DEVELOP GLOBAL LIMITED — Interim / Quarterly Report 2022

Jan 23, 2022

ASX Announcement 24/01/2022

DECEMBER 2021 QUARTERLY REPORT

DEVELOP advances multi-pronged strategy to capitalise on decarbonisation opportunities

• Develop received ~25% of the assays from the recently completed 20,000m, $10m drilling program at Sulphur Springs

• The outstanding infill drilling results point to a significant increase in the Indicated Resource and identify a new zone of zinc-rich mineralisation in the hanging wall of the main deposits

• The Resource upgrade will be done in parallel with the strategic review of the mine plan, with the results of both expected to be released in the middle of this calendar year

• During the quarter, Develop implemented another key plank of its growth strategy by establishing the Company’s Underground Services division

• Develop Underground Services will specialise in providing a range of underground mining services to cater for both Develop’s own requirements such as at Sulphur Springs and to service other Australian projects on a contractual basis.

• In line with this strategy, Develop was invited to tender for the mining contract at Bellevue Gold’s (ASX: BGL) Bellevue project in Western Australia.

• Highly experienced resources financier Michelle Woolhouse appointed as a Nonexecutive Director

• Completion of Share Consolidation on a 5 for 1 basis

Develop (ASX: DVP) is pleased to report on a quarter which saw it make strong progress towards its goal of capitalising on the immense opportunities emerging across the exploration, development and operational spectrum.

This strategy centres on establishing Develop’s own operations and assisting other companies to develop and operate theirs, leveraging a team of world-class underground mining specialists in the process.

Develop Managing Director Bill Beament said: “It was a highly productive quarter as we ramped up the execution of our multi-pronged strategy to capitalise on the huge opportunities awaiting us.

“The first results from our drilling program at Sulphur Springs were outstanding and highlight what I have always said is the enormous potential of this project.

“As the rest of the assays come in, we will work towards a resource update and complete our strategic review of the mine plan, giving us a strong foundation on which to progress the project.

“We are also delighted to have established our underground services division. We believe there will be huge demand for the specialist skills and experience we will offer as the industry increasingly switches to underground mining.”

Develop Underground Services Division

During the quarter, Develop announced that it had implemented another key plank of its growth strategy by establishing the Company’s Underground Services division and accepting an invitation to tender on its first underground mining contract with Bellevue Gold. Develop Underground Services will specialise in providing a range of underground mining services to cater for both Develop’s own requirements such as at Sulphur Springs and to service other Australian projects on a contractual basis.

Key Management appointments during the quarter included;

Paul Nilsson, Manager Mining Underground: Mr Nilsson has been directly involved in the mining industry for 37 years in Australia and overseas. For the past 10 years, he held senior management roles at Northern Star Resources and was the Project Manager who orchestrated the world record of 1033.4 metres of jumbo development in a single month (March 2020) in Kalgoorlie. Prior to this, he spent seven years as an Operations Manager at Barminco Contractors.

Aaron Armstrong, Maintenance Manager Underground: Mr Armstrong has been involved in the underground services industry for the past 22 years and has held numerous senior positions ranging from Underground Maintenance Foreman and Superintendent to Maintenance Manager. For the past seven years he has been the Maintenance Manager-Underground, overseeing all maintenance services for Northern Star Resources Underground Operations in Australia and overseas.

Bellevue Gold’s mining contract tender was submitted in late December 2021. Mining contracts of this nature normally take three months from tender submission to contract award (if successful).

Sulphur Springs Copper Zinc Project

Develop’s flagship Sulphur Springs Project is located 112km south-east of Port Hedland in Western Australia and hosts a total Mineral Resource comprising 17.4 million tonnes grading 2.5%CuEq[2,3] (1.3% copper, 4.2% zinc and 17g/t silver).

The Definitive Feasibility Study (see ASX release 10 October 2018) delivered a Pre-Tax NPV8% of A$472 million based on a copper price of US$6300/tonne and zinc price of US$2650/tonne. Current prices are ~50% and ~30% higher respectively.

Environment

Baseline environmental monitoring continued during the quarter. Several supporting studies for approval applications were completed and draft reports received. Preparation of approval documentation progressed and remains on track for submission in the March quarter.

Exploration

During the quarter, the Company completed a resource infill and exploration drilling program at the Sulphur Springs Project. The programme is additional to the previously reported ‘Open Pit’ infill drilling programme.

A total of 68 drill holes were completed as part of the Company’s de-risking and growth strategy. The drilling was designed to infill the Sulphur Springs Resource to a nominal 30m x 30m spacing across two broad target areas, with additional exploration drilling also completed, the programme included:

• 12,500m (35 holes) Diamond and RC infill drilling of the Underground Resource

• 3,500m (22 holes) Diamond and RC infill drilling of the Open Pit Resource

• 4,500m (11 holes) Diamond and RC Exploration drilling

Partial assay results from 38 of the Resource/Exploration drillholes were received during the quarter, representing approximately 25% of the programmes total samples (See ASX release 8 December 2021).

Samples for all holes have been dispatched to the lab for assay analysis, however due to high demand and delayed turnaround times, final results are not expected until March 2022. However, if the Company

receives a substantial batch of assays in the coming 2 to 3 weeks it will contemplate an earlier market update, than the end of the quarter.

Resource Infill Drilling – Underground

• Infill resource drilling into the down-plunge portion of the Eastern Lens intersected consistent zones of exceptionally thick (+30m) high-grade mineralisation (Figure 1). Significant intersections include: • 29.0m @ 3.4% CuEq[1] (0.3% Cu, 0.5% Pb, 9.7% Zn, 50.4g/t Ag & 0.3g/t Au) from 328m (SSD147; Eastern Lens)

• • 30.0m @ 2.2% CuEq[1] (0.1% Cu, 0.6% Pb, 6.6% Zn, 33.3g/t Ag & 0.2g/t Au) from 341m (SSD143; Eastern Lens) o And 3.0m @ 2.0% CuEq[1] (2.1% Cu, 0.1% Pb, 0.4% Zn & 13.5g/t Ag) from 382m

• • 20.0m @ 1.6% CuEq[1] (0.1% Cu, 0.2% Pb, 4.7% Zn, 11.4 g/t Ag & 0.1g/t Au) from 382m (SSD142; Eastern Lens) o And 2.0m @ 1.8% CuEq[1] (0.2% Cu, 5.2% Zn, 11.7 g/t Ag & 0.1 g/t Au) from 364m

• Infill resource drilling into the down-plunge portion of the Western Lens intersected consistent zones of mineralisation, with widths as expected. The only assays to be received from this part of the campaign are from two RC pre-collars; • 2.0m @ 12.1% CuEq[1] (0.2% Cu, 1.0% Pb, 37.8% Zn, 42.4g/t Ag & 0.3g/t Au) from 244m (SSD137 pre-collar; West Lens)

• 3.0m @ 2.5% CuEq[1] (0.2% Cu, 0.7% Pb, 7.3% Zn, 31.7g/t Ag & 0.2g/t Au) from 284m (SSD139 precollar; West Lens)

Resource Infill Drilling – Open Pit

Results from the RC pre-collars targeting inferred resources within the proposed open pit returned several zones of high-grade Copper/Zinc/Silver mineralisation within the upper portion of the Sulphur Springs deposit (Figure 1). Significant intersections within the pre-collars include:

• 10.0m @ 6.5% CuEq[1] (0.1% Cu, 0.1% Pb, 20.3% Zn, 75g/t Ag & 0.5g/t Au) from 92m (SSD131 precollar; West Lens)

• 28.0m @ 1.7% CuEq[1] (0.4% Cu, 0.1% Pb, 4.1% Zn, 9.6g/t Ag & 0.1g/t Au) from 32m (SSD107 precollar; West Lens)

• 4.0m @ 4.3% CuEq[1] (3.0% Cu, 0.3% Pb, 5.2% Zn, 38.1g/t Ag & 0.2g/t Au) from 68m (SSD117 precollar; West Lens)

• 8.0m @ 3.9% Cu , 0.1% Pb, & 3.2g/t Ag from 20m (SSD108 pre-collar; West Lens)

• 6.0m @ 2.4% Cu , 0.1% Pb, 0.1% Zn, & 12.3g/t Ag from 48m (SSD109 pre-collar; West Lens)

Exploration Drilling

Results from exploration drilling completed (Figure 1) have identified significant extensions to the current 13.8 million tonne Resource, including a thick zone of high-grade Zinc/Silver mineralisation, and a new style of high-grade Copper/Gold mineralisation. A new zone of high-grade hanging wall hosted Zinc/Silver mineralisation was also intersected in the exploration drilling. Significant exploration intersections include: • 49.0m @ 2.6% CuEq[1] (0.8% Cu, 0.2% Pb, 6.0% Zn, 16.1g/t Ag & 0.4g/t Au) from 232m (SSD132; West Lens Exp)

• Including 17.0m @ 2.7% CuEq1 (1.9% Cu, 0.1% Pb, 3.3% Zn, 12.8g/t Ag & 0.6g/t Au) from 232m.

• Including 9.0m @ 6.1% CuEq1 (0.7% Cu,0.1% Pb, 17.7% Zn, 10.3g/t Ag & 0.2g/t Au) from 247m

• 8.0m @ 1.9% CuEq[1] (0.3% Cu, 0.2% Pb, 5.3% Zn, 27.6g/t Ag & 0.1g/t Au) from 300m (SSD144; West Lens Exp)

• 4.0m @ 2.3% CuEq[1] (0.6% Cu,0.1% Pb, 5.8% Zn, 28.7g/t Ag & 0.1g/t Au) from 244m (SSD134; West Lens Exp)

Including High-grade Zinc-rich Hanging wall mineralisation:

• 20.0m @ 7.5% Zn, 0.4% Cu, 0.6% Pb, 36.5g/t Ag & 0.2g/t Au (2.8% CuEq[1] ) from 208m (SSD134; H/W Zinc)

• 20.0m @ 7.2% Zn, 0.3% Cu, 0.4% Pb, 26.4g/t Ag & 0.2g/t Au (2.6% CuEq[1] ) from 236m (SSD144; H/W Zinc)

• 8.0m @ 5.5% Zn, 0.1% Cu, 0.5% Pb, 30.1g/t Ag & 0.3g/t Au (1.8% CuEq[1] ) from 236m (SSD133; H/W Zinc)

The wide zones of high-grade mineralisation intersected within the exploration drilling are located between 40m -130m outside (down plunge) of the current resource margins.

==> picture [468 x 265] intentionally omitted <==

Figure 1. Sulphur Springs 2021 drilling long-section.

1. Copper Equivalent (%) = Cu grade% * Cu recovery + ((Pb grade % * Pb recovery % * (Pb price $/t/Cu price$/t)) + (Zn grade % * Zn recovery % * (Zn price $/t/Cu price $/t)) + (Ag grade g/t /31.103 * Ag recovery % * (Ag price $/oz/Cu price $/t))

Whim Creek Join Venture (20% free carried)

Develop has a 20% free carried interest in the Whim Creek Base Metal project. During the quarter project partner Anax Metal Limited (ASX: ANX) released a scoping study (refer ASX Release 30 August 2021) on the redevelopment of the project utilising ore sorting technology to upgrade ROM ores (refer ASX announcements “Scoping Study Results Demonstrate Outstanding Value at Whim Creek” 30 August 20201). The scoping study envisaged construction of a 320ktpa concentrator on site at Whim Creek processing upgraded sulphide ores with lower grade material treated in the existing heap leach operation. The project is envisaged to have a mine life of 5-7 years, with the concentrator producing 33,200 tonnes Copper, 62,400 tonnes Zinc, 17,800 tonnes Lead 1.6Moz Silver and 9,900oz Au. ANX are progressing with the feasibility study, and the company will continue to update shareholders as further results are released.

Subsequent to the end of quarter an updated scoping study has been released (refer ASX 17 January 2022). The updated study incorporates:

• An increased production target;

• A switch to gas-fired power from diesel generated power, delivering both cost and environmental benefits;

• Results from bacterial sulphide leaching test work;

• Updated base case Zinc Price assumption.

The updated Study indicates the concentrator would produce 39,000 Tonnes Copper; 70,000 Tonnes Zinc; 18,000 Tonnes Lead; 1.8Moz Silver; 14,300 Oz Gold. Preproduction capital cost is estimated at $55 million with an internal rate of return* of 83% and NPV (6%) of $227M.

Evelyn Project [E47/1209]

No new work completed during the quarter.

Corporate

The Company held its Annual General Meeting of Shareholders on Friday, 26 November 2021, where Shareholders approved a Share Consolidation on a 5 for 1 basis.

On 26 November 2021, the Company also announced the appointment of highly experienced resources financier Michelle Woolhouse as a Non-executive Director, effective December 1, 2021.

Ms Woolhouse has significant experience in project and corporate finance in the mining and metals sector, including evaluation, debt structuring, technical considerations and sustainability.

Securities Information

The Company’s issued capital at the date of this announcement is:

SecurityClass	Issued Capital
DVP Fully Paid Ordinary Shares	140,698,014
Unlisted Performance Rights	387,000
Unlisted Options(various expirydates and exercise prices	48,490,062

Financial Information

The Company’s net cash position on 31 December 2021 was $16.5 million. The Pro-forma Appendix 5B – Statement of Consolidated Cash Flows is provided in a separate report.

Information as disclosed in the Cash Flow Report:

• Exploration and Evaluation during the quarter was $5.6 million

• There were no mining production and development activities during the quarter.

This announcement is authorised for release by Bill Beament, Managing Director.

Investor Enquiries

Trevor Hart DEVELOP Global Limited

T: +61 8 6389 7400 E: hello@develop.com.au

Media Enquiries

Paul Armstrong Read Corporate

P: +61 8 9388 1474

• E: info@readcorporate.com.au

Interests in Mining Tenements

AREA OF INTEREST	TENEMENTS	GROUP INTEREST	EXPIRY
Sulphur Springs	M45/494	100%	21/10/2032
	M45/587	100%	6/09/2032
	M45/653	100%	28/09/2037
	M45/1001	100%	21/01/2029
	E45/4811	100%	27/03/2022
	E45/4993	100%	10/04/2023
	E 45/6033	100%	Application
	E 45/6034	100%	Application
	L45/166	100%	30/04/2030
	L45/170	100%	19/09/2030
	L45/173	100%	24/08/2033
	L45/179	100%	31/03/2032
Panorama	L45/188	100%	19/11/2030
	L45/189	100%	19/11/2030
	L45/287	100%	27/09/2033
	M45/1254	100%	10/10/2038
	P45/2910	100%	24/05/2022
	P45/2911	100%	24/05/2022
	M45/1265	100%	Application
**Evelyn **	E47/1209*	100%	26/09/2021
Whim Creek	M47/1455	20%	3/04/2033
	E47/3495	20%	31/07/2022
	M47/236	20%	26/07/2032
	M47/237	20%	26/07/2032
	M47/238	20%	26/072032
	M47/443	20%	1/06/2040
	L47/36	20%	18/01/2023
	M47/323	20%	3/062035
	M47/324	20%	3/06/2035

Note:[#] 80% interest in tenement transferred to Anax Metals Limited under the terms of the Whim Creek earn in and joint venture agreement.

*The company has made an application for a 12-month extension of term on E47/1209 to DMIRS.

Table 3. Sulphur Springs Mineral Resources Table

MINERAL RESOURCES	MINERAL RESOURCES
Location		Tonnes
	JORC Classification		Cu %	Zn %	Pb %	Ag g/t
		('000t)
Sulphur Springs	Measured	-	-	-	-	-
	Indicated	9,400	1.5	3.8	0.2	17.0
	Inferred	4,400	1.4	3.7	0.2	18.0
	Sub-total	13,800	1.5	3.8	0.2	17.0
Kangaroo Caves	Measured	-	-	-	-	-
	Indicated	2,300	0.9	5.7	0.3	13.6
	Inferred	1,300	0.5	6.5	0.4	18.0
	Sub-total	3,600	0.8	6.0	0.3	15.0
Project total		17,400	1.3	4.2	0.2	17.0

Note. Totals may not balance due to rounding. The resource is reported at a cut-off grade of 0.4% copper and then less than 0.4% copper and greater than or equal to 2% zinc (see ASX release 21 March 2018 & 22 September 2015).

Notes.

1. Reported intercepts are determined using averages of length weighted contiguous mineralisation downhole. The lower cut-offs for are 0.5% for copper and 1.0% for zinc. Significant intercepts may include samples below the cut-off values if the interval is less than or equal to 2m or two sample intervals down hole. Totals may not balance due to rounding.

2. The copper equivalent grades (Cu Eq) are based on copper, silver, lead and zinc prices of US$9,577/t Copper, US$22.93/oz Silver, US$2,270/t Lead and US$3,198/t Zinc with overall recoveries of 94%, 62%, 46% and 94% respectively (price deck based on 3-month LME as 30/11/21, recoveries based on 2018 DFS (see ASX release 10 October 2018).

3. The copper equivalent calculation is as follows: Cu Eq = Cu grade% * Cu recovery + ((Pb grade % * Pb recovery % * (Pb price $/t/Cu price$/t)) + (Zn grade % * Zn recovery % * (Zn price $/t/Cu price $/t)) + (Ag grade g/t /31.103 * Ag recovery % * (Ag price $/oz/Cu price $/t))

4. Reported on 100% Basis.

Competent Person Statement

The information in this announcement that relates to Exploration Results at the Sulphur Springs Project is based on information by Mr Luke Gibson who is an employee of the Company. Mr Gibson is a member of the Australian Institute of Geoscientists and Mr Gibson has sufficient experience with the style of mineralisation and the type of deposit under consideration. Mr Gibson consents to the inclusion in the report of the results reported here and the form and context in which it appears.

The information contained in this announcement relating to the Kangaroo Caves Resources was previously released in announcements issued 22 September 2015, based on information compiled or reviewed by Mr David Milton, Hardrock Mining Consultants Pty Ltd who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Milton has sufficient experience relevant to the style of mineralisation, type of deposit under consideration and to the activity being undertaking to qualify as Competent Persons as defined in the 2012 – Refer Edition of the “Australasian Code for Reporting of Mineral Resources”.

The information contained in this announcement relating to the Sulphur Springs Resources was previously released in announcements issued 21 March 2018, based on information compiled or reviewed by Mr David Milton of Mil Min Pty Ltd who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Milton has sufficient experience relevant to the style of mineralisation, type of deposit under consideration and to the activity being undertaking to qualify as Competent Persons as defined in the 2012 – Refer Edition of the “Australasian Code for Reporting of Mineral Resources”.

The information contained in this announcement relating to the Sulphur Springs Reserves was previously released in ASX announcement dated 10th October 2018 based on information compiled or reviewed by Mr Daniel Donald, of Entech Pty Ltd who is a member of the Australasian Institute of Mining and Metallurgy. Mr Donald has sufficient experience relevant to the style of mineralisation, type of deposit under consideration and to the activity being undertaken to quality as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Mineral Reserves”.

The Company confirms that: a) The form and context of the material in this announcement has not been materially modified from the above previous announcements; b) It is not aware of any new information or data that materially affects the information included in the previous announcements and that all material assumptions and technical parameters underpinning the estimate in DFS announcement issued 10 October 2018 continue to apply and have not materially changed; and c) It is uncertain that following further exploration and evaluation that the historical estimates will be able to be reported as mineral resources or ore reserves in accordance with the JORC 2012 Code.

Appendix 5B

Mining Exploration Entity or Oil and Gas Exploration Entity Quarterly Cash Flow Report

Rule 5.5

Appendix 5B – 2nd Quarter 2021/2022

Mining Exploration Entity Quarterly Report

Name of Entity:

DEVELOP Global Limited (ASX Code: DVP)

	DEVELOP Global Limited(ASX Code: DVP	DEVELOP Global Limited(ASX Code: DVP	)
	ABN: 28 122 180 205			Quarter Ended ('Current Quarter') 31 December 2021
				31 December 2021
	Consolidated Statement of Cash Flows			Current Quarter $A’000	Year to Date (6 months) $A’000
	1. 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8	Cash Flows from Operating Activities Receipts from customers Payments for: (a) exploration and evaluation (b) development (c) production (d) staff costs (e) administration and corporate Dividends received (see note 3) Interest received Interest and other costs of finance paid Income taxes paid Government grants and tax incentives Other		- (110) - - (436) (608) - 9 (3) - - -	- (239) - - (752) (943) - 18 (7) - - -
	1.9	Net Cash from (used in) Operating Activities		(1,148)	(1,923)
	2. 2.1 2.2 2.3 2.4 2.5	Cash Flows from Investing Activities Payments to acquire or for: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation (e) investments (f) other non-current assets Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment (d) investments (f) other non-current assets Cash flows from loans to other entities Dividends received (see note 3) Other		- - (187) (5,397) - - - - - - - - - -	- - (204) (7,073) - - - - - - - - - -
	2.6	Net cash from / (used in) Investing Activities		(5,584)	(7,277)

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

Page 1 of 5

Appendix 5B Mining Exploration Entity or Oil and Gas Exploration Entity Quarterly Cash Flow Report

		Current Quarter $A’000	Year to Date (6 months) $A’000
3. 3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8 3.9	Cash Flows from Financing Activities Proceeds from issues of equity securities (excluding convertible debt securities) Proceeds from issue of convertible debt securities Proceeds from exercise of options Transaction costs related to issues of equity securities or convertible debt securities Proceeds from borrowings Repayment of borrowings Transaction costs related to loans and borrowings Dividends paid Other	- - 693 (8) - (63) - - -	4,916 - 4,657 (575) - (125) - - -
3.10	Net cash from (used in) Financing Activities	622	8,873
4. 4.1 4.2 4.3 4.4 4.5	Net Increase / (Decrease) in cash and cash equivalents for the period Cash and cash equivalents at beginning of period Net cash from / (used in) operating activities (item 1.9 above) Net cash from / (used in) investing activities (item 2.6 above) Net cash from / (used in) financing activities (item 3.10 above) Effect of movement in exchange rates on cash held	22,614 (1,148) (5,584) 622 -	16,831 (1,923) (7,277) 8,873 -
4.6	Cash and Cash Equivalents at end of period (1)	16,504	16,504
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 account.	Current Quarter $A’000	Previous Quarter $A’000
5.1 5.2 5.3 5.4	Bank balances Call deposits Bank overdrafts Other (provide details)	575 15,929 - -	769 21,845 - -
5.5	Cash and cash equivalents at End of Quarter (should equal item 4.6 above) (1)	16,504	22,614

(1)At 31 December 2021 DEVELOP Global Limited had $50k utilised to cash back guarantees that do not appear in the cash flow.

DEVELOP Global Limited has five controlled entities incorporated in Australia, (Venturex Pilbara Pty Ltd, Venturex Sulphur Springs Pty Ltd, Jutt Resources Pty Ltd, Juranium Pty Ltd and CMG Gold Ltd). The Consolidated Statement of Cash Flows covers DEVELOP Global Limited and its controlled entities.

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

Page 2 of 5

Appendix 5B Mining Exploration Entity or Oil and Gas Exploration Entity Quarterly Cash Flow Report

6. Payments to related parties of the entity and their associates 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	Current Quarter $A’000
	135 -

Note: Item 6.1 includes aggregate salaries, directors’ fees, corporate advisory & consulting fees at normal commercial rates

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. 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	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
	- - -	- - -
	-	-
		-

• Include in the box below a description of each facility above, including the lender, interest rate,

• 7.6 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.

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

Page 3 of 5

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 Net cash from / (used in) operating activities (Item 1.9) 8.2 Payments for exploration and evaluation classified as investing activities (Item 2.1(d)) 8.3 Total relevant outgoings (Item 8.1 + Item 8.2) 8.4 Cash and cash equivalents at quarter end (Item 4.6) 8.5 Unused finance facilities available at quarter end (Item 7.5) 8.6 Total available funding (Item 8.4 + Item 8.5) 8.7 Estimated quarters of funding available (Item 8.6 divided by Item 8.3)	(1,148) (5,397) (6,545) 16,504 - 16,504
	2.52

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

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?

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?

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?

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.

Page 4 of 5

Appendix 5B

Mining Exploration Entity or Oil and Gas Exploration Entity Quarterly Cash Flow Report

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: 24 January 2022

Authorised by: The Board of Directors ( 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.

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

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