CASTILE RESOURCES LTD — Interim / Quarterly Report 2021

Oct 28, 2021

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QUARTERLY ACTIVITIES REPORT

For the period ending 30 September 2021

Highlights

• Resource definition and extensional exploration programs at Rover 1 continued to deliver broad, high grade gold and copper mineralisation intercepts within the IOCG bodies.

Castile Resources Limited

• Work begins on the updated resource model for the Rover 1 Project.

ASX Code: CST ABN: 93 124 314 085

• Highlights intercepts for the quarter included:

• Drill hole 21CRD002-2A returned a best intercept of:

Board and Management Non-Executive Chairman Peter Cook

Managing Director Mark Hepburn

Non-Executive Directors Jake Russell John Braham

Address and Contact Details

Level 7, Ashton Chambers 189 St Georges Terrace Perth WA 6000

Ph: +61 8 9488 4480 info@castile.com.au www.castile.com.au

Ordinary Shares on Issue 199,710,121

Cash as at 30 September 2021 $8.903M

ASX Announcement 29 October 2021

38.7m @ 7.4g/t Au with 0.3% Cu from 603m downhole

• Drill hole 21CRD002 returned a best intercept of:

23.5m @ 2.1% Cu with 0.3g/t Au from 450.5m downhole

o Drill hole 21CRD005 returned a best intercept of: :

42.2m @ 3.5% Cu with 2.1g/t Au and 0.2% Bi from 871.9m

• A total of 3,286m of core was drilled during the September quarter taking the current field season total to 7,057m.

• Regional geophysical programs included down hole electromagnetic probing (DHEM) surveys at Explorer 108, Explorer 142 and Rover 3.

• A significant end of hole conductor was defined at Explorer 142 and preparations are underway to drill test immediately following the Rover 1 program.

• Outstanding bulk flotation recoveries were achieved from metallurgical testwork concluding that Rover 1 can produce five minerals streams including gold, a gold rich copper concentrate, a bismuth concentrate, a fine grained magnetite industrial mineral and cobalt concentrate in resin.

• Excellent fieldwork outcomes with no Lost Time Injuries (LTI’s) during the quarter or reported cases of Covid-19.

Corporate

• Strong cash balance retained of $8.903M as at 30 September 2021

• Independent research note published with favourable valuation

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Operational Activities for the September 2021 Quarter

Occupational Health Safety & Environment

Field activities continued to be performed to a high standard with no Lost Time Injuries (LTI’s), no major incidents of a personal, property or environmental matter occurring during the quarter. Castile’s COVID-19 Business Management Plan ensures all possible steps are taken to ensure the safety of our staff, contractors and the wider community. No Covid-19. cases or incidents were recorded during the quarter.

Community and CLC Relationships

Castile continued to build a strong bond with its local community supporting many local initiatives and events. The site was visited by the Minister of Mining and Resources NT, Mrs Nicole Manison and all government bodies continued to provide great support for the projects advancements.

Relationships with traditional landowners through the Central Land Council continued to be positive and co-operative with Traditional Owner meetings and site visits planned for late October 2021.

Rover 1 Operations

The 2021 Drilling Program progressed through July - September with resource definition and extensional drilling at Rover 1 proving very successful. A key feature of this program is to ensure adequate infill drilling relating the highly concentrated zones of metal associated with the zoned IOCG copper mineralisation and the bonanza gold zones at the base of the magnetite bodies and associated with later fault/shear zones.

The drilling has been successful in providing significant confidence in the projection of higher grade zones within the resource model and eliminating the shortening and smoothing of these that come with global and statistical modelling within the wire frames.

The drilling intercepts returned have been extremely pleasing and multiple intersections of broad, high grade gold and copper mineralisation have been returned which should significantly assist our ongoing mining studies with work beginning on the new updated resource model for Rover 1.

For the quarter, Castile completed 3286m of diamond coring drilling at Rover 1. The drilling program will continue into the December quarter finishing the resource definition holes planned at Rover 1 before the testing of some more regional prospects nearby.

Drilling Results

The drilling results received during the quarter were from the deeper portion of the Jupiter zone where drill density had attenuated the resource estimate.

Significant results received included:

• 21CRD002: 23.5m @ 2.1% Cu with 0.3g/t Au from 450.5m downhole inc 4m @ 3.1% Cu with 0.6g/t Au from 467m

This hole extended the limits of the broad IOCG mineralisation beyond previous and revealed that economic copper grades extended towards the edge of the magnetite body.

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Figure 1: 2021 Rover 1 Resource Definition Program Drill Strings

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• 21CRD002-1: 22.2m @ 1.5g/t Au with 0.5% Cu from 545.32m downhole

inc 2m @ 8.6g/t Au with 0.2% Cu from 556m

This hole was a wedge off the parent hole above and chased the mineralisation further up-dip into the broader low grade zone of IOCG mineralisation. Results are considered typical of the bulk style IOCG mineralisation within the orebody as opposed to the zoned higher copper and bonanza gold zones toward the base of the magnetite body.

• 21CRD002-2A: 14.5m @ 2.2% Cu with 1g/t Au from 553.5m downhole

38.7m @ 7.4g/t Au with 0.3% Cu from 603m downhole

inc 6m @ 23.4g/t Au with 0.5% Cu from 609m

This hole is another wedge from parent and was targeted toward the base of the magnetite body. It successfully extended the projection of the bonanza gold zone at the base of the main magnetite body. These results will feed directly into the resource update and mining studies at the conclusion of the drilling season

Hole 2 inclusive of the daughter holes is complete with assays now all reported to the market with the results continuing to both confirm and extend areas of mineralisation at Rover 1 as shown by the red zones presented below in Figure 2 for gold (Hole 21CRD002-2A) and Figure 3 for copper (Hole 21CRD002).

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Figure 2: Cross Section of Hole 21CRD002-A

Figure 3: Cross Section of Hole 21CRD002

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Hole 21CRD005 is targeting the Jupiter Deeps magnetite body where strong mineralisation has been intersected. Castile considers this zone which had previously all been classified as inferred contains another substantial pod of economic mineralisation will be tested with the parent and planned wedges to expand the known mineralisation.

The parent hole 21CDR005 targeting the core of the IOCG body returned an outstanding intercept of:

• 21CRD005: 42.2m (TW of 27.6m) @ 3.5% Cu, 2.1g/t Au and 0.2% Bi from 875m

Following the end of the quarter (announced October 12[th] , 2021) the first wedge of this hole 21CRD005-1 returned another excellent intercept:

• 21CRD005-1: 18.8m (TW of 13m) @ 2.4% Cu, 4.7g/t Au from 875m

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Drilling is continuing into the Jupiter Deeps zone with the addition wedges expected to be completed by early November 2021.

Regional Exploration

Castile’s has a vision of establishing a “hub and spoke” style regional project within the Rover Field. The strategy is to construct a processing facility at the Rover 1 IOCG deposit and develop this on a standalone basis. The longevity

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and or scale of this initial development is to be enhanced by the addition of ore from other sources within its tenure. Hence, whilst maintaining a focus on the Rover 1 Project, other opportunities are being advanced in parallel. The priorities are the more advanced prospects where significant mineralisation has already been discovered. The advancement of these is greatly enhanced by knowing there will be planned existing infrastructure at Rover 1 to leverage off.

Castile has elected to enhance the geophysical responses on these blind at surface targets before more drilling. Hole clean outs and re-casing with PVC was completed at the Explorer 108, Explorer 142 prospects and Rover 3 prospects as well as the wildcats drilled last year at the Jupiter West target at Rover 1. Results of the DHEM surveys at Explorer 108, 142 and Rover 3 were still pending at the end of the quarter.

Explorer 142

Early in the December quarter, Castile reported that a newly defined deeper conductor within 150m of previous drill intercepts had been detected at Explorer 142. This target is sitting below the already defined copper mineralisation which has a resource of 176,000t @ 5.2% Cu[1] . At the conclusion of the resource definition drilling at Rover 1 the drilling rig will be mobilised to Explorer 142 to extend hole NR142003 to test this anomaly.

Figure 4: Map of Castile’s Rover Mineral Field Prospects

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1 The Explorer 142 resource is comprised of the following: • Inferred Resource of 176kt @ 5.21% Cu and 0.21g/t Au.

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Explorer 108

Towards the end of the September quarter a drilling rig was mobilised 40kms west of Rover 1 to Explorer 108 to prepare two previous drill holes for down hole electromagnetic surveys (DHEM). Explorer 108 hosts a large lead zinc Inferred and Indicated Resource of 11.8Mt 3.2% Zn, 2.00% Pb, 11.1g/t Ag[2] and an Indicated Resource of 5.7Mt 0.36% Cu. At the completion of the work at Explorer 142 the rig will be mobilised to Explorer 108. A hole will be drilled to further test for the continuity of the lead and zinc mineralisation defined in the carbonate rich sediments. It is postulated by Castile that the substantial Pb-Zn mineralisation may be distal to another IOCG type deposit at depth.

Rover 3

Castile’s target at Rover 3 is an IOCG deposit given its strong geophysical similarities to the Rover 1 deposit. Newexco has re-interpreted historical geophysical data in 2020 and during this quarter a DHEM survey was successfully completed with the results pending at the conclusion of the quarter.

Rover 4

The Rover 4 Prospect is approximately 3kms to the north of Rover 1 and could be closed to a portal access for Rover 1 and hence serve as an extra mining area for that mine.

Castile acquired this tenement in 2019 prior to its demerging and ASX listing in February 2020. Previous owners of the tenement, Andromeda Minerals (previously Adelaide Resources) drilled 48 holes exploration at this prospect and had announced some encouraging intercepts within this IOCG target.

Rover 1 Metallurgical Testing and Mining Studies

Metallurgical testing continued throughout the quarter. As reported in “Outstanding Metallurgical Results from Rover 1” (3 September 2021) bulk floatation test work has been completed for Rover 1. The results are shown below in Table 1.

Table 1: Recoveries from Bulk Flotation Testing of Rover 1 Ore (METS Engineering)

Commodity	Gold	Copper	Cobalt	Bismuth
Gravity Recovery	21.4%
Bulk Flotation Recovery	72.4%	97.8%	88.0%	89.7%
TOTAL RECOVERY	93.8%	97.8%	88.0%	89.7%

Castile received the results of the large scale bulk flotation test completed by METS Engineering as part of the metallurgical testing being undertaken for the mining and processing studies for Rover 1. The testing is designed to determine the percentage of contained metals that will be recovered from a bulk flotation process. The two key minerals are gold and copper with by-products cobalt and bismuth. In addition, a fifth key mineral will be assessed as part of the processing flow sheet (see Figure 1) which Castile anticipates will be another revenue stream for the project. These results are being followed up in the next quarter with flotation test work focusing on separation of the copper, cobalt and bismuth into separate concentrates.

2 The Explorer 108 resource is comprised of the following: • Indicated Resource of 8.438Mt @ 3.41% Zn, 2.05% Pb, 14.32g/t Ag; and

• Inferred Resource of 3.43Mt @ 2.81% Zn, 1.88% Pb, 3.32% Ag .

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Gold will be extracted from the ore utilising gravity and flotation. Test results show that 21.4% of the contained gold can be extracted via an upfront gravity circuit and 72.4 % floats within the sulphide concentrate giving a total recovery of 93.8%. A portion of the remaining 6.2% of the gold can be extracted utilising a Carbon in Leach process which will be assessed on a cost benefit analysis.

Copper recoveries were 97.8% from the bulk flotation which is an extremely high result. Metallurgy studies will now focus on producing an optimal copper concentrate product for sale to offshore smelters. Further studies will assess the economics of producing a pure copper plate product which would be easily saleable in Australia. Cobalt Recovery 88.0% and Bismuth Recovery 89.7% The recoverability of these two products into the bulk float now shows that Rover 1 may produce these two products in separate concentrates at commercial levels and we anticipate that they will have a very positive impact on the economics of the mining and modelling studies underway.

Additional magnetite product from Rover 1 could significantly enhance economic studies

The testing has shown that significant quantities of a low impurity, high quality magnetite are contained within the ore that will be mined from Rover 1 and the tails stream after recovery of other metals.

This specific type of magnetite can be concentrated to create a valuable density modifying industrial mineral. It is commonly applied and sought after in beneficiation processes in the coal industry and as a heavy media additive in other areas of ore processing. It receives a premium price to standard magnetite ore and as it is extractable after crushing and grinding in the rover metallurgical flow sheet has a low cost to generate. .

Our expert consultants, METS Engineering have now commenced low intensity magnetic separation (LIMS) test to further assess the recoveries, quantity and purity of the magnetite. A sample of this Density Modifying Industrial Mineral (magnetite) has been already been extracted as part of the test work. This sample has been sent to ALS Brisbane for evaluation of the quality of the concentrate produced.

Figure 5: Rover 1 Project Indicative Processing Flowsheet

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Environmental Studies

Preliminary works for the Environmental Studies have been underway with Northern Territory environmental specialist EcOz since March 2020. Waste rock characterisation studies required for the environmental approvals commenced during the quarter and ground water studies are planned to commence during the December quarter.

Corporate and Financial

Castile’s cash position as of 30 September 2021 was $8.903m.

The Appendix 5B for the quarter ended 30 September 2021 provides an overview of the Company’s financial activities. Exploration expenditure for the quarter was $2.056m for the activities reported above which included drilling costs associated with the Tennant Creek project.

The Company also expended $0.115m for staff (geological, engineering, field, administrative and management personnel and Directors), administration and corporate costs. The total amount paid to Directors of the Company, their associates and other related parties was $0.124m for salary, fees, consulting fees and superannuation.

Castile provides the following disclosures required by ASX Listing Rule 5.3.4 regarding a comparison of its actual expenditure to date since listing on 14/2/2020 against the “use of funds” statement in its Prospectus dated 3/12/2019 (released on ASX on 12/2/2020).

Expenditure Item	Forecast (2 years) $’000	Actual (21 months) incl. of GST $’000	Variance $’000	Explanation of Material Variances
Rover Project: Regional Exploration	1,600	-	(1,600)	Regionalprojectsyet to commence
Drilling: Rover 1 Infill, Explorer 108 Extensional, Curiosity Prospect, Explorer 142 Extensional	6,800	6,962	162
Rover 1 – Feasibility & Development Studies	3,600	262	(3,338)	(1) Timing issue – the Company listed on 14/2/2020 and funds are budgeted for expenditure over 8quarters.
Warumpi Project – Regional Exploration	1,000	56	(944)	See(1)above.
Exploration capital costs – plant & equipment	660	533	(127)	Timing.
Working capital reserves	2,460	-	(2,460)	(2) No material variance for the time elapsed since listing. The funds are budgeted for expenditure over 8quarters.
Corporate and equipment costs	400	24	(376)	See(2)above.
General workingcapital	2,424	1,725	(699)	See(2)above.
ASX listing and associated costs and repayments to Westgold Resources	450	1,210	760	Includes remaining ASX listing and legal associated costs, amounts repayable to Westgold Resources Limited, and transaction management fee of 2% of underwritten funds paid to the broker to the issue.
Underwritingfees & expenses	575	559	(16)	No material variance.
Total	19,969	11,331	(8,638)

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Securities on issue as of 30 September 2021

	Quoted on ASX	Unquoted	Total
Fully paid ordinaryshares	199,710,121	-	199,710,121
Unquoted options exercisable at $0.25 each on or before 26 November 2022	-	2,000,000	2,000,000
Unquoted options exercisable at $0.313 each on or before 21 December 2023	-	1,000,000	1,000,000
Unquoted options with $nil exercise price expiring 21 December 2024	-	600,000	600,000
Total	199,710,121	3,600,000	205,310,121

Tenements held as of 30 September 2021

Castile held the following tenements as of 31 December 2020 and did not acquire or dispose of any tenements during the quarter.

the quarter.
Tenement	Project	Location	Interest	Status
EL 24541	Rover	Northern Territory	100%	Expiry 17/12/2021
EL 25511	Rover	Northern Territory	100%	Expiry 17/12/2021
EL 27039	Rover	Northern Territory	100%	Expiry 14/05/2023
EL 27292	Rover	Northern Territory	100%	Expiry 26/05/2022
EL 27372	Rover	Northern Territory	100%	Expiry 26/05/2022
ELR 29957	Rover	Northern Territory	100%	Expiry 16/09/2023
ELR 29958	Rover	Northern Territory	100%	Expiry 16/09/2023
EL 10397	Warumpi	Northern Territory	100%	Expiry 10/09/2023
EL 29747	Warumpi	Northern Territory	100%	Expiry 12/10/2023
EL 31794	Warumpi	Northern Territory	100%	Expiry 27/02/2024

Warumpi Project, NT

No on-ground exploration works took place during the quarter at the Warumpi tenements.

Northern Territory Government

During September Mark Hepburn, the Managing Director of Castile, attended dinners and update meetings in Darwin with Chief Minister the Hon Mr Michael Gunner, Mining Minister the Hon. Nicole Manison, Mrs Hayley Richards, Chief Operating Officer of Investment Territory, Jason Schoolmeester NT Commissioner of Major Projects, NT Department of Environmental Assessments and Approvals and the Department of Mining and Energy Management NT. All NT government departments and agencies are very positive about the progress being made by Castile and view the Rover 1 development as a priority within the Barkly Region to stimulate economic growth and employment opportunities.

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Community Engagement and Social Responsibility

Castile continues to engage with local communities and will be hosting traditional landowners and representatives from the Central Land Council to site in October 2021. Castile is the major sponsor of the 2021 Barkly Rodeo Association Annual Rodeo to be held at the Campdraft Grounds in Tennant Creek at the start of the next quarter on 2[nd] October 2021. (Photographs attached were received subsequent to the September quarter)

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Mark Hepburn

Managing Director, Castile Resources Limited

For further enquiries please contact

info@castile.com.au

Authorised by the Board of Castile Resources Limited.

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Competent Person Statement

The information contained in this announcement was previously disclosed to the market on 6 August 2021, 23 August 2021, 30 August 2021, 3 September 2021, 20 September 2021, 28 September 2021, and 12 October 2021 (“Announcements”). Castile is not aware of any new information or data that materially affects the information in the Announcements.

The Mineral Resources contained in this announcement were first disclosed in the prospectus dated 3 December 2019 and released on the ASX market announcements platform on 12 February 2020 (“Prospectus”). Castile is not aware of any new information or data that materially affects the Mineral Resources included in these announcements. All material assumptions and technical parameters underpinning the estimates in the Prospectus continue to apply and have not materially changed.

Rule 5.5

Appendix 5B

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

Name of entity

Castile Resources Limited ABN Quarter ended (“current quarter”) 93 124 314 085 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	- - - - (115) (4) - 5 (1) - - -	- - - - (115) (4) - 5 (1) - - -
	(115)	(115)
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	- - (6) (2,056) - -	- - (6) (2,056) - -

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 (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 (tenement deposits) 2.6 Net cash from / (used in) investing activities	- - - - - - - (130)	- - - - - - - (130)
	(2,192)	(2,192)

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	1 - - - - (11) - - -	1 - - - - (11) - - -
	(10)	(10)
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)	11,220 (115) (2,192) (10)	11,220 (115) (2,192) (10)

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 (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	-	-
	8,903	8,903
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)	8,909 - - (6)	11,231 - - (11)
	8,903	11,220
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 1 103 6.2 Aggregate amount of payments to related parties and their associates included in item 2 21 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.		103
		21

Comprises Director salaries and superannuation. Note that the amount within item 1.2(d) includes salaries recharged.

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. 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
		-	-
		-	-
		-	-
		-	-
	N/A

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) (115) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (2,056) Total relevant outgoings (item 8.1 + item 8.2) (2,171) Cash and cash equivalents at quarter end (item 4.6) 8,903 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 8,903 Estimated quarters of funding available (item 8.6 divided by item 8.3) 4.1 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?	(115) (2,056) (2,171) 8,903 -
		8,903
	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

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: N/A

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: 29 October 2021

Authorised 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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