BUILDING A PROFITABLE
MID-TIER GOLD MINING BUSINESS

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QUARTERLY REPORT October – December 2001

Quarterly Report October – December 2001 Highlights Drill testing confirms 180 metre strike continuity of high grade reef in D3 ribbon. Decline development recommenced in late December 2001. Shareholders approved the placement of 294.1 million shares to Harmony Gold Mining Company Limited to raise $50 million. In this document, the term “resource potential” is used to describe the Company’s estimate

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QUARTERLY REPORT July – September 2001

QUARTERLY REPORT JULY – SEPTEMBER 2001 Highlights Agreement with Harmony Gold Mining Company to fund the development of the New Bendigo Gold Project: A$50 million through an issue of 294.1 million shares at 17 cents per share giving Harmony an interest of approximately 33.6% Options to subscribe for 360 million further shares at 30 cents each by December 2003 to

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QUARTERLY REPORT April – June 2001

Quarterly Report April – June 2001 Highlights Numerous high-grade drill intersections Above expectation Inferred Resource defined in the area tested to date Further advances in predicting the location of significant mineralisation within the New Bendigo Indication of very high gold recovery without the use of cyanide Progress with funding In this document, the term “resource potential” is used to describe

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QUARTERLY REPORT January – March 2001

Quarterly Report January – March 2001 Highlights $6 million additional funding secured Production plans announced. Stage One production of 90-100,000 ounces gold annually by end 2002 Stage Two production of 250,000 ounces by end 2004 from a throughput of 600,000 tonnes per annum. Stage Three annual throughput of 1.2 million tonnes to produce 400-500,000 ounces per annum by 2007. Optimal

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QUARTERLY REPORT OCTOBER – DECEMBER 2000

Highlights Ore Grade Intersections in New Bendigo Reefs Drill testing on the Sheepshead and Deborah anticlines identified four unmined ribbons containing eight gold bearing reefs. Significant intersections include 13.5 m @ 58.1 gAu/t, 13 m @11 gAu/t, 16.3 m @ 20.3 gAu/t and 9m @ 55.9 gAu/t. Typical size of the reefs is 10 metres wide and 30 metres high.

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QUARTERLY REPORT JULY – SEPTEMBER 2000

Highlights Exploration success results in the Bulk sampling program being brought forward 3 months to the Fourth Quarter 2000 Drilling from the Swan decline located a large gold bearing reef on the Deborah anticline in close proximity to the decline. This phase of decline development is now completed and the bulk sampling program commenced since quarter’s end. A large syncline

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QUARTERLY REPORT APRIL – JUNE 2000

Highlights Drilling locates D3 and S3 ribbon zones Company confirms the ribbon repeat theory beneath the Deborah and Sheapshead lines of reef Decline advance on target at 2900 metres Commenced deep drilling at the northern end of the goldfield Project Milestones Quarte Event Third quarter, 2000 complete d3/s3 drilling Fourth quarter, 2000 complete deep drilling in the north commence d4/s4