VAULT MINERALS LIMITED — Capital/Financing Update 2003

Mar 27, 2003

ABN 73 068 647 610

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

28 March 2003

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

Dear Sir/Madam

CANCELLATION OF UNLISTED OPTIONS

We advise that 1,000,000 unlisted options in Red 5 Limited have been cancelled. The options were exercisable at 20 cents each on or before 31 December 2004.

Yours faithfully

FRANK CAMPAGNA Company Secretary