ADAVALE RESOURCES LIMITED — Interim / Quarterly Report 2021

Oct 25, 2021

26 October 2021

Quarterly Activities Report September 2021

September 2021 Quarter Highlights

• Appointment of experienced Directors, Mr John Hicks and Mr David Riekie

• Appointment of Mr Gerald Mturi as General Manager in Tanzania

• Drilling at the Company’s flagship project Kabanga Jirani Nickel Project continued

• 1[st] hole revealed elevated pXRF readings values of up to 0.86% Ni and 4.84% Cu

• 2[nd] and 3[rd] holes both intersected packages of sulphide veins and drilling of holes 4 and 5 were completed during the quarter, results pending.

• Selected holes were cased to facilitate re-entry for any future DHEM surveys

• Company now funded to accelerate the drilling program at Kabanga Jirani Nickel Project following the completion of $2.09M placement post quarter end

• Planning undertaken to commence exploration at Adavale’s uranium licenses in South Australia

• Share Purchase Plan to raise $1.5m initiated post quarter end

Adavale Resources Limited (ASX: ADD) (“ Adavale ” or “ the Company ”) is pleased to provide the following report on its activities for the quarter ended 30 September 2021.

Adavale’s Chairman Mr Grant Pierce commented , “The September quarter saw the advancement of the maiden drilling program that commenced in June on the Company’s flagship project, Kabanga Jirani Nickel Project. Early results from the completed holes are positive, intersecting packages of sulphide veins. The initial drill program is expected to be completed by early November.

Following the successful completion of the recent placement the Company is planning to accelerate its drilling program by securing a second rig.

The Company was pleased to appoint Mr John Hicks and Mr David Riekie to the Board. Both John and David have a significant amount of nickel experience and their technical experience and knowledge will be invaluable to our Kabanga Jirani Nickel Project. Mr Steven Georgiadis stepped down from the Board to focus on his legal practice.

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ASX ANNOUNCEMENT

The Company has had an incredibly busy quarter and I thank the Board, management and team on the ground in Tanzania for their hard work. I look forward to keeping all of our shareholders up to date with the Company’s progress.”

Kabanga Jirani Nickel Project (Tanzania)

The Kabanga Jirani Nickel Project that comprises 7 licenses offer potential to contain high-grade Ni-Cu-Co-Cr-PGE sulphide deposits similar to the Kabanga Nickel sulphide deposit. They are located within the Karagwe-Ankole Belt which is known to host layered Mesoproterozoic (1.61Ga) mafic ultramafic intrusions which have intruded into sulphide rich sediments facilitating the process of sulphide saturation which is partly what enables nickel sulphide deposits to form.

The project lies adjacent and along strike from Kabanga Nickel Project, the world’s largest undeveloped high-grade Ni-sulphide resource of 58Mt @ 2.62% Ni.

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Figure 1: Location of Adavale’s Kabanga Jirani Nickel Project adjacent to the world largest undeveloped nickel deposit.

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ASX ANNOUNCEMENT

During the quarter, the Company completed 5 holes in its maiden drilling program that commenced in late June. The program consists of an initial circa 3,000m of diamond drilling across 4 of the 7 licenses. Casing of selected holes were undertaken to enable re-entry for DHEM surveys. Drillholes 4 and 5 were completed during the quarter. Drilling results are pending.

In July, the first hole (KN01-01-01) was completed to depth of 455.24m. The first drill-hole intercepted a number of veins containing Ni and Cu, including sulphides greater than 10% intersected in numerous veins between 260m to 455m. These may well have originated from a magmatic source that would be expected to be proximal to the drillhole. Downhole EM will be conducted to identify any possible off-hole conductors which would be followed-up with further drilling. There is a package of 190m of numerous thin veins that are each in the order of a few mm thick and consist either of massive sulphide or a combination of calcite, quartz and sulphides. Some of these veins consist simply of pyrite whilst others contain pyrrhotite and/or chalcopyrite hosting Ni and Cu as shown in the table below.

Depth(m)	Ni%	Cu%	Description
269.24	0.21	0.10	Pyrrhotite and calcite/quartzitefilledvein hostedin meta-pelite
271.94	0.1	0.07	Pyrrhotite and calcitefilledvein hostedin meta-pelite
281.03	0.03	4.84	Chalcopyrite and pyrrhotitefilledvein hostedin meta-pelite
312.10	0.86	-	Arsenopyritefilledvein hostedindolerite. NOTEDCo at 0.44%
329.45	0.11	-	Nodules ofpyritefilled betweenquartzite/metapelite bedding
447.70	0.30	-	Nodules ofpyritefilled betweenquartzite/metapelite bedding
454.37	0.21	0.34	Nodules ofpyritefilled betweenquartzite/metapelitelayers

For full details of the results including JORC Tables, please refer to ASX announcement dated 26 July 2021 titled “Maiden Drillhole Intercepts Ni and Cu bearing Sulphide Veins”.

Elevated values of up to 0.86% Ni and 4.84% Cu were detected in sulphide veins by pXRF. The pXRF readings are semi-quantitative and are deemed to only provide an indication of mineralisation which still needs to be confirmed through analysis by an accredited laboratory. Drilling has validated the zone of conductivity identified through the NSAMT and the TDEM which is ascribed to the numerous sulphide veins intercepted between 260 and 455m. This coincidence of veins and modelled conductivity is shown below:

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Figure 2: Cross-section showing zone of sulphides relative to geophysical conductors

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ASX ANNOUNCEMENT

Drillhole KN01-01-01 intercepted a layered sequence of sediments with interlayered meta pelite and quartzite layers each typically in the order of 1m to 10m thick but including a ~65m thick layer of metapelites from 233m to 299m. The last 190m of the drillhole from 260 to 450m contains numerous sulphide veins. The intrusions intercepted include an ~18m thick gabbro from ~128m to 146 m and a ~2m thick dolerite. Core samples will be prepped at SGS Mwanza and assaying will be done at ALS in Johannesburg.

Encouraging signs of a more substantial sulphide source being close are the seven veins mentioned above contained Ni and Cu bearing sulphides. Target 1 will be a priority to return to for further drilling to explore for potential massive sulphides at a future point, after downhole EM is conducted to determine if these sulphide veins originated from a more substantial sulphide source.

In September, the Company completed a further 2 holes (holes 4 and 5) results of which are pending

The 2[nd] hole (KW02-11-01) intersected a package of sulphide veins in 2 zones:

• 1[st] interval of 39.3m from a depth of 64.46m to 103.76m; and

• 2[nd] interval of 155.77m from a depth of 146.05m to 301.82m.

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Figures 3 and Examples of hole (KW02-11-01) cores featuring sedimentary sulphide veins

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ASX ANNOUNCEMENT

The 3[rd] hole (KW03-08-01) drilled to a depth of 418.25m also shows a package of sulphide veins intersected with an interval of 285.98m from 77.41m to 363.12m. All veins within those 3 holes are hosted within sediments and will be further analysed with XRFs to identify elevated Ni or Cu, potentially indicating a nearby source of mineralised sulphides.

Down Hole Electromagnetic (DHEM) surveys will be scheduled for the selected drill holes.

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Figure 5: Locality of completed/current drillholes and gravity surveys

During the quarter, the Company instigated gravity surveys to run concurrently with the current drilling program. Gravity surveys are useful in that they help in identifying intrusions which are denser than the surrounding sediments. Massive sulphides have a particularly high density and can also be identified within intrusions (depending on their size and depth).

Magnetic surveys are typically used to identify intrusions but due to the abundance of magnetic sulphides, the additional use of gravity will help in distinguishing intrusions from sulphur bearing sediments. Magmatic nickel bearing sulphides are hosted in intrusions so correctly identifying them is of the utmost importance.

Gravity surveys have identified potential intrusions at targets 6, 10b, 12, 16, 18, 19, 20 and 21.

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ASX ANNOUNCEMENT

Lake Surprise Uranium Project (South Australia)

The Lake Surprise Uranium Project consists of three exploration licenses within part of the highly prospective sedimentary uranium province within the northern part of the Lake Frome Embayment. These tenements lie within a flat, semi-arid landscape located just to the north of the Flinders Range in South Australia. These include EL 5892 comprising 92km[2] , EL 5893 comprising 167km[2] and EL 6598 of 137km[2] .

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Figure 6: Location of Adavale’s Lake Surprise Uranium Project in South Australia

The Lake Surprise Project area contains the Jubilee and Mookwarinna Prospect areas, and these lie within a shallow, structural downwarp known as the Clayton Basin. If further exploration identifies economic resources, both prospects could be mined by shallow open cut methods and uranium extraction using a simple heap-leach process.

Based on historical information, a total of 446 drill holes were completed by Adavale prior to 2011. These consisted of shallow drill holes, with a maximum depth of approximately 60m. The drilling targeted geological formations that had visible uranium mineralisation.

The identified system forms a continuous underground geophysical and geochemical anomaly along a direction of strike that is coincident with a weak geophysical anomaly. This radiometric anomaly is approximately 600m wide and 2km in length and is relatively smaller and weaker than other anomalies since identified in the tenement package.

The relationship between the underground anomaly found in drilling and the geophysical anomaly at the surface was identified when the project was being reviewed internally in 2018.

During the quarter, the Company has planned program of works aims to better understand the unexplored 1.8km by 8km geophysical anomaly located to the southeast of historic drilling, and wholly within Adavale’s owned Lake Surprise tenement package.

This anomaly is much larger and stronger than the one defined by historic drilling and presents an exciting target for the Company. Limited work had previously been completed on this anomaly, as it was broadly disregarded in the past. There were some surface outcrops of silcrete and sandstone coincident with the large, unexplored geophysical anomaly that had returned

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ASX ANNOUNCEMENT

highly encouraging uranium readings using a portable XRF. Follow-up work to identify and sample these outcrops is therefore planned for the current program.

The planned works over the anomaly will include a 1,100 line-kilometre ground based radiometric survey including targeted outcrop sampling, focussing on the priority gamma anomalies (as shown in Figure 8 below). Sampling has the objective of replicating some of the historic rock chip and down hole results from portable XRF but will be supported and verified via lab analysis to provide a sound foundation for future exploration workstreams. This work program is also seeking to improve our understanding of the underlying geological controls of the system and establish a robust methodology for future exploration activities on the tenements.

The work programs are scheduled to commence mid-October. Commencement remains subject to no COVID-19 travel restrictions, however an exemption for the scheduled work has been submitted for the proposed field activities.

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Figure 7: Proposed area of gamma survey and rock chip sampling

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ASX ANNOUNCEMENT

Corporate

During the quarter, Mr John Hicks and Mr David Riekie were appointed as Non-Executive Directors of the Company.

John is a geologist and nickel sulphide specialist with over 40 years’ experience in the exploration and mining sector, including a 15 year tenure as the General Manager of Exploration for Panoramic Resources Limited (ASX:PAN).

Prior to Panoramic, John held various roles with several notable mining companies including Australian Consolidated Minerals Limited, and WMC Limited. John’s nickel career highlights include senior exploration and development roles for the Mount Keith, Silver Swan, Lanfranchi and Savannah nickel projects. During his tenure at Panoramic Resources, John was instrumental in discovering the komatiite hosted Deacon orebody at Lanfranchi and the intrusive hosted Savannah North nickel orebodies, in Western Australia.

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Figure 8 & 9: Highly nickel experienced, Mr John Hicks (Left) and Mr David Riekie (Right) joining the Board of Adavale Resources Limited as Non-Executive Directors

David is an experienced director who has operated as an Executive and Non-Executive of numerous ASX listed companies. David holds a Bachelor of Economics and a Graduate Diploma of Accounting from Flinders University and has been a member of the Australian Institute of Chartered Accountants since 1986.

His career has spanned multiple continents and within Africa, Namibia, Tanzania, Eritrea, South Africa, DRC and Mozambique are notable. He has overseen exploration and resource development, scoping and feasibility studies, production optimisation, stakeholder engagement, acquisition programs and expansion initiatives.

David most recently has served on the Boards of remote power generation and energy solutions specialist Zenith Energy Limited (ASX: ZEN), independent uranium producer Paladin Energy Limited (ASX: PDN)). David also served as interim CEO to Poseidon Nickel Limited (ASX: POS).

The Company was also pleased to appoint Mr Gerald Mturi as General Manager in Tanzania.

Gerald is a qualified accountant, having commenced his career in 1996 with global energy company Total. He’s held the positions of Senior Mine Accountant and Country Manager for Resolute Mining Limited in Tanzania and more recently has been the Executive Secretary of the Tanzanian Chamber of Mineral and Energy.

Gerald is a Tanzanian citizen and is based in Tanzania to oversee the Company’s operations on the Kabanga Jirani Nickel Project.

During the quarter, Mr Steven Georgiadis resigned from Adavale as Non-Executive Director.

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ASX ANNOUNCEMENT

Summary of Cashflow for the Quarter

Adavale held cash reserves at end of quarter of approximately $331,000. Subsequent to quarter end, the Company successfully completed a $2.09m (before costs) via a share placement to sophisticated and professional investors through the issue 38,000,000 new fully paid ordinary shares at 5.5 cents per share. Euroz Hartleys Limited acted as Lead Manager to the Placement.

Subsequent to quarter end the Company launched a Share Purchase Plan to raise up to $1.5m to enable eligible, existing shareholders the opportunity to participate at the same price as the placement. The Share Purchase Plan offer will close on the 12 November 2021.

During the quarter, a total amount of approximately $33,000 (as shown in 6.1 of Appendix 5B) was paid to directors and officers which includes fees and superannuation payments.

The Company spent approximately $874,000 on exploration and evaluation activities including the drilling costs at the Kabanga Jirani Nickel Project, consumables, geological consultants, assay costs and other costs associated with operating in Tanzania.

This announcement has been authorised for release by The Board of Adavale Resources Limited.

For further information please contact investor@adavaleresources.com or visit www.adavaleresources.com

About Adavale

Adavale Resources Limited (ASX:ADD) is a nickel sulphide exploration company that holds 100% of the Kabanga Jirani Nickel Project a portfolio of 7 highly prospective granted licences, covering over 1,145km[2] surrounding and proximal to the world class Kabanga Nickel Deposit (58Mt @ 2.62% Ni) and located along the Karagwe-Ankolean belt in Tanzania. Adavale’s licences were selected based on their strong geochemical and geophysical signatures from previous exploration undertaken by BHP Billiton.

Adavale also holds three exploration licences within part of the highly prospective sedimentary uranium province within the northern part of the Lake Frome Embayment.

Competent Person Statement

The information in this release that relates to “exploration results” for the Project is based on information compiled or reviewed by Mr David Dodd of MSA, South Africa. Mr Dodd is a consultant for Adavale Resources Limited and is a member of the SACNASP. Mr Dodd has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration as well as to the activity that is being undertaking to qualify as a Competent Person under the ASX Listing Rules. Mr Dodd consents to this release in the form and context in which it appears.

Forward Looking Statements

This document contains forward looking statements concerning Adavale. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forwardlooking statements as a result of a variety of risks, uncertainties and other factors. Forward-looking statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company’s actual results to differ materially from those expressed or implied in any forwardlooking information provided by the Company, or on behalf of the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes. Forward looking statements in this document are based on Adavale’s beliefs, opinions and estimates of Adavale as of the dates the forward-looking statements are made, and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forwardlooking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated

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ASX ANNOUNCEMENT

future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of nickel, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. Readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. No representation, warranty or undertaking, express or implied, is given or made by the Company that the occurrence of the events expressed or implied in any forward- looking statements in this presentation will actually occur

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Rule 5.5

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Name of entity

ADAVALE RESOURCES LIMITED ABN Quarter ended (“current quarter”) 96 008 719 015 30 SEPTEMBER 2021

Consolidated statement of cash flows	Current quarter $A’000	Year to date (3 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (if expensed) (b) development (c) production (d) staff costs (e) administration and corporate costs 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 1.8 Other (provide details if material) 1.9 Net cash from / (used in) operating activities	(874) (128)	(874) (128)
	(1,002)	(1,002)
2. Cash flows from investing activities 2.1 Payments to acquire: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation (if capitalised) (e) investments (f) other non-current assets	(89)	(89)

ASX Listing Rules Appendix 5B (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (3 months) $A’000
2.2 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
	(89)	(89)
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) 3.10 Net cash from / (used in) financing activities	(1)	(1)
	(1)	(1)
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above)	1,423 (1,002) (89) (1)	1,423 (1,002) (89) (1)

ASX Listing Rules Appendix 5B (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (3 months) $A’000
4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period
	331	331
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	Current quarter $A’000	Previous quarter $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)	331	1,423
	331	1,423
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 6.2 Aggregate amount of payments to related parties and their associates included in item 2 Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must and an explanation for, such payments.
		Current quarter $A'000
		33
		Nil
		include a description of,

ASX Listing Rules Appendix 5B (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms.

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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 250 75 7.3 Other (please specify) 7.4 Total financing facilities 250 75 7.5 Unused financing facilities available at quarter end 175 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.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
	250	75
	250	75
Standby Subscription Agreement The facility arrangement with LKC Technology Pty Ltd (LKC) is a 5 year agreement for $250,000 as announced on 29 April 2020, with $175k undrawn. LKC subscribes for shares upon the Company issuing a drawdown notice. Fully paid ordinary shares are issued at 80% of the 5-day VWAP that precedes the drawdown notice.

8. Estimated cash available for future operating activities	8. Estimated cash available for future operating activities	$A’000
8.1 Net cash from / (used in) operating activities (Item 1.9) 8.2 Capitalised exploration & evaluation (Item 2.1(d)) 8.3 Total relevant outgoings (Item 8.1 + Item 8.2) 8.4 Cash and cash equivalents at quarter end (Item 4.6) 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)		1,002 1,002 331 175 506
		0.5
8.8 If Item 8.7 is less than 2 quarters, please provide answers to the following questions: 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?
	The Company expects the next quarter to be similar expenditure as drilling continues but is likely to reduce considerably once the wet season in Tanzania curtails field operations.

The Company expects the next quarter to be similar expenditure as drilling continues but is likely to reduce considerably once the wet season in Tanzania curtails field operations.

1. 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?

In October 2021 the Company has raised $2,090,000 (before costs) via a share placement. The Company has also launched a Share Purchase Plan to raise up to $1,500,000. The Share Purchase Plan will close on 12 November 2021.

1. Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?

Yes. Refer above.

ASX Listing Rules Appendix 5B (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Date 25 OCTOBER 2021

Authorised by the Board of Directors

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 5B (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms.

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