AVIRA RESOURCES LTD — Interim / Quarterly Report 2024

Oct 29, 2024

30 October 2024

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The Manager Market Announcements Office Level 40, Central Park, 152-158 St George's Terrace Perth WA 6000

ACN: 131 715 645 T: + 61 8 9463 2463

W: www.aviraresourcesltd.com.au

Directors David Wheeler, Non-Executive Chairman

David Deloub, Executive Director James Robinson, Non-Executive Director

Rhys Waldon, Company Secretary Issued Capital (ASX Code: AVW) 2,938,790,000 Ordinary Shares

968,710,000 Quoted options exercisable ( AVWOA ) at $0.008 on or before 31 December 2024 402,500,000 Unquoted options exercisable at $0.003 on or before 30 June 2027

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Puolalaki Project location, Sweden

AVIRA RESOURCES LIMITED – QUARTERLY ACTIVITIES REPORT (SEPTEMBER 2024)

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Avira Resources Limited ( ASX: AVW ) ( Avira or the Company ) is pleased to present the following Activities Report for the quarter ended 30[th] September 2024 ( Quarterly Report ).

OPERATIONAL ACTIVITIES

Puolalaki Project, Sweden

With the successful completion of Stage 2, Avira will review the next phase of the project, continuing to work closely with our partners to achieve our mutual goals. We are confident that this progression will bring substantial benefits to all stakeholders involved.

Whilst recent exploration activities by Avira have been predominantly focused on the base metal prospectivity of the project, Avira is currently reviewing the historic exploration results related to the gold potential of the project, largely driven by the high-grade gold that was intercepted at the bottom of PUO23005 in 2023 whilst targeting a deep EM conductor.

In addition to the base metals mineralisation at Puolalaki, the project also contains significant, high-grade gold (± Cu, W, Mo) mineralisation. The bulk of the historic exploration at Puolalaki was focused on the gold mineralisation that was first discovered by LKAB during the 1980’s whilst exploring for metallurgical olivine within the Puolalaki gabbro.

At least two zones of gold mineralisation have been delineated through diamond drilling (<50 drillholes) at Puolalaki where the gold is hosted in gneissic metasedimentary and metavolcanic rocks intruded by granodiorite to tonalite bodies; a sequence of host rocks not dissimilar to the Aitik deposit. Scheelite, chalcopyrite and molybdenite often accompany the gold-arsenic mineralisation and visible gold (0.8mm) has been observed. The gold mineralisation is currently open at depth and along strike

Avira Resources Limited Level 3, 88 William Street, Perth Western Australia 6000 T: 61 8 9463 2463 www.aviraresourcesltd.com.au

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Figure 1. Location of the Puolalaki Ni-Cu-Co project in Northern Sweden

Key terms of the Agreement

AVW to issue Exclusivity Shares (fully paid ordinary shares) to the value of $60,000 to the Owners upon the execution of the Agreement (Completed)

Staged Earn-In Agreement:

• Initial Earn-In: AVW to spend not less than $250,000 to earn a 20% interest in the project. (Completed)

• Stage 2 Interest: AVW to spend not less than $650,000 to earn an additional 31% interest in the project. (Completed)

• Stage 3 Interest: AVW to spend not less than $1.5 million to earn an additional 29% interest in the project. (Under Review)

Once AVW has satisfied the Stage 3 condition, AVW and the Owners will form an incorporated joint venture whereby AVW owns 80% interest in the project and the Owners 20%. Each party will contribute to their share of joint venture expenditure pro-rata in accordance with their respective joint venture interest or be diluted.

Subject to AVW having satisfied the Stage 3 condition, the Owner grants AVW an option to acquire an additional 10% joint venture interest from the Owner by paying the Owner a cash payment of $1.25 million.

Avira Resources Limited Level 3, 88 William Street, Perth Western Australia 6000 T: 61 8 9463 2463 www.aviraresourcesltd.com.au

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If the Owner’s joint venture interest falls below 10%, the Owner may either contribute to ongoing work in accordance with the joint venture, pro-rata to their joint venture interest, or elect to convert its 10% joint venture interest into a 1.5% net smelter return royalty (NSR) thereby bringing the joint venture to an end.

Meru copper-gold project, Kenya – EIA Ended

On 24 April 2024 Avira announced it had entered into an Earn-In Agreement ( EIA ) with Goitom Mining Limited ( Goitom ) to earn up to an 80% interest in the Meru Copper-Gold Project ( Meru ) located in central Kenya.

Following the execution of the EIA, the Company and its in-country representatives commenced commercial and technical due diligence on the project. Following due diligence operations, the Company has decided not to proceed with the proposed earn-in to the Meru copper project.

While disappointed with the outcome of the Meru project due diligence, this process has resulted in the Company’s representatives identifying further potential project opportunities within Kenya across gold and base metals. This evaluation process remains ongoing and the Company will keep shareholders updated with any developments in this regard.

Paterson Range, WA – Tenement Surrender

Following the end of the quarter Avira surrendered its two tenement packages Mount Macpherson E45/5572 and Throssel Range E45/5567 located within the Paterson Range province of Western Australia. With the Company’s focus and resources aimed squarely on the Puolalaki Project in Sweden and new opportunities these exploration assets were considered non-core with the surrender resulting in time and cost savings.

New Opportunities

During the quarter the Company undertook reviews of multiple new potential opportunities across gold, base metals and other commodities. Whilst none of these reviews has yet advanced to a position for the Company to progress, these reviews remain ongoing and the Company will keep shareholders abreast of any developments.

Avira Resources Limited Level 3, 88 William Street, Perth Western Australia 6000 T: 61 8 9463 2463 www.aviraresourcesltd.com.au

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Corporate Activities

During the quarter Sonu Cheema resigned from his position as Company Secretary with Rhys Waldon appointed.

Capital Expenditure

In accordance with ASX Listing Rule 5.3, the Company advises:

• It has spent $17,000 on exploration and evaluation activities during the quarter. This expenditure primarily related to the Puolalaki Project. There was no mining development or production activities conducted during the quarter.

• During the quarter, the Company made payments to related parties of $57,000 comprising remuneration paid to Directors.

Subsequent Events

The have been no material events subsequent to the end of the reporting period ended 30[th] September 2024.

ENDS

For, and on behalf of, the Board of the Company, and authorised for release.

David Deloub Executive Director Avira Resources Limited

Shareholders and other interested parties can speak to Mr. Rhys Waldon if they have any queries in relation to this announcement: +61 8 9463 2463.

Avira Resources Limited Level 3, 88 William Street, Perth Western Australia 6000 T: 61 8 9463 2463 www.aviraresourcesltd.com.au

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Tenement Table– 30 September 2024

LEASE	NAME	AREA	AREA UNITS	GRANT DATE	EXPIRY DATE	HOLDER	EA
NR100	Puolalaki (Sweden)	16	Kms2	21-Dec- 2018	21-Dec- 2027	Scott Geological AB	N/A

Subject to a Farm-in Agreement as announced on 10 Oct 22 - Refer Key Terms of HOA.

Tenements disposed of during the quarter

LEASE	NAME	AREA	AREA UNITS	GRANT DATE	EXPIRY DATE	HOLDER	EA
Paterson Range (WA)*
E45/5572	Mt Macpherson	41	Sub-Blocks	13-July- 2020	12-July- 2025	Mt Macpherson	E45/5572
E45/5567	Throssel Range	32	Sub-Blocks	19-Aug- 2020	18 Aug - 2025	Avira	E45/5567

Both tenements were surrendered in the September 2024 quarter.

About Avira Resources Limited

Avira Resources (AVW) is an ASX listed mining exploration company. The Puolalaki Project currently comprises a single exploration permit (Puolalaki nr 100) centred over a syn-orogenic gabbro intrusion that hosts the nickel mineralisation discovered by NAN in 1998[1] . In addition to the Ni-Cu-Co mineralisation at Puolalaki, the project also contains significant, high-grade gold mineralisation across two zones within the metasediments and metavolcanics surrounding the gabbro. The project is located in Sweden’s premier Gällivare mining district which is host to Europe’s largest open-cut copper mine Aitik, owned by Boliden and to LKAB’s Malmberget iron-ore mine.

Competent Persons Statement - Puolalaki

The information in this document that relates to exploration results is based on information compiled by Amanda Scott, a Competent Person who is a Fellow of the Australian Institute of Mining and Metallurgy (Membership No.990895). Amanda Scott is a full-time employee of Scott Geological AB. Amanda Scott has sufficient experience, which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Amanda Scott consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.

Competent Persons Statement - Meru

The information in this announcement that relates to Exploration Results is based on and fairly represents information and supporting documentation obtained by Mr Mark Gasson. Mr Gasson is a consultant geologist for Avira and a member of the AusIMM. Mr Gasson has sufficient experience relevant to the styles of mineralisation and types of deposits which are covered in this announcement and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (“JORC Code”). Mr Gasson consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

ASX Listing Rules Compliance

In preparing the Quarterly Report for the period ended 30 September 2024 and to date, the Company has relied on the following ASX announcements.

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ASX Announcement 19/07/2024 AVW EARNS 51% INTEREST IN THE PUOLALAKI NI-CU-CO-AU PROJECT
ASX Announcement 22/05/2024 Addendum - Quarterly Activities Report
ASX Announcement 29/04/2024 OVERSUBSCRIBED CAPITAL RAISE
ASX Announcement 24/04/2024 Meru Copper Gold EIA - 10.32% Cu and 4.68g/t Au
ASX Announcement 20/03/2024 ASSAY UPDATE FROM PUOLALAKI NI-CU-CO PROJECT
ASX Announcement 12/02/2024 RESULTS CONFIRM SIGNIFICANT ZONE OF NI-CU MINERALISATION
ASX Announcement 09/12/2024 PUOLALAKI PHASE 2 DIAMOND DRILLING UPDATE
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1 South Atlantic Resources Ltd (VSE:SCQ) Press Release dated April 22, 1998 “NAN Discovers Copper-Nickel-Cobalt Mineralization in Northern Sweden”. North Atlantic Natural Resources AB was a Swedish subsidiary of Vancouver Stock Exchange listed company South Atlantic Resources Ltd.

Avira Resources Limited

Level 3, 88 William Street, Perth Western Australia 6000 T: 61 8 9463 2463 www.aviraresourcesltd.com.au

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ASX Announcement 08/12/2023 DIAMOND DRILLING COMMENCES AT PUOLALAKI
ASX Announcement 24/11/2023 PHASE 2 DIAMOND DRILLING TO COMMENCE AT PUOLALAKI
ASX Announcement 03/10/2023 SKYTEM AIRBORNE EM SURVEY IDENTIFIES 14 ANOMALIES
ASX Announcement 29/08/2023 FINAL ASSAY RESULTS REVEAL GOLD & NICKEL MINERALISATION
ASX Announcement 26/07/2023 Quarterly Activities Report and Appendix 5B
ASX Announcement 03/07/2023 SKYTEM AIRBORNE EM SURVEY TO COMMENCE AT PUOLALAKI
ASX Announcement 22/05/2023 BROAD ZONE OF NI-CU-CO MINERALISATION CONFIRMED
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Compliance Statement

This report contains information extracted from reports cited herein. These are available to view on the website. In relying on the above ASX announcements and pursuant to ASX Listing Rule 5.23.2, the Company confirms that it is not aware of any new information or data that materially affects the information included in the abovementioned announcements or this Quarterly Report.

Avira Resources Limited Level 3, 88 William Street, Perth Western Australia 6000 T: 61 8 9463 2463 www.aviraresourcesltd.com.au

Rule 5.5

Appendix 5B

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

Name of entity Avira Resources Limited ABN Quarter ended (“current quarter”) 38 131 715 645 30 September 2024

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Consolidated statement of cash flows Current quarter Year to date
$A’000
(3 months)
$A’000
1. Cash flows from operating activities
1.1 Receipts from customers - -
1.2 Payments for
(a) exploration & evaluation (7) (7)
- -
(b) development
- -
(c) production
(d) staff costs (57) (57)
(e) administration and corporate costs (70) (70)
1.3 Dividends received (see note 3) - -
1.4 Interest received 2 2
1.5 Interest and other costs of finance paid - -
1.6 Income taxes paid - -
1.7 Government grants and tax incentives - -
1.8 Other (ATO/VAT Payments / Receivables) - -
1.9 Net cash from / (used in) operating (132) (132)
activities
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 (10) (10)
- -
(e) investments
(f) other non-current assets - -
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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

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Consolidated statement of cash flows Current quarter Year to date
$A’000
(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 (10) (10)
activities
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 (marketing costs) - -
3.10 Net cash from / (used in) financing - -
activities
4. Net increase / (decrease) in cash and
cash equivalents for the period
4.1 Cash and cash equivalents at beginning of 503 503
period
4.2 Net cash from / (used in) operating (132) (132)
activities (item 1.9 above)
4.3 Net cash from / (used in) investing activities (10) (10)
(item 2.6 above)
4.4 Net cash from / (used in) financing activities - -
(item 3.10 above)
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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

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Consolidated statement of cash flows Current quarter Year to date
$A’000
(3 months)
$A’000
4.5 Effect of movement in exchange rates on - -
cash held
4.6 Cash and cash equivalents at end of 361 361
period
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 361 503
5.2 Call deposits - -
5.3 Bank overdrafts - -
5.4 Other (High Interest Account) - -
5.5 Cash and cash equivalents at end of 361 503
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 57
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.
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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

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7. Financing facilities Total facility Amount drawn at
Note: the term “facility’ includes all forms of financing amount at quarter quarter end
arrangements available to the entity.
end $A’000
Add notes as necessary for an understanding of the
$A’000
sources of finance available to the entity.
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
8.1 Net cash from / (used in) operating activities (item 1.9) (132)
8.2 (Payments for exploration & evaluation classified as investing (10)
activities) (item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item 8.2) (142)
8.4 Cash and cash equivalents at quarter end (item 4.6) 361
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 361
8.7 Estimated quarters of funding available (item 8.6 divided by 2.54
item 8.3)
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
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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.

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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: .........................30 October 2024................................

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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