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CUFE LTD — Interim / Quarterly Report 2026
Apr 28, 2026
64723_rns_2026-04-28_0d66f089-ce26-4bf6-936b-fee12eecf98b.pdf
Interim / Quarterly Report
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CuFe Ltd
QUARTERLY REPORT
Quarter ended 31 March 2026
ASX: CUF
ASX Announcement – 29 April 2026
HIGHLIGHTS
- Tennant Creek JORC 2012 Mineral Resource Estimate update completed for the Orlando Copper – Gold Deposit located at the Tennant Creek Project including Bismuth and Silver. The new Mineral Resource Estimate has seen the growth of Indicated tonnes from 56% to 87% through the sourcing of historical QAQC data and the creation of a geological model.
- The conversion of material from Inferred to Indicated has predominantly been at depth allowing the potential Orlando underground to be considered in scoping and development studies. The Resource upgrade significantly improves the confidence level of the resource enabling the progress of development options and further understanding of the economic value of the full deposit.
- Orlando Expanded Scoping Study incorporating open pit and underground development and adding Bismuth and Silver to the revenue stream is under final review and is expected to issue imminently.
- Combined Tennant Creek resource upgraded includes Orlando's Silver and Bismuth content and now totals 24.1Mt at 1.8% Copper, 0.60 g/t Gold, 3.22 g/t Silver and 0.07% Bismuth. This represents contained metal of 433kt copper, 466kt oz of gold, 2.5Mt of Silver and 18kt of Bismuth on a 100% basis (CuFe 55% share).
- Approval for on ground works received from Traditional Owners for the Company's tenure in the highly prospective West Arunta region.
- The Company's strategic partnership between Emmerson Resources Limited (ASX:ERM) and Tennant Minerals Limited (ASX:TMS), the Tennant Creek Copper Alliance ('the Alliance' or "TCCA"), secured ~$600k government funding grant during the quarter to support the Alliance pre-feasibility engineering cost estimate on a multi user processing plant in Tennant Creek.
- Corporate activity continued in the Tennant Creek region with CuFe's TCCA partner Emmerson Resources entering a Scheme Implementation Deed to be acquired by large gold miner Pan African Resources plc in a deal valued in excess of A$300m.
CuFe Ltd (ASX: CUF) (CuFe or the Company) is pleased to provide its Quarterly Activities Report and Appendix 5B for the three-month period ended 31 March 2026.
CuFe Executive Director Mark Hancock commented on the quarter: "It's been another busy and productive quarter for CuFe with a significant resource upgrade at Orlando, which will facilitate the release of an Updated Scoping Study. We look forward to continuing to progress the Tennant Creek project with the key focus for the coming quarter on further migrating resources into the Indicated category at Gecko so we can include them in the scoping and pre-feasibility studies we are undertaking, including assessing a shared processing plant with our partners in the Tennant Creek Copper Alliance. In addition to this we will be preparing for a substantial drilling campaign, with up to 230 holes now approved for drilling."
CuFe Ltd ABN: 31 112 731 838
32 Harrogate St, West Leederville,
Western Australia 6007
T +61 8 6181 9793
cufe.com.au
Report for quarter ended 31 March 2026
CuFe Ltd
DEVELOPMENT AND EXPLORATION PROJECTS
Tennant Creek Copper / Gold Project (Northern Territory) – CuFe 55% JV interest
During the quarter the Company announced a significant update to its Orlando Copper / Gold Resource at its 55% owned Tennant Creek Project (refer ASX announcement 18 March 2026). The update builds upon the November 2025 Mineral Resource Estimate (MRE) and reflects the development of a geological model and the inclusion of additional historical QAQC data, resulting in improved confidence in the deposit and a conversion of Inferred Mineral Resources to the Indicated category. The proportion of the Mineral Resource reported in the Indicated category has increased from 56% (as reported in November 2025) to 87% of the total Orlando Resource.
This took the combined resource across the Gecko and Orlando projects on a 100% project basis (which is a combination of indicated and inferred material as outlined in the announcement) to 24.1Mt at 1.8% Copper, 0.6 g/t Gold, 3.22 g/t Silver and 0.07% Bismuth. This represents contained metal of 433kt copper, 466kt oz of gold, 2.5Mt of Silver and 18kt of Bismuth.
The Company is awaiting issue of Aboriginal Areas Protection Authority (AAPA) certificates over the Tennant Creek projects in advance of its proposed drilling campaign, which is scheduled for the current dry season.
A Gecko resource update targeting migration of additional tonnes to the Indicated category is underway. This includes preparation of a new geological model and QAQC review, with the information now passed to CuFe's geological consultants MEC for checking and sign-off, with the results expected during the June 2026 quarter. Migration to the Indicated category will facilitate the publishing of economic assessments of the Gecko project, which contains approximately 75% of the Company's Tennant Creek resource.
The Company has continued to work with its Tennant Creek Copper Alliance partners Emmerson Resources and Tennant Minerals on a pre-feasibility cost estimate on joint processing plant options and other areas of synergy, with funding assistance from the Federal and Territory government. CuFe notes the ASX announcements from Emmerson Resources regarding the intended acquisition of Emmerson by large South African gold miner Pan African Resources plc via a Scheme Implementation Deed which was executed during the quarter.
Yarram Iron Ore Mining Rights (CuFe 50% JV interest) / Camp Creek Exploration project (CuFe 100%) (Northern Territory)
The Company has progressed a concept study on the extraction and sale of low-grade material from the Captain Morgan deposit at Yarram which is considered to have a shorter lead time to production and lower capital cost than the high-grade Kraken deposit. This evaluation is in the process of being completed and will guide next steps on that project.
No work has been performed at Camp Creek over the quarter, with on-ground activity proposed during the current dry season.
North Dam Project - Western Australia (CuFe 100%)
The Company intends to focus on the gold potential of the area given its proximity to known gold discoveries. No work was conducted during the quarter.
ASX: CUF | cufe.com.au
Report for quarter ended 31 March 2026
CuFe Ltd
West Arunta Niobium / Copper Project – Western Australia (CuFe 100%)
The Company has received a positive response from the Traditional Owners to its request to undertake on-ground activities on the tenure. A window has been identified in June where CuFe geologists and Traditional Owner representatives will conduct these activities, which are envisaged to include ground truthing, rock chipping and soil sampling.
Pilbara Gold - Western Australia – (CuFe 100%)
Various of the Company's new applications are continuing to progress through the grant process with objections on certain of the tenure to be reviewed and considered. A heritage agreement remains under negotiation with the Palyku Jartayi Aboriginal Corporation.
A field visit to Tambourah is planned during the current dry season to follow up previously identified gold occurrences with a view to determine drill targets.
Bryah Basin Joint Venture Projects – Western Australia – (CuFe 20% rights)
CuFe, via its wholly owned subsidiary Jackson Minerals Pty Ltd (Jackson Minerals), has a 20% interest in a number of tenements in the Bryah Basin. The Bryah Basin Project tenements are subject to joint ventures and farm-ins with Catalyst Metals Ltd (CYL), Alchemy Resources Ltd (ALY) and Auris Minerals Ltd (AUR).
No significant exploration activity was reported for the quarter by the operators over the quarter.
Bryah Basin (E52/1613) – Western Australia – (CuFe 100%)
The Company has completed follow-up work of the previously identified high grade iron ore rock chips (refer ASX announcement dated 17 July 2024) with a view to determining drill targets. In this regard CuFe conducted a mapping programme and rock chip analysis for iron ore during the quarter, results are expected during the June quarter.
CORPORATE
Financial Position
Cash available at the end of the March 2026 quarter was $5.0m.
Payments to Related Parties and their Associates
In accordance with ASX Listing Rule 5.3.5, payments to related parties of the Company and their associates during the quarter totaled $493,501.
The Company advises that $121,500 of this relates to Director fees (refer to the Remuneration Report in the Annual Report for further details on Director remuneration). An amount of $13,800 was paid to Okewood Pty Ltd (a company of which Mr. Tony Sage is a director) for office rent. An amount of $579 was paid to European Lithium Limited (a company of which Mr. Tony Sage is a director) for reimbursement of travel expenses. An amount of $357,622 was paid to Gold Valley Group¹ as owners of the JWD mining tenure, which settles the remaining liability relating to rehabilitation at the JWD Iron Project formerly held by Wiluna Fe Pty Ltd.
¹ Gold Valley Group refers to the substantial shareholder group consisting of Gold Valley Iron Ore Pty Ltd, Goldvalley Brown Stone Pty Ltd, Gecko Mining Company Pty Ltd, LSG Resources Pty Ltd, and Yuzheng Xie.
ASX: CUF | cufe.com.au
Report for quarter ended 31 March 2026
CuFe Ltd
Expenditure on mining exploration and evaluation activities
In accordance with ASX Listing Rule 5.3.1, the Company advises its exploration and evaluation expenditure during the March 2026 quarter totaled $317,000, after offsetting $217,000 received from Yarram JV partner Gold Valley Brown Stone Pty Ltd for their share of historical Yarram costs. This amount is included at Item 1.2(a) of the Appendix 5B. Refer to Projects overview section above for details of exploration and evaluation activities conducted during the quarter.
Expenditure on mining production and development activities
In accordance with ASX Listing Rule 5.3.2, the Company advises payments in respect of previous mining production activities in relation to the JWD Project during the March 2026 quarter totaling $597,000 for settlement of JWD rehabilitation liability and residual trade creditors relating to mining activities. This amount is included at Item 1.2(c) of the Appendix 5B.
Securities
There were 13,166,666 shares issued during the quarter, with a total of 1,739,891,972 shares on issue at 31 March 2026.
Movements in performance rights on issue during the March 2026 quarter included:
- Conversion of 13,166,666 performance rights expiring 31 December 2026
Announcement is released with authority of the CuFe Board of Directors.
For further information please contact:
Investor Relations
+61 8 6181 9793
Follow us
@CuFeLtd
in CuFeLtd
ASX: CUF | cufe.com.au
Report for quarter ended 31 March 2026
CuFe Ltd
Important Notice
Some of the statements appearing in this announcement may be in the nature of forward-looking statements. You should be aware that such statements are only predictions and are subject to inherent risks and uncertainties. Those risks and uncertainties include factors and risks specific to the industries in which the Company operates and proposes to operate as well as general economic conditions, prevailing exchange rates and interest rates and conditions in the financial markets, among other things. Actual events or results may differ materially from the events or results expressed or implied in any forward-looking statement. No forward-looking statement is a guarantee or representation as to future performance or any other future matters, which will be influenced by a number of factors and subject to various uncertainties and contingencies, many of which will be outside the Company's control.
The Company does not undertake any obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after today's date or to reflect the occurrence of unanticipated events. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions or conclusions contained in this announcement. To the maximum extent permitted by law, none of the Company, its Directors, employees, advisors or agents, nor any other person, accepts any liability for any loss arising from the use of the information contained in this announcement. You are cautioned not to place undue reliance on any forward-looking statement. The forward-looking statements in this announcement reflect views held only as at the date of this announcement.
This announcement is not an offer, invitation or recommendation to subscribe for, or purchase securities in the Company. Nor does this announcement constitute investment or financial product advice (nor tax, accounting or legal advice) and is not intended to be used for the basis of making an investment decision. Investors should obtain their own advice before making any investment decision. By reviewing or retaining this announcement, you acknowledge and represent that you have read, understood and accepted the terms of this important notice.
Competent Person Statement
The information in this release that relates to the CuFe Orlando Mineral Resource estimate is extracted from CuFe's ASX release dated 18 March 2026 and based on, and fairly represents, information which has been compiled by Ms Michelle Smith and Miss Amy Mayer. Ms. Smith is a member of The Australasian Institute of Mining and Metallurgy (AusIMM, #210040) and the Australian Institute of Geoscientists (AIG #5005). Ms. Smith is a consultant for MEC engaged by CuFe. Ms. Smith has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that is 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'. Ms. Smith consents to the inclusion in this report of the matters based on her information in the form and context in which they appear.
Miss Mayer (AIG #8980) is a consultant for MEC engaged by CuFe. Miss Mayer has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that is 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'. Miss Mayer consents to the inclusion in this report of the matters based on the information in the form and context in which they appear.
The information in this release that relates to the CuFe Gecko Mineral Resource estimate is extracted from CuFe's ASX release dated 18 August 2025 and based on, and fairly represents, information which has been compiled by Ms. Michelle Smith. Ms. Smith is a member of The Australasian Institute of Mining and Metallurgy (AusIMM, #210040) and the Australian Institute of Geoscientists (AIG #5005). Ms. Smith is a consultant for MEC engaged by CuFe. Ms. Smith has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that is 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'. Ms. Smith consents to the inclusion in this report of the matters based on her information in the form and context in which they appear.
The information in this report is compiled and collected by Mr. Matthew Ramsden, who is a Member of the Australasian Institute of Geoscientists and is a full-time employee of CuFe. Mr. Ramsden has sufficient experience that is relevant
ASX: CUF | cufe.com.au
Report for quarter ended 31 March 2026
CuFe Ltd
to the style of mineralisation, type 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 Resource and Ore Reserves (JORC Code 2012). Mr. Ramsden consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.
The information in this report that relates to Exploration Results is based on, and fairly represents, information which has been compiled by Siobhán Sweeney, who is a Member of the Australasian Institute of Geoscientists and a full-time employee of CuFe. Siobhán Sweeney has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that is 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'. Siobhán Sweeney consents to the inclusion in this report of the matters based on her information in the form and context in which they appear.
CuFe confirms that it is not aware of any new information or data that materially affects the information included in this presentation and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.
ASX: CUF | cufe.com.au
Report for quarter ended 31 March 2026
CuFe Ltd
Schedule of tenement interests of the Company and its subsidiary entities as at 31 March 2026 (including details of tenements acquired and disposed of during the quarter).
| Tenement reference | Project & Location | Acquired Interest during the quarter | Disposed Interest during the quarter | Interest at end of quarter | Notes |
|---|---|---|---|---|---|
| EL 33835 | Camp Creek – Northern Territory | - | - | 100% | 1 |
| MLN1163 | Yarram – Northern Territory | - | - | 50% | 2 |
| ELR125 | Yarram – Northern Territory | - | - | 50% | 2 |
| ELR146 | Yarram – Northern Territory | - | - | 50% | 2 |
| EL 26595 | Tennant Creek – Northern Territory | - | - | 55% | 3 |
| EL 28777 | Tennant Creek – Northern Territory | - | - | 55% | 3 |
| EL 28913 | Tennant Creek – Northern Territory | - | - | 55% | 3 |
| EL 29012 | Tennant Creek – Northern Territory | - | - | 55% | 3 |
| EL 29488 | Tennant Creek – Northern Territory | - | - | 55% | 3 |
| EL 30488 | Tennant Creek – Northern Territory | - | - | 55% | 3 |
| EL 30614 | Tennant Creek – Northern Territory | - | - | 55% | 3 |
| EL 31249 | Tennant Creek – Northern Territory | - | - | 55% | 3 |
| EL 32001 | Tennant Creek – Northern Territory | - | - | 55% | 3 |
| ML 23969 | Tennant Creek – Northern Territory | - | - | 55% | 3 |
| ML 29917 | Tennant Creek – Northern Territory | - | - | 55% | 3 |
| ML 29919 | Tennant Creek – Northern Territory | - | - | 55% | 3 |
| ML 30714 | Tennant Creek – Northern Territory | - | - | 55% | 3 |
| ML 30745 | Tennant Creek – Northern Territory | - | - | 55% | 3 |
| ML 30783 | Tennant Creek – Northern Territory | - | - | 55% | 3 |
| ML 30873 | Tennant Creek – Northern Territory | - | - | 55% | 3 |
| ML 31021 | Tennant Creek – Northern Territory | - | - | 55% | 3 |
| ML 31023 | Tennant Creek – Northern Territory | - | - | 55% | 3 |
| ML 33869 | Tennant Creek – Northern Territory | - | - | 55% | 3 |
| ML 33872 | Tennant Creek – Northern Territory | - | - | 55% | 3 |
| E52/1668 | Peak Hill - Western Australia | - | - | 20% | 4 |
| E52/1678 | Peak Hill - Western Australia | - | - | 20% | 4 |
| E52/1730 | Peak Hill - Western Australia | - | - | 20% | 4 |
| E51/1033-I | Morck Well – Western Australia | - | - | 20% | 5 |
| E52/1672-I | Morck Well – Western Australia | - | - | 20% | 5 |
| E29/640 | Mt Ida – Western Australia | - | - | 100% | 6 |
| M29/2 | Mt Ida – Western Australia | - | - | 100% | 6 |
| M29/165 | Mt Ida – Western Australia | - | - | 100% | 6 |
| M29/422 | Mt Ida – Western Australia | - | - | 100% | 6 |
| E15/1495 | East Yilgarn – Western Australia | - | - | 100% | 1 |
| M15/1841 | East Yilgarn – Western Australia | - | - | 100% | 1 |
| P45/3061 | Pilbara – Western Australia | - | - | 100% | 1 |
| E52/1613-I | Morck Well – Western Australia | - | - | 100% | 1 |
ASX: CUF | cufe.com.au
Report for quarter ended 31 March 2026
CuFe Ltd
| Tenement reference | Project & Location | Acquired Interest during the quarter | Disposed Interest during the quarter | Interest at end of quarter | Notes |
|---|---|---|---|---|---|
| E80/5925 | Kimberley – Western Australia | - | - | 100% | 1 |
| E80/5950 | Kimberley – Western Australia | - | - | 100% | 1 |
| E80/5990 | Kimberley – Western Australia | - | - | 100% | 1 |
| E80/6052 | Kimberley – Western Australia | - | - | 100% | 1 |
| P 46/2158 | Nullagine – Western Australia | - | - | 100% | 1 |
| P 46/2159 | Nullagine – Western Australia | - | - | 100% | 1 |
| P 46/2160 | Nullagine – Western Australia | - | - | 100% | 1 |
| P 46/2161 | Nullagine – Western Australia | - | - | 100% | 1 |
| P 46/2162 | Nullagine – Western Australia | - | - | 100% | 1 |
| P 46/2165* | Nullagine – Western Australia | - | - | 100% | 1 |
| P 46/2166* | Nullagine – Western Australia | - | - | 100% | 1 |
| P 46/2167* | Nullagine – Western Australia | - | - | 100% | 1 |
| P 46/2168* | Nullagine – Western Australia | - | - | 100% | 1 |
| P 46/2169* | Nullagine – Western Australia | - | - | 100% | 1 |
| P 46/2170* | Nullagine – Western Australia | - | - | 100% | 1 |
| P 46/2171* | Nullagine – Western Australia | - | - | 100% | 1 |
| P 46/2172* | Nullagine – Western Australia | - | - | 100% | 1 |
| P 46/2173* | Nullagine – Western Australia | - | - | 100% | 1 |
| P 46/2174 | Nullagine – Western Australia | - | - | 100% | 1 |
| P 46/2175* | Nullagine – Western Australia | - | - | 100% | 1 |
| P 46/2176* | Nullagine – Western Australia | - | - | 100% | 1 |
| P 46/2177 | Nullagine – Western Australia | - | - | 100% | 1 |
| P 46/2178* | Nullagine – Western Australia | - | - | 100% | 1 |
| P 46/2179* | Nullagine – Western Australia | - | - | 100% | 1 |
| P 46/2180 | Nullagine – Western Australia | - | - | 100% | 1 |
| P 46/2181* | Nullagine – Western Australia | - | - | 100% | 1 |
| P 46/2182* | Nullagine – Western Australia | - | - | 100% | 1 |
| P 46/2183 | Nullagine – Western Australia | - | - | 100% | 1 |
| P 46/2184* | Nullagine – Western Australia | - | - | 100% | 1 |
| P 46/2185* | Nullagine – Western Australia | - | - | 100% | 1 |
| P 46/2186 | Nullagine – Western Australia | - | - | 100% | 1 |
| P 46/2187* | Nullagine – Western Australia | - | - | 100% | 1 |
| P 46/2189 | Nullagine – Western Australia | - | - | 100% | 1 |
| P 46/2190 | Nullagine – Western Australia | - | - | 100% | 1 |
| * Pending Application |
ASX: CUF | cufe.com.au
Report for quarter ended 31 March 2026
CuFe Ltd
NOTES:
- CUFe holds 100% interest in the tenement.
- CUFe (via Yarram FE Pty Ltd) holds a 50% interest in Gold Valley Iron and Manganese Pty Ltd, the owner of the iron ore rights over the Yarram Project.
- CuFe (via CuFe Tennant Creek Pty Ltd) holds a 55% interest in copper / gold assets at the Tennant Creek Project in the Northern Territory from Gecko Mining Company Pty Ltd (GMC). CUF and GMC have formed an unincorporated joint venture in respect of the Tennant Creek Project tenements. CUF is the manager of the joint venture. CuFe will pay the first $10,000,000 of joint venture expenditure incurred.
- Catalyst (Plutonic) Pty Ltd (Operator) and ALY hold various mineral rights under various earn in agreements for an 80% interest in the tenements. CuFe (via Jackson Minerals) holds the remaining 20% interest in all minerals free carried to decision to mine.
- AUR (Operator) holds an 80% interest in all minerals. CuFe (via Jackson Minerals) holds the remaining 20% interest in all minerals free carried to decision to mine.
- CuFe holds 100% interest in iron ore rights over the Mt Ida tenements via the Mt Ida Iron Ore Rights Sale Agreement.
ASX: CUF | cufe.com.au
Rule 5.5
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
Name of entity
CuFe Ltd
ABN
31 112 731 638
Quarter ended ("current quarter")
31 March 2026
| Consolidated statement of cash flows (Unaudited) | 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^{1} | (317) | (775) | |
| (b) development | - | - | |
| (c) production^{2} | (597) | (990) | |
| (d) staff costs | (210) | (597) | |
| (e) administration and corporate costs | (309) | (1,001) | |
| 1.3 | Dividends received (see note 3) | - | - |
| 1.4 | Interest received | 14 | 40 |
| 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) | ||
| (a) Funds transferred to deposit | - | (38) | |
| (b) Payment of stamp duty | - | (224) | |
| (c) Interest withholding tax | (152) | (152) | |
| 1.9 | Net cash from / (used in) operating activities | (1,571) | (3,737) |
| 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 | - |
ASX Listing Rules Appendix 5B (17/07/20)
- See chapter 19 of the ASX Listing Rules for defined terms.
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
| Consolidated statement of cash flows (Unaudited) | Current quarter $A'000 | Year to date (9 months) $A'000 |
|---|---|---|
| (e) investments | - | - |
| (f) other non-current assets | - | - |
| 2.2 Proceeds from the disposal of: | ||
| (a) entities | - | - |
| (b) tenements | - | - |
| (c) property, plant and equipment | - | - |
| (d) investments | - | 546 |
| (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 | - | 493 |
| 3. Cash flows from financing activities | ||
| --- | --- | --- |
| 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) | - | 5,400 |
| 3.2 Proceeds from issue of convertible debt securities | - | - |
| 3.3 Proceeds from exercise of options | - | 884 |
| 3.4 Transaction costs related to issues of equity securities or convertible debt securities | - | (323) |
| 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 | - | 5,961 |
| 4. Net increase / (decrease) in cash and cash equivalents for the period | ||
| --- | --- | --- |
| 4.1 Cash and cash equivalents at beginning of period | 6,522 | 2,234 |
| 4.2 Net cash from / (used in) operating activities (item 1.9 above) | (1,571) | (3,737) |
| 4.3 Net cash from / (used in) investing activities (item 2.6 above) | - | 493 |
ASX Listing Rules Appendix 5B (17/07/20)
+ See chapter 19 of the ASX Listing Rules for defined terms.
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
| Consolidated statement of cash flows (Unaudited) | Current quarter $A'000 | Year to date (9 months) $A'000 | |
|---|---|---|---|
| 4.4 | Net cash from / (used in) financing activities (item 3.10 above) | - | 5,961 |
| 4.5 | Effect of movement in exchange rates on cash held | - | - |
| 4.6 | Cash and cash equivalents at end of period | 4,951 | 4,951 |
1 Included in the March 2026 quarter is receipt of $217k from Gold Valley Brown Stone Pty Ltd (GVBS) (holder of 50% in the Yarram JV) for reimbursement of GVBS's share of project exploration costs.
2 Payment of rehabilitation liability and residual trade creditors relating to mining activities at JWD project (discontinued operation).
| 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 | 1,951 | 2,522 |
| 5.2 | Call deposits | 3,000 | 4,000 |
| 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) | 4,951 | 6,522 |
| 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 | 494 | |
| 6.2 | Aggregate amount of payments to related parties and their associates included in item 2 | - | |
| Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. |
ASX Listing Rules Appendix 5B (17/07/20)
+ See chapter 19 of the ASX Listing Rules for defined terms.
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
| 7. | 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 |
| --- | --- | --- | --- |
| 7.1 | Loan facilities | - | - |
| 7.2 | Credit standby arrangements | - | - |
| 7.3 | Other (please specify) | - | - |
| 7.4 | Total financing facilities | - | - |
| 7.5 | Unused financing facilities available at quarter end | | - |
| 7.6 | Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. | | |
| | | | |
| 8. | Estimated cash available for future operating activities | $A'000 |
| --- | --- | --- |
| 8.1 | Net cash from / (used in) operating activities (item 1.9) | (1,571) |
| 8.2 | (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) | - |
| 8.3 | Total relevant outgoings (item 8.1 + item 8.2) | (1,571) |
| 8.4 | Cash and cash equivalents at quarter end (item 4.6) | 4,951 |
| 8.5 | Unused finance facilities available at quarter end (item 7.5) | - |
| 8.6 | Total available funding (item 8.4 + item 8.5) | 4,951 |
| 8.7 | Estimated quarters of funding available (item 8.6 divided by item 8.3) | 3.2 |
| 8.8 | 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. | |
| | 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. | | |
ASX Listing Rules Appendix 5B (17/07/20)
- See chapter 19 of the ASX Listing Rules for defined terms.
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
Compliance statement
- This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
- This statement gives a true and fair view of the matters disclosed.
Date: 29 April 2026
Authorised by: By the Board
(Name of body or officer authorising release – see note 4)
Notes
- 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.
- 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.
- 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.
- 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".
- 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.