ORCODA LIMITED — Interim / Quarterly Report 2003

Jul 30, 2003

HOLDINGS LIMITED

$A.C.N.$ 009 065 650

Level 1, 614 Newcastle Street LEEDERVILLE WA 6007 Telephone: (08) 9228 1199 email:smarttrans@smarttrans.com.au

PO Box 334 LEEDERVILLE WA 6903 Facsimile: (08) 9228 2299 Home Page: www.smarttrans.com.au

Quarterly Report

for the three months ended

$30^{th}$ June 2003

HIGHLIGHTS

• Drilling into the significant sulphidic target to the west of Mount Mackenzie has further extended the size of the system.
• Two new drill targets have been generated by a geophysical survey in the Hamilton Park Porphyry system. Drilling of these targets is planned in the next quarter.
• The Company continues to expand the range of services available to existing and new Vehicle Route Optimisation clients.

OVERVIEW

The Company is continuing to evaluate the Mount Mackenzie prospect in the Connors Magmatic Arc for gold and copper, and is seeking a new partner for its Riversleigh zinc, lead and silver project. Both of these projects have drill targets.

The Company is providing route optimisation services for an increasing number of significant organisations. It has now integrated those services with vehicle location and voice and data messaging systems.

MINERAL EXPLORATION PROJECTS

Marlborough Joint Venture. SmartTrans equity ranges from 51 to 60 percent of thirteen tenements. Midas Resources Limited is earning 51% equity in five of these tenements and Jeteld Pty Ltd is earning 47% equity in two of these tenements.

As reported last Quarter, the focus of exploration at Mount Mackenzie has shifted from an epithermal gold target to a larger high sulphidation porphyry-related system on the western flank of Mount Mackenzie.

In these deposits, copper and gold mineralisation is usually found in pyrite zones where alteration and mineralisation occurs in distinctive zones.

A drill target has been generated using the interpretation of sulphur, gold, base metals, geophysics and geology.

A 1000 metre program of RC drilling, planned to be drilled on a nominal 200 metres x 200 metres grid pattern over this zone, has recently been completed. All four holes drilled have intersected intense alteration and significant concentrations of pyrite in the target zone. Assay results are expected to be available in early August.

Midas Resources Limited, the operator of the Connors Range Joint Venture, has advised that it has completed Stage Two of the exploration program commenced in June 2003. This program involved the completion of a 1.5km x 2km pole-dipole Induced Polarization (IP) survey over the "Twin Peaks" prospect that is part of the Hamilton Park porphyry system. Data was acquired on lines spaced 200m apart and this detailed "state of the art" survey will allow three-dimensional modeling of any resulting IP anomaly. Preliminary results have indicated the presence of two IP anomalies that warrant RC drilling follow-up. One of the anomalies is coincident with the southern portion of the "Twin Peaks" prospect magnetic anomaly. The second anomaly is located 1.5km west of the "Twin Peaks" prospect and is coincident with a remanently magnetised anomaly.

In addition to this survey, exploration included soil and rock chip sampling combined with detailed geological mapping at "Vein 366", "Waitara Epithermal" and "Six Mile" Creek" prospects.

Stage Three of the exploration program is scheduled to commence early in August with costeaning and approximately 1000m of RC drilling to follow up the two targets located during the ground IP survey and to test the "Six Mile Creek" prospect at depth. Costeaning is planned for the "Vein 366" and "Waitara East" prospects. Assay results can be expected early in September.

Riversleigh Joint Venture. (SmartTrans 100%)

A significant target immediately to the west of Grevillea, "Grevillea West", was discovered in an earlier program by a ground based EM Survey and one drill hole intersected 150 metres of massive pyrite. Further analysis of the EM data indicated that the "Grevillea West" prospect is analogous to the Macarthur River Sub-Basin, and that it may be close to the surface at its northern end.

BHP Billiton advised that it has no interest in pursuing this style of mineralisation and withdrew from the Joint Venture effective $25^th$ April, 2003.

SmartTrans believes that the "Grevillea" and "Grevillea West" prospects have the potential to host a significant zinc-lead-silver deposit and is seeking a new like-minded joint venture partner to participate in further exploration of "Grevillea West" and the various other base metal prospects on its extensive tenement holdings in the Lawn Hill region. A number of large base metal explorers have expressed interest in this project.

VEHICLE ROUTE OPTIMISATION PROJECT.

The company is continuing to build recurring income through the addition of several major customers to those already using the company's route optimisation system.

The integration of vehicle location and voice and data messaging services with route optimisation has been well received by industry and is currently being implemented with significant businesses in Melbourne and Sydney with Australia-wide rollouts scheduled through 2004.

JPLAURIE DIRECTOR – RESOURCES PROJECTS

The section of this report that relates to mineral exploration is based on information compiled by a person who is a corporate member of the Australasian Institute of Mining and Metallurgy and who has a minimum of 5 years experience in the field of activity in which he is reporting. This person is James Laurie.

Appendix 5B

$Rule 5.3$

Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98.

Name of entity

SMARTTRANS HOLDINGS LIMITED

ACN or ARBN

009 065 650

Quarter ended ("current quarter")

30 June 2003

Consolidated statement of cash flows

Cash flows related to operating activities			Current quarter \$A'000	Year to date (12 months) \$A'000
1.1	Receipts from product sales and related debtors		48	303
1.2	Payments for	(a) exploration and evaluation	(59)	(615)
		(b) development
		(c) cost of goods sold	(220)	(836)
		(d) administration	(207)	(934)
1.3	Dividends received
1.4	Interest and other items of a similar nature received		95	375
1.5	Interest and other costs of finance paid
16	Income taxes paid
1.7	Other (provide details if material)
	Net Operating Cash Flows		(343)	(1,707)
	Cash flows related to investing activities
1.8	Payment for purchases of:	(a) prospects
		(b) equity investments
		(c) other assets	(1)	(7)
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)		164	501
	Net investing cash flows		163	494
1.13	Total operating and investing cash flows (carried forward)		(180)	(1, 213)

$+$ See chapter 19 for defined terms.

1.13	Total operating and investing cash flows (brought forward)	(180)	(1,213)
	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)
	Net financing cash flows
	Net increase (decrease) in cash held	(180)	(1,213)
1.20	Cash at beginning of quarter/year to date	2,474	3,507
1.21	Exchange rate adjustments to item 1.20
1.22	Cash at end of quarter	2,294	2,294

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 1.2	129
1.24	Aggregate amount of loans to the parties included in item 1.10	N/A

1.25 Explanation necessary for an understanding of the transactions

1.12 - Cash call from Jeteld Pty Ltd for Joint Venture (\$164)

Non-cash financing and investing activities

Details of financing and investing transactions which have had a material effect on consolidated assets and $2.1$ liabilities but did not involve cash flows

Nil

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

Nil

Financing facilities available

Add notes as necessary for an understanding of the position.

$\div$ See chapter 19 for defined terms.

		Amount available \$A'000	Amount used \$A'000
3.1	Loan facilities	ΝiΙ	Νil
3.2	Credit standby arrangements
		ΝiΙ	ΝiΙ

Estimated cash outflows for next quarter

	Total	170
4.2	Development	Nil
4.1	Exploration and evaluation	170
		\$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	2,294	2,474
5.2	Deposits at call
5.3	Bank overdraft
5.4	Other (provide details) - Audit Review adjustment
	Total: cash at end of quarter (item 1.22)	2,294	2,474

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		No changes
6.2	Interests in mining tenements acquired or increased		No changes

⁺ See chapter 19 for defined terms.

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.

	Doamphon inoidoo ruo or interver uno urry rouemphon or vonreraion ngneo together min phovo uno auto.	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)	Nil	N/A	N/A	N/A
7.2	Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs, redemptions	Nil	N/A	N/A	N/A
7.3	+ Ordinary securities	190,957,302	190,957,302	30 cents	30 cents
7.4	Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs	Nil	N/A	N/A	N/A
7.5	+ Convertible debt securities (description)	None	N/A	N/A	N/A
7.6	Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted	N/A	N/A	N/A	N/A
7.7	Options (description and conversion factor)
7.8	Issued during quarter
7.9	Exercised during quarter
7.10	Expired during quarter			Exercise price	Expiry date
7.11	Debentures (totals only)	None	N/A	N/A	N/A
7.12	Unsecured notes (totals only)	None	N/A	N/A	N/A

$\div$ See chapter 19 for defined terms.

Compliance statement

• This statement has been prepared under accounting policies which comply with $\mathbf{I}$ 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.

Sign here:	.	Date: $29th$ July 2003
	(Director)

Print name: James Laurie

Notes

• The quarterly report provides a basis for informing the market how the entity's $\mathbf{I}$ 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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⁺ See chapter 19 for defined terms.