CODEIFAI LIMITED — Remuneration Information 2005

Mar 3, 2005

AUSTRALIS MINING CORPORATION LIMITED

ACN 108 649 421

Level 29, Chifley Tower, 2 Chifley Square, SYDNEY NSW 2000 Phone (02) 8256.0888 Fax (02) 8256.0899

SENIOR MANAGEMENT BONUS PAYMENTS

In the company's Replacement Prospectus dated 9 December 2004, reference was made to bonus payments to senior executives of Australis Mining Corporation Limited. It was noted in Section 11 of the Prospectus that the bonus payments would be made if certain key performance indicators were reached.

The executives that are subject to the bonus arrangements, the amount of the bonus and the key indicator(s) of their performance are summarized in the table over. Where an executive has more than one objective, then all objectives must be met before the bonus will be paid.

The performance indicator hurdles have been set with reference to the forecast assumptions in the Prospectus for the year ended 30 June 2005.

$\ddot{\phantom{0}}$

$\mathbf{r}$

Executive	Potential Bonus for 2005 year	$\overline{\text{Indictor}}$ of performance	Target for 2005 year
Anthony Damianos, Chief Executive Officer	\$15,000	Undiluted $\bullet$ earnings per share Net tangible assets per share Dividends per share Cash flow per $\bullet$ share Overheads Capital expenditure	2.5 cents ۰ 15 cents 1.2 cents 5 cents ۰ No more than 5% over budget No more than 5% over budget
Penny Kyros, Company Secretary	\$15,000	Corporate lodgements meet specified timetables	All lodgements completed prior to deadline
George Christianos, General Manager, Operations	\$15,000	Processing plant ۰ runs at 90% capacity of better Overheads	More than 1,800 cubic meters of material processed per 10 hour shift No more than 5% over budget
Christian Christianos, General Manager, Operations	\$15,000	Average selling price of product	At least \$4.50/gram
Robert Coenraads, Director & Chief Geologist	\$10,000	$\overline{\mathbf{Y}}$ ield on processed material	At least 8 grams/cubic meter

Penny Kyros
Company Secretary/Legal Counsel