volcanogenetic environment. The data base for this licence is substantial.

MICHELAGO (Monaro Mining NL 100%)

Exploration Licence 6376 contains a host of copper/lead/zinc and gold prospects. The setting for these deposits is typically a volcanogenetic environment with some intrusives.

$2.2$ EXPLORATION ACTIVITIES

Work commenced on a review of all available data and its compilation into a useable format for all of the tenements. This entails the preparation of digital geological and geophysical overlays and a review of the local and regional setting in terms of existing mineralisation. This work will enable the Company to interpret the data in detail and assess the potential for drilling targets in the forthcoming quarter.

3.0 OTHER PROJECTS

The Company is considering a number of opportunities in the mineral sector both in Australia and overseas. As indicated in the Company's Prospectus, the Company intends to assess new projects as and when they present themselves with the view to enhancing the Company's exploration holdings asset value in the long term.

Wart Rampe

Mart Rampe Executive Director

Information in this report is based on, and accurately reflects, information compiled by Mr Mart Rampe, who is a Member of the Australasian Institute of Mining and Metallurgy, Mr Rampe is an Executive Director of Monaro Mining NL and has the relevant experience in relation to the style and types of mineralisation being reported upon to qualify as a Competent Person as defined in the December 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.

For further information, please contact Mart Rampe on 02 46479566 or 0408 67709 during normal business hours.

Year to date (3 months)

\$A'000

Rule 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

MONARO MINING NL

ABN

99 073 155 781

Quarter ended ("current quarter") 30 SEPTEMBER 2005

Current quarter

\$A'000

Consolidated statement of cash flows

Cash flows related to operating activities

1.1	Receipts from product sales and related debtors
1.2	Payments for	(a) exploration and evaluation (b) development (c) production	(7)	(7)
1.3 1.4 1.5 1.6 1.7	(d) administration Dividends received Interest and other items of a similar nature received Interest and other costs of finance paid Income taxes paid Other		(11)	(11)
			(18)	(18)
	Net Operating Cash Flows
1.8	Cash flows related to investing activities 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
1.11	Loans repaid by other entities
1.12	Other
	Net investing cash flows
1.13	Total operating and investing cash flows (carried		(18)	(18)

1.13	Total operating and investing cash flows (brought forward)	(18)	(18)
	Cash flows related to financing activities
1.14	Proceeds from issues of shares, options, etc.	3,000	3,000
1.15	Proceeds from sale of forfeited shares
1.16 1.17	Proceeds from borrowings Repayment of borrowings(Refund Director Loan)	(50)	(50)
1.18	Dividends paid
1.19	Other (Share Issue Expenses)	(232)	(232)
	Net financing cash flows	2,718	2,718
		2,700	2,700
	Net increase (decrease) in cash held
1.20	Cash at beginning of quarter/year to date	21	21
1.21	Exchange rate adjustments to item 1.20
1.22.	Cash at end of quarter.	2,721	2,721

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
1.23	Aggregate amount of payments to the parties included in item 1.19	174,309
1.24	Aggregate amount of loans to the parties included in item 1.10

1.25 Explanation necessary for an understanding of the transactions

The directors were each paid fees for specialist skills used relating to the IPO which were disclosed in the Prospectus document issued on 1 August 2005 in Section 4.7 and Section 12.2.

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

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

		\$A'000
4.1	Exploration and evaluation	120,000
4.2	Development
		120,000
	Total

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
Cash on hand and at bank 5.1		11	21
5.2	Deposits at call	124	0
5.3	Commercial Bills	2,586	0
5.4	Bank Overdraft	$\Omega$	0
	Total: cash at end of quarter (item 1.22)	2,721	21

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 relinguished. reduced or lapsed
6.2	Interests in mining tenements acquired or increased	EL 6356 EL 6358 EL 6376 EL 6381	Manager and Operator Manager and Operator Manager and Operator Manager and Operator	100% 80% 100% 100%	100% 80% 100% 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.

		Total number	Number quoted	price Issue per security (see note 3) (cents)	Amount paid up per security (see note 3) (cents)
7.1	Preference *securities (description)
7.2	Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs, redemptions
$\overline{7}$ .3	*Ordinary securities Fully Paid	15,000,100	15,000,100	N/A	N/A
	Part-Paid	5,200,000	0	$0.001$ cent	$0.001$ cent
7.4	Changes during quarter (a) Increases through issues	15,000,000	15,000,000	20 cents	N/A
	(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 Tradeable Incentive Consultant			Exercise price	Expiry date
7.8	Issued during quarter			Issue Price	Expiry Date
7.9	Exercised during quarter			Exercise Price	Expiry Date
7.10	Expired during quarter			Exercise Price	Expiry Date
7.11	Debentures (totals only)
7.12	Unsecured notes (totals only)

Compliance statement

• $\overline{\mathbf{1}}$ 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 give a true and fair view of the matters disclosed.

Want Rampe

Date:

Sign here:

12 October 2005

Print name: MART RAMPE (DIRECTOR)

Notes

• The quarterly report provides a basis for informing the market how the entity's activities have been $\overline{1}$ 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.
• $\mathcal{R}$ 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.
• The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: 4 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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⁺ See chapter 19 for defined terms. Appendix 5B Page 5