DALAROO METALS LTD — Interim / Quarterly Report 2024

Oct 30, 2024

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ASX ANNOUNCEMENT:
ASX: DAL 31 October 2024
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Quarterly Activities Report For Period Ended 30 September 2024

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Highlights

Dalaroo Successfully Raises $2.65 million

• Placement to raise $2.65 million (before costs) at $0.016 per share with a 1 free attaching option for every 1 share subscribed for under the placement (exercisable at $0.036, expiring 5 years from their issue date) completed.

Lyons River Project, Gascoyne Region of Western Australia

Gold System Discovery at Goodbody

• Preparations well underway at the Goodbody Gold Discovery for co-funded Government Exploration Incentive Scheme diamond drilling program at the Lyons River Project, Gascoyne Province in Western Australia.

• Drilling and works contractors have been engaged, with all the necessary approvals in place.

• Four deep diamond drill holes will test below highly encouraging air core intersections defined at Goodbody during the June quarter 2024 including:

• LRAC047: 5m @ 0.85g/t Au from 9m including 1m @ 1.83g/t Au from 9m and 1m @ 1.23g/t Au from 12m

• LRAC049: 1m @ 0.98g/t Au from 3m

• LRAC051: 1m @ 1.17g/t Au from 19m

• LRAC052: 19m @ 0.23g/t Au from 24m

• Gold mineralisation at Goodbody West remains open along strike and at depth.

• Diamond drill program to build on the highly encouraging first pass results.

• Drilling at Goodbody commencing against a backdrop of an all-time high gold price.

Browns Pb-Zn-Ag-Cu prospect

• Dalaroo has completed a deep diamond drilling program at its Browns prospect.

• Program was partly funded by the Exploration Incentive Scheme sponsored by the Government of Western Australia with a grant for an amount of up to $180,000.

Corporate

• Mr Michael Brown, an experienced geologist and CEO with over 30 years’ experience in exploration, mining, energy, finance and capital markets was appointed as Managing Director and Chief Executive Officer on 21 October 2024.

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Lyons River Project

Dalaroo Metals Ltd (ASX: DAL, “Dalaroo” or “Company”) is pleased to provide an update on its activities during the June Quarter 2024. Dalaroo’s Lyons River Project comprises a strategic (100% owned) land position of 838km2 within the Proterozoic Mutherbukin Zone of the Gascoyne Province, Western Australia. Lyons River is prospective for, vein/shear related gold, BHT type mineralised base metals (PbZn-Ag-Cu) and REE deposits (Figure 1).

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Figure 1: Dalaroo Metals, Lyons River Project prospects in the Gascoyne Province showing neighbouring companies and their prospects.

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Gold System Discovery at Goodbody

Preparations have commenced for a diamond drilling program at its Goodbody Gold Prospect, Lyons River Project (Figure 1). The diamond drill program will be partly funded by the Exploration Incentive Scheme (“EIS”) sponsored by the Government of Western Australia. Dalaroo’s application was successful in Round 29 of the Western Australian Government’s EIS with an award of a $100,000 grant to co-fund 50% of the direct diamond drilling cost.

Four diamond drill holes are planned (see Figure 2). The identification of sulphide-bearing quartz veins, in association with wide silica-sericite alteration haloes and strong Au-As anomalism from the current shallow levels of drilling are considered indicative of a significant hydrothermal system. Mineralisation remains open at depth and to the east and requires deeper drilling to assess the potential for structurally controlled high-grade zones. It is noted that surface anomalism at Goodbody West coincides with the intersection of WNW and NNE-trending structures (refer DAL ASX Announcement from 8 November 2023). Such intersection zones represent potential sites of intensified deformation and hydrothermal fluid movement.

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Figure 2: Goodbody West gold prospect and interpreted regional structures. AC drill holes and to be drilled diamond drill hole locations.

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Browns: Pb-Zn-Ag

Emerging Broken Hill Type (“BHT”) /Sedimentary Exhalative (“SEDEX”) Deposit Setting

Dalaroo has completed a deep diamond drilling program at its Browns prospect, Lyons River Project. The diamond drill program was partly funded by the Exploration Incentive Scheme sponsored by the Government of Western Australia with a grant for an amount of up to $180,000.

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Figure 3: Lyons River Project, Browns prospect and other five Pb-Zn soil geochemical prospects /targets over greyscale 1 Vertical Derivative Aeromagnetics image.

Namban Project

The Manning Prospect is located 150km north of Perth and 90km north of Chalice Mining’s world class Julimar Ni-Cu-PGE Project (Figure 4).

A diamond drill program partly funded by Dalaroo’s successful application in Round 26 of the Exploration Incentive Scheme (EIS) sponsored by the Government of Western Australia (grant was for an amount of up to $175,000, structured as a contribution towards 50% of direct drilling cost) was designed to test large Ni-Cu-PGE+Au geochemical anomalies (Pd soil anomaly with a peak value of 28ppb coincident with Cu peak value of 605ppm and Ni peak value of 206ppm) covering an area of 2km X 0.5km that are coincident with Induced Polarisation (IP) anomalies with high chargeability values of up to 40 mV/V. Elevated copper, gold and silver assays up to 0.11% Cu, 0.61g/t Au and 14.5g/t Ag* were intersected in the drilling program.

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Figure 4: Namban Project Location along the northern extent of the arcuate Julimar – Yule Corridor, truncated by the Darling Fault (dark blue) to the west. Image is 1VD-RTP magnetics draped with Bouger Gravity

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Next Steps at Namban

Given the significant size of the surface geochemical anomalism (Ni-Cu-PGE*+Au) outlined (measuring 2km X 0.5km) at the Manning Prospect and only four holes drilled using Dalaroo’s successful grant under the EIS $175,000, further exploration work is warranted. Future work at the Manning Prospect will include ground gravity surveys, which are expected to complement and expand upon the existing geochemical and geophysical datasets which have helped to delineate encouraging sulphide copper and gold mineralisation.

Gravity surveys will provide additional insight through mapping the local density variation and potentially define deep seated intrusions or sources to the base metal mineralisation and differentiate prospective mafic and gabbroic units from the more recent Proterozoic dolerite dykes which trend through the project and provide targets for potential follow up drill programs.

New Projects

Dalaroo is actively seeking out new complementary projects which have the potential to generate value for all shareholders.

Corporate

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

**Security Type **	Number
FullyPaid OrdinaryShares	248,375,000
Unlisted Options - exercisable at $0.25 each, expiring28 September 2025	8,000,000
Unlisted Options – exercisable at $0.08 each, expiring5 July2025	14,375,000
Unlisted Options – exercisable at $0.036 each, expiring23 August 2029	182,187,500
Performance Rights	11,900,000

Tranche 2 of the share placement (refer to ASX Announcements dated 25 June 2024) was approved by the Company’s shareholders at a General Meeting of shareholders conducted on 19 August 2024. All resolutions considered by shareholders at the General Meeting were passed (refer to ASX Announcement dated 19 August 2024) and the share placement completed on 23 August 2024 (refer ASX Announcement dated 23 August 2024).

On 21 October 2024, Mr Michael Brown was appointed as the Managing Director and Chief Executive Officer of Dalaroo. Mr Brown is an experienced geologist and CEO and has over 30 years’ experience in exploration, mining, energy, finance and capital markets. Previously he led both ASX (Chesser Resources ASX:CHZ) and TSX (Argentex Mining TSXV:ATX) companies, successfully delivering on business strategy and shareholder returns. He led the blind greenfield discovery of Diamba Sud in Senegal as CEO of Chesser, building the team and the newest gold discovery in Senegal. He is an experienced leader in all types of companies from junior and private companies to major companies across the world.

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Mr Brown holds a double Bachelor of Science (Honours-Geology) and Bachelor of Arts from the University of Melbourne and an MBA from Melbourne Business School. He is also a Member of the Australian Institute of Geoscientists (Competent Person).

Financial Commentary

The Appendix 5B for the quarter ended 30 September 2024 provides an overview of the Company’s financial activities. Exploration expenditure for the quarter was $503K. Corporate, staff costs and other expenditure for the quarter was $248K. The total amount paid to Directors of the Company, their associates and other related parties was $181K which includes salary and fees and rent paid to Borden Holdings Pty Ltd (an entity associated with Mr David Quinlivan) for leasing the corporate offices. The Company’s cash balance at the end of the quarter was $1,939K.

ENDS

For more Information:

Please visit our website for more information: www.dalaroometals.com.au

Michael Brown, Managing Director on +61 466 856 061

Authorised for release to the ASX by the Board of Dalaroo Metals Ltd.

COMPETENT PERSON

The information in this report that relates to Exploration results is based on information compiled by Dalaroo Metals Ltd and reviewed by Mr Harjinder Kehal who is a Registered Practicing Geologist and Member of the AusIMM and AIG. Mr Kehal has sufficient experience that is relevant to the style of mineralisation, the type of deposit under consideration and to the activities 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”. Mr Kehal consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.

FORWARD-LOOKING INFORMATION

This report may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning the planned exploration program and other statements that are not historical facts. When used in this report, the words "could", "plan", "estimate", "expect", "intend", "should" and similar expressions are forward-looking statements. Although Dalaroo believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements.

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CAUTIONARY NOTE

The statements and information contained in this report are not investment or financial product advice and are not intended to be used by persons in deciding to make an investment decision. In releasing this report, Dalaroo has not considered the objectives, financial position or requirements of any particular recipient. Accordingly, potential investors should obtain financial advice from a qualified financial advisor prior to making an investment decision.

NO NEW INFORMATION

Except where explicitly stated, this report contains references to prior exploration results, all of which have been cross-referenced to previous market announcements made by the Company. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements.

ASX Releases during the September Quarter 2024

	Description
1 July 2024	Notification regarding unquoted securities - DAL
1 July 2024	Application for quotation of securities - DAL
1 July 2024	Completion of Placement & Notice Under Section 708A(5)(e)
1 July 2024	Notice of General Meeting/Proxy Form
1 July 2024	Quarterly Activities/Appendix 5B Cashflow Report
19 August 2024	19 August 2024: Results Meeting.
23 August 2024	Application for quotation of securities - DAL
23 August 2024	Completion of Placement and Notice under Section 708(5)(e)
23 August 2024	Notification regarding unquoted securities - DAL
23 August 2024	Change of Director’s Interest Notice – Joshua Gordon
23 August 2024	Change of Director’s Interest Notice – Bilal Ahmad
27 August 2024	Becoming a substantial holder – Ifrah Nishat
27 August 2024	Becoming a substantial holder – David Pevcic
27 August 2024	Becoming a substantial holder – Bilal Ahmad
27 August 2024	Ceasing to be substantial holder – Serena Minerals Ltd
29 August 2024	Becoming a substantial holder – Jason Peterson
2 September 2024	Becoming a substantial holder – Kobala Investments
13 September 2024	Ceasing to be substantial holder – Shenton Resources Ltd
24 September 2024	Extension of Managing Director’s Executive Service Agreement
27 September 2024	Annual Report to Shareholders
27 September 2024	Appendix 4G & 2024 Corporate Governance Statement
27 September 2024	2024 Annual General Meeting – Key Dates
30 September 2024	Expiry of Unlisted Options
30 September 2024	Notification of cessation of securities - DAL

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Tenement Schedule as at 30 September 2024

Project Name	Location	Tenement Licence	Interest held at 30 September 2024
Lyons River	WA	E09/1824	100%
Lyons River	WA	E09/1825	100%
Lyons River	WA	E09/2098	100%
Lyons River	WA	E09/2102	100%
Lyons River	WA	E09/2304	100%
Lyons River	WA	E09/2305	100%
Lyons River	WA	E09/2312	100%
Lyons River	WA	E09/2713	100%
Namban	WA	E70/4694	100%
Namban	WA	E70/4928	100%
Namban	WA	E70/5702	100%
Namban	WA	E70/5494	100%
Namban	WA	E70/5502	100%
Namban	WA	E70/5604	100%

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About the Lyons River Project

Lyons River is located approximately 1,100km north of Perth and approximately 220 km to the northeast of the coastal town of Carnarvon, Western Australia. The Lyons River Project lies within the Mutherbukin Zone of the Gascoyne Province, which is the deformed and high-grade metamorphic core zone of the early Proterozioc Capricorn Orogen (Figure 5).

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Figure 5: Lyons River Project location diagram

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About the Namban Project

Namban Project comprises an under explored ground package totalling 437km[2] located in the mid-north part of the wheatbelt region, deemed by Dalaroo to be prospective for magmatic intrusion related NiCu-PGE deposits. The Company has a 100% controlling interest in the Namban Project, comprising six tenements extending from the townships of Moora in the south to Three Springs in the north (Figure 6).

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Figure 6: Namban Project tenements location map

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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

DALAROO METALS LTD

ABN Quarter ended (“current quarter”) 23 648 476 699 30 September 2024

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	2 (503) - - (97) (94) - 3 - - - (57)	2 (503) - - (97) (94) - 3 - - - (57)
	(746)	(746)
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	- - - - - -	- - - - - -

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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 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	Current quarter $A’000 - - - - - - - -	Year to date (3 months) $A’000 - - - - - - - -
	-	-
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	2,451 - - (176) - - - - -	2,451 - - (176) - - - - -
	2,275	2,275
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)	410 (746) - 2,275	410 (746) - 2,275

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 4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	Consolidated statement of cash flows 4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	Current quarter $A’000 -	Year to date (3 months) $A’000 -
		1,939	1,939
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)		1,939 - -	410 - -
		1,939	410
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 6.2 Aggregate amount of payments to related parties and their associates included in item 2			181
			-
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.
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
		-	-
		-	-
		-	-
		-	-

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 1 181 6.2 Aggregate amount of payments to related parties and their associates included in item 2 -	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 1 181 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.
7. Financing facilities Total facility	Amount drawn at
Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. amount at quarter end $A’000	quarter end $A’000
7.1 Loan facilities -	-
7.2 Credit standby arrangements -	-
7.3 Other (please specify) -	-
7.4 Total financing facilities -	-
7.5 Unused financing facilities available at quarter end	-
7.6 Include in the box below a description of each facility above, including the lender, interest
rate, maturity date and whether it is secured or unsecured. If any additional financing
facilities have been entered into or are proposed to be entered into after quarter end,
include a note providing details of those facilities as well.

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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) (746) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - Total relevant outgoings (item 8.1 + item 8.2) (746) Cash and cash equivalents at quarter end (item 4.6) 1,939 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 1,939 Estimated quarters of funding available (item 8.6 divided by item 8.3) 2.60 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?	(746) - (746) 1,939 -
		1,939
	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: 31 October 2024

Authorised by: The Board of Dalaroo Metals Ltd

(Name of body or officer authorising release – see note 4)

• See chapter 19 of the ASX Listing Rules for defined terms.

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ASX Listing Rules Appendix 5B (17/07/20)

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Appendix 5B

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

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.

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ASX Listing Rules Appendix 5B (17/07/20)

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• See chapter 19 of the ASX Listing Rules for defined terms.