| Group | | | Company |
| 2003 | 2004 | | 2004 | 2003 |
| R'000 | R'000 | | Note | R'000 | R'000 |
| | CASH FLOWS FROM OPERATING ACTIVITIES | | | |
| 2 408 598 | 2 192 142 | Cash received from sales of precious metals | | - | - |
| (2 488 611) | (2 168 839) | Cash paid to suppliers and employees | | (56 364) | (161 905) |
| (80 013) | 23 303 | Cash generated by/(applied to) operations | A | (56 364) | (161 905) |
| 6 872 | 34 238 | Investment income | | 32 188 | 8 121 |
| (39 498) | (29 646) | Finance costs paid | | (32 030) | (32 040) |
| (4 268) | (28 128) | Taxation paid | | - | - |
| (274 471) | (171 924) | Payment arising from derivative instruments | | - | - |
| (391 378) | (172 157) | Net cash outflow from operating activities | | (56 206) | (185 824) |
| | CASH FLOWS FROM INVESTING ACTIVITIES | | | |
| (68 150) | (66 686) | Net (purchase)/proceeds on sale of investments | | (62 887) | 126 |
| (121 483) | (185 732) | Additions to mining assets | | (30) | (186) |
| 32 550 | 23 439 | Proceeds on disposal of mining assets | | - | 9 762 |
| | Decrease in amounts owing to/from subsidiaries | | (881 118) | (303 483) |
| | Increase in investment in wholly-owned subsidiary | | - | (51 951) |
| | Cashflow on (acquisition)/disposal of subsidiaries and | | | |
| 80 736 | (430 940) | joint venture, net of cash disposed of | C | - | - |
| (1 704) | (2 000) | Contributions to environmental rehabilitation trust fund | | - | - |
| (78 051) | (661 919) | Net cash outflow from investing activities | | (944 035) | (345 732) |
| | CASH FLOWS FROM FINANCING ACTIVITIES | | | |
| 88 631 | 784 386 | Proceeds from the issue of shares | | 784 387 | 88 631 |
| 627 778 | (4 386) | Proceeds (costs on)/from the issue of the convertible loan note | | (4 386) | 627 778 |
| (184 172) | (112 759) | Repayment of long-term liabilities | | 17 350 | - |
| (1 914) | (6 536) | Share issue expenses | | (6 536) | (1 914) |
| 530 323 | 660 705 | Net cash inflow from financing activities | | 790 815 | 714 495 |
| 60 894 | (173 371) | NET (DECREASE)/INCREASE IN CASH AND
CASH EQUIVALENTS | | (209 426) | 182 939 |
| 241 816 | 302 710 | Cash and cash equivalents at the beginning of the year | | 214 142 | 31 203 |
| - | 82 | Foreign exchange movements in opening balances | | - | - |
| 302 710 | 129 421 | CASH AND CASH EQUIVALENTS AT THE END
OF THE YEAR | B | 4 716 | 214 142 |
