Quarterly report - Part 2

Centamin Egypt Limited 26 October 2004 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 2004 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 (12 months) $A'000 ----------- ----------- 1.1 Receipts from product sales and related - - debtors 1.2 Payments for (a) exploration and evaluation (596) (596) (b) development (1) (1) (c) production - - (d) administration (109) (109) 1.3 Dividends received - - 1.4 Interest and other items of a similar nature received 274 274 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 (432) (432) --------------------------------- ----------- ----------- Cash flows related to investing activities 1.8 Payment for purchases of (a) prospects - - (b) equity investments - - (c) other fixed assets (5) (5) 1.9 Proceeds from sale of (a) prospects - - (b) equity investments - - (c) other fixed assets 1 1 1.10 Loans to other entities *(Refer Note 1) (598) (598) 1.11 Loans repaid by other entities - - 1.12 Other (provide details if material) - - ----------- ----------- Net investing cash flows (602) (602) ----------- ----------- 1.13 Total operating and investing cash flows (carried forward) (1,034) (1,034) ----------- ----------- --------------------------------- ----------- ----------- 1.13 Total operating and investment cash flows (brought forward) (1,034) (1,034) --------------------------------- ----------- ----------- 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) 598 598 1.17 Repayment of borrowings - - 1.18 Dividends paid - - 1.19 Other (provide details if material) - - ----------- ----------- Net financing cash flows 598 598 --------------------------------- ----------- ----------- Net increase (decrease) in cash held (436) (436) 1.20 Cash at beginning of quarter/year to date 21,108 21,108 1.21 Exchange rate adjustments to item 1.20 (214) (214) ----------- ----------- 1.22 Cash at end of quarter 20,458 20,458 --------------------------------- ----------- ----------- *Note 1 - 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 in item 1.2 212,230 ----------- 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 $57,586. (c) Mr S El-Raghy & Mr J El-Raghy are also Directors and Shareholders 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) Directors 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 $6,278. (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 $16,973. 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 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 309 309 ----------- ----------- 5.2 Deposits at call 317 317 ----------- ----------- 5.3 Bank overdraft - - ----------- ----------- 5.4 Term deposits 19,832 19,832 --------------------------------- ----------- ----------- Total: cash at end of quarter (item 1.22) 20,458 20,458 --------------------------------- ----------- ----------- Changes in interests in mining tenements ---------- --------------- --------- --------- Tenement reference Nature of interest Interest at beginning of quarter Interest at end of quarter (note (2)) ---------- --------------- --------- --------- 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 Number quoted Issue price per Amount paid up 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 501,910,369 501,910,369 ------------------ ---------- ---------- ---------- ---------- 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 Option Nil Exercise price Expiry date (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 Employee Service 23.62 cents 10/03/2009 Agreement 3,000,000 ---------- ---------- ---------- ---------- 7.8 Issued 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: Joint Company Secretary Date: 26 October 2004 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 UMSLSELS

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