ORBMINCO LIMITED — Interim / Quarterly Report 2007

Oct 25, 2007

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QUARTERLY
REPORT
FOR THE THREE MONTHS ENDING
30 SEPTEMBER 2007
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26 OCTOBER 2007

ASX ANNOUNCEMENT

CONTENTS

HIGHLIGHTS

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Corporate 2
Uranium Projects 2
Gold and Base Metal Projects 8
Appendix 5B 10
Corporate Information 14
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Merger Implementation Agreement signed with Uranium King Limited

US Listing to grow North American investment profile

Further Information

For further information please contact Mart Rampe, Managing Director, on +61 2 4647 9566 or Warwick Grigor, Chairman, on +61 2 9247 0077.

Diamond drilling programs on the Sogul and Aramsu uranium deposits and the Djal-Kokildak gold prospect completed - awaiting assay results

Cash balance as at 30 September 2007 was $8.1M

MONARO MINING NL ABN 99 073 155 781

Tel +61 2 4647 9566 Fax +61 2 4647 7332 All Correspondence to PO Box 427 Narellan NSW 2567 Unit 4a 20 Somerset Avenue, Narellan NSW 2567 WEBSITE www.monaromining.com.au EMAIL info@monaromining.com.au

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1.0 CORPORATE

1.1 Proposed Merger with Uranium King Limited

A Merger Implementation Agreement (MIA) between Monaro Mining NL (‘‘Monaro’’ or ‘‘the Company’’) and Uranium King Limited (UKL) was signed subsequent to the reporting period. This agreement, which is subject to the approval of UKL shareholders, is seen by Monaro’s Board as representing a unique opportunity to strengthen the Company and bring two complementary businesses - together, thereby providing a more defined route to early production in a sophisticated, first world nation - the USA. In taking this step, the Company is taking an active role in the consolidation of the International Uranium Industry.

1.2 Monaro Confirms Move to Achieve USA Listing

The Company plans to raise its profile in the important North American capital market by listing its shares in the USA by way of sponsored American Depository Receipts (ADRs). To facilitate this listing, the Company has appointed Robert R Meredith Inc as its specialist New York-based corporate advisor. It was decided to seek a USA listing following strong interest from both retail and sophisticated investors in North America.

Meredith Chairman Bill Potter believes Monaro is well placed to create a significant market profile in the North American capital market based on its highly prospective portfolio of uranium projects, strong management and uranium expertise. Investors are increasingly interested in pure industry investments and there is a shortage of good opportunities in the USA-listed uranium sector.

2.0 URANIUM PROJECTS

2.1 Kyrgyz Projects

2.1.1 Overview

Diamond drilling programs were completed at the Sogul and Aramsu uranium prospects during the last Quarter. Anomalous uranium values (>100ppm) in graphitic shales and chert have been confirmed over a strike length of over 800 metres on the Sogul prospect. Assay data for the Aramsu Uranium prospect is awaited. The entrances to several adits on the Aramsu deposit were cleared, paving the way for their safe rehabilitation and eventual mapping and sampling. Drill hole data for the Djal-Kokildak gold deposit has now also been received. However, gold results, whilst anomalous, were generally of low order.

Elsewhere, a significant amount of sampling and mapping has been completed on the other projects. Much of the next quarter will be spent on reviewing and interpreting data from the Company’s projects to determine the exploration program for the next season.

The areas of recent activity in the Kyrgyz Republic are illustrated in Figure 1.

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FIGURE 1 LOCATION OF MONARO MINING NL’S EXPLORATION LICENSES IN THE KYRGYZ REPUBLIC SHOWING THOSE (DESIGNATED BY � ) WHERE MOST ACTIVITIES WERE UNDERTAKEN DURING THE QUARTER

MONARO MINING NL ABN 99 073 155 781

Tel +61 2 4647 9566 Fax +61 2 4647 7332 All Correspondence to PO Box 427 Narellan NSW 2567 Unit 4a 20 Somerset Avenue, Narellan NSW 2567 WEBSITE www.monaromining.com.au EMAIL info@monaromining.com.au | 2

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2.1.2 Sogul Licence (MRO 100%)

Target/Style - two styles of mineralisation are apparent within the licence area. These are as follows:

• Silicified and altered Ordovician-Silurian ‘‘olistrome’’ units which comprise of a mélange of exotic brecciated limestone blocks within slates and graphitic shales that have been buried, altered and structurally deformed. The graphite has acted as a favorable reductant for precipitation of uranium and vanadium mineralization. This was the main focus of the current drill program; and

• Sedimentary hosted uranium mineralisation within Mesozoic strata. The mineralisation is concentrated along oxidation/reduction chemical boundaries and associated with sideritic ironstones and organic rich clay horizons.

September Quarter Activity - - results from the first scout drilling program demonstrated a number of narrow intersections of lowgrade uranium content. However, the results also confirm the persistent presence of uranium mineralization along the entire horizon tested. The results are considered to be inconclusive as they are inconsistent with the tenor of uranium content indicated by the previous work. Further testing is being undertaken to resolve the issue. Significant drill intersections are outlined in the following table.

Hole ID	From (m)	To (m)	Interval (m)	U (ppm)
SGD06A	12.0	15.0	3.0	114
SGD06A	17.0	18.0	1.0	121
SGD06A	22.0	25.3	3.3	131
SGD06	30.0	40.0	10.0	104
SGD04	30.9	32.0	1.1	100
SGD04	36.8	45.0	8.2	100
SGD04	64.9	67.2	2.3	100
Trench 4	18.0	19.0	1.0	2800
Trench 4	41.0	42.0	1.0	1040
Trench 4	53.0	60.0	7.0	145
SGD05	45.5	49.5	4.0	253
SGD11	10.0	20.3	10.3	155
SGD09	25.5	32.5	7.0	141
SGD09	36.0	40.0	4.0	155
SGD09	51.5	60.0	8.5	137

TABLE A SIGNIFICANT DRILL INTERSECTIONS (>100PPM URANIUM BY XRF)

The mineralisation intersected was confined to zones of alteration at the contact between resistant strata (silica lenses and limestone) and ductile graphitic shales. Based on the drilling results, it was concluded that the observed mineralisation is related to the movement of uranium from a localised repository in marine sediments. Uranium mineralisation is then transported by low temperature, oxidized meteoric waters into zones of low strain around the siliceous lenses and at limestone contacts during a phase of orogenic deformation. Precipitation of uranium then occurred at sites where chemical conditions were reduced, notably at graphitic shale contacts.

Whilst this style of mineralization appears at this stage to have limited potential for significant uranium accumulations, the potential for uranium mineralization in nearby sandstone horizons, particularly where they contain phosphate appears to be reasonable.

Proposed Work for December Quarter - - further exploration on the Sogul licence will target radiometric anomalies in these sandstone horizons within the whole 6km long prospective zone as well as the Palaeogene sandstone-bearing units in the northern part of the licence area. These zones of interest are focused on or adjacent to a major structural zone, the location of which are illustrated in Figure 2.

MONARO MINING NL ABN 99 073 155 781 Tel +61 2 4647 9566 Fax +61 2 4647 7332 All Correspondence to PO Box 427 Narellan NSW 2567 Unit 4a 20 Somerset Avenue, Narellan NSW 2567 WEBSITE www.monaromining.com.au EMAIL info@monaromining.com.au | 3

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FIGURE 2 LOCATION OF URANIUM PROSPECTS WITHIN THE SOGUL LICENCE AREA.

2.1.3 Aramsu Licence (MRO 100%)

Target/Style - - uranium mineralization associated with late-stage magmatic epithermal fluids forming breccia pipes on the margins of highly fractionated felsic intrusives.

September Quarter Activity - - a first pass drilling program has been completed on the Aramsu uranium deposit. This deposit has been well defined by previous Russian exploration which commenced in 1952 and included radiometric surveying, trenching, drilling and underground development on 3 levels. Drilling by the Company has confirmed the geological model as well as the presence of uranium mineralisation. The results of the drilling and other work are still to be evaluated and interpreted when the assay data is received.

Uranium mineralisation appears to be associated with late stage magmatic epithermal fluids and sulphide mineralisation and is concentrated within a zone of silicate veinlets hosted by a breccia which is located at a granite-sediment contact zone. The uranium is disseminated throughout this zone. Recorded uranium mineralisation includes pitchblende and curite. The current status of the geology and mineralisation is illustrated in Figures 3 and 4.

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FIGURE 3 PLAN VIEW OF GEOLOGY AND DRILLING.

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FIGURE 4 CROSS SECTION THROUGH ARAMSU DEPOSIT

MONARO MINING NL ABN 99 073 155 781 Tel +61 2 4647 9566 Fax +61 2 4647 7332 All Correspondence to PO Box 427 Narellan NSW 2567 Unit 4a 20 Somerset Avenue, Narellan NSW 2567 WEBSITE www.monaromining.com.au EMAIL info@monaromining.com.au | 4

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Access to the lower adits was established prior to the end of the 2007 field season. Initial inspections indicated that, subject to a safety and rehabilitation program, these adits will enable detailed underground mapping and sampling in the next field season (see Figure 5).

Additional fieldwork will also be undertaken in the immediate vicinity of the Aramsu deposit in order to assess a number of significant radiometric and mineral anomalies which may be used to assess the potential for hidden porphyry-shale contact targets.

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FIGURE 5 ARAMSU URANIUM DEPOSIT – VIEW FROM ADIT OPENING, LOWER LEVEL.

Proposed Work for December Quarter - - exploration activities for the remainder of 2007 and the next field season will include underground mapping and sampling of the Aramsu deposit. This will be combined with currently available data on the deposit, with the view to generating additional drilling targets. On a regional basis, detailed geological mapping, radiometric and magnetic data collection across selected portions of the Aramsu mineral ‘‘corridor’’ (Figure 6) will be carried out as soon as practical.

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FIGURE 6 ARAMSU LICENCE HIGHLIGHTING THE MINERAL CORRIDOR EITHER SIDE OF THE ARAMSU URANIUM DEPOSIT

MONARO MINING NL ABN 99 073 155 781

Tel +61 2 4647 9566 Fax +61 2 4647 7332 All Correspondence to PO Box 427 Narellan NSW 2567 Unit 4a 20 Somerset Avenue, Narellan NSW 2567 WEBSITE www.monaromining.com.au EMAIL info@monaromining.com.au | 5

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2.1.4 Naryn and Sumsar Licences - North Fergana (MRO 100%)

Target/Style - - two styles of mineralisation are found within this licence area. Mineralisation is however dominated by bitumenlimestone type deposits within carbonate units from the Lower Tertiary (Palaeogene). Stratabound roll-front uranium deposits associated with carbonaceous deltaic sandstone and shale units within older Jurassic strata can also occur. This stratigraphy contains the Kyrgyz Republic’s largest known historical uranium mine located at Marly-Su (historical production of 3,400 tonnes U3O8).

September Quarter Activity - - extensive additional radiometric survey work has been undertaken on a regional hinge zone within this licence and the results indicate a significantly anomalous zone (50-80ppm eU) over a significant strike length. The structure is more complex than anticipated but comprises of a series of tightly folded plunging anticlines. In the light of the structure at the nearby Maily Su mine, this area looks promising.

Proposed Work for December Quarter - - tie in the radiometric surveying with structure to see if a viable model can be formulated to predict passage of oxidizing pay channels and REDOX boundaries down-plunge of the periclinal closure below the town of Kyzyl Zhar.

2.1.5 Utor Licence (MRO 100%)

Target/Style - - the prospective geological environment in this licence area is similar to that found in the Aramsu Licence. In particular, veins and shears within hydrothermally altered sandstones adjacent to granitic intrusives are prospective for sulphide associated uranium and gold mineralization.

September Quarter Activity - - an initial program of geological mapping and rock chip sampling was completed during the quater, with nearly 400 rock chip samples being submitted for multi-element analysis. No significant values for uranium were reported.

Proposed Work for December Quarter - - an evaluation of the licence area will be conducted with the view to determining the prospectivity of the licence and further exploration activities.

2.1.6 Hodjaakan and Djurasai Licences - South Fergana (MRO 100%)

Target/Style - - these two licences are prospective for black shale hosted, Carlin-style gold mineralization enriched in uranium as well as hydrothermal intrusive-related uranium mineralisation.

September Quarter Activity - - local geological consultants were commissioned to carry out a geological mapping and sampling program on these two licences. Approximately 1000 samples were lodged for laboratory analysis.

Proposed Work for December Quarter - - following receipt of the results from the above program, target areas are to be selected for

follow-up. Exploration work will include geological mapping, sampling and trenching.

2.2 Australian Uranium Projects – Hapsburg Joint Venture (MRO earning up to 75%)

2.2.1 Overview

The Company through its Hapsburg joint venture, is focusing on Iron Oxide Copper Gold (IOCG+U) deposits such as Olympic Dam and Ernest Henry type deposits as well as unconformity related models exemplified by the Ranger Mine deposits. The projects are focused on fourteen tenement areas covering 4000 km2 throughout Queensland, Northern Territory and Western Australia (see Figure 7).

MONARO MINING NL ABN 99 073 155 781 Tel +61 2 4647 9566 Fax +61 2 4647 7332 All Correspondence to PO Box 427 Narellan NSW 2567 Unit 4a 20 Somerset Avenue, Narellan NSW 2567 WEBSITE www.monaromining.com.au EMAIL info@monaromining.com.au | 6

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FIGURE 7 MONARO URANIUM PROJECTS IN AUSTRALIA

September Quarter Activity - - an airborne radiometric and aeromagnetic survey of the Fog Bay and Compass Creek tenements (NT) which was planned for mid-September has been delayed until mid to late November, following damage to the survey plane en-route to the Monaro job. It is hoped that the survey can be completed before the commencement of the wet season.

With regards to the WA tenements, a large area of calcrete has been identified from night time (thermal) Aster scenes on the Collins Springs licence. Possible acid alteration (short wavelength infrared spectral signatures: alunite/pyrophyllite) have also been identified. Literature research indicates low grade uranium and base metal mineralisation associated with lateritic gossan, and provides an immediate target for investigation.

Image processing of the remaining exploration licences has identified areas of acid and calc-sericite alteration interpreted to be derived from either hydrothermal alteration and/or weathering. A ground investigation program will be carried out to differentiate between the two.

Proposed Work for December Quarter - - completion of the high resolution airborne magnetic and radiometric survey of the Fog Bay and Compass Creek tenements located in the Northern Territory is the main priority, followed by initial ground reconnaissance survey work on the WA tenements.

MONARO MINING NL ABN 99 073 155 781 Tel +61 2 4647 9566 Fax +61 2 4647 7332 All Correspondence to PO Box 427 Narellan NSW 2567 Unit 4a 20 Somerset Avenue, Narellan NSW 2567 WEBSITE www.monaromining.com.au EMAIL info@monaromining.com.au | 7

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3.0 GOLD AND BASE METAL PROJECTS

3.1 Kyrgyz Republic Projects

3.1.1 Sumsar (MRO 100%)

Target/Style - - the licence is prospective for gold-quartz hosted shear zones and pull-apart structures located on the edge of the Chatkal Valley region. Encouraging trench grades up to 10 g/t gold have been documented in a number of past exploration reports. Potential is also good for large tonnage, low-grade copper-gold porphyries of mid to late Palaeozoic age as well as small high grade lead-zinc skarns

September Quarter Activity - - an initial diamond drilling program had been completed within a 6km2 prospective zone which hosts - the Djal- Kokildak gold-silver-copper prospect. At the Kokildak South prospect, consistent broad zones of quartz-potassium feldsparcarbonate-hematite-sulphide veining within porphyry were intersected in the first drill hole. The objective of this drilling was to intersect the geology and structure which at surface has yielded rock-chip assays with values up to 183g/t gold. The drilling has also indicated that the vein density and the extent of this porphyry appears to be much more significant at depth than surface exposures had suggested.

A further two drill holes were completed at the Kokildak East prospect where anomalous gold in quartz veining has been delineated over a strike length of 700 metres. This drilling has intercepted malachite, chalcopyrite and molybdenite mineralisation located around fault-bound porphyry intrusions in Devonian lavas and tuffs as well as within highly altered sericitic tuffs. Of the assay data returned to date from this drilling, gold values whilst anomalous, were of low order.

Proposed Work for December Quarter - - geochemical data for a number of these projects is still outstanding. These data will be further evaluated with the view to assessing the on-going potential of the licence area. In addition, it is planned to review the data on the Sumsar base metal deposit and assess its potential.

3.1.2 Gavasai (MRO 100%)

Target/Style - - several potential deposit types include:

• shear zones and pull-apart structures hosting gold-quartz mineralisation located on the edge of the Chatkal Valley region;

• intrusive related Cu-Mo-Pb-Fe-Zn deposits at the edge of a mesothermal porphyry system; and

• Alaskite-type intrusives that are highly fractionated residual melts which may be host to large tonnage low grade uranium deposit types

September Quarter Activity - - several visits to the Gava area were carried out to assess and sample gossan outcrops that had been seen during an earlier visit but which had not been sampled. The gossan outcrops are related to copper bearing magnetite skarn developed at limestone-volcanic contacts. A series of grab and chip samples were taken from outcrops of magnetite-serpentinitetremolite and white pyrite-talcose metasomatic zones. Seven old soviet exploration adits and two shafts were located, all are open. Five were examined underground and several were sampled. On the crest of a ridge spoil from a small soviet prospecting shaft was found to contain fairly abundant visible secondary uranium mineralisation. The uranium mineralisation appears to be related to a shear zone that cut the magnetite skarn at this point. The shear zone can be traced for a considerable distance and old soviet reports record two further uranium occurrences on what appear to be continuations of this zone to the NW and SE respectively. A spectrometer survey of the dump revealed a fairly constant eU value of 200ppm. The shear is visible in the sides of the shaft but is not safely accessible and could not be sampled. Extensive garnet-hematite and garnet-actinolite-magnetite skarn were encountered on the lower slopes away from the main ridge. Since gold tends to be associated with the retrograde serpentinite and tremoliteactinolite bearing skarn, there will be a requirement to map in detail not just the extent of the skarn but also its mineralogy.

Proposed Work for December Quarter - - further mapping and sampling is envisaged.

3.2 Australian Projects

3.2.1 Mount Paynter: (MRO reducing to 30%)

Target/Style - - quartz vein hosted tin tungsten mineralization in granitic host.

September Quarter Activity - - during the previous quarter, it was announced that the Company and Noah Resources NL had signed a Heads of Agreement covering Monaro’s molybdenum, tin and tungsten prospects located in southern NSW, including the Mount Paynter prospect. The agreement is subject to a successful Initial Public Offering.

Proposed Work for December Quarter - - no field work is planned for this quarter as it is anticipated that Noah Resources NL will be listed on the ASX in December 2007 and will commence exploration activities shortly thereafter.

MONARO MINING NL ABN 99 073 155 781

Tel +61 2 4647 9566 Fax +61 2 4647 7332 All Correspondence to PO Box 427 Narellan NSW 2567 Unit 4a 20 Somerset Avenue, Narellan NSW 2567 WEBSITE www.monaromining.com.au EMAIL info@monaromining.com.au | 8

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3.2.2 Wymah Tungsten/Molybdenum: (MRO reducing to 30%)

Target/Style - - granite hosted molybdenum, tungsten and tin mineralisation.

September Quarter Activity - - the Wymah tungsten/molybdenum project is covered by the Monaro/Noah Resources Limited Heads of Agreement discussed in the previous section.

Proposed Work for December Quarter - - no field work is planned for this quarter as it is anticipated that Noah Resources NL will be listed on the ASX in December 2007 and will commence exploration activities shortly thereafter.

3.2.3 Captains Flat Project: (MRO 100% reducing to 25%)

Target/Style - - a number of targets have been identified as being prospective for base metals and gold which are associated with Volcanogenic Massive Sulphide (VMS) deposits and include amongst others, the Lake George Mine Deeps, Vanderbilt Hill and Jerangle Prospects.

September Quarter Activity - - no field work was undertaken during the quarter.

Proposed Work for December Quarter - - a program of air-core drilling of the Lake George mine tailings will be undertaken during this quarter.

3.2.4 Michelago and Michelago South: (MRO 100%)

Target/Style - - both licences contain typically volcanogenic environments which are host to a number of base metal and gold prospects. Initial assessment of previous exploration work has so far identified the Cosgrove Hill-Billilingra and Woolshed South prospects as prospective for gold and zinc respectively.

September Quarter Activity - - no field activities were undertaken during the reporting period.

Proposed Work for December Quarter - - an assessment of a number of geophysical anomalies has been scheduled for the December quarter.

3.2.5 Mayfield and Mayfield North Project: (MRO 80% and 100% respectively)

Target/Style - - the two licence areas cover the Mayfield, other copper-gold skarn and potential VMS deposits. However, the licence areas are also considered to be prospective for porphyry copper-gold and/or intrusive related gold deposits.

September Quarter Activity - - no field activities were undertaken during the reporting period.

Proposed Work for December Quarter - - further field investigations are scheduled to be carried out during the quarter with the view to evaluating the potential of the Loaded Dog prospect.

Mart Rampe Managing Director

COMPETENT PERSON

The review of exploration activities and results contained in this report in relation to the Australian projects is based on information compiled by Mr Mart Rampe , a Member of the Australasian Institute of Mining and Metallurgy. He is a director of the Company and a full time employee of Harvest Exploration Pty Ltd. He has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which he is undertaking 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 (the JORC Code). Mart Rampe consents to the inclusion of this information in the form and context in which it appears in this report.

The review of exploration activities and results contained in this report in relation to the Kyrgyz Republic projects is based on information compiled by Steve McRobbie , a Member of the Australasian Institute of Mining and Metallurgy. He is a full time employee of the Company and has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which he is undertaking 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 (the JORC Code). Steve McRobbie consents to the inclusion of this information in the form and context in which it appears in this report.

MONARO MINING NL ABN 99 073 155 781

Tel +61 2 4647 9566 Fax +61 2 4647 7332 All Correspondence to PO Box 427 Narellan NSW 2567 Unit 4a 20 Somerset Avenue, Narellan NSW 2567 WEBSITE www.monaromining.com.au EMAIL info@monaromining.com.au | 9

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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	Name of entity	Name of entity
Monaro Mining NL
ABN 99 073 155 781 Consolidated statement of cash flows	Quarter ended (‘‘current quarter’’)
	30 September 2007
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 (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 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		Current quarter $A’000	Year to date (3 months) $A’000
		- (801) - - (753) - 65 - - -	- (801) - - (753) - 65 - - -
		(1,489)	(1,489)
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 1.11 Loans repaid by other entities 1.12 Other (provide details if material) Net investing cash flows		- - (10) - - - - - -	- - (10) - - - - - -
		(10)	(10)
1.13 Total operating and investing cash flows (carried forward)		(1,499)	(1,499)

MONARO MINING NL ABN 99 073 155 781

Tel +61 2 4647 9566 Fax +61 2 4647 7332 All Correspondence to PO Box 427 Narellan NSW 2567 Unit 4a 20 Somerset Avenue, Narellan NSW 2567 WEBSITE www.monaromining.com.au EMAIL info@monaromining.com.au | 10

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1.13 Total operating and investing cash flows (brought forward)	(1,499)	(1,499)
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 (Share Issue Expenses) Net financing cash flows	5,005 - - - - (158)	5,005 - - - - (158)
	4,847	4,847
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end of quarter	3,348 4,828 (50)	3,348 4,828 (50)
	8,126	8,126

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	1.23 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	Current quarter $A'000
		100
		-
1.25 Explanation necessary for an understandingof 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

None

• 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

None

Financing facilities available

Add notes as necessary for an understanding of the position.

3.1 Loan facilities 3.2 Credit standby arrangements	Amount available $A’000	Amount used $A’000
	-	-
	-	-

MONARO MINING NL ABN 99 073 155 781

Tel +61 2 4647 9566 Fax +61 2 4647 7332 All Correspondence to PO Box 427 Narellan NSW 2567 Unit 4a 20 Somerset Avenue, Narellan NSW 2567 WEBSITE www.monaromining.com.au EMAIL info@monaromining.com.au | 11

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Estimated cash outflows for next quarter

Estimated cash outflows for next quarter
4.1 Exploration and evaluation 4.2 Development Total	$A’000
	700
	-
	700

Reconciliation of cash

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 5.2 Deposits at call 5.3 Commercial Bills 5.4 Other (provide details) Total: cash at end of quarter(item 1.22)	410	90
	1,440	609
	6,276	4,129
	-	-
	8,126	4,828

Changes in interests in mining tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased	Tenement reference	Nature of interest (note (2))	Interest at beginning of quarter	Interest at end of quarter
		None
		None

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	Issue price 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	-	-	-	-
	- -	- -	- -	- -
7.3 +Ordinary securities Fully Paid Part-Paid 7.4 Changes during quarter (a) Fully paid Increases through issues (b) Decreases through returns of capital, buy-backs	29,125,125 5,200,000	29,125,125 Nil	N/A 0.001 cent	N/A 0.001 cent
	4,170,196 -	4,170,196 -	120 cents -	120 cents -

MONARO MINING NL ABN 99 073 155 781

Tel +61 2 4647 9566 Fax +61 2 4647 7332 All Correspondence to PO Box 427 Narellan NSW 2567 Unit 4a 20 Somerset Avenue, Narellan NSW 2567 WEBSITE www.monaromining.com.au EMAIL info@monaromining.com.au | 12

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7.5 +Convertible debt securities(description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted	-	-	-	-
	- -	- -	- -	- -
7.7 Options Unlisted Incentive Incentive 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	1,800,000 350,000 750,000	N/A N/A N/A	Exercise price 60 cents 107 cents 175 cents	Expiry date 31 December 2008 19 April 2011 31 December 2008
	- 4,170,196 -	- 4,170,196 -	- 120 cents -	- 31 July 2007 -
7.11 Debentures (totals only) 7.12 Unsecured notes (totals only)	-	-
	-	-

Compliance statement

• 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).

• 2 This statement does give a true and fair view of the matters disclosed.

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Sign here: ............................................................ Date: 26 October 2007 Company Secretary

Print name: Anne Adaley

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.

• 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.

MONARO MINING NL ABN 99 073 155 781

Tel +61 2 4647 9566 Fax +61 2 4647 7332 All Correspondence to PO Box 427 Narellan NSW 2567 Unit 4a 20 Somerset Avenue, Narellan NSW 2567 WEBSITE www.monaromining.com.au EMAIL info@monaromining.com.au | 13

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CORPORATE INFORMATION

Directors

Warwick Grigor Chairman Mart Rampe Managing Director Malcolm James Non-executive Director

Senior Management

Steve McRobbie General Manager CIS/Europe Anne Adaley Company Secretary/Chief Financial Officer

Registered Office

1st Floor, 87 Colin Street West Perth WA 6005

Issued Capital

At 30 September 2007, Monaro Mining had on issue 29,125,125 ordinary shares and 2,900,000 unlisted options.

Stock Exchange Listings

Monaro Mining is listed on the Australian Securities Exchange (ASX Code: MRO) and the Frankfurt Stock Exchange (Xetra Code M2H).

Further Information on Monaro Mining NL

Visit: www.monaromining.com.au

Mail: PO Box 427 Narellan NSW 2567 Tel: +61 2 4647 9566 Fax: +61 2 4647 7332 Email: info@monaromining.com.au

To be notified by email of future announcements, visit the website www.monaromining.com.au and subscribe to Monaro Mining news.

Shareholder Enquiries

Computer Share Registry Services manages the share register for Monaro Mining.

Queries regarding number of shares held, change of address and other matters regarding your shareholding should be directed to Computer Share Registry Services.

Contact Details

Computer Share Registry Services Yarra Falls 452 Johnson Street Abbotsford VIC 3097

Share Price Activity for the Quarter

Quarter	High	Low	Close
March 2007	$2.51	$1.71	$2.05
June 2007	$2.75	$1.45	$1.55
September 2007	$1.65	$0.80	$1.05

Tel: +61 3 94155000 Fax: +61 3 94732500

MONARO MINING NL ABN 99 073 155 781 Tel +61 2 4647 9566 Fax +61 2 4647 7332 All Correspondence to PO Box 427 Narellan NSW 2567 Unit 4a 20 Somerset Avenue, Narellan NSW 2567 WEBSITE www.monaromining.com.au EMAIL info@monaromining.com.au | 14