VAULT MINERALS LIMITED — Capital/Financing Update 2003

Oct 27, 2003

ABN 73 068 647 610

Telephone: +61 8 9322 4455 Facsimile: +61 8 9481 5950

28 October 2003

Manager Announcements Company Announcements Office Australian Stock Exchange Limited Level 4 20 Bridge Street SYDNEY NSW 2000

Dear Sir/Madam

COMPLETION OF RIGHTS ISSUE

The directors of Red 5 Limited ("Company") are pleased to advise that the pro-rata rights issue made by the Company pursuant to a prospectus dated 8 September 2003 has been completed.

Accordingly, 40,967,509 fully paid shares ("Shares") have been issued at a subscription price of 7.3 cents each to raise a total of \$2.99 million (before costs).

Pursuant to the application for official quotation of the Shares, we confirm as follows:

• $\mathbf{1}$ . The date of allotment of the Shares was 27 October 2003. We confirm that the securities have been allocated into the issuer sponsored sub-register.
• $\overline{2}$ . The issued capital of the Company following completion of the rights issue is as follows:

	Quoted	Unquoted
Ordinary fully paid shares	173,025,976	4,500,000
Options (31.01.04)	54,419,620
Options with various exercise prices
and expiry dates		24,950,000

A statement of the twenty largest holders of Shares in the Company is attached. $\mathbf{3}$

Yours faithfully

FRANK CAMPAGNA Company Secretary

RED 5 LIMITED

TWENTY LARGEST HOLDERS OF FULLY PAID SHARES AS AT 27 OCTOBER 2003

	Shareholder	Shares	$\%$
1.	Topspeed Pty Ltd	9,769,967	5.50
2.	James Skinner and Janice Skinner	8,467,889	4.77
3.	National Nominees Limited	8,205,000	4.62
4.	Gregory Charles Edwards	7,871,500	4.43
5.	Allen Lance Govey	7,871,500	4.43
6.	Bruce Neville Tomich	6,301,400	3.55
7.	Mark Kennard Connell	5,076,500	2.86
8.	Breamlea Pty Ltd	5,000,000	2.82
9.	Bryan Welch	2,600,000	1.47
10.	Arrowvale Pty Ltd	2,580,900	1.45
11.	Rutherglen Stichting	2,288,623	1.29
12.	James Skinner and Janice Skinner (Topspeed No. 2 Account)	2,234,663	1.26
13.	Torbay Nominees Pty Ltd	2,147,873	1.21
14.	Karari Australia Pty Ltd	2,080,000	1.17
15.	Weelara Holdings Pty Ltd	1,903,200	1.07
16.	Raymond Butler	1,867,500	1.05
17.	Berne No 132 Nominees Pty Ltd	1,703,000	0.96
18.	Glenn McKay	1,496,300	0.85
19.	Harold Cripps Holdings Pty Ltd	1,430,000	0.81
20.	Mining Finance Associates Pty Ltd	1,402,938	0.79
		82,298,753	46.36