AXMIN Inc. (formerly Asquith Resources Inc.) Consolidated Balance Sheets (All tabular amounts stated in thousands of United States dollars) As at December 31, 2001 and 2000 2001 2000 Assets Current assets Cash and short term investments 1,323 24 Accounts receivable 23 8 Prepaid expenses and sundry debtors 20 35 Due from related parties  (Note 5) 137 264 1,503 331 Exploration and development costs  (Note 3) 7,445 6,404 Other assets 7 16 8,955 6,751 Liabilities and shareholders’ equity Current liabilities Accounts payable and accrued liabilities 156 57 Due to related parties  (Note 5) 34 32 190 89 Shareholders’ equity Share capital and contributed surplus  (Note 4) 10,759 8,227 Deficit (1,994) (1,565) 8,955 6,751 See accompanying notes to the consolidated financial statements. Approved by the Board of Directors “Signed” “Signed” Jonathan Forster Director  Philip Adeane Director 12