quarterly activities report

Appendix 4C
Quarterly report for entities
admitted on the basis of commitments
+ See chapter 19 for defined terms.
Appendix 4C Page 6 30/9/2001
Quarterly Activities Report
Wasabi has increased its exposure to a broad range of resources and energy related projects which
now include exploration for uranium in the Northern Territory and coal in Canada, renewable and
energy efficient technology, and bio diesel production.
Wasabi has good exposure to future projects and opportunities in a wide range of areas through its
major shareholders Xtract Energy plc and Cambrian Mining plc which have a combined market
capitalisation of $360 million.
Uranium Assets
Wasabi 100%
Wasabi has acquired three exploration leases, prospective for uranium, in the Northern Territory.
Aeromagnetic and radiometric surveys have been flown to identify targets on the Woolner Dome and
Mt Bundy properties.
Surveys of the Alice Springs tenement are due to commence as soon as weather conditions permit.
Joint Venture
Wasabi, through its subsidiary Rum Jungle Uranium Pty Ltd, has entered into a joint venture with
Crescent Gold Ltd over tenements at Rum Jungle and near Tennant Creek in the Northern Territory.
The tenements are considered highly prospective for Uranium. Rum Jungle Uranium has the right to
earn up to a 75% interest in the properties by expending $1.1 million by mid 2009.
Lillyburt Coal
Approvals are being sought for an initial drill programme to assist in determining the quality and
quantity of the Lillyburt project.
Bio diesel Investment
Wasabi has entered into a joint venture with Cambrian Mining and Swann Capital Group whereby
Wasabi has a 50% stake in a newly formed company, “Evolution Energy”. Cambrian and Swann
each have a 25% stake in the company.
The purpose of the company is to evaluate several opportunities in the ethanol and bio diesel industry.
Evaluation of opportunities is continuing.
Evolution Energy has advanced $325 000 to K E Engineering with the objective of having direct
access to the engineering know how of an operating Australian bio diesel plant.
The plant is located at Laverton, Victoria. Bio diesel is anticipated to be produced late in the 4th
quarter of 2006. Wasabi, for its contribution to the investment in K E Engineering, is to be paid a
royalty on the first 20,000,000 litres of production. The total royalty payable is $896,000.

Appendix 4C
Quarterly report for entities
admitted on the basis of commitments
+ See chapter 19 for defined terms.
30/9/2001 Appendix 4C Page 7
Renewable Energy Technology
Exergy Inc
Wasabi continued its support of the 46%-owned Exergy on the basis that it believes the technology
provides sustainable efficiencies in what is considered to be a significant growth market. Licencees
include Siemens (Europe), AMP Resources (USA), Geodynamics Ltd (Australia),
X Orka (Iceland) and Ebara Corporation (Japan).
Of these licensees, both Ebara and X Orka have operating plants and have been providing power to
industry and village residents respectively.
Licensees have made representations to Exergy that they have begun construction on a range of
projects. Both Exergy and Wasabi continue to monitor progress carefully and are confident of
securing royalty streams in addition to royalties already being received from Siemens in Europe.
Wasabi had been negotiating the sale of its interest in Exergy to a third party. The sale negotiations
have been terminated with this party but Wasabi will continue to evaluate opportunities to realise a
return on its investment in Exergy.
Kalex Licence
Wasabi has entered into a licensing agreement with the US based Kalex LLC (KALEX) that will
significantly enhance Wasabi’s capability to develop zero and low greenhouse gas emission power
generation projects. This opportunity is particularly exciting for the Company given the opportunities
that are rapidly emerging with global recognition of climate change problems and the need to reduce
greenhouse gases.
Under the terms of the agreement Wasabi Energy has acquired a global licence to develop power
projects utilizing KALEX system technology.
The acquisition of the KALEX licence complements Wasabi’s existing technology investments and
provides Wasabi Energy with access to a raft of other project development opportunities especially in
the area of power production from waste heat.

Appendix 4C
Quarterly report for entities
admitted on the basis of commitments
+ See chapter 19 for defined terms.
Appendix 4C Page 8 30/9/2001
Corporate
Wasabi has entered into agreements that will further strengthen the company’s energy asset base.
The agreements involve the purchase of a 50% interest in a joint venture with Danieli Corus, a world
leader in steelmaking technology, and an 18.6% shareholding in Aviva Corporation Ltd, a prospective
coal miner and power generator in the Central-West region of WA.
The acquisitions will be subject to shareholder approval and will involve the issue of 175 million new
Wasabi shares and 25 million options exercisable at 3c per share on or before 30 June, 2008.
The Danieli Corus joint venture is a well-advanced research project into a method of producing char
utilising an environmentally benign pyrolysis process. The process may have application in the
steelmaking industry, in the pre-treatment of coal for coal liquefaction, in upgrading low grade coal to
metallurgical quality and for extracting oil from oil shales.
Aviva (ASX code: AVA) holds extensive coal deposits near Geraldton, WA, and has embarked on
pre-feasibility studies with a power company partner on the development of an electric power station
in the rapidly-developing Central West iron ore province.
Exercise of Listed Options
At 30 June 2006, the Company had 142,376,038 listed options on issue. The options were exercisable
at 2 cents each with an expiry date of 31 December 2006. The Company had an excellent take up
with 129,292,001 options being exercised to raise approximately $2.58 million. Of the 13,084,037
options that remained unexercised, 10 million options had been underwritten to raise a further
$200,000.