CARNABY RESOURCES LIMITED — Interim / Quarterly Report 2017

Jul 30, 2017

ASX Announcement 31 July 2017

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Quarterly Activities Report For the Quarter to 30 June 2017

The Board of Berkut Minerals Limited (“ Berkut” or the “ Company” ) provides the following commentary and Appendix 5B for the period ending 30 June 2017.

Overview

Fast Facts

Shares on Issue: 47.3M Market Cap: ~$7.8M Cash (current): ~$4.2

• Acquisition of Kobald Mineral Holdings Pty Ltd completed

• Lainejaur Nickel-Cobalt Project exploration licence approved

• Licence area of 41.2km[2]

• Historical resource of 645Kt @ 1.3% Ni, 0.66% Cu and 0.09% Co[1]

• Field work underway at Skuterud Project in Norway in preparation for maiden drilling later in the year

• Total licence area of 19km[2]

• Gladhammar and Tunaberg licence areas (approved and pending) in Sweden significantly expanded to 55.7km[2]

• Includes exploration licence applications at Gladhammar of 30.7km[2]

Financial Status

Cash at bank as at 30 June 2017: $4.2 m.

Plans for September Quarter 2017

Skuterud

• The Skuterud Project will be the main focus for the company in the September Quarter. Field work including mapping and rock chip sampling will continue to identify potential drill sites targeting drilling in Q4 this year.

• State-owned, two hundred metre-spaced, airborne geophysical data from 2011 has been obtained over the project region and is being interpreted. This will be augmented with field trials of ground-based gravity and magnetic surveys.

Board and Management

Neil Inwood, Managing Director Justin Tremain, Non-Exec Chairman Paul Payne, Non-Exec Director

Ben Cairns, General Manager Aaron Bertolatti, Company Secretary

Company Highlights

• 100% ownership of European cobalt projects in Norway and Sweden

• Historic mined cobalt grades up to 2%

• Swedish ground position of approx. 100km[2] and Norwegian ground position of 19km[2] , both covering historic cobalt and nickel mine workings and base metals

• Strategically located within proximity to operating cobalt refineries and European markets

• Tight capital structure | Only 31.1M non-escrowed shares

• Well funded | Strong cash position

• Community engagement at a local and Commune level will continue.

Lainejaur

• A large data set of drilling and geophysical information was inherited with the granting of the Lainejaur Nickle-Cobalt project. Efforts will continue in the quarter to incorporate and re-interpret this data.

• Core from the historical drilling is available in the core archives in Mala, re-logging of selected intervals is proposed.

Gladhammar and Tunaberg

• Historical drilling, geochemical and mapping data has been acquired and is being assessed. Additional mapping activities may also be undertaken.

Registered Office

78 Churchill Avenue Subiaco Western Australia 6008 T: +61 8 9320 2320 F: +61 8 9321 3909 www.berkutminerals.com.au

Kobald Mineral Holdings Pty Ltd Acquisition

During the quarter shareholders approved the acquisition of Kobald Mineral Holdings Pty Ltd (“Kobald”). The acquisition was settled in May 2017 and granted Berkut the rights to 100% of the following three cobalt prospective projects in Norway and Sweden (Figure 1).

• Skuterud Project in Norway

• Gladhammar and Tunaberg Projects in Sweden.

Post the Kobald transaction, Berkut identified prospective ground and was granted additional exploration licenses at Gladhammar, Tunaberg and Skuterud that expanded and consolidated tenement holdings along strike and around the historic cobalt, copper and gold workings. Additionally, in July the Lainejaur licence was granted. Berkut’s ground holdings now sit at 96.6km[2] in Sweden and 19km[2] in Norway.

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Figure 1 | Scandinavian Project Locations

Skuterud Cobalt Project

The Skuterud Cobalt Project (Figure 2) currently consists of seven granted licences and one application (Skuterud 3a is an extension of the original Skuterud 3 licence) in southern Norway, within 100km of the Oslo port. The area contains one of the most famous, historic cobalt mines in the world, which lends its name to one of the cobalt ore mineral, Skutterudite. The area was mined throughout the 18th and 19th Centuries, during which time it supplied much of the world’s cobalt and employed thousands of people. An application (Skuterud 3a - totalling 6.8 hectares) was recently made to close a small gap between the Berkut Skuterud exploration licences and the nearby Skuterud Tourist Mine licence (which belongs to another company).

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The Skuterud cobalt occurrences are related to meta-sedimentary, sulphide-rich schist zones, so-called ‘fahlbands’. The most extensive sulphide-rich zone has a length of 12km along strike, and is up to 100-200m wide. The cobalt mineralisation is, to a large degree, characterised by impregnation of cobaltite, glaucodote, safflorite and Skutterudite, which partly occur as enrichments in quartz-rich zones and lenses.

Historical workings from the Middagshville Cobalt Mine with an approximate north-south strike extent of 300m were identified within the Skuterud 3 licence, with an eastern and western zone indicated. An 80m long adit accesses these workings from the east. The historical Middagshville Cobalt Mine workings (Figure 2) have an approximate north-south strike of 300m and form part of the broader Saafstad Mine Camp that occur within the southernmost Berkut tenement and approximately 600m north of the historic Skuterud Mine. The trend of these workings remains open and are untested by modern exploration methods.

Table 1 summarises the results of the in-field hand-held XRF analysis of two spoil samples taken near the Middagshville Cobalt Mine in rock spoil. The samples were taken to highlight potential mineralisation styles near the historical workings as safe access to the workings themselves was not possible on the day. Multiple readings were taken over the face of the samples to minimise sampling bias. Chalcopyrite was observed alongside interpreted fine grained disseminated cobaltite which is analogous to mineralisation at the nearby historic Skuterud Cobalt Mine.

Table 1 | Skuterud Hand Samples - Hand-held XRF Readings

|Skuterud Hand Samples| Hand-held XRF Readings |Skuterud Hand Samples| Hand-held XRF Readings |Skuterud Hand Samples| Hand-held XRF Readings |Skuterud Hand Samples| Hand-held XRF Readings |Skuterud Hand Samples| Hand-held XRF Readings |Skuterud Hand Samples| Hand-held XRF Readings |Skuterud Hand Samples| Hand-held XRF Readings |Skuterud Hand Samples| Hand-held XRF Readings |
|---|---|---|---|---|---|---|---|
|Element|Reading
1|Reading
2|Reading
3|Reading
4|Average
(%)|Easting
(UTM Z32)|Northing
(UTM Z32)|
|Sample SKD002 - Amphibolite sample taken from spoilpile at base of historical workings||||||||
|Co|1.05|0.08|0.39|0.77|0.57|548,310|6,650,442|
|Cu|0.37|0.06|0.10|0.01|0.14|||
|Sample SKD003 -Quartzite sample taken from spoilpile at base of historical workings||||||||
|Co|0.97|0.03|1.02|0.07|0.52|548,310|6,650,442|
|Cu|1.05|0.01|0.17|0.01|0.31|||

(refer to announcement Skuterud Samples Return High Grade Cobalt dated 15 June 2017).

Detailed geological mapping and sampling of the workings and nearby outcrop is planned over the next couple of months whilst Berkut progresses drill permit applications and community engagement. Drilling is being scheduled for the 4th Quarter of 2017, pending approvals. Analysis of geophysical data is ongoing, and further geophysical surveys may also be undertaken prior to drilling to further define targets.

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Figure 2 | (Top) Skuterud Tenements: Showing local geology (left) and the workings around the historical Middagshville Cobalt Mine (right). (note: the historic Skuterud Mine is not on Berkut’s licences). (Bottom) Workings at the Middagshville Cobalt Mine Area

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About Lainejaur

The Lainejaur Project (Figure 3 and Figure 4) is centred on an historical Ni-Co-Cu mine which was discovered in 1941 and was bought into production to supply nickel for Sweden during the Second World War. When it closed in 1945 the mine had two shafts extending to 213m below surface and had produced 100,526t of ore @ 2.21% Ni, 0.1% Co and 0.93% Cu (Grip, 1961). The Lainejaur ground was largely unexplored from 1945 to 2002 when a subsidiary of Lundin Mining Corporation secured the property before optioning it to Blackstone Minerals AB (‘Blackstone’). Blackstone drilled 39 drill holes for approximately 13,200m in 2007 and 2008 culminating in the definition of a NI43-101 compliant resource in 2009 (refer Table 1).

The Lainejaur mineralisation (refer Figures 3 and 4) is hosted at the base of a lopolithic gabbro-diorite intrusion overlain by mafic intrusive with minor intercalated metasedimentary units and underlain by meta-basalts. Sulphides consist of pyrrhotite, pentlandite, gersdorffite and chalcopyrite

The previous resource drilling was undertaken to the limit of the Blackstone tenure at the time (only 0.3km[2] ) and remains open down dip. Berkut has secured 100% ownership of 42km[2] of ground around the project area (Lainejaur nr20). The host unit is interpreted to continue for an approximate 1.5km down dip. A number of geophysical targets have been identified based upon historical work that warrant further attention and which appear to have been restricted due to the very limited Blackstone tenure at the time. Berkut’s immediate focus is to conduct down-hole geophysical surveys in the northern most drill line, where massive sulphides were intersected in drill hole LAI-08-34 (Figure 4).

Table 2 | Historical Lainejaur NI43-101 Resource, May 20091,2

Category	Tonnes	Ni(%)	Co(%)	Cu(%)
Inferred	645,000	1.33	0.09	0.66
Reported above a gross metal value of US$100/t; with a nominal metal price of US$8/lb for nickel, US$2/lb for copper and US$8/lb for cobalt

1JORC Cautionary Statement: The estimates are historical or foreign estimates and are not reported in accordance with the JORC Code; a Competent Person has not done sufficient work to classify the historical estimates as Mineral Resources or Ore Reserves in accordance with the JORC code; and it is uncertain that following evaluation and/or exploration work that the historical estimates will be reported as Mineral resources or Ore Reserves in accordance with the JORC Code. The Company confirms that the supporting information provided in the initial market announcement continues to apply and has not materially changed.

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Figure 3 | Lainejaur Project Region: Showing Berkut license area and historical Blackstone licence

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Figure 4 | Cross section through Lainejaur

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Berkut undertook a site visit in June 2017 which included inspecting drill core from the Lainejaur deposit, collection of handsamples, identification of previous drill collars and inspection of historical workings.

Results from historical drilling data include:

• 7.65m @ 2.1% Ni, 0.1% Co and 1.01% Cu from 168m in LAI-07-010;

• 5.18m @ 2.64% Ni, 0.10% Co and 1.06% Cu from 215.9m in LAI-07-14A;

• 9.88m @ 2.28% Ni, 0.17 % Co and 0.61% Cu from 277.35m in LAI-07-015; and

• 0.75m @ 5.06% Ni, 1.03% Co and 0.43% Cu from 229.5m in LAI-08-033.

(refer to announcement Berkut Secures Historical 1.3M lb Cobalt Resource in Sweden dated 26 July 2017).

About Gladhammar and Tunaberg

The Gladhammar and Tunaberg Projects are centred around historic mines. Iron ore mines opened at Gladhammar in the 16[th] century, with copper ore being mined from the 17[th] century and cobalt from the 18[th] century, continuing intermittently until 1892. At Tunaberg, cobalt and copper mining have been undertaken intermittently from the 15[th] to 18[th] centuries. The Company focus in both of these areas is on the strike extensions or repeats to the historically defined mineralised zones.

Gladhammar

Berkut undertook a reconnaissance field visit to Gladhammar (Figure 5) which included a review of historic data held by the Swedish Geological Survey at their Malä archives. This review revealed that drilling undertaken by a previous explorer also included a number of diamond drill holes in the current Berkut licence, Gladhammar nr 201. Seven diamond drill holes were completed within the Gladhammar nr 201 licence, principally targeting gold mineralisation. Two of these holes encountered potential extensions to historic cobalt mineralisation and returned up to 0.21% cobalt (GLA0509, 1m from 86m) and up to 7.8% copper at (GLA005, 1.95m from 103.12m).

Based upon Berkut’s recent field review, the diamond holes near historic workings were not optimally sited and whilst they were weakly anomalous in cobalt and copper it appears that narrow high-grade gold mineralisation appears to have been the target. Several of these zones were inspected in the Swedish Geological Survey (SGU) core library in Malä and a hand held XRF device was used to validate the tenor of the reported analytical results.

Airborne geophysical data recently acquired and re-processed by Berkut (200m line spacing 30m sensor height) highlights a strong magnetic feature associated with the historic mineralisation which strikes WNW-ESE through the Gladhammar Project area. Reconnaissance mapping undertaken by Berkut confirms a strong association with magnetite bearing quartzite and high-grade cobalt mineralisation.

Tunaberg

Field investigations identified historic diamond drilling within the Tunaberg Project area (Figure 6). This drilling was undertaken by Boliden and BHP in 1948 and 1996 respectively, targeting base metals (lead, zinc and silver) and drill samples were not assayed for cobalt. Berkut is in the process of identifying the core from some of these historical holes located in the SGU core archives in Malä for possible assaying for cobalt.

Numerous workings were located within the Tunaberg Project area clustered on an interpreted synformal fold hinge in which skarn style mineralisation was noted. Field reconnaissance has indicated the project area is amenable to outcrop mapping and surface geochemistry, having only limited occurrences of glacial till, and this will form the first stage of exploration at the project. Work programs going forward will focus initially on regional targeting using the historical drilling results, surface geochemistry and ground geophysics during the summer and autumn, with drill targets to be generated for the winter drilling season.

(refer to announcement Swedish Project Area Expanded - High Grade Cobalt dated 7 July 2017).

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Figure 5 | Gladhammar local geology and interpreted magnetic trends. Red stars indicate known cobalt occurrences.

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Figure 6 | Tunaberg Project

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Cairn Hill Gold Project

A short reverse circulation drilling program was completed in February 2017 at the Cairn Hill Gold Project[2] . The program was designed to test the potential of the shallow high-grade gold reported from the November 2016 diamond drilling campaign. Six holes were completed for 263m and the structure which was identified as the host to gold mineralisation in the diamond drill holes was visually identified in four of these although no significant assay results were reported. Several drill targets remain untested at Cairn Hill and the project will be subject to ongoing review.

Mt Clement / Capricorn Projects

The 100% owned Mt Clement and Capricorn Projects remain as tenement applications and are moving through the grant process and has not undertaken any field during the quarter. Berkut is at an advanced stage of discussions with native title parties with regard to access agreements for Mt Clement and to plans to undertake preliminary geological mapping and hammer prospecting at Mt Clement in the second half of 2017 with a reconnaissance field trip planned to the Capricorn Project once weather conditions permit in the autumn. Based upon a geological prospectivity review the application for E08/2844 was surrendered in early July.

Corporate

• Mr Michael Bohm resigned as Non-Executive Chairman effective 30 June 2017. The change was necessitated by new and increased business commitments in other parts of Mr Bohm’s portfolio. Mr Justin Tremain assumed the role from 1 July 2017.

• Following the recent appointment of Mr Neil Inwood as Managing Director, Mr Ben Cairns moved from the role of CEO to General Manager Geology.

• Mr Aaron Bertolatti was appointed to the position of Company Secretary, effective 23 May 2017, following the resignation of Ms Melanie Li.

• Following shareholder approval, 2.75 million initial consideration shares were issued on 29 May 2017 to the shareholders of Kobald. In addition, 8,250,000 deferred consideration shares were also approved by shareholders during the period based on certain milestones being achieved. To date, no deferred consideration shares have been issued (for further information refer to the announcement dated 3 July 2017 - ASX Waiver Decision - Listing Rule 14.7).

• Tranche 2 of the equity placement announced on 9 February 2017 was finalised on 31 May 2017. The Company received funds totalling $1.02 million following the issue of 5.1 million shares.

• At 30 June 2017, Berkut held approximately $4.2m in cash. Refer to the following Appendix 5B for principal movements in cash for the quarter.

Competent Persons Statement

‐ The information in this document that relates to exploration results is based upon information compiled by Mr Ben Cairns, a full time employee and shareholder of Berkut Minerals Limited. Mr Cairns is a Member of the Australian Institute of Geoscientists (AIG) and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). Mr Cairns consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears.

Notes

2 For full details of exploration results refer to ASX announcements on 18 May, 15 June , 7 July 2017 and 26 July 2017. Berkut Minerals is not aware of any new information or data that materially affects this information. Other than as specified in this announcement and the mentioned announcements, the Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of estimates of Mineral Resources, Exploration Target or Ore Reserves that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements

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Appendix 1 | Berkut Minerals Limited Tenements

Tenement	Location	Structure
Kobald Mineral Holdings
Tunaberg nr 201	Sweden	100%
Gladhammar nr 201	Sweden	100%
Skuterud 1, 2, 3,4	Norway	100%
Berkut Minerals Pty Ltd
Skuterud 3a, 5, 6, 7, 8	Norway	100%
Lainejaur nr 20	Sweden	100%
Cairn Hill Gold Project
E08/2248	Western Australia	0%, earning a 70% interest from Coccinella Pty Ltd
Mount Clement Gold Project
E08/2848	Western Australia	Application
E08/2844	Western Australia	Application withdrawn July 3 2017
Capricorn Lithium Project
69/3435	Western Australia	Application

Mining Tenements disposed: E08/2844 (application) withdrawn

Beneficial percentage interests held in farm-in or farm-out agreements: Nil

Beneficial percentage interests in farm-in or farm-out agreements acquired or disposed: Nil

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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

100+Rule 5.5

Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16

Name of entity

BERKUT MINERALS LIMITED

ABN 62 610 855 064	Quarter ended (“current quarter”)
62 610 855 064	30 June 2017

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 Research and development refunds 1.8 Other – Bond Payments 1.9 Net cash from / (used in) operating activities	- (169) - - (98) (54) - 14 - - - -	- (520) - - (202) (344) - 38 - - - (23)
	(307)	(1,051)
2. Cash flows from investing activities 2.1 Payments to acquire: (a) property, plant and equipment (b) tenements (see item 10) (c) investments (d) other non-current assets	- - - -	(13) - - -

• See chapter 19 for defined terms

1 September 2016

Page 1

Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly 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) property, plant and equipment (b) tenements (see item 10) (c) investments (d) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other – joint venture payments – option payments 2.6 Net cash from / (used in) investing activities	- - - - - - - (45)	- - - - - - (100) (165)
	(45)	(278)
3. Cash flows from financing activities 3.1 Proceeds from issues of shares 3.2 Proceeds from issue of convertible notes 3.3 Proceeds from exercise of share options 3.4 Transaction costs related to issues of shares, convertible notes or options 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	1,020 - - (23) - - - - -	5,525 - - (349) - - - - -
	997	5,176
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)	3,547 (307) (45) 997	345 (1,051) (278) 5,176

• See chapter 19 for defined terms 1 September 2016

Page 2

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly 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	-	-
	4,192	4,192
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)	1,692 2,500 - -	2,047 1,500 - -
	4,192	3,547
6. Payments to directors of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to these parties included in item 1.2 55 6.2 Aggregate amount of cash flow from loans to these parties included in item 2.3 - 6.3 Include below any explanation necessary to understand the transactions included in items 6.1 and 6.2
		Current quarter $A'000
		55
		-

Payment of Directors Fees and Remuneration - $55k

7.	Payments to related entities of the entity and their	Current quarter
	associates	$A'000
7.1	Aggregate amount of payments to these parties included in item 1.2		-
7.2	Aggregate amount of cash flow from loans to these parties included		-
	in item 2.3
7.3	Include below any explanation necessary to understand the transactions included in
	items 7.1 and 7.2

N/A

• See chapter 19 for defined terms 1 September 2016

Page 3

Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

	8. Financing facilities available Add notes as necessary for an understanding of the position Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 8.1 Loan facilities - - 8.2 Credit standby arrangements - - 8.3 Other (please specify) - - 8.4 Include below a description of each facility above, including the lender, interest rate and whether it is secured or unsecured. If any additional facilities have been entered into or are proposed to be entered into after quarter end, include details of those facilities as well.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
		-	-
		-	-
		-	-
N/A

N/A

9. Estimated cash outflows for next quarter	$A’000
9.1 Exploration and evaluation 9.2 Development 9.3 Production 9.4 Staff costs 9.5 Administration and corporate costs 9.6 Other (provide details if material) 9.7 Total estimated cash outflows	150 - - 124 196 -
	470

10. Changes in tenements (items 2.1(b) and 2.2(b) above)	Tenement reference and location	Nature of interest	Interest at beginning of quarter	Interest at end of quarter %
10.1 Interests in mining tenements and petroleum tenements lapsed, relinquished or reduced
10.2 Interests in mining tenements and petroleum tenements acquired or increased	Tunaberg nr 201 (Sweden) Tunaberg nr 202 Lainejaur nr 20 Gladhammar nr 201 (Sweden) Gladhammar nr 202, Gladhammar nr 203 Gladhammar nr 204 Gladhammar nr 205 Skuterud 1, 2, 3 &4 (Norway) Skuterud 5,6,7,8 Skuterud 3a	approved approved approved approved approved application application application approved approved application	- - - - - - - - - - - -	100 100 100 - - 100 100 - - - 100 100

• See chapter 19 for defined terms 1 September 2016

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Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly 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.

Sign here: Date: 31 July 2017 (Company secretary)

Print name: Aaron Bertolatti

Notes

1. The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity that wishes to disclose additional information is encouraged to do so, in a note or notes included in or attached to this report.

2. If this quarterly 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 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. See chapter 19 for defined terms 1 September 2016

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