Appendix 5B
Mining exploration entity quarterly report
+ See chapter 19 for defined terms.
30/9/2001 Appendix 5B Page 1
Rule 5.3
Appendix 5B
Mining exploration entity quarterly report
Introduced 1/7/96.

Origin: Appendix 8.

Amended 1/7/97, 1/7/98, 30/9/2001.
Name of entity
FERROWEST LIMITED
ABN Quarter ended ("current quarter")
14 074 009 091 31 December 2009
Consolidated statement of cash flows
Cash flows related to operating activities
Current quarter
$A
Year to date
(6 months)
$A
1.1 Receipts from product sales and related debtors
- -
1.2 Payments for (a) exploration and evaluation
(b) development
(c) production
(d) administration
(238,738)
(115,583)
(313,917)
(187,355)
1.3 Dividends received - -
1.4 Interest and other items of a similar nature
received
36 1,658
1.5 Interest and other costs of finance paid (3,148) (6,265)
1.6 Income taxes paid
1.7 Other - GST recoverable 7,618 4,354
Net Operating Cash Flows
(349,815)
(501,525)
Cash flows related to investing activities
1.8 Payment for purchases of: (a)prospects
(b)equity investments
(c) other fixed assets
-
-
-
-
-
-
1.9 Proceeds from sale of: (a)prospects
(b)equity investments
(c)other fixed assets
-
-
2,000
-
-
2,000
1.10 Loans to other entities - -
1.11 Loans repaid by other entities - -
1.12 Other - Bonds - -
Net investing cash flows
2,000
2,000
1.13 Total operating and investing cash flows (carried
forward)
(347,815)
(499,525)
Appendix 5B
Mining exploration entity quarterly report
+ See chapter 19 for defined terms.
Appendix 5B Page 2 30/9/2001
1.13 Total operating and investing cash flows
(brought forward)
(347,815)
(499,525)
Cash flows related to financing activities
1.14 Proceeds from issues of shares, options, etc.

12,160 399,160
1.15 Proceeds from sale of forfeited shares - -
1.16 Proceeds from borrowings 10,000 10,000
1.17 Repayment of borrowings - -
1.18 Dividends paid - -
1.19 Capital raising costs - (23,220)
Net financing cash flows 22,160 385,940
Net increase (decrease) in cash held
(325,655)
(113,585)
1.20 Cash at beginning of quarter/year to date 354,546 142,476
1.21 Exchange rate adjustments to item 1.20
1.22 Cash at end of quarter 28,891 28,891
Payments to directors of the entity and associates of the directors
Payments to related entities of the entity and associates of the related entities
Current quarter
$A
1.23
Aggregate amount of payments to the parties included in item 1.2
60,685
1.24
Aggregate amount of loans to the parties included in item 1.10
-
1.25
Explanation necessary for an understanding of the transactions
Non-cash financing and investing activities
2.1 Details of financing and investing transactions which have had a material effect on consolidated
assets and liabilities but did not involve cash flows
2.2 Details of outlays made by other entities to establish or increase their share in projects in which the
reporting entity has an interest
Financing facilities available
Add notes as necessary for an understanding of the position.
Amount available
$A
Amount used
$A
3.1 Loan facilities
- -
3.2 Credit standby arrangements
- -
Appendix 5B
Mining exploration entity quarterly report
+ See chapter 19 for defined terms.
30/9/2001 Appendix 5B Page 3
Estimated cash outflows for next quarter
$A
4.1 Exploration and evaluation
100,000
4.2 Development
-
Total
100,000
Reconciliation of cash
Reconciliation of cash at the end of the quarter (as
shown in the consolidated statement of cash flows) to
the related items in the accounts is as follows.
Current quarter
$A
Previous quarter
$A
5.1 Cash on hand and at bank 28,891 354,546
5.2 Deposits at call - -
5.3 Bank overdraft - -
5.4 Other (provide details) - -
Total: cash at end of quarter (item 1.22) 28,891 354,546
Changes in interests in mining tenements
Tenement
reference
Nature of interest
(note (2))
Interest at
beginning
of quarter
Interest at
end of
quarter
6.1 Interests in mining
tenements relinquished,
reduced or lapsed
6.2 Interests in mining
tenements acquired or
increased
Appendix 5B
Mining exploration entity quarterly report
+ See chapter 19 for defined terms.
Appendix 5B Page 4 30/9/2001
Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights together with prices and dates.
Total number Number quoted Issue price per
security (see note
3) (cents)
Amount paid up per
security (see note 3)
(cents)
7.1 Preference
+securities
(description)
7.2 Changes during
quarter
7.3 +Ordinary
securities
76,171,015 76,171,015
7.4 Changes during
quarter
(a) Increases
through issues
48,000
16,000
303,223
282,304
250,881
151,540
308,344
1,059,017
48,000
16,000
303,223
282,304
250,881
151,540
308,344
1,059,017
18.5
20.5
5.32
5.59
6.36
10.65
9
9
18.5
20.5
5.32
5.59
6.36
10.65
9
9
7.5 +Convertible debt
securities
(description)
1,875,000 # - $0.40 face value $0.40 face value
7.6 Changes during
quarter
(a) Increases
through issues
(b) Decreases
through securities
matured, converted
7.7 Options
(description and
conversion factor)
3,325,000
26,900,561
643,500
1,875,000
1,250,000
1,250,000
1,250,000
-
26,900,561
-
-
-
-
-
Exercise price
$0.20
$0.25
Various
$0.60
$0.47
$0.57
$0.67
Expiry date
1 January 2011
1 June 2010
Various
30 June 2010
31 January 2011
31 January 2011
31 January 2011
7.8 Issued during
quarter
7.9 Exercised during
quarter
48,000
16,000
-
-
$0.185
$0.205
8 November 2009
23 October 2009
7.10 Expired during
quarter
7.11 Debentures
(totals only)
7.12 Unsecured notes
(totals only)
# The principle terms of the Notes are as follows:
Number: 1,875,000
Face value: $0.40 per Note
Term: 2 years from issue
Conversion price: $0.40 per share
Interest rate: 10%
Appendix 5B
Mining exploration entity quarterly report
+ See chapter 19 for defined terms.
30/9/2001 Appendix 5B Page 5
Compliance statement
1 This statement has been prepared under accounting policies which comply with
accounting standards as defined in the Corporations Act or other standards acceptable
to ASX (see note 4).
2 This statement does /does not* (delete one) give a true and fair view of the matters
disclosed.
Sign here: ............................................................

Date: 29 January 2010
(Director/Company secretary)
Print name: Brett Manning
Notes
1 The quarterly report provides a basis for informing the market how the entity"s
activities have been financed for the past quarter and the effect on its cash position.
An entity wanting to disclose additional information is encouraged to do so, in a note
or notes attached to this report.
2 The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in
mining tenements acquired, exercised or lapsed during the reporting period.

If the
entity is involved in a joint venture agreement and there are conditions precedent
which will change its percentage interest in a mining tenement, it should disclose the
change of percentage interest and conditions precedent in the list required for items
6.1 and 6.2.
3 Issued and quoted securities The issue price and amount paid up is not required in
items 7.1 and 7.3 for fully paid securities.
4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive
Industries and AASB 1026: Statement of Cash Flows apply to this report.
5 Accounting Standards ASX will accept, for example, the use of International
Accounting Standards for foreign entities.

If the standards used do not address a topic,
the Australian standard on that topic (if any) must be complied with.
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