RAIDEN RESOURCES LIMITED — Interim / Quarterly Report 2005

Apr 28, 2005

Notes for the Appendix 4C Quarterly Report to 31 March 2005

MEDICAL MONITORS LIMITED (the "Company")

This note to the Appendix 4C Quarterly Report includes an updated budget projection for the Company for the next nine months, as requested by the ASX. This budget takes into account the increase in sales revenues expected from the USA and provides for a very positive overview of the Company's finances.

As announced, the Company has been informed that the USA-based cardiac monitoring business, using the Medical Monitors' ECG product and service, has significantly exceeded the expectations in its Business Plan for the first year of operation (ASX Notice -13April 2005). This will provide the Company with a secured contract, through the distributor Primedical International, to supply increased quantities of ECG units for usage across the USA.

In order to keep up with the expected demand, a further Private Placement has now been completed to provide additional funds for the inventory manufacture, particularly for the cardiac monitoring service now well in progress (ASX Notice – 29 April 2005).

Though the quarterly spend ran close to budget, the expected sales revenue will now be significantly greater than that originally budgeted for - by more than 100%. It should also be noted that gants monies have been reduced in the quarter, due to unforeseen criteria changes. Importantly, other grant programs are now available as the Company enters this new and exciting commercialisation pathway.

The Directors believe that there is a sound financial base for the Company to continue with its current programs, in Australia and overseas, and that the Company will benefit from the increasing sales revenue and royalty stream anticipated over the coming months, The Directors believe that sufficient funds, and other financial arrangements, are in place to provide for the payment of accounts as and when they fall due.

The Directors are confident of the continuing success for the Company's products and services in Australia and internationally, and will keep the market informed of any new developments.

Dr Allan Shell Managing Director

Medical Monitors Limited Suite 407 Office Tower Westfield Eastgardens Eastgardens NSW 2036 Australia Tel 02 9344 8100 Fax 02 9344 8200 www.medmon.com.au

$Rule 4.7B$

Appendix 4C

Quarterly report for entities admitted on the basis of commitments

Introduced 31/3/2000. Amended 30/9/2001

Name of entity

Medical Monitors Limited

ABN

68 009 161 522

Quarter ended ("current quarter")

31 MARCH 2005

Consolidated statement of cash flows

Cash flows related to operating activities		Current quarter \$A'000	Year to date $(g_m$ months)
				SA'000
1.1	Receipts from customers		32	404
1.2	Payments for	(a) staff costs	(133)	(484)
		(b) advertising and marketing	(82)	(307)
		(c) research and development	(19)	(257)
		(d) leased assets
		(e) other working capital	(492)	(809)
1.3	Dividends received
1.4	Interest and other items of a similar nature received		2	4
1.5	Interest and other costs of finance paid		(4)	(40)
1.6	Income taxes paid
1.7	Other (Govt Grants)		35	316
	Other (GST Refund)		25	25
	Net operating cash flows		(636)	(1,148)

⁺ See chapter 19 for defined terms.

		Current quarter \$A'000	Year to date $(g_{\ldots}$ months)
			\$A'000
1.8	Net operating cash flows (carried forward)	(636)	(1, 148)
1.9	Cash flows related to investing activities Payment for acquisition of:
	(a) businesses (item 5)
	(b) equity investments (c) intellectual property		(135)
	(d) physical non- current assets
	(e) other non-current assets		(65)
1.10	Proceeds from disposal of: $(a)$ businesses (item 5)
	(b)equity investments
	(c) intellectual property		63
	(d) physical non- current assets		9
	(e) other non-current
	assets		150
1.11	Loans to other entities	(282)	(282)
1.12	Loans repaid by other entities
1.13	Other (provide details if material)
	Net investing cash flows	(282)	(260)
1.14	Total operating and investing cash flows	(918)	(1,408)
	Cash flows related to financing activities
1.15	Proceeds from issues of shares, options, etc.	850	1,235
1.16 1.17	Proceeds from sale of forfeited shares Proceeds from borrowings		$\overline{\phantom{0}}$ 403
1.18	Repayment of borrowings		(413)
1.19	Dividends paid
1.20	Other (Security Deposit)	850	$\overline{\phantom{a}}$ 1,225
	Net financing cash flows
	Net increase (decrease) in cash held	(68)	(183)
1.21 1.22	Cash at beginning of quarter/year to date Exchange rate adjustments to item 1.20	227	342
1.23	Cash at end of quarter	159	159

⁺ See chapter 19 for defined terms.

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
1.24	Aggregate amount of payments to the parties included in item 1.2	177
1.25	Aggregate amount of loans to the parties included in item 1.11

1.26 Explanation necessary for an understanding of the transactions

Consultancy fees paid to research entities controlled by directors.

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 businesses in which the reporting entity has an interest

Financing facilities available

Add notes as necessary for an understanding of the position. (See AASB 1026 paragraph 12.2).

		Amount available \$A'000	Amount used \$A'000
3.1	Loan facilities
-3.2	Credit standby arrangements	.000	ЮH

⁺ See chapter 19 for defined terms.

Reconciliation of cash

Reconciliation of eash 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
4.1	Cash on hand and at bank	159.	227
4.2	Deposits at call
4.3	Bank overdraft
44	Other (provide details)
	Total: cash at end of quarter (item 1.22)	159.	227

Acquisitions and disposals of business entities

		Acquisitions (Item $1.9(a)$ )	Disposals (Item $1.10(a)$ )
5.1	Name of entity
5.2	Place of incorporation or registration
5.3	Consideration for acquisition or disposal
5.4	Total net assets
5.5	Nature of business

Compliance statement

• $\mathbf{1}$ This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act (except to the extent that information is not required because of note 2) or other standards acceptable to ASX.
• $\overline{2}$ This statement does give a true and fair view of the matters disclosed.

Sign here:

Print name:

Dr Allan Shell Director

Date: 29 April 2005

⁺ See chapter 19 for defined terms.

Notes

• $\mathbf{1}$ . 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.
• $\overline{2}$ The definitions in, and provisions of, AASB 1026: Statement of Cash Flows apply to this report except for the paragraphs of the Standard set out below.
• 6.2 - reconciliation of cash flows arising from operating activities to operating profit or loss
• 9.2 - itemised disclosure relating to acquisitions
• 9.4 - itemised disclosure relating to disposals
• $12.1(a)$ policy for classification of cash items
• disclosure of restrictions on use of cash $12.3$ $\bullet$
• $13.1$ - comparative information
• $\overline{3}$ . 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.

MEDICAL MONITORS LIMITED

Revised Budget Projection - April - Dec 2005

	App 4C		2005
	Jan -Mar	April - June	July - Sept	Oct - Dec	TOTAL
Sources:
Technology Support		150,000	200,000	200,000	550,000
R&D Tax Rebate				200,000	200,000
Gov't & Export Marketing Grants		35,000	20,000	20,000	110,000
Private Placement		500,000			1,350,000
Trade Finance / Line of credit **					0
Sales: BPfone and ECG
UK, USA, Europe		325,000	875,000	1,050,000	2,250,000
Australia		150,000	35,000	185,000	402,000
	Total	1,160,000	1,130,000	1,655,000	4,862,000
Applications:
Admin, / Overhead costs		255,000	210,000	210,000	942,000
ManufacturingExpenses		245,000	300,000	300,000	1,105,000
Staff / Consultants		150,000	128,000	128,000	571,000
Travel / Marketing		50,000	50,000	50,000	206,000
Total		700,000	688,000	688,000	2,834,000
	Net Cashflow 159,000	460,000	442,000	967,000	2,038,000

Sales: The underlying assumptions for sales revenue are based on the sale of existing and future stock, and revised purchase orders for the USA and Canada. Overhead: The costs for some of the overseas travel and technology support expenses will be reimbursed by Primedical.

Capital Raising: The Company has undertaken a further Capital Raising in April (see ASX Notice).

Manufacture: There is a significant and agreed profit margin for manufactured goods supplied, as part of the Primedical and Canadian agreements.

Note:Production costs expected to decrease with increased quantities ordered

Grants and Rebates: R&D rebates are calculated on eligible expenses that may include salaried staff and other expenditure.

Export Marketing Development Grants and Government grants (relevant to our sector) have been successfully applied for in the past.

**Trade Finance / Line of credit: A \$1.0 million 'Line of credit' remains available to the Company, as previously noted