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Court Actions

Cobra Resources Ltd

20/5/03

Takeovers Panel has made interim orders in relation to the proceedings that Mr Stephens not: dispatch the Bidder's Statement to Cobra shareholders; or acquire any Cobra shares, where this would result in his voting power in Cobra exceeding 20%, until the Panel has made its decision in these proceedings.

Cobra Resources Ltd

23/5/03

Takeovers Panel has made orders in the proceedings in relation to Cobra Resources Ltd. Mr Terry Stephens has agreed to consent orders from the Panel that he not proceed with the takeover which he announced on 28 April 2003 and 5 May 2003. The orders result from an application from the Australian Securities and Investments Commission on 16 May 2003.

Pan Palladium Ltd

23/5/03

Africa Minerals Ltd has lodged an appeal in the Supreme Court of New South Wales.

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