Ann: Half Yearly Report and Accounts, page-4

COMMITMENTS....

6. Commitments In order to maintain current rights of tenure to exploration permits, the Consolidated Entity is required to perform minimum exploration work commitments specified by DMIRS. Each of these work commitments has an associated indicative expenditure associated with it. The Group also has commitments with respect to its lease of office space. These obligations are not provided for in the financial report and are due as follows: $ Within one year 1,683,310 One year or later and no later than five years 13,062,800 Later than five years - Total 14,746,110 Permit commitments above will be met through either capital raisings, a “carry” from farm-in partners, or asset sales. In order to ensure that the Group’s permits remain in good order, discussions and negotiations with the relevant regulatory bodies take place on an as required basis to amend the timing and nature of permit work commitments where technically justified. Should the Group not be permitted to amend the timing or nature of permit work commitments, or have insufficient funds to satisfy those commitments, the Group risks having to relinquish title to those permit(s).
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