RAND MINING LIMITED — Capital/Financing Update 2003

Feb 26, 2003

27 February 2003

The Listing Manager Australian Stock Exchange Level 10 20 Bond Street SYDNEY NSW 2000

Rand Mining NL is pleased to announce that in conformity with the earlier announcement, Rand shareholders are to receive a priority offering of shares in the Initial Public Offering to be made by Oretek Limited. A copy of the Oretek Prospectus will be posted to all shareholders within the next seven days.

Yours faithfully

Dr W Jay Director