PERIOD ENDING 31 MARCH 2009 Quarterly Report

Maximus Resources Ltd ABN 74 111 977

HIGHLIGHTS Gold sales of refined gold and website nuggets grossed $144,421 for Quarter at an average gold price of $1469/ounce.

Bulk sampling and trial production now completed at Sellheim with 268.4 ounces of native gold from 9459 bank cubic metres (bcm) mined since 1 July 2008 at an average grade of 0.88 grams/bcm for a cash revenue of $334,484.

SUMMARY CORPORATE PROJECT

Queensland Gold (Sellheim Project)

South Australian Gold (Bird in Hand Project)

Western Australian (Narndee Project)

Trial production plant in operation at Sellheim. Trial production plant in operation at Sellheim.

CORPORATE

SUMMARY

2 Maximus Resources

EXPLORATION ACTIVITIES QUEENSLAND SELLHEIM GOLD PROJECT Maximus 100%

Resource Upgrade

TABLE 1: ESTIMATE OF MINERAL RESOURCE

Field Category Estimated Volume 1

(bcm) Estimated Grade 1

(g/bcm) Estimated Ounces 1 Overburden 2

(bcm)

Jack’s Patch

Inferred Resource 2/4/08 2 96,000 2.09 6,400

Indicated Resource 3/12/08 3 60,000 1.23 4 2,400 135,000

Golden Triangle 5

Inferred Resource 2/4/08 2 215,000 0.86 5,900

Inferred Resource 3/12/08 3 199,000 0.90 4 5,800 210,000

Boulder Run 5

Inferred Resource 2/4/08 2 154,000 0.90 4,400

Inferred Resource 3/12/08 3 192,000 0.71 4 4,400 217,000

Totals ROUNDED* (3/12/08 only)

452,000 0.86 4 12,500 563,000

Foot Notes 1 Estimated Volume, Grade, Ounces and Overburden are rounded to the nearest thousand, second decimal point and nearest hundred, respectively.

2 Estimated Volume, Grade and Inferred Ounces as at 2/4/08 included mineralised upper B horizon where present. All mineralised B horizon is now excluded from the new resource estimate and included in the estimated overburden.

3 Ounces, resource volumes and grades for 3/12/08 Estimate are only for A Horizon. Estimated Ounces are unrefined and not 999/1000 fine gold.

4 Estimated grades for 3/12/08 Resource derived by cutting all test pit grades to maximum of 2.30g/bcm in light of trial mining.

5 Golden Triangle and Boulder Run are only Inferred Resources. Closer spaced bulk sampling similar to that undertaken at Jacks Patch is required to raise these resources to ‘Indicated’ status.

* Trial mining since 3 December 2008 has further reduced the above Jacks Patch Indicated Resource and the Total Resource by 3310 bcm to rounded volumes of 57,000 bcm and 449,000 bcm, respectively as at 29/3/09.

Ingham

Charters Towers

Lake Dalrymple

Mt Coolon

Townsville

Ayr

(See inset)

Burdekin Falls Dam Collinsville

Bowen

Mackay

-20º

EPM15778

ML10270

ML10269

Jacks Patch

Golden Triangle

EPM13499

ML10328

Boulder Run

50km 0 0 4km

Figure 2 Location of Sellheim Project showing tenement holdings and Figure 2 estimated resources.

Foot Notes

Resource Upgrade

Maximus Resources 3

Gold Production

Gold and Nugget Sales

Hardrock Gold Program

SOUTH AUSTRALIA ADELAIDE HILLS PROJECT 100% Maximus

Bird in Hand Gold Mine

Water Studies

Community Consultation

Adelaide Hills Gold Province

Deloraine Prospect, Deloraine Goldfield

Kapunda Joint Venture

Maximus diluting to 25% subject to Kapunda JV Agreement

BILLA KALINA PROJECT Maximus diluting to 50% subject to Billa Kalina JV Agreement

Gold and Nugget Sales

4 Maximus Resources

EROMANGA SEDIMENTARY URANIUM PROJECT Maximus diluting to 30% subject to Eromanga JV Agreement

WESTERN AUSTRALIA NARNDEE PROJECT

Figure 3 Adelaide Hills Gold Figure 3 Province showing Maximus’ tenure and principal prospects.

-34º30'

-35º

ADELAIDE

Uraidla and Forest Range

Echunga

Willunga

Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra

Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa

Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal

Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka

Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside

Gumeracha

Deloraine

Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa

Kanmantoo Copper (Hillgrove)

Angas Lead/Zinc (Terramin)

New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era

Bird in Hand

Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Birdwood

Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston

Mt Rufus

10 km 0

-28º30'

-29º

-28º

Windimurra Vanadium

Deposit (non MXR)

Au Au

PGM Au

Corner Well

PGM PGM

Muleryon Hill

Milgoo Nickel/PGM Prospect

PbZn

Shephards Iron-Vanadium Prospect

Windimurra Uranium Resource

Wondinong

CuZn

CuZn

CuZn

Au

Au

Au

Mount Magnet

Canegrass Iron Ore Prospect

Au

Ni PGM

Ni PGM

Milgoo

Airborne EM Target

10 km 0

Maximus Tenement Area Windimurra-Narndee Complex

Figure 4 Narndee Project tenements and principal prospects. Figure 4

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Maximus diluting to 30% subject to Eromanga JV Agreement

Province showing Maximus’ tenure and principal prospects.

Maximus Resources 5

www.maximusresources.com

Exploration targets*

YANDAL 90% Maximus

NORTHERN TERRITORY WOOLANGA PROJECT Maximus, diluting respectively to 75% and 51%, subject to the Woolanga- Rankin and Strangway Agreements

RANKIN PROJECT Maximus, diluting to 70%, subject to the Woolanga-Rankin Agreement

CORPORATE ACTIVITIES

FINANCE

Dr Kevin J A Wills

Rankin and Strangway Agreements

NORTHERN TERRITORY

90% Maximus

YANDAL

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 

Maximus Resources Limited 

ABN  Quarter ended (“current quarter”) 

74 111 977 354  31 March 2009 

Consolidated statement of cash flows 

Cash flows related to operating activities Current quarter 

$A’000 Year to date (9 months) $A’000 

1.1  Receipts from product sales and related debtors  140  325 

1.2  Payments for (a)  exploration and evaluation (b)  development (c)  production (d)  administration 

(1,461) 

(348) 

(4,996) 

(1,078) 1.3  Dividends received 1.4  Interest  and  other  items  of  a  similar  nature 

received 6  95 

1.5  Interest and other costs of finance paid 1.6  Income taxes paid 1.7  Other (provide details if material) 

Net Operating Cash Flows  (1,663)  (5,654) 

Cash flows related to investing activities 1.8  Payment for purchases of: 

(a)prospects (b)equity investments (c) other fixed assets 

­ 

­ 

(25) 

(250) 1.9  Proceeds from sale of: 

(a)prospects (b)equity investments (c)other fixed assets  62  62 

1.10  Loans to other entities 1.11  Loans repaid by other entities 1.12  Other (provide details if material) 

Net investing cash flows  62  (213) 1.13  Total  operating  and  investing  cash  flows 

(carried forward)  (1,601)  (5,867)

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)  (1,601)  5,867) 

Cash flows related to financing activities 1.14  Proceeds from issues of shares, options, etc.  898  1,821 1.15  Proceeds from sale of forfeited shares 1.16  Proceeds from borrowings 1.17  Repayment of borrowings 1.18  Dividends paid 1.19  Other (provide details if material) 

Net financing cash flows  898  1,821 

Net increase (decrease) in cash held  (703)  (4,046) 

1.20  Cash at beginning of quarter/year to date  851  4,194 1.21  Exchange rate adjustments to item 1.20 

1.22  Cash at end of quarter  148  148 

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'000 

1.23  Aggregate amount of payments to the parties included in item 1.2  ­ 

1.24  Aggregate amount of loans to the parties included in item 1.10 

1.25  Explanation necessary for an understanding of the transactions 

Non­cash 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

Appendix 5B Mining exploration entity quarterly report 

+ See chapter 19 for defined terms. 

30/9/2001  Appendix 5B  Page 3 

Financing facilities available Add notes as necessary for an understanding of the position. 

Amount available $A’000 

Amount used $A’000 

3.1  Loan facilities 

3.2  Credit standby arrangements 

Estimated cash outflows for next quarter $A’000 

4.1  Exploration and evaluation  50 

4.2  Development  ­ 

Total  50 

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’000 

Previous quarter $A’000 

5.1  Cash on hand and at bank  98  341 

5.2  Deposits at call  50  510 

5.3  Bank overdraft 

5.4  Other (provide details) 

Total: cash at end of quarter (item 1.22)  148  851 

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 

EL3578 EL3577 EL3574 

Surrendered Surrendered Surrendered 

100% 100% 100% 

0% 0% 0% 

6.2  Interests in mining tenements acquired or increased 

EL4222  Granted  0%  100%

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 (a)  Increases through issues (b)  Decreases through returns of capital, buy­ backs, redemptions 

7.3  + Ordinary securities  184,805,544  184,805,544 

7.4  Changes during quarter (a)  Increases through issues (b)  Decreases through returns of capital, buy­ backs 

15,245,666  15,245,666 

7.5  + Convertible debt securities (description) 

7.6  Changes during quarter (a)  Increases through issues (b)  Decreases through securities matured, converted 

7.7  Options (description and conversion factor) 

21,399,122 66,192,238 1,000,000 2,000,000 770,000 3,000,000 890,000 1,965,000 

21,399,122 66,192,238 

Exercise price $0.10 $0.20 $0.20 $0.50 $0.14 $0.50 $0.18 $0.04 

Expiry date 29/05/2009 30/06/2009 20/04/2010 02/07/2010 20/03/2012 02/07/2012 17/03/2013 03/02/2014 

7.8  Issued during quarter 

5,575,000  5,575,000  $0.10  29/05/2009 

7.9  Exercised during quarter 

4,000  4,000  $0.10  29/05/2009 

7.10  Expired during quarter 

7.11  Debentures (totals only)

Appendix 5B Mining exploration entity quarterly report 

+ See chapter 19 for defined terms. 

30/9/2001  Appendix 5B  Page 5 

7.12  Unsecured notes (totals only) 

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 5). 

2  This statement does give a true and fair view of the matters disclosed. 

Sign here: (Company Secretary)  Date: 29 April 2009 

Print name:  David W Godfrey 

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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