PATERSON RESOURCES LTD — Interim / Quarterly Report 2013

Jan 30, 2014

Appendix 5B

Rule 5.3

Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001, 01/06/10.

Name of entity

ELYSIUM RESOURCES LIMITED (and Subsidiaries)

ABN Quarter ended ("current quarter")

45 115 593 005 31 December 2013

Consolidated statement of cash flows

		Current quarter	Year to date
Cash flows related to operating activities		$A'000	(6.months)
			$A'000
1.1	Receipts from product sales and related
	debtors	-
1.2	Payments for(a) exploration & evaluation	(31)	(60)
	(b) development	-	-
	(c) production	-	-
	(d) administration	(120)	(290)
1.3	Dividends received	-	-
1.4	Interest and other items of a similar nature
	received	1	4
1.5	Interest and other costs of finance paid	-	-
1.6	Income taxes paid	-	-
1.7	Other (provide details if material)
	Creditors/GST	9	17
	Net Operating Cash Flows	(141)	(329)
	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	(39)	(263)
1.11	Loans repaid by other entities	-	-
1.12	Other (provide details if material)
	Increase in cash from Burraga takeover	49	49
	Net investing cash flows	10	(214)
1.13	Total operating and investing cash flows
	(carried forward)	(131)	(543)

+ See chapter 19 for defined terms.

1.13	Total operating and investing cash flows
	(brought forward)	(131)	(543)
	Cash flows related to financing activities
1.14	Proceeds from issues of shares, options, etc.	-	190
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) – share	-	(29)
	issue costs
	Net financing cash flows	-	161
	Net increase (decrease) in cash held	(131)	(382)
1.20	Cash at beginning of quarter/year to date	311	562
1.21	Exchange rate adjustments to item 1.20	-	-
		180	180
1.22	Cash at end of quarter

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	20
1.24	Aggregate amount of loans to the parties included in item 1.10	-

1.25 Explanation necessary for an understanding of the transactions n/a

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 n/a
• 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

n/a

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	250	-

+ See chapter 19 for defined terms.

3.2	Credit standby arrangements	-	-

Estimated cash outflows for next quarter

	Total	100
4.4	Administration	50
4.3	Production	-
4.2	Development	-
4.1	Exploration and evaluation	50
		$A'000

Reconciliation of cash

	Reconciliation of cash at the end of the quarter (asshown 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	180	311
5.2	Deposits at call	-	-
5.3	Bank overdraft	-	-
5.4	Other (provide details)	-	-
Total: cash at end of quarter (item 1.22)		180	311

Changes in interests in mining tenements

		Tenementreference	Nature of interest(note (2))	Interest atbeginning	Interest atend of
				of quarter	quarter
6.1	Interests in miningtenements relinquished,reduced or lapsed	Nil
6.2	Interests in miningtenements acquired orincreased	EL 6463EL 6874EL 7975	Acquiredbyvirtueoftakeover of Burraga CopperLimited:	---	100%100%100%

+ 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.

		Total number	Number quoted	Issue price per	Amount paid up
				security (see	per security (see
				note 3) (cents)	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	724,705,730	724,705,730
	securities
7.4	Changes during
	quarter
	(a) Increasesthrough issues	564,574,989	564,574,989	Takeover6.5shares for every	Takeover 6.5 sharesfor every 1 Burraga
	(b) Decreases			1Burraga	Copper Ltd share
	through returns			CopperLtd
	of capital, buy			share
	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			Exercise price	Expiry date
	(description and	32,386,426	32,386,426	20c	31 March 2016
	conversion	2,000,000	-	20c	1 May 2016
	factor)	23,152,398	23,152,398	1.3c	30 June 2014
		17,000,000	-	2c	30 June 2017
7.8	Issued during
	quarter
7.9	Exercised	-	-
	during quarter
7.10	Expired during	-	-
	quarter

+ See chapter 19 for defined terms.

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.

Company Secretary

Sign here: ............................................................ Date: 31 January 2014

Print name: .....Mark Ohlsson....................................

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.

== == == == ==

+ See chapter 19 for defined terms.