VERITY RESOURCES LIMITED — Capital/Financing Update 2008

Jan 15, 2008

ACN 122 995 073

28 December 2007

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STATEMENT OF COMMITMENTS REVISED FOR FUNDS ACTUALLY RAISED UNDER REPLACEMENT PROSPECTUS

SOURCE OF FUNDS
Proceeds of Issue		10,208,024
Total Funds Available		10,208,024
					Budgeted to		Estimated to
		Total $			30/6/08 $		30/6/09 $
USE OF FUNDS
Costs of the Issue				713,389		713,389		-
Exploration Expenditure
PL110/94 Magogaphate				1,775,000		1,125,000		650,000
PL111/94 Mokoswane				950,000		550,000		400,000
PL54/98 Takane				450,000		350,000		100,000
PL14/2003 Majante				375,000		278,000		97,000
PL44/2004 Shashe River East				408,000		58,000		350,000
PL46/2004Sampowane				750,000		250,000		500,000
PL47/2004 Gobe Shear				178,000		125,000		53,000
PL48/2004 Shashe River West				410,000		60,000		350,000
PL18/2004 Jim’s Luck				54,000		29,000		25,000
PL? Shashe River South				137,000		31,000		106,000
PL130/2005 Bobonong				-		-		-
Administration & Corporate Expenditure				2,782,000		1,325,000		1,457,000
Total Expenditure Commitments				8,982,389		4,894,389		4,088,000
Additional WorkingCapital				1,225,635
Total Use of Funds			10,208,024

Botswana Metals Limited

REGISTERED OFFICE Suite 5.10, 737 Burwood Rd, Hawthorn, Australia Telephone +61 3 9813 5888 Facsimile +61 3 9813 2668