COKAL LIMITED — Interim / Quarterly Report 2020

Jan 28, 2021

T +61 2 8319 9299 E info@cokal.com.au

Level 5, 56 Pitt Street Sydney NSW 2000 ABN 55 082 541 437 (ASX: CKA) www.cokal.com.au

==> picture [174 x 53] intentionally omitted <==

29 January 2021

QUARTERLY REPORT FOR THE THREE MONTHS ENDING 31 DECEMBER 2020

HIGHLIGHTS

• Mining services contract awarded with contract negotiations almost finalised

• Coal haulage contract nearing completion

• Fuel and explosives contracts nearing completion

• Cokal to receive US$2.0M for the appointment of PT Sumber Global Energy (SGE) as Exclusive Sales Agent for 0.6Mt domestic coal sales from BBM

• China Railway Corporation to provide US$20m funding

• BBM JORC Resources and Reserves updated

INDONESIAN COAL ASSETS

Cokal holds shares in the following Indonesian coal assets in Central Kalimantan, each with known resources of metallurgical coal:

• 60% of the Bumi Barito Mineral (BBM) project located in Central Province, Kalimantan, Indonesia. The BBM project area is 14,980ha;

• 75% of PT Tambang Benua Alam Raya (TBAR) which owns an exploration tenement covering an area of approximately 18,850ha in Central Province, Kalimantan, Indonesia. This tenement is located adjacent to and southeast of the BBM project;

• 60% of the Borneo Bara Prima (BBP) project located in Central Province, Kalimantan, Indonesia. The BBP project area is approximately 13,050ha;

• 75% of the Anugerah Alam Katingan (AAK) project. This project is also located in Central Province, Kalimantan, Indonesia and has an area of approximately 5,000ha. AAK is currently on ‘on-hold’ status by Provincial Police Department (Polda Kalteng). The Police have investigated a dispute over the ownership of AAK pre-dating Cokal’s interest in the Project. Cokal is an aggrieved party and will await the outcome of the Police investigation.

There was no change in these shareholdings during the quarter.

BBM, TBAR, BBP and AAK are located adjacent to Indomet’s extensive coking coal tenements. The Company is focussed on the development of the BBM Project.

==> picture [46 x 14] intentionally omitted <==

Page 1 of 8

29 January 2021

==> picture [85 x 29] intentionally omitted <==

==> picture [420 x 297] intentionally omitted <==

Cokal's Coking Coal Tenements

Bumi Barito Mineral (BBM) Tenement

BBM’s permit covers an area of 14,980ha with multiple seams of high quality metallurgical coal. It is dissected by the Barito River, which cuts through the tenement in a north-south trend. Almost the entire IUP contains coal-bearing sediments with open cut mineable areas controlled by three major fault systems.

Coal analyses from more than 130 outcrops on the west side of the Barito River indicate that it contains premium quality anthracite and PCI coals. This coal does not currently form part of the stated BBM coal resources and therefore provides significant potential for future expansion of BBM resources.

Approval is being sought to extend the mining approved area into the eastern part of Pit 2.

BBM has regulatory approvals in place including:

• Mining Licence for 20 years with two further extensions of 10 years each

• Environmental approval for a mining rate of 6Mt per annum

• Port construction approval

• Forestry Permit to commence mining activity

• RKAB approval of its annual plan.

BBM will be the first area to be mined by Cokal.

No exploration activity or mining production was conducted by Cokal at BBM during the quarter.

==> picture [46 x 14] intentionally omitted <==

Page 2 of 8

29 January 2021

==> picture [85 x 29] intentionally omitted <==

==> picture [413 x 263] intentionally omitted <==

BBM Tenement Areas

Tambang Benua Alam Raya (TBAR) Tenement

TBAR’s exploration authority covers an area of 18,850ha immediately adjacent to and south of Cokal's BBM tenement. Outcrop mapping of four seams over 17km strike length indicates a substantial resource of high grade coking coal in this deposit. It is believed these seams correlate to the B, C, D and J seams in BBM.

Extension of the IUP for exploration was received in February 2020. An exploration plan has been prepared to evaluate the tenement’s resource and to delineate Resources and Reserves under the JORC code. This will enable submission of an application for a Production and Operation IUP within two years. The Government deadline for this application has been extended by one year while the BBM mine is being started. The Production and Operation IUP will be equivalent to a mining licence.

The haul road from BBM to the jetty at Bumban passes through the TBAR tenement and provides a notional 75km access road to port when the mine is developed.

No exploration activity or mining production was conducted at TBAR by Cokal during the quarter.

Borneo Bara Prima (BBP) Tenement

Cokal's BBP project covers 13,050ha in Murung Raya Regency, Central Kalimantan. BBP has been granted an Exploration Forestry Permit (IPPKH) and has been confirmed on the Central Government’s Clean and Clear list. The IUP was transferred to the Central Government where it now awaits approval to be upgraded to a mining licence (Production and Operation IUP).

No exploration activity was conducted in BBP during the quarter.

Anugerah Alam Katingan (AAK) Tenement

Cokal's AAK project covers 5,000ha in Central Kalimantan. Applications for the Exploration Forestry Permit (IPPKH) and Clean and Clear Certificates continue to be processed. Cokal continues to monitor the progress of the regulatory upgrade approvals for AAK.

No exploration activity was conducted on AAK during the quarter.

==> picture [46 x 14] intentionally omitted <==

Page 3 of 8

29 January 2021

==> picture [85 x 29] intentionally omitted <==

BBM PROJECT ACTIVITIES

Cokal released its Annual Mineral Resources and Ore Reserves Statement during the quarter.[1]

BBM Mineral Resources Estimate

As at 30 June 2020, the BBM Project has a Mineral Resources Estimate as defined in the table below.

Commodity Type	Measured Resource (Mt)	Measured Resource (Mt)	Indicated Resource (Mt)	Indicated Resource (Mt)	Inferred Resource (Mt)	Inferred Resource (Mt)	Total Resource (Mt)	Total Resource (Mt)	Geographical area
	2020		2020		2020
		2019		2019		2019	2020	2019
Coal (coking and PCI – minimum seam thickness 0.3m)	18.2	19.5	21.6	23.1	221.7	224.0	261.5	266.6	Kalimantan, Indonesia

BBM Mineral Resources Estimate

Refer ASX release 29 January 2015 and 29 April 2016. Notes for above Table:

• There was no additional exploration drilling for this period (2020 resource update) when compared to the previous reported resources;

• The geological model for this 2020 resource update has been revised and improved based on actual exposed coal at Pit 2 from the trial mining in 2017 and some re-interpretation of geological structure, all of which, although improving the model, has had minimal impact on this 2020 coal resources estimate.

BBM Mineral Reserves Estimate

As at 30 June 2020, the BBM Project has a Mineral Reserves Estimate as defined in the table below.

Commodity Type	Proved (Mt)	Proved (Mt)	Probable (Mt)	Probable (Mt)			Geographical area
					Proved + Probable
					(Mt)
	2020		2020
		2019		2019	2020	2019
Coal (coking and PCI – minimum seam thickness 0.3m)	12.3	13.0	6.6	7.2	18.9	20.2	Kalimantan, Indonesia

BBM Mineral Reserves Estimate

Refer ASX release 1 August 2017. Notes for above Table:

• This 2020 update used a projected sale price for coking coal of USD 145 per product tonne. This compares directly against USD 150 per product tonne as the coking coal price used in the previous reported study and represents a USD 5 per tonne reduction in revenue and therefore translates to a reduction in economic coal reserves;

• This 2020 update used a projected sale price for PCI coal of USD 110 per product tonne. This compares directly against USD 112.50 per product tonne as the PCI coal price used previously;

• This 2020 update reports a breakdown of 10.1Mt coking coal and 8.8Mt PCI coal ROM reserves;

• This 2020 update resulted in a Marketable reserves figure of 17.3Mt which compares well with the previously reported study which resulted in 16.9Mt Marketable reserves; and

1. Refer ASX Announcement dated 29 December 2020. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original ASX announcement

==> picture [46 x 14] intentionally omitted <==

Page 4 of 8

29 January 2021

==> picture [85 x 29] intentionally omitted <==

• This 2020 update result of 18.9Mt ROM reserves compares well with an external equivalent JORC standard study reserves report estimating 19.7Mt total mineable reserves.

BBM Contracts

Substantial progress has been made in the suite of contracts required to bring BBM into production:

• Negotiations with the favoured mining contractor are nearing completion for the overburden portion of the contract. The overburden mining method will incorporate significant dozer push. The coal mining and equipment hire portions of the contract will follow;

• Negotiations for drill and blast and explosive supply and storage contracts are nearing completion and being integrated into the mining contract arrangements;

• Fuel supply contracts are being evaluated together with fuel storage facilities at the port and mine;

• • The long haul coal transportation contract to carry coal from the mine 98km to the port at Bumban is in the final stages of negotiation.

Other

• A contract has been signed for the use of the KDP Bumban logging port facility during road and mine development. This is also being considered as the barge loading site for coal product;

• Local equipment has been sourced to rebuild the access road and additional equipment will be brought in from other places. Labour sourcing is underway;

• Sites have ben surveyed for the Intermediate Coal Stockpile (ISP) further down the river from Bumban where coal will be transhipped to load ocean-going vessels;

• The rehab of the first 200ha of the required 1500ha is being detailed as part of the BBM commitment. on BBM development.

==> picture [423 x 299] intentionally omitted <==

BBM Mine Logistics

==> picture [46 x 14] intentionally omitted <==

Page 5 of 8

29 January 2021

==> picture [85 x 29] intentionally omitted <==

CORPORATE ACTIVITY

Agreement with Sumber Global Energy (SGE)

Cokal has entered into an agreement with SGE to monetise near-term coal production from BBM. SGE will advance BBM a total of US$2.0M as consideration for Cokal appointing SGE as Exclusive Sales Agent for domestic Indonesian coal sales whereby SGE will undertake the marketing and sales of 0.6Mt BBM coal sold into the Indonesian domestic market for a period of 2 years from the date of first delivery of coal to SGE.

SGE will make available funding to BBM according to the following schedule:

• US$1,000,000 on or before the 30th December 2020;

• US$500,000 on or before the 31st January 2021; and

• US$500,000 on or before 31st March 2021.

BBM will repay the US$2.0M to SGE through a reduction in the coal sales price over the term of the agreement. The repayment schedule to SGE will be calculated by apportioning the US$2.0M consideration over the total tonnage of coal allocated to SGE over the term of the Agreement, which will be deducted from the sales price (e.g. If BBM allocates 0.6Mt of coal to SGE, then the US$2.0M in consideration will result in a US$3.33/t reduction in coal sales price for that tonnage.) The reduction in coal sales price shall be adjusted in the final period of the Agreement to ensure full repayment of the US$2.0M consideration. US$200,000 was drawn in January 2021.

Coal sold under the Agreement shall be priced in US Dollars per metric tonne on an FOB basis, with the price calculated using the below methodology:

• i. Appropriate prices (the “Index Prices”) for seaborne traded Coking and PCI Coals will be obtained from a recognised market data provider (e.g. Platts); and

• ii. The Index Prices will then be adjusted in order to calculate the prices to be used in the Agreement between BBM and SGE (the “Coal Sales Prices”), with the adjustments made to reflect:

• a. The quality and specifications of the coal produced by BBM, using the methodologies published by the provider of the Index Price; and

• b. Freight differentials.

SGE will also receive a small discount off the Coal Sales Prices. In the event SGE is able to sell the coal at a price higher than the Coal Sales Prices, the additional amount shall be shared equally between BBM and SGE.

If BBM fails to deliver coal such that a maximum of 0.6MT is not reached within a period of two years from the first delivery to SGE, then BBM will be considered in default and the US$2M (less any amounts repaid) converts to debt, plus interest using SIBOR. In the event that SGE defaults on the payment schedule for the US$2.0M set out above, BBM has the right to adjust the coal allotment to SGE under the Agreement in line with the payment received and the right to sell directly into the domestic Indonesian market.

==> picture [46 x 14] intentionally omitted <==

Page 6 of 8

29 January 2021

==> picture [85 x 29] intentionally omitted <==

Update on Binding Funding from China Railway Corporation Limited (CRCC)

As announced on 14 October 2020 the Company received a Letter of Intent stipulating a binding commitment for the provision of US$20m debt financing facility, with the funds to be used for the development of Cokal’s BBM Project. The funder of this facility, CRCC subsidiary CR-BFJV, has since provided Cokal a draft financing agreement which has been reviewed by Cokal. CR-BFJV had arranged to travel to Jakarta in early January to meet with Cokal to finalise the agreement, however recent Indonesian Government travel restrictions have banned all foreigners from entering the country until late January. CR-BFJV has rescheduled to come to Jakarta shortly after this date. It is anticipated that the agreement can be finalised at this time to allow the drawdown of funds soon thereafter.

General

During the quarter US$500,000 has been drawn under the loan facility provided by Aahana. The Company had US$170k in cash at the end of the quarter. During the quarter the aggregate amount of payments made to related parties and their associates for director fees, consulting fees, company secretarial fees and Sydney office rental fees totalled US$70k.

During the quarter US$65k was spent on development and production expenditure. Details of the activities carried out during the quarter are set out in this report.

Cokal’s Annual General Meeting was held on 24 November 2020. Mr Patrick Hanna was not re-elected as a director at the Annual General Meeting and the Board thanks him for his service and contribution over his 10 years with the Company.

COVID-19

Both Indonesian and Australian operations have responded to the COVID-19 virus pandemic. Staff and contractors have been minimally impacted and operations continue as planned.

There have been delays with site visits and finalising contracts due to travel restrictions, with analysis of contractor bids for mining operations and finalisation of the infrastructure agreement with China Rail delayed.

The Company has a focus on the well-being of its staff, contractors and the broader community and has implemented measures to ensure their well-being including; health screening and temperature monitoring, spatial distancing protocols, a high level of hygiene, change in flow of staff to and from the local community, and the minimisation of staff in the Jakarta and Sydney administrative offices.

ENDS

Further enquiries: Domenic Martino Non-Executive Chairman E: dmartino@cokal.com.au

This ASX announcement was authorised for release by the Board of Cokal Limited.

==> picture [46 x 14] intentionally omitted <==

Page 7 of 8

29 January 2021

==> picture [85 x 29] intentionally omitted <==

About Cokal Limited

Cokal Limited (ASX:CKA) is an Australian listed company with the objective of becoming a metallurgical coal producer with a global presence. Cokal has interests in four projects in Central Kalimantan, Indonesia, which are considered prospective for metallurgical coal.

Forward Looking Statements

This release includes forward looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs.

Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the company’s actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of resources or reserves, political and social risks, changes to the regulatory framework within which the company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.

Forward looking statements are based on the company and its management’s good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the company’s business and operations in the future. The company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the company’s business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the company or management or beyond the company’s control.

Although the company attempts to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be anticipated, estimated or intended, and many events are beyond the reasonable control of the company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements.

Forward looking statements in this release are given as at the date of issue only. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the company does not undertake any obligation to publicly update or revise any of the forward looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based .

==> picture [46 x 14] intentionally omitted <==

Page 8 of 8

29 January 2021

Rule 5.5

Appendix 5B

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

Name of entity Cokal Limited ABN Quarter ended (“current quarter”) 55 082 541 437 31 December 2020

Consolidated statement of cash flows	Consolidated statement of cash flows	Current quarter	Year to date (6
		US$’000	months)
			US$’000
1.	Cash flows from operating activities
1.1	Receipts from customers	-	-
1.2	Payments for
	(a) exploration & evaluation	-	-
	(b) development	(35)	(66)
	(c) production	(30)	(56)
	(d) staff costs	(199)	(422)
	(e) administration and corporate costs	(171)	(350)
1.3	Dividends received (see note 3)	-	-
1.4	Interest received	-	-
1.5	Interest and other costs of finance paid	(1)	(2)
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	(436)	(896)
	activities
2.	Cash flows from investing activities
2.1	Payments to acquire or for:
	(a) entities	-	-
	(b) tenements	-	(197)
	(c) property, plant and equipment	(6)	(34)
	(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	Consolidated statement of cash flows	Current quarter	Year to date (6
		US$’000	months)
			US$’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	(6)	(231)
	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	508	508
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)	(14)
3.10	Net cash from / (used in) financing	505	494
	activities
4.	Net increase / (decrease) in cash and
	cash equivalents for the period
4.1	Cash and cash equivalents at beginning of	110	779
	period
4.2	Net cash from / (used in) operating	(436)	(896)
	activities (item 1.9 above)
4.3	Net cash from / (used in) investing activities	(6)	(231)
	(item 2.6 above)
4.4	Net cash from / (used in) financing activities	505	494
	(item 3.10 above)

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	Consolidated statement of cash flows	Current quarter	Year to date (6
		US$’000	months)
			US$’000
4.5	Effect of movement in exchange rates on	(3)	24
	cash held
4.6	Cash and cash equivalents at end of	170	170
	period
5.	Reconciliation of cash and cash	Current quarter	Previous quarter
	equivalents	US$’000	US$’000
	at the end of the quarter (as shown in the
	consolidated statement of cash flows) to the
	related items in the accounts
5.1	Bank balances	170	110
5.2	Call deposits	-	-
5.3	Bank overdrafts	-	-
5.4	Other (provide details)	-	-
5.5	Cash and cash equivalents at end of	170	110
	quarter (should equal item 4.6 above)
6.	Payments to related parties of the entity and their		Current quarter
	associates		US$'000
6.1	Aggregate amount of payments to related parties and their		70
	associates included in item 1
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.

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.	Financing facilities Total facility	Amount drawn at
	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. amount at quarter end US$’000	quarter end US$’000
7.1	Loan facilities 800	500
7.2	Credit standby arrangements
7.3	Other (Prepayment) 1,000	-
7.4	Total financing facilities 1,800	500
7.5	Unused financing facilities available at quarter end	1,300
7.6	Include in the box below a description of each facility above, including the lender, interest
	rate, maturity date and whether it is secured or unsecured. If any additional financing
	facilities have been entered into or are proposed to be entered into after quarter end,
	include a note providing details of those facilities as well.

7.1 A The US$800,000 loan facility provided by Aahana Minerals Resources SDN BHD (Lender) was executed in September 2020. The facility interest rate is 12% per annum, compounded monthly and payable on the funds drawn down. During the quarter US$500,000 has been drawn under the facility. The loan is repayable within 30 days of receipt of a written demand for repayment by the Lender. Cokal Limited has provided a corporate guarantee for payment the Loan. 7.3 On 29 December 2020 Cokal Limited entered into an agreement to monetise near-term coal production from BBM production. PT Sumber Global Energy (“SGE“) will advance BBM a total of US$2.0m as consideration for Cokal appointing SGE as Exclusive Sales Agent for domestic Indonesia coal sales, whereby SGE will undertake the marketing and sales of BBM coal, sold into the Indonesian domestic market, for a period of 2 years from the date of first delivery of coal to SGE.

BBM has agreed to allocate SGE ~0.6Mt of saleable production of Coking and PCI coals to SGE over the 2-year period.

SGE will make available funding to BBM according to the following schedule:

• i. US$1,000,000 on or before the 30th December 2020;

ii. US$500,000 on or before the 31st January 2021; and iii. US$500,000 on or before 31st March 2021.

BBM will repay the US$2.0m to SGE through a reduction in the coal sales price over the term of the Agreement. The repayment schedule to SGE will be calculated by apportioning the US$2.0m consideration over the total tonnage of coal allocated to SGE over the term of the Agreement, which will be deducted from the sales price (e.g. If BBM allocates 0.6Mt of coal to SGE, then the US$2.0m in consideration will result in a US$3.33/t reduction in coal sales price.) The reduction in coal sales price shall be adjusted in the final period of the Agreement to ensure full repayment of the US$2.0m consideration. US$200,000 was drawn in January 2021.

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

8.	Estimated cash available for future operating activities	US$’000
8.1	Net cash from / (used in) operating activities (item 1.9)	(436)
8.2	(Payments for exploration & evaluation classified as investing	-
	activities) (item 2.1(d))
8.3	Total relevant outgoings (item 8.1 + item 8.2)	(436)
8.4	Cash and cash equivalents at quarter end (item 4.6)	170
8.5	Unused finance facilities available at quarter end (item 7.5)	1,300
8.6	Total available funding (item 8.4 + item 8.5)	1,470
8.7	Estimated quarters of funding available (item 8.6 divided by item 8.3)	3.4 quarters
	Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”.
	Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7.
8.8	If item 8.7 is less than 2 quarters, please provide answers to the following questions:
	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?
	Answer:
	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:
	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:
	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: 2 9 January 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

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

Page 5

Appendix 5B

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

entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

1. 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.

2. 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.

3. 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”.

4. 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 6