Sirius Exploration PLC
LSE : SXX

December 18, 2009 02:00 ET

Interim Results

                       SIRIUS EXPLORATION PLC
              ("Sirius", the "Group", or the "Company")

                         Interim Results

Sirius Exploration Plc (AIM: SXX, OTC: SRUXY), the diversified mining and exploration holding company focused on
North America and Australia, today announces its interim results for the six months ended 30 September 2009.

Operational and Financial Highlights:

--  Beginning of trading of US ADR facility, arranged by Deutsche Bank,
    giving the Company exposure to US investors;
--  raised Pounds Sterling 2.8 million of new funding from institutional
    investors for use as working capital;
--  acquisition of the remaining 49% of Dakota Salts to give the Company
    100% ownership; and
--  acquisition of an initial 63.5% interest in AusPotash Corporation giving
    the Company immediate control of the exploration permits held by
    Queensland Potash.

Post-period Operational and Financial Highlights:

--  Acquisition of Adavale Holdings which holds exploration permits for land
    adjacent to the Queensland Potash properties;
--  acquisition of Derby Salts in the Kimberley region of Western Australia;
--  acquisition of the technology companies and patent applications of Co2
    Energy Storage Pty Ltd (Queensland), Bicarb Sequestration Pty Ltd and
    Co2 Energy Storage Ltd (Nevada) USA;
--  commencement of research programmes into CAES (Compressed Air Energy
    Storage) and carbon sequestration in relation to the properties in North
    America and Australia respectively; and
--  increased Sirius's position in AusPotash to 68.38%.


Richard Poulden, Chairman of Sirius, commented:

"The first half year has been a highly active period of acquisitions. Going forward, we look forward to
consolidating these gains and moving forward in a measured manner."

The interim results will be mailed to shareholders today and can additionally be downloaded from the Company's
website, www.siriusexploration.com.


Further information:


Sirius Exploration Plc
Richard Poulden (Chairman)                         Mobile: +971 556 232 672
                                      Richard.poulden@siriusexploration.com


Jonathan Harrison
 (Financial Director)                             Mobile: + 44 78 7988 7755
                                    Jonathan.harrison@siriusexploration.com

Beaumont Cornish Limited
Roland Cornish                                    Tel: + 44 (0)20 7628 3396

gth communications
Toby Hall                                          Tel: +44 (0)20 7153 8039
Christian Pickel                                   Tel: +44 (0)20 7153 8036


CHAIRMAN'S STATEMENT

Dear Shareholder,

The six months ended 30 September 2009 was a period of significant development for your Company. During this time
we:


--  began trading of our US ADR facility, arranged by Deutsche Bank, giving
    us exposure to US investors;
--  raised Pounds Sterling 2.8 million of new funding from institutional
    investors for use as working capital;
--  acquired the remaining 49% of Dakota Salts to give us 100% ownership;
    and
--  acquired an initial 63.5% interest in AusPotash Corporation giving us
    immediate control of the exploration permits held by Queensland Potash.
    We have agreement to acquire the balance on the same terms pending the
    resolution of certain tax issues.

Post period, this momentum was continued, the Company announcing that it had:

--  acquired Adavale Holdings which holds exploration permits for land
    adjacent to the Queensland Potash properties;
--  acquired Derby Salts in the Kimberley region of Western Australia;
--  acquired the technology companies and patent applications of Co2 Energy
    Storage Pty Ltd (Queensland), Bicarb Sequestration Pty Ltd and Co2
    Energy Storage Ltd (Nevada) USA;
--  begun research programmes into CAES (Compressed Air Energy Storage) and
    carbon sequestration in relation to the properties in North America and
    Australia respectively; and
--  increased Sirius's position in AusPotash to 68.38%.


Now that this acquisition-led phase of activity is completed, it is worth reflecting on what this has meant for
the Company and the shape of the business today.

First and foremost, Sirius has transformed itself into a business focused on commercializing properties overlying
known salt and potash deposits. Secondly, our development strategy for the properties envisions both mining the
deposits and concurrently finding long term environment improving solutions that take advantage of the natural
properties of salt beds and the salt caverns created by solution mining. This has led to the initiatives in CAES,
natural gas storage, and CO2 sequestration.

NORTH AMERICA

As reported at the time of the finals, our interests in North America are focused on the properties held through
Dakota Salts covering some 5,000 acres of land that overlay the Williston Basin. An average Williston ore may have
40% KCl, 50% NaCl and 10% clay, making it by far the world's highest grade potash ore currently being mined.
(Source: Potash and Phosphate Institute of Canada 2002). Dakota Salts' acreage is in the portion of the Williston
Basin where halite deposits are typically over 165 metres in thickness and gross potash thickness exceeds 10
metres with confirmed potash ore quality.

Before, however, delineating the resource and reserve area and conducting any feasibility studies on the
commercial exploitation of the deposits, our immediate priority is to understand better the commercial
opportunities of the long-term energy storage opportunities - and conventional storage opportunities - we believe
Dakota Salts potentially affords us so that the correct approach can be deployed in the mining phase.

As a result, the first steps we have taken have been in this direction. To this end, we were delighted to announce
post period the partnership agreement with the Electric Power Research Institute (EPRI), an acknowledged US
authority in the energy sector and the leading authority on CAES, to establish the generic performance and
operating specifications - as well as capital cost estimates - that would be required for a Midwest Independent
System Operator (MISO) based Bulk Energy Storage installation supporting a 134MW capacity facility. Or put more
simply, the potential performance and capital costs for building a Compressed Air Energy Storage facility that
would meet the local grid requirements in North Dakota.

This initial research activity is anticipated to be completed mid 2010. We are also working with EPRI on the
formation of a syndicate of companies to promote CAES for North Dakota.

AUSTRALIA

The Adavale Properties

The acquisition of the Adavale exploration permit areas held by Adavale Holdings and Queensland Potash -
originally all covered by the option agreement to acquire 100% of AusPotash Corporation - has been complex and, we
appreciate, at times confusing to shareholders.

By way of simple explanation, Queensland Potash holds two permits covering some 280 square kilometres overlying
the Boree Salt Member in Queensland and is a wholly owned subsidiary of the Canadian registered company, AusPotash
Corporation. Sirius currently owns 68.38% of AusPotash but has agreement to acquire the balance on the same terms
as the original acquisition. The delay in completing the balance of this acquisition has been caused by tax
complications for non-Canadian shareholders of Canadian corporations.

Adavale Holdings holds two permits covering some 320 square kilometres of land adjacent and to the south of
Queensland Potash. These holdings are larger in area but more significantly also extend to considerably greater
depth. They are thus larger in total potential resource held but critically are also the most suited to the CO2
sequestration projects being investigated by the group.

I am pleased to report that as in North Dakota, the Company is initiating its development activity by first
reviewing the long term commercial opportunities for the site - in particular the potential to render CO2
emissions inert by effectively mixing them with salt from the salt beds to create inert carbonates/bicarbonates
which can then in turn be returned safely to the ground.

To this end - as announced post period - Sirius's wholly owned subsidiary, Bicarb Sequestration Pty, is partnering
with UniQuest, the University of Queensland's research and commercialization company, to study the feasibility of
using land-bound salt beds as a medium for isolating carbon dioxide (CO2) and then, potentially, storing it as
inert carbonates/bicarbonates underground.

If proven viable, the Board believes the Adavale properties have the potential to provide a major facility for
removing Australia's future CO2 emissions from the atmosphere.

Derby Salt

In parallel to the Adavale properties, Sirius also completed post period the acquisition of Derby Salt which holds
mineral leases in excess of 1,250 square kilometres in the Kimberley region of Western Australia, allowing for the
exploration and extraction of salt and potash and the creation of caverns for the storage of natural gas or
potentially CO2. The tenements held by Derby are in the Canning Basin in Western Australia.

Within Derby Salt's tenements, the Mallowa Salts are around 450 metres thick with the top at a depth of
approximately 550 metres below the surface. The tenements are approximately 200km south-east of Broome and between
100 and 150km south of Derby. In line with Sirius's strategy at its other properties, the first steps to be taken
at Derby will be to review the considerable amount of historic data on the property.

CO2 STORAGE AND SEQUESTRATION TECHNOLOGIES

As can be seen from the review above, recognizing the long term commercial opportunities for our properties is
central to Sirius's vision. In addition, to their proven ability to support CAES facilities, we believe salt
caverns and salt beds offer the potential to provide a natural and geologically sound - as well as commercially
sound - way to remove harmful carbon emissions from the earth's atmosphere whether through proven storage
approaches or more innovative sequestration techniques. To this end, the acquisition post period of CO2 Energy
Storage Pty Ltd (Queensland), Bicarb Sequestration Pty and CO2 Energy Storage Ltd (Nevada) USA not only provides
us with an important technology base that will allow us to extend significantly the commercial life-cycle of our
salt and potash properties, but it also provides us with a technology that potentially can be licensed to third
parties. We therefore see these as key strategic acquisitions in the long term.

OTHER PROPERTIES

As announced post period, Sirius continues to identify opportunities to maximise the potential from its other
assets. To this end, an agreement was reached with CIC Mining Resources Limited for it to acquire Sirius's 3% Net
Working Interest (NWI) in the Bobai Bishop Tungsten Mine in China in exchange for shares in a CIC Iron ore mining
and exploration vehicle which is expected to be admitted onto a major exchange in 2010.

In addition, Sirius continues to hold its base and precious metal interests in Macedonia. Following recent changes
in the mining law Sirius have reaffirmed the tenure of the gold-silver-copper property at Kadiica and the base
metal property at Osogovo. Partners are being sought to undertake continued exploration of both claims in 2010.

FINANCIAL RESULTS

During the period under review, the balance sheet was significantly strengthened not only in asset terms - non-
current assets were up from Pounds Sterling 596,173 at 30 September 2008 to Pounds Sterling 15,652,428 as at 30
September 2009 - but also in cash. Cash and cash equivalents rose from Pounds Sterling 65,561 at 30 September 2008
to Pounds Sterling 2,941,033 at 30 September 2009 - this resulting primarily from the Pounds Sterling 2.8 million
of funds raised over the summer and the additional Pounds Sterling 1,174,431 secured through the acquisition of
AusPotash. However, administrative expenses did rise to Pounds Sterling 655,759 in the first half of the year due
in the main to the costs of the increased acquisition activity - leading to a loss before tax in the period of
Pounds Sterling 655,908.

CONCLUSION

The first half year has been a highly active period of acquisitions. Going forward, we look forward to
consolidating these gains and moving forward in a measured manner. To this end, we thank Shareholders for their
continued support but likewise remind them that we are looking to progress major initiatives in two continents.
The Board believes it has made significant advances in the period under review and looks forward to maintaining
this momentum in the coming year - in particular through strengthening the management teams associated with the
projects and continuing the identification process of potential commercial partners.

Richard Poulden
Chairman
Date: 18 December 2009



INTERIM UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2009

CONSOLIDATED INCOME STATEMENT



                                 Unaudited        Unaudited     Audited year
                          Six months ended Six months ended            ended
                              30 September     30 September         31 March
                                      2009             2008             2009
                    Notes  Pounds Sterling  Pounds Sterling  Pounds Sterling

Continuing
 operations:

Revenue                                  -                -                -

Administrative                   (655,759)        (214,691)        (534,199)
 expenses

----------------------------------------------------------------------------
Exceptional
 administrative                     58,914                -           52,232
 expenses                                -         (53,271)         (27,271)
  Abandoned reverse                      -                -        (220,572)
   acquisition                   (195,983)                -                -
  Due diligence
  Impairment charge
  Acquisition costs
  Share based payment                (705)                -                -
Other administrative             (517,985)        (161,420)        (338,588)
 costs
----------------------------------------------------------------------------

                          ---------------- ---------------- ----------------

Total administrative             (655,759)        (214,691)        (534,199)
 expenses

                          ---------------- ---------------- ----------------

Operating loss                   (655,759)        (214,691)        (534,199)

Finance costs                        (149)            (488)          (4,727)

                          ---------------- ---------------- ----------------

Loss before taxation             (655,908)        (215,179)        (538,926)

Taxation              2                  -                -                -

                          ---------------- ---------------- ----------------

Loss for the period              (655,908)        (215,179)        (538,926)

                          ---------------- ---------------- ----------------

Loss attributable to:
Equity holders of                (655,327)        (215,179)        (532,748)
 the Company
Minority interest                    (581)                -          (6,178)

                          ---------------- ---------------- ----------------

                                 (655,908)        (215,179)        (538,926)

                          ---------------- ---------------- ----------------
                          ---------------- ---------------- ----------------

Loss per share:
Basic and diluted     3             (0.4p)           (0.2p)           (0.5p)
 loss

                          ---------------- ---------------- ----------------
                          ---------------- ---------------- ----------------



INTERIM UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2009

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

                                 Unaudited        Unaudited     Audited year
                          Six months ended Six months ended            ended
                              30 September     30 September         31 March
                                      2009             2008             2009
                    Notes  Pounds Sterling  Pounds Sterling  Pounds Sterling

Loss for the period              (655,908)        (215,179)        (538,926)

                          ---------------- ---------------- ----------------

Other comprehensive
 income/(loss)
Exchange differences
 on translating                     15,136                -          (2,532)
 foreign operations

                          ---------------- ---------------- ----------------

Other comprehensive
 income/(loss) for                  15,136                -          (2,532)
 the period, net
 of tax

                          ---------------- ---------------- ----------------

Total comprehensive
 income/(loss) for               (640,772)        (215,179)        (541,458)
 the period

                          ---------------- ---------------- ----------------
                          ---------------- ---------------- ----------------


Total comprehensive
 income/(loss)
 attributable to:
Equity holders of
 the Company                     (640,191)        (215,179)        (535,280)
Minority interest                    (581)                -          (6,178)

                          ---------------- ---------------- ----------------

                                 (640,772)        (215,179)        (541,458)

                          ---------------- ---------------- ----------------
                          ---------------- ---------------- ----------------



INTERIM UNAUDITED RESULTS AS AT 30 SEPTEMBER 2009

CONSOLIDATED BALANCE SHEETS

                                 Unaudited        Unaudited          Audited
                              30 September     30 September         31 March
                                      2009             2008             2009
  ASSETS             Notes Pounds Sterling  Pounds Sterling  Pounds Sterling
  Non-current assets
  Property, plant                    3,001              391            3,125
   and equipment
  Intangible assets   4         15,649,427          595,782        1,220,845

                          ---------------- ---------------- ----------------

                                15,652,428          596,173        1,223,970

                          ---------------- ---------------- ----------------
  Current assets
  Trade and other                  114,902           63,194          108,333
   receivables
  Cash and cash                  2,941,033           65,561            8,553
   equivalents

                          ---------------- ---------------- ----------------

                                 3,055,935          128,755          116,886

                          ---------------- ---------------- ----------------

  TOTAL ASSETS                  18,708,363          724,928        1,340,856

                          ---------------- ---------------- ----------------
                          ---------------- ---------------- ----------------

  EQUITY AND
   LIABILITIES
  Equity attributable
   to equity holders
   of the Company
  Share capital       5            908,764          243,590          328,930
  Share premium       6        13,825,1995        1,692,965        2,122,001
   account
  Share based         7              1,910            1,205            1,205
   payment reserve
  Retained earnings   8        (2,714,864)      (1,741,968)      (2,059,537)
  Foreign exchange                  12,604                -          (2,532)
   reserve

                          ---------------- ---------------- ----------------

  Equity attributable           12,033,613          195,792          390,067
   to shareholders
   of the Company
  Minority interest              3,659,414                -          340,515

                          ---------------- ---------------- ----------------

  Total equity                  15,693,027          195,792          730,582

                          ---------------- ---------------- ----------------

  Non-current
   liabilities
  Deferred tax        2          2,746,239                -                -
   liability

                          ---------------- ---------------- ----------------
  Current
   liabilities                           -                -           67,765
  Borrowings
  Trade and other                  269,097          529,136          542,509
   payables

                          ---------------- ---------------- ----------------

                                   269,097          529,136          610,274

                          ---------------- ---------------- ----------------

  Total liabilities              3,015,336          529,136          610,274

                          ---------------- ---------------- ----------------

  TOTAL EQUITY AND              18,708,363          724,928        1,340,856
   LIABILITIES

                          ---------------- ---------------- ----------------
                          ---------------- ---------------- ----------------



INTERIM UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2009

CONSOLIDATED CASH FLOW STATEMENTS

                                 Unaudited        Unaudited          Audited
                          Six months ended Six months ended       Year ended
                              30 September     30 September         31 March
                                      2009             2008             2009
                    Notes  Pounds Sterling  Pounds Sterling  Pounds Sterling

Cash flow from        9          (986,731)        (432,870)        (524,867)
 operating activities

                          ---------------- ---------------- ----------------

Cash flow used in
 investing activities
Purchase of
 intangible assets                (99,642)         (27,788)         (82,677)
Purchase of
 property, plant and
 equipment                               -                -          (2,857)
Acquisition of
 subsidiary, net of
 cash acquired                   1,174,431                -              373

                          ---------------- ---------------- ----------------

Net cash flow from               1,074,789         (27,788)         (85,161)
 investing
 activities

                          ---------------- ---------------- ----------------

Cash flow from
 financing activities
Net proceeds from
 issue of shares                 2,844,571          523,022          619,623
Finance costs                        (149)            (488)          (4,727)

                          ---------------- ---------------- ----------------

Net cash generated
 from financing
 activities                      2,844,422          522,534          614,896

                          ---------------- ---------------- ----------------

Net increase in cash
 and cash
 equivalents                     2,932,480           61,876            4,868

Cash and cash
 equivalents at
 beginning of the
 period                              8,553            3,685            3,685

                          ---------------- ---------------- ----------------

Cash and cash
 equivalents at end
 of the period                   2,941,033           65,561            8,553

                          ---------------- ---------------- ----------------
                          ---------------- ---------------- ----------------


NOTES TO THE UNAUDITED INTERIM FINANCIAL INFORMATION


1 Basis of preparation

  The interim financial information in this report has been prepared using
  accounting policies consistent with IFRS as adopted by the European Union.
  IFRS is subject to amendment and interpretation by the International
  Accounting Standards Board (IASB) and the International Financial
  Reporting Interpretations Committee (IFRIC) and there is an ongoing
  process of review and endorsement by the European Commission. The
  financial information has been prepared on the basis of IFRS that the
  Directors expect to be adopted by the European Union and applicable to the
  Group as at 31 March 2010.

  Except as described below, the accounting policies applied are consistent
  with those of the annual financial statements for the year ended 31 March
  2009.

  The presentation of the primary financial statements has been modified in
  order to comply with IAS 1 (revised). However, the revised standard has no
  impact on the reported results or financial position of the Group.

   Non-statutory accounts

  The financial information for the six months ended 30 September 2009 set
  out in this interim report does not comprise the Group's statutory
  accounts.

  The statutory accounts for the year ended 31 March 2009 have been
  delivered to the Registrar of Companies. The auditors reported on those
  accounts; their report was unqualified, did not contain a statement under
  either Section 237 (2) or Section 237 (3) of the Companies Act 1985 and
  did not include references to any matters to which the auditor drew
  attention by way of emphasis.

  The financial information for the six months ended 30 September 2009 and
  30 September 2008 is unaudited.


NOTES TO THE UNAUDITED INTERIM FINANCIAL INFORMATION


2 Taxation                       Unaudited        Unaudited          Audited
                          Six months ended Six months ended       Year ended
                              30 September     30 September         31 March
                                      2009             2008             2009
                           Pounds Sterling  Pounds Sterling  Pounds Sterling

  Current tax                            -                -                -

                          ---------------- ---------------- ----------------
                          ---------------- ---------------- ----------------

   There was no tax charge in any period due to the loss incurred.

   The Group's unused tax losses can be analysed as follows:

                           Pounds Sterling  Pounds Sterling  Pounds Sterling

    Tax losses                   1,998,662          973,075        1,480,484

                          ---------------- ---------------- ----------------
                          ---------------- ---------------- ----------------

    A deferred tax liability of Pounds Sterling 2,746,239 has been provided
    for on the acquisition of Auspotash Corporation.

3 Loss per share

  Given the loss for the six months ended 30 September 2009 and 2008 and the
  year ended 31 March 2009 the share warrants are anti-dilutive and have
  therefore not been taken into consideration for the purpose of calculating
  earnings per share. The calculation of the basic and diluted earnings per
  share is based on the following data:

                                 Unaudited        Unaudited          Audited
                          Six months ended Six months ended       Year ended
                              30 September     30 September         31 March
                                      2009             2008             2009
  Loss                     Pounds Sterling  Pounds Sterling  Pounds Sterling

  Loss for the purposes of
   basic earnings per
   share being net loss          (655,327)        (215,179)        (532,748)
   attributable to equity
   shareholders of the
   parent

                          ---------------- ---------------- ----------------
                          ---------------- ---------------- ----------------

  Loss for the purpose of        (655,327)        (215,179)        (532,748)
   diluted earnings per
   share

                          ---------------- ---------------- ----------------
                          ---------------- ---------------- ----------------

  Number of shares                  Number           Number           Number

  Weighted average number
   of ordinary shares          164,095,388       86,581,968       98,737,762

                          ---------------- ---------------- ----------------
  Loss per share
  Basic and diluted loss            (0.4p)           (0.2p)           (0.5p)
   per share

                          ---------------- ---------------- ----------------
                          ---------------- ---------------- ----------------


4 Intangible fixed assets      Exploration
                                     costs         Goodwill            Total
                           Pounds Sterling  Pounds Sterling  Pounds Sterling

  Cost
  At 1 April 2008                  567,994                -          567,994
  Additions                         27,788                -           27,788

                          ---------------- ---------------- ----------------

  At 30 September 2008             595,782                -          595,782
  Additions                        845,635                -          845,635

                          ---------------- ---------------- ----------------

  At 31 March 2009               1,441,417                -        1,441,417
  Additions                     12,684,720        1,743,862       14,428,582

                          ---------------- ---------------- ----------------

  At 30 September 2009          14,126,137        1,743,862       15,869,999

                          ---------------- ---------------- ----------------

  Provision for permanent
   diminution in value
  At 1 April 2008 and 30
   September 2008
  Impairment                     (220,572)                -        (220,572)

                          ---------------- ---------------- ----------------

  At 31 March 2009 and 30        (220,572)                -        (220,572)
   September 2009

                          ---------------- ---------------- ----------------

  Net book value

  30 September 2009             13,905,565        1,743,862       15,649,427

                          ---------------- ---------------- ----------------
                          ---------------- ---------------- ----------------

  31 March 2009                  1,220,845                -        1,220,845

                          ---------------- ---------------- ----------------
                          ---------------- ---------------- ----------------

  30 September 2008                595,782                -          595,782

                          ---------------- ---------------- ----------------
                          ---------------- ---------------- ----------------

  Pounds Sterling 11,617,976 of additions within exploration costs and
  goodwill of Pounds Sterling 1,743,862 arose on the Group's acquisition of
  Auspotash Corporation on 29 September 2009. The director's believe these
  amounts represent the fair values of the additions at the date of
  acquisition.


5 Share capital                  Unaudited        Unaudited          Audited
                          Six months ended Six months ended       Year ended
                              September 30     30 September         31 March
                                      2009             2008             2009
                           Pounds Sterling  Pounds Sterling  Pounds Sterling
  Authorised
   1,000,000,000 (30
   September 2008:
  240,000,000 and 31
   March 2009:
   500,000,000) ordinary
   shares at 0.25p each          2,500,000          600,000        1,250,000

                          ---------------- ---------------- ----------------
                          ---------------- ---------------- ----------------

  Allotted called up and
   fully paid
  363,505,160 (30
   September 2008:
   68,879,511 and 31 March
   2009: 131,572,084)
   ordinary shares at
   0.25p each                      908,764          243,590          328,930

                          ---------------- ---------------- ----------------
                          ---------------- ---------------- ----------------

  On 8 May 2009 the Company issued 1,250,000 new ordinary shares at 2.25p
  for a total consideration of Pounds Sterling 28,125 and 625,000 options
  exercisable at 4.5p within 2 years.

  On 10 June 2009 the Company issued 775,455 new ordinary shares at 2.25p
  for a total consideration of Pounds Sterling 17,448.

  On 13 July 2009 the Company issued 257,732 new ordinary shares at 3.88p
  for a total consideration of Pounds Sterling 10,000.

  On 13 July 2009 the Company issued 133,949,889 new ordinary shares at 2p
  for a total consideration of Pounds Sterling 2,678,998.

  On 24 July 2009 the Company issued 500,000 new ordinary shares at 4p for a
  total consideration of Pounds Sterling 20,000.

  On 28 July 2009 the Company issued 2,500,000 new ordinary shares at 4p for
  a total consideration of Pounds Sterling 100,000.

  On 25 August 2009 the Company issued 19,600,000 new ordinary shares in a
  share for share exchange to acquire the remaining 49% of Dakota Salts LLC
  at a market closing price of 6.75p per share for a total consideration of
  Pounds Sterling 1,323,000.

  On 7 September 2009 at a General Meeting of the Company the authorised
  share capital was increased from Pounds Sterling 1,250,000 to Pounds
  Sterling 2,500,000 by the creation of an additional 500,000,000 Ordinary
  Shares of Pounds Sterling 0.0025 each, such shares ranking pari passu in
  all respects with the existing Ordinary Shares of Pounds Sterling 0.0025.

  On 29 September 2009, the Company completed the acquisition of 63.5% of
  Auspotash Corporation, Canada, for 73,100,000 new ordinary shares of 0.25p
  per share at an offer price of two Sirius shares for each Auspotash share.
  This equated to CAD$0.40 per Auspotash Corporation share purchased. The
  Company has agreement to acquire the remaining 19,241,591 common shares of
  Auspotash Corporation on the same terms, upon the confirmation by the
  shareholders concerned of their status in regard to certain Canadian tax
  matters.

6 Share premium                  Unaudited        Unaudited          Audited
                          Six months ended Six months ended       Year ended
                              September 30     30 September         31 March
                                      2009             2008             2009
                           Pounds Sterling  Pounds Sterling  Pounds Sterling


  At the start of the
   financial period              2,122,001        1,241,334        1,241,334
  Premium arising on share
   issue, net of issue
   costs                        11,703,198          451,631          880,667

                          ---------------- ---------------- ----------------

  At the end of the
   financial period             13,825,199        1,692,965        2,122,001

                          ---------------- ---------------- ----------------
                          ---------------- ---------------- ----------------


7 Share based payment            Unaudited        Unaudited          Audited
   reserve                Six months ended Six months ended       Year ended
                              30 September     30 September         31 March
                                      2009             2008             2009
                           Pounds Sterling  Pounds Sterling  Pounds Sterling

  At the start and end of
   the financial period              1,205            1,205            1,205
  Options issued in the
   period                              705                -                -

                          ---------------- ---------------- ----------------

  At the end of the
   financial period                  1,910            1,205            1,205

                          ---------------- ---------------- ----------------
                          ---------------- ---------------- ----------------


8 Retained earnings              Unaudited        Unaudited          Audited
                          Six months ended Six months ended       Year ended
                              30 September     30 September         31 March
                                      2009             2008             2009
                           Pounds Sterling  Pounds Sterling  Pounds Sterling

  At the start of the
   financial period            (2,059,537)      (1,526,789)      (1,526,789)
  Loss for the financial
   Period                        (655,327)        (215,179)        (532,748)

                          ---------------- ---------------- ----------------

  At the end of the
   financial period            (2,714,864)      (1,741,968)      (2,059,537)

                          ---------------- ---------------- ----------------
                          ---------------- ---------------- ----------------


9 Cash outflows from             Unaudited        Unaudited          Audited
   operating activities   Six months ended Six months ended       Year ended
                              30 September     30 September         31 March
                                      2009             2008             2009
                           Pounds Sterling  Pounds Sterling  Pounds Sterling

  Loss before tax                (655,908)        (215,179)        (538,926)
  Share based payments                 705                -                -
  Depreciation                         124              288              411
  Finance expense                      149              488            4,727
  Impairment                             -                -          220,572

                          ---------------- ---------------- ----------------

  Operating cash flow
   before changes in
   working capital               (654,930)        (214,403)        (313,216)

  Decrease/(increase) in
   trade and other
   receivables                      18,843         (52,732)         (97,871)

  Decrease in trade and
   other payables                (350,644)       (165,735)         (113,780)

                          ---------------- ---------------- ----------------

  Cash flow from operating
   Activities                    (986,731)        (432,870)        (524,867)

                          ---------------- ---------------- ----------------
                          ---------------- ---------------- ----------------


10 Related party transactions

  During the six months ended 30 September 2009, the Company was charged
  Pounds Sterling 90,000 (30 September 2008: Pounds Sterling 30,000 and year
  ended 31 March 2009: Pounds Sterling 60,000) by Pacific Corporate
  Management Limited for management services. Richard Poulden, a director of
  the Company, is an employee of Pacific Corporate Management Limited. At
  the period end Pounds Sterling 8,951 (30 September 2008: Pounds Sterling
  20,000 and year ended 31 March 2009: Pounds Sterling 50,000) was due to
  Pacific Corporate Management Limited.

  During the six months ended 30 September 2009, the Company was charged
  Pounds Sterling 21,431 (30 September 2008: Pounds Sterling 30,000 and
  year ended 31 March 2009: Pounds Sterling 34,375) by Nibex Limited, in
  which Nick Badham, a director of the Company, has an interest for
  consulting services. At the period end Pounds Sterling 4,423
  (30 September 2008: Pounds Sterling 25,000 and year ended 31 March 2009:
  Pounds Sterling 29,375) was due to Nibex Limited.

  During the six months ended 30 September 2009, the Company was charged
  Pounds Sterling 45,000 (30 September 2008: Pounds Sterling 15,000 and year
  ended 31 March 2009: Pounds Sterling 30,000) by Easy Business Consulting
  Limited, in which Jonathan Harrison, a director of the Company, has an
  interest, for consultancy services. At the period end Pounds Sterling
  5,336 (30 September 2008: Pounds Sterling 12,500 and year ended 31 March
  2009: Pounds Sterling 27,500) was due to Easy Business Consulting Limited.

  During the six months ended 30 September 2009, the Company was charged
  Pounds Sterling 5,000 (30 September 2008: Pounds Sterling 5,000 and year
  ended 31 March 2009: Pounds Sterling 10,000) by Derek Stonley, a director
  of the Company, for consulting services. At the period end Pounds Sterling
  833 (30 September 2008: Pounds Sterling 5,000 and year ended 31 March
  2009: Pounds Sterling 10,000) was due to Derek Stonley.

  During the six months ended 30 September 2009, the Company was charged
  Pounds Sterling 5,000 (30 September 2008: Pounds Sterling 5,000 and year
  ended 31 March 2009: Pounds Sterling 10,000) by Z/Yen Group Limited, in
  which Michael Mainelli, a director of the Company, has an interest, for
  consulting services. At the period end Pounds Sterling 1,667
  (30 September 2008: Pounds Sterling 1,667 and year ended 31 March 2009:
  Pounds Sterling 1,667) was due to Z/Yen Group Limited.

11 Post balance sheet events

  On 1 October 2009 the Company granted 1,351,721 options exercisable at
  3.25p and a further 1,351,721 options exercisable at 4.5p to expire on 30
  September 2014 to Old Park Lane Capital Plc ("OPLC") for services. On 9
  October 2009, OPLC issued exercise notices for 1,351,721 options at 3.25p
  and 759,279 options at 4.5p and the Company issued 2,075,000 new ordinary
  shares of 0.25p per share.

  On 13 October 2009 the Company acquired 100% of the ordinary shares in Co2
  Energy Storage Pty Limited and Bicarb Sequestration Pty Limited
  incorporated in Queensland, Australia, and Co2 Energy Storage Limited
  incorporated in Nevada, Colorado, USA, for the issue of options over
  2,550,000 ordinary shares of 0.25p per share exercisable at 17.5p by 13
  October 2012.

  On 14 October 2009 the Company acquired 90.1% of the ordinary shares in
  Adavale Holdings Pty Limited incorporated Queensland, Australia, for the
  issue of 135,150,000 new ordinary shares of 0.25p at a price of 13p per
  share.

  On 19 October 2009 the Company acquired 100% of Derby Salt Pty
  Limited incorporated in Western Australia for the issue of 100,000,000
  new ordinary shares of 0.25p at a price of 13p per share.

  On 22 October 2009 an agreement was reached with CIC Mining Resources
  Limited ("CIC") incorporated in Canada whereby CIC acquired the
  Company's 3% Net Working Interest in the Bobai Bishop Tungsten Mine in
  China for 200,000 pre-IPO B Class shares valued at US$2,470,000 in a CIC
  company to be called IMG Group which is intending to list on a major
  stock exchange. The Company also acquired another 100,000 CIC B Class
  shares in exchange for 6,000,000 new ordinary shares of 0.25p per share
  in the Company at a price of 12.5p per share and these were issued on 29
  October 2009.

  On 4 November 2009 the Company purchased a further 0.18% of the share
  capital of Auspotash Corporation incorporated in Canada in exchange for
  211,190 new ordinary shares of 0.25p per share at a price of 11.25p per
  share. The Company now holds 63.68% of the share capital of Auspotash
  Corporation and has agreement to acquire the remaining 36.32% on the
  same terms.

  On 10 November 2009 Old Park Lane Capital issued an exercise notice for
  250,000 options at 4.5p and the Company issued 250,000 new ordinary shares
  of 0.25p per share.

  On 2 December 2009, following a General Meeting, the Company acquired
  1,493,415 shares in Auspotash Corporation increasing its holding to 68.38%
  for the issue of 2,986,380 new ordinary shares of 0.25p per share at a
  price of 11.25p per share and acquired the remaining 9.1% of Adavale
  Holdings Pty Limited of 19,691,667 shares for the issue of 14,850,000 new
  ordinary shares of 0.25p per share at a price of 13p per share. These
  shares were issued to the John Edward Poulden Trust and Easy Business
  Consulting Limited in which Richard Poulden and Jonathan Harrison who are
  Directors of the Company, respectively have an interest.


DIRECTORS AND ADVISORS

DIRECTORS                          RO'D Poulden
                                   Dr JPN Badham
                                   JC Harrison
                                   DCW Stonley
                                   Prof MR Mainelli

SECRETARY                          London Registrars Plc

REGISTERED OFFICE                  4th Floor, Haines House
                                   21 John Street
                                   London
                                   WC1N 2BP

AUDITORS                           Nexia Smith & Williamson
                                   Chartered Accountants
                                   25 Moorgate
                                   London
                                   EC2R 6AY

BANKERS                            UBS AG
                                   Paradeplatz 6
                                   P O Box CH-8098
                                   Zurich
                                   Switzerland

                                   The Royal Bank of Scotland
                                   9-13 Paternoster Row
                                   London
                                   EC4M 7EJ

NOMINATED ADVISER                  Beaumont Cornish Limited
                                   2nd Floor, Bowman House
                                   29 Wilson Street
                                   London
                                   EC2M 2SJ

BROKER                             Rivington Street Corporate Finance
                                   3rd Floor Henry Thomas House
                                   5-11 Worship Street
                                   London

                                   SP Angel & Co Limited
                                   35 Berkeley Square
                                   London
                                   W1J 5BF

LAWYERS                            Pinsent Mason
                                   CityPoint,
                                   1 Ropemaker StreetLondon
                                   EC2Y 9AH

REGISTRARS                         Neville Registrars Limited
                                   Neville House
                                   18 Laurel Lane
                                   Halesowen
                                   West Midlands
                                   B63 3DA

COMPANY'S REGISTERED NUMBER        4948435

Contact Information

  • Sirius Exploration Plc