Here is a summation of the 12 months achievement of Polo up to...

Here is a summation of the 12 months achievement of Polo up to July 2010, from their annual report.

Of coarse we can now add a move into MOZ to their list of current investments. These people are money makers - with their current entry into MOZ around current prices, they are looking and expecting for MOZ to go much higher than this!

Executive Co-Chairman's Statement

Following the accumulation of a series of investments in uranium focused companies during the last financial year, Polo began a programme of disposing of these investments from September 2009 that culminated with the disposal of our largest uranium interest, Extract Resources Limited, in August 2010. These investments and subsequent timely disposals have been highly successful for Polo and demonstrate management's ability to identify growth opportunities and successfully convert these
into realised financial gains for our shareholders.

To highlight the achievements of this financial year:
* Polo disposed of all its uranium investments with the exception of its interest in Extract Resources with total sales of US$57.9 million and realised a net gain on disposal of US$20 million.
* Polo disposed of its interest in Mongolian coal assets for US$35 million, realising a net gain of US$19 million on its book value.

Furthermore, subsequent to the end of 30 June 2010 financial year:
* On 13 August 2010 Polo completed its disposal of its uranium interests with the sale of the interest in Extract Resources for US$142 million and realised a net gain on disposal of US$62.7 million.

Following these disposals the Company was left with two coal investments:
* 62,085,196 shares representing a 27.64 per cent equity interest in Caledon Resources plc (AIM:CDN) together with a convertible loan note of 2.5 million pound/Stirling and short term loans of 7.9 million pound/stirling outstanding to Caledon. Caledon has recently made substantial advances with a large increase in its geological coal resources, enhanced management with a wealth of experience in underground coal mining and most importantly has secured an interest in the Wiggins Island port facility currently programmed for development in Queensland. Access to the Wiggins Island port
is critical to the future development of Caledon�s Minyango coking coal project which the company plans to take to Bankable Feasibility Study shortly.
* 15,220,985 shares representing a 29.82 per cent equity interest in GCM Resources plc (AIM:GCM). GCM's discussions with the Bangladeshi Government have recently moved onto the detail of project implementation for its Phulbari coal project and the company is busy preparing so that it is ready to move forward with development as soon as it receives Government approval for its Scheme of Development

With these encouraging developments at both Caledon and GCM we consider that both projects offer prospects of substantial growth in the current financial year. At the date of this report the Company had a cash balance of US$67 million and Polo is busy focusing on new investment opportunities with a number of projects currently under review over a range of minerals. We look forward to updating shareholders as to progress in due course.

Stephen R. Dattels
Executive Co-Chairman