CARNABY RESOURCES LIMITED — Interim / Quarterly Report 2022

Oct 27, 2021

ASX Announcement

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28 October 2021

September 2021 Quarterly Report

Fast Facts

Shares on Issue 117.9M

The Board of Carnaby Resources Limited (Carnaby or the Company) is pleased to provide the following quarterly update and Appendix 5B.

September 2021 Quarterly Highlights:

Market Cap (@ 29.5 cents) $34.8M Cash $5.6M[1 ]

1As of 30 September 2021

STRELLEY GOLD PROJECT – Mallina Basin, Pilbara, WESTERN AUSTRALIA

Board and Management

• Significant high-grade intrusion and shear hosted gold mineralisation intersected along a >4km long Strelley Gold Corridor (see ASX release 27 October 2021) , results include:

• PLRC0051 5m @ 4.83 g/t gold from 110m

• PLRC0035 10m @ 1.62 g/t gold from 115m

Peter Bowler, Non-Exec Chairman

Rob Watkins, Managing Director

Greg Barrett, Non-Exec Director & Company Secretary

Paul Payne, Non-Exec Director

• PLRC0043 2m @ 5.21 g/t gold from 85m including 1m @ 9.75 g/t gold from 85m

• Results Pending from 8 RC holes and next phase of a >5,000m RC follow up drilling program to commence in November 2021

GREATER DUCHESS COPPER GOLD PROJECT – MOUNT ISA, QUEENSLAND

• Nil Desperandum Prospect

• Broad zones of copper-gold mineralisation continue to be intersected (see ASX releases 13 & 16 August 2021), including:

  • NLRC027 60m @ 1.0% copper from 139m including 23m @ 1.7% copper, 0.4g/t gold from 152m

  • o NLRC029 61m @ 0.6% copper from 47m

▪ Lady Fanny and Burke and Wills Prospects

• Government approval received to add the historically relinquished Lady Fanny mining lease areas to Carnaby’s EPM14366 (see ASX release 25 October 2021).

Company Highlights

  - Proven and highly credentialed management team

  - Tight capital structure and strong cash position

  - Projects near to De Grey’s Hemi gold discovery on 442 km[2] of highly prospective tenure

  - Greater Duchess Copper Gold Project, numerous camp scale IOCG deposits over 323 km[2] of tenure

  - 100% ownership of the Tick Hill Gold Project (granted ML’s) in Qld, historically one of Australia highest grade and most profitable gold mines

  - Past production of 511 koz at 22 g/t gold

  - Indicated and Inferred Mineral Resource of 206,000 t @ 6.72 g/t gold for 44,500 ounces

  - Proven and Probable Ore Reserves of 48,600 t @ 6.53 g/t gold for 10,200 ounces

• 600m strike of high-grade copper-gold mineralisation. Channel sampling and drill results of (see ASX release 25 October 2021):

• Channel - 5m @ 2.7% copper incl 0.4m @ 14.7% copper

• Channel - 1.2m @ 9.0% copper, 0.9g/t gold

• Channel - 2m @ 11.4% Copper, incl 0.9m @ 21.3% Copper

• Channel - 0.8m @ 12.8% copper, 11.1g/t gold

• BWRC001 - 4m @ 2.3% copper from 36 m including 1m @ 7.2% copper, 0.7 g/t gold

Registered Office

78 Churchill Avenue Subiaco Western Australia 6008

T: +61 8 9320 2320

www.carnabyresources.com.au

Cash as at 30 September 2021 of $5.6M

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PILBARA GOLD PROJECTS – Mallina Basin, WESTERN AUSTRALIA

Carnaby’s landholding in the Mallina Basin covers 442 km[2] (Figure 1). During the quarter drilling activities were focussed primarily on the 100% owned Strelley Project.

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Figure 1. Carnaby Mallina Basin tenements showing location of the Strelley project and regional tenements covering 442 km[2] .

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Figure 2. Strelley project location map showing location of gold mineralised corridors, intrusion style magnetic targets, recently identified intrusions and Big Hill gold soil anomaly.

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STRELLEY PROJECT (CARNABY 100%)

RC drilling during the quarter intersected significant new gold results from the Bastion, Alcazar and Stockade Prospects as discussed below. Results from a further 8 RC holes are pending.

An extensive follow up RC drilling program will commence in November where a minimum 5,000m program is planned to systematically drill out the newly discovered gold zones at the Bastion, Stockade and Alcazar Prospects along the >4km long Strelley Gold Corridor (Figure 3).

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Figure 3. Plan of the 4km long Strelley Gold Corridor showing location of new RC drill results from the Alcazar, Stockade and Bastion Prospects.

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Bastion Prospect

Drilling at the Bastion Prospect has intersected the Bastion intrusion and associated gold mineralisation over a 1.4 km of strike which remains completely open to the north (Figure 3) (See ASX release 15 October 2021).

Results from 5 RC drill holes have been received while results from 4 RC holes remain pending.

The Bastion intrusion hosted gold mineralisation is completely open and undrilled for at least 1 km north of PLRC0043 which intersected 2m @ 5.21 g/t gold from 85m including 1m @ 9.75 g/t gold from 85m and 4m @ 0.5 g/t gold from 130m (Figure 4).

A significant RC drilling program is being planned to test the eastern contact of the Bastion intrusion and the direct extension north of PLRC0043 as well as test the large undrilled coincident gold-arsenic soil anomalies recently generated north-east of Bastion (See ASX release 15 October 2021).

Detailed soil sampling was completed over a 3km strike of the Bastion and North Shear targets generating several new anomalies that will be followed up with drilling (See ASX release 15 October 2021).

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Figure 4. Bastion Prospect Cross Section Showing RC Drill Results.

Stockade Prospect

Wide zones of gold mineralisation have been intersected at the Stockade Prospect in drill hole PLRC0035 which was drilled targeting a bottom of hole aircore drilling anomaly of 1m @ 0.32 g/t gold from 18m in PLAC0003 (See ASX release 27 October 2021).

Composite results of 5m @ 0.59 g/t gold from 85m, 5m @ 0.45g/t gold from 105m and 10m @ 1.62 g/t gold from 115m were recorded in PLRC0035 (Figure 3 & 5).

The result in PLRC0035 remains completely open at depth and up dip and is undrilled for over 200m to the south and 140m to the north to the nearest aircore drill traverse.

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Figure 5. Stockade Prospect Cross Section Showing New RC Drill Results.

Alcazar Prospect

A single traverse of 4 RC drill holes was drilled across the Alcazar Prospect where recent wide spaced and shallow aircore drilling by Carnaby had identified broad gold anomalism coincident with a large newly identified intrusion.

Results from 3 RC holes have been received outlining a greater than 200m wide intrusion and intersecting high grade gold mineralisation within the intrusion with a composite result of 5m @ 4.83 g/t gold from 110m (Figure 3 & 6) (See ASX release 27 October 2021).

Additional RC drilling is being planned to target the potential extensions of the high-grade intrusion hosted gold mineralisation along the 1.8 km identified prospective corridor.

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Figure 6. Alcazar Prospect Cross Section Showing Intrusion and New RC Drill Results.

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BIG HILL (CARNABY 100%)

First pass soil sampling was completed during the quarter across the Big Hill Prospect targeting an intrusive style magnetic high anomaly located on the Berghaus Shear Zone (Figure 2).

The results have defined at least 2 subparallel gold anomalous trends along the Berghaus Shear Zone that warrant follow up exploration with a peak result of 25.3 ppb gold recorded against a background of approximately 1 ppb gold (see ASX release 15 October 2021).

MOUNT GRANT PROJECT (CARNABY 80%)

No work completed.

PARDOO (CARNABY 100%)

No work completed.

GOLDSWORTHY (CARNABY 100%)

No work completed.

GREATER DUCHESS COPPER GOLD PROJECT (CARNABY 82.5 -100%)

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Figure 7. Greater Duchess Copper Gold Project Location Plan.

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NIL DESPERANDUM PROSPECT

Initial drill results announced during the quarter from the second phase of drilling completed at Nil Desperandum (see ASX release 13 August 2021) have confirmed the geological interpretation of a continuous thick (~40m true width) high-grade plunging pipe like geometry that has now been defined over 300m down plunge, showing excellent continuity. Significant results include;

• NLRC039 15m @ 1.0% copper from 10m

• NLRC027 60m @ 1.0% copper from 139m including 23m @ 1.7% copper , 0.4 g/t gold from 152m including 7m @ 2.4% copper , 0.3 g/t gold from 161m

• NLRC029 61m @ 0.6% copper from 47m including 9m @ 1.9% copper, 0.4 g/t gold from 74m including 3m @ 4.7% copper from 79m

• NLRC026 33m @ 0.8% copper from 130m and 18m @ 0.5% copper from 170m

• NLDD0031 48.2m @ 0.6% copper from 281m Including 11.1m @ 1.4% copper from 294m

The down-plunge extent of the southwest plunging lode remains completely open at depth. The higher-grade plunge of NLRC017 which intersected 87m @ 0.9% copper including 30m @ 1.8% copper (see ASX release 5 July 2021) is interpreted to project immediately west of the NLDD031 and in line with the NLIP4 IP chargeability which is yet to be drilled (Figure 8). Further drilling is planned to target this plunge in Q4.

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Figure 8. Nil Desperandum Prospects Plan Showing New RC Drill and Soil Results.

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Figure 9. Nil Desperandum Cross Section XS4 Showing New RC Drill Results.

LADY FANNY PROSPECT

Subsequent to the quarter, the Company announced two historically relinquished mining leases containing the Lady Fanny high grade copper-gold deposit had been approved by the Queensland Department of Resources to be added to the Carnaby owned surrounding exploration license EMP14366 (See ASX Release 25 October 2021). The two historical mining leases contain over 400m of continuous outcropping high grade copper gold mineralisation in several steeply dipping, sub parallel, north south striking lodes (Figure 10).

Channel rock chip sampling conducted by Carnaby targeted outcropping worked areas of the high-grade lode and it is likely that a wider halo of lower grade copper gold mineralisation exists but has not yet been sampled due to poor exposure of the halo areas in most cases. Results from the sampling has identified very high-grade copper gold mineralisation including true width results of:

• 5m @ 2.7% copper including 0.4m @ 14.7% copper (Figure 3)

• o 1.2m @ 9.0% copper, 0.9g/t gold o 2m @ 11.4% copper , 0.3g/t gold including 0.9m @ 21.3% copper o 0.8m @ 12.8% copper, 11.1g/t gold

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Figure 10. Lady Fanny and Burke and Wills Prospect Plan showing new drill and channel sampling results and amalgamated historical mining lease areas.

The Lady Fanny historical mining lease areas also have extensive stockpiles and dumps from the turn of the century mining and more recent activity in the late 1960’s to early 1970’s. A total of 73 channel mullock samples from these dumps were collected by Carnaby and recorded an average grade of 1.7% copper and 0.6g/t gold.

A significant RC drilling program is now planned within the area of the historical mining leases as a first pass test of the shallowly worked copper gold mineralisation present.

BURKE AND WILLS PROSPECT

The Burke and Wills Prospect is located 400m west of Lady Fanny and consists of a north south striking shear lode horizon that has mostly been worked in early 1900’s shallow workings (Figure 10).

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Outcropping copper gold mineralisation in amongst shallow workings at Burke and Wills has been traced over 200m of continuous lode. A single 1m wide channel sample taken in the northern end of the deposit assayed 19% copper and 6.8 g/t gold (Figure 10).

A highly encouraging RC drill result of 4m @ 2.3% copper and 0.7 g/t gold from 36m including 1m @ 7.2% copper and 0.7 g/t gold from 39m in BWRC001 was recorded with mineralisation characterised by semi massive to halo disseminated chalcopyrite (Figure 10).

MOUNT BIRNIE PROSPECT

No work completed.

TICK HILL GOLD PROJECT (100% OWNED) – MOUNT ISA, QUEENSLAND

MINE DEVELOPMENT

The Tick Hill open pit cutback is forecast to produce 63,300t @ 6.1 g/t for 12,500oz generating pre-tax cashflows of ~$15,000,000 at AISC of A$1,190/oz (see ASX release 5 June 2020). A decision to develop, consolidate and / or divest part or all of the open pit cutback project is in progress.

TICK HILL NEAR MINE EXPLORATION (100% OWNED)

No work completed.

MALMAC PROJECT (100% OWNED) – WESTERN AUSTRALIA

A second phase of field exploration has been completed at Malmac West, where wide spaced soil sampling (391 soils) and reconnaissance mapping, rock chip sampling (110 samples) have been collected (Results Pending).

The Malmac project lies on the northern margin of the Earaheedy Basin, and comprises a package of rocks variously termed the ‘Troy Creek Beds’ or ‘Troy Creek Schist’. The Troy Creek package has been affiliated with the Bryah Group (host to the DeGrussa, Monty and Horseshoe Lights Cu-Au massive sulphide deposits), Yerrida Group (host to the epithermal-style Thaduna Copper Deposit) and the Earaheedy Group (host to the recent Chinook Zn-Pb discovery by Rumble Resources Limited).

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Figure 11. Malmac Project Location and Geology Map.

CORPORATE

Cash and Restricted Cash

As at 30 September 2021, Carnaby held $5.6 million in cash which includes $0.3 million in restricted cash. Restricted cash comprises cash held in term deposits issued in the Company’s name which have been used to provide security for the Company’s bank guarantee facility.

Proceeds from a 5% royalty on the Tick Hill Tailing Retreatment Project have continued to accumulate (see ASX release 3 August 2020). The payment of $221,000 associated with Q2 2021 production of was received in August. Cumulative royalties now received are $381,000.

No material tailings movement occurred in Q3 while the operators are implementing a new processing route to size material on site prior to haulage. It is expected that operations will recommence in November once government permitting for the amendment has been received.

The improvement in the terms of the Share Sale Agreement for the divestment of the Lainejaur Project in Sweden was announced during the quarter. The Company is expecting to begin receiving proceeds from the $1.5 million total consideration in the coming months (See ASX release 19 July 2021).

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Additional ASX Information

• ASX Listing Rule 5.3.1: Exploration and Evaluation Expenditure during the quarter ending 30 September 2021 was $1,322,916.

• ASX Listing Rule 5.3.2: There were no substantive Mining Production and Development activities conducted during the quarter.

• ASX Listing Rule 5.3.5: During the quarter ending 30 September 2021, the Company paid $91,804 to related parties representing Directors’ salaries, fees and superannuation.

Please refer to the following Appendix 5B for further information regarding movements in cash during the quarter.

Competent Persons Statement

The information in this document that relates to the Tick Hill Deposit and Tick Hill ROM Stockpile Mineral Resources is based upon information compiled by Mr Paul Tan. Mr Tan is a full-time employee and security holder of the Company and a Member of the AusIMM. Mr Tan consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears. Mr Tan has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which is undertaken 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).

The information in this document that relates to the Tick Hill Tailings Dam Mineral Resources and all exploration results is based upon information compiled by Mr Robert Watkins. Mr Watkins is a Director and security holder of the Company and a Member of the AusIMM. Mr Watkins consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears. Mr Watkins has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which is undertaken 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).

The information in this document that relates to the Tick Hill Deposit, Tailings Dam and ROM Stockpile Ore Reserves is based upon information compiled by Mr Nigel Spicer. Mr Spicer consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears. Mr Spicer has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which is undertaken 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).

Disclaimer

This document contains background information current at the date of this announcement. The announcement is in summary form and does not purport to be all-inclusive or complete. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this announcement.

The announcement is for information purposes only. Neither this announcement nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sales of shares in any jurisdiction. The announcement may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in such jurisdiction. Recipients should inform themselves of the restrictions that apply to their own jurisdiction as a failure to do so may result in a violation of securities laws in such jurisdiction.

This announcement does not constitute investment advice and has been prepared without considering the recipients investment objectives, financial circumstances or particular needs and the opinions and recommendations in this announcement are not intended to represent recommendations of particular investments to particular persons.

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Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments. To the fullest extent of the law, the Company, its officers, employees, agents and advisors do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinion, estimates, forecasts or other representations contained in this announcement. No responsibility for any errors or omissions from the announcement arising out of negligence or otherwise is accepted.

References have been made in this announcement to certain ASX announcements, including references regarding exploration results, mineral resources, production targets and forecast financial information. For full details, refer to said announcement on said date. The Company 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(s), Ore Reserves, Production Targets and forecast financial information from Production Targets, 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 announcement.

Forward Looking Statements

Some statements in this announcement regarding estimates or future events are forward looking statements. They include indications of, and guidance on, future earnings, cash flow, costs and financial performance. Forward looking statements include, but are not limited to, statements preceded by words such as “planned”, “expected”, “projected”, “estimated”, “may”, “scheduled”, “intends”, “anticipates”, “believes”, “potential”, “could”, “nominal”, “conceptual” and similar expressions. Forward looking statements, opinions and estimates included in this announcement are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward looking statements are provided as a general guide only and should not be relied on as a guarantee of future performance. Forward looking statements may be affected by a range of variables that could cause actual results to differ from estimated results, and may cause the Company’s actual performance and financial results in future periods to materially differ from any projections of future performance or results expressed or implied by such forward looking statements. These risks and uncertainties include but are not limited to liabilities inherent in mine development and production, geological, mining and processing technical problems, the inability to obtain any additional mine licenses, permits and other regulatory approvals required in connection with mining and third party processing operations, competition for among other things, capital, acquisition of reserves, undeveloped lands and skilled personnel, incorrect assessments of the value of acquisitions, changes in commodity prices and exchange rate, currency and interest fluctuations, various events which could disrupt operations and/or the transportation of mineral products, including labour stoppages and severe weather conditions, the demand for and availability of transportation services, the ability to secure adequate financing and management’s ability to anticipate and manage the foregoing factors and risks. There can be no assurance that forward looking statements will prove to be correct.

The Company has concluded it has a reasonable basis for providing the forward looking statements included in this announcement and believes that it has a “reasonable basis” to expect it will be able to complete the development of the Project, including with respect to any production targets and financial estimates, based on the information contained in this announcement.

Appendix 1 | Carnaby Resources Limited Tenements

Tenement	Location	Ownership
Tick Hill Gold and Copper Project
ML7094	Queensland	100%
ML7096	Queensland	100%

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Tenement	Location	Ownership
ML7097	Queensland	100%
EPM9083	Queensland	82.5%
EPM11013	Queensland	82.5%
EPM14366	Queensland	82.5%
EPM14369	Queensland	82.5%
EPM17637	Queensland	82.5%
EPM18223	Queensland	82.5%
EPM18990	Queensland	82.5%
EPM19008	Queensland	82.5%
EPM25435	Queensland	82.5%
EPM25439	Queensland	82.5%
EPM25853	Queensland	82.5%
EPM25972	Queensland	82.5%
EPM26651	Queensland	100%
EPM27101	Queensland	100%
EPM 27822	EPM27101	100%
Malmac Gold and Base Metals Project
E69/3509	Western Australia	100%
E69/3510	Western Australia	100%
E69/3702	Western Australia	100%
Throssel Gold Project
E38/3289	Western Australia	100%
Pilbara Projects
E45/5743	Western Australia	100%
E45/4638	Western Australia	100%
E45/5622	Western Australia	80%
E45/5819	Western Australia	100%
E45/5822	Western Australia	100%
E45/4801	Western Australia	100%

Mining tenements acquired: Nil.

Mining tenements disposed or relinquished: Nil

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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Rule 5.5

Appendix 5B

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

Name of entity

CARNABY RESOURCES LIMITED ABN Quarter ended (“current quarter”) 62 610 855 064 30 SEPTEMBER 2021

Consolidated statement of cash flows	Current quarter $A’000	Year to date (3 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*	221 (1,323) - - (217) (90) - 5 - - - -	221 (1,323) - - (217) (90) - 5 - - - -
	(1,404)	(1,404)
* Proceeds from sale of Tick Hill tailings
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	- (2) - - - -	- (2) - - - -

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 (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 activities*	- - - - - - - -	- - - - - - - -
	(2)	(2)
* Proceeds from sale of Tick Hill tailings
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*	- - - - - (6) - - -	- - - - - (6) - - -
	(6)	(6)
* Represents payment for leases prescribed under the accounting standard AASB16 Leases
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)	6,662 (1,404) (2) (6)	6,662 (1,404) (2) (6)

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 (3 months) $A’000
4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	-	-
	5,250	5,250
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) *Balance excludes Restricted Cash of $338k. Restricted Cash comprises cash held in term deposits in the Company’s name which have been used to provide security for the Company’s bank guarantee facility.	850 4,400 - -	562 6,100 - -
	5,250*	6,662*
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 92 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.		92
		-

Payments to related parties represent Directors salaries, fees and superannuation.

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) (1,404) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - Total relevant outgoings (item 8.1 + item 8.2) (1,404) Cash and cash equivalents at quarter end (item 4.6) 5,250 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 5,250 Estimated quarters of funding available (item 8.6 divided by item 8.3) 4 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?	(1,404) - (1,404) 5,250 -
		5,250
	Answer: Not Applicable
	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: Not Applicable

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

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

8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?

Answer: Not Applicable

Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Date: 28 October 2021...................................................................................

Authorised by: The 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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