The Directors of Croesus Mining NL today reported a profit after...

The Directors of Croesus Mining NL today reported a profit after tax of $10.7 million
for the year ended 30 June 2003 following record gold production of 265,862 ounces.

Earnings before interest, tax, depreciation and amortisation (EBITDA) increased to
$41.2 million and earnings per share were 3.5 cents.

The directors are pleased to declare a 1.5 cent per share fully franked dividend which
will be paid on 7 October 2003 (Record date 30 September 2003) representing a 44%
payout ratio of net profit. In addition a 2 cents per share capital return was previously
paid to shareholders in January 2003.

At year end all bank debt had been retired and cash reserves were $22 million.

Revenue$m 149EBITDA$m 41.2Profit before tax$m 14.2Net profit after tax$m 10.7Dividendcps 1.5Gold ProductionOzs 265,862Cash cost$/oz 38130/06/2003Croesus Full Year Result 10thSeptember 2003 Page 1 of 1Gold Production Gold production for 2003 increased by 35% over the previous year reflecting a full year
performance from Norseman operations and record production from Davyhurst. Central
Norseman production was a new record in its 68 years of continuous production.

The Lights of Israel joint venture at Davyhurst and lower grades from Norseman
operations impacted on cash costs during 2003 but costs from these operations are
forecast to improve in 2004 as higher grade ore is mined.
OperationEquityProductionCash CostsProductionCash CostsInterestOuncesA$/OunceOuncesA$/OunceBinduli100%28,16336937,102326Davyhurst100%98,60144692,379349Central Norseman100%139,09833866,516267Total265,862381195,9973172003FY2002FY
Outlook for 2003/04
Croesus directors remain confident about the future prospects for the Company. Gold
production for 2003/2004 is forecast at 230,000 ? 260,000 ounces at $370 per ounce,
slightly lower than last year reflecting the reduced output from Binduli as this operation
winds down after 11 years of continuous production.

An $8 million exploration commitment is proposed for 2004 being funded from
operational cashflow.

The $8 million change over from contract to owner miner at Harlequin mine at
Norseman is proceeding as forecast and should be fully complete by the end of
September.

For further information please contact:


Michael Ivey Graeme Smith Managing Director and CEO Chief Financial Officer 08 9091 2222 08 9091 2222
Website: www.croesus.com.au Croesus Full Year Result 10thSeptember 2003 Page 2 of 2