Adanac Molybdenum Corp.

Annual Report:

Income Statement: As of Apr. 30 Thou. Canadian Dollars	2008	2007
Cost & exps.	8,153	6,530
Oper. income as calculated	(8,153)	(6,530)
Interest income	873	217
Recovery of amounts rec.		30
Recovery of unrealized loss on secs.		46
Fgn. currency transl.	92	(11)
Gain on sale of secs.	13	(3)
Total income	(7,175)	(6,251)
Depr. & amort.	73	22
Income tax	(2,068)
Interest exp.	715	4
Net income	(5,895)	(6,277)
Share earns. basic	($0.06)	($0.10)
Share earns. diluted	($0.06)	($0.10)

Balance Sheet: As of Apr. 30 Thou. Canadian Dollars	2008	2007
Assets:
Cash	2,964	44,939
Accts. rec., net	2,294	264
Prepayments	2,061	630
Tot. curr assets	7,319	45,833
Investments	357	94
Net property	26,801	1,750
Mineral props.	40,963	18,330
Stage payments in respect of plant and equipment	34,861
Deposits	1,333	103
Total assets	111,634	66,110
Liabilities:
Accts. pay. & accruals	34,371	604
Share subscriptions received		10
Tot. curr. liabs.	34,371	614
Com. stk. n.p.	89,787	74,642
Paid-in cap.	8,928	6,641
Retained earns.	(21,682)	(15,787)
Accumulated other comprehensive income	230
Total liabs.	111,634	66,110
Common Shares (Thou.)	114,383	95,386

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