CODEIFAI LIMITED — Interim / Quarterly Report 2005

Mar 3, 2005

		Application of Funds
		$_$ prospectus Mialacem ž	Comments Application Forecast
Amount raised by issue		\$3,500,000	\$3,997,221 Applications received per 14/2/05 listing
Application of Funds
Issue costs
		\$545,000	\$365,808 Refer below
Repayment of RESI loan		\$742,000	\$743,174 Balance owing as at 31/1/05 - Note 16 January Financial Report
Repayment of trade debts		\$470,000	\$550 104 Refer below
Partial payment to E Christianos		\$200,000	\$200,000 As per prospectus
Capital Expenditure		\$919,000	\$412,500 Refer below
Baploration		\$300,000	\$50,000 Adjusted to forecast amount
Working capital		\$324,000	\$675,635 Balancing item - 2 to 3 months cash burn
Repayment of Nikiti Corp loan			\$1,000,000 Repayment of Nitlid Corp Loan per ASIC agreement
Total		53,500,000	68,997.221
BREAK DOWN OF AMOUNTS
lesue costs
Taid		\$742,000	\$963,181 Forecast total costs per schedule in January Financial Report
Less paid		(8197,000)	(\$597,373) Paid until end January
		\$545,000	$rac{300}{300}$ , 808
JMO Trade Debta
Tzovaras Legal - pre April 2004	\$338,181	5.	\$0 As at 31/1/05 - Note 15b January Financial Report
Damlanos - pre April 2004	\$111,015	8	\$0 As at 31/1/05 - Note 15b January Financial Report
G Christianos - pre April 2004	\$81,902	3	\$0 As at 31/1/05 - Note 15b January Financial Report
C Christianos - pre April 2004	8116.594	$\overline{\mathbf{a}}$	\$0 As at 31/1/05 - Note 15b January Financial Report
Superanouation		S.	\$102,511 As at 31/1/05 - Note 15a January Financial Report
Stam duty (Share swap & QSM acquisition)			\$70,000 As at 31/1/05 - Note 15a January Financial Report
Directors lees	TT/KT 7 months	8	\$48,667 As at 31/1/05 - Note 15b January Financial Report
Contract staff	PK, RC & VIK	S.	\$117,595 As at 31/1/05 - Note 15b January Financial Report
Payables - external creditors	DNR	$\rm{z}$	\$180,161 As at 31/1/05 - Note 14 January Pinancial Report
Payables - external creditors	AMC	$\overline{\mathbf{z}}$	\$33,170 As at 31/1/05 - Note 14 January Financial Report
		000'0459	\$550,104
Capital Expenditure
Site establishment costs		8337,000	\$120,000 Adjusted to forecast amount
2 Dump trucks & grader		\$350,000	\$192,500 Revised - 3 dump trucks on order for \$192,500
Stockpiles & roads		\$232,000	\$100,000 Adjusted to forecast amount
		6819,000	6412,600

Australis Mining Corporation Limited & Controlled Entities

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