CORE LITHIUM LTD — Interim / Quarterly Report 2022

Oct 21, 2021

ASX: CXO Announcement

22 October 2021

Centralised Company Announcements Platform Australian Securities Exchange 10th Floor, 20 Bond Street SYDNEY NSW 2000

QUARTERLY ACTIVITIES AND CASHFLOW REPORT 30 SEPTEMBER 2021

Please find attached the Quarterly Activities and Appendix 5B Quarterly Cashflow reports for the quarter ended 30 September 2021.

Yours faithfully,

==> picture [135 x 41] intentionally omitted <==

Stephen Biggins

Managing Director

ASX Release

Quarterly Activities Report for Three Months Ended 30 September 2021

22 October 2021

CORE LITHIUM LTD

Level 1, 366 King William Street Adelaide SA 5000

+61 8 8317 1700

Contact:

Stephen Biggins | Managing Director Jarek Kopias | Company Secretary Email | info@corelithium.com.au Website | www.corelithium.com.au

Directors:

Greg English | Non-Executive Chairman

Stephen Biggins | Managing Director

Heath Hellewell | Non-Executive Director

Malcolm McComas | Non-Executive Director

Issued Capital:

Highlights

The Board of Core Lithium Ltd (“Core” or “Company”) is pleased to present its Quarterly Activities Report for the period ended 30 September 2021.

During the September quarter, Core was focused on a number of initiatives aimed at advancing to the construction stage of its wholly owned Finniss Lithium Project, located near Darwin in the Northern Territory.

During the reporting period, Core:

• Completed a Stage 1 Definitive Feasibility Study for the Finniss Project;

• Completed an Extension Scoping Study on the Finniss Project outlining a long-term lithium production plan;

• Secured funding and a key offtake agreement for the Finniss Project;

• Awarded key contracts to pave the way for construction to commence at the Finniss Project; and

• Made a Final Investment Decision to proceed with construction at the Finniss Project.

• 1,551,358,557 Ordinary Shares

• 101,554,838 Unquoted Options

• 21,613,332 Unquoted Performance Rights

ASX: CXO

Finniss Lithium Project, NT

The Finniss Lithium Project (“Finniss Project”) is Australia’s most advanced new lithium project on the ASX and places Core at the front line of new global lithium production.

The Finniss Project is one of the most capital efficient lithium projects and has arguably the best logistics chain to markets of any Australian lithium project.

The Project lies within 25km of power station, gas, rail and one hour by sealed road to workforce accommodated in Darwin and importantly to Darwin Port - Australia’s nearest port to Asia.

Lithium is the core element in batteries used to power electric vehicles. The Finniss Project boasts world-class, high-grade and high-quality lithium suitable for this use and other renewable energy sources.

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Figure 1. Lithium resources within Core’s 100%-owned Finniss Lithium Project.

September Quarter Activities

Stage 1 Definitive Feasibility Study sets the scene for Australia's next lithium producer

During the reporting period, Core reached a landmark milestone with the release of its upgraded Definitive Feasibility Study (“DFS”), underpinned by a significant increase in Ore Reserves and Life of Mine (“LOM”), for the Finniss Lithium Project (ASX: CXO “Stage 1 DFS and Updated Ore Reserves” on 26 July 2021).

The DFS demonstrates the Finniss Project’s economics to be compelling, with low capital costs and competitive operating costs that result in strong operating margins and rapid payback.

With the completion of this DFS, Core took one of many major steps forward during the September quarter towards becoming Australia’s next lithium producer and its goal of producing high quality lithium spodumene concentrate through the mining and processing of high grade spodumene-bearing pegmatites.

High-grade Ore Reserves with an average grade of 1.31% Li2O, combined with exceptional spodumene metallurgy, will enable Core to produce high quality, coarse concentrate using gravity only Dense Media Separation (DMS) processing.

The construction of a simple 1Mtpa DMS processing plant will enable Core to produce up to 197,000 tonnes of high-quality concentrate per annum over an 8-year Life of Mine (LOM). Total Ore Reserves now stand at 7.4 million tonnes (Mt), with open pit mining planned at the Grants and Hang Gong deposits and underground mining at the Grants (below the open pit), BP33 and Carlton deposits.

A modest pre-production capex and strong cash flows enable a rapid payback of 2 years from the sale of the first concentrate (which is estimated to occur before the end of 2022) and confirms the Finniss Project as Australia’s lowest capital intensity lithium project with a pre-tax IRR above 50%.

LOM C1 operating costs of US$364/t concentrate (FOB) generate a robust LOM operating margin of more than US$370/t, assuming a LOM average sale price of US$743/t (FOB). LOM average All-In Sustaining Costs (AISC) are similarly competitive at US$441/t concentrate (FOB). Noting that the latest (14/10/21) spodumene sales prices reported by Fastmarkets was US$2.000-2,500/t (SC6 CIF).

Core has increased aggregate Mineral Resources and Ore Reserves for the entire Finniss Project substantially since 2018 and has planned a Stage 2 process to further extend the mine life and increase the Project’s free cash flow, leveraging the larger Finniss Project area that comprises 500km[2] of exploration and mining tenements covering the Bynoe Pegmatite Field.

Completion of the DFS has paved the way for the Company to commence development and construction of Stage 1 by the end of this year and start delivering spodumene concentrate to customers in 2022.

Extension Scoping Study confirms 10-year lithium production

In tandem with the release of the Stage 1 DFS, Core also announced a Mining Extension Scoping Study which outlined lithium production over 10 years from the Finniss Project (ASX: CXO “Scoping Study Confirms 10 Year Lithium Production” on 26 July 2021).

The Study demonstrates the Finniss Project’s economics with the inclusion of Inferred Mineral Resources to be compelling, with low capital costs and competitive operating costs that result in high operating margins and rapid payback.

Scoping Study identifies value potential of Lithium Fines

During the reporting period, Core also released a Scoping Study which identified a potential value improvement opportunity to the Finniss Project through production and sale of a Lithium Fines (“LF”) by-product grading approximately 1.0% Li2O (ASX: CXO “Scoping Study identifies potential for Lithium Fines” on 26 July 2021).

Metallurgical test work undertaken to-date indicates that the partial recovery of lithia from this tailings stream is possible efficiently and economically with limited additional processing steps.

Further work is required to better define the impact of mine dilution, the lithia deportment and grade by size fraction, but pending negligible mine dilution presenting to ROM ore and a similar crushed product particle size distribution to the test work sample, Core believes there is an opportunity to produce approximately 110,000 tonnes per annum of LF by-product grading circa 1.0% (w/w) Li2O.

In the Stage 1 DFS, the LF are assumed to be stored with other tailings. However, in response to a forecast shortage of primary lithium supply and expressions of interest in offtake for the LF by-product, there is a strong opportunity for Core to capture the value of this by-product from existing Ore Reserves and Mineral Resources with no incremental mining cost and minimal incremental processing cost.

The economics of this opportunity are further assisted by the fact that Core’s Finniss Project is located within a 1-hour drive of the Port of Darwin, keeping transport and logistics costs to a minimum.

As a potential by-product, the LF can also be viewed as reducing the overall unit operating costs of producing 5.8% spodumene concentrate. Based on the assumptions described above, it is estimated that producing and selling LF has the potential to reduce the unit C1 operating costs shown in the Stage 1 DFS by US$23/tonne of spodumene concentrate.

Core signs agreement to connect Finniss to the grid

Core also announced the execution of a power connection agreement with Power and Water Corporation in the NT during the September quarter.

The two-year agreement allows Core to construct a physical link between the Finniss Project and the PWC Electricity System so that electricity can flow between the Finniss Project and the system, securing physical capacity of 5,000 kVA which is sufficient to meet the needs of the Finniss Project.

Power and Water is an NT government-owned corporation that transmits and distributes electricity, and provides water services, across the NT.

The connection agreement is considered a Simple Connections agreement by PWC which allows Core to finalise the connection design and select a PWC approved contractor to construct the connection.

Once the grid connection is constructed the infrastructure is transferred (gifted) to PWC after which PWC will provide the Finniss Project with a connection service. The transferred works are to be constructed in accordance with the PWC approved design, specifications provided by PWC, and all applicable laws and applicable Australian Standards.

Once the connection is established, the Finniss Project will then be connected to lowcost power and Core will have the right to choose an electricity supplier, as well as the opportunity to utilise low-emission renewable and gas generated power.

Mining services contract signed for Finniss Lithium Project

In September, Core signed a Mining Services Agreement with Lucas Total Contract Solutions (‘Lucas’) for the provision of open pit mining and associated services at the Finniss Project.

Lucas is engaged for the 3-year open pit mining services agreement for the Grants open pit. The Grants open pit is the first mine that will be developed at the Finniss Lithium Project, with first lithium production expected in late 2022.

The scope of work covers the construction and mining of the Grants Open Pit Mine including clear and grub, topsoil management, pads, roads, dumps, dams, bunds and water controls and open pit mining (load and haul plus drill and blast).

Primero Group awarded EPC contract for construction of Finniss lithium DMS plant

Shortly following the award of the mining services contract, Core awarded the Engineering, Design and Construction (EPC) contract for the Finniss Project to Perthbased Primero Group (Primero).

Core and Primero have worked closely together since 2019 to deliver the Definitive Feasibility Study for the Finniss Lithium Project.

Primero is a vertically integrated engineering group that has considerable expertise in delivering large scale construction contracts in the lithium sector and across the minerals, energy and non-process infrastructure sectors in Australia and around the world.

Primero brings a highly professional team of engineering, drafting and management personnel to the Project to ensure the DMS plant performs as prescribed.

Core seeks to benefit from Primero's multi-disciplinary construction approach, as they specialise in supply chain control, optimising capital efficiency and value unlocking.

Primero will be responsible for:

• Project management;

• Engineering and detailed design;

• Equipment and materials procurement;

• DMS plant construction;

• Quality assurance and construction verification, and

• Ore commissioning on receipt of first ore.

Execution of the EPC contract has commenced, with detailed engineering, procurement of long lead time equipment and securing structural steel to occur before the end of 2021. On-site process plant construction activities are scheduled to commence in March 2022, with DMS plant commissioning and first concentrate production anticipated in Q4 2022.

Core Board approves Finniss Project FID

A landmark achievement for Core Lithium was met on the last day of the reporting period, with the Company’s Board announcing a Final Investment Decision (‘FID’) had been made to commence development of the Finniss Project.

Core is committed to delivering one of the most capital efficient and cost competitive lithium projects in Australia. FID marks a milestone for both Core and the Northern Territory – Finniss is the first ever lithium mine in the Northern Territory and the first new significant mine in more than a decade.

Core has commenced project execution immediately with mobilisation underway. A range of site establishment works have also commenced subsequent to the end of the reporting period.

Lucas is supporting site establishment activities in preparation for the commencement of mining, followed by DMS process plant construction by Primero commencing in March 2022.

$6m Modern Manufacturing Initiative Grant from Australian Federal Government

In July, Core was notified that it had been successful in its application for a $6 million grant under the Federal Government’s Modern Manufacturing Initiative (“MMI Grant”).

The Australian Federal Government awarded the Grant in recognition of the future commercial potential for Core to produce battery-grade lithium hydroxide (“LiOH”) near the Finniss Project.

Core is completing a Scoping Study that examines the potential to capture more of the lithium value chain through downstream processing of this concentrate to produce LiOH. This Scoping Study will be followed up with the undertaking of Feasibility Studies which are being supported by the Grant. Core notes that these studies are being carried out in parallel with the Company’s primary focus of developing the Finniss Project in line with its production timeframe.

The opportunity of downstream lithium processing at the Middle Arm Industrial Precinct, ideally located between Finniss and export facilities at the Darwin Port, has strong alignment with the Australian Federal Government’s Modern Manufacturing Strategy, which is focused on increasing the capabilities of Australia’s onshore refinement of critical minerals.

The MMI Grant follows the receipt of Major Project Status for the Finniss Project by the Federal Government earlier this year.

Corporate

Transformational equity raise of $116m to fully fund Finniss Stage 1 development

During the reporting period, Core announced a major capital raising in the form of a fully underwritten institutional Placement (Placement) of 293 million new fully paid ordinary shares to raise A$91 million, and a non-underwritten Share Purchase Plan (SPP) to existing eligible shareholders to raise up to a further A$15 million.

The Placement was successfully completed in August with firm commitments received for the A$0.31 per share raising, while the SPP closed in September after having received subscriptions in excess of A$43 million. Due to the significant demand, Core elected to increase the amount raised to A$25 million and applications were scaled back in accordance with the terms of the SPP offer document.

The proceeds of the SPP and Placement will be used for the development and construction of the Finniss Lithium Project, with the additional SPP funds to be used to accelerate the assessment of acquisition and exploration opportunities and expanded resource drilling on high priority pegmatite targets and lithium projects, and for working capital.

Binding offtake agreement and A$34m equity investment with Ganfeng Lithium

In tandem with the A$116 million equity raising, Core executed a binding offtake agreement with a subsidiary of Jiangxi Ganfeng Lithium Co., Ltd (Ganfeng), one of the world’s largest lithium producers by production capacity, for 75,000 tonnes per annum over 4 years. In addition, Ganfeng agreed to a A$34 million equity investment into Core, conditional on Chinese Government approvals, at a 10% premium to the 10-day VWAP at the time

The offtake provides for pricing referenced to the market price for 6.0% Li2O spodumene concentrate, adjusted for actual Li2O content, and includes an agreed floor price.

The offtake adds to the previously announced binding offtake agreement with Yahua for 75,000tpa over 4 years. Together, these agreements account for approximately 80% of the Project’s production over the first 4 years of mine life.

The offtake commences on the effective date of commercial production. The offtake will cease on the date that is 4 years after commencement of supply. The offtake can be terminated by Ganfeng if the effective date of commercial production does not occur by 1 December 2023.

Appendix 5B expenditure disclosure

Core’s Appendix 5B includes amounts in item 6.1 and 6.2. The amounts in item 6.1 represent director fees paid to entities nominated by relevant directors. The amounts in item 6.2 represent managing director costs capitalised for exploration activity undertaken.

During the quarter, Core expended $5.1 million on exploration activities. This expenditure primarily represents exploration and development activities at the Finniss Project and Bynoe gold project.

Share capital changes – Ordinary Shares, Options and Performance Rights

During the quarter, the following changes were made to Core’s capital structure:

• Issue of 293,146,659 shares under a share placement to raise $90,875,464 at a price of $0.31.

• Issue of 80,646,015 shares under a share purchase plan to raise $25,000,000 at a price of $0.31.

• Lapse of 1,718,334 unquoted performance rights where performance hurdles were not met.

• Issue of 540,000 unquoted performance rights with KPI based vesting conditions to employees of the Company as remuneration.

Subsequent to the end of the quarter, the following changes were made to Core’s capital structure:

• Issue of 3,448,629 shares on exercise of unquoted options.

A summary of movements and balances of equity securities between 1 July 2021 and the date of this report are listed below (items marked with a * occurred following the end of the quarter):

	Ordinary	Unquoted	Unquoted
	shares	Options	performance
			rights
On issue at start of theQuarter	1,174,117,254	105,003,467	22,791,666
Share issue - Placement	293,146,659	-	-
Share issue - Share Purchase Plan	80,646,015	-	-
Performance rights - lapsed	-	-	(1,718,334)
Performance rights - issued	-	-	540,000
Share issue - option exercise*	3,448,629	(3,448,629)	-
Total securities on issue at the	1,551,358,557	101,554,838	21,613,332
date of this report

Mineral Resources and Ore Reserves as at 30 September 2021

ORE RESERVES
Deposit /Resource	Classification Tonnes (Mt) Grade (Li2O%) Contained Metal (kt)
Open pit
Grants	Proved 1.8 1.5 26.4
	Probable 0.3 1.4 4.7
	Total 2.1 1.4 31.0
Hang Gong	Proved - - -
	Probable 1.1 1.2 13.3
	Total 1.1 1.2 13.3
Total Open Pit	Proved 1.8 1.5 26.4
	Probable 1.4 1.3 17.9
	Total 3.2 1.4 44.3
Underground
Grants	Proved 0.0 1.0 0.2
	Probable 0.2 1.5 3.4
	Total 0.3 1.4 3.6
BP33	Proved 1.3 1.4 18.4
	Probable 1.0 1.4 13.8
	Total 2.3 1.4 32.2
Carlton	Proved 0.6 1.2 7.1
	Probable 1.0 1.0 10.7
	Total 1.6 1.1 17.8
Total underground	Proved 1.9 1.3 25.7
	Probable 2.3 1.2 27.8
	Total 4.2 1.3 53.6
Total all mining methods	Proved 3.8 1.4 52.1
	Probable 3.7 1.2 45.8
	Total 7.4 1.3 97.9

Note: Totals within this table may have been adjusted slightly to allow for rounding.

MINERAL RESOURCES	MINERAL RESOURCES
Deposit	Classification Tonnes (Mt) Li2O % Li2O (t) Li2CO3(t)
Grants	Measured 1.96 1.50 29,500 74,000
	Indicated 0.60 1.50 9,000 22,300
	Inferred 0.33 1.35 4,400 10,900
	Total 2.89 1.49 42,900 107,200
BP33	Measured 1.50 1.52 23,000 56,900
	Indicated 1.19 1.50 17,000 42,000
	Inferred 0.55 1.54 8,000 19,800
	Total 3.24 1.51 48,000 118,700
Sandras*	Inferred 1.30 1.0 13,000 32,100
	Total 1.30 1.0 13,000 32,100
Carlton	Measured 0.63 1.31 8,000 19,800
	Indicated 1.20 1.21 15,000 37,100
	Inferred 1.19 1.33 16,000 39,600
	Total 3.02 1.28 39,000 96,500
Hang Gong	Indicated 1.19 1.3 15,300 37,800
	Inferred 0.83 1.19 9,900 24,500
	Total 2.02 1.2 25,200 62,300
Booths & Lees*	Inferred (Lees) 0.43 1.3 5,400 13,400
	Inferred (Lees South) 0.35 1.2 4,300 10,600
	Inferred (Booths Link) 1.47 1.06 15,700 38,800
	Total 2.25 1.13 25,400 62,800
Finniss Project	Measured 4.09 1.48 60,500 150,700
	Indicated 4.18 1.36 56,300 139,200
	Inferred 6.45 1.19 76,700 189,700
Finniss Project	Total 14.72 1.32 193,500 479,600

0.75% Li2O cut-off (*Sandras = 0.6%, Hang Gong and Booths/Lees = 0.7%)

Tenement Table

Tenement number	Tenement name	Interest at the end	Changes during Quarter
		ofQuarter
South Australia
EL 6574	Fitton	100%	None
EL 6038	Mt Freeling	100%	None
EL 6111	Yerelina	100%	None
EL 6445	Wyatt Bore	100%	None
Northern Territory
EL 26848	Walanbanba	100%	None
EL 28029	White Range East	100%	None
EL 28136	Blueys	100%	None
EL 29347	Yambla	100%	None
EL 29389	Mt George	100%	None
EL 29580	Jervois East	100%	None
EL 29581	Jervois West	100%	None
EL 29698	Finniss	100%	None
EL 29699	Bynoe	100%	None
EL 30012	Bynoe	100%	None
EL 30015	Bynoe	100%	None
EL 30669	Ross River	100%	None
EL 30793	McLeish	100%	None
EL 31058	Barrow Creek	100%	None
EL 31126	Zola	100%	None
EL 31127	Ringwood	100%	None
EL 31139	Anningie West	100%	None
EL 31140	Anningie South	100%	None
EL 31145	Barrow Creek North	100%	None
EL 31146	Barrow Creek South	100%	None
EL 31271	Bynoe	100%	None
EL 31279	Sand Palms	100%	None
EL 31449	Napperby	100%	None
EL 31886	Adelaide River	100%	None
EL 32205	Finniss Range	100%	None
EL 32392	Ivy	100%	None
EL 32396	Murray Creek	100%	None

	Tenement number	Tenement name	Interest at the end	Changes during Quarter
			ofQuarter
	Northern Territory
	MLN16	Bynoe	100%	None
	ML 31726	Grants Mineral Lease	100%	None
	ML 32074	Observation Hill Ancillary	100%	None
		Lease
	ML 32346	BP33 Mineral Lease	100%	None
	ML 32278	C5 Dam Ancillary Lease	100%	None
	ML 29912	Saffums	0%
	ML 29914	Labelle	0%
	ML 29985	Angers	0%	Right to acquire under call
	ML 31654	Annie	0%	option deed in March 2021
	MLN813	Bilatos	0%
	MLN1148	Centurian	0%
					Page

Competent Person Statement

The information in this release that relates to the Estimation and Reporting of Ore Reserves is based on, and fairly represents, information and supporting documents compiled by Mr Blair Duncan. Core confirms that it is not aware of any new information or data that materially affects the information included in this announcement and that all material assumptions and technical parameters underpinning the Mineral Resource and Ore Reserve estimates in the announcements “Grants Lithium Resource Increased by 42% ahead of DFS” dated 22 October 2018, “Maiden Sandras Mineral Resource Grows Finniss to 6.3Mt” dated 29 November 2018, “Finniss Feasibility Study and Maiden Ore Reserve” dated 17 April 2019, “Initial Resource for Lees Drives Finniss Mineral Resource” dated 6 May 2019, “Finniss Lithium Resource increased by over 50%” dated 15 June 2020, “Increased Ore Reserve Significantly Extends Finniss” dated 30 June 2020, dated “Stage 1 DFS and Updated Ore Reserves” dated 26 July 2021 and “Napperby Uranium Resource Update and Increase” dated 12 October 2018 continue to apply and have not materially changed except as updated by subsequent announcements. Core confirms that it is not aware of any new information or data that materially affects the results included in this announcement as cross referenced in the body of this announcement and that all technical parameters underpinning the Mineral Resources and Ore Reserves continue to apply and have not materially changed.

The Mineral Resources and Ore Reserves underpinning the production target have been prepared by a Competent Person in accordance with the requirements of the JORC code. Core confirms that all material assumptions underpinning production target and forecast financial information derived from the production target announced on 30 June 2020 and 26 July 2021 continue to apply and have not materially changed.

Authorised for release by the Board of Core Lithium Ltd.

For further information please contact:

Stephen Biggins Fraser Beattie Managing Director Account Manager Core Lithium Ltd Cannings Purple +61 8 8317 1700 +61 421 505 557 info@corelithium.com.au fbeattie@canningspurple.com.au

Appendix 5B

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

Name of entity

Name of entity	Name of entity	Name of entity
Core Lithium Ltd
ABN 80 146 287 809	Quarter ended (“current quarter”)
	30 September 2021
Consolidated statement of cash flows	Current quarter $A’000	Year to date (3 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other (provide details if material) 1.9 Net cash from / (used in) operating activities	- (1) - (496) (1,371) - 53 - - - -	- (1) - (496) (1,371) - 53 - - - -
	(1,815)	(1,815)
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	- - (4,067) (5,082) - -	- - (4,067) (5,082) - -

	Consolidated statement of cash flows		Current quarter	Year to date
			$A’000	(3 months)
				$A’000
	2.2	Proceeds from the disposal of:
		(a) entities	-	-
		(b) tenements	-	-
		(c) property, plant and equipment	-	-
		(d) investments	-	-
		(e) other non-current assets	-	-
	2.3	Cash flows from loans to other entities	-	-
	2.4	Dividends received (see note 3)	-	-
	2.5	Other (Net proceeds / (payments) for	(3,721)	(3,721)
		Security bond)
	2.5a	Other (Government grant co-funding	2,368	2,368
		received)
	2.6	Net cash from / (used in) investing	(10,502)	(10,502)
		activities
	3.	Cash flows from financing activities
	3.1	Proceeds from issues of equity
		securities (excluding convertible debt
		securities)	115,875	115,875
	3.2	Proceeds from issue of convertible	-	-
		debt securities
	3.3	Proceeds from exercise of options	-	-
	3.4	Transaction costs related to issues of	(5,052)	(5,052)
		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 (Lease repayments)	(22)	(22)
	3.10	Net cash from / (used in) financing	110,801	110,801
		activities

Consolidated statement of cash flows	Current quarter $A’000	Year to date (3 months) $A’000
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	38,188 (1,815) (10,502) 110,801 -	38,188 (1,815) (10,502) 110,801 -
	136,672	136,672
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)	136,592 80 - -	38,108 80 - -
	136,672	38,188
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 1 149 6.2 Aggregate amount of payments to related parties and their associates included in item 2 57 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.		149
		57

	7.	Financing facilities		Total facility	Amount drawn
		Note: the term “facility’ includes all forms		amount at	at quarter end
		of financing arrangements available to		quarter end	$A’000
		the entity.		$A’000
		Add notes as necessary for an
		understanding of the sources of finance
		available to the entity.
	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.
		N/A

	8.	Estimated cash available for future operating	$A’000
		activities
	8.1	Net cash from / (used in) operating activities (item 1.9)	(1,815)
	8.2	(Payments for exploration & evaluation classified as investing	(5,082)
		activities) (item 2.1(d))
	8.3	Total relevant outgoings (item 8.1 + item 8.2)	(6,897)
	8.4	Cash and cash equivalents at quarter end (item 4.6)	136,672
	8.5	Unused finance facilities available at quarter end (item 7.5)	-
	8.6	Total available funding (item 8.4 + item 8.5)	136,672
	8.7	Estimated quarters of funding available (item 8.6 divided by item 8.3)	19.8
		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
		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: 22 October 2021

Authorised by the Board of the Company

(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.