CONSTELLATION RESOURCES LIMITED — Interim / Quarterly Report 2021

Jul 29, 2021

ASX ANNOUNCEMENT 30 July 2021

JUNE 2021 QUARTERLY REPORT

Constellation Resources Limited (“Constellation” or “Company”) is pleased to present its Quarterly Report for the period ended 30 June 2021. The Company’s focus is on the Orpheus Project in the Fraser Range of Western Australia, in addition to identifying and evaluating new opportunities in the resources sector.

HIGHLIGHTS DURING AND SINCE THE QUARTER END

• Air-Core (“AC”) drilling results to date have defined a highly prospective Ni-Cu-Co-PGE geochemical target that is interpreted to be over three kilometres in strike and up to 400 metres wide – named the “Eyre Anomaly”. There is strong evidence for magmatic nickel sulphides as being the source of the Eyre Anomaly which supports the prospectivity of the other established Ni-Cu-Co-PGE anomalies as a pathfinder to nickel sulphides in the basement intrusive.

• Completion of a further 20 infill AC drill holes in July 2021 for 2,244 metres over tenement E28/2403, assays pending.

• Assay results received from the Company’s March 2021 AC program continues to demonstrate the link between Ni-Cu-Co anomalism and the presence of trace magmatic nickel sulphides in a favourable intrusive host rock (Figure 1). Key results from the March 2021 program include:

o KAC0139: 16m @ 0.12% Ni, 0.01% Cu and 0.02% Co;

o KAC0141: 4m @ 0.08% Ni, 0.08% Cu and 0.03% Co; and

o KAC0147: 4m @ 0.09% Ni, 0.02% Cu and 0.02% Co (+trace nickel sulphides in BOH sample).

• Based on Eyre Anomaly assay results, the Company intends to accelerate its nickel sulphide drilling effort to include follow-up AC drilling in the September quarter, followed by an anticipated diamond drilling program.

• Cash at bank of $2.94 million and no debt as of 30 June 2021, well-funded for planned activities. Subsequent to quarter end, the Company has received a further $2.34 million upon the exercise of options including $0.3 million from Directors.

For further information, please contact:

Peter Woodman

Managing Director Tel: +61 8 9322 6322

Peter Muccilli

Technical Director

Tel: +61 8 9322 6322

Level 9, 28 The Esplanade PERTH WA 6000 tel +61 8 9322 6322 fax +61 8 9322 6558 email info@constellationresources.com.au constellationresources.com.au

ABN 57 153 144 211

30 July 2021

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Figure 1: AC drill results including Eyre Anomaly, geochemical footprints, MLTEM anomaly over aeromagnetics.

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30 July 2021

EXPLORATION ACTIVITIES

Eyre Anomaly Aircore Drilling Programs - E28/2403

During and subsequent to the quarter, the Company completed twenty AC holes for a total of 2,244 metres (assay results from this program remain outstanding) across the Eyre Anomaly to varying spacing. The Eyre Anomaly is a highly prospective Ni-Cu-Co-PGE geochemical target interpreted to be over three kilometres in strike and up to 400 metres wide (Figure 1). Strong evidence indicates magmatic nickel sulphides being the source of the Eyre Anomaly with optical petrological analysis confirming trace levels of magmatic nickel-copper sulphides in multiple holes in a fertile mafic intrusion (Figure 1).

The southern Eyre Anomaly has returned promising reconnaissance spaced intersections to date that include:

• KAC0091: 21m @ 0.21% Ni, 0.08% Cu, 0.03% Co, 52 ppb (Pt+Pd), 12ppb Au;

• KAC0124: 18m @ 0.21% Ni, 0.02% Cu and 0.05% Co, 14 ppb (Pt+Pd), 2ppb Au; and

• KAC0147: 4m @ 0.09% Ni, 0.02% Cu and 0.02% Co (Au-PGE assays pending).

Seven holes were completed to infill the southern Eyre Anomaly area to a notional 50 metre spacing. The tighter drill densities have proved to be highly effective in demonstrating the continuity of both fertile peridotite/olivine gabbronorite host rock, and potentially its associated Ni-Cu-Co-PGE geochemical dispersion. The Northern Eyre Anomaly infill drilling was completed to 100 metre centres. Well-developed regolith profiles were formed over the basement units. The pending assay results will guide the next steps in the area.

New Emerging Ni-Cu-Co Target - E28/2403

Broad geochemical dispersion in regolith around KAC0084 (4m @0.10% Ni, 0.05% Cu, 0.03% Co, 7ppb (Pt+Pd), 4ppb Au) was recently returned from the first suite of assays submitted from the March 2021 drilling program (Au-PGE results are still pending). Key results include:

• KAC0139: 16m @ 0.12% Ni, 0.01% Cu and 0.02% Co; and

• KAC0141: 4m @ 0.08% Ni, 0.08% Cu and 0.03% Co.

The assay and petrology results from the March 2021 AC program has displayed promising host rocks and pathfinder geochemistry patterns whilst acknowledging the early stage of evaluation for this emerging target area (Figure 1). Three additional holes were completed over this area in the July 2021 program with assay and petrology results pending.

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Petrological Samples – E28/2403

Optical petrological analysis from selected samples from the Company’s March 2021 AC drilling program were submitted for optical petrological analysis. The results from samples located within the middle and northern sections of the Eyre Anomaly, continues to demonstrate the presence of trace levels of magmatic Ni-Cu sulphides hosted in olivine gabbronorite intrusive unit (Figure 1 and 2).

Combined with previously reported Eyre Anomaly petrology results at the southern end of the anomaly, the magmatic Ni-Cu sulphide occurrences have now been identified over a two kilometre strike length. The Ni-Cu sulphide occurrences in addition with the associated pathfinder (Ni-Cu-Co-PGE) regolith anomaly, both track along the base of an interpreted large, and highly prospective fertile olivine bearing intrusion suite.

The link between nickel sulphides with associated pathfinder geochemistry is considered highly promising. The results underscore the nickel sulphide fertility of the intrusions and its prospectivity to potentially host an economically viable deposit in the tenement area.

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KAC0147
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Figure 2: Magmatic sulphide occurrences in KAC0147 comprising of pyrite, violarite (after pentlandite – Ni sulphide) and chalcopyrite, Cu Sulphide) in an olivine gabbronorite host.

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30 July 2021

Historic McPherson Prospect - E63/1282

The McPherson prospect hosts a coherent Ni-Cu soil anomaly that resides directly above a north-west trending magnetic unit that could represent a favourable intrusive unit to host nickel sulphides. McPherson is located 30km southwest of Independence Group Limited’s Nova nickel mine. A recent reconnaissance trip by the Company has confirmed the area around McPherson has no outcrop and the basement units are concealed under cover. No historic drill holes were identified or surface cultural effects that may lead to false positive airborne electromagnetic responses.

GEM Geophysics, under the guidance of Russell Mortimer from Southern Geoscience Consultants, recently completed a Moving Loop Electromagnetic (MLEM-Slingram) survey over the McPherson prospect. In the mid to late time electromagnetic data, some localised features were identified that could be related to subtle bedrock conductors. Given the coincident nickel-copper geochemical and magnetic anomalies, the Company considers a small reverse circulation drilling program to test the McPherson prospect is warranted.

FUTURE WORK PROGRAMS

The Company has submitted a Program of Works (“POW”) to allow for a high-priority AC drilling program that will drill the entire southern Eyre Anomaly to 50 metre centres. Additionally, the POW submission allows for further AC drilling over the new emerging Ni-Cu-Co target around KAC0084 to extend the interpreted mineralised extents on a 100 metre grid pattern and infill to 50 metre centres on selected traverses where required.

The Company plans to recommence AC drilling in August. The results from the previous and proposed AC drilling programs will be processed to optimise the locations of an anticipated diamond drilling and downhole electromagnetics program.

CORPORATE

Constellation is in a strong financial position with cash at bank of approximately $2.94 million and no debt as at 30 June 2021. Subsequent to the end of the quarter, Constellation has received a further $2.34 million from the exercise of options.

As at the date of this report, the Company has the following securities on issue:

Security Type	Number
Fully Paid Ordinary Shares	47,621,547
Options exercisable at $0.20 each on or before 31 July 2021	2,344,955*
Unlisted options exercisable at $0.30 to $0.60 each with expiration dates from 9 October	2,000,000
2021 to 30 June 2023

*Quotation of these options ceased on 26 July 2021.

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ABOUT THE FRASER RANGE TENEMENTS

The Company manages the Orpheus Project (Figure 3), comprising six tenements covering approximately 558km[2] in the Fraser Range province of Western Australia. In the Fraser Range, certain Proterozoic mafic/ ultramafic intrusion suites are prospective to host nickel-copper sulphide mineralisation. The region is currently experiencing high levels of exploration activity for nickel following the Nova, Silver Knight, Mawson and Lantern discoveries.

The Orpheus Project includes a 70% interest in three mineral exploration licences (E28/2403, E63/1281 and E63/1282) and one mineral exploration licence application (E63/1695). The granted exploration licences form part of a joint venture between the Company (70%) and Enterprise Metals Limited (“Enterprise”) (30%, ASX: ENT). Pursuant to the joint venture agreement, the Company is responsible for sole funding all joint venture activities on the tenements, which form part of the joint venture, up to completion of a bankable feasibility study.

Additionally, the Company has further 100% interests in two exploration licences (E28/2738 and E28/2957).

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Figure 3: Tenement Plan – Orpheus Project

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COMPETENT PERSONS STATEMENT

The information in this report that relates to Exploration Results is based on information compiled by Peter Muccilli, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Muccilli is a Technical Director of Constellation Resources Limited and a holder of options in Constellation Resources Limited. Mr Muccilli has sufficient experience that is relevant to the styles of mineralisation and types of deposit under consideration, and to the activity being undertaken, 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” (JORC Code). Mr Muccilli consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Exploration Results is also extracted from the following ASX announcements:

• “Drilling Results Confirm Trace Magmatic Nickel Sulphides” – dated 20 July 2021;

• “Trace Magmatic Nickel Sulphides in Multiple Drill Holes” - dated 22 April 2021;

• “Exploration Identifies Three Kilometre Ni-Cu-Co-PGE Target” – dated 19 January 2021;

• “ Trace Magmatic Nickel Sulphides Intersected in AC Drilling ” – dated 8 December 2020; and

• “ Aircore Drilling Identifies Anomalous Nickel-Copper-Cobalt ” – dated 14 July 2020.

These announcements are available to view at the Company’s website on www.constellationresources.com.au. The information in the original ASX Announcements that related to Exploration Results was based on, and fairly represents information compiled by Peter Muccilli, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Muccilli is a Technical Director of Constellation Resources Limited and a holder of options in Constellation Resources Limited. Mr Muccilli has sufficient experience that is relevant to the styles of mineralisation and types of deposit under consideration, and to the activity being undertaken, 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” (JORC Code). The Company confirms that it is not aware of any information or data that materially affects the information included in the original market announcements. 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 announcements.

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.

This announcement has been authorised for release by the Company’s Managing Director, Peter Woodman.

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Appendix 1: Disclosures in accordance with ASX Listing Rule 5.3

Summary of Mining Tenements

As at 30 June 2021, 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
	E28/2957	100%	Granted

No interests in mining tenements were acquired or disposed of during the quarter.

Summary of Mining Exploration Activities Expenditure

Activity	Amount($A’000)
Drilling	(67)
Consultants – Geophysical and DrillingField Team	(7)
Field Supplies,Equipment Hire,Vehicles	(8)
Sample Analysis	(1)
Tenement Maintenance,Rents and Rates	(14)
Travel and Accommodation	(11)
Other	(16)
Total as reported in Appendix 5B	(124)

There were no mining or production activities and expenses incurred during the quarter ended 30 June 2021.

Related Party Payments

During the quarter ended 30 June 2021, the Company made payments of $191,000 to related parties and their associates. These payments relate to existing remuneration arrangements (executive salaries, director fees and superannuation of $146,000) and provision of a serviced office ($45,000).

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Appendix 2: JORC Code, 2012 Edition – Table 1

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. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. 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.	No new drilling results reported in this announcement.
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 new drilling results reported in this announcement.
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. 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 new drilling results reported in this announcement.
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. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. The total length and percentage of the relevant intersections logged.	No new drilling results reported in this announcement.
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	No new drilling results reported in this announcement.

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Criteria	JORC Code explanation	Commentary
	appropriateness of the sample preparation technique. Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. 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. Whether sample sizes are appropriate to the grain size of the material being sampled.
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. 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. 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 new drilling results reported in this announcement.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel. The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Discuss any adjustment to assay data.	No new drilling results reported in this announcement.
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. Specification of the grid system used. Quality and adequacy of topographic control.	No new drilling results reported in this announcement.
Data spacing and distribution	Data spacing for reporting of Exploration Results. 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. Whether sample compositing has been applied.	No new drilling results reported in this announcement.
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. 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 new drilling results reported in this announcement.
Sample security	The measures taken to ensure sample security.	No new drilling results reported in this announcement.

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Criteria JORC Code explanation	Criteria JORC Code explanation	Commentary
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	No new drilling results reported in this announcement.

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 security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	The exploration results in this report relate to Exploration License E63/1282 (expiry 17/02/2022). E28/1282 forms 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. South of the Transline, E63/1282 is covered by the Ngadju Native Title Claim. E63/1282 is on Fraser Range Station The tenements are in good standing and there are no known impediments.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	McPherson ground electromagnetic (EM) survey was carried out on 200m line spacing with 100m station spacing using a Jessy Squid B-field sensor and SMART EM receiver by GEM Geophysics. EM configuration: Slingram position with a 200m by 200m loop with a base frequency of 0.25Hz. Historical geophysical surveys on these tenements included an airborne magnetic and isolated ground electromagnetic traverses. Geochemical surveys included soil and auger sampling. On E63/1282, the historic Soils and HOISTEM data were managed by ENT and results were disclosed in ENT ASX Release on the 24 July 2013. The HOISTEM data was acquired by Fugro and open file data sourced from Magix, REGID 4112. Historic VTEMMAX was acquired by Geotech in 2013, The VTEMMAX open file data sourced from Magix, REGID 4090.
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. 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	No new drilling results reported in this announcement.

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Criteria	JORC Code explanation	Commentary
	why this is the case.
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. 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. The assumptions used for any reporting of metal equivalent values should be clearly stated.	No new drilling results reported in this announcement.
Relationship between mineralisation 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. 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 new drilling results reported in this announcement.
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.	Project and prospect location maps have been included in the body of the report.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	All available relevant information is presented.
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.	For Transline tenements, detailed 50m line spaced aeromagnetic data and semi regional gravity geophysical datasets has been used for interpretation of 10 initial intrusion targets in the underlying geology. Technical details on these geophysical datasets and targets are disclosed in the Company’s ASX release on the 20/01/2020.
Further work	The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	The Company has submitted a Program of Works (“POW”) to allow for a high-priority AC drilling program that will drill the entire southern Eyre Anomaly to 50 metre centres. Additionally, the POW submission allows for further AC drilling over the new emerging Ni-Cu-Co target around KAC0084 to extend the interpreted mineralised extents on a 100 metre grid pattern and infill to 50 metre centres on selected traverses where required. The Company plans to recommence AC drilling in August. The results from the previous and proposed AC drilling programs will be processed to optimise the locations of an anticipated diamond drilling and downhole electromagnetics program.

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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

CONSTELLATION RESOURCES LIMITED ABN Quarter ended (“current quarter”) 57 153 144 211 30 June 2021

Consolidated statement of cash flows	Current quarter $A’000	Year to date (12 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other – Business development costs 1.9 Net cash from / (used in) operating activities	- (124) - - (135) (72) - 3 - - - -	- (858) - - (558) (265) - 24 - - 67 (7)
	(328)	(1,597)
2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation (e) investments (f) other non-current assets	- - - - - -	- - (6) - - -

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

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Appendix 5B

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

Consolidated statement of cash flows	Current quarter $A’000	Year to date (12 months) $A’000
2.2 Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment (d) investments (e) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities	- - - - - - - -	- - - - - - - -
	-	(6)
3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) 3.10 Net cash from / (used in) financing activities	- - 86 - - - - - -	- - 226 - - - - - -
	86	226
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)	3,179 (328) - 86	4,314 (1,597) (6) 226

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

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Appendix 5B

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

Consolidated statement of cash flows	Current quarter $A’000	Year to date (12 months) $A’000
4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	-	-
	2,937	2,937
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)	69 2,868 - -	44 3,135 - -
	2,937	3,179

6. Payments to related parties of the entity and their associates	6. Payments to related parties of the entity and their associates	6. Payments to related parties of the entity and their associates	Current quarter $A'000
6.1 Aggregate amount of payments to related parties and their associates included in item 1 191 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.			191
			-
7. 7.1 7.2 7.3 7.4 7.5 7.6	Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 Loan facilities - - Credit standby arrangements - - Other (please specify) - - Total financing facilities - - Unused financing facilities available at quarter end - Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
		-	-
		-	-
		-	-
		-	-

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.	Estimated cash available for future operating activities	$A’000
8.1 8.2 8.3 8.4 8.5 8.6 8.7 8.8	Net cash from / (used in) operating activities (item 1.9) (328) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - Total relevant outgoings (item 8.1 + item 8.2) (328) Cash and cash equivalents at quarter end (item 4.6) 2,937 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 2,937 Estimated quarters of funding available (item 8.6 divided by item 8.3) 9 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?	(328) - (328) 2,937 -
		2,937
	Answer: Not applicable
	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: Not applicable
	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: Not applicable
	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: 30 July 2021

Authorised by: Company Secretary

(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

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

• [ 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”.

• 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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