Ann: Annual Report to shareholders, page-2

From Chairman's report:

Re: MILLERS CREEK

The ground gravity survey confirmed that a minimum
of six targets remain to be tested on the four tenements, with the
highest priority target to be drill tested as soon as the Farm-in
Agreement is signed and an open access window is available to
the WPA.

The Farm-in Agreement with Monax provides some certainty
around the exploration expenditure commitments for the
Millers Creek project for the next three years, provided we have
continued exploration success, whilst retaining significant upside
to Maximus shareholders as the project develops..............

..........Securing Monax Alliance (which is funded by the large South
American Explorer Antofagasta) as our Joint Venturer to continue
exploring the Millers Creek project is an exciting prospect for
your company.

Re: NARNDEE

Ongoing success with our exploration at Narndee reaffirms our
views that we are on the cusp of a significant breakthrough
on our tenements. With persistence and a little luck, which
historically plays a part in any exploration program, we will
continue to build on the significant results to-date at Narndee
and eventually our persistence should pay off with a significant
discovery.