Simpli fi  ed Statement of Cash fl  ows ($’000)  Simpli fi  ed Statement of Financial Performance ($’000)  Simpli fi  ed Statement of Financial Position ($’000)  for the year ended 30 June 2004 2003 Gold revenue from operations 21,972 56,111 Other revenue 10,460 1,493 Earnings before interest, tax,  depreciation and amortisation (11,607) (9,095) Depreciation (2,726) (2,750) Amortisation and write-down of mine development (6,815) (15,641) Earning/(loss) before interest  and tax (21,148) (27,486) Interest (expense)/income (4,080) (5,499) Income tax expense - Outside equity interests 913 252 Net pro fi  t/(loss) (24,315) (32,733) for the year ended 30 June 2004 2003 Operating Activities Cash receipts 24,684 63,043 Payments – suppliers/employees (31,712) (63,256) Other (net) (1,614) (341) Net cash  fl  ow ( 8,642 ) ( 554 ) Investing Activities Payments – exploration/evaluation/ development (5,043) (13,050) Payments – listed investments (500) (365) Investment sold 4,984 - Sale –property/plant/equipment (net) 4,562 777 Net cash  fl  ow 4,003 ( 12,638 ) Financing Activities Loan and  fi  nance repayments (8,091) (2,263) Repayment of convertible loan - (7,372) Restricted cash (bonds) 465 (1,736) Proceeds from borrowings 4,500 8,493 Issue of securities 20,017 7,635 Net cash  fl  ow 16,891 4,757 Cash – beginning of period 597 9,032 Net change in cash 12,252 (8,435) Cash – end of period 12,849 597 as at 30 June 2004 2003 Assets Current 16,014 19,164 Non-current 50,456 58,128 Total 66,470 77,292 Liabilities Current 17,274 26,610 Non-current 4,344 12,709 Total 21,618 39,319 Net assets 44,852 37,973 Share capital & reserves 141,843 129,493 Accumulated losses (115,835) (91,520) Outside equity interests 18,844 - Total Equity 44,852 37,973 Financial Position Outlook The  fi  nancial position improved post the year end July by  $8.1 million with a $3.7 million placement of shares  (to RCF, Ocean Resource Capital Holdings and other  investors) and the conversion of an outstanding  $4.4 million of interest-bearing Convertible Note to  shares at a strike price of 8 cents per share by Ocean  Resource Capital Holdings on 15 July 2004. On 6 August 2004, Resource Capital Fund II L.P. Holdings  Limited advanced the Company $1.2 million for working capital  to be converted into shares as part of a future equity placement.  The timing and quantum of such a placement have not yet been  determined. The advance is interest free and unsecured. A reconciliation of Australian Generally Accepted Accounting  Principles to International Accounting Standards identi fi  ed no material  impact on net pro fi  t or net assets of the consolidated entity. Refer Note 34 to the Financial Statements for a reconciliation  of Australian Generally Accepted Accounting Principles to  International Accounting Standards. International Accounting Standards 5