AXMIN Inc. (formerly Asquith Resources Inc.) Consolidated Statements of Cash Flows (All tabular amounts stated in thousands of United States dollars)  Years ended December 31, 2001 and 2000 2001 2000 Operating activities Net loss for the period (429) (817) Write-down of exploration and development costs 145 411 Change in working capital 99 (38) Net cash outflow from operating activities (185) (444) Investing activities Exploration and development costs (1,186) (683) Other assets 9 24 Net cash outflow from investing activities (1,177) (659) Financing activities Issuance of common shares 2,532 594 Related parties 129 43 Minority interest – (19) Net cash inflow from financing activities 2,661 618 Net cash inflow (outflow) from operations 1,299 (485) Cash and short term investments, beginning of period 24 509 Cash and short term investments, end of period 1,323 24 See accompanying notes to the consolidated financial statements. 14