CODRUS MINERALS LIMITED — Interim / Quarterly Report 2022

Oct 26, 2022

==> picture [447 x 137] intentionally omitted <==

----- Start of picture text -----

ASX ANNOUNCEMENT
27 October 2022
----- End of picture text -----

==> picture [109 x 137] intentionally omitted <==

SEPTEMBER 2022 QUARTERLY REPORT

Strong trenching results at Middle Creek highlight potential for economic gold mineralisation, as Codrus continues to develop a robust global exploration pipeline

Highlights

• Significant results from recently completed trenching at the Middle Creek Gold Project, located in the active Nullagine gold mining area in the Pilbara, provide strong impetus for further work. Extensive mineralisation returned included:

• MCTR001 – 4m at 0.27 g/t Au from 28m (along trench)

• MCTR001 – 4m at 0.44g/t Au from 72m (along trench)

• MCTR003 – 8m at 0.93g/t Au from 20m (along trench)

• MCTR004 – 11m at 0.66g/t Au from 17m (along trench)

• MCTR005 – 11m at 0.49g/t Au from 4m (along trench)

• MCTR005 – 1m at 0.26g/t Au from 26m (along trench)

• MCTR006 – 25m at 0.80g/t Au from 8m (along trench), Including ▪ 9m at 1.86g/t Au from 24m (along trench)

• MCTR007 – 4m at 0.28g/t Au from 28m (along trench)

• MCTR007 – 3m at 0.67g/t Au from 37m (along trench)

• MCTR007 – 1m at 0.46g/t Au from 50m (along trench)

• MCTR008 – 4m at 0.21g/t Au from 4m (along trench)

• MCTR008 – 2m at 0.33g/t Au from 62 (along trench)

• Codrus has applied for an additional 12 tenements in the Middle Creek district to further strengthen the Company’s strategic footprint in the emerging Nullagine Gold Mining Centre.

• Mapping and sampling of new areas completed the Red Gate Gold Project.

• Drill permitting progressing at the Bull Run Project, Oregon, USA.

• Strong cash position of $3.4 million to underpin ongoing exploration activities.

PO Box 1175, West Perth, WA, 6872

T: +61 8 6424 9017 E: admin@codrusminerals.com.au W: codrusminerals.com.au

ASX | CDR

==> picture [45 x 56] intentionally omitted <==

Codrus Minerals Limited ( ASX:CDR , “ Codrus ”, or the “ Company ”) is pleased to report on activities across its high-quality exploration portfolio in Australia and the USA during the September 2022 Quarter.

In Australia (see Figure 1) , Codrus progressed exploration at the Middle Creek Gold Project in the Pilbara region, with a trenching program encountering numerous zones of mineralisation. This program was pivotal in confirming the opportunity to delineate economic mineralisation within the Company’s tenure, in close proximity to known deposits. Of note is that there isn’t a single historical drill-hole in the current land package.

At Red Gate, the Company’s exploration team spent time mapping in the east and north of the tenure, focusing on areas that have received minimal exploration effort.

At the Silver Swan South Project, a drone magnetic survey was used to assist in drill targeting.

Meanwhile, at the Bull Run Gold Project in Oregon, USA, the Company has commenced a Drone Magnetic survey and has continued its efforts to progress drill permitting ahead of its maiden drill program.

==> picture [239 x 293] intentionally omitted <==

Figure 1. Silver Swan South, Red Gate and Middle Creek Project locations in Western Australia.

MIDDLE CREEK GOLD PROJECT

The Middle Creek Project is located 10km east of Nullagine in the Pilbara mining district of Western Australia (see Figure 2) . The area is currently undergoing a significant expansion of gold exploration and mining activity.

During the quarter, the Company released exploration results from the initial work program at the project.

This program involved the excavation of 11 trenches to allow detailed mapping and sampling in areas where multiple gold anomalies were identified from previous soil and rock chip sampling.

2

==> picture [45 x 56] intentionally omitted <==

==> picture [453 x 318] intentionally omitted <==

Figure 2. Middle Creek Project location in the Pilbara District of Western Australia.

A project-wide review of the soil geochemical survey data identified several linear clusters of gold-in-soil anomalism, as defined by the >50ppb Au (0.05ppm or g/t Au) gold-in-soil contour line (e.g., at the Major 1, Major 2, Rangi, Dolores, Horse, Boris and Spud areas-of-interest) (see Figure 3).

A total of 11 trenches have been excavated to date, with detailed mapping, continuous rock chip sampling and laboratory analysis completed on all trenches (MCTR001 – MCTR011).

The results of the trenching have confirmed the presence of significant widths of gold mineralisation, enhancing the Company’s understanding of the mineralising hydrothermal system in general and the controls of the gold mineralisation over the lease area.

3

==> picture [45 x 56] intentionally omitted <==

==> picture [452 x 339] intentionally omitted <==

Figure 3. Middle Creek Project gold-in-soil contours and anomalies.

Trenches MCTR005 and MCTR006 were excavated at the Major 2 prospect (see Figure 4) . The trenches, which were 39m and 41m long respectively, returned impressive gold anomalism.

MCTR005 returned 11m at 0.49g/t Au from 4m along the trench and MCTR006 25m at 0.8g/t Au from 8m including 9m at 1.86g/t Au from 24m (see Figure 5) .

MCTR005 was dominated by Mosquito Creek formation sediments with variably altered (quartz-sericite to chlorite-smectite) inter-bedded sandstone and mudstone (+/- shearing) cut by numerous vein sets consisting of oxidized buck quartz and sheeted narrow quartz-sulphide veins.

MCTR006 showed heavily veined inter-bedded sandstone and mudstone (with phyllite to the west), with better mineralisation associated with a shear zone with ferruginous re-fractured quartz fault and quartz sulphide veins.

4

==> picture [45 x 56] intentionally omitted <==

==> picture [257 x 374] intentionally omitted <==

Figure 4. Major 2 Soil contours and trenches MCTR005 and MCTR006.

==> picture [452 x 255] intentionally omitted <==

Figure 5. Mapped Geology and gold intercepts at Major 2 (MCTR006) and at Dolores (MCTR003) (vertical exaggeration of ~1.5 applied).

5

==> picture [45 x 56] intentionally omitted <==

Dolores

Three trenches were excavated at the Dolores prospect, MCTR001, MCTR003 and MCTR004. The trenches were 153m, 55m and 85m long respectively (see Figure 6 and 7) .

The trenches intersected variably folded sediments of the Mosquito Creek formation sediments, mainly inter-bedded sandstone and mudstone, with minor quartz sulphide veins in MCTR001 and buck quartz veins associated with sericite-clay altered shearing and narrow quartz sulphide veins in MCTR003 and MCTR004.

MCTR003 returned 8m at 0.93g/t Au from 20m along the trench see (Figure 5) , MCTR004 had 11m at 0.66g/t Au from 17m, while MCTR001 returned 4m at 0.27 g/t Au from 28m, and 4m at 0.44g/t Au from 72m.

==> picture [453 x 323] intentionally omitted <==

Figures 6 & 7. Dolores soil contours and trenches MCTR001 MCTR003 and MCTR004.

There were two trenches excavated at the Major 1 Prospect, MCTR007 and MCTR008. The trenches were 51m and 64m long respectively (see Figure 8) .

The trenches intersected variably folded sediments of the Mosquito Creek formation sediments, mainly inter-bedded sandstone and mudstone, with minor quartz sulphide veins associated with sericite and clay alteration.

MCTR007 returned 4m at 0.28g/t Au from 28m, 3m at 0.67g/t Au from 37m and 1m at 0.46g/t Au from 50m along the trench. MCTR008 returned 4m at 0.21g/t Au from 4m, and 2m at 0.33g/t Au from 62m along the trench.

6

==> picture [45 x 56] intentionally omitted <==

==> picture [241 x 346] intentionally omitted <==

Figures 8. Major 1 soil contours and trenches MCTR007 and MCTR008.

Trenching at Rangi, Horse, and Boris did not detect any significant mineralisation, but has provided significant geological information. A targeting exercise is underway to determine the next steps to continue to build on these exciting results and move the project forward in a prudent manner.

RED GATE GOLD PROJECT

The Red Gate Gold Project (100% interest) is located approximately 140km north of Kalgoorlie and comprises one granted Exploration Licence covering a total area of 85.8km[2] (see Figure 9) .

The RC drilling program reported during the June Quarter at the Red Gate Project revealed the extent of the mineralisation (over 800m of strike of contiguous mineralisation) and the opportunity that this holds for the district.

In light of this, a program of mapping and sampling was undertaken into areas that have no historical drilling. The focus of the mapping program was on the south-western and very northern areas of the tenement.

Analysis of these samples is awaited and will supplement the mapping program to help determine future work programs in these areas at Red Gate.

Further drilling at Porphyry North and West is being evaluated

7

==> picture [45 x 56] intentionally omitted <==

==> picture [350 x 492] intentionally omitted <==

Figure 9. The Red Gate Project tenements and prospects on interpreted geology.

SILVER SWAN SOUTH PROJECT

The Silver Swan South Gold-Nickel Project (100% interest) is located approximately 40km north-east of Kalgoorlie and comprises seven (7) granted tenements covering a total area of 45.2km[2] .

The Silver Swan South Project is located approximately 10km north-east of the Kanowna Belle Gold Mine, operated by Northern Star Resources Limited (see Figure 10) , and lies along the interpreted structural trend of the Fitzroy Fault (the primary control on mineralisation at Kanowna Belle).

The Project has had historical exploration by numerous previous tenement holders, including Blackstone Minerals. Historical work that supports gold and nickel exploration targeting at the project includes rotary air blast (RAB), air-core (AC) and RC drilling and several airborne and ground geophysical surveys.

8

==> picture [45 x 56] intentionally omitted <==

==> picture [312 x 454] intentionally omitted <==

Figure 10. Silver Swan South Project location.

The Company’s initial drilling program at Silver Swan South in the September 2021 Quarter targeted the Black Eagle, Black Falcon, Black Hawk and Venus prospects, with a single diamond hole completed at each prospect to intersect bedrock.

Further analysis and review of the Silver Swan South Project concluded that further detailed magnetics in discrete parts of the Project could aid further targeting.

To address this, a drone magnetic survey was completed in the September Quarter. The results of the survey assisted in updating the structural interpretation of the Project, allowing the Company to plan a future drilling program.

Two additional tenements have been pegged to the north of Silver Swan South project, with these applications now awaiting ballot. If these tenements are granted, soil sampling will be completed as a priority to identify anomalous trends for follow-up work.

9

==> picture [45 x 56] intentionally omitted <==

AMERICAN PROJECT

BULL RUN PROJECT (OREGON, USA)

The Bull Run Project is located in Baker County, eastern Oregon, USA, approximately 5 miles south of the town of Unity (see Figure 11) . The Bull Run Project consists of 102 claims of which the Company holds a 100% legal and beneficial interest in 91 claims and is party to the Record Mine Option Agreement covering a further 11 claims (see Figure 13) .

==> picture [337 x 249] intentionally omitted <==

Figure 11. Location of the Bull Run Project in Oregon USA.

The Bull Run Project, located in the Ironside Mountain Inlier, is prospective for gold and copper and has been mined intermittently since approximately 1929 for narrow high-grade gold (Record Gold Mine).

The Project has had little modern exploration, with the most recent drilling comprising just three holes completed in the 1980s.

The Project hosts both gold and base metal mineralisation in north-east trending en-echelon veins, stockwork-type vein filling and disseminations between major veins within older equigranular biotite-quartz diorite and later felsic porphyritic intrusions. Low-grade mineralisation is also observed within the serpentinite.

10

==> picture [45 x 56] intentionally omitted <==

==> picture [246 x 311] intentionally omitted <==

Figure 13. The Bull Run Project tenements and prospects on interpreted geology.

The Company has identified the presence of disseminated pyrite and chalcopyrite mineralisation at Bull Run which may be amenable to pole-dipole Induced Polarisation geophysics.

To test this, the Company contracted Dias Geophysical, which conducted a low-noise deep 3D DCIP (Direct Current resistivity and Induced Polarisation) survey over an area of 5.75km[2] (see Figure 14) .

The survey, which commenced towards the end of last year and was completed during the June Quarter, has been processed and modelled by Dias Geophysical, delivering 3D models of the chargeability and resistivity.

These datasets have been a key input to refining the placement of drill holes for the planned upcoming drilling at Bull Run. In addition to this, some key areas have had drone magnetics flown over them to assist in identifying structural controls.

11

==> picture [45 x 56] intentionally omitted <==

==> picture [453 x 320] intentionally omitted <==

Figure 14. Location and configuration of the 3D DCIP survey. Cyan dots are receiver stations and yellow dots are current injection stations.

Preliminary drill permitting continued with the US Forest Service and will continue with a dedicated consultant in-country supporting the Company’s permitting applications.

CORPORATE

The Company finished the quarter with $3.4 million cash at hand. A non-renounceable entitlement issue of options to eligible shareholders on the basis of one (1) New Option (Loyalty Option) for every two (2) Shares held by eligible shareholders at 5pm (WST) on 31 August 2022 (Record Date) at an issue price of $0.001 per Loyalty Option (Entitlement Offer) was completed.

The purpose of the Entitlement Offer is to recognise the support and loyalty the Company has received from its shareholders to date. The Entitlement Offer is also aimed to help maintain shareholder loyalty for eligible shareholders who have purchased shares since the Company’s shares commenced quotation on the ASX on 21 June 2021.

The Company continues to evaluate new opportunities and was active in reviewing multiple projects over the last quarter. The Company is rigorous in its evaluation and cognisant of external market factors potentially leading to a more conducive environment for transactions.

COMPLIANCE

For the purpose of Listing Rule 5.3.1, details of the Company’s group exploration activities for the Quarter, including any material developments or material changes in those activities, and a summary of the expenditure of $0.414m incurred on those activities is detailed above and below.

For the purpose of Listing Rule 5.3.2, the Company confirms that there were no mining production and development activities during the Quarter by the Company.

12

==> picture [45 x 56] intentionally omitted <==

Pursuant to Listing Rule 5.3.4, the Company provides the following comparison of its actual group expenditure on the individual items in the “Use of Funds” statement in its IPO Prospectus since the date of its admission to the ASX’s official list, against the estimated expenditure on those items in the “Use of Funds” statement in the prospectus and an explanation of any material variances. The underspend for the remaining 9 months from the 2-year estimate is largely in line with expectations or generally due to timing or amendments to exploration programs where otherwise disclosed.

Pursuant to Listing Rule 5.3.5, $130,000 of payments were made to related parties or their associates (refer to Item 6.1 of Appendix 5B) consisting of:

• Directors’ fees, salaries and superannuation of $107,000; and

• Reimbursement of expenses including office recharges such as rent and shared service charges of $19,000 and salary related to exploration activities of $4,000 to related entities of which the directors directly do not receive a financial benefit and are on an arm’s length basis.

Year 1 Use of Funds Estimated to Actual (In A$’000)

Year 1 Use of Funds Estimated to Actual (In A$’000)	Year 1 Use of Funds Estimated to Actual (In A$’000)	Year 1 Use of Funds Estimated to Actual (In A$’000)	Year 1 Use of Funds Estimated to Actual (In A$’000)
	Prospectus Estimate **(2 years) ***	Actual Spend (23 June 2021 – 30 September quarter end)	Variance Under / (Over)
	$’000	$’000	$’000
Exploration Silver Swan South	2,000	742	1,258
Exploration Red Gate	1,385	962	423
Exploration Middle Creek	1,015	418	597
Exploration Bull Run Project (US)	1,300	729	571
Expenses of the Offer	692	629	63
Working capital	1,608	1,090	518
Total	8,000	4,570	3,430
*Estimated in the "Use of Funds" statement in the IPO Prospectus dated 5 May 2021.

In accordance with Listing Rule 5.3.3, please refer to Appendix One for a listing of all tenement holdings.

This announcement was authorised for release by the Managing Director on behalf of the Board of Codrus Minerals.

ENDS

Investor Inquiries: Media Inquiries: Shannan Bamforth, Managing Director Nicholas Read Codrus Minerals Read Corporate Phone: (08) 9388 1474

13

==> picture [45 x 56] intentionally omitted <==

About Codrus Minerals Limited

Codrus Minerals is a gold focused explorer with exciting projects in Western Australia (WA) and Oregon, United States of America (USA). All of our Australian assets are located in close proximity to existing operating mines and the Bull Run Project in the USA is located in a rich historic gold producing area. Codrus currently has three projects in WA, comprising 29 tenements with a total landholding of approximately 227.8km[2] . The Silver Swan South and Red Gate Projects are in the Eastern Goldfields, whilst the Middle Creek Project is located in the Eastern Pilbara. The tenements are prospective for economic gold mineralisation, with Silver Swan South also being prospective for Nickel. In the USA, the company holds a 100% legal and beneficial interest for 79 claims and is party to an ‘Option Agreement’, which covers a further 11 claims in Baker County in Eastern Oregon. In total the claims cover approximately 7km[2] in the Ironside Mountain Inlier. The Bull Run project is prospective for gold and has been mined intermittently since approximately 1929.

Competent Persons Statement

The information in this report that relates to Exploration Results and Exploration Targets is based on information compiled by Mr. Shannan Bamforth who is a Member of the Australasian Institute of Mining and Metallurgy. Mr. Bamforth is a permanent employee of Codrus Minerals and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Bamforth consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The Information in this announcement that relates to previous exploration results for the Projects is extracted from the following ASX announcements:

• “Multiple Gold Zones Discovered at Middle Creek Project, WA” 28th July 2022

• “Drilling Identifies Widespread Gold at Red Gate Gold Project” 21st July 2022

• “Drilling Identifies Widespread Gold at Red Gate Gold Project” 21[st] July 2022

• “3000m RC Drilling Program commences at Red Gate Gold Project” 18[th] May 2022

• “Codrus Expands Middle Creek Project - Exploration Commences” 8[th] April 2022

• “Codrus Identifies Additional Broad Gold Zones at Red Gate” 9[th] March 2022

• “High Grade Drill Results at Red Gate Gold Project” 14[th] Feb 2022

• "Exploration Ramps Up at Bull Run Project, USA” 17[th] January 2022

• "RC Drilling Commenced at Red Gate Project” 4[th] November 2021

• “Silver Swan South Drilling Update” 13[th] October 2021

• “Codrus Minerals Limited Prospectus” 21[st] June 2021

The above announcement is available to view on the Company’s website at codrusminerals.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant original market announcements. The Company confirms that the information and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

Exploration and Resource Targets

Any discussion in relation to the potential quantity and grade of Exploration and Resource Targets is only conceptual in nature. While Codrus is continuing exploration programs aimed at reporting additional JORC compliant Mineral Resources, there has been insufficient exploration to define mineral resources and it is uncertain if further exploration will result in the determination of maiden JORC compliant Mineral Resources.

Forward-Looking Statements

Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of Codrus. There is continuing uncertainty as to the full impact of COVID-19 on Codrus’s business, the Australian economy, share markets and the economies in which Codrus conducts business. Given the high degree of uncertainty surrounding the extent and duration of the COVID-19 pandemic, it is not currently possible to assess the full impact of COVID-19 on Codrus’s business or the price of Codrus securities. Actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, recipients are cautioned not to place reliance on forward-looking statements. Any forward-looking statements in this presentation speak only at the date of issue of this presentation. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Codrus does not undertake any obligation to update or revise any information or any of the forward-looking statements in this presentation or any changes in events, conditions or circumstances on which any such forward-looking statement is based.

14

==> picture [45 x 56] intentionally omitted <==

Appendix One – Tenements Mining Tenements (and Mining Claims) held at the end of September 2022 Quarter

Project	Location	Tenement	Interest at September 2022
Bull Run (Record	Oregon, USA	OR152073, OR152074	0%*
Mine)
	Oregon, USA	OR152076, OR152077	0%*
	Oregon, USA	OR152078, OR152627	0%*
	Oregon, USA	OR17242 – OR17246	0%*
	Oregon, USA	OR176469 – OR176514	100%
	Oregon, USA	OR178405 – OR178437	100%
	Oregon, USA	OR105272173 – OR105272184	100%
Silver Swan South	Western Australia	P27/2191 – P27/2196	100%
	Western Australia	E27/545	100%
Red Gate	Western Australia	E31/1096	100%
Middle Creek	Western Australia	P46/1900 - P46/1912	95%
	Western Australia	P46/1914 - P46/1920	95%
	Western Australia	P46/1924	100%
	Western Australia	P46/2091 – P46/2095	Under application
	Western Australia	E46/1428, E46/1431	Under application
	Western Australia	P46/2046 – P46/2052	Under application
Waladdi Soak	Western Australia	E27/682	Under application
Koonkoobing Hill	Western Australia	E70/6306	Under application

*Lode mining claims held under an option agreement with Young and Mount View Farms

Mining Tenements acquired and disposed during the quarter

Project	Location	Tenement	Interest at beginning of Quarter	Interest at end of the Quarter
Mining Tenements Acquired
Nil
Mining Tenements Disposed
Nil

Beneficial percentage interests in joint venture agreements at the end of the quarter

Project	Location	Tenement	Interest at beginning of Quarter	Interest at end of the Quarter
Nil

15

==> picture [45 x 56] intentionally omitted <==

Beneficial percentage interests in farm-in or farm-out agreements acquired or disposed during the quarter

Project	Location	Tenement	Interest at beginning of Quarter	Interest at end of the Quarter
Mining tenements relinquished - Nil
Mining tenements acquired - Nil

16

Rule 5.5

Appendix 5B

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

Name of entity Codrus Minerals Limited ABN Quarter ended (“current quarter”) 17 600 818 157 30 September 2022

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	- (414) - - (73) (187) - - 12 - - -	- (414) - - (73) (187) - - 12 - - -
	(662)	(662)
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	- - - - - -	- - - - - -

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	- - - - - - - -	- - - - - - - -
	-	-
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	38 - - (6) - - - - -	38 - - (6) - - - - -
	32	32
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above)	4,060 (662) - 32	4,060 (662) - 32

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	-	-
	3,430	3,430
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 (Security Deposits) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)	3,330 - - 100	4,020 - - 40
	3,430	4,060
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 1 130 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.		130
		-

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) (662) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - Total relevant outgoings (item 8.1 + item 8.2) (662) Cash and cash equivalents at quarter end (item 4.6) 3,430 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 3,430 Estimated quarters of funding available (item 8.6 divided by item 8.3) 5.18 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?	(662) - (662) 3,430 -
		3,430
	Answer: N/A
	8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
	Answer: N/A
	8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?
	Answer: N/A
	Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

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

Page 4

Appendix 5B

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

Compliance statement

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

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

27 October 2022

Date: ...................................................................................

Jamie Byrde

Director/Company Secretary

Authorised by: ...............................................................

(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.

Page 5