ALTITUDE MINERALS LTD — Interim / Quarterly Report 2022

Oct 27, 2021

QUARTERLY ACTIVITIES REPORT

PERIOD ENDED—30 SEPTEMBER 2021

HIGHLIGHTS

28 OCTOBER 2021

ABN — 78 650 673 500 ASX code — CUS

•  IPO successfully raised $12 million ahead of ASX lis�ng

•  Drilling contractor appointed and ini�al drilling

• commenced at Billa Kalina post‐quarter

•  Drilling clearance received for Douglas Creek target

Directors—

Peter McIntyre—CEO Chris Sutherland—Chair Tony Belperio Greg Hall

• Ruby Hill

•  Addi�onal applica�ons for drilling permits lodged

•  Landholding expanded through grant of new

• explora�on licence

Project Manager—

•  South Australian‐based explora�on team established

Mar�n Spivey

CFO / Company Secretary —

Rance Dorrington rdorrington@coppersearch.com.au

Public Rela�ons—

Luke Forrestal

Copper Search (ASX: CUS) (“Copper Search”, “the Company”) presents its Quarterly Ac�vi�es Report for the period ended 30 September 2021.

During the period, the Company successfully completed an ini�al public offering raising $12 million and con�nued prepara�ons for the commencement of drilling on its suite of highly prospec�ve projects in South Australia’s Gawler Craton.

GRA Partners

Luke.forrestal@grapartners.com.au +61 411 479 144

Registered Address—

11 Moreau Mews Applecross WA 6153

Telephone—

+61 8 6159 9100

Web Site—

www.coppersearch.com.au

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IPO and ASX Lis�ng

Copper Search closed its IPO in early September successfully raising $12 million, the maximum amount sought. The Company listed on the ASX on 15 September, with its shares trading at a healthy premium to the offer price of $0.35.

Funds from the IPO, which was ably managed by Joint Lead Managers amicaa and Alto Capital, are being applied primarily to explora�on on Copper Search’s projects in the Gawler Craton.

Explora�on Ac�vi�es

Billa Kalina and Ruby Hill

Towards the end of the repor�ng period, Copper Search appointed South Australian firm MJ Drilling Pty Ltd to undertake a maiden diamond drilling campaign at the Billa Kalina Project, located on a structural arc between BHP’s Olympic Dam copper‐gold‐uranium mine and OZ Minerals’ Prominent Hill copper‐gold opera�on.

Subsequent to the end of the quarter, MJ Drilling commenced the first of two holes (BK001 and BK002) planned to test basement rocks at Billa Kalina targets.

As reported to the ASX on 28 October, an unexpected cavity was encountered in BK001 at a depth of approximately 360m, resul�ng in lost drill rods and requiring the cessa�on of drilling.

Based on this turn of events, the Company has resolved to move the diamond rig to the Ruby Hill Pro‐ ject, where all approvals and permits are in place for drilling to commence at the Douglas Creek tar‐ get, as soon as possible.

The Douglas Creek programme is expected to commence in early November and has the backing of the SA government in the form of a co‐funding grant through which 50% of drilling costs up to $228,000 will be reimbursed upon comple�on.

Copper Search intends to revisit other targets at Billa Kalina as soon as prac�cable based on per‐ mi�ng and priori�sa�on.

The Company con�nues to work with the SA Department for Energy and Minerals to secure addi�on‐ al drilling permits for target areas already cleared by heritage surveys.

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CLEARANCE SURVEY—DOUGLAS CREEK AREA—RUBY HILL PROJECT—2021

Expansion of Gawler Craton landholding

During the period, Copper Search was granted an addi�onal Explora�on Licence (EL 6669 – Titan North) covering 128km[2 ] south‐east of the Billa Kalina leases.

No previous drilling has been reported on the tenement, however large iron oxide accumula�ons with modest associated copper‐gold mineraliza�on are known to occur locally.

Titan North is located adjacent and to the north of Tasman Resources Limited’s EL 6416, which is the subject of a farm‐in JV with Fortescue Metals Group. The tenement is also approximately 45km north of Olympic Dam.

Copper Search is analysing available data associated with Titan North to iden�fy poten�al targets for follow‐up explora�on.

The Company also lodged an Explora�on Licence Applica�on (ELA 2021/0085 – Spring Hill) for a 975km[2] tenement located between Ruby Hill and its Peake and Denison Project.

The Spring Hill applica�on is believed to overlie Peake Series basement rocks under shallow cover. Hema�te‐rich breccias occur within the area of the applica�on.

Along with the new licence and applica�on, five exis�ng explora�on licences have recently been re‐ newed for an extended period. These are EL 6195 (to 12 July 2023), EL 6235 (to 22 August 2023), EL 6400 & EL 6401 (to 10 September 2024) and EL 6315 (to 19 February 2024).

A further five renewal applica�ons have been lodged and extensions remain pending, with all out‐ standing renewals expected to be issued by the SA Department for Energy and Mining in due course.

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FIGURE 1—TITAN NORTH—GRANTED EXPLORATION LICENCE—LOCATION MAP

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FIGURE 2—EXPLORATION LICENCE APPLICATION—ELA 2021/085

South Australian explora�on team established

Despite extensive in‐house technical experience and capabili�es, Copper Search moved to establish a South Australian‐based explora�on team, primarily to limit any poten�al COVID‐related disrup�ons to what is expected to be a largely con�nuous programme of work over the next 12‐18 months.

The Company has appointed Richard Hill to lead this team as Senior Explora�on Geologist. Richard is a highly experienced industry professional that is suitably familiar with Gawler Graton geology, having worked at Prominent Hill and on several other projects in the area.

Corporate

A�er paying lis�ng‐related costs and funding explora�on ac�vi�es, the Company finished the quarter with an available cash balance of $11.4M.

Related party payments included within the payments for the quarter disclosed in the Appendix 5B lodged together with this quarterly report amounted to $117K. $6K of this was a reimbursement for tenement expenses paid by Macallum Group Ltd. $111K of this was in accordance with the contractu‐ al provision by Macallum Group Ltd of facili�es and premises as well as the provision of services of geologists and the CEO. Macallum Group Ltd is an en�ty controlled by Director Peter McIntyre.

Capital Structure

As at 30 September 2021, the Company’s capital structure consisted of the following:

Ordinary Fully Paid Shares
‐ Listed / Un‐escrowed		49,333,005
‐ Escrowed up to 24 February 2022		1,679,149
‐ Escrowed up to 1 June 2022		1,782,741
‐ Escrowed up to 15 September 2023		29,613,047
		82,407,942
Op�ons to Acquire Ordinary Fully Paid Shares
‐ Unlisted $0.50 Broker op�ons expiring 15 September 2024		2,000,000
‐ Unlisted $0.50 Director op�ons expiring 15 September 2024		250,002
	‐ENDS‐
Further Informa�on:
Rance Dorrington	Luke Forrestal
Company Secretary / CFO	GRA Partners
rdorrington@coppersearch.com.au	Luke.forrestal@grapartners.com.au
	+61 411 479 144

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Appendix 1 Tenement and Other Informa�on

In accordance with ASX lis�ng rule 5.3.3, below is a list of tenements held by the Group as at 30 September 2021 with any changes during the quarter noted.

All explora�on licences are held by Copper Search Australia Pty Ltd which is a 100% owned subsidi‐ ary of Copper Search Ltd.

COUNTRY CURRENT INTEREST (%) STATE / LOCATION CHANGE (%) AREA / PROJECT NAME TENEMENT REF. (EL)
Australia Australia Australia Australia Australia Australia Australia Australia Australia Australia Australia	SA / Gawler Craton SA / Gawler Craton SA / Gawler Craton SA / Gawler Craton SA / Gawler Craton SA / Gawler Craton SA / Gawler Craton SA / Gawler Craton SA / Gawler Craton SA / Gawler Craton SA / Gawler Craton	Ruby Hill (West) [Ruby Hill] Ruby Hill (East) [Ruby Hill] William Creek [Ruby Hill] Curdimurka [Ruby Hill] Wantamaran Creek [Billa Kalina] Dismal Plain [Billa Kalina] Mt Arthur North Titan Allandale [Peake & Denison] Peake & Denison [Peake & Denison] Stuart's Creek [Ruby Hill]	6314 6315 6195 6181 6401 6400 6236 6669 6235 6427 6238	‐ ‐ ‐ ‐ ‐ ‐ ‐ +100% ‐ ‐ ‐	100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Compliance Statement

This report is based on informa�on compiled by Mr Mar�n Spivey, a Member of the Australian Ins�tute of Mining and Metallurgy. He is an employee of Macallum Group Limited and has a services agreement in place with Copper Search Ltd. He has sufficient experience which is relevant to the style of mineralisa�on and types of deposits under considera�on and to the ac�vity which he is undertaking to qualify as a Competent Person as defined in the 2012 edi�on of the Australasian Code for Repor�ng of Explora�on Results, Mineral Resources and Ore Reserves (the JORC Code). Mar�n Spivey has consented to the inclusion in the report of the ma�ers based on his informa�on in the form and context in which it appears.

Rule 5.5

Appendix 5B

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

Name of entity

Copper Search Limited ABN Quarter ended (“current quarter”) 78 650 673 500 30 September 2021

Consolidated statement of cash flows	Consolidated statement of cash flows	Current quarter	Year to date (3
		$A’000	months)
			$A’000
1.	Cash flows from operating activities
1.1	Receipts from customers	-	-
1.2	Payments for
	(a) exploration & evaluation	(321)	(321)
	(b) development	-	-
	(c) production	-	-
	(d) staff costs	(47)	(47)
	(e) administration and corporate costs	(395)	(395)
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	(763)	(763)
	activities
2.	Cash flows from investing activities
2.1	Payments to acquire or for:
	(a) entities	-	-
	(b) tenements	-	-
	(c) property, plant and equipment	(4)	(4)
	(d) exploration & evaluation	-	-
	(e) investments	-	-
	(f) other non-current assets	-	-

ASX Listing Rules Appendix 5B (17/07/20) + 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	Consolidated statement of cash flows	Current quarter	Year to date (3
		$A’000	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	(4)	(4)
	activities
3.	Cash flows from financing activities
3.1	Proceeds from issues of equity securities
	(excluding convertible debt securities)	12,000	12,000
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	(725)	(725)
	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	11,275	11,275
	activities
4.	Net increase / (decrease) in cash and
	cash equivalents for the period
4.1	Cash and cash equivalents at beginning of
	period	905	905
4.2	Net cash from / (used in) operating
	activities (item 1.9 above)
4.3	Net cash from / (used in) investing activities	(763)	(763)
	(item 2.6 above)
4.4	Net cash from / (used in) financing activities	(4)	(4)
	(item 3.10 above)

ASX Listing Rules Appendix 5B (17/07/20) + 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	Consolidated statement of cash flows	Current quarter	Year to date (3
		$A’000	months)
			$A’000
4.5	Effect of movement in exchange rates on	11,275	11,275
	cash held
4.6	Cash and cash equivalents at end of	-	-
	period
		11,413	11,413
5.	Reconciliation of cash and cash	Current quarter	Previous quarter
	equivalents	$A’000	$A’000
	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	11,413	905
5.2	Call deposits	-	-
5.3	Bank overdrafts	-	-
5.4	Other (provide details)	-	-
5.5	Cash and cash equivalents at end of	11,413	905
	quarter (should equal item 4.6 above)
6.	Payments to related parties of the entity and their		Current quarter
	associates		$A'000
6.1	Aggregate amount of payments to related parties and their		117
	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 include a			description of, and an
explanation for, such payments.
Recharges for tenement expenses from Macallum Group Ltd (Director controlled entity - $6K).
Provision of Geologists/CEO/Premises invoiced from Macallum Group Ltd (Director controlled entity
- $111K).

ASX Listing Rules Appendix 5B (17/07/20) + 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 Total facility	Amount drawn at
	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. amount at quarter end $A’000	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	$A’000	$A’000
8.1	Net cash from / (used in) operating activities (item 1.9)		1,564
8.2	(Payments for exploration & evaluation classified as investing		-
	activities) (item 2.1(d))
8.3	Total relevant outgoings (item 8.1 + item 8.2)		1,564
8.4	Cash and cash equivalents at quarter end (item 4.6)		11,413
8.5	Unused finance facilities available at quarter end (item 7.5)		-
8.6	Total available funding (item 8.4 + item 8.5)		11,413
8.7	Estimated quarters of funding available (item 8.6 divided by item 8.3)	7
	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:

• 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:

ASX Listing Rules Appendix 5B (17/07/20) + 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

• 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:

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.

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: 28 November 2021

Authorised by: By the Board

(Name of body or officer authorising release – see note 4)

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 (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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