quarterly report for the quarter ended 30 jun 07...

Centamin Egypt Limited (“Centamin” or “the Company”)

Quarterly Report for the Quarter Ended 30 June 2007

Highlights

Sukari JORC compliant resource upgraded to 9.01 million ounces of gold

Increase of 750,000 oz for the 3 month period

JORC compliant reserve figure of 3.7 million ounces of gold

Completion of C$151m Equity Raising and TSX listing

Dismantling of the Kori Kollo Processing Plant in Bolivia nears completion

Environmental approval received

Discovery of Amun Deeps

Record quarter of drilling, 37,659 metres completed

Project total drilling now exceeds 250,000m and 1,000 holes

Drilling continues to encounter significant mineralization

Significant drill intersections for the quarter

Amun Zone (9900N – 10700N) D1013 – 22m @ 3.83g/t Au D1042 – 75m @ 2.17g/t Au D1073 – 197m @ 2.18g/t Au D1124 – 42m @ 6.24g/t Au and 27m @ 3.66g/t Au D1143 – 212m @ 2.37g/t Au

Ra –Gazelle Zones (10700 – 11200N) RCD834 – 31m @ 2.00g/t D925 – 11m @ 3.68g/t Au RCD433 – 23m @ 9.82g/t RCD434 – 38.5m @ 2.53g/t Au and 55m @ 2.23g/t Au RCD437 – 86m @ 1.96g/t Au and 129m @ 1.28g/t Au

Pharaoh Zone (>11200N) D696 – 41m @ 2.18g/t Au RCD745 – 48m @ 1.91g/t RCD751 – 53m @ 1.46g/t RCD728 – 26m @ 6.67g/t RCD743 – 74m @ 3.04g/t Au RCD744 – 27.4m @ 2.54g/t Au and 10m @ 4.05g/t Au RCD785 – 3m @ 74.5g/t Au RCD805 – 19m @ 2.08g/t Au D1160 – 36m @ 2.11g/t Au from surface D1158 – 34m @ 2.41g/t Au

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Exploration and Development Drilling The Sukari global resource, independently calculated by Hellman & Schofield (H&S), is estimated at 194.42Mt @ 1.44g/t Au for 9.01Moz Au, at a 0.5g/t Au cut off grade, an increase of 749,740oz or 9% from the previous February 2007 estimate.

Table 1 – Global Resource Estimate

H&S - Global MIK Resource Model - 0.5g/t Au COG May-07 Feb-07 Increase

Category Tonnes Grade Oz. Tonnes Grade Oz. Oz Au Inferred 58,659,440 1.56 2,942,298 52,822,957 1.67 2,836,953 4%

Indicated 83,614,301 1.39 3,736,520 73,983,817 1.39 3,296,048 13% Measured 52,145,500 1.39 2,329,803 47,388,811 1.40 2,125,857 10%

TOTAL 194,419,241 1.44 9,008,599 174,195,585 1.47 8,258,859 9%

Note to Table: Figures in table may not add correctly due to rounding The resource estimate is an estimate of recoverable tonnes and grade using Multiple Indicated Kriging with block support correction. Measured resources exist in areas where drilling is available at a nominal 25 x 25 metre spacing, Indicated resources occur in areas drilled at approximately 25 x 50 metre spacing and Inferred resources exist in areas of broad spaced drilling. The resource model extends from 9700mN to 12200mN and to a maximum depth of 350RL (a maximum depth of 950 metres below surface). The estimate has been adjusted to present land surfaces and previous underground mining. It was based on 96,665 two metre down hole composites and surface rock chip samples. Measured and indicated resources account for 67% of total. Significant growth of gold resources occurred from 10950N to 11400N. Resources were added along strike and down the dip extent of the Hapi Zone. This zone has been successfully defined over 1.5km along strike and is still open to the north and east down dip.

• Pit optimization shells are being created now based on the updated resource model, to review the impact of drilling since Nov 2006, which concentrated in the northern extents of the BFS pit design (10950N to 11300N).

• Planned drill holes progressing northwards in the Pharaoh zone will continue to define the mineralized zone along strike and down dip.

• Planned drill holes in the Amun Deeps will continue to define significant resource ounces. • A further upgrade of the resource will be released in the first half of August.

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Amun Zone (9900 – 10700N) Drilling re-commenced in the Amun Zone from the wadi level, testing down dip extensions of the Hapi and other mineralisation zones at depth. All holes have successfully intersected strong looking mineralisation in thick units of porphyry, particularly at the hangingwall contact zone in the porphyry, which correlates to the Hapi Zone. Several holes returned strong assays over significant widths in the newly discovered Amun Deeps zone. Previously announced Hole D1073 on 11450N returned 197m @ 2.18g/t Au from the hangingwall contact at 320m; essentially the entire thickness of porphyry intersected was mineralised. As a follow up to this hole RCD1143 on 10400N (50m to the south) returned 212m @ 2.37g/t Au from 311m over the entire width of porphyry intersected. RCD1124 on 10350 (100m south of D1073) also returned high grade gold mineralisation. The main Sukari Porphyry was intersected at 326m, characterised by strong silicification, quartz veining, and fine fracture-breccia textures in massive, milky - grey, sulphidic quartz. This is a zone of extremely high grade, with 1m @ 213g/t Au returned from 326m, within a wider mineralised envelope of 42m @ 6.24g/t Au from 326m.

Section 10450N - D1073, Amun Zone Several other holes have been drilled to the south targeting this Amun Deeps zone and assays are awaited. RCD 1125 (10300N) intersected 180m thickness of porphyry, RCD1162 (10250N) intersected 150m thickness of porphyry, RCD1163 (10200N) intersected 190m thickness of porphyry, RCD1165 ( 10150N) intersected 170m thickness of porphyry. Holes continue every 50m to 10000N and further step out holes to the east are planned on 100m sections to determine down dip width of the porphyry and continuity of the mineralisation.

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This indicates the thick, strongly mineralised down dip extension of the Hapi Zone in the main porphyry is very consistent over 300m of strike currently drilled and is likely to add significant ounces to the gold resource. Ra – Gazelle Zone – 10700 – 11200N The bulk of the updated resource ounces were added in this area during the quarter, from drilling last quarter, which is now completed. Drilling successfully intersected the Hapi Zone and several higher and lower level intermediate mineralisation zones, and is consistent along and across strike and down dip. Drilling focused moving northwards through the Ra and Gazelle zones into the Pharaoh Zone. Strong mineralisation was recorded in several holes on 11200N. Pharaoh Zone - >11200N Drilling continued in Pharaoh Zone during the quarter, subvertical tailing of RC pre-collars to test deeper along strike extensions of the Hapi Zone mineralisation, as well as angled holes into the western footwall contact to test the continuation of the higher up, Main Zone type mineralisation. Numerous other flatter to shallow west and east dipping zones of mineralisation have been tested. Mapped quartz veins and shears confirm a similar orientation to the ones intersected in drilling. Significant resource ounces were also added in the area 11200N – 11600N. Holes 574, 698, 751 and 785 on 11275N recorded strong assays from the Hapi Zone at depth as well as several higher up structures. Holes to the north such as RCD728, 741, 743, 744, 745, 746 and 805 also intersected thick, highly mineralised zones at depth, proving continuity of the zone throughout the porphyry. The continuity of the Main, Hapi and several other intermediary stacked mineralisation zones can be demonstrated from current interpretation from the Amun zone in the south through to the Ra and Gazelle, and into the Pharaoh Zone beyond 11200N. Interpretation is continuing to the north, where zones above the Main Zone become more prominent. West dipping mineralised structures are being followed up by current drilling in the northern Pharaoh Zone. Drilling will continue with 9 rigs on site, to define the northern extension of the Main and Hapi mineralised zones and other stacked zones north through the Pharaoh zone. Regional Drill sites have been prepared for Student, Pincer and DZS prospects to follow up ore grade rock chips samples off the northern end of Sukari porphyry, and await the drill rig. Field investigation continues of other prospects on the exploitation licence such as Umm Kola, Kurdeman and Sukari North. Mine Infrastructure Sterilisation Drilling RC sterilisation drilling has been largely completed during the quarter. Over 330 holes for 40,000m have been drilled. Several weakly anomalous intersections have been recorded. Sub-economic mineralisation is generally associated with felsic, silica-sericite- carbonate altered igneous rocks. A weak zone in the SW corner of the proposed TSF is being followed up by infill drilling. A program of rockchip sampling and field mapping of gullies and outcrops in the eastern hills was also undertaken to supplement drill information in areas of difficult access for rigs. Over 3,000 samples have been taken; results so far indicate no ore grade gold mineralisation, although altered and weakly mineralised zones of porphyry have been mapped and sampled. Grade Control Grade Control drilling commenced late in the quarter, on the 1185RL bench in the Amun Zone above the historical mine workings. Preparation of benches for blasting and GC drilling continues.

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First Grade Control bench 1185RL, Amun Zone

Project Finance During the quarter, the Company completed a roadshow through London and North America with Westwind Partners Inc and Evolution Securities Limited. At the completion of this roadshow, the Company placed approximately 175m new shares to raise C$151m. The placing was heavily oversubscribed. Subsequent to this, the Company completed a full TSX listing and shares began trading on 05 April 2007. These equity funds will be applied to the Sukari development and represent the full equity component of the capital required to take the project into production. On 17 April 2007, the Company announced that Barclays Capital, the investment banking division of Barclays Bank PLC, was appointed as Mandated Lead Arranger to finance up to US$100 million for the project. Together with the proceeds from the recently completed TSX listing and offering, this facility will complete the financing arrangements required for the development of the project. The funding is subject to completion of due diligence and detailed documentation. The due diligence process commenced during April with the review of project data together with visits to site by key banking personnel. The Company is in receipt of the project financing schedule from Barclays Capital and expects to complete the financing of the project in the fourth quarter of this year. Construction Camp A contract for the earthworks for a 700 man accommodation facility was awarded during the quarter to an Egyptian company, CMS. Earthworks are estimated to be 95% complete at present, permitting the start of work on buried services and the camp’s water storage supply facility. Two contracts for the construction of the Construction Camp have been awarded to two Egyptian contractors and construction is underway with the first rooms estimated to be available at the end of August. Site Works Upgrading of the 10km access road to the Sukari site has commenced and is estimated to be 40% completed as at the end of the quarter. Earthworks have been completed for the mine lay down area for the mining fleet.

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Tailings Storage Facility Knight Piesold Pty Ltd has been appointed to carry out the design and construction supervision of the Tailings Storage Facility. Design work is ongoing with Knight Piesold staff on site during the quarter performing geotechnical investigations. Final design and appropriate bid documentation will be completed during the quarter. Project Engineering and Design A contract for the engineering and design work for the process plant was awarded in mid-March to MetPlant Engineering Services Pty Ltd, an Australian-based company. A technical team visited Bolivia (April 2007) to review the Kori Kollo processing plant dismantling progress and travelled onto Egypt in early May to the Sukari plant site location. Data and information gathered from these visits will be used to finalise design and engineering work. Completion of this work is scheduled for the third quarter of 2007. An Egyptian engineering company, TCB Egypt, has been engaged to detail design and engineer the construction camp, kitchen-mess, desalination plant and sewerage treatment plant. The layout for the mine maintenance workshop has been finalised and issued for design. Kori Kollo Process Plant Dismantling work commenced in February, following receipt of dismantling equipment and establishment of site facilities. Progress at the end of the quarter is as follows:

• Crushing 85% complete • Reclaim 88% complete • Grinding 89% complete • CIL 83% complete • Thickener 92% complete • Plant Services 96% complete • Gravity Circuit 93% complete • Cyanide Area 83% complete • Transport to Arica 15% complete

First shipment of dismantled equipment commenced in June 2007 and largely consists of equipment requiring refurbishment outside of Egypt prior to importation to Alexandria and then site. The CIL tanks have been dismantled and are now being stacked into cradles ready for transport. The grinding area is now disassembled and has been transported to the cleaning and loading area. The shells for the ball mills have left Bolivia and are being stored at the port city of Arica for shipping to Egypt. The CIL/CIP area has advanced well with all tanks and the sections cleaned and packed. The remaining items are the removal of concrete from two of the bases, the clean up and the construction of a small retaining wall near the mill area which had to be demolished to allow crane access to tank 2 and the mill structure. Mining Caterpillar, through their Egyptian authorised dealer Mantrac, has been selected as the supplier of haulage trucks, articulated dump trucks, excavators, graders and dozers. The initial mining fleet will largely comprise:

CAT 365 BLME Excavators (1) RH 120E Excavator (1) CAT 785C Rear Dump Truck (5) CAT 14H Grader (1) CAT 834H Wheel Dozer (2) H180D Rock Breaker (1) CAT 16M Grader (1) CAT D9R Dozer (2)

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Initial deposits on the long lead-time haulage trucks and excavators have been made, with arrival into the Port of Alexandria scheduled for early August 2007. Atlas Copco has been selected to supply grade control and blast hole drilling equipment. Initial fleet selection comprises:

ROC F9 Pioneer Drill (1) L8 MKII Production Drill (1) L8 MKII RC Rig (1)

Initial deposits have been made, with arrival into the Port of Alexandria scheduled for early August 2007. Recruitment of key expatriate personnel is well advanced with appointments for Operations Superintendent, Drill & Blast Supervisor, Mine Training Supervisor, Production Supervisors and Chief Mine Geologist having been made. Mining activity is schedule to commence in September 2007. Power Station The acquisition of a 28MW Heavy Fuel Oil second hand power plant occurred in the previous quarter. The purchase of this critical path item has removed a significant amount of project risk from the completion schedule and will also represent a material saving on the budgeted capex amount in the DFS for this item. A contract for the dismantlement, packing and transportation within Turkey has been awarded to a Magdenli, a Turkish engineering group, with a small Centamin team currently in Turkey overseeing these activities. Dismantling and packing of the power plant has gone according to schedule and it is anticipated that the plant will arrive in Egypt during the next quarter. Maintenance support in Egypt for the equipment will be provided by the local Caterpillar dealer, Mantrac. Owners Team The Company’s organisational structure continues to grow with several key appointments being made in the quarter. In a booming resource market, the Company is very pleased with the quality of the personnel that have been attracted to the project and the positions below have now been filled. The Company will continue with its large “owners team” approach.

- Project Manager - Deputy Project Manager (HSE/Infrastructure) - Construction Manager - Construction Supervisor - GIS & Data Base Manager - Senior Surveyor - Mining Manager - Senior Mine Engineer - Mill Superintendent - Logistics Manager - Power Plant Superintendent - Engineering Manager - Project Controller - Manager Procurement Services - Purchasing Officer

Sukari Gold Project Sukari Gold Project - Background Centamin is a mineral exploration and development company that has been actively exploring in Egypt since 1995. The principal asset of Centamin is its interest in the Sukari Gold Project, located in the Eastern Desert of Egypt. The Sukari Gold Project is at an advanced stage of development, with construction having commenced in quarter two of 2007 and first gold production expected during the third quarter of 2008.

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A definitive feasibility study (the “DFS”) for the development to commercial production of the Sukari Gold Project was compiled in February 2007. A summary of the findings of the DFS were:

• the DFS concluded that a 4mpta plant producing on average 200,000 ounces per annum, over 15 years of mining, is economically robust; and

• total Capital Construction costs are estimated at US$216m with average cash operating costs of US$290/oz (inclusive of 3% royalty) over the 15 year mining period.

The Sukari Gold Project will be the first large-scale modern gold mine to be developed in Egypt. Centamin’s operating experience in Egypt gives it a significant first-mover advantage in acquiring and developing other gold projects in the prospective Arabian-Nubian Shield. The Sukari Gold Project gold deposit is a large, sheeted vein-type and brittle-ductile shear zone hosted gold deposit developed in a granitoid intrusive complex. Gold mineralization is hosted exclusively by a granitoid body of approximately granodioritetonalite composition referred to as the Sukari Porphyry. The Company has entered into a Concession Agreement with the Egyptian Government that provides for exploration and exploitation rights at the Sukari Gold Project and whereby the Operating Company, owned 50% by PGM and 50% by Egyptian Mineral Resource Authority (“EMRA”), has been established. Centamin is entitled to recover its operating and capital costs from sales revenue of the operating company. The Sukari Mining License covers an area of 160 km2 and is for a period of 30 years with an option for a further 30 years. The Sukari Gold Project has been scheduled for open pit mining over an initial 15-year period. During that time 78 Mt ore @ 1.5 g/t Au is expected to be mined, producing 3.7 Moz gold. A further 374 Mt of waste material is also expected to be mined resulting in a waste to ore strip ratio of 4.8:1. Ore and waste will be mined using conventional open pit mining methods. The operation is planned to utilize selective mining techniques to separate ore and waste. Provision has been made for drilling and blasting all primary and oxide materials. Ore will be hauled to the run of mine pad next to the processing plant and either direct tipped to the crusher or stockpiled for future reclaim at the 4 Mtpa process plant throughput rate. Mining will be progressed at an increased rate compared to processing; approximately 5 Mt of ore is expected to be mined and 4 Mt of ore will be processed annually. Operating at an increased mining rate allows the cutoff grade for feed to the plant (referred to as “cutover” grade) to be increased in the early years of the schedule. This in turn increases the metal output and project revenue in these early years, thus increasing the discounted operating surplus cashflow. According to current schedules, the low-grade stockpile produced as a result of applying a cutover grade, will be processed after mining has ceased, extending the current operating life of the project for a further six years. As a result, the average milled grade during the mining period is forecast to be 1.87 g/t Au, compared to 0.66 g/t Au for the low-grade stockpile. It is proposed that Centamin will own and operate its mining fleet. The production fleet will be based on 380 t class excavators and 150 t class rigid body trucks. At full production, three production fleets, each comprising a single excavator and sharing a maximum of 21 trucks, will be required. The capital cost of the initial mining fleet has been estimated by AMC at US$48.8 million. The proposed process route entails:

• crushing; • stockpiling crushed ore; • grinding; • flotation of a (bulk sulphide) concentrate containing the precious metals; • thickening of the concentrate; • fine milling of the concentrate; • leaching the precious metals from the concentrate in a dilute cyanide solution; • absorbing the precious metals onto activated carbon; • stripping the precious metals from the carbon; • recovering the precious metals as gold doré; and • placing the concentrate tailing in the tailings storage facility.

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Tailings from the treatment of weathered oxide ore early in the mining schedule contain too much gold to discard. Hence, the bulk flotation tail is further treated by:

• thickening; • leaching the precious metals into a dilute cyanide solution; • adsorbing the precious metals onto activated carbon; • stripping the precious metals from the carbon; • recovering the precious metals as gold doré; and • placing these tailings in the tailings storage facility.

Process water will be drawn from the Red Sea. The seawater will be pumped approximately 25 km to the mine site to satisfy all process plant and mining requirements. Most of the seawater will be pumped into a raw water pond located near the processing plant, whilst around 500m³/day will be pumped to a water treatment plant for potable and fresh water supplies. Power will be generated on site by a 28 MW power station, operated on heavy fuel oil. A temporary construction camp facility will be required to cater for approximately 500 construction employees and 20 senior staff. This will be constructed at the Sukari Gold Project. An overall schedule has been developed covering all phases of the project; key dates are listed below:

Project Go-Ahead Decision Feb 2007 (Completed) Construction Camp Q3 2007 Commence Site Works Q3 2007 Commence Tailings Storage Facility Q3 2007 Kori Kollo Plant Arrives Egypt Q3 2007 Commence Mining Pre-strip Q3 2007 Project Finance Q4 2007 (Equity component complete) Commissioning and Production Q3 2008

For Centamin Egypt Limited Josef El-Raghy Managing Director/CEO 30 July 2007 For more information please contact: Centamin Egypt Limited Bishopsgate Communications Ltd Ph: + 61 (8) 9316 2640 + 44 (0) 20 7562 3350 Josef El-Raghy ([email protected]) Maxine Barnes / Nick Rome www.centamin.com www.bishopsgatecommunications.com Information in this report which relates to exploration, geology, sampling and drilling is based on information compiled by geologist Mr R Osman who is a full time employee of the Company, and is a member of the Australasian Institute of Mining and Metallurgy with more than five years experience in the fields of activity being reported on, and is a ‘Competent Person’ for this purpose. Mr Osman is a Qualified Person as defined in National Instrument 43-101 of the Canadian Securities Administrators. His written consent has been received by the Company for this information to be included in this report in the form and context which it appears. The information in this report that relates to mineral resources is based on work completed by Mr Nicolas Johnson, who is a Member of the Australian Institute of Geoscientists. Mr Johnson is a full time employee of Hellman and Schofield Pty Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" and is a Qualified Person as defined in National Instrument 43-101 of the Canadian Securities Administrators. Mr Johnson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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Table 2 – Significant Intersections June 2007 Quarter

HOLE NORTH EAST AZI DIP EOH FROM TO INT AuARppm RCD433 11125 10852 270 -88 794.7 282 294 12 2.35

incl. 292.5 294 1.54 12.40 306 308 2 2.95 337 361 24 1.47 incl. 349 351 2 7.49 374 376 2 1.73 383 385 2 1.24 418 422 4 2.25 incl. 421 422 1 7.02 454 456 2 1.19 528 571 43 1.08 incl. 537 538 1 5.83 incl. 543 544 1 5.86 577 600 23 9.82 incl. 591 592 1 65.30 incl. 598 599 1 130.00 626 627 1 26.30

RCD434 11175 10842 270 -89 627 284.5 323 38.5 2.53 incl. 286 287 1 7.16 incl. 296 304 8 5.86 356 362 6 5.62 incl. 360 361 1 25.70 522 577 55 2.23 incl. 543 544 1 10.50 incl. 554 555 1 5.86 incl. 563 567 4 8.09 incl. 570 572 2 7.82 583 587 4 1.06

RCD436 11200 10705 270 -88 841.5 310 316 6 1.32 345 348 3 1.41 372 391 19 1.92 incl. 372 373 1 21.60 422.5 428 5.5 1.16 437 458 21 0.84 476 477 1 7.32 535 539 4 2.10 609 613 4 1.46 779 814 35 1.09 incl. 803 804 1 6.56

RCD437 11175 10766 270 -89 365.1 299 385 86 1.96 incl. 319 321 2 7.71 incl. 324 331 7 5.06 incl. 356 358 2 12.38 449 451 2 1.54 463 467 4 1.86 incl. 464 465 1 5.32 506 516 10 1.34

11

576 705 129 1.28 incl. 605 606 1 21.10 incl. 615 616 1 10.10 incl. 629 630 1 5.51 incl. 660 662 2 7.23 incl. 687 688 1 5.59

RCD530 11200 10901 270 -72 805.30 671 700 29 1.27

RCD696 11325 10904 270 -74 760.10 235 243 8 1.01 incl. 242 243 1 5.15 279 289 10 1.36 incl. 286 287 1 5.31 338 344 6 1.87 incl. 343 344 1 6.04 379 385 6 3.34 incl. 381 382 1 11.1 505 507 2 3.25 579 582 3 1.34 636 651 15 1.18 660 701 41 2.18 incl. 684 695 11 4.30

RCD698 11275 10946 270 -60 700.00 296 304 8 1.35 333 334 1 26.30 413 416 3 1.70 incl. 425 426 1 8.16 466 471 5 1.17 613 629 16 1.26 674 675 1 25.40

RCD728 11475 10768 0 -90 710.00 147 173 26 1.35 incl. 167 168 1 9.89 629 655 26 6.67 incl. 634 637 3 30.83 incl. 640 641 1 10.80 incl. 646 652 6 7.77 660 692 32 1.68 incl. 679 680 1 6.43 incl. 690 691 1 20.70

RCD736 11050 10835 270 -82 844.50 92 100 8 1.32 161 167 6 1.38 174 175 1 5.84 183 213 30 1.13 incl. 184 185 1 6.06 incl. 200 201 1 5.75 233 269 36 1.38 incl. 244 245 1 6.17 273 284 11 2.48 incl. 279 280 1 12.00 304 306 2 2.14

12

422 451 29 1.28 incl. 427 428 1 5.69 459 466 7 1.24 472 474 2 1.09 483 488 5 1.14 498 522 24 1.92 incl. 516 517 1 8.53 542 587 45 1.63 incl. 560 561 1 6.96 incl. 567 568 1 10.90 593 600 7 5.41 incl. 597 598 1 24.8

RCD743 11425 10759 0 -90 710.7 148 157 9 1.89 261 264 3 2.73 287 307 20 0.84 601 675 74 3.04 incl. 606 609 3 19.87 incl. 616 618 2 39.00 incl. 631 632 1 15.40 incl. 636 637 1 7.60 incl. 659 660 1 8.25

RCD744 11375 10778 149 -88 732.6 282 297 15 1.02 353 362 9 1.36 618 645.4 27.4 2.54 incl. 636 637 1 6.03 incl. 642 644 2 20.80 678 688 10 4.05 incl. 685 686 1 9.31

RCD745 11325 10645 0 -90 711.20 626 674 48 1.91 incl. 649 650 1 7.28 incl. 666 667 1 11.20

RCD746 11375 10652 0 -90 743.30 618 686 68 1.51 incl. 633 634 1 5.35 incl. 648 649 1 8.15 incl. 671 672 1 9.24

RCD751 11230 10825 270 -78 609.00 196 249 53 1.46 incl. 205 206 1 9.38 incl. 205 206 1 9.38 incl. 225 226 1 19.20 incl. 241 242 1 5.47 309 313 4 4.70 incl. 310 311 1 9.11 374 392 18 1.00 444 449 5 1.35 455 458 3 1.84 546 553 7 1.93 669 679 10 1.71

13

RCD752 11425 10705 144 -88 496.8 237 246 9 1.52 incl. 293 294 1 6.15 293 297 4 2.53 360 365 5 1.48

RCD755 11475 10719 0 -90 454.6 149 152 3 8.46 189 192 3 3.60 incl. 190 191 1 6.08 214 229 15 2.43 incl. 223 226 3 8.26

RCD785 11275 10861 0 -89 591.06 136 163 27 0.88 305 360 55 1.27 incl. 329 330 1 7.45 370 374 4 5.24 incl. 371 372 1 18.60 389 397 8 1.06 423 426 3 1.26 437 438 1 32.1 494 507 13 4.67 incl. 494 495 1 51.10 514 521 7 1.11 530 536 6 1.20 542 559 17 2.28 565 568 3 74.50 incl. 565 566 1 221.00

RCD805 11525 10823 270 -85 713.1 150 158 8 1.94 incl. 153 154 1 10.80 223 227 4 1.94 241 243 2 2.35 272 275 3 6.05 464 470 6 1.02 666 685 19 2.08 incl. 669 673 4 6.12

RCD831 10850 10663 270 -85 353.30 145 159 14 1.13 168 182 14 1.50

RCD833 10800 10743 270 -80 661.60 212 216 4 2.63 418 427 9 1.20

RCD834 10750 10646 270 -88 612.80 358 389 31 2.00 incl. 369 373 4 6.92 402 406 4 5.77 incl. 405 406 1 20.4 481 494 13 2.00 incl. 493 494 1 5.31

D925 11125 10635 270 -75 557.80 471 482 11 3.68 incl. 479 481 2 12.45 497 521 24 1.96

14

incl. 512 514 2 9.15

D947 11150 10844 270 -78 263.02 1 5 4 1.07 134 149 15 1.09 incl. 138 139 1 6.19 228 230 2 3.02 incl. 229 230 1 5.00 234 236 2 2.06

D957 11725 10765 270 -35 248.67 10 17 7 1.09 57 64 7 1.03 180 187 7 1.30

D973 11350 10827 270 -87 280.02 6 18 12 1.29 61 63 2 1.48

D982 11725 10850 270 -90 85.75 3 13 10 0.62

D983 11450 10650 270 -5 209.72 0 3 3 1.47 7 9 2 1.79

D996 10900 10736 270 -80 580.40 14 16 2 3.20 30 55 25 1.12 incl. 33 34 1 7.49 incl. 48 49 1 6.98 101 105 4 1.25 310 315 5 1.15 319 348 29 1.89 incl. 332 333 1 5.60 incl. 336 337 1 7.82 incl. 345 346 1 5.19

D1013 10550 10700 270 -80 451.00 244 252 8 1.41 276 319 43 1.61 incl. 310 311 1 6.81 329 347 18 0.92 357.3 358.4 1.1 42.80 368 369 1 34.60 375 397 22 3.83 incl. 387 389 2 11.73 incl. 391 393 2 19.15 407 414 7 3.66 incl. 410 411 1 13.90

D1017 11350 10647 270 -5 244.27 34 39 5 2.24 63 65 2 2.69

D1032 11550 10728 270 -85 214.42 0 5 5 1.39

D1042 10500 10767 265 -74 441.4 313 317 4 4.02 incl. 316 317 1 11.40 322 397 75 2.17

15

incl. 385 386 1 7.37 incl. 394 397 3 16.53 400 401 1 5.03

D1043 11450 10651 270 -58 461.6 0 3 3 1.04 30 47 17 0.96 172 175 3 1.86

D1071 11675 10763 270 -60 218.22 0 16 16 1.03 42 57 15 0.94 65 86 21 0.84 142 154 12 0.89

D1073 10450 10751 270 -83 702 320 517 197 2.18 incl. 332 333 1 9.22 incl. 372 375 3 12.25 incl. 389 390 1 13.10 incl. 419 420 1 15.30 incl. 423 424 1 5.04 incl. 430 431 1 7.05 incl. 439 440 1 5.38 incl. 445 447 2 54.95 incl. 454 455 1 5.38 incl. 459 462 3 6.34 576 577 1 39.00

RCD1124 10350 10700 270 -83 573.6 233 245 12 1.44 incl. 233 234 1 5.64 326 368 42 6.24 incl. 326 327 1 213.00 383 392 9 1.63 461 488 27 3.66 incl. 466 467 1 26.80 incl. 486 487 1 45.00

D1130 11375 10646 270 -55 420.3 75 77 2 17.34 incl. 76 77 1 34.00

D1143 10400 10710 270 -83 610.00 311 523 212 2.37 incl. 348 349 1 8.00 incl. 451 452 1 94.20 incl. 488 491 3 39.61

D1158 11875 10975 270 -55 97.92 52 57 5 2.37 67 95 34 2.41 incl. 74 77 3 10.07 incl. 81 83 2 8.30

D1160 11650 10725 270 -55 518.8 0 36 36 2.11 incl. 12 13 1 9.27

Appendix 5B Mining exploration entity quarterly report

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_______________________________________________________________________________________ + See chapter 19 for defined terms Appendix 5B Page 1 30/09/2001

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

Introduced 1/7/96. Origin : Appendix 8. Amended 1/7/98, 30/9/2001. Name of Entity

Centamin Egypt Limited ABN Quarter ended (“current quarter”)

86 007 700 352

30 June 2007 Consolidated statement of cash flows Centamin Egypt Limited Pharaoh Gold Mines NL (100%) Viking Resources Ltd (100%) North African Resources (100%) Cash flows related to operating activities

Current Quarter

$A’000

Year to date (12 months)

$A’000 1.1 Receipts from product sales and related debtors - - 1.2 Payments for (a) exploration and evaluation (3,187) (15,042) (b) development 1,135 (2,161) (c) production - - (d) administration (812) (2,428) 1.3 Dividends received - - 1.4 Interest and other items of a similar nature received 1,625 3,387 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Other (provide details if material) 165 166 Net Operating Cash Flows (1,074) (16,079) Cash flows related to investing activities 1.8 Payment for purchases of (a) prospects - - (b) equity investments - - (c) other fixed assets (30,012) (40,134) 1.9 Proceeds from sale of (a) prospects - - (b) equity investments - - (c) other fixed assets (845) - 1.10 Loans to other entities *(Refer Note 1) (21,490) (46,250) 1.11 Loans repaid by other entities - - 1.12 Other (provide details if material) - - Net investing cash flows (52,347) (86,384) 1.13 Total operating and investing cash flows (carried forward) (53,421) (102,463)


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1.13 Total operating and investment cash flows (brought forward) (53,421) (102,463) Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 160,286 160,776 1.15 Proceeds from sale of forfeited shares - - 1.16 Proceeds from borrowings *(Refer Note 1) 21,491 46,250 1.17 Repayment of borrowings - - 1.18 Dividends paid - - 1.19 Payments for share issues (9,424) (9,424) Net financing cash flows 172,352 197,602 Net increase (decrease) in cash held 118,931 95,139 1.20 Cash at beginning of quarter/year to date 29,880 54,493 1.21 Exchange rate adjustments to item 1.20 12,205 11,383 1.22 Cash at end of quarter 161,016 161,016 *Note 1 - From the March 2004 Quarter onwards, the funding of exploration expenditure by the Holding Company to its subsidiaries is also disclosed as an inter-entity loan under sections 1.10 and 1.16 respectively. Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

Current quarter $A’000

1.23 Aggregate amount of payments to the parties included in item 1.2 287 1.24 Aggregate amount of loans to the parties included in item 1.10 - 1.25 Explanation necessary for an understanding of the transactions

- Salaries, superannuation contributions, consulting and directors fees paid to Directors during the quarter amounted to $253,193. - Mr S El-Raghy and Mr J El-Raghy are Directors and shareholders of El-Raghy Kriewaldt

Pty Ltd (“ELK”), which provides office premises to the Company in Australia. All dealings with ELK are in the ordinary course of business and on normal terms and conditions. Rent paid to ELK during the quarter amounted to $13,923.

- Mr S El-Raghy provides office premises to the Company in Alexandria, Egypt. All dealings are in

the ordinary course of business and on normal terms and conditions. Rent paid during the quarter amounted to $4,704.

- Mr C Cowden, a non-executive director, is also a director and shareholder of Cowden Limited,

which provides insurance broking services to the Company. All dealings with Cowden Limited are in the ordinary course of business and on normal terms and conditions. Insurance premiums paid to Cowden Limited during the quarter amounted to $15,617.


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Non-cash financing and investing activities 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities

but did not involve cash flows -

2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity

has an interest -

Financing facilities available Add notes as necessary fro an understanding of the position. Amount available

$A’000 Amount used

$A’000 3.1 Loan facilities - - 3.2 Credit standby arrangements - - Estimated cash outflows for next quarter $A’000 4.1 Exploration and evaluation 1,800 4.2 Development 25,000 Total 26,800 Reconciliation of Cash Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.

Current quarter $A’000

Previous quarter $A’000

5.1 Cash on hand and at bank 6,445 3,471 5.2 Deposits at call - - 5.3 Bank overdraft - - 5.4 Term deposits 154,571 26,409 Total: cash at end of quarter (item 1.22) 161,016 29,880


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Changes in interests in mining tenements Tenement

reference Nature of interest

(note (2)) Interest at

beginning of quarter

Interest at end of quarter

6.1 Interest in mining tenements relinquished, reduced or lapsed

6.2 Interests in mining tenements acquired or increased

Issued and quoted securities at end of current quarter Description includes rate of interest and any redemption or conversion rights together with prices and dates.

Total number Number quoted Issue price per security

(see note 3)

Amount paid up per security (see note 3)

7.1 Preference +securities (description)

7.2 Changes during quarter (a) increases through issues (b) decreases through returns of capital, buy-backs, redemptions

7.3 +Ordinary securities 755,734,232 755,734,232 7.4 Changes during quarter (a) increases through issues/ options exercise (b) decreases through returns of capital, buy-backs

175,893,863 200,000

175,893,863 200,000

C$0.8600

(See 7.9 below)

C$0.8600

(See 7.9 below)

7.5 +Convertible debt securities (description)

7.6 Changes during quarter (a) increases through issues (b) decreases through securities matured, converted

7.7 Options (description and conversion factor)

Employee Option Plan 2002 395,000 200,000 1,500,000 250,000

Employee Option Plan 2006 3,615,000

Other Options 1,700,000 2,000,000

Nil Nil Nil Nil

Nil

Nil Nil

Exercise Price

$0.2804 $0.2804 $0.4355 $0.6566

$0.7106

$0.3500 $0.8000

Expiry Date

04/02/2008 17/02/2008 08/12/2008 30/08/2009

31/01/2010

31/10/2010 09/01/2009

7.8 Issued during quarter Employee Option Plan 2006 2,330,000 1,500,000

Broker Warrants 3,751,431 4,429,678 613,582

Nil Nil

Nil Nil Nil

Exercise Price

$1.0500 $1.1636

C$0.8600 C$0.8600 C$0.8600

Expiry Date

24/05/2010 25/06/2010

05 April 2009 11 April 2009 20 April 2009


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7.9 Exercised during quarter 200,000 200,000 28.04 cents 04/02/2008 7.10 Expired/lapsed during quarter 2,500,000 2,500,000 35.00 cents 31/10/2010 7.11 Debentures (totals only) 7.12 Unsecured notes(totals only) Compliance statement 1. This statement has been prepared under accounting policies which comply with accounting standards as

defined in the Corporations Act or other standards acceptable to ASX (see note 4). 2. This statement does give a true and fair view of the matters disclosed.

Sign here: Company Secretary Date: 30 July 2007 Print name: Heidi Brown Notes 1. The quarterly report provides a basis for informing the market how the entity’s activities have been financed for

the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

2. The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements

acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

3. Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully

paid securities. 4. The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026:

Statement of Cash Flows apply to this report. 5. Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign

entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

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quarterly report for the quarter ended 30 jun 07...

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