content_image/69614.jpg content_image/69615.jpg content_image/69616.jpg
Simpli fi  ed Statement of Financial Performance ($’000) 

<img src='content_image/69614.jpg'>

## International Accounting Standards 

A reconciliation of Australian Generally Accepted Accounting Principles to International Accounting Standards identi fi  ed no material impact on net pro fi  t or net assets of the consolidated entity. Refer Note 34 to the Financial Statements for a reconciliation of Australian Generally Accepted Accounting Principles to International Accounting Standards. 

## Outlook 

## Financial Position 

The fi  nancial position improved post the year end July by $8.1 million with a $3.7 million placement of shares (to RCF, Ocean Resource Capital Holdings and other investors) and the conversion of an outstanding $4.4 million of interest-bearing Convertible Note to shares at a strike price of 8 cents per share by Ocean Resource Capital Holdings on 15 July 2004. 

On 6 August 2004, Resource Capital Fund II L.P. Holdings Limited advanced the Company $1.2 million for working capital to be converted into shares as part of a future equity placement. The timing and quantum of such a placement have not yet been determined. The advance is interest free and unsecured. 

Simpli fi  ed Statement of Cash fl  ows ($’000) 

<img src='content_image/69615.jpg'>

Simpli fi  ed Statement of Financial Position ($’000) 

<img src='content_image/69616.jpg'>

