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Widespread Portfolios interim result to 30 September 2009

Widespread Portfolios Limited

Interim Report

for the six months to 30 September 2009

Your directors submit the financial statements of Widespread Portfolios Limited for the six months to 30 September 2009.

The trading result for the period was a loss of $187,000  (6 months to 30 September 2007, $298,000 loss).

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All listed assets are included at market values with the exception of Asian Minerals which (as has been the case for seven of the last nine years) is currently included at directors’ valuation. This valuation is based on our share of Asian Minerals net assets and takes into account independent project valuation data, the strategic nature of the shareholding, our close association with the company (including board representation), and all the present circumstances surrounding the Ban Phuc Nickel Project in Vietnam (further detail on these circumstances is included below). Recent sales in Canada of small shareholdings by small shareholders are not, in our view, a relevant benchmark for the value of our significantly larger stake in the company.  

As can be seen from the table, we have quite a diverse set of major investments, both in terms of geographical spread and by commodity.

Asian Mineral Resources  (presently 55.9% of our portfolio)

Until 13 June 2008, AMR was steadily progressing towards its goal of establishing a small-scale, high-grade underground nickel mine in northern Vietnam. The mining license had finally been granted in December 2007, substantial sums of money raised in early 2008 (including USD 34 million invested by Malaysian Smelting Corporation for a 20% stake in the company), and the mining camp, processing plant and mine development were well advanced and proceeding according to plan. The company had already invested USD 61.5 million in the project since its inception and was in negotiations with a number of potential financiers willing to invest another USD 45 million to finance the completion of the plant. With 100 million shares on issue the market value of the company was then approximately CA