CONSTELLATION RESOURCES LIMITED — Interim / Quarterly Report 2019

Apr 23, 2019

ASX ANNOUNCEMENT 24 April 2019

MARCH 2019 QUARTERLY REPORT

Constellation Resources Limited (“Constellation” or “Company”) is pleased to present its Quarterly Report for the period ended 31 March 2019.

Highlights

• The Company holds an interest in several tenements in the Fraser range which are prospective for Nickel and Gold, which are referred to as the Orpheus Project (see location diagram below).

• The Company has completed the following work program for the March quarter which was previously delayed due to the unavailability of equipment and contractors:

• High powered ground electromagnetic (“EM”) surveys over E63/1281. Two subtle conductor targets were recorded and planning for drilling programs for these and the gold prospect on E63/1282 are underway.

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In the June 2019 quarter, the Company intends to finalise the heritage survey on E63/1282 in order to undertake drilling of the gold target and continue planning for heritage clearance and subsequent drilling program on E63/1281.

The Company is well funded with cash at bank of $5.9 million and is focused on creating value from the Orpheus Project, in addition to identifying and evaluating new opportunities in the resource sector which have the potential to build shareholder value.

For further information, please contact:

Peter Woodman

Managing Director Tel: +61 8 9322 6322

Level 9 BGC Centre The Esplanade PERTH WA 6000 tel +61 8 9322 6322 fax +61 8 9322 6558 email info@constellationresources.com.au ABN 57 153 144 211 constellationresources.com.au

24 April 2019

Orpheus Project

Constellation manages the Orpheus Project, which comprises five tenements covering approximately 552km² in a prospective portion of the Fraser Range province of Western Australia. The Fraser Range province is considered prospective for nickel, copper and gold, and has attracted significant exploration since the discovery of the Nova deposit in 2012.

The Orpheus Project includes a 70% interest in three mineral exploration licences and one mineral exploration licence application, and a 100% interest in a further mineral exploration licence. The three EL’s form part of a joint venture between Constellation Resources Limited (70%) and Enterprise Metals Limited (30%, ASX: ENT).

Ground electromagnetic (EM) surveys conducted during February 2019 covered the various targets mentioned in the previous quarterly reports over tenement E63/1281.

E63/1281- Nickel

A second phase of moving-loop transient electromagnetic (MLTEM) surveying has been completed and results received during the March quarter.

The surveyed lines were designed to test for potential conductive anomalies at the following targets:

• Airborne EM (AEM) anomaly (A1 - Figure 1) identified from an airborne electromagnetic (HeliTEM) survey flown in 2013;

• Magnetic lows (Mag 1 and 2 – Figure 1) in the south western part of E63/1281 that are interpreted to be possible mafic intrusions; and

• Subtle responses (Plato South - Figure 1) seen in the 2015 ground TEM surveys over the Plato Prospect in the southern part of E63/1281.

The 2019 EM surveys were completed by GEM geophysics during February 2019 using their 60-80A transmitter and Jessy Deeps high-temperature SQUID B-field sensor. A total of 450 stations were recorded over 33 lines for a total of 31.05 line-km.

The most interesting anomaly to come out of the program is a weak anomaly in the north western part of the Mag 2 area. The model for this anomaly is a relatively weak conductor, and appears to be related to a SSW–NNE structure.

The Slingram follow-up of the subtle in-loop anomaly at Plato South has confirmed a possible weak conductor in this area, but modelling suggests it is relatively low conductance and could be at significant depth.

The follow-up of the apparent HeliTEM A1 anomaly on E63/1281 did not confirm the prospect as being valid bedrock conductor response and no further work is planned. There was also no bedrock response detected over the Mag 1 prospect, and no further work is planned.

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Figure 1: Location of all MLTEM surveys completed during August–September 2018 to February 2019 on E63/1281. Background image is HeliTEM Ch20Z B-field image.

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Figure 2: TMI image over E63/1281 showing possible prospective intrusive targets.

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24 April 2019

Ground EM Survey Results

Mag2 Anomaly

A weak anomaly at the northern edge of the survey is of potential interest. Modelling suggests the potential source could be a SSW–NNE striking, steep-dipping low level conductor (Conductance: 210S) at a depth of around 150m. The modelled plate size is 300m x 300m dipping steeply to the southeast.

The modelling of the MLTEM data suggests the response is from depth, rather than being a surficial response from the palaeochannel sediments, but the source of the anomalism is ambiguous. This weak response could be representing a number of sources including remobilised sulphides or graphite, locally more intense alteration along the fault plane, and/or locally more ground water within this complex fault zone.

The local MLTEM anomaly is located on a discontinuity along a SSW–NNE mid time HeliTEM feature. See figure 3 below. There also appears to be some truncation of magnetic features in this area that suggest this is a site of an east–west structure. The MLTEM anomaly looks to be located at the junction of two fault trends.

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Figure 3: HeliTEM Ch15 B-field amplitude image showing the Mag2 GEM Anomaly model relative to the palaeo drainage response and interpreted structures.

The anomaly, though low order, is considered interesting enough to warrant a small drilling program to determine the cause of the conductive anomaly beneath cover. Planning for heritage clearance and drilling is underway.

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24 April 2019

Plato South

A review of the 2015 MLTEM and fixed loop electromagnetic (FLTEM) data over Plato South revealed a weak anomaly that was modelled as a potential large low-conductance plate at the southern extent of the Plato prospect (Figure 4).

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Figure 4: Review of historical ground TEM showing a) Late-time imagery of the MLTEM data, b) best-fit model of the observed tenuous anomaly, c) profiles of the observed anomaly (black) and model response (red).

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24 April 2019

During the February 2019 program, two East West lines of Slingram EM data (Figure 1) were surveyed over the Plato South anomaly to determine if the original anomaly could be better resolved using an offset receiver compared to the in-loop array, given the strong induced polarisation (IP) effects in the area.

The Slingram data confirmed a weak (Conductance 100S) anomaly, but did not resolve the anomaly any better than the original in-loop data. Modelling the Slingram data suggests that the source is shallower dipping that the original model and significantly deeper.

The Slingram derived target plate is 320-400m below surface and therefore any drill program will need to conducted using a diamond drill rig.

The first drilling program at Plato in 2014 intersected several small magmatic sulphidic nickel intercepts, however all drilling terminated in the target host rocks and the lower margins of the mafic-ultramafic intrusive system have not yet been tested. Therefore, whilst the anomaly is not strongly conductive, given it sits under conductive cover and the presence of nearby sulphidic nickel intercepts, it has not been discounted and drilling is planned at a later stage.

E63/1282-Gold

This is a ~3km long gold in soil anomaly (up to 13ppb gold) identified from historic sampling associated with a welldefined NE-SW trending magnetic anomaly and follow-up work by Apollo Minerals in August 2017 returned results up to 27ppb gold in soil samples.

Soil sampling in December 2017 was completed over this target on a 100m x 50m E-W grid and has confirmed the presence of the historic gold in soil anomaly, outlining a coherent 500m x 150m gold anomaly in the centre of the sampled area (Figure 5). There are also a number of other anomalous gold in soil areas identified from this survey.

During 2018, the gold target and surrounding area was inspected and preparations have been made to conduct a heritage survey prior to drilling. Shallow air core drilling traverses over the 500m x 150m central part of the anomaly are planned for the next quarter of 2019.

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Figure 5: Gold in soil results from December 2017 survey on RTP_TMI magnetic image - E28_1282 Gold target. 500m x 150m target highlighted in yellow.

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Corporate

Constellation is in a strong financial position with cash at bank of approximately $5.9 million and no debt as at 31 March 2019.

As at 31 March 2019, the Company has the following securities on issue:

Security Type	Number
Fully Paid Ordinary Shares	35,000,100
Listed options exercisable at $0.20 each on or before 31 July 2021	11,666,402
Unlisted options exercisable at $0.20 each on or before 31 July 2021	3,000,000
Unlisted options exercisable at $0.25 each on or before 9 April 2021	300,000
Unlisted options exercisable at $0.30 each on or before 9 October 2021	300,000
Unlisted options exercisable at $0.40 each on or before 9 April 2022	400,000

COMPETENT PERSONS STATEMENT

The information in this report that related to Exploration Results is based on, and fairly represents, information compiled by Mr Peter Woodman, a Competent Person who is a Member of the Australian Institute of Mining and Metallurgy. Mr Woodman is a holder of shares and options in, and is the Managing Director of, Constellation Resources Limited. Mr Woodman has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Woodman consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

FORWARD LOOKING STATEMENTS

Statements regarding plans with respect to Constellation’s project are forward-looking statements. There can be no assurance that the Company’s plans for development of its projects will proceed as currently expected. These forwardlooking statements are based on the Company’s expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of the Company, which could cause actual results to differ materially from such statements. The Company makes no undertaking to subsequently update or revise the forward-looking statements made in this announcement, to reflect the circumstances or events after the date of that announcement.

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Appendix 1: Summary of Mining Tenements

As at 31 March 2019, the Company has an interest in the following projects:

Project Name	Permit Number	Percentage Interest	Status
Fraser Range, Western Australia	E63/1281	70%	Granted
	E63/1282	70%	Granted
	E28/2403	70%	Granted
	E63/1695	70%	Application
	E28/2738	100%	Granted

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Appendix 2: JORC Code, 2012 Edition – Table 1 Fraser Range

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Sampling techniques	Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.	No samples were reported this quarter
	Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	No samples reported this quarter
	Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	MOVING LOOP TEM SURVEY Ground-based MLTEM surveys were conducted over selected areas. These surveys were carried out by GEM Geophysics (GEM) using a Jessy Deeps LT SQUID sensor and GEM GT-HO 100A transmitter. The primary field was generated by applying a current of 60-80A to a 300 x 300m transmitter loop. All data were acquired using a Slingram configuration, with the sensor offset 300m from the centre of the transmitter loop.
Drilling techniques	Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	No drilling results reported.
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed.	No drilling results reported.
	Measures taken to maximise sample recovery and ensure representative nature of the samples.	No drilling results reported.
	Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	No drilling results reported.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	No drilling results reported.
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.	No drilling results reported.
	The total length and percentage of the relevant intersections logged.	No drilling results reported.

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Criteria	JORC Code explanation	Commentary
Sub- sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique.	No drilling results reported.
		No drilling results reported.
		No samples reported
	Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.	No samples reported
	Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.	No samples reported
	Whether sample sizes are appropriate to the grain size of the material being sampled.	No samples reported
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	No samples reported
	For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	The data were acquired with a base frequency of 1.0 Hz (250 msec off-time) with 128 stacks. Loop and receiver locations were determined using hand-held GPS with accuracy of around 5m. At least two readings were acquired at each station location to determine the repeatability of the readings. Data was sent to an independent geophysical consultant (Kelvin Blundell) on a daily basis for QA/QC.
	Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	No samples reported
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel.	No drilling results reported.
	The use of twinned holes.	No drilling results reported.
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	No samples reported
	Discuss any adjustment to assay data.	No samples reported.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	Loop and receiver locations were determined using hand-held GPS with accuracy of around 5m.
	Specification of the grid system used.	Maps are using the GDA94_MGAz51 grid system.
	Quality and adequacy of topographic control.	Adequate

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Criteria	JORC Code explanation	Commentary
Data spacing and distribution	Data spacing for reporting of Exploration Results.	Readings were taken at 100m intervals on regional reconnaissance lines and 50m intervals over specific targets. Where more than one line was acquired, line spacing varied between 150 and 300m.
	Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.	No samples reported.
	Whether sample compositing has been applied.	No samples reported.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	Regional reconnaissance lines were acquired in an area with SW- NE magnetic grain, 3D and cross-cutting magnetic bodies, and N-S faults, and the lines were oriented E–W and N–S so as to best cover magnetic features of interest.
	If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	No drilling results reported.
Sample security	The measures taken to ensure sample security.	All MLTEM data is digitally stored by the contractor and geophysical consultant.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	MLTEM data has been independently checked by geophysical consultant Kelvin Blundell.
Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.)
Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.	The exploration results in this report relate to Exploration Licences E63/1281 and E63/1282. These EL’s form part of a joint venture between Constellation Resources Limited (70%) and Enterprise Metals Limited (30%, ASX: ENT). Under the terms of the JV agreement, Constellation Resources is required to sole fund all activities on these tenements until completion of a Bankable Feasibility Study.
	The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	Tenure in the form of Exploration Licences with standard 5-year expiry dates which may be renewed. There are no known impediments to obtaining a licence to operate in this area.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	Previous regional exploration on the project was undertaken by various companies and included, geophysical surveys, geochemical surveys, rock sampling and RC and diamond drilling. Historical geophysical surveys included an airborne (helicopter) electromagnetic surveyandground based magnetic, resistivity

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Criteria	JORC Code explanation	Commentary
		and gravity surveys. Geochemical surveys included soil sampling. A detailed assessment of the historic data is in progress. No significant issues with the data have been detected to-date.
Geology	Deposit type, geological setting and style of mineralisation.	The targeted deposit types and styles of mineralisation are nickel- copper-cobalt (Ni-Cu-Co) magmatic sulphide systems such as the Nova-Bollinger deposit and Tropicana style gold mineralisation.
Drill hole Information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length.	No drilling results reported.
	If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	No drilling results reported.
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.	No sample data reported.
	Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.	No sample data reported.
	The assumptions used for any reporting of metal equivalent values should be clearly stated.	No metal equivalent values are used.
Relationship between mineralisati on widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.	No drilling results reported.
	If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).	No drilling results reported.
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	Appropriate diagrams are included in the main body of this report.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and	Reporting of geophysical results is considered balanced.

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Criteria	JORC Code explanation	Commentary
	high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	No additional meaningful and material exploration data has been excluded from this report.
Further work	The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).	Further regional exploration related work planned for the Orpheus Project includes ongoing review of the historical exploration datasets and systematic follow-up geological mapping, rock sampling and geophysical surveys e.g. ground based EM surveys, over identified prospects and exploration targets. Drill testing (air core and/or RC percussion and/or diamond drilling) will be undertaken on priority targets identified.
	Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	These diagrams are included in the main body of this report.

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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

+Rule 5.5

Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16

Name of entity

CONSTELLATION RESOURCES LIMITED

ABN 57 153 144 211	Quarter ended (“current quarter”)
57 153 144 211	31 March 2019

Consolidated statement of cash flows	Current quarter $A’000	Year to date (9 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 Research and development refunds 1.8 Other (provide details if material) 1.9 Net cash from / (used in) operating activities	- (131) - - (72) (55) - 38 - - - -	- (349) - - (190) (223) - 83 - - - -
	(220)	(679)
2. Cash flows from investing activities 2.1 Payments to acquire: (a) property, plant and equipment (b) tenements (see item 10) (c) investments (d) other non-current assets	- - - -	(4) - - -

• See chapter 19 for defined terms

1 September 2016

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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (9 months) $A’000	Year to date (9 months) $A’000
2.2 Proceeds from the disposal of: (a) property, plant and equipment (b) tenements (see item 10) (c) investments (d) 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	- - - - - - -	- - - - - - -
	-	(4)
3. Cash flows from financing activities 3.1 Proceeds from issues of shares 3.2 Proceeds from issue of convertible notes 3.3 Proceeds from exercise of share options 3.4 Transaction costs related to issues of shares, convertible notes or options 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): - Loan from parent (forgiven in April 2018) 3.10 Net cash from / (used in) financing activities	- - - - - - - - -	7,000 - - (368) - (100) - - - -
	-	6,532
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) 4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	6,102 (220) - - -	33 (679) (4) 6,532 -
	5,882	5,882

• See chapter 19 for defined terms

1 September 2016

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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter $A’000	Previous quarter $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)	2 5,880 - -	6 6,096 - -
	5,882	6,102
6. Payments to directors of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to these parties included in item 1.2 140 6.2 Aggregate amount of cash flow from loans to these parties included in item 2.3 - 6.3 Include below any explanation necessary to understand the transactions included in items 6.1 and 6.2
		Current quarter $A'000
		140
		-
Payments include director fees, superannuation and provision of a fully serviced office.

7.	Payments to related entities of the entity and their	Current quarter
	associates	$A'000
7.1	Aggregate amount of payments to these parties included in item 1.2		-
7.2	Aggregate amount of cash flow from loans to these parties included		-
	in item 2.3
7.3	Include below any explanation necessary to understand the transactions included in
	items 7.1 and 7.2
Not	applicable

	8. Financing facilities available Add notes as necessary for an understanding of the position Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 8.1 Loan facilities - - 8.2 Credit standby arrangements - - 8.3 Other (please specify) - - 8.4 Include below a description of each facility above, including the lender, interest rate and whether it is secured or unsecured. If any additional facilities have been entered into or are proposed to be entered into after quarter end, include details of those facilities as well.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
		-	-
		-	-
		-	-

• See chapter 19 for defined terms 1 September 2016

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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

9. Estimated cash outflows for next quarter	$A’000
9.1 Exploration and evaluation 9.2 Development 9.3 Production 9.4 Staff costs 9.5 Administration and corporate costs 9.6 Other (provide details if material) 9.7 Total estimated cash outflows	(220) - - (66) (90) -
	(376)

10. Changes in tenements (items 2.1(b) and 2.2(b) above)	Tenement reference and location	Nature of interest	Interest at beginning of quarter	Interest at end of quarter
10.1 Interests in mining tenements and petroleum tenements lapsed, relinquished or reduced	-	-	-	-
10.2 Interests in mining tenements and petroleum tenements acquired or increased	-	-	-	-

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.

• [lodged electronically without signature]

Sign here:

............................................................ Date: 24 April 2019

(Company secretary)

Print name: Lachlan Lynch

Notes

1. The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity that wishes to disclose additional information is encouraged to do so, in a note or notes included in or attached to this report.

2. If this quarterly 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 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. See chapter 19 for defined terms 1 September 2016

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