Annual report EL 25025, 15 September 2008 to 14 September 2009

Abstract

Coherent exploration models focusing on several commodities have been established and include targets for gold, uranium and base metals. A comprehensive information memorandum was compiled and used to attract a partner in March 2008 who hoped to list on the ASX. The option period expired on the 12/03/09 after completion of a Independent Geologist Report. Metaliko decided not to pursue the IPO process due to the Global Financial Crisis. Although the original agreement stated that all expenditure on the properties had to be met this was not achieved only limited work was completed during this term. Expenditure on the property was extremely low compared to the proposed budget and accepted caveat which was originally provided from a work program by Metaliko. Further efforts to secure another joint venture partner through the NT government delegation (Steve Tatzenko) in China were pursued as well as local companies. An ASX listed partner has now been secured to fund further exploration as of the 15th of October 2009 for the remainder of the next 15 months. Documentation to verify this agreement can be made available upon request.