RAND MINING LIMITED — Interim / Quarterly Report 2002

Mar 13, 2003

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RAND MINING NL Financial Report For the Half-Year ended 31 December 2002

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The Directors of Rand Mining NL submit herewith the financial report for the half-year ended 31 December 2002. In order to comply with the provisions of the Corporations Act 2001 the Directors Report as follows:

The names of Directors of the company during or since the end of the half-year are:

Mr F Bozic Mr O Demis Mr F O'Kane Dr W Jay (appointed 22 January 2003) Mr A Billis (appointed 22 January 2003)

The above named directors held office during and since the end of the half-year with the exception of Dr W Jay and Mr A Billis who were appointed on 22 January 2003.

OPERATING RESULT

The operating profit after tax for the half-year was $1,384,922.

REVIEW OF OPERATIONS

The East Kundana Joint Venture has combined resources of 1.658 million ounces inclusive of an estimated 0.827 million ounces in reserves remaining as at the 31 December 2002.

During the half-year to 31 December 02 the EKJV recovered an estimated 49,316 troy ounces of gold, 49,622 ounces were poured and 48,149.247 ounces of gold and 4,814.827 ounces of silver outturns were received. Rand has a 12.25% interest in the East Kundana Joint Venture.

A program of diamond and reverse circulation drilling is ongoing to upgrade resources to reserves category and to test additional exploration targets.

The joint venture project continues to be the main focus of the company.

OPEN PIT OPERATIONS

Raleigh Pit

Mining continued in the Raleigh Stage 2 pit advancing from 44m to 64m with a designed depth of 88m below ground level for a total of 930,215 BCMs of material mined during the half year.

The performance of mining production estimates compared to reserves is:

Raleigh Pit 100% EKJV				---------------
	Production			Reserve			Variation
	Tonnes	Grade	Gold	Tonnes	Grade	Gold	tonnes	g/t	ounces
	Tones	-c/t	ounces	tonnes	gΛ	ounces	%	%	%
Dec 02 Half Year	199.977	8.58	55.193	76.390	13.11	32,203	261	65	171
Project To 31 Dec 02_______	228,783	8.52	62.694	81.125	13.88	36.201	282	61	173

Additional ore to the reserve was revealed by close spaced grade control drilling that identified hangingwall and footwall mineralisation, increasing the mining width from 2.5m estimated in the reserve to 6m mining width. The spur vein modeled as inferred material in the resource but not included in the reserve was found to be more continuous than expected and this has contributed to the additional ore mined.

Rand Mining NL ACN 004 669 658 Directors Report

Rubicon

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Mining continue in the Rubicon Stage 1 pit to a depth of 34m below ground level. Stage 2 mining commenced in August 02, advancing to 60m below ground level by 31 December 02. The planned pit depth to be mined is 88m below ground level.

_____Rubicon Pit 100% EKJV
	Production			Reserve			Variation
	Tonnes	Grade	Gold oz	Tonnes	Grade	Gold oz	tonnes	-a/t	ounces
	Tones	94	ounces	tonnes	-a/t	ounces	-%	%	%
Dec 02 Half Year	93,994	6.02	18 179	64.618	4 25	8.824	145	142	206
Project To 31 Dec 02	182,200	5.08	29733	128,457	5.31	21.925	142	96	136

Mining fresher ore has reconciled positively unlike that experienced in mining the near surface depletedsupergene ore which is difficult to model in reserve estimations. Inferred material defined in the resource but not included in the reserve has contributed to the additional tonnes and ounces mined in the pit.

Pope John

Pope John deposit, straddling the Kundana Gold operations and EKJV lease boundary was mined during the December 02 half year is subject to royalty payments from Kundana Gold Pty Ltd to the EKJV.

Pope John 100% EKJV
	Production			Reserve			Variation
	Tonnes	Grade	Gold oz	l onnes	Grade	Gold oz	Tonnes	Grade	Ounces
	onnes	g/t	ounces	tonnes	ይ⁄1	ounces	-%	%.	-----%
Dec 02 Half Year	8903	2.35	673	8055	2.30	596	110	102	113
Project To 31 Dec 02	63,728	2.81	755	37,525	3.18	3,837	170	88	150

Significantly more ore tonnes were mined from the supergene zone surrounding the main shale hosted mineralisation.

Rand Mining NL ACN 004 669 658Directors Report

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RESOURCES and RESERVES

EKJV Resource inclusive of reserves remaining as at 31 Decemeber 2002

OREBODY	RESOURCEMEASURED		RESOURCEINDICATED		RESOURCEINFERRED			TOTAL RESOURCE
	(tonnes)	Ş	(tonnes)	$\tilde{S}$	(tonnes)	$\tilde{\vec{e}}$	(tonnes)	$\mathbb{S}$	(ounces)
POPE JOHN	0	္ပိ	13,000	$\frac{5}{1}$	o	oO	13,000	$\frac{5}{1}$	$\tilde{2}$
RALEIGH UNDERGROUNDRALEIGH SURFACENi3 Niで空	っ0	ဒိooO	516,00024,000	39.628.1	445,00041,000	$\frac{4}{1}$$\overline{\overline{N}}$	961,00065,000	0.31$\overline{23}$	715,11633,324
RALEIGH UNDERGROUNDHANGINGWALL VEIN	o	္ပိ	$\bullet$	S	6,000	354	6,000	35.4	6,829
HORNET UNDERGROUNDHORNET SURFACE	00	င္ပ္ခိ	1,017,000581,000	noNN	706,0001,000	$\frac{8}{1}$C.G	1,723,000582,000	ioN$\frac{2}{3}$	342.37346,757
RUBICON UNDERGROUNDRUBICON SURFACE		္ပိွ	117,000390,000	$\frac{3}{2}$oØ	507,0001,000	ွĞ	118,000897,000	$\frac{5}{2}$$\vec{r}$	214,28850,052
PEGASUS UNDERGROUNDPEGASUS SURFACE	0	ဒိွ	191,000219,000	ဖေဂမ	381,000500,000	$\frac{6}{3}$دد	719,000572,000	္ကဇ	152,72661,305
DRAKE	Ò	ွ		ဒ္ဓ	100,000	្ល	100,000	ี2เ	6,430
STOCKPILE - ROM PAD	73,000	86						ထိ	20,184
STOCKPILE-ADJACENT PITS	34,000	၈၀စဝ	00	000000	$\circ$	000000	73,00034,000	0.00.0	7,543
STOCKPILE - SUBGRADETOTAL	148,00041,000	$\mathbf{S}$	3,068,000	10.2			41.000		791
(Prepared by M.Bampton Placer Dome Asia		Pacific Ital			2,688,000	$\frac{3}{2}$	5,904,000	rco	1,658,345

Line Faulund (III) 5)Silin ...י į.

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Rand Mining NL ACN 004 669 658Directors Report

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At 31 DECEMBER 2002 (EKJV)								At 31 DECEMBER 2001
OREBODY	RESERVEPROVED		PROBABLERESERVE			TOTAL RESERVE		TOTAL RESERVE
	(tonnes)	$\mathbf{g}$	(tonnes)	S)	(tonnes)	$\widehat{\mathbb{S}}$	(punces)	(tonnes)	$\ddot{9}$	(ounces)
NHOL JACA	◓	oO	3,000	$\frac{6}{1}$	3,000	$\frac{1}{2}$	154	36,000	coN	3,408
RALEIGH UNDERGROUND MAINRALEIGH SURFACENVEIN	oo	္လိ$\frac{0}{0}$	822,00023,000	39.6164	822,00023,000	39.616.4	433,41829,283	822,00072,000	27.016.4	433,41862,501
RALEIGH UNDERGROUNDHANGHAGHALL	o	$\frac{0}{2}$	0	$\frac{1}{2}$	Ō	$\frac{1}{2}$	o	o	္ပ	o
HORNET UNDERGROUND*HORNET SURFACE*	0o	$\frac{0}{0}$	223,000940,000	တ္ ကက ထ	223,000940,000	တကကိုယ	190,39727,962	145,000210,000	ທ ຕຸຕຸທ	23,63123,309
RUBICON UNDERGROUND*RUBICON SURFACE*	oo	oO$\frac{0}{0}$	116,000168,000	121တွ	116,000168,000	$\overline{2.1}$$\frac{5}{6}$	45,12745,911	203,000185,000	တွි	55,31558,087
PEGASUS UNDERGROUND*PEGASUS SURFACE*	0o	$\frac{0}{2}$္ပိ	119,000$\circ$	$\sum_{i=1}^{n}$o	119,000	$\overline{r}$္တိ	26,782	119,00062.000	$\frac{1}{2}$$\overline{\bullet}$	1215926,782
PITSSTOCKPILES - ADJACENTSTOCKPILES - ROM PAD	73,00034,000	ဇဂ္ဂတို့ ဇာ	00	00	73,00034,000	86$\frac{0}{0}$	20,1847,543	00	Sွိ	o o
Prepared by M. Barnpton (Placer Dome Asia Pacific Ltd)TOTAL	107,000	$\frac{1}{8}$	2,414,000	ຸດ	2,521,000	10.2	826,760	1,854,000	117	698.610

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Note:In accordance with Listing (1.04-5.10 of the Australian Stock Exchange Linking individual in the seamer into the search of the Australian Stock Exchange Limited, the general interaction in the Australian Stock Exchan

Rand Mining NL ACN 004 669 658Consolidated Statements of Financial Performance for half-year ended 31 December 2002

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		Economic Entity
		Half-YearEnded31 Dec 2002$	Half-YearEnded31 Dec 2001$
	Notes
Revenue from ordinary activitiesExpenses from ordinary activities	$\frac{2}{2}$	3,480,971(2,096,049)	5,492(272,424)
Profit/(Loss) from ordinary activitiesbefore income tax	2	1,384,922	(266, 932)
Income tax attributable to ordinary activities
Profit/(Loss) from ordinary activitiesafter income tax		1.384,922	(266,932)
Total changes in equity other resulting than theseFrom transaction with owners as owners		1,384,922=======	(266, 932)
Earnings per share - basicEarnings per share - diluted		0.0310.030	(0.008)(0.008)

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Rand Mining NL ACN 004 669 658 Directors Report

RESOURCE DEVELOPMENT

An integrated underground mining study on the combined Hornet, Rubicon and Pegasus resources is in progress.

An evaluation of a third cutback in the Raleigh pit is being undertaken and its impact on the proposed development of the deposit from underground is under study.

SEVEN MILE HILL

A number of anomalies identified during an earlier aeromagnetic survey were tested by an RC drill program of 260 holes totalling 15,051m.

A small number of anomalous gold assays were returned which will require follow-up drilling. The relatively low gold values are considered of interest given the close proximity to the Kundana and Frogs Legs gold deposits along strike to the north. Anomalous results encountered from the western area occur in a linear pattern parallel to the interpreted position of the Zuleika Shear Zone along which deposits are known to be localised in the region.

SUBSEQUENT EVENTS

On 31 January 2003, the parties to the East Kundana Joint Venture reached a decision to carry out the third cutback at the Raleigh pit. Mining continues at the Raleigh pit after the third cutback was carried out. Processing of the ore is being carried out on a continual basis.

Signed in accordance with a resolution of the Directors.

On behalf of the Directors

atee اهد

Dr W Jav Director PERTH, 14 March 2003

Rand Mining NL ACN 004 669 658Consolidated Statements of Financial Position for half-year ended 31 December 2002

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الممساح

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		Economic Entity
		Half-Year	Year
		Ended	Ended
		31 Dec 2002	30 Jun 2002
		$	$
	Notes
Current Assets
Cash Assets		896,606	1,388,974
Receivables		990,019	859,727
Inventories		667,183	113,047
Other - Deferred Waste		264,102	449,456
Investments		2,908,526	2,908,526
Total Current Assets		5,726,436	5,719,730
Non Current Assets
Receivables		187,023	186,823
Investments		50,023	50,023
Property, Plant & Equipment		294,883	295,832
Exploration Tenements		3,644,645	3,522,878
Total Non Current Assets		4,176,574	4,055,556
Total Assets		9,903,010	9,775,286
Current Liabilities
Payables		1,092,739	732,745
Interest Bearing Liabilities	3	11,837	1,610,129
Total Current Liabilities		1,104,576	2,342,874
Non Current Liabilities
Provision		14.245	3.283
Interest Bearing Liabilities		31.124	35,967
		45,369	39,250
Total Liabilities		1,149,945	2,382,124
Net Assets		8,753,065	7,393,162
		========	========
Equity
Contributed Equity		10,993,558	11,018,577
Reserves		1,326,974	1,326,974
Accumulated Losses		(3, 567, 467)	(4.952, 389)
Total Equity		8,753,065	7,393,162
		≖===≈===	saaanno

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Rand Mining NL ACN 004 669 658Consolidated Statement of Cash Flow for half-year ended 31 December 2002

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أسيب

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	Economic Entity
	Half-YearEnded31 Dec 2002$	Half-YearEnded31 Dec 2001$
Cash Flows from Operating ActivitiesReceipts from customersBorrowing CostsExpenditure on Mining ActivitiesPayments to Suppliers & EmployeesGST Paidinterest ReceivedOther	3,931,735(99, 816)(2,044,891)(272, 905)(379, 646)10,771	(120,000)(417, 485)(487, 928)5.492
Net Cash Provided by/(Used for) OperatingActivities	1,145,248	(1,019,921)
Cash Flows from Investing ActivitiesPayments for investmentsLoans to other entitiesPayments for Plant & Equipment	(8,000)(5,905)	(225, 012)
Net Cash Used for Investing Purposes	(13,905)	(225, 012)
Cash Flow from Financing ActivitiesProceeds from BorrowingsRepayment of BorrowingsCosts of issuing sharesProceeds from Options Conversions	(1,598,693)(25,018)	410,565338,931
Net Cash (Used for)/Provided by FinancingActivities	(1,623,711)	749,496
Net Increase (Decrease) in Cash Held	(492, 368)	(495, 437)
Cash at beginning of the Half-Year	1,388,974	527,695
Cash at the end of the Half-Year	896,606=========	32,258========

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1. Basis of Preparation

The half-year financial report is a general purpose report prepared in accordance with the Corporations Act 2001 and ASSB 1029 "Interim Financial Reporting" and other mandatory professional reporting requirements. The half-year financial report does not include notes of the type normally included in the annual financial report and should be read in conjunction with the 2002 annual financial report.

The accounting policies adopted in the preparation of the half-year financial report are consistent with those adopted and disclosed in the 2002 annual financial report.

$2.$ Operating Profit/(Loss) from Ordinary Activities

			Economic Entity
		Half-YearEnded	Half-YearEnded
		31 Dec 02S.	31 Dec 01$
	Revenue from Ordinary Activities
	Receipts from gold sales	3,417,995
	Interest received	12,334	5,492
	Other income	50,642
		3,480,971	5.492
	Expenses from Ordin ary Activities
	Borrowing costs	61,535	120,000
	Depreciation and amortisation expense	225,206	4,472
	Royalty payments	35,266
	EKJV Mining costs	1,446,905
	Other expenses from Ordinary Activities	327.137	147,952
		2,096,049	272,424
		22 RCZZCZ	;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;
3.	Interest Bearing Liabilities
	BankWest Drawdown Facility		1,598,693
	Lease Liability	11.837	11,436
		11,837	1,610,129
		========= =	22225223

During the half-year ended 31 December 2002, the company repaid its drawdown facility with BankWest in full.

Rand Mining NL ACN 004 669 658 Notes to the Financial Statements for the half-year ended 31 December 2002

4. Subsequent Events

On 31 January 2003, the parties to the East Kundana Joint Venture reached a decision to carry out the third cutback at the Raleigh pit. Mining continues at the Raleigh pit after the third cutback was carried out. Processing of the ore is being carried out on a continual basis.

5. Segment Reporting

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During the half-year ended 31 December 2002, the company operated in the mineral exploration industry in Australia.

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INDEPENDENT REVIEW REPORT TO THE MEMBERS OF RAND MINING NL

SCOPE

We have reviewed the financial report of Rand Mining NL for the half-year ended 31 December 2002, set out on pages 6 to 10, and including the Directors' Declaration. The financial report includes the consolidated financial statements of the economic entity comprising Rand Mining NL and the entities it controlled at the end of the half-year or from time to time during the balf-year. The company's directors are responsible for the financial report. We have conducted an independent review of the financial report in order to state whether, on the basis of the procedures described, anything has come to our attention that would indicate that the financial report is not presented fairly in accordance with Accounting Standard AASB 1029: Interim Financial Reporting and other mandatory professional reporting requirements and statutory requirements, so as to present a view which is consistent with our understanding of the economic entity's financial position, and performance as represented by the results of its operations and its cashflows, and in order for the company to lodge the financial report with the Australian Securities and Investment Commission/Australian Stock Exchange Limited.

Our review has been conducted in accordance with Australian Auditing Standards applicable to review engagements. Our review was limited primarily to inquiries of the economic entity's personnel and analytical review procedures applied to financial data. These procedures do not provide all the evidence that would be required in an audit, thus the level of assurance provided is less than that given in an audit. We have not performed an audit and, accordingly, we do not express an audit opinion.

REVIEW STATEMENT

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of Rand Mining NL is not in accordance with:

• $(a)$ the Corporations Act 2001, including:
  • giving a true and fair view of the economic entity's financial position as $(i)$ at 31 December 2002 and of its performance for the half-year ended on that date: and
  • complying with Accounting Standard AASB 1029: Interim Financial $(ii)$ Reporting and the Corporations Regulations 2001; and

$(b)$ other mandatory professional reporting requirements.

Tha daid

HALL CHADWICK Chartered Accountants

DATED at PERTH this 14th day of March 2003

MAURICE L ANGHIE Partner

Tevel 40 tever 40BankWest Tower108 St George's Terrace Fenh 600D renn coocWestern Australia

GPO Box W2106PERTH WA 6846

-Telephone: (08) 9320 2888Facsimile: - (08) 9320 2999 Email: hcperinfo@hallchadwick.com.au www.halichadwick.com.gu

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The directors declare that:

• $a)$ The attached financial statements and notes thereto comply with Accounting Standard AASB 1029 Interim Financial Reporting and the Corporations Act 2001.
• The attached financial statements and notes thereto give a true and fair view of the $b)$ consolidated entity's financial position as at 31 December 2002 and its performance for the half year ended on that date.
• In the director's opinion, there are reasonable grounds to believe that the company will be $c)$ able to pay its debts as and when they become due and payable.

Signed in accordance with a resolution of the directors made pursuant to s.303(5) of the Corporations Act 2001.

On behalf of the Directors

$\overline{a}$

Willis Dr W Jav

Director

s in

PERTH, 14 March 2003