Announcement PDF ASX: AR3 11 October 2024 Quarterly Activities Report For the three months ended 30 September 2024 Highlights Koppamurra Rare Earths Project o Metallurgical test work affirms low capex development pathway for Koppamurra; Ongoing heap leach test work shows recoveries for Magnet Rare Earths, ranging from 29% to 74% across various ore conditions and locations within the Koppamurra Project area (ASX 8 July 2024). o Significant Resource Expansion at Koppamurra: Mineral Resource estimate increased by 27% to 236 million tonnes (Mt) at 748 ppm TREO 1 as compared to 186 million tonnes at 712 ppm TREO previously 2. Uranium Projects o Acquisition of uranium tenements completed and permits in place for imminent commencement of uranium exploration drill program. o Strategic acquisition of the Overland Uranium Project (Overland) in South Australia, completed (ASX 3 September 2024). • Comprises EL 7001 and EL 7003 located in the Murray Basin, South Australia totalling ~2,000km2. • Additional EL 7005 granted, increasing total project area to ~3,000km². o Received SA Government Departmental approvals for Exploration Program for Environment Protection and Rehabilitation (EPEPR) applications at Overland (ASX 25 September 2024); • Facilitates early access to high-priority drill targets across the substantial ~3,000km2 project area. • Applications in train allowing access to further high priority targets in 2025. o Inaugural drill program, for approximately 5,000m of Air Core drilling, on track to begin mid-October 2024. o Consistent with AR3’s strategic focus on an expanded clean energy transition metals portfolio, the Company applied for additional exploration licenses prospective for uranium; • Triggs Bore prospect: spanning 250 km2 with historical drilling intersecting indications of uranium mineralisation within Eyre Formation sediments, host of the Four Mile and Honeymoon uranium deposits (ASX 16 July 2024). • Hamilton Creek prospect: covers 200 km2 in the Callabonna Sub-basin targeting the anomalous downhole gamma response detected in previous drilling, indicating potential uranium mineralisation (ASX 23 July 2024). Corporate o Maintained strong cash position of $5.624M as of 30 September 2024; further strengthened by $707k R&D cash refund received in October 2024. o Annual Report released 24 September 2024. o Engage with this announcement at the AR3 investor hub. 1 Total Rare Earth Oxide (TREO) 2 ASX 19 September 2023 “84% increase in Resource confirms Koppamurra as a world-scale ionic clay-hosted rare earths Province” Executive Summary Australian Rare Earths Limited (ASX: AR3) is pleased to provide an update on progress made during the quarter ended 30 September 2024. AR3 has achieved significant milestones in its exploration and development projects, with a strong focus on building a robust portfolio of high-quality energy transition assets. Koppamurra Rare Earths Project The Koppamurra Project achieved significant growth in the September quarter, with a 27% increase in its Mineral Resource estimate and a 70% boost in higher-grade subsets. The current Mineral Resource estimate now sits at 236 million tonnes (Mt) at 748 ppm TREO, including 68 Mt grading at over 1000 ppm TREO (ASX 30 September 2024). Infill drilling has identified thicker, higher-grade mineralised areas, and the Project's geographic extent has expanded to include 25 million tonnes of additional resources to the north of the main resource area. With mineralisation open to the north and south, Koppamurra demonstrates strong potential for both continued resource growth and a long-life production profile. AR3 continues to advance a high-grade progressive heap leach and rapid rehabilitation development pathway at Koppamurra. This approach aligns with AR3's commitment to developing a sustainable alternative supply of rare earths essential for the clean energy transition. Portfolio expansion with addition of Uranium prospects AR3 made significant steps in expanding its clean energy transition metals portfolio with the addition of three Uranium projects in the September 2024 quarter. The Company successfully acquired Valrico Resources Pty Ltd, securing 100% ownership of the Overland Uranium Project and subsequently further expanded its landholding to ~3,000km². Government approvals were obtained for exploration activities, paving the way for the first drill campaign, which is on-track to commence in mid-October 2024. The inaugural drill campaign at Overland is targeting sedimentary-hosted uranium deposits amenable to Insitu recovery (ISR) extraction. Overland’s geological conditions, including permeable pathways and reductants, are favourable for uranium mineralisation. AR3 has applied for additional exploration licenses prospective for uranium at Triggs Bore and Hamilton Creek. Financial Position AR3 has maintained a strong cash position over the September quarter, supporting the Company’s capacity to drive the development of its key projects and thereby generate value for shareholders. Operational Review Koppamurra Rare Earths Project Metallurgical Test work Validates Low-Cost Development Pathway Ongoing metallurgical testing at AR3’s Koppamurra Project continues to reinforce the potential for a low-capex development pathway. Recent heap leach trials have demonstrated consistently strong recoveries for Magnet Rare Earths, with extraction rates ranging from 29% to 74% across a range of ore conditions and locations within the project area. Notably, these results were achieved within significantly shorter timeframes compared to traditional heap leaching processes, enhancing confidence in AR3's strategy of employing short-term heaps adjacent to mine pits for faster rehabilitation. The scalability of this approach is underscored by a successful 4-meter column test, which showed promising physical and chemical characteristics, supporting the potential for increasing heap heights to commercially viable levels. In addition, the low ratio of impurities to rare earth content in the leach solution continues to validate the potential economic viability of heap leaching as a cost-effective and sustainable extraction method for the project. AR3’s collaboration with the Australian Nuclear Science and Technology Organisation (ANSTO) on process flowsheet development further supports the optimisation of this innovative strategy. Figures 1 and 2 below show rare earth recoveries from the latest column tests at ANSTO and the composite sample locations for the test work respectively. Figure 1: Rare earth recoveries for Columns 3, 7, 8, 9 and 10, showing gangue dissolution characteristics (Al / Fe / Si) with respect to ore variability at constant pH. Notable here is the decreased extraction for C7 ore which had greater calcium concentration, aiding in understanding the target ore characteristics for mining Figure 2: Composite sample locations for Column leach test work, with Column ID’s C1 through C6 (blue) Progressive heap leach, high grade rare earths pathway Additional drilling, assay results (ASX releases 30 January and 26 February 2024), and resource modelling at Koppamurra have identified a high-grade rare earth subset of the broader Koppamurra resource. These highgrade ore zones, and the application of temporary heap leaching production pathways, are expected to facilitate scalable, efficient production of rare earths with staged satellite developments enhancing the favourable environmental outcomes from a development of this type. A conceptual project process flowsheet is provided at Figure 3. Some of the design features and resulting advantages for the Koppamurra project with a progressive heap leach pathway compared to a slurry leach are as follows: Design Features: • • • High-grade satellite mine sites with temporary heap pads located at the edge of the satellite mine void; Topsoil and overburden material temporarily set aside ready to be placed back in the mine void after rare earths have been harvested from the clay and the clay has been washed – allows rapid and progressive land rehabilitation; Water treatment equipment located proximate to the temporary heap pads will facilitate recycling and reuse of water and reagents. Design advantages include: • • • • Potential for a significantly lower capital cost and reduced operating cost project; Opportunity to easily expand and scale up production over time across the multi- generational province; Enables improved environmentally sustainable characteristics with; o Very low water consumption; o Reduced power consumption; and o Materials handling characteristics will enable environmentally sustainable and rapid, progressive rehabilitation techniques Testwork also indicates lower gangue/impurity profile with higher rare earth in solution characteristics through column leach resulting in lower capital and operating cost. Figure 3: Koppamurra conceptual project flow sheet Mineral Resource Estimate During the quarter, AR3 significantly expanded its Koppamurra Mineral Resource estimate with a 27% increase in the MRE and a 70% boost in the higher-grade subsets (ASX 30 September 2024). The updated Mineral Resource estimate incorporates results from the drilling program conducted between October and December 2023. The overall program added 8,742m (694 holes) to the existing 55,979 m (5,283 holes) drilled for the previous Mineral Resource estimate announced September 2023 (ASX 19 September 2023). With the additional drilling and applying industry-standard geological interpretation methods, the total Mineral Resource estimate across the Koppamurra Project area has increased by 27% to 236 Mt, with an average TREO grade of 748 ppm. This includes 113 Mt categorised as Measured and Indicated resources - a 14% increase to these higher confidence resource classifications relative to the September 2023 Mineral Resource estimate. The updated September 2024 Koppamurra Mineral Resource estimate is set out in Table 1 and the resource categories are shown in Figures 5 and 6. This Resource has been reported using a cut-off grade of 325 ppm TREO-CeO2. Koppamurra Mineral Resource estimate – September 2024 Magnet Rare Earths JORC Tonnes TREO Category Mt ppm ppm % TREO ppm % TREO ppm % TREO Measured Indicated Inferred 0.7 112 123 813 750 747 37 34 35 4.6 4.6 4.6 140 132 132 17.3 17.6 17.6 3.8 3.6 3.4 0.5 0.5 0.5 Total 236 748 Pr6O11 35 4.6 Nd2O3 132 17.6 Tb4O7 3.5 0.5 Dy2O3 % ppm TREO 21 2.6 20 2.7 19 2.6 20 2.6 Table 1: Koppamurra Mineral Resource estimate September 2024 - Rounding may cause differences in the last significant figure A summary of the Koppamurra Mineral Resource estimate’s over time, demonstrating the progressive increase in resource, is provided in Figure 4. The steady increase reflects the success of AR3’s ongoing exploration work and strategic drilling programs leading to more accurate modeling and Mineral Resource estimates. Figure 4: Koppamurra Mineral Resource progression Exploration Target Estimate The Exploration Target across the entire Koppamurra project has increased the lower range of the Exploration Target, which now spans from 500 Mt to 3.2 Bt with average grades ranging from 520 ppm to 780 ppm TREO, marking an improvement from the previous range of 330 Mt to 3.1 Bt. The potential quantity and grade of the Exploration Target is conceptual in nature, as there has been insufficient exploration undertaken to date to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The updated September 2024 Exploration Target estimate is set out in Table 2 below and shown in Figure 6. Exploration Target has been reported using a cut-off grade range of 225 ppm and 425 ppm TREO-CeO2. Koppamurra Exploration Target – September 2024 Exploration Tonnes TREO Target Mt ppm Total 500-3,200 520 - 780 Magnet Rare Earths Pr6O11 Nd2O3 Tb4O7 % % ppm ppm % TREO ppm TREO TREO 20 - 40 3.8-5.1 90 - 140 17-18 3-4 0.5-0.6 Table 2– Koppamurra Exploration Target September 2024 Dy2O3 ppm % TREO 10 - 20 1.9-2.6 Figure 5: JORC Mineral Resource Categories for the Southern Koppamurra (Dovetail) Resource Area. Infill drilling area shown in white outline Figure 6: Entire Koppamurra Resource areas and Categories including southern (Dovetail) and northern (Francis) Resource Areas. Note the Inferred resource categories defined in the northern Francis Resource Areas are exclusively where infill drilling has been conducted Uranium Prospects Strategic Expansion of Clean Energy Transition Metals Portfolio: Overland Uranium Project In line with AR3's strategic objective of expanding its clean energy transition metals portfolio, the Company has significantly broadened its strategic footprint with the addition of three highly prospective uranium projects. During the Quarter, AR3 acquired a 100% interest in the Overland Uranium Project through the acquisition of Valrico Resources Pty Ltd (ASX 3 September 2024). The project encompasses Exploration Licences EL7001, EL7003 and EL7005, covering a combined area of approximately 3,000 km² within the Murray Basin, South Australia. Figure 7: Overland Project area Multiple high-priority exploration targets have been identified in the Overland Project, with a particular focus on paleochannel sediments within the Renmark Group. These sediments are considered geologically analogous to those hosting Boss Energy's uranium operations in the Eyre Formation. Background: Overland – Sedimentary Hosted Uranium Prospectivity Three key characteristics are required for the deposition of sedimentary hosted uranium deposits: o a source rock that releases uranium in solution, o a permeable sediment pathway for the uranium-bearing solution to travel into a host basin and o A reductant (a trap) to cause the uranium to precipitate out of solution and concentrate it in a deposit. All three key characteristics are present in AR3’s Overland Project area. Prospective horizons of Murray Basin sediments, the Renmark Group, have been identified which have the key ingredients for ISR amenable uranium deposits at Overland. Figure 8: Model of basin-related uranium mineralising systems. A range of uranium depositional sites and deposit styles are represented in this district- to deposit scale mineral systems model EPEPR Approval During the quarter, AR3 secured a significant milestone for its Overland Uranium Project with the approval of two Exploration Program for Environment Protection and Rehabilitation (EPEPR) applications by the South Australian Department of Energy and Mining (ASX 16 September 2024). These approvals pave the way for AR3 to initiate its first drill program, targeting high-priority targets within the project area. The EPEPR approvals cover a portion of AR3's 100%-owned Exploration Licence EL 7001 and EL 7003. The initial approval for drill testing covers 773km², providing early access to promising targets. AR3 is strategically approaching regulatory and land access approvals for the entire 3,000km² project area, prioritising high-potential targets in areas with quicker access while addressing land access approvals for other regions in a phased manner. Figure 9: Overland Project area with granted EPEPR approvals Inaugral Drilling Program at Overland The Company has contracted Wallis Drilling Pty Ltd and secured a drill rig, which will mobilise to the site in mid-October to commence drilling. The first phase, scheduled to run from mid-October to December 2024, will involve approximately 5,000 meters of Air Core drilling at high-priority targets within ELs 7001 and 7003. Triggs Bore and Hamilton Creek Prospects During the quarter, AR3 added the Triggs Bore and Hamilton Creek prospects to its uranium portfolio. The Triggs Bore prospect, spans 250 km² and features historical drilling that intersected uranium mineralisation within the Eyre Formation sediments, similar to the host of the Four Mile and Honeymoon uranium deposits. The Hamilton Creek prospect, covers 200 km² in the Callabonna Sub-basin and exploration will focus on anomalous downhole gamma responses detected in previous drilling, indicating the potential presence of uranium mineralisation. Figure 10: Hamilton Creek ELA relative to the Overland and Triggs Bore Projects (left) and regional geology (right) Northern Queensland Rare Earths Project No exploration activities were conducted over the Company’s Queensland projects during the reporting period. Tenement application EPM28166 at the Dalrymple Project was granted during the quarter. Applications are currently pending for additional exploration tenure, which will cover new areas including the Forty Mile Scrub, Sandy Tate, and Oaky Valley prospects. These new areas are expected to provide significant opportunities for future exploration and potential resource discoveries. Figure 11: Dalrymple Project Location Plan Figure 12: Project locations in Kennedy Province, North Queensland Corporate Updates: Investor Webinars During the quarter, Managing Director and CEO Travis Beinke held an investor webinar to answer questions from investors via the Company’s Investor Hub platform. The recording was released to the ASX on 1 July 2024. The webinar encouraged investors to ask questions and learn more about Australian Rare Earths’ progress on the Koppamurra Project, a major deposit of valuable rare earth elements in South Australia and Victoria. Travis also talked about the Company’s plans to develop a sustainable supply of metals for clean energy, including the recent addition of the Overland Uranium Project in South Australia (ASX 21 June and 1 July 2024). Travis also participated in a live webinar through investor platform, Sharewise, to discuss advancements at both the Overland and Koppamurra Projects (ASX 16 and 17 July 2024). Annual Report During the quarter, AR3 released its annual report to shareholders (ASX 24 September 2024) and shortly after quarter end put a notice out for the Annual General Meeting (ASX 2 October 2024). Events Subsequent to the Reporting Period The Company received a cash refund of $707,638 relating to eligible research and development tax credits on 10 October 2024. Listing Rule 5.23 Disclosure The Company confirms that it is not aware of any new information or data that materially affects the Exploration Results and/or the estimates of Mineral Resources in this release, and in respect of the estimates of Mineral Resources reported, that all material assumptions and technical parameters underpinning the estimates continue to apply and have not changed. List of Tenements Tenement EL6509 EL6613 EL6690 EL6691 EL6942 EL6943 EL007254 EL007719 EL008208 EL008254 EMP27952 EMP28169 EMP28168 EMP28165 EPM28167 EPM28166 EL7001 EL7003 EL7005 EL7010 EL7011 Location Naracoorte Frances Keith Bordertown Wattle Range Tarpeena Apsley Minimay Lake Mundi Dartmoor Massie Creek Stones Creek Mt Wickham Riverside Burdekin Dalbeg Warnes Bunyung Sturt Vale Wirrealpa Moolawatana Commodity Rare Earths Rare Earths Rare Earths Rare Earths Rare Earths Rare Earths Rare Earths Rare Earths Rare Earths Rare Earths Rare Earths Rare Earths Rare Earths Rare Earths Rare Earths Rare Earths Uranium Uranium Uranium Uranium Uranium Project Koppamurra Koppamurra Koppamurra Koppamurra Koppamurra Koppamurra Koppamurra Koppamurra Koppamurra Koppamurra Massie Creek Dalrymple Dalrymple Dalrymple Dalrymple Dalrymple Overland Overland Overland Triggs Bore Hamilton Creek 1 – All tenements are 100% held by AR3 Finance Update The Company’s cash balance at the end of the Quarter was A$5,624,000. Capital Structure Shares on issue: 157,963,745 fully paid ordinary shares. Options on issue: 29,371,480 unlisted options, comprising: • 1,600,000 exercisable at $1.44 and expiring 1 December 2024 • 6,000,000 exercisable at $0.30 and expiring 25 January 2025 • 8,163,147 exercisable at $0.57 and expiring 9 May 2025 • 1,000,000 exercisable at $1.02 and expiring 9 May 2025 • 500,000 exercisable at $0.57 and expiring 4 July 2025 • 2,000,000 exercisable at $0.60 and expiring 29 July 2025 Jurisdiction SA SA SA SA SA SA Victoria Victoria Victoria Victoria QLD QLD QLD QLD QLD QLD SA SA SA SA SA • • • • • • • 1,750,000 exercisable at $0.50 and expiring on 2 December 2025 500,000 exercisable at $0.47 and expiring on 28 February 2026 1,500,000 exercisable at $0.37 and expiring on 26 November 2026 1,500,000 exercisable at $0.50 and expiring on 26 November 2026 1,550,000 exercisable at $0.50 and expiring on 2 December 2026 1,500,000 exercisable at $0.4739 and expiring on 20 December 2026 1,808,333 exercisable at $0.435 and expiring on 26 November 2027 Appendix 5B Disclosures AR3’s accompanying Appendix 5B (quarterly Cashflow Report) includes an amount in item 6.1 which constitutes executive remuneration and non-executive director fees for the quarter. In item 6.2 of the accompanying Appendix 5B the included amount relates to the 100% acquisition of Valrico Resources Pty Ltd. During the period, the Company spent approx. $762,000 on exploration activities, including direct costs associated with the Koppamurra exploration and development programs, which included, drilling, geochemical assays, metallurgical test work. This figure also includes allocation of wages directly attributed to specific exploration and development activities. The Board of Australian Rare Earths authorised this announcement to be released to the ASX. For further information please contact: Australian Rare Earths Limited Travis Beinke Managing Director and CEO T: 1 300 646 100 Media Enquiries Jessica Fertig Tau Media E: info@taumedia.com.au We encourage shareholders and followers to ask any questions here: https://investorhub.ar3.com.au/ About Australian Rare Earths Limited Australian Rare Earths is committed to the timely exploration and development of its 100% owned, flagship Koppamurra Project, located in the new Koppamurra rare earths Province in southeastern South Australia and western Victoria. Koppamurra is a prospective ionic clay hosted rare earth deposit, rich in all the elements required in the manufacture of rare earth permanent magnets which are essential components in electric vehicles, wind turbines and domestic appliances. In addition, AR3 is actively reviewing other potential prospective areas which may also host uranium and ionic clay hosted rare earth deposits throughout Australia. The Company is focused on executing a growth strategy that aims to position AR3 as an independent and sustainable source of energy transition metals, playing a pivotal role in the global transition to a green economy. Rule 5.5 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity Australian Rare Earths Limited ABN Quarter ended (“current quarter”) 73 632 645 302 30 September 2024 Consolidated statement of cash flows Current quarter $A’000 1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for Year to date (3 months) $A’000 - - (a) exploration & evaluation - - (b) development - - (c) production - - (d) staff costs - net of allocations to capitalised exploration assets (464) (464) (e) administration and corporate costs (399) (399) - - 79 79 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives – R&D Tax incentive - - 1.8 Other (provide details if material) - - 1.9 Net cash from / (used in) operating activities (784) (784) 2. Cash flows from investing activities 2.1 Payments to acquire or for: (570) (570) - - (1) (1) (762) (762) (e) investments - - (f) - - (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation other non-current ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 1 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Consolidated statement of cash flows 2.2 Current quarter $A’000 Year to date (3 months) $A’000 Proceeds from the disposal of: (a) entities - - (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) - - 2.6 Net cash from / (used in) investing activities (1,333) (1,333) 3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) - - 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities - - 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (provide details if material) (38) (38) 3.10 Net cash from / (used in) financing activities (38) (38) 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 7,779 7,779 4.2 Net cash from / (used in) operating activities (item 1.9 above) (784) (784) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (1,333) (1,333) 4.4 Net cash from / (used in) financing activities (item 3.10 above) (38) (38) ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 2 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Consolidated statement of cash flows 4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts 5.1 Bank balances 5.2 Current quarter $A’000 Year to date (3 months) $A’000 - - 5,624 5,624 Current quarter $A’000 Previous quarter $A’000 5,450 7,605 Call deposits - - 5.3 Bank overdrafts - - 5.4 Other (Term Deposits) 174 174 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 5,624 7,779 6. Payments to related parties of the entity and their associates 6.1 Aggregate amount of payments to related parties and their associates included in item 1 * The payments disclosed here relate to fees and salaries paid to all Directors (including Managing Director) during the quarter. 269 6.2 Aggregate amount of payments to related parties and their associates included in item 2 *The payment disclosed here relates acquisition costs paid to Valrico Resources Pty Ltd during the quarter. 570 Current quarter $A'000 Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 3 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. 8. Estimated cash available for future operating activities 8.1 Net cash from / (used in) operating activities (item 1.9) (784) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (762) 8.3 Total relevant outgoings (item 8.1 + item 8.2) (1,546) 8.4 Cash and cash equivalents at quarter end (item 4.6) 5,624 8.5 Unused finance facilities available at quarter end (item 7.5) 8.6 Total available funding (item 8.4 + item 8.5) 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) $A’000 5,624 3.64 quarters Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: n/a 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: n/a 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: n/a Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 4 Appendix 5B Mining exploration entity or oil and gas explor