Qtrly report end 30.9.05

Centamin Egypt Limited 27 October 2005 CENTAMIN EGYPT LIMITED ACN 007 700 352 QUARTERLY REPORT For the Quarter Ended 30 September 2005 Highlights • Significant assays returned in both infill and step-out drilling of the Sukari gold deposit. • Drilling continues to intersect broad areas of mineralisation indicating strong potential for a significant resource increase on the current 2.94m oz. • Significant drill intersections DDH 360 Amun zone 168 metres @ 2.55 g/t (including 5 metres @ 10.13 g/t); DDH 362 Amun zone 136 metres @ 2.58 g/t (including 2 metres @ 28.54 g/t and 4 metres @ 11.23 g/t); RCD 367 Ra zone 73 metres @ 2.65 g/t (including 13 metres @ 5.54 g/t and 9 metres @ 7.17 g/t); RCD 359 Amun zone 72 metres @ 2.65 g/t (including 1 metre @ 43.90 g/t); DDH 346 Amun zone 27 metres @ 3.4 g/t (including 5 metres @ 11.59 g/t); DDH 340 Amun zone 19 metres @ 5.85 g/t; RCD 363 Ra zone 10 metres @ 6.39 g/t; DDH 338A Amun zone 5 metres @ 14.76 g/t; DDH 371 Ra zone 5 metres @ 5.47 g/t; DDH 351 Ra zone 1 metre @ 65.6 g/t. The extensiveness of the system is best demonstrated by holes DDH 360 and RCD 367 which were drilled outside of the existing resource, and demonstrates the multi-million ounce potential of the Sukari Project. • Feasibility Study progresses • Appointment of Key Senior Personnel • Seven Rig Drilling Program to continue • SUKARI PROJECT During the quarter, significant assays were returned for infill drilling within the optimised pit shell, extension drilling below the current pit shell and step-out drilling north of the existing resource thus confirming the continuity and strength of mineralization at Sukari. (See attached schedule of significant gold intersections and Sukari graphic). Since the beginning of the quarter, 11,370 metres of drilling was completed. The drilling programme continued the focus on elevating the inferred category of the first stage 1.8 million ounce optimised pit shell contained within the Amun zone and small portion of the Ra zone, to the measured and indicated resource categories. All seven drill rigs on site are presently drilling. From the results to date it is strongly anticipated that the remaining inferred category mineralization within the optimised pit shell will be converted to the higher resource categories of measured and indicated as classified by the JORC code. The geology and assay data indicates that the extension drilling below the base of the optimised pit shell will add significantly to the geological resource. The current measured, indicated and inferred geological resource of 2.94 million ounces has been calculated predominantly in the southern 800m (Amun and Ra zones) of the mapped 2.5km Sukari granodiorite porphyry outcrop. This resource has been calculated independently by Hellman and Schofield to JORC standards. • SIGNIFICANT DRILL INTERSECTIONS (See attached schedule for significant gold intersections) Summarized below are descriptions of geological controls on the mineralization for infill drill holes D360 and RCD362 and extension drill holes D346 and RCD359 which were drilled to test and confirm the down dip mineralization continuity and strength of the Sukari orebody; D360 - (section 10625N) returned high grade intersection of 168m @ 2.55g/t from 209m, this includes the whole of the intersected porphyry mineralized from the hangingwall / porphyry contact to the footwall package of rocks. The zone is highly altered with kaolinite, sericite, albite and weak hematite, visible gold was logged at 329m and 376.9m in quartz veins. RCD362 - (section 10575N) intersected mineralization of 136m @ 2.58g/t from 226m, geological logging identified strongly altered zones of the main P1 type porphyry, associated with up to 5% pyrite in the groundmass and veins, and 1-2% arsenopyrite, generally in veinlets. Quartz vein density is also high, with the main types high angle extensional quartz veins, lower angle milky to translucent tension quartz vein set and low angle veinlets of sulphide and sericite. The rock mass is typically altered to sericite, kaolin and silica, with several breccia and shear zones. Visible gold was identified at 346.10m in a major milky quartz vein, surrounded by galena. D346 - (section 10375N) intersected mineralization of 27m @ 3.40g/t from 295m, the mineralised zone is bound by a strongly sheared and broken hangingwall contact from 280 - 285m. The higher grade zones are contained within a thick envelope of strongly silicified, moderate patchy brecciated, quartz veined, sericite, carbonate and kaolin altered porphyry. Sulphide mineralisation is dominated by fine grained, pyrite grains and minor arsenopyrite grains in the quartz veins. Visible gold grains were noted in thick (+50mm) quartz veins at 307.8m and 308.95m. RCD359 - (section 10500N), intersected mineralization of 72m @ 2.65g/t from 356m, the hole intersected significant mineralization from 305m downhole at the hangingwall/porphyry contact. Mineralisation is hosted in Main P1 porphyry displaying broad zones of strong silica and sericite alteration, with intermittent strong kaolinite zones and veinlets of fine pyrite and arsenopyrite. The hole was drilled 100m down dip of D355 (intersected 29m @ 2.21g/t from 277m) which correlates well with this hole. A series of tracks have been created on the eastern side of the hill to give good access for drilling up to 12200N. Four rock breakers continued development of tracks in the Ra, Gazelle and Pharaoh zones. In order to appreciate the potential at Sukari it is important to understand that the Amun and Ra zones are the same continuous mineralisation contained within the Sukari outcrop, with the differentiation being made purely for ease of reference rather than being separate structures. As such Sukari has the potential to host a multi million ounce single pit deposit, with much of the Ra zone yet to be included in the resource calculation and the Gazelle and Pharaoh zones yet to be tested by drilling. • KEY PERSONNEL APPOINTMENTS In preparation for the development of the Sukari Project, new senior personnel appointments were made, Wayne Foote was appointed as Sukari Project Manager and Roger Speers as the Sukari Senior Exploration Geologist. Project Manager Wayne Foote holds a Bachelor of Engineering in Mining. Wayne has been involved at a senior level in several mining operations, most recently as the Operations Manager of the Golden Pride Project in Tanzania for Resolute Limited. Golden Pride was the first modern, open pit mine to commence operations in Tanzania and in 2002 the site was awarded the inaugural Presidential Award for Environmental Leadership and Excellence. In September, 2004 the site achieved in excess of three million man hours (1.5yrs) without a lost time injury and at the same time 1 million ounces of gold production. Wayne is to be responsible for the management and supervision of the Sukari Project development, including the preparation of the upgraded feasibility study to a bankable standard for the development of a 4 to 5 million tonne per annum processing facility, subsequent personnel recruitment, development, construction and operation of the project. Senior Exploration Geologist Roger Speers is an experienced exploration geologist who holds a Bachelor of Engineering in Mineral Exploration and Mining Geology with 1st Class Hons from Western Australian School of Mines (WASM), Kalgoorlie WA. Roger was previously Senior/Superintendent Exploration Geologist with AngloGold Ashanti at the Geita gold mine in Tanzania. Roger was responsible for regional exploration and near mine resource development and was part of the team that successfully added several million resource ounces and developed the Geita near mine exploration programmes. Previous to Tanzania, Roger was employed by AngloGold and Acacia Resources in Western Australia at their Sunrise Dam and Laverton/Kalgoorlie regional exploration teams • FEASIBILITY STUDY During the quarter work continued with Ausenco on the Bankable Feasibility Study (BFS) into the development of a 4 to 5 million tonne per annum processing facility, forecast to produce an initial 250,000 oz of gold per annum. It is anticipated that the upgraded scoping study to determine both the optimum plant size and potential process flow sheets (flotation and CIL) will be completed during November. The outcome of this study will determine the final design criteria for the BFS. The completion of the Feasibility Study is targeted for first quarter 2006. Ausenco Limited is a multi-disciplined engineering company specialising in the design and construction of mineral treatment plants, with particular experience in Africa. Ausenco's experience in the design, construction and commissioning of mineral processing plants provides the company with the required expertise to progress the development of Egypt's first modern gold mining operation. Ausenco has undertaken projects involving similar unit operations to those proposed in the Sukari BFS and has prepared numerous feasibility studies to the level of accuracy required for project financing. • CORPORATE During September a delegation from the Egyptian Mineral Resource Authority (EMRA) and the Ministry for Petroleum and Mineral Resources attended a mining conference in Perth, visited the super pit gold mine in Kalgoorlie and met with representatives of the Department of Industry and Resources of Western Australia. The visit is part of the Ministry's commitment to developing the Egyptian mining industry through the gathering of information that will assist in the preparation of new mining legislation that will provide for an exploration and mining legislative framework that will attract new mineral resource investment to Egypt. For Centamin Egypt Limited Josef El-Raghy Managing Director 27th October 2005 For more information please contact: Josef El Raghy or Heidi Brown Tel: + 61 8 9316 2640 Tel: + 61 8 9316 2640 Fax: + 61 8 9316 2650 Fax: + 61 8 9316 2650 josef@centamin.com.au heidi@centamin.com.au www.centamin.com.au ASX Listing Rules 5.10 Information in this report which relates to exploration, geology, sampling and drilling is based on information compiled by geologist Mr R Osman who is a full time employee of the Company, and is a 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 a 'Competent Person' for this purpose. 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. 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 was 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. For this report, measured resources lie in areas where drilling is available at nominal 25 x 25 metre spacing, indicated resources in areas drilled at approximately 25 x 50 metre spacing and inferred resources in areas of broader spaced drilling. The resource model extends to 750RL (approximately 400 metres below surface), and resources are estimates of recoverable tonnes and grades using Multiple Indicator Kriging with block support correction. Appropriate check sampling has been undertaken to verify the gold assays used in this estimate. Significant gold (g/t) intersections returned in drilling for the September 2005 quarter. -------------------------------------------------- Hole North- East- Azimuth Dip End of From To Width Assay Comments ing ing Hole (m) (m) (m) g/t ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ----------- D331 10650 10618 277 -44 251.7 205 229 14 2.01 *June 2005) ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ----------- D332 10104 10443 257 -80 203.32 15 18 3 1.55 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- 97 101 4 2.40 reported June 2005 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- 123 124 1 2.94 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- D333 10175 10610 274 -80 343.8 212 217 5 2.22 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- 235 237 2 2.98 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- 272 277 5 2.34 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- D334 10221 10612 272 -65 309.9 178 223 45 1.75 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- 226 245 19 3.09 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- 269 279 10 1.55 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- 289 291 1 3.43 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- 293 295 2 6.73 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- D336 10175 10609 273 -65 321.3 161 162 1 6.17 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- 173 194 21 2.36 (* June 2005) ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- incl 182 185 3 4.38 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- D337 10801 10621 268 -22 67.22 27 30 3 7.07 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- D338A 10454 10506 270 -70 254.92 39 44 5 2.20 reported June 2005 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- 87 91 4 2.30 (*June 2005) ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- 95 97 2 2.09 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- 127 136 9 8.56 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- 131 136 5 14.76 reported June 2005 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- 147 150 3 2.44 reported June 2005 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- D339 10275 10612 270 -70 302.8 179 219 40 2.73 (*June 2005) ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- 248 249 1 2.35 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- 278 284 6 2.77 reported June 2005 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- D340 10299 10620 274 -56 301 177 213 36 3.60 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- incl 186 205 19 5.85 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- incl 195 205 10 8.06 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- incl 200 204 4 14.60 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- D342 10247 10647 264 -80 337.35 259 283 24 3.07 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- incl 259 272 13 3.73 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- D343 10430 10704 267 -61 346.2 164 168 4 4.69 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- incl 166 168 2 8.59 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- incl 268 286 18 1.43 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- incl 268 272 4 2.25 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- 312 322 10 1.36 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- D346 10372 10720 262 -69 351 295 322 27 3.40 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- incl 307 312 5 11.59 Visible gold at 307.59m ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- incl 307 309 2 18.45 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- incl 315 319 4 5.08 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- D350 10674 10612 270 -65 332.7 177 179 2 4.82 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- 224 233 9 1.63 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- D351 10727 10590 270 -80 443.5 181 191 10 2.18 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- 194 209 15 3.02 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- 303 305 2 6.70 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- 317 353 36 2.83 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- 360 363 3 6.43 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- 371 395 24 1.69 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- 415 424 9 8.28 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- incl 422 423 1 65.60 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- D352 10801 10466 270 -65 99.42 26 28 2 4.31 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- D353 10826 10452 260 -80 143.22 31 36 5 3.21 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- 108 116 8 2.37 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- incl 109 110 1 12.00 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- D354 10851 10660 275 -50 157.03 27 45 18 1.76 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- 56 60 4 3.26 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- D355 10525 10774 270 -65 431.07 266 269 3 3.19 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- 277 310 29 2.21 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- incl 291 306 11 3.58 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- D356 10726 10589 270 -50 301 9 27 18 1.06 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- 48 65 17 1.53 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- 171 177 6 2.28 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- D358 10818 10632 270 -20 99.58 53 55 2 3.19 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- 72 74 2 3.87 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- 76 77 1 5.97 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- 81 93.6 12.6 2.07 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- RCD359 10499 10761 271 -76 479.3 305 309 4 3.32 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- 316 319 3 15.24 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- incl 317 319 2 22.20 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- 334 348 14 2.71 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- incl 345 347 2 13.70 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- 356 428 72 2.65 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- incl 358 376 18 4.70 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- incl 423 424 1 43.90 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- D360 10625 10608 266 -74 388.1 209 377 168 2.55 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- incl 209 227 18 3.43 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- incl 266 276 10 4.42 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- incl 328 377 49 3.95 Visible gold 329 & 376.9m ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- incl 328 333 5 10.13 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- incl 352 377 25 4.84 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- D361 10778 10470 273 -70 145.92 56 58 2 2.48 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- RCD362 10585 10630 270 -65 385.4 226 362 136 2.58 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- incl 226 234 8 2.89 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- incl 248 272 24 2.54 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- incl 276 280 4 11.23 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- incl 284 309 25 1.70 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- incl 287 296 9 3.17 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- incl 320 362 42 4.01 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- incl 338 341 3 5.62 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- incl 345 347 2 28.54 Visible gold at 346.1m ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- incl 353 361 8 5.02 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- D363 10871 10585 260 -70 349 144 161 17 2.13 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- 287 305 18 4.16 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- incl 289 299 10 6.39 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- D364 10900 10440 270 -84 114.42 22 24 2 2.11 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- D365 10851 10660 272 -28 345.32 79 86 7 4.84 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- RCD366 10547 10577 277 -70 317.6 126 160 34 1.90 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- incl 139 151 12 3.82 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- 206 245 39 2.65 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- RCD367 10826 10542 277 -80 382.5 112 117 5 2.81 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- 230 303 73 2.65 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- incl 265 274 9 7.17 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- incl 279 292 13 5.54 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- RCD368 10798 10553 268 -71 321.7 12 21 9 1.78 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- 262 273 11 1.67 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- RCD369 10776 10562 274 -78 379.3 152 155 3 4.72 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- 287 306 19 1.53 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- D371 10850 10430 270 -90 110.82 34 39 5 5.57 ---- ------ ----- ------- --- ------ ---- ---- ----- ----- ------------- Note: Some holes (*June 2005) were previously reported in the June 2005 quarterly however further assays received since that date may have added onto the length of the intercept and altered the average interval of the assay. Rule 5.3 Appendix 5B Mining exploration entity quarterly report Introduced 1/7/96. Origin : Appendix 8. Amended 1/7/98, 30/9/2001. Name of Entity Centamin Egypt Limited ABN Quarter ended ('current quarter') 86 007 700 352 30 September 2005 Consolidated statement of cash flows Centamin Egypt Limited Pharaoh Gold Mines NL (100%) Viking Resources Ltd (100%) North African Resources (100%) ----------- ----------- Cash flows related to operating activities Current Quarter Year to date $A'000 (3 months) $A'000 ----------- ----------- 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration and evaluation (1,760) (1,760) (b) development (99) (99) (c) production - - (d) administration (176) (176) 1.3 Dividends received - - 1.4 Interest and other items of a similar nature received 229 229 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 (1,806) (1,806) ----------- ----------- Cash flows related to investing activities 1.8 Payment for purchases of (a) prospects - - (b) equity investments - - (c) other fixed assets (150) (150) 1.9 Proceeds from sale of (a) prospects - - (b) equity investments - - (c) other fixed assets (6) (6) 1.10 Loans to other entities *(Refer Note 1) (2,010) (2,010) 1.11 Loans repaid by other entities - - 1.12 Other (provide details if material) - - ----------- ----------- Net investing cash flows (2,166) (2,166) ----------- ----------- 1.13 Total operating and investing cash flows (carried forward) (3,972) (3,972) ----------- ----------- 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) 2,010 2,010 1.17 Repayment of borrowings - - 1.18 Dividends paid - - 1.19 Other (provide details if material) - - ----------- ----------- Net financing cash flows 2,010 2,010 ----------- ----------- Net increase (decrease) in cash held (1,962) (1,962) 1.20 Cash at beginning of quarter/year to date 17,946 17,946 1.21 Exchange rate adjustments to item 1.20 (77) (77) ----------- ----------- 1.22 Cash at end of quarter 15,907 15,907 ----------- ----------- *Note 1 - From the March 2004 Quarter onwards, the funding of exploration expenditure by the Holding Company to its subsidiaries is also 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 $A'000 Payments to related entities of the entity and associates of the related entities ----------- 1.23 Aggregate amount of payments to the parties included in item 1.2 236,983 ----------- 1.24 Aggregate amount of loans to the parties included in - item 1.10 ----------- 1.25 Explanation necessary for an understanding of the transactions - Salaries, superannuation contributions, consulting and directors fees paid to Directors during the quarter amounted to $202,937. - Mr S El-Raghy and Mr J El-Raghy are Directors and shareholders of El-Raghy Kriewaldt Pty Ltd ('ELK'), which provides office premises to the Company in Australia. All dealings with ELK are in the ordinary course of business and on normal terms and conditions. Rent paid to ELK during the quarter amounted to $13,001. - Mr C Cowden, a non-executive director, is also a director and shareholder of Cowden Limited, which 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 quarter amounted to $21,045. 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 fro 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 3,030 ----------- 4.2 Development 470 ----------- Total 3,500 ----------- Reconciliation of Cash --------------------------------- ----------- ----------- Reconciliation of cash at the end of the Current quarter Previous quarter quarter (as shown in the consolidated $A'000 $A'000 statement of cash flows) to the related items in the accounts is as follows. ----------- ----------- 5.1 Cash on hand and at bank 849 319 ----------- ----------- 5.2 Deposits at call 1,051 1,356 ----------- ----------- 5.3 Bank overdraft - - ----------- ----------- 5.4 Term deposits 14,007 16,271 ----------- ----------- Total: cash at end of quarter (item 1.22) 15,907 17,946 ----------- ----------- Changes in interests in mining tenements --------- ---------- ----------- ----------- Tenement Nature of Interest at Interest at reference interest beginning end of (note (2)) of quarter quarter --------- ---------- ---------- ----------- 6.1 Interest 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 Issue price Amount paid up number quoted per security per security (see note 3) (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 securities 502,060,369 502,060,369 ----------- ----------- ---------- ---------- 7.4 Changes during quarter (a) increases through options exercise (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 (description Option Plan and converstion 2002 factor) 250,000 Nil 29.00 cents 11/11/2005 1,010,000 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 775,000 Nil 28.04 cents 04/02/2008 410,000 Nil 28.04 cents 17/02/2008 ---------- ---------- ----------- ---------- 7.8 Issued during quarter ---------- ---------- ---------- ---------- 7.9 Exercised during quarter ---------- ---------- ---------- ---------- 7.10 Expired/ lapsed 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: 27 October 2005 Print name: Heidi Brown 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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