METALS AUSTRALIA LTD — Interim / Quarterly Report 2003

Apr 28, 2003

Appendix 5B

Rule 5.3

Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.

Name of entity

Australian United Gold Ltd

ABN

Quarter ended ("current qua:

ABN 38 008 982 474

urter'')

March 31 2003

Consolidated statement of cash flows

Cash activities	flows related to operating	Current quarter \$A'000	Year to date $(9$ months) \$A'000
1.1	Receipts from product sales and related debtors
1.2	Payments for (a) exploration and evaluation (d) development		(41)
	(e) production (d) administration	(71)	(188)
1.3 1.4	Dividends received Interest and other items of a similar nature received
1.5	Interest and other costs оf finance paid	7	19
1.6 1.7	Income taxes paid Other (provide details if material)
	Net Operating Cash Flows	(64)	(210)
1.8	Cash flows related to investing activities for purchases Payment of: (a) prospects $(b)$ equity investments (c) other fixed assets		(86)

⁺ See chapter 19 for defined terms.

Appendix 5B Mining exploration entity quarterly report

	1.9 Proceeds from sale of : (a) prospects	168	168
	$(b)$ equity investments $(c)$ other
	fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other (provide details if material)
	Net investing cash flows	168	82
1.13	Total operating and investing cash flows (carried forward)	104	(128)
	Cash flows related to financing
	activities 1.14 Proceeds from issues of shares, options, etc.
1.15	Proceeds from sale of forfeited shares
	1.16 Proceeds from borrowings
	1.17 Repayment of borrowings
	1.18 Dividends paid
	1.19 Other (provide details if material)
	Net financing cash flows
	Net increase (decrease) in cash held	104	(128)
	$1.20$ Cash beginning at оf	574	806
	quarter/year to date
	1.21 Exchange rate adjustments to. item 1.20
	1.22 Cash at end of quarter	678	678
	Payments to directors of the entity and associates of the directors Payments to related entities of	the	entity and
	associates of the related entities		Current quarter \$A'000
1.23	Aggregate amount of payments to the parties included in item 1.2		23

1.25 Explanation necessary for an understanding of the transactions

PROFESSIONAL SERVICES & DIRECTORS FEES

⁺ See chapter 19 for defined terms.

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
• 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

Financing facilities available

Add notes as necessary for an understanding of the position.

	Amount available Amount used \$A'000	\$A'000
3.1 Toan facilities
3.2 Credit standby arrangements

Estimated cash outflows for next quarter

		\$A'000
4.1	Exploration and evaluation	40
	4.2 Development	$\blacksquare$
	Total	40

Reconciliation of cash

Reconciliation of cash at the end of Current quarter the quarter (as shown in the $$A'000$ consolidated statement of cash flows) to the related items in the accounts is as follows.		Previous quarter SA'000
5.1 Cash on hand and at bank	31	-63
5.2 Deposits at call	647	511
5.3 Bank overdraft

⁺ See chapter 19 for defined terms.

5.4 Other (provide details)
Total: cash at end of quarter $(i$ tem 1.22)	678	574

Changes in interests in mining tenements

	Tenement	Nature of interest	Interes	Interes
	referenc	(note (2))	t at	t at
	e		beginni	end of
			ng of	quarter
			quarter
6.1 Interests in
mining tenements
relinquished,
reduced or lapsed
6.2 Interests in
mining tenements
acquired or
increased

⁺ See chapter 19 for defined terms.

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.

		Total	Number	price Issue	Amount paid up
		number	quoted	per security	security per
				(see note 3)
					(see note 3).
				(cents)	(cents)
7.1	Preference
	*securities
	(descriptio
	n)
7.2	Changes
	during
	quarter
	(a)
	Increases
	through
	issues
	(b)
	Decreases
	through
	returns of
	capital,
	buy-backs,
	redemptions
7.3	+Ordinary
	securities	179,608,765	179,608,765
7.4	Changes
	during
	quarter
	(a)
	Increases
	through
	issues
	(b)
	Decreases
	through
	returns of
	capital,
	buy-backs
7.5	+ Convertibl
	e debt
	securities
	(descriptio
	n)

⁺ See chapter 19 for defined terms.

Appendix 5B Mining exploration entity quarterly report

7.6	Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted
$7\,.\,7$	Options			Exercise	Expiry date
	(descriptio	109,000,000	109,000,000	price	30 June 2003
	n and			5 cents
	conversion
	factor) Issued
7.8	during
	quarter
7.9	Exercised
	during
	quarter
7.10	Expired
	during
	quarter
7.11	Debentures
	(totals)
	only)
7.12	Unsecured
	notes (totals)
	only)

Compliance statement

• $\mathcal{L}$ This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).
• This statement does /does not* (delete one) give a true $\overline{2}$ and fair view of the matters disclosed.

Sign here: . . . . . . . . . . . . . . . . . . . $\begin{smallmatrix}&&1\1&2&3&4&4&4&4&4&1&1\end{smallmatrix}$ Date: ............................. (Director/Company secretary)

⁺ See chapter 19 for defined terms.

Print name: R J COLLINS

Notes

• $\mathbb T$ The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.
• $\overline{2}$ The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting If the entity is involved in a joint venture period. agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.
• 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities.
• 4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.
• 5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

we ea ee ee we

⁺ See chapter 19 for defined terms.