quarterly report

Centamin Egypt Limited 31 October 2002 REPORT FOR QUARTER ENDED 30 SEPTEMBER 2002 HIGHLIGHTS Appointment of new Managing Director Completion of Feasibility Study Review Resource upgrade to 2.04 million ounces of gold Mining Reserve of 730,000 ounces of gold Sukari Project Internal Rate of Return 28.4% Continuing high grade drill intersections: 6m @ 14.87g/t Au 1m @ 20.80g/t Au 1m @ 38.50g/t Au 2m @ 17.30g/t Au 3m @ 15.20g/t Au 1m @ 17.20g/t Au 4m @ 42.18g/t Au REVIEW OF OPERATIONS • CORPORATE PERSONNEL: On 26 August the Company appointed Mr Josef El-Raghy as Managing Director of the Company. Josef, age 31, holds a Bachelor of Commerce Degree from the University of Western Australia and has in excess of ten years experience in the equities and financial markets. His expertise in the international capital markets has greatly assisted Centamin in its fund raising activities to date. Mr Sami El-Raghy, the Chairman, is to reside in Egypt so that he can devote more time liaising with Government officials and mines department personnel as the company prepares the preliminary groundwork for mining and construction of a multi million tonne process plant for the Sukari Project. The company is also pleased to announce the appointment of Mr Dennis Franks to oversee the finance and administration functions of the group in the lead-up to project financing. Dennis has over 15 years experience in the financial management of resource exploration companies and was previously an Executive Director, responsible for finance and administration with Gold Mines of Sardinia Limited (GMS). He was primarily responsible for the listing of GMS on the AIM of the London Stock Exchange and the negotiating of project finance and has some thirty years of experience in finance and administration. Dennis will be a valuable asset as the Company negotiates for the financing for the construction of the Sukari gold mine. Mr Richard Osman has been appointed as Senior Mine Geologist based at Sukari. Richard is an experienced mine and exploration geologist who was employed for 5 years at the Big Bell operation in Western Australia owned by Harmony Gold. Richard will be responsible for drill hole planning, reserve definition and implementation of mining systems at Sukari. These appointments follow the appointment in May of Tom Elder to the board. Tom is a UK resident who has extensive experience with BP Minerals, Rio Tinto and Cominco. He ran exploration programs in the UK, Spain, Italy, Portugal and Greeland for Cominco Ltd prior to his appointment as worldwide Exploration Manager for BP Minerals in 1983. Subsequently with Rio Tinto he had special responsibility for project development in the former Soviet Union. The Company will continue to source appropriate personnel with the necessary experience and skills to assist the company in its objective to bring the Sukari project into production and positions itself to commence exploration and development of the many other projects contained within the exploitation lease. • EXPLORATION AND DEVELOPMENT COMPLETION OF FEASIBILITY STUDY REVIEW: The review of the feasibility study for the development of a 2 million tpa processing facility for the Sukari Gold Project carried out by SNC Lavalin was completed in September. As part of the review a further resource upgrade was carried out with an increase from 1.73 million ounces to 2.04 million ounces gold (predominantly in the Southern end of Sukari Hill with some holes in the Ra zone). The study forms the foundation of the company's strategy to become a substantial producer of gold, with current drilling designed to increase resources to a level sufficient for 4.5 mtpa level to produce a forecast of 300,000 oz of gold per annum. The 2 mtpa study estimated cash costs averaging US$167 per ounce whilst mining and,US$182 over the 6.5 year processing life. SNC-Lavalin Australia Pty Ltd (SNA) conducted the review of the metallurgy, process plant (including tailings disposal), capital cost, operating costs, infrastructure and implementation. The mine scheduling, pit optimisation and design work was carried out by Mining Solutions Consultancy Pty Ltd (MS) and are based on the Measured and Indicated Resources of 2.04m ounces (0.5g/t cut-off), prepared by Hellman & Schofield Pty Ltd (H&S). The financial model that was prepared by the company as a result of this feasibility study is referred to as the Sukari Base Case Model and is derived from data relating to only the Amun zone (10% of the volume of the Sukari Hill). It does not take into account the full potential of the project where an extensive drilling campaign continues. Recent results in the Ra zone to the north of the existing resource include: 13m @ 5.45g/t Au 14m @ 4.69g/t Au 17m @ 6.06g/t Au 10m @ 3.54g/t Au 7m @ 5.45g/t Au 12m @ 3.19g/t Au 15m @ 13.42g/t Au In support of the proposed expanded production scenario, two additional studies referred to as the Sukari Base + Inferred Model and the Sukari Inferred Pit Expansion Model have been developed. These additional models demonstrate the potential upside of the Project. The Base + Inferred Model takes into account inferred resources, rather than only the measured and indicated resources used in the Base Case model. The Inferred Pit Expansion Model assumes that the Base Case ultimate pit limits would expand to the larger pit shell limits and optimised with the inclusion of the Inferred resources. Key Financial Data for Sukari Studies.($US) Base Case Base + Inferred Inferred Pit Expansion Recovered Ounces oz 589,411 646,555 942,452 Strip Ratio t/t 4.38 3.93 4.51 Recovery % 80.07 80.16 81.60 Total Operating Costs $ 107,244,434 113,206,666 154,787,257 Net Sales Revenue $ 177,064,231 194,231,062 270,320,884 Spot Gold Price $ 297/oz 297/oz 297/oz Forward Sale Price $ 317/oz 317/oz 317/oz Cash Cost Per Ounce $/oz 182/oz 175/oz 164/oz Project Net Cash Flow $ 40,724,608 51,929,207 97,373,770 NPV @ 8% DCF $ 23,710,061 31,043,577 55,812,759 Internal Rate of Return % 28.4 32.2 37.8 BASE CASE (Recovered Ounces - 589,411 oz): The base case scenario includes Measured and Indicated resources and considers the operation of an open pit mine, and construction of a CIP operation treating 2 million tonne per annum of ore. Forecast cash costs per ounce for the 2 million tonne per annum operation are $182 per oz over the 6.5 year processing period which includes processing of the low grade stockpiles after the mining has ceased. During the 5 year mining period cash costs average $167 per oz. BASE CASE + INFERRED MODEL (Recovered Ounces - 646,555 oz): As well as the project reserves (based on Measured and Indicated resources), the Inferred resources reported in the Base Case pit designs have been included in this case. The production schedule and the cash flow model have been adjusted for longer operation life and lower mining rates at the later years of the operation. INFERRED PIT EXPANSION CASE (Recovered Ounces - 942,452oz): It is assumed that the Base Case ultimate pit limits would expand to the larger pit shell limits optimised with the inclusion of the Inferred resources. The Base + Inferred Case production schedule has been further extended with mining of quantities in the Stage 5 cutback expansion to the north. PROJECT BANKERS: The Company has commenced preliminary discussions with several project bankers and has provided them with the project financial models and the summary of the 2Mtpa Feasibility Study. The Company is keen to develop a relationship with a project bank ahead of the decision to commence construction for the Sukari Project to ensure that the best possible project capital mix is developed. RESOURCE INCREASE: Infill drilling continues to focus on the Amun zone and into the Ra zone located in the south of the Sukari hill where approximately 43,000m of drilling has outlined the following current resources and reserves. Resources are:- Cut-off grade Measured & Indicated Inferred Total g/t Au Mt Au g/t Mt Au g/t Mt Au g/t Oz (M) 0.5 26.39 1.42 16.88 1.54 43.27 1.47 2.04 1.0 13.48 2.09 8.70 2.33 22.19 2.18 1.56 Mining reserves are:- Cut-off Proven Probable Total Mt Au g/t Mt Au g/t Mt Au g/t Oz (M) 0.8 - 1.0g/t 1.35 0.89 1.30 0.91 2.65 0.90 0.07 >1.0g/t 5.06 2.07 4.82 2.07 9.89 2.07 0.65 Total >0.8g/t 6.41 1.82 6.13 1.82 12.54 1.82 0.73 The 'Stripping ratio' for this reserve is 1:4.38 Ore to waste. The current infill and step out drilling into the RA Zone has resulted in additional higher grade Inferred Resources that are outside the existing optimised pit shell used for the above resource calculations and justifies the company's decision to continue drilling to expand the current resource. Drill holes either drilled or assayed to date are listed in Table 1 with significant intersections noted in Table 2. Table 1 Sukari Diamond Drilling Holes 244 to 272 Hole Collars and Length Hole Length Bearing Inclin'n North East RL No m degrees degrees m m m 244RC 142.00 270 -70 10494 10415 1119 245RC 120.00 270 -60 10510 10388 1113 D246 48.22 90 -80 10648 10402 1132 247RC 145.00 90 -90 10289 10311 1126 248RC 145.00 90 -90 10346 10309 1131 D249 264.72 270 -30 10770 10651 1190 250RCD Total Depth 349.20 270 -80 10845 10735 1179 251RCD Total Depth 442.20 275 -60 10845 10736 1179 D252 136.22 90 -20 10648 10402 1132 253RC 177.00 270 -60 10918 10869 1208 254RC 4.00 270 -55 10900 10761 1209 Abandoned D255 207.70 90 -15 10786 10401 1122 256RCD Total Depth 270 -60 10456 10693 1129 368.50 D257 215.90 270 -15 10770 10651 1190 D257A 13.72 270 -15 10770 10651 1190 D258 104.20 274 -25 10749 10598 1204 259RC 94 270 -85 10541 10579 1177 D259A 264.90 270 -85 10541 10581 1177 260RCD Total Depth 412.30 270 -85 10706 10572 1210 261RCD Total Depth 308.20 270 -60 10541 10579 1177 D262 230.30 270 -58 10770 10652 1189 263RC In progress 250 -25 10749 10598 1204 264RC 100 270 -60 11102 10963 1117 265RC 95 270 -60 11202 10960 1106 266RC 70 270 -60 11250 10948 1104 267RC 82 270 -60 11302 10923 1101 268RC 89 270 -60 11353 10879 1102 268A 4 270 -60 11353 10878 1102 269RC In progress 270 90 10176 10563 1119 D270 In progress 270 -15 10842 10718 1181 271RC In progress 90 -85 10254 10429 1169 D272 In progress 270 -45 10770 10651 1187 NOTE D = Diamond Drill Hole, SRC=Reverse Circulation Drill Hole, Abd=Abandoned. (Tail) RCD denotes first section of hole is RC with Diamond continuing from final RC Depth. Bearing=Sukari grid (Grid north nominally 020degrees Magnetic) Inclination=Below horizontal (-ve); Above horizontal (+ve) RL=arbitrary 1100m at grid origin 10,000N 10,000E. DIAMOND DRILLING: Stanley Mining Services have been appointed to carry out the contract drilling program and currently have two large diamond rigs operating on site and have achieved excellent metreage to date. Stanley's are also to mobilise an RC drilling rig to site so that there will be in total 6 rigs operating. Recent drilling results at Sukari continue to confirm significant mineralisation and high grade intercepts at depth. The company is now drilling outside and below the pit design used for the reserve estimation, as well as drilling north into the Ra zone. Differing elevations, combined with locations in plane of the high grade intersections, strongly point to the probability of there being more than one high grade (Hapi) shoot. Table of Significant Drilling Intersections for the quarter: Table 2 Sukari Gold Mine Selected Gold Assays Drill Holes 244 to 265 From To Interval Grade Northing Easting Hole (m) (m) (m) Au g/t 244RC 10478 10414 26 41 15 2.60 114 116 2 5.11 D246 10634 10407 5 7 2 5.87 29 37 8 2.26 D249 10775 10650 236 238 2 7.74 251RCD 10845 10735 262 268 6 3.44 341 346 5 3.41 408 422 14 2.48 D252 10918 10869 37 38 1 6.22 D255 10800 10358 37 54 17 6.06 incl. 43 49 6 14.87 83 85 2 7.66 256RCD 10455 10693 58 68 10 3.54 169 176 7 3.18 332 339 7 5.45 incl. 338 339 1 20.80 D259 10540 10580 252 264.9 12.9 5.45 incl. 257 264.9 7.9 7.89 incl. 263 264 1 38.50 D260 10700 10575 175 189 14 4.69 incl. 181 183 2 17.30 271 282 11 2.40 309 336 27 3.73 incl. 328 336 8 8.27 incl. 332 335 3 15.20 352 357 5 3.77 D261 10590 10580 226 238 12 3.19 incl. 236 237 1 17.20 281 296 15 13.42 incl. 289 293 4 42.18 264RC 11100 10925 54 55 1 5.85 265RC 11200 10958 25 27 2 6.86 85 86 1 6.98 Note: Some drill hole collars have been surveyed since previous reporting The companies three diamond rigs will concentrate on the shallower holes required to add resource ounces around the 10900N. SURFACE SAMPLING: Surface sampling from rock faces on benches, cut into the steep sides of Sukari hill in the Ra Zone for drill access, returned runs of continuous gold mineralisation. Sampling was over horizontal 2 metre intervals and some of the better results were: 1) Between 10830N to 10796N a 40m long mineralised zone returned results of: 20m @ 2.12g/t Au, 16m @ 1.35g/t and 4m @ 17.53g/t Au 2) Between 10772N to 10758N an 18m long mineralised zone returned results of: 18m @ 1.82g/t Au with 2m @ 3.82g/t Au a further 18m distant This sampling follows a zone of mineralisation dipping easterly into the Ra zone, which is to be followed up by drilling. Further sampling along a bench constructed around the southern end of the Sukari Hill in the Amun Zone returned assays of: 4m @ 11.98g/t Au and 8m @ 1.05g/t Au The grid location of these samples is centred on 10128N/10403E. CREDENTIALS OF INDEPENDENT CONSULTANTS: SNC LAVALIN Founded in 1911, SNC-Lavalin is one of the leading engineering and construction firms in the world and a key player in the ownership and management of infrastructure and facilities. The company provides engineering, procurement, construction, project management and project financing services to a variety of industry sectors, including chemicals and petroleum, mining and metallurgy, power, infrastructure, mass transit, defence and environment sectors, and to emerging high growth sectors such as telecommunications, pharmaceutical's, agrifood and facility management. SNC-Lavalin has been active internationally for nearly 40 years and has built a network that spans every continent. The company combines first-hand knowledge of diverse geographical regions with respect for the cultures and customs of the countries in which it works. The company's headquarters are in Montreal, Quebec, and is supported by offices across Canada and in about 30 other countries. Its 6,500 employees are currently engaged in projects in approximately 100 countries. SNC-Lavalin's business units have the autonomy and resources, globally, to assume total responsibility for every aspect of a project, on a fee-for-services, turnkey or concession basis, on its own or in partnership. The SNC-Lavalin group of companies were founded more than 80 years ago. The group has a staff of over 6,500, and is one of the largest engineering and construction firms in the world. SNC-Lavalin has a world-class reputation in consulting, process design, engineering and construction for the treatment of ores and recovery of minerals and metals including gold, nickel, cobalt, alumina, magnesium, copper, zinc, uranium, coal and diamonds. Some world-wide projects that SNC-Lavalin have been involved with include: • Troilus Gold Mine - Quebec, Canada • Pascua-Lama Gold Project - Chile/Argentina. • Olympus Gold Project - Greece. • Lone Tree Gold Project - Nevada, USA. • Meikle Gold Mine Project - Nevada, USA. • Anaconda - Murrin Murrin Stage 1 and 2, Mt Margaret Nickel Project, Western Australia. • Resolute - Bulong Nickel Project, Western Australia. • Black Range Minerals - Syerston Nickel Project, • Inco - Goro Nickel, Voisey's Bay Nickel, • Moneo Metals - Cap Bocage Nickel Project, • Sumitomo Metal Mining - Rio Tuba Nickel Project, • Ravensthorpe Nickel Operations, Ravensthorpe Nickel Project, Western Australia. MINING SOLUTIONS CONSULTANCY PTY LTD The mine scheduling and pit optimisation and design have been prepared by Mining Solutions Consultancy Pty Ltd and are based on Measured and Indicated Resources prepared by Hellman & Schofield Pty Ltd. SNC-Lavalin Australia Pty Ltd conducted a review of the metallurgy, process plant (including tailings disposal), capital cost, operating costs, infrastructure and implementation. Mining Solutions Consultancy Pty Ltd was established in 1998 with specialisation in mine planning and computer applications. Since its establishment, Mining Solutions has undertaken mining studies for more than 25 open pit mining projects located in Australia and overseas. Recently Mining Solutions has been commissioned to complete the mining section of three bankable feasibility studies for medium size gold projects (2.0-2.5Mtpa). Currently one of the projects is under construction with the pit development at an advanced stage and the other two overseas projects are in progress. The Company founder and director, Tamer Dincer has 16 years experience as a Mining Engineer with BSc and MSc degrees. He is currently a Member (CP) of The Australian Institute of Mining and Metallurgy and Australian Mineral Industry Consultants Association. In the last 8 years, Tamer managed and worked in numerous open pit mining projects involving pit optimisations, designs, production schedules, operating and capital cost estimates, equipment selection and sensitivity analyses. Mining Solutions have recently worked on projects such as: • Thunderbox Gold project for Lionore Australia • White Foil Gold project for Mines and Resources Australia • Frogs Leg Gold project for Mines and Resources Australia • Kansanhi Open Pit in Zambia for GRD Minproc • Rosia Montana Open Pit Planning for GRD Minproc and Gabriel Resources in Romania • Bronzewing Open Pit for Normandy HELLMAN & SCHOFIELD PTY LTD has offices in Sydney, Brisbane and Perth, and through FSSI has affiliated offices in Toronto and Geneva. The principals and staff of H&S have worked on projects for numerous companies in a variety of countries, commodities and mineralisation types, including: • Ranger Minerals' Damang gold project, Ghana • Kingsgate Consolidated's Chatree Au-Ag project, Thailand • Oxiana's Sepon Cu-Au project, Laos • Resolute Limited's Golden Pride mine, Tanzania • Teck Corporation's Hemlo gold mines, Canada • Mount Isa Mines Limited, Mount Isa copper and lead-zinc mines, Hilton and George Fisher mines, Queensland, Australia • BHP Cannington, Queensland, Australia • Sons of Gwalia's Tarmoola, Carusoe Dam and Marvel Loch gold mines, Western Australia • Lynas Corporation's Mount Weld rare earth oxide project, Western Australia • KCGM's Kalgoorlie Superpit operation, Western Australia. AUSTRALIA: No exploration or mining activities were carried out in Australia during the quarter and none are expected to occur in the next quarter. Yours faithfully Josef El-Raghy Managing Director For more information please contact Josef El Raghy Leesa Peters Centamin Egypt Ltd Capital PR Tel: + 61 (0) 8 9316 2640/ 0418 333 444 Tel: +44 (0)20 7618 7889/07812159885 josef@centamin.com.au leesa@capitalww.com Louis Castro Williams de Broe Plc Tel: + 44 (0) 20 7588 7511 Louis.castro@wdebroe.com www.centamin.com.au ASX Listing Rules 5.10 1 Information in this report which relates to exploration, geology, sampling and drilling is based on information compiled by consulting geologist Mr M Kriewaldt who is a corporate member of the Australasian Institute of Mining and Metallurgy with more than five years experience in the fields of activity being reported on and is not a full time employee of the Company. His written consent has been received by the Company for this information to be included in this report in the form and context which it appears. Mr Kriewaldt declares an interest in shares of the Company. The information in this report that relates to mineral resources is based on information compiled by Mr Gary Brabham, a member of the Australasian Institute of Mining and Metallurgy. Mr Brabham is employed by Hellman & Schofield Pty Ltd a consultancy primarily concerned with estimation of mineral resources worldwide. Mr Brabham is a Competent Person under the meaning of the J.O.R.C. code with respect to the mineralisation being reported in this report. Mr Brabham has more than five years' experience in the mining industry and has given his consent to the public reporting of this information in the section headed Resource Increase. The information in this report that relates to open pit mine design is based on information compiled by Mr Tamer Dincer of Mining Solutions Consultancy Pty Ltd. Mr Dincer is a member of the Australasian Institute of Mining and Metallurgy, a member of the Mineral Industry Consultants Association and has 15 years experience in the mining industry. Mr Dincer has given his consent for this information to be included in this report as presented under the heading Key Financial Data and Mining reserves. 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 30 September 2002 Consolidated statement of cash flows Current quarter Year to date Cash flows related to operating activities (...3....months) $A'000 $A'000 1.1 Receipts from product sales and related debtors 1.2 Payments for: (1,004) (1,004) (a) exploration and evaluation (b) development (215) (215) (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature 32 32 received 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 (1,187) (1,187) Cash flows related to investing activities 1.8 Payment for purchases of: (a)prospects (b)equity investments (22) (22) (c) other fixed assets 1.9 Proceeds from sale of: (a)prospects (b)equity investments (c)other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other (provide details if material) Net investing cash flows (22) (22) 1.13 Total operating and investing cash flows (carried forward) (1,209) (1,209) 1.13 Total operating and investing cash flows (brought forward) (1,209) (1,209) Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 109 109 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings (325) (325) 1.18 Dividends paid 1.19 Other (provide details if material) Net financing cash flows (216) (216) Net increase (decrease) in cash held (1,425) (1,425) 1.20 Cash at beginning of quarter/year to date 3,954 3,954 1.21 Exchange rate adjustments to item 1.20 205 205 1.22 Cash at end of quarter 2,734 2,734 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 95 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. Sami El-Raghy a director and employee of the Company received salary and superannuation for the quarter amounting to $52,800 ($52,800 for the year to date). (b) From 26 August 2002, Mr. Josef El-Raghy became a director and employee of the company. His salary and superannuation for the quarter amounted to $40,897 ($40,897 for the year to date). (c) Mr. Sami El-Raghy is also a Director and Shareholder of El-Raghy Kriewaldt Pty Ltd ('El-Raghy Kriewaldt'). El-Raghy Kriewaldt provide office premises to the Company. All dealings with El-Raghy Kriewaldt are in the ordinary course of business and on normal terms and conditions. Fees paid to El-Raghy Kriewaldt during the current quarter amounted to $12,000 ($12,000 for the year to date). Directors Fees Directors fees and superannuation paid during the quarter were $3,709 ($3,709 for the year to (d) date). Audit Committee (e) The Company has a formally constituted Audit Committee of the Board of Directors. 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 Nil 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 Nil 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 920 Nil 3.2 Credit standby arrangements Estimated cash outflows for next quarter $A'000 4.1 Exploration and evaluation 1,000 4.2 Development Total 1,000 Reconciliation of cash Reconciliation of cash at the end of the quarter (as Current quarter Previous quarter 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 502 521 5.2 Deposits at call - 5.3 Bank overdraft - 5.4 Other (term deposits) 2,232 3,433 Total: cash at end of quarter (item 1.22) 2,734 3,954 Changes in interests in mining tenements Tenement Nature of interest Interest at Interest at reference beginning of end of quarter (note (2)) 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 security (see note 3) 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 360,385,063 360,385,063 securities 7.4 Changes during quarter (a) Increases through issues 546,047 546,047 20c 20c (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 Exercise price Expiry date (description and 7,700,000 Nil conversion factor) 20c 30.11.2002 111,245,179 111,245,179 20c 03.03.2003 49,999,744 Nil 20c 09.11.2003 7.8 Issued during quarter 7.9 Exercised during 546,047 546,047 20c 20c 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: ........................................... Date: ............................ (Managing Director) Print name: J. El-Raghy.................................................... 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. This information is provided by RNS The company news service from the London Stock Exchange

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