CONNECTED MINERALS LIMITED — Interim / Quarterly Report 2002

Jan 30, 2003

$Rate 5.3$

Appendix 5B Mining Exploration Entity Quarterly Report

Origin: Appendix 8

Name of Entity

ACCLAIM EXPLORATION NL

ACN or ARBN

99 009 076 233

Quarter Ended ("Current Quarter") 31 DECEMBER 2002

Consolidated Statement of Cash Flows

Cash Flows Related to Operating Activities		Current Quarter	Year to Date (6 months)
		\$Α	\$Α
1.1 1.2	Receipts from product sales and related debtors Payments for (a) exploration and evaluation (b) development	(443, 889)	(1, 124, 230)
1.3	(c) production (d) administration Dividends received	(82, 515)	(160, 780)
1.4 1.5	Interest and other items of a similar nature received Interest and other costs of finance paid	837	2,283
1.6 1.7	Income taxes paid Other (provide details if material)
	Net Operating Cash Flows	(525, 567)	(1,282,727)
	Cash Flows Related to Investing Activities
1.8	Payment for purchases of: (a)prospects (b) equity investments
1.9	(c) other fixed assets Proceeds from sale of: (a)prospects (b) equity investments
1.10 1.11	(c) other fixed assets Loans to other entities (note 3) Loans repaid by other entities
1.12	Other (provide details if material)
	Net Investing Cash Flows
1.13	Total operating and investing cash flows (carried forward)	(525, 567)	(1, 282, 727)

Appendix 5B Page 1

1.13	Total operating and investing cash flows (brought forward)	(525,567)	(1,282,727)
	Cash Flows Related to Financing Activities
1.14	Proceeds from issues of shares, options, etc.	935,095	1,735,095
1.15	Proceeds from sale of forfeited shares
1.16	Proceeds from borrowings
1.17	Repayment of borrowings	(1,534)	(2,975)
1.18	Dividends paid
1.19	Other (provide details if material) - Share Issue Costs	(18, 375)	(18, 375)
	Net Financing Cash Flows	915,186	1,713,745
	Net Increase (Decrease) in Cash Held	389,619	431,018
1.20	Cash at beginning of quarter/year to date	73,235	31,836
1.21	Exchange rate adjustments to 19
1.22	Cash at End of Quarter	462,854	462,854

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

• $1.23$ Aggregate amount of payments to the parties included in item 1.2
• 1.24 Aggregate amount of loans to the parties included in item 1.10
• 1.25 Explanation necessary for an understanding of the transactions

Non-Cash Financing and Investing Activities

$2.1$ Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

NIL

$2.2$ Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

NIL

Appendix 5B Page 2

Current quarter \$A 126.472

Financing Facilities Available

Add notes as necessary for an understanding of the position.

		Amount Available \$Α	Amount Used \$Α
3.1	Loan facilities	NIL
3.2	Credit standby arrangements	NIL

Estimated Cash Outflows for Next Quarter

		\$Α
4.1	Exploration and evaluation	200,000
4.2	Development
	Total	200,000

Reconciliation of Cash

Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.		Current Quarter \$A	Previous Quarter \$A
5.1	Cash on hand and at bank	462,854	73,235
5.2	Deposits at call
5.3	Bank overdraft
5.4	Other (provide details) term deposit
	Total: Cash at End of Quarter (item 1.22)	462,854	73,235

Changes in Interests in Mining Tenements

		Tenement Reference	Nature Οf Interest	Interest at Beginning of Quarter	Interest at End of Quarter
6.1 Interests in mining tenements relinquished, reduced or lapsed Interests in mining 6.2 tenements acquired or increased	Nil
	Nil

Issued and Quoted Securities at End of Current Quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

		Number Issued	Number Quoted	Issue price per security (see note 3)	Amount paid up per security (see note 3)
				(cents)	(cents)
7.1	Preference + securities
7.2	Changes during quarter
7.3	+ Ordinary Securities	246,402,699 40,000,000	246,402,699 40,000,000	10	8
7.4	Changes during quarter Increases through (a) issues Decreases through (b) returns of capital. buy-backs	26,717,000	26,717,000	3.5
7.5	+ Convertible Debt Securities
7.6	Changes during quarter
7.7	Options (description)	212,778,535	212,778,535	Exercise Price 20	Expiry Date 30/04/2004
7.8	Issued during quarter	13,358,500 8,000,000	13,358,500	20 25	30/04/2004 8/10/2005
7.9	Exercised during quarter
7.10	Expired during quarter
7.11	Debentures
7.12	Unsecured Notes

Compliance Statement

• This statement has been prepared under accounting policies which comply with accounting $\mathbf{1}$ standards as defined in the Corporations Act or other standards acceptable to ASX.
• $\overline{2}$ This statement does give a true and fair view of the matters disclosed.

Sign here: . . . . . . . . . . . . . . . . . . . . (Director/Company Secretary)

Date: 30 January 2003

Print name: NJBASSETT

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