BUILDING A PROFITABLE
MID-TIER GOLD MINING BUSINESS

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QUARTERLY REPORT January – March 2003

Quarterly Report January – March 2003 Highlights Decline developed to target depth of 830 metres below surface for current exploration and assessment phase. On schedule to delineate Reserves in D3 and Upper S3 reefs by June 2003. On schedule to access three Mid S3 reefs by June 2003. Milestones April – June 2003 Access and bulk sample Patty Reef, True

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QUARTERLY REPORT October – December 2002

Quarterly Report October – December 2002 Highlights Access to the first two gold bearing reefs in the New Bendigo reveals abundant coarse-grained visible gold. Initial bulk sample results were returned with grades of 3 to 22g/t Au in the Upper S3 Reef and 4 to 16g/t Au in the D3 East Leg Reef. Drill testing of the S4 ribbon (below

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QUARTERLY REPORT July – September 2002

Quarterly Report July – September 2002 Highlights First access to gold bearing reefs in Deborah and Sheepshead S5 ribbon position confirmed by drilling Milestones October – December 2002 Reef access on Deborah line (D3) and Sheepshead line (S3 Upper) Results from first bulk samples in D3 and S3 Upper On strike drill testing of D4 January – June 2003 Reef

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QUARTERLY REPORT April – June 2002

Quarterly Report April – June 2002 Highlights Underground development remains on schedule to access New Bendigo gold bearing reefs on Deborah and Sheepshead line in the fourth quarter 2002 Milestones July – September 2002 Re-estimation of Resource in S3, D3 and D4 October – December 2002 Reef access on Deborah line (D3) and Sheepshead line (S3 Upper) Results from first

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QUARTERLY REPORT January – March 2002

Quarterly Report January – March 2002 Highlights Continued exploration drilling success: Strike continuity of reefs in S3 ribbon on Sheepshead line for 750 metres and open to north and south High grade reef identified on the Deborah line, 330 metres long and open to the south Decline development on target and within budget Milestones April – June 2002 – Drill testing

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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.