ORCODA LIMITED — Interim / Quarterly Report 2010

Jan 30, 2011

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A.C.N. 009 065 650

Level 1, 614 Newcastle Street PO Box 334 LEEDERVILLE WA 6007 LEEDERVILLE WA 6903 Telephone: (08) 9228 1199 Facsimile: (08) 9228 2299 email:smarttrans@smarttrans.com.au Home Page: www.smarttrans.com.au

Quarterly Report

for the three months ended

31[st] December 2010

HIGHLIGHTS

Mobile Phone and Transport Systems

• Agreement with China Mobile Shanxi Group awaits the conclusion of Government administrative requirements of SmartTrans and formal execution;

• Expansion of the China client base with addition of Allianz/Mondial;

• SmartTrans Technology (Beijing) Limited launched.

Mineral Exploration

• Exploration by China Minmetals Group for lead and zinc continues at Riversleigh;

• Gold and copper targets in Queensland’s Connors Arch available for joint venture.

SmartTrans Holdings Ltd - Quarterly Report

December 2010

OVERVIEW

The Company is strongly focussed on the execution of an agreement with the China Mobile Shanxi Group, the expansion of its agreement with Yamei Electronics and the broadening of its client base in China.

Exploration activity continues at Riversleigh at a reduced level due to the onset of the Wet Season.

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MOBILE PHONE and TRANSPORT SYSTEMS – SmartTrans Limited (95% equity)

Background

The SmartTrans Mobile Telephone Platform is a sophisticated software management system which provides a management tool for the distribution of applications (“Apps”) and other digital content including games, animation, music and other multimedia.

During the Quarter SmartTrans established a Wholly Foreign Owned Entity (WFOE) in China and this entity, SmartTrans Technology (Beijing) Company Limited, was granted a business licence to provide its mobile telephone based AMP software and SmartTrans’ e-Solution mobile and logistics software in China.

China Mobile Shanxi Project

SmartTrans understands that contract negotiations with China Mobile Shanxi Group are complete and that the execution of the agreement requires the conclusion of Government administrative requirements associated with SmartTrans’ new entity in China. The Company understands that these Government administrative requirements are nearing finalisation and the Company awaits formal execution of the agreement which is understood to be currently progressing through internal procedures followed by China Mobile Shanxi Group.

Yamei Project

GPS hardware manufacturer with which SmartTrans is partnering in this project, Yamei, appointed a new sales team in China to sell logistics software solutions. This team will be trained in the use of SmartTrans’ software to focus on the emerging Chinese logistics market. SmartTrans’ software is planned to be installed on Yamei’s hardware and marketed to Yamei’s client base in the coming Quarter.

Other Business Developments:

SmartTrans entered into an agreement with Allianz in China for the provision of SmartTrans e- Solution system for the allocation, job management, GPS Tracking and proof of service for vehicle breakdowns on behalf of vehicle manufacturers contracted to Allianz. The provided solution incorporates hardware and software.

SmartTrans has partnered with Gruden Asia for it to provide creative digital support to SmartTrans in China. Gruden has delivered its digital services to clients such as Disney, NineMSN and Yahoo and is well credentialed to supply content to, and support the rollout of, SmartTrans’ systems in China.

SmartTrans continued to work with suppliers of additional content and applications to support its MyLife platform in China in preparation for the product launch.

SmartTrans Holdings Ltd - Quarterly Report

December 2010

In Australia, SmartTrans continues to roll out and expand the user base of its innovative mobile software solutions.

MINERAL EXPLORATION PROJECTS

Wangunda Joint Venture – China Minmetals Group (“MMG”) earning 70% equity (SmartTrans currently 100% equity, 56,320 hectares)

Under the terms of the joint venture agreement, MMG Australia Limited, formerly OZ Minerals Australia Limited, can earn 70% equity in the tenements by expenditure of at least $10 million over 7.5 years to the completion of a bankable feasibility study. MMG has completed Stage 1 of the agreement after spending $1 million and is now in Stage 2 where it has committed to spend a further $3 million in the three year period to 6th June 2011.

Ongoing target generation work has indicated geochemically interesting areas in the vicinity of the Termite Range Fault and a number of untested IP chargeability anomalies which have been noted for further work.

Steve’s Gossan forms a prominent outcrop which contains sub-economic lead-zinc-silver mineralization in the Riversleigh Siltstone. This unit may thicken significantly at depth towards a known sub-basin depocenter situated west of the outcrop. Two drill holes and a Ground EM/IP survey are planned to test this prospect later in the year.

Connors Arch Joint Venture

This group, in which SmartTrans is in joint venture with Australia Oriental Minerals NL, covers eight tenements in the South Connors Arch Province which is prospective for porphyry-style copper-gold deposits and epithermal gold deposits. The Company has the following interests in these projects:

• 60% equity in three tenements at Mount Mackenzie;

• 54.08% equity in two tenements at Waitara; and

• the right to earn 51-80% equity in three tenements at Marlborough Fault.

Mount Mackenzie Prospect (60% equity, 34,560 hectares )

Located at Coppermine Creek in Central Queensland, Mount Mackenzie is an advanced exploration project. Diamond drilling by SmartTrans, together with the development of a comprehensive geological and geophysical model, has demonstrated that Mt Mackenzie is one of the largest hydrothermal (high-sulphidation) systems in eastern Australia.

Drilling encountered significant gold and copper values in lead-zinc-silver mineralized breccias and extensive, intensely sulphidic, alteration under cover rocks at the “Instinct” Prospect located 500m to 1000m west of Mt Mackenzie.

Mineralisation is evident in:

• sulphide matrix polymict breccias of hydrothermal and probable intrusive origin;

• well developed multidirectional quartz- sulphide stockworks;

• vughy silica alteration, and;

• haematized and probable supergene zones related to palaeo weathering, immediately below the unconformity with the cover sequence.

The potential for extensions to this system lies under the volcanic cover outside the limits of all previous drilling.

SmartTrans Holdings Ltd - Quarterly Report

December 2010

SmartTrans believes there is also significant potential for high grade deposits at Mount Mackenzie.

SmartTrans is seeking a suitable joint venture partner for this project.

Marlborough Fault Project (earning 51% equity, 94,720 hectares)

This project comprises three tenements that have the potential to develop large porphyry-style deposits and high grade structurally-controlled gold deposits in dilational fault irregularities and fault intersections.

There was no field work during the period.

SmartTrans is seeking a suitable joint venture partner for this project.

Connors Range Joint Venture (approximately 54.08% equity, 6,080 hectares )

This project comprises two tenements in the northern Lachlan - New England fold belt that include the Waitara porphyry (Cu/Mo) and the Waitara Epithermal (Au) prospects.

The area can be compared with the Cadia-Parkes region of NSW in terms of its metallogenic character and is highly prospective for bulk-tonnage porphyry-style copper-gold and epithermal deposits.

The extent of the Waitara Porphyry prospect has not been fully defined and remains open at depth. Previous exploration has been limited to the north-east margin of a 10km annular magnetic anomaly and there has been no attempt to explore beneath the cover sequences that obscure the remainder of the target zone. The best drill intersection was in drill hole W-01 which averaged 0.22% Cu (chalcocite and chalcopyrite) for its entire length of 305 metres. There is the opportunity to outline a deposit within the area of the existing drilling or beneath the untested Mo anomalies.

The Waitara Epithermal prospect contains float boulders, interpreted to be transported from a nearby source, that have returned rock chip assays up to 152g/t Au and 375g/t Ag in the vicinity of a classic epithermal quartz vein. Drilling has not intersected similar mineralisation however further work involving ground magnetics, multi-element geochemistry and textural studies has the potential to generate specific drill targets.

SmartTrans is seeking a suitable joint venture partner for this project.

There was no field work during the period.

J P LAURIE

DIRECTOR

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 and qualifies as a competent person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. This person, James Laurie, is a full time employee of the Company and consents to the inclusion in the report of the matters based on his information in the form and context in which they appear.

Appendix 5B Mining exploration entity quarterly report

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10

Name of entity

Name of entity
SmartTrans Holdings Limited
ABN 86 009 065 650	Quarter ended (“current quarter”)
86 009 065 650	December 2010

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 & 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 (6 months) $A’000
	- (24) - - (245) - 5 - - (106)	- (45) - - (433) - 8 - - (329)
	(370)	(799)
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 1.13 Total operating and investing cash flows (carried forward)	- - (1) - - - - - (57)	- - (6) - - - - - (60)
	(58)	(66)
	(428)	(865)

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

1.13 Total operating and investing cash flows (brought forward)	(428)	(865)
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	1,000 - - - - -	1,170 - - - - -
	1,000	1,170
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 ofquarter	572 432 -	305 699 -
	1,004	1,004

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 1.24	Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10	Current quarter $A'000
		127
		-
1.25	Explanation necessaryfor an understandingof the transactions
	1.7 Other: Non-mining Subsidiary Sales 245 Government Grants 241 Less Cost of Goods (78) Less Expenses (514) 1.12 Other : Capital Raising costs	(106) (57)

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

• See chapter 19 for defined terms.

Appendix 5B Page 2

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Appendix 5B Mining exploration entity quarterly report

Financing facilities available

Add notes as necessary for an understanding of the position.

Amount available Amount used $A’000 $A’000

3.1 Loan facilities 3.2 Credit standby arrangements

Estimated cash outflows for next quarter

4.1 Exploration and evaluation 4.2 Development 4.3 Production 4.4 Administration	$A’000
	17
	-
	-
	181
Total	**198 **

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 Bank overdraft 5.4 Other (provide details)	1,004	432
Total: cash at end of quarter(item 1.22)	1,004	432

Changes in interests in mining tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed	Tenement reference	Nature of interest (note (2))	Interest at beginning ofquarter	Interest at end of quarter

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

6.2 Interests in mining tenements acquired or increased

• See chapter 19 for defined terms.

Appendix 5B Page 4

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Appendix 5B Mining exploration entity quarterly report

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 note3) (cents)	Amount paid up per security (see note3) (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 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs	1,077,684,661	1,077,684,661
	63,453,814	63,453,814
7.5 +Convertible debt securities (description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted
7.7 Options (description and conversion factor) 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	6,000,000	-	Exercise price $0.005	Expiry date 11/08/2011
7.11 Debentures (totals only)

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

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 5).

• 2 This statement does / ~~does not*~~ (delete one) give a true and fair view of the matters disclosed.

Sign here: ............................................................ Date: ............................ (Director/Company secretary)

Print name: .........................................................

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 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report.

• 5 Accounting Standards ASX will accept, for example, the use of International Financial Reporting 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 6

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