3rd Quarter Results-Part 2

Centamin Egypt Limited
30 April 2004


                                                                        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
                            Centamin Egypt Limited

ABN                                            Quarter ended ('current quarter')
-------------------                                  ------------------
      86 007 700 352                                   31 March 2004
    -------------------                              ------------------

Consolidated statement of cash flows

Centamin Egypt Ltd
Pharaoh Gold Mines NL (100%)
Viking Resources Ltd (100%)
North African Resources (100%)
Eucalyptus Nickel NL (100%)
Egyptian Pharaoh Investments (50%)
                                             -----------            -----------
Cash flows related to operating       Current quarter   Year to date (.9..months)
activities
                                             $A'000                 $A'000
                                             -----------            -----------
                                                                     -----------
 1.1   Receipts from product sales
       and related debtors
 1.2   Payments for (a)                       (587)                     (2,139)
       exploration and
       evaluation
       (b) development                          (4)                       (125)
       (c) production
       (d) administration                     (211)                       (649)
 1.3   Dividends received
 1.4   Interest and other items of             254                         752
       a similar nature received
 1.5   Interest and other costs of
       finance paid
 1.6   Income taxes paid
 1.7   Other (provide details if                                          (200)
       material)                         -----------                 -----------
       Net Operating Cash Flows               (548)                     (2,361)
------ --------------------------        -----------                 -----------

       Cash flows related to
       investing activities

 1.8   Payment for purchases of:
       (a) prospects
       (b) equity investments                  (31)                        (31)
       (c) other fixed assets                                              (38)
 1.9   Proceeds from sale of: (a)
       prospects
       (b) equity investments
       (c) other fixed assets                                                6
1.10   Loans to other entities *              (364)                       (364)
       (Refer Note 1)
1.11   Loans repaid by other
       entities
1.12   Other (provide details if
       material)                         -----------                 -----------
       Net investing cash flows               (395)                       (427)
                                         -----------                 -----------
1.13   Total operating and                    (943)                     (2,788)
------ investing cash flows              -----------                 -----------
       (carried forward)
       --------------------------

------ -----------------------------                     ----------- -----------
1.13   Total operating and investing cash flows (brought      (943)     (2,788)
------ forward)                                          ----------- -----------
       -----------------------------
       Cash flows related to financing activities
1.14   Proceeds from issues of shares, options, etc.
1.15   Proceeds from sale of forfeited shares
1.16   Proceeds from borrowings *(Refer Note 1)                372         372
1.17   Repayment of borrowings
1.18   Dividends paid
1.19   Other (provide details if material)
                                                         ----------- -----------
       Net financing cash flows                                372         372
------ -----------------------------                     ----------- -----------
       Net increase (decrease) in cash held                   (571)     (2,416)
1.20   Cash at beginning of quarter/year to date            22,526      24,627
1.21   Exchange rate adjustments to item 1.20                  106        (150)
                                                         ----------- -----------
1.22   Cash at end of quarter                               22,061      22,061
------ -----------------------------                     ----------- -----------

*Note 1 - To improve disclosure, from the March 2004 Quarter onwards the funding
of exploration expenditure by the Holding Company to its subsidiaries will be
disclosed as an inter entity loan under sections 1.10 and 1.16 respectively.

                                                                   -----------
Payments to directors of the entity and associates of the       Current quarter
directors
Payments to related entities of the entity and associates of        $A'000
the related entities                                               -----------
                                                                      -----------
  1.23   Aggregate amount of payments to the parties included              (208)
         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
        ----- ------------------------------------------
        (a)   Mr S El-Raghy, a director, and an employee of Pharaoh Gold Mines
              NL received salary for the quarter amounting to $98,812.

        (b)   Mr J El-Raghy, a director and employee of the Company received
              salary and superannuation for the quarter amounting to
              $56,650.

        (c)   Sami El-Raghy is also a Director and Shareholder of El-Raghy
              Kriewaldt Pty Ltd ('El-Raghy Kriewaldt'). El-Raghy Kriewaldt
              provides office premises to the Company. All dealings with
              El-Raghy Kriewaldt are in the ordinary course of business and on
              normal terms and conditions. Rent paid to El-Raghy Kriewaldt
              during the current quarter amounted to $12,706.

        (d)   Fees and superannuation paid during the quarter amounted to
              $19,875.

        (e)   Services

              Dr T Elder, a non-executive director provides additional
        ----- consulting services to the Company. All dealings with Dr T Elder
              are in the ordinary course of business and on normal terms and
              conditions. Consulting fees paid to Dr T Elder during the
              current quarter amounted to $14,394.
              ------------------------------------------

        (f)   Insurance

              Mr C Cowden, a non-executive director, is also a director and
        ----- shareholder of Cowden Limited. Cowden Limited provides insurance
              broking services to the Company. All dealings with Cowden
              Limited are in the ordinary course of business and on normal
              terms and conditions. Insurance premiums paid to Cowden Limited
              during the current quarter amounted to $5,472.
              ------------------------------------------



Non-cash 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
      -----------------------------------------------
                                 -----------------------------------------------


Financing facilities available

Add notes as necessary for an understanding of the position.
                                              -----------           -----------
                                            Amount available         Amount used
                                           -----------           -----------
                                               $A'000                 $A'000
                                           -----------           -----------
3.1   Loan facilities
                                                  -----------        -----------
3.2   Credit standby arrangements
----- --------------------------                  -----------        -----------


Estimated cash outflows for next quarter
                                                                  -----------
                                                                        $A'000
                                                                  -----------
4.1   Exploration and evaluation                                         1,000
                                                                     -----------
4.2   Development                                                           30
----- -----------------------------------                            -----------
                                                       Total             1,030
-----                      -----------------------------------       -----------

Reconciliation of cash
----------------------------                   -----------       -----------
Reconciliation of cash at the end of the    Current quarter   Previous quarter
quarter (as shown in the consolidated
statement of cash flows) to the related
items in the accounts is as follows.
                                                $A'000             $A'000
               ----------------------------    -----------       -----------
                                                                     -----------
5.1   Cash on hand and at bank                          441                647
                                                  -----------        -----------
5.2   Deposits at call                                6,679              7,201
                                                  -----------        -----------
5.3   Bank overdraft
                                                  -----------        -----------
5.4   Term Deposits                                  14,941             14,678
----- -------------------------                   -----------        -----------
      Total: cash at end of quarter (item            22,061             22,526
----- 1.22)                                       -----------        -----------
      -------------------------


Changes in interests in mining tenements

                     --------     ---------------      --------      --------
                    Tenement    Nature of interest   Interest at   Interest at
                    reference       (note (2))        beginning      end of
                                                     of quarter      quarter
                       --------      ---------------   --------      --------
6.1   Interests in
      mining           --------      ---------------      --------      --------
      tenements
      relinquished,
      reduced or
      lapsed
6.2   Interests in
      mining           --------      ---------------      --------      --------
      tenements
      acquired or
      increased


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       Amount paid up per
      --------------
                                                    security (see note 3)   security (see note 3)
                                                           (cents)                 (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      501,910,369     501,910,369
       securities      ------------      ----------             -----------             -----------
 7.4   Changes
------ during          ------------      ----------             -----------             -----------
       quarter
       ----------
       (a) Increases
------ through         ------------      ----------             -----------             -----------
       issues
       ----------
       (b) Decreases
------ through         ------------      ----------             -----------             -----------
       returns of
       capital,
       buy-backs
       ----------
 7.5   +Convertible
       debt            ------------      ----------             -----------             -----------
       securities
       (description)

 7.6   Changes
------ during          ------------      ----------             -----------             -----------
       quarter
       ----------
       (a) Increases
------ through         ------------      ----------             -----------             -----------
       issues
       ----------
       (b) Decreases
------ through         ------------      ----------             -----------             -----------
       securities
       matured,
       converted
       ----------
 7.7   Options       Employee                       Exercise price          Expiry date
                     Option
       (description  Plan 2002
       and
       conversion         250,000   NIL             29.00 cents             11/11/2005
       factor)          1,160,000   NIL             23.10 cents             12/11/2006
                          130,000   NIL             23.10 cents             17/11/2006
                          750,000   NIL             35.49 cents             15/12/2006
                       ------------ ----------      -----------             -----------

                     CURRENT
                     QUARTER
                     Options
                     issued
                     pursuant to
                     Employee
                     Service
                     Agreement
                     ------------        ----------             -----------             -----------
 7.8   Issued           3,000,000   NIL             23.62 cents             10/03/2009
       during
       quarter
                       ------------      ----------             -----------             -----------
 7.9   Exercised
       during
       quarter
                       ------------      ----------             -----------             -----------
7.10   Expired
       during
       quarter
------ ----------      ------------      ----------             -----------             -----------
7.11   Debentures
       (totals only)
------                 ------------      ----------
       ----------
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 4).

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


Sign here: Company Secretary Date: *


Print name: Cecilia Tyndall

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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