CONICO LTD — Interim / Quarterly Report 2022

Jul 28, 2022

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ASX Announcement
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29 July 2022

June 2022 Quarterly Activities Report

Highlights

Mt Thirsty PGE, Ni-Cu-Co and Ni-Co Project, Western Australia (50% owned)

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• Geological review commenced at Mt Thirsty following recent discovery by Galileo Mining Ltd (ASX: GAL ) only 200 metres from northern tenement boundary held by the MTJV.

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• Prospective mineralised horizons on the GAL tenement interpreted to strike a further 1.5km S- SW from the northern tenement boundary. Interpretations supported by lithology & geophysics. Program of Work application submitted for a 5,000-metre drill campaign.

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• Consultants engaged to assess broader nickel sulphide and LCT pegmatite potential on the MTJV tenements.

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• Subsequent to the end of the Quarter, the technical review (incorporating CSA Global, MTJV technical staff and leading geophysicist Barry Dewet) was completed incorporating recommendations for RC and diamond drilling as well as further geophysics.

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• A heritage survey was also successfully completed on the MTJV with minimal impact on proposed drill hole locations.

Ryberg Polymetallic and Mestersvig Zn-Pb-Cu-Ag Projects, Greenland (100% owned)

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• Major contractors were secured, including drilling and shipping contractors together with key technical and field staff for the Ryberg and Mestersvig field seasons.

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• The target departure date of mid-late June was subsequently delayed to 12 July 2022 due to a build-up of pack ice on the east coast of Greenland preventing ship access to Ryberg.

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• The 2022 program is leveraging off last season’s regional magnetic-radiometric survey that has provided further insight to the Miki and Sortekap magmatic sulphide prospects, as well as identifying new prospects at Pyramid, Cascata, Quest and Qiterpiaaneq.

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• Subsequent to the end of the Quarter, drilling has commenced (commenced week beginning 18 July) at the Ryberg Project - Cascata and Sortekap Prospects.

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• Drilling at Mestersvig planned to commence in late-July targeting known mineralisation from the historic Blyklippen Zn-Pb mine and assess the Sortebjerg Zn-Pb-Cu sulphide prospect.

Corporate

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• An underwritten non-renounceable Rights Issue was completed in April raising a total of $2,492,202 (before expenses).

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• Thomas Abraham-James appointed as a non-executive director to the Company.

Conico Ltd ABN 49 119 057 457 Level 15, 197 St George’s Terrace Perth, WA 6000 Australia

+61 (0)8 9282 5889 @conico_ltd info@conico.com.au @ConicoLtd www.conico.com.au conico-limited

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1. Exploration Activities

Mt Thirsty PGE’ Cu-Ni-Co and Ni-Co Project, Western Australia (50% owned)

1.1.1. Overview of Activities

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Figure 1 : MTJV tenure with 100k surface lithology.

The MTJV is located 16 kilometres North-Northwest of Norseman, Western Australia (Annexure A) and is owned by Greenstone Resources Ltd (ASX: GSR ) (50%) and Conico Limited (ASX: CNJ ) (50%).

Following the discovery of PGE – nickel – copper -cobalt mineralisation approximately 200 metres north of the Mt Thirsty JV tenement boundary by Galileo Mining Ltd (ASX: GAL ) on 11 May 2022, the JV

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partners undertook a review of the prospective mineralised horizon onto MTJV tenure supported by lithology & geophysics.

An initial appraisal of the results from Callisto by Galileo indicates similarities in mineralisation style to the Platreef deposits on the northern limb of the Bushveld Complex in South Africa with combined indicated resources of >700Mt at a 1 g/t 3PE+Au cut off. Contained metals at Platreef include palladium, platinum, gold, rhodium, copper, and nickel.

Preliminary investigations suggest that the mineralised horizon remains untested for a further 1.5km extending onto MTJV tenure. Subsequent to the end of the quarter the MTJV has applied for and received a POW for a total of 5,000 metres of RC and diamond drilling to test this horizon.

Galileo recently announced ( GAL ASX Announcement, 11 May 2022) the completion of six reverse circulation drillholes at Callisto targeting a mineralised sulphide unit on the contact between an ultramafic sill and package of sedimentary rocks.. Significant intercepts from the discovery hole NRC266 drilled by Galileo on their tenure, include1:

33 metres @ 2.00g/t 3E2 (1.64g/t Pd, 0.28g/t Pt, 0.09g/t Au), 0.32% Cu & 0.30% Ni from 144m, including;

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• 6 metres @ 2.69g/t 3E (2.21g/t Pd, 0.37g/t Pt, 0.11g/t Au), 0.41% Cu & 0.36% Ni from 159m; and

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1 metre @ 3.21g/t 3E (2.66g/t Pd, 0.41g/t Pt, 0.14g/t Au), 0.48% Cu & 0.46% Ni from 176m.

Despite extensive drilling over the Mt Thirsty resource area (JORC Inferred and Indicated Resources of 26.9Mt at 0.126% cobalt, and 0.54% nickel, see Annexure C), the prospective eastern margin remains largely untested (Figure 1) with only 3.5% of all holes drilled at Mt Thirsty penetrating deeper than 100 metres, also noting Galileo’s discovery hole was from 144 metres downhole.

Subsequent to the end of the June Quarter, the MTJV was successful in completing a heritage survey and a Program of Work (PoW) for an initial 5,000 metre RC and diamond drilling program to investigate south-eastern extensions to the prospective geological horizon identified by Galileo.

1 ASX:GAL 12/05/2022

2 3E = Palladium (Pd) + Platinum (Pt) + Gold (Au) in g/t

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Figure 2: MTJV tenure with TMI1VD magnetic image.

Project consolidation discussions are still ongoing for the Mt Thirsty with JV partner Greenstone Resources Ltd. The Companies are assessing several options to simplify the current ownership structure to support the next development phase of the Project. The principal objective of any outcome is to provide a dedicated management team capable of advancing the Project to a final construction decision, as well ensuring the respective shareholders of Greenstone and Conico retain long-term exposure to the Project.

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• 1.2. Ryberg Polymetallic Project, Greenland (100% owned)

• 1.2.1. Planning for 2022 Field Season

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Figure 1 Prospects within the Ryberg Project area on top of recently acquired Total Magnetic Intensity.

The Ryberg Polymetallic Project (Figure 3) covers 4,521km[2] on the east coast of Greenland, 365km west of Iceland. It contains multiple prospects that are prospective for accumulations of magmatic sulphide mineralisation, with known occurrences of Ni-Cu-Co-Pd-Au.

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Planning for the 2022 field season at the Ryberg Project was completed during the Quarter following on from 2021 activities that consisted of drilling and a regional magnetic-radiometric survey. This year’s proposed exploration will consist of drilling only, and is set to commence in June, persisting until at least the end of September.

Conico personnel have focused on interpretation of existing data, particularly the inclusion of the 2021 magnetic-radiometric geophysical survey, to fine-tune drill locations for this year. This data was not available for the 2021 drill programme and has given considerable insight.

Contracts have been received from key logistical suppliers and personnel will be stationed on an onshore camp. Three diamond drill rigs and fuel are already on site, with only minimal equipment required to be imported, that will include a handheld XRF to aid mineralisation identification in real-time. Operational efficiency should improve this year due to the easing of Covid-19 related travel restrictions and more stable climatic conditions earlier in the year.

The Company has also increased its compliment of staff, welcoming exploration manager Thomas Sant to the team, and an additional four geologists. A laboratory in Ireland will also be utilised to improve assay turnaround, and a broadband internet terminal brought to site to ensure regular market updates can be provided from the field.

1.2.2. Regional Magnetic-Radiometric Geophysical Survey

The 2021 regional magnetic-radiometric geophysical survey (Figure 3) completed 24,315-line kilometres in an E-W orientation at 200m line spacing, and further refined the Miki and Sortekap, identifying previously unknown structural and lithological trends. This data should assist with existing datasets to fine-tune drill targeting for 2022.

New prospects (figures 3 and 4) identified from this geophysical program which are now the subject of ground truthing and possible drilling over 2022 include.

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• Pyramid : This target manifests itself as a gossanous rock with a prominent magnetic signature. The magnetic data shows a zone of magnetite destruction immediately to the west of the larger southern intrusion that may indicate a zone of hydrothermal alteration.

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• Quest , a roughly circular, pipe-like magnetic anomaly within a surface depression. It may represent an eroded mafic-ultramafic intrusion that is considered prospective for precious and base metals. Historic stream sediment sampling in the vicinity yielded anomalous results for chrome, nickel, and copper.

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• Qiterpiaaneq ; interpreted to be a pipe-like intrusion with a surface expression of ~15km[2] , dipping to the southeast. It lies adjacent to an interpreted crustal-scale feature, adding further support to the interpretation that it is an intrusion that migrated up a major structure. Landsat 8 infrared bands indicate the presence of distinct clay-rich zones in the host

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lithologies that may indicate alteration associated with its emplacement. If Qiterpiaaneq does represent a large mafic-ultramafic intrusion, then it is prospective for precious and base metal magmatic sulphide mineralisation. Ground truthing of this anomaly will be undertaken in late July – early August 2022.

1.3. Mestersvig Zn-Pb-Cu-Ag Project, Greenland (100% owned) 1.3.1. Planning for 2022 Field Season

The Mestersvig Project covers 1,447km[2] on the east coast of Greenland, 640km north of Iceland. It contains multiple prospects that are prospective for accumulations of vein and strata-bound sulphide mineralisation, with known occurrences of Zn-Pb-Cu-Ag. This includes the historic Blyklippen Mine that produced 545,000 tonnes of ore @ 9.9% zinc and 9.3% lead between 19561962 that is situated within the tenement.

The Company is well placed to conduct activities at Mestersvig in 2022, with planning completed and permits in place. Personnel and drill rigs were proposed to be transported to Mestersvig (from the Ryberg Project) at the beginning of August, however the delay incurred by sea ice off the coast of Ryberg in June necessitated modification with the Company since purchasing two diamond drill rigs and mobilising the Mestersvig team ahead of schedule in July. Drilling is scheduled to commence late July and persist until the end of September. Fuel and accommodation are already on site, as are a harbour and an airstrip at the nearby (<5km) Mestersvig airbase.

Drilling will focus on extensions to the historic Blyklippen Mine, toward the Sortebjerg Prospect, a strike length of ~13km that has not previously been drill-tested (figure 5). Off-season work by Company personnel has focused on identifying the location of the vein, utilising a combination of historic drilling, satellite imagery and geophysics.

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Figure 4 : Setting up drill pads near the historic Blyklippen Mine at the Mestersvig Project.

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Figure 5: Plan showing historic Blyklippen Mine and prospective horizon striking SSE to the Sortebjerg Prospect with proposed 2022 diamond drill holes.

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2. Corporate 2.1. Rights Issue

The Company completed a fully underwritten non-renounceable pro-rata rights offer to Conico shareholders that raised a total of $2,492,202 (before expenses of the Offer). The Rights Offer was made to all eligible shareholders of one (1) fully paid ordinary Conico share for every six (6) fully paid ordinary Conico shares held as at the Record Date, at a price of 1.3 cents per Share together with one for two free attaching Options. The Offer was fully underwritten by Peloton who placed a shortfall of 89,911,757 Shares (together with 44,955,878 free attaching Options) for a total of $1,168.853.

2.2. Board Appointment

On 1 June 2022 geologist Mr Thomas Abraham James retired from his role as Chief Executive Officer of Conico subsidiary Longland Resources and was appointed as a Non-Executive Director of the Company. Thomas’s role includes engagement in ongoing promotion of the Company’s activities in addition to monitoring field activities in Greenland alongside Executive Director Guy Le Page.

For and on behalf of the board,

Guy T Le Page, FFIN, MAusIMM Director

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Exploration

Exploration expenditure for the quarter was $1.17 million, mainly relating to the 2022 Ryberg drilling program. There were no mining production or development activities during the quarter.

Description of Payments to Related Parties of the Entity and their Associates (LR 5.3.5)

Payments to related parties during the quarter related to:

1. Management Fees, as per agreement, were paid during the quarter to a company of which Mr GH Solomon and Mr DH Solomon are directors.

2. Director Fees and superannuation.

3. Legal Fees were paid during the quarter to a firm of which Mr GH Solomon and Mr DH Solomon are partners.

4. Corporate advisory and website maintenance fees were paid during the quarter to a company in which Mr G Le Page and Mr J Richardson are directors.

5. Consulting fees and expense reimbursements were paid to Mr T Abraham-James relating to the period prior to him being appointed a director.

6. Placement fees were paid to a company in which Mr G Le Page and Mr J Richardson are directors.

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ANNEXURE A

ABOUT MT THIRSTY

The Mt Thirsty Joint Venture (MTJV) is located 16 kilometres North-Northwest of Norseman, Western Australia (50% Greenstone Resources, 50% Conico Limited).

The Project contains the Mt Thirsty cobalt-nickel oxide deposit with a JORC Resource of 26.9Mt at 0.126% cobalt, and 0.54% nickel[3] . A Pre-Feasibility Study (PFS) of the Project was completed and announced to the ASX on 20 February 2020. In addition to the Co-Ni oxide deposit, the Project also hosts nickel sulphide mineralisation potential.

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3 ASX:GSR 09/09/2019

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ANNEXURE B

Interests in Mining Tenements

Tenement	Location	Interest held at end of quarter	Acquired during the quarter	Disposed during the
E63/1267	WA	50%
R63/4	WA	50%
E63/1790	WA	50%
P63/2045	WA	50%
M(A) 63/669*	WA	50%
M(A) 63/670#	WA	50%
G(A) 63/93^	WA	50%
L63/80	WA	50%
L63/81	WA	50%
L63/91	WA	50%
MEL 2017/06	Greenland	100%
MEL-S 2019/38	Greenland	100%
MEL 2020/64	Greenland	100%
MPL 2019/39	Greenland	100%
MEL-S 2021/24	Greenland	100%

Notes:

• *MLA over P63/1267,[#] MLA over R63/4,[^] GLA over E63/1790 & P63/2045 LA 63/91 for haul roads and services. L63/80 & 81 for ground water search.

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ANNEXURE C

Mt Thirsty Joint Venture Mineral Resources (50%)

Mineral	Cut-off	Wet Tonnes	Moisture	Dry Tonnes	Co	Ni	Mn	Fe
Resource	(Co%)	(Mt)	(% wet t)	(Mt)	(%)	(%)	(%)	(%)
Mt Thirsty Indicated	0.06	31.20	27%	22.8	0.121	0.53	0.79	21.30
Mt Thirsty Main Inferred	0.06	3.50	27%	2.5	0.103	0.45	0.66	19.10
Mt Thirsty
Main Sub	0.06	34.70	27%	25.4	0.119	0.52	0.77	21.10
Total
Mt Thirsty North Inferred	0.06	2.00	27%	1.5	0.092	0.55	0.48	19.40
Total	0.06	36.70	27%	26.9	0.117	0.52	0.76	20.90

Refer to ASX Announcement 9/9/2019 for full details of the Mineral Resource Estimate.

Mt Thirsty Joint Venture Ore Reserve (50%)

	Cut-off	Wet Tonnes	Moisture	Dry Tonnes	Co	Ni	Mn	Fe
Mineral Resource
	(Co%)	(Mt)	(% wet t)	(Mt)	(%)	(%)	(%)	(%)
Mt Thirsty Probable	Approx. 0.07% Co (Variable)	25.90	27%	18.8	0.126	0.54	0.80	21.60

Refer to ASX Announcement 20/2/2020 for full details of the Ore Reserve Estimate.

Competent Persons for the Mt Thirsty Cobalt Nickel Project

Project and Discipline	JORC Section	Competent Person	Employer	Professional Membership
Mt Thirsty Geology	Exploration Results and Mineral Resources	Michael J Glasson	Tasman Resources Ltd; Consultant to MTJV; holds shares in Conico Ltd	MAIG
Mt Thirsty Resource Estimation	Mineral Resources	David Reid	Golder Associates Pty Ltd	MAusIMM
Mt Thirsty Metallurgy	Exploration Results and Ore Reserves	Peter Nofal	AMEC Foster Wheeler Pty Ltd trading as Wood	FAusIMM
Mt Thirsty Mining	Ore Reserves	Frank Blanchfield	Snowden Mining Industry Consultants Pty Ltd	FAusIMM

The information in this report that relates to Exploration Results, Mineral Resources and Ore Reserves for the Mt Thirsty Cobalt-Nickel Project is based on and fairly represents information compiled by the Competent Persons listed in the table above. The Competent Persons have sufficient relevant experience to the style of mineralisation and type of deposits under consideration and to the activity for which they are undertaking to qualify as a Competent Person as defined in the JORC Code (2012 Edition). For new information, the Competent Persons consent to the inclusion in the report of the matters based on their information in the form and context in which it appears. Previously announced information is cross referenced to the original announcements. In these cases, the company is not aware of any new information or data that materially affects the information presented and that the material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original market announcements .

DISCLAIMER

This report contains forward-looking statements that involve several risks and uncertainties. These forward-looking statements are expressed in good faith and believed to have a reasonable basis. These statements reflect current expectations, intentions or strategies regarding the future and assumptions based on currently available information. Should one or more of the risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary from the expectations, intentions and strategies described in this report. No obligation is assumed to update forward-looking statements if these beliefs, opinions, and estimates should change or to reflect other future developments.

The interpretations and conclusions reached in this report are based on current geological theory and the best evidence available to the authors at the time of writing. It is the nature of all scientific conclusions that they are founded on an assessment of probabilities and,

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however high these probabilities might be, they make no claim for complete certainty. Any economic decisions that might be taken based on interpretations or conclusions contained in this report will therefore carry an element of risk.

REFERENCES TO PREVIOUS ANNOUNCEMENTS

In relation to the details of the PFS announced on 20/02/2020,Conico confirms that all material assumptions underpinning the production target and forecast financial information from the production target, as reported on 20/02/2020, continue to apply and have not materially changed. A proportion of the production target uses inferred mineral resources. There is a low level of confidence associated with inferred mineral resources and there is no certainty that further exploration will result in the determination of indicated mineral resources or that the production target itself will be realised.

The mineral resource estimates in this announcement were reported by the Company in accordance with ASX Listing Rule 5.8 on 9/9/2019. The Company confirms it is not aware of any new information or data that materially affects the information included in the previous announcement and that all material assumptions and technical parameters underpinning the estimates in the previous announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.

The ore reserve estimate in this announcement was reported by the Company in accordance with ASX Listing Rule 5.9 on 20/20/2020. The Company confirms it is not aware of any new information or data that materially affects the information included in the previous announcement and that all material assumptions and technical parameters underpinning the estimate in the previous announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.

DISCLAIMER

The interpretations and conclusions reached in this report are based on current geological theory and the best evidence available to the authors at the time of writing. It is the nature of all scientific conclusions that they are founded on an assessment of probabilities and, however high these probabilities might be, they make no claim for complete certainty. Any economic decisions that might be taken based on interpretations or conclusions contained in this report will therefore carry an element of risk.

This report contains forward-looking statements that involve a number of risks and uncertainties. These forward-looking statements are expressed in good faith and believed to have a reasonable basis. These statements reflect current expectations, intentions or strategies regarding the future and assumptions based on currently available information. Should one or more of the risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary from the expectations, intentions and strategies described in this report. No obligation is assumed to update forward-looking statements if these beliefs, opinions and estimates should change or to reflect other future developments.

COMPETENT PERSON´S STATEMENTS

The information contained in this report relating to exploration results for the Greenland projects is based on information compiled or reviewed by Thomas Abraham-James, the CEO of Longland Resources Ltd. Mr. Abraham-James has a B.Sc. Hons (Geol) and is a Chartered Professional (CPGeo) and Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM). Mr. Abraham-James has sufficient experience of relevance to the styles of mineralisation and the types of deposit under consideration, and to the activities undertaken to qualify as a Competent Person as defined in the 2012 edition of the Joint Ore Reserve Committee (JORC) “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr. Abraham-James consents to the inclusion in this report of the matters based on information in the form and context in which it appears.

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Rule 5.5

Appendix 5B

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

Name of entity	Name of entity
Conico	Ltd
ABN		Quarter ended (“current	quarter”)
49 119	057 457	30 June 2022
Consolidated statement of cash flows		Current quarter	Year to date (12
		$A’000	months)
			$A’000
1.	Cash flows from operating activities
1.1	Receipts from customers	-	-
1.2	Payments for
	(a) exploration & evaluation	(1,175)	(5,707)
	(b) development	-	-
	(c) production	-	-
	(d) staff costs	(49)	(147)
	(e) administration and corporate costs	(176)	(446)
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	-
1.9	Net cash from / (used in) operating	(1,400)	(6,300)
	activities
2.	Cash flows from investing activities
2.1	Payments to acquire or for:
	(a) entities	-	-
	(b) tenements	-	-
	(c) property, plant and equipment	(22)	(20)
	(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.

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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 (12
		$A’000	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	(22)	(20)
	activities
3.	Cash flows from financing activities
3.1	Proceeds from issues of equity securities
	(excluding convertible debt securities)	3,971	5,388
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	(313)	(287)
	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	3,658	5,101
	activities
4.	Net increase / (decrease) in cash and
	cash equivalents for the period
4.1	Cash and cash equivalents at beginning of	2,683	3,919
	period
4.2	Net cash from / (used in) operating	(1,400)	(6,300)
	activities (item 1.9 above)
4.3	Net cash from / (used in) investing activities	(22)	(20)
	(item 2.6 above)
4.4	Net cash from / (used in) financing activities	3,658	5,101
	(item 3.10 above)

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	Consolidated statement of cash flows	Current quarter	Year to date (12
		$A’000	months)
			$A’000
4.5	Effect of movement in exchange rates on	(2)	(17)
	cash held
4.6	Cash and cash equivalents at end of	4,917	2,683
	period
5.	Reconciliation of cash and cash	Current quarter	Previous quarter
	equivalents	$A’000	$A’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	4,917	2,683
5.2	Call deposits	-	-
5.3	Bank overdrafts	-	-
5.4	Other (provide details)	-	-
5.5	Cash and cash equivalents at end of	4,917	2,683
	quarter (should equal item 4.6 above)
6.	Payments to related parties of the entity and their		Current quarter
	associates		$A'000
6.1	Aggregate amount of payments to related parties and their		221
	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.

6.1 -

1. Management Fees, as per agreement, were paid during the quarter to a company of which Mr GH Solomon and Mr DH Solomon are directors.

2. Director Fees and superannuation 3. Corporate advisory fees were paid during the quarter to a company in which Mr G Le Page and Mr J Richardson are directors.

3. Website maintenance fees were paid during the quarter to a company in which Mr G Le Page and Mr J Richardson are directors.

4. Consulting fees and expense reimbursements were paid to Mr T Abraham-James relating to the period prior to him being appointed a director.

5. Placement fees were paid to a company in which Mr G Le Page and Mr J Richardson are directors. 7. Legal Fees and disbursements were paid during the quarter to a firm of which Mr GH Solomon and Mr DH Solomon are partners.

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.	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 $A’000	quarter end $A’000
7.1	Loan facilities -	-
7.2	Credit standby arrangements -	-
7.3	Other (please specify) -	-
7.4	Total financing facilities -	-
7.5	Unused financing facilities available at quarter end	-
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.

8.	Estimated cash available for future operating activities	$A’000	$A’000
8.1	Net cash from / (used in) operating activities (item 1.9)		(1,400)
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)		(1,400)
8.4	Cash and cash equivalents at quarter end (item 4.6)		4,917
8.5	Unused finance facilities available at quarter end (item 7.5)		-
8.6	Total available funding (item 8.4 + item 8.5)		4,917
8.7	Estimated quarters of funding available (item 8.6 divided by item 8.3)	3.5
	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: 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 July 2022

Authorised by: Aaron Gates

(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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