BARYS RESOURCES LIMITED — Interim / Quarterly Report 2021

Jan 28, 2021

ASX RELEASE | 29 January 2021

ACTIVITIES REPORT FOR THE

ABOUT KOPORE METALS

Kopore Metals Limited is a public company listed on the Australian Securities Exchange (ASX) and is actively exploring its copper-gold-silver prospects on the emerging world class Kalahari Copper Belt, located in the Republic of Botswana and in the Bryah Basin of Western Australia

DIRECTORS & MANAGEMENT

PETER MEAGHER Non-Executive Chairman

SIMON JACKSON Managing Director GRANT FERGUSON Non-Executive Director

REGISTERED OFFICE Suite 5, 62 Ord Street West Perth WA 6005

QUARTER ENDING 31 DECEMBER 2020

Kopore Metals Limited ( Kopore or Company ) is pleased to provide the following activities report for the quarter ended 31 December 2020 ( December Quarter ).

Exploration

The Company confirms no substantive exploration activities were undertaken in the December Quarter. Due to ongoing COVID-19 protocols implemented by the Government of Botswana aimed at avoiding and containing the spread of COVID19, the Company maintained a halt on all exploration activities during the quarter.

Botswana’s COVID-19 related state of emergency, introduced in early April 2020, has been extended until March 2021. During this time, Kopore has continued to focus on planning forward work programs on its 3,588km[2] of exploration ground in the Kalahari Copper Belt and renewing licenses with mandated relinquishment, as required by law.

In January 2021, reprocessing of historical Airborne electromagnetic ( EM ) data commenced. In early 2018, Kopore flew an airborne EM survey at the Korong Domal prospect (ASX announcement: 27 February 2018). This data is now being reprocessed by Newexco Exploration geophysicists using the Geo Science Australia Layer Earth Inversion (GALEI) algorithms. These will provide improved noise handling, giving more accurate 3d inversions of any bedrock conductors at depth. This information will then be utilized in targeting future exploration work. Korong sits on the south western extension of a major regional structure that hosts both of the copper mines now in development on the Kalahari Copper Belt.

Horseshoe West

As announced on 28 January 2021, the Company has entered into an earn-in and joint venture agreement with Murchison Copper Mines Pty Ltd over the Horseshoe West exploration Project ( HW ). HW is immediately west of the historical Horseshoe Lights mine. The Company must spend $250,000 in the first year and is planning initial work to commence in the March 2021 quarter.

Corporate

During the period, the Company held its 2020 Annual General Meeting, where all resolutions passed on a poll.

In accordance with ASX Listing Rule 5.3.5, payments to related parties or their associates during the quarter comprised Managing Director salary, Non-executive Director fees and superannuation.

29 January 2021

AUTHORISED BY: BOARD OF KOPORE METALS LIMITED

FOR FURTHER INFORMATION PLEASE CONTACT:

SIMON JACKSON

Managing Director

Kopore Metals Limited Tel. +61 8 9322 1587 info@koporemetals.com www.koporemetals.com

ABOUT KOPORE

Kopore Metals Limited (ASX:KMT) is a public company listed on the Australian Securities Exchange (ASX) and is actively exploring its gold-copper-silver prospects on the emerging world class Kalahari Copper Belt, located in the Republic of Botswana and also at the highly prospective Horseshoe West Project in the Bryah Basin of Western Australia

Kopore continues to explore for stratabound copper-silver deposits across its eight 100% owned prospecting licenses in Botswana with a total area of 3,588km[2] of the world class Kalahari Copper Belt. Kopore believes the Kalahari Copper Belt can provide the potential for large scale discovery, as demonstrated by neighbouring resource development companies.

The Directors and management of Kopore have strong complementary experience with over 60 years’ of Australian and International technical and executive experience in exploration, resource development, mining, legal and resource fields.

Botswana is a stable, pro-mining jurisdiction, supportive of mineral exploration and development. According to the 2019 Fraser Institute Annual Mining Survey[1] , Botswana was ranked 3rd for “investment attractiveness” in Africa, in addition to being ranked 45th globally.

1 Fraser Institute Annual, Survey of Mining Companies 2019 https://www.fraserinstitute.org/sites/default/files/annual-survey-of-mining-companies-2019.pdf

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29 January 2021

Prospecting Licence1	Holder	Date Granted	Expiry Date	Project Area **(km2) **	Annual Rent (A$)
PL203/2016	Icon-TradingCompany (Proprietary)	1/10/2019	30/09/2021	928.6	569
PL204/2016	Icon-TradingCompany (Proprietary)	1/10/2019	30/09/2021	925.6	567
PL205/2016	Icon-TradingCompany (Proprietary)	1/10/2019	30/09/2021	862.5	533.5
PL127/2017	Ashmead Holdings(Pty)Ltd	1/07/2020	30/06/2022	358.89	219.9
PL128/2017	Ashmead Holdings(Pty)Ltd	1/07/2020	30/06/2022	233.4	142.3
PL129/2017	Ashmead Holdings(Pty)Ltd	1/07/2020	30/06/2022	67	122.5
PL135/2017	Alvis Crest(Proprietary)Limited	1/10/2020	30/09/20222	141.9	122.5
PL162/2017	Alvis Crest(Proprietary)Limited	1/10/2020	30/09/2022	70	122.5
Total				3,588	2,3993

Table 1 - Kopore Metals Limited Prospecting Portfolio Botswana

1. Ghanzi West prospecting licenses renewals approved. Awaiting final approved Virgo prospecting licenses renewal. Virgo license areas are those submitted to the DoM and could be subject to change.

2. PL135_2017 and PL162_2017 Expiry Dates to be advised and subject to change.

3. Annual rent estimated from current estimated license area and upon renewal of Virgo licenses subject to change.

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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Rule 5.5

Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Name of entity

KOPORE METALS LIMITED

ABN 73 149 230 811	Quarter ended (Current quarter)	Quarter ended (Current quarter)	Quarter ended (Current quarter)
	31 December 2020
Consolidated statement of cash flows 1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for: (a) exploration and 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) : GST (paid)/refund 1.9 Net cash from/ (used in) operating activities		Current quarter $A'000	Year to date (6 Months) $A'000
		- - (49) - - (71) (139) - 2 (1) - - 21	- - (97) - - (175) (289) - 4 (1) - - 64
		(237)	(494)
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 2.2 Proceeds from 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		- - - - - - - - - - - - - -	- - - - - - - - - - - - - -
		-	-

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	Current quarter $A'000	Year to date (6 Months) $A'000
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	- - - - - - - - -	- - - - - - - - -
	-	-
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) 4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end ofperiod	1,412 (237) - - (1)	1,673 (494) - - (5)
	1,174	1,174
5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts 5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end ofquarter (should equal item 4.6 above)	Current quarter $A'000	Previous quarter $A'000
	418 756 - -	657 755 - -
	1,174	1,412
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
		Current quarter $A'000
		71
		-

Note: if any amounts are shown in items 6.1 and 6.2 your quarterly activity report must include a description of, and an explanation for, such payments

Director salaries, director fees, consulting fees and superannuation.

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 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. 7.1 Loan facilities 7.2 Credit standby arrangements 7.3 Other (please specify) 7.4 Total financing facilities	Total facility amount at quarter end $A'000	Amount drawn at quarter end $A'000
	- - -	- - -
	-	-
7.5 Unused financing facilities available at quarter end
		-

• 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.

8. Estimated cash available for future operating activities 8.1 Net cash from / (used in) operating activities(Item 1.9) 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)	$A’000
	(237) -
	(237)
	1,174 -
	1,174
	5.0

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:

• 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

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?

Answer:

N/A

1. 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

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: Friday, 29 January 2021

Authorised by: The Board of Kopore Metals Limited.

(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 – e.g. 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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