quarterly report

QUARTERLY REPORT TO SHAREHOLDERS
For the period 1 April 2006 to 30 June 2006
HIGHLIGHTS
• Completed capital raising and shareholder approvals for $12.45 million by way of
placement to professional and sophisticated investors.
• The shareholder register now includes of a number of respected institutional
investors that have indicated strong support for the group’s business plans and
capital requirements going forward.
• Appointed Phillip Toyne to the Australian Ethanol Limited Board as a Non
Executive Director.
• Appointed Carla O Andres to the position of Chief Executive Officer of US
Canadian Biofuels Inc,
• Completed the process design package provided by Axens and advanced the
detailed engineering design provided by Schneider Engineering for the Beatrice
Biodiesel Project located in Beatrice, Nebraska., USA.
• Completed the process design package and advanced the detailed engineering
design for the Swan Hill Ethanol Project in Victoria, Australia.
• Signed key soy oil supply and biodiesel off take contracts for the total project
requirements with CHS Inc for the 50 Mgpy Beatrice Biodiesel Project.
• Executed exclusive agreement on conditional term sheets, subject to shareholder
approval for the total financing required for the development of the Beatrice
Biodiesel Project. The project is ready to start construction.
• Committed to initial construction and key long lead supply items for the Swan Hill
Ethanol Project.
• Commenced process design and environmental licensing of the Beatrice Ethanol
Project.
• Put in place land acquisition options and initiated the environmental and statutory
development licensing process for three ethanol project development sites in
New South Wales, Australia and two in Western Australia.
• Initiated discussions regarding the acquisition of ethanol project development
assets in Queensland, Australia.
• Meeting of Shareholders held 27 April 2006. All resolutions were passed
unanimously.