ASARA RESOURCES LIMITED — Interim / Quarterly Report 2021

Jul 29, 2021

30 July 2021

QUARTERLY ACTIVITIES REPORT PERIOD ENDED 30 JUNE 2021

West African gold explorer Golden Rim Resources Ltd (ASX: GMR; Golden Rim or Company ) is pleased to provide its Quarterly Activities Report for the quarter ended 30 June 2021 ( Quarter ).

HIGHLIGHTS

Kada Gold Project, Guinea

• Resource definition diamond drilling at Kada confirms multiple, broad sub-parallel zones of gold mineralisation in the Newmont gold resource area.

• Best new intersections include:

• KDH004: 18m at 1.3g/t gold from 0m

  • 13m at 1.2g/t gold from 30m

  • 31m at 0.6g/t gold from 130m

• KDH005: 16m at 1.6g/t gold from 27m

  • 17m at 1.0g/t gold from 183m

20m at 1.2g/t gold from 204m

• The gold zones lie within an extensive 500m wide, strongly anomalous bedrock gold corridor , with the oxide zone of the corridor almost entirely mineralised.

• Auger drilling suggests this bedrock gold corridor extends for at least 4.7km.

• Golden Rim on track to deliver Kada maiden Mineral Resource Estimate in 2HCY21 .

Kouri Gold Project, Burkina Faso

• Diamond drilling has successfully located additional high-grade gold mineralisation.

• High-grade Diabatou Gold Shoot extended at depth from 140m to 190m below surface.

• New high-grade gold intersection of 3m at 10.9g/t gold , from 201m (diamond hole DDH004), lies 50m beneath the bottom of the current Mineral Resource pit shell.

• Second high-grade gold shoot (“Kom Gold Shoot”) confirmed in the Central Lodes area.

• New high-grade gold intersection of 4m at 23.3g/t gold , from 67m, including 1m at 85.4g/t gold obtained in diamond hole BADH016.

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GOLDEN RIM RESOURCES ASX:GMR

Level 23, Collins Square Tower Five, 727 Collins Street, Melbourne, VIC, 3008 T + 61 3 8677 0829 | E info@goldenrim.com.au | goldenrim.com.au

30 July 2021

Paguanta Copper-Zinc-Silver-Lead Project, Chile

• Encouraging molybdenum results obtained in additional rock chip samples from Loreto porphyry copper target area.

• Results indicate the porphyry centre, which is a highly prospective copper target, is approximately 2.3km x 1km, double the area suggested by previous sampling.

______

KADA GOLD PROJECT, GUINEA

During the quarter, Golden Rim completed seven diamond drill holes (KDH004 – KDH008, KDH010 – KDH011) for 1,570m and eight RC drill holes (KRC001 – KRC008) for 1,036m in its first round of Mineral Resource definition drilling at Kada. The drilling is focussed in an area where Newmont outlined a non-JORC gold resource in 2012 after completing nearly 34,000m of drilling. Delivery of the maiden JORC 2012 resource for Kada remains on track for H2 CY21.

Drill hole collar details are provided in Table 1 and the hole locations are depicted on Figure 1.

Golden Rim received assays during the quarter for the first two diamond holes (KDH004 & KDH005) which both lie on drill section 1,224,200mN (Figure 2).

The new assay results are encouraging with broad, sub-parallel zones of gold mineralisation obtained in both KDH004 and KDH005. Best gold intersections from these holes (0.3g/t gold cut-off) include:

KDH004: 18m at 1.3g/t gold from 0m

13m at 1.2g/t gold from 30m

31m at 0.6g/t gold from 130m KDH005: 16m at 1.6g/t gold from 27m

13m at 0.9g/t gold from 144m 10m at 1.1g/t gold from 164m 17m at 1.0g/t gold from 183m 20m at 1.2g/t gold from 204m 22m at 0.6g/t gold from 232m 24m at 0.7g/t gold from 259m 20m at 0.5g/t gold from 302m

The gold intersections in the oxide and transition zones are generally higher in grade than the intersections in fresh rock. On drill section 1,224,200mN the oxide and transition zones extend to ~60m and ~120m respectively below surface.

GOLDEN RIM RESOURCES ASX:GMR 2

30 July 2021

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Figure 1 . Location of all completed and planned drill holes (diamond, RC and auger), soil samples and rock chip samples in the Newmont gold resource area at Kada.

GOLDEN RIM RESOURCES ASX:GMR 3

30 July 2021

Previous Newmont oxide gold intersections on 1,224,200mN include 41m at 2.1g/t gold from 0m (NSC003), 40m at 1.6g/t gold from 0m (NSAC104), 30m at 1.8g/t gold from 11m (NSRC196), 61m at 1.3g/t gold from 7m (NSRC197 and 56m at 1.6g/t gold from 0m (NSAC167) (Figure 2). The strongest gold oxide mineralisation on 1,224,200mN lies west of KDH004 and KDH005 and has been tested by KDH007 and KRC006 recently completed by Golden Rim. Assays for these latter holes were pending at quarter end.

The gold zones lie within a 500m wide corridor, with the oxide zone of the corridor almost entirely mineralised. The Newmont gold resource area incorporates the gold zones for a strike length of approximately 800m.

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Figure 2. Drill section 1,224,200mN with assays for KDH004 & KDH005. Assays for KDH007 & KRC006 on this section were pending at the end of the quarter.

With the onset of the rainy season, Golden Rim postponed its major regional auger drilling program exploring for gold mineralised saprolite (weathered bedrock) outside the Newmont gold resource area and under the shallow laterite and soil cover, which lies across the bulk of the project area. A total of total of 2,921 holes for 30,506m were completed. Assays for 1,782 holes were pending at quarter end.

The auger drilling has identified strongly gold anomalous bedrock in the corridor for 1.4km north and 2.4km south of the Newmont gold resource area, suggesting there is excellent potential to significantly extend the gold zones along strike (Figures 1 & 3).

GOLDEN RIM RESOURCES ASX:GMR 4

30 July 2021

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Figure 3 . Location of the Newmont gold resource area and the strongly anomalous bedrock gold corridor at Kada.

GOLDEN RIM RESOURCES ASX:GMR

5

30 July 2021

KOURI GOLD PROJECT, BURKINA FASO

During the quarter, Golden Rim completed five diamond drill holes (DDH001 – DDH005) for a total of 802m at the Diabatou Gold Shoot to follow-up high-grade gold intersections obtained in previous RC drilling. Drill hole collar details are provided in Table 2 and the hole locations are depicted in Figure 4.

DDH004 intersected 3m at 10.9g/t gold , from 201m, 50m beneath the bottom of the current Mineral Resource pit shell and 70m beneath an intercept of 2m at 14.4g/t gold in previous RC hole MRC040. The new high-grade intersection extends the Diabatou Gold Shoot at depth from 140m to 190m below surface and the shoot remains open at depth.

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Figure 4. Diabatou Gold Shoot Longitudinal Section with the new diamond drill holes (section location depicted on Figure 2).

Golden Rim also completed three diamond drill holes (BADH016 – BADH018) for 330m targeting extensions to areas of high-grade gold mineralisation obtained in previous drill holes in the Central Lodes. Drill collar details are provided in Table 2. Hole locations are depicted on Figure 5.

Hole BADH016 returned a high-grade gold intersection of 4m at 23.3g/t gold from 67m, including 1m at 85.4g/t gold . The new intersection lies on a parallel gold lode located 25m east of a highgrade gold lode intersected in previous RC holes, including BARC279 which returned 6m at 25.2g/t gold from 8m, including 1m at 114g/t gold , and BARC278 which returned 3m at 9.3 g/t gold from 53m.

GOLDEN RIM RESOURCES ASX:GMR 6

30 July 2021

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Figure 5. Plan depicting the location of new diamond holes BADH016, BADH017 and BADH018; previous DD/RC drill holes; and auger holes in the Central Lodes.

These gold intersections are interpreted to be related to a high-grade gold shoot (Kom Gold Shoot) which is comprised of a series of close-spaced, parallel lodes over a strike extent of approximately 300m. The lodes remain open at depth and along strike to the northeast and southeast. The highestgrade portion of the shoot (+20g/t gold) is interpreted to plunge almost vertically.

The Kom Gold Shoot lies on a line of gold lodes (Kom Lodes) which comprise the southern portion of the Central Lodes (Indicated and Inferred Mineral Resource of 1.9Moz at 1.2g/t gold[1] ) and where occurrences of very high-grade gold mineralisation are known. Rock chip sample assays up to 818g/t gold and drill intercepts up to 7m at 11.0g/t gold from 141m, including 1m at 60g/t gold (BARC001) were previously reported by Golden Rim on the Kom Lode, 750m along strike to the northeast of the Kom Gold Shoot.

There are a several extensive gaps in the RC/diamond drilling coverage along the Kom Lodes. An area northeast of the Kom Gold Shoot where Golden Rim obtained auger samples up to 2,449ppb gold (2.4g/t gold) offers a priority target for follow-up drilling.

With the onset of the rainy season, drilling at Kouri, including follow-up on the Kom Gold Shoot, has been postponed until October – November.

1 ASX announcement: Kouri Mineral Resource Increases by 43% Increase to 2 Million ounces Gold dated 26 October 2020 (Total Mineral Resource includes: Indicated Mineral Resource of 7Mt at 1.4g/t gold and Inferred Mineral Resource of 43Mt at 1.2g/t gold for 2Moz gold. Includes Central Lodes Mineral Resource: Indicated Mineral Resource of 7Mt at 1.4g/t gold and Inferred Mineral Resource of 41Mt at 1.2g/t gold for 1.9Moz gold).

GOLDEN RIM RESOURCES ASX:GMR 7

30 July 2021

PAGUANTA COPPER-ZINC-SILVER-LEAD PROJECT, CHILE

During the quarter, Golden Rim received assay results from 12 rock chip samples collected at the Loreto porphyry copper target, part of its Paguanta Project in Chile. It received anomalous molybdenum results (up to 25ppm Mo ) in samples located northwest (on the other side of a major drainage with recent sediment cover) and south of previous samples with anomalous molybdenum.

As molybdenum is a geochemically immobile element, it is an excellent porphyry pathfinder, highlighting the centre of the porphyry cell. The new results suggest the porphyry centre at Loreto may be approximately 2.3km x 1km , double the area suggested by previous sampling (Figure 6).

Golden Rim is preparing access agreements with landowners before constructing an access road and commencing exploration at Loreto.

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Figure 6. Loreto porphyry copper target area at Paguanta. The 3.5km x 3.5km alteration zone (colour anomaly) is within the green circle (parts of which have shallow recent alluvial cover). The interpreted 2.3km x 1km porphyry centre is indicated by the blue outline.

GOLDEN RIM RESOURCES ASX:GMR 8

30 July 2021

BUSINESS DEVELOPMENT

The Company has previously advised that it is investigating new business development opportunities. It continues to review and investigate various potential projects across the African continent including advanced gold project opportunities.

CORPORATE

Details of the Company’s mining and exploration activities for the Quarter are set out above under each project heading. There were no further material developments and/or material changes in those activities.

The Company did not undertake or incur any expenditure on any substantive mining production and development activities during the Quarter.

Summary of Expenditure

Payments for exploration and evaluation mainly comprised drilling and work program costs at the Kada Gold Project in Guinea, as well as drill rig mobilization and drilling programs at the Kouri Gold Project.

Payments to related parties of the entity and their associates relates to Directors fees and salaries (including superannuation and taxation) paid to/for Directors and their associates during the quarter.

-ENDS-

GOLDEN RIM RESOURCES ASX:GMR 9

30 July 2021

Table 1. New Kada diamond and RC drill hole collar details as at quarter end.

Hole ID	Easting (m)	Northing (m)	RL (m)	Dip (o)	Azimuth (o)	EOH (m)	Status
KDH004	456570	1224200	386	-50	270	294.8	Assays received thisquarter
KDH005	456720	1224200	369.19	-50	270	348.1	Assays received thisquarter
KDH006	456620	1224120	372.35	-50	270	201.5	Assayspending
KDH007	456434	1224200	369.46	-50	270	152.5	Assayspending
KDH008	456520	1224120	372.35	-50	270	206.5	Assayspending
KDH009	456590	1224040	379.32	-50	270		Hole inprogress
KDH010	456430	1224280	365.42	-50	270	206.3	Assayspending
KDH011	456750	1223960	385.3	-50	270	160.2	Assayspending
KRC001	456510	1224600	367.88	-50	270	115	Assayspending
KRC002	456470	1224600	367.88	-50	270	161	Assayspending
KRC003	456390	1224600	367.315	-50	270	141	Assayspending
KRC004	456550	1224600	368.32	-50	270	89	Assayspending
KRC005	456350	1224280	365.42	-50	270	123	Assayspending
KRC006	456350	1224200	366.83	-50	270	152	Assayspending
KRC007	456430	1224120	372.33	-50	270	117	Assayspending
KRC008	456430	1224040	379.32	-50	270	138	Assayspending
KRC009	456510	1224040	379.32	-50	270		Hole inprogress

Notes:

• KDH prefix denotes diamond (DD) drilling at Kada

• KRC prefix denotes reverse circulation (RC) drilling at Kada

• Co-ordinate projection UTM, WGS 84 zone 29 North

Table 2. New Kouri diamond drill hole collar details

Hole ID	Easting (m)	Northing (m)	RL(m)	Dip (o)	Azimuth(o)	EOH(m)
DDH001	186,473	1,411,679	281	-55	345	281.65
DDH002	186,540	1,411,647	281	-60	345	150.48
DDH003	186,514	1,411,743	281	-62	345	170.11
DDH004	186,507	1,411,767	290	-60	345	250.2
DDH005	186,582	1,411,690	287	-60	345	90
BADH016	179,220	1,407,886	272	-55	150	77
BADH017	179,385	1,408,404	276	-55	150	152
BADH018	179,426	1,408,335	276	-55	150	101

Notes:

• All assays received during the quarter.

• DDH prefix denotes diamond (DD) drilling at Diabatou Prospect (East Lodes)

• BADH prefix denotes diamond (DD) drilling at Banouassi Prospect (Central Lodes)

• DDH002 is a 10m long diamond tail on the end of RC hole MRC046

• Co-ordinate projection UTM, WGS 84 zone 31 North

GOLDEN RIM RESOURCES ASX:GMR 10

30 July 2021

ABOUT GOLDEN RIM RESOURCES

Golden Rim Resources Limited is an ASX listed exploration company with a portfolio of advanced minerals projects in Guinea and Burkina Faso, West Africa and in Chile, South America.

The Company recently announced an agreement to acquire the Kada Gold Project in eastern Guinea. Guinea remains one of the most under-explored countries in West Africa. Kada was previously explored by Newmont who completed 34km of drilling and defined a non-JORC gold resource. With infill drilling Golden Rim believes a maiden JORC Mineral Resource can be defined at Kada in the nearterm.

The Company discovered and has outlined a 2Moz Mineral Resource at the Kouri Gold Project, located in north-east Burkina Faso. Kouri is currently Golden Rim’s flagship project and it covers 325km[2 ] of highly prospective Birimian greenstones. As exploration progresses, significant additional gold mineralisation, including a high-grade gold shoot, has been discovered and the gold inventory at Kouri is expected to grow.

In northern Chile, Golden Rim has the Paguanta Silver-Lead-Zinc-Copper Project. Historically a silver mine, the Company has outlined a Mineral Resource comprising 6.8Moz silver, 74Mlb lead and 265Mlb zinc at Paguanta. The Mineral Resource remains open. In addition, the project has several exceptional porphyry-copper targets that remain untested. With Golden Rim’s focus on gold in West Africa, the Company is seeking to divest the project.

Contact Information:

Golden Rim Resources Ltd

ABN 39 006 710 774

Craig Mackay Managing Director +61 3 8677 0829 craig@goldenrim.com.au

This announcement was authorised for release by the Managing Director of Golden Rim Resources Ltd.

ASX:GMR

Market Capitalisation: A$20million Shares on Issue: 1,791million T + 61 3 8677 0829 | E info@goldenrim.com.au | goldenrim.com.au

GOLDEN RIM RESOURCES ASX:GMR 11

30 July 2021

Appendix 1: Golden Rim Permit (Tenement) Schedule

Additional information in relation to the Company’s permits held at the end of the Quarter (on a consolidated basis).

Permit name	Project name	Golden Rim Holding (%)	Changes in the Quarter to permits and/or interest
Burkina Faso
Babonga	Babonga	100
Kouri	Kouri	100
Margou	Kouri	100
Gouéli	Kouri	100
Guinea
Kada	Kada	25%
Bamfele	Kada	100% legal ownership, held in trust for joint venture company.
Damissa Koura	Kada	0%	Acquisition subject to conditions precedent.
Kankan West	Kankan West	0%	Acquisition subject to conditions precedent.
Chile
José Miguel 1 1-30 Exploitation	Paguanta	74
José Miguel 2 1-30 Exploitation	Paguanta	74
José Miguel 3 1-20 Exploitation	Paguanta	74
José Miguel 4 1-30 Exploitation	Paguanta	74
José Miguel 5 1-30 Exploitation	Paguanta	74
José Miguel 6 1-30 Exploitation	Paguanta	74
José Miguel 7 1-30 Exploitation	Paguanta	74
José Miguel 8 1-10 Exploitation	Paguanta	74
Carlos Felipe 1 1-30 Exploitation	Paguanta	74
Carlos Felipe 2 1-30 Exploitation	Paguanta	74
Carlos Felipe 3 1-30 Exploitation	Paguanta	74
Carlos Felipe 4 1-30 Exploitation	Paguanta	74
Carlos Felipe 5 1-30 Exploitation	Paguanta	74
Carlos Felipe 6 1-30 Exploitation	Paguanta	74
Teki I 1 1-20 Exploitation	Paguanta	100
Teki I 2 1-40 Exploitation	Paguanta	100
Teki I 3 1-60 Exploitation	Paguanta	100
Teki I 4 1-60 Exploitation	Paguanta	100
Teki I 5 1-60 Exploitation	Paguanta	100
Teki I 6 1-60 Exploitation	Paguanta	100
Teki I 7 1-20 Exploitation	Paguanta	100

GOLDEN RIM RESOURCES ASX:GMR 12

30 July 2021

END NOTES

The information contained in this announcement related to the Company’s past exploration results is extracted from, or was set out in, the following ASX announcements which are referred to in this Quarterly Activities Report:

• The report released 1 April 2021, ‘GMR commences drilling on high grade Diabatou Gold Shoot’

• The report released 13 April 2021, ‘GMR commences diamond drilling at Kada Gold Project’

• The report released 19 April 2021, ‘Major 3.5km bedrock gold corridor confirmed at Kada’

• The report released 22 April 2021, ‘GMR to explore Major Porphyry Copper Target in Chile’

• The report released 20 May 2021, ‘Major bedrock gold corridor extends to 4.7km at Kada’

• The report released 26 May 2021, ‘GMR extends time for acquisition of additional gold permits’

• The report released 31 May 2021, ‘Maiden mineral resource drillout at Kada accelerated’

• The report released 8 June 2021, ‘Sampling grows Loreto porphyry copper target 100%’

• The report released 11 June 2021, ‘Depth of Diabatou high-grade gold shoot extended’

• The report released 29 June 2021, ‘Broad zones of oxide gold confirmed at Kada resource’

• The report released 5 July 2021, ‘Second High Grade Gold Shoot at Kouri’

GOLDEN RIM RESOURCES ASX:GMR 13

Rule 5.5

Appendix 5B

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

Name of entity

GOLDEN RIM RESOURCES LTD ABN Quarter ended (“current quarter”) 39 006 710 774 30 June 2021

Consolidated statement of cash flows	Current quarter $A’000	Year to date (12 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (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	- (2,139) - - (256) (85) - - - - - -	- (4,407) - - (665) (588) - - - - 50 -
	(2,480)	(5,610)
2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation (e) investments (f) other non-current assets	- - (42) - - -	- - (79) (118) - -

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	Current quarter $A’000	Year to date (12 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	- - - - - - - -	- - - - - - - -
	(42)	(197)
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	- - - (14) - - - - -	6,198 - - (402) - - - - -
	(14)	5,796
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)	4,166 (2,480) (42) (14)	1,628 (5,610) (197) 5,796

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	Current quarter $A’000	Year to date (12 months) $A’000
4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	13	26
	1,643	1,643
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)	1,613 - - 30	4,136 - - 30
	1,643	4,166
6. Payments to related parties of the entity and their associates		Current quarter $A'000
6.1 Aggregate amount of payments to related parties and their associates included in item 1 157 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.		157
		-

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. 7.1 7.2 7.3 7.4 7.5 7.6	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 Loan facilities - - Credit standby arrangements - - Other (please specify) - - Total financing facilities - - Unused financing facilities available at quarter end - 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
		-	-
		-	-
		-	-
		-	-

8.	Estimated cash available for future operating activities	$A’000
8.1 8.2 8.3 8.4 8.5 8.6 8.7 8.8	Net cash from / (used in) operating activities (item 1.9) (2,480) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - Total relevant outgoings (item 8.1 + item 8.2) (2,480) Cash and cash equivalents at quarter end (item 4.6) 1,643 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 1,643 Estimated quarters of funding available (item 8.6 divided by item 8.3) 0.66 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. 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?	(2,480) - (2,480) 1,643 -
		1,643
	Answer: Yes.
	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: The entity undertakes various fundraising activities from time to time to fund its operations. The entity has not taken any steps with respect to its fundraising activities at this stage.

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 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: Given the overall position and outlook of the entity, including its the ability to secure additional funding, via capital raisings, divestment of assets or other type of corporate transaction, the entity expects to be able to continue its operations and meet its business objectives.

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: 30 July 2021

Authorised by: Board of Directors

(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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