EASTERN RESOURCES LIMITED — Interim / Quarterly Report 2023

Jul 27, 2023

Rule 5.5

Appendix 5B

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

Name of entity Eastern Resource Limited ABN Quarter ended (“current quarter”) 70 126 678 037 June 2023

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Consolidated statement of cash flows Current quarter Year to date
$A’000
(12 months)
$A’000
1. Cash flows from operating activities
1.1 Receipts from customers - -
1.2 Payments for
- -
(a) exploration & evaluation (if expensed)
- -
(b) development
- -
(c) production
(d) staff costs (122) (587)
(e) administration and corporate costs (86) (245)
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)
 Security deposit paid - -
1.9 Net cash from / (used in) operating
activities (208) (832)
2. Cash flows from investing activities
2.1 Payments to acquire:
- -
(a) entities
(b) tenements (150) (400)
- -
(c) property, plant and equipment
(d) exploration & evaluation (if capitalised) (403) (1,804)
-
(e) investments (50)
(f) other non-current assets - -
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ASX Listing Rules Appendix 5B (01/12/19) + 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

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Consolidated statement of cash flows Current quarter Year to date
$A’000
(12 months)
$A’000
2.2 Proceeds from the disposal of:
- -
(a) entities
- -
(b) tenements
- -
(c) property, plant and equipment
- -
(d) investments
- -
(e) other non-current assets
2.3 Cash flows from loans to other entities - -
2.4 Dividends received (see note 3) - -
2.5 Other (provide details if material) - -
2.6 Net cash from / (used in) investing
activities (553) (2,254)
3. Cash flows from financing activities
3.1 Proceeds from issues of equity securities
-
(excluding convertible debt securities) 3,011
3.2 Proceeds from issue of convertible debt - -
securities
3.3 Proceeds from exercise of options - 1,548
3.4 Transaction costs related to issues of equity - (177)
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) - -
 Funds from share placement
(shares not yet issued)
3.10 Net cash from / (used in) financing - 4,382
activities
4. Net increase / (decrease) in cash and
cash equivalents for the period
4.1 Cash and cash equivalents at beginning of 6,667 4,610
period
4.2 Net cash from / (used in) operating (208) (832)
activities (item 1.9 above)
4.3 Net cash from / (used in) investing activities (553) (2,254)
(item 2.6 above)
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ASX Listing Rules Appendix 5B (01/12/19) + 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

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Consolidated statement of cash flows Current quarter Year to date
$A’000
(12 months)
$A’000
4.4 Net cash from / (used in) financing activities - 4,382
(item 3.10 above)
4.5 Effect of movement in exchange rates on - -
cash held
4.6 Cash and cash equivalents at end of 5,906 5,906
period
5. Reconciliation of cash and cash Current quarter Previous quarter
equivalents $A’000 $A’000
at the end of the quarter (as shown in the
consolidated statement of cash flows) to the
related items in the accounts
5.1 Bank balances 1,406 2,167
5.2 Call deposits 4,500 4,500
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
5.5 Cash and cash equivalents at end of 5,906 6,667
quarter (should equal item 4.6 above)
6. Payments to related parties of the entity and their Current quarter
associates $A'000
6.1 Aggregate amount of payments to related parties and their 77
associates included in item 1
6.2 Aggregate amount of payments to related parties and their
associates included in item 2 * -
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• Directors fees, consultancy fees and corporate advisory fees at normal commercial rates.

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 (01/12/19) + 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

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7. Financing facilities Total facility Amount drawn at
Note: the term “facility’ includes all forms of financing amount at quarter quarter end
arrangements available to the entity.
end $A’000
Add notes as necessary for an understanding of the
$A’000
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 -
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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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8. Estimated cash available for future operating activities $A’000
8.1 Net cash from / (used in) operating activities (Item 1.9) (208)
8.2 Capitalised exploration & evaluation (Item 2.1(d)) (403)
8.3 Total relevant outgoings (Item 8.1 + Item 8.2) (611)
8.4 Cash and cash equivalents at quarter end (Item 4.6) 5,906
8.5 Unused finance facilities available at quarter end (Item 7.5) -
8.6 Total available funding (Item 8.4 + Item 8.5) 5,906
8.7 Estimated quarters of funding available (Item 8.6 divided by 9.7
Item 8.3)
8.8 If Item 8.7 is less than 2 quarters, please provide answers to the following questions:
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:
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?
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Answer:

1. Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer:

ASX Listing Rules Appendix 5B (01/12/19) + 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

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.

28 July 2023

Date:

.....................................................................

Heath Roberts (Company Secretary)

Authorised by: ...................................................................................

(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.

ASX Listing Rules Appendix 5B (01/12/19) + 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

Eastern Resources Limited

Schedule of Tenements as at 30 June 2023

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Tenement Tenement No. Holder Eastern Resources Ltd Notes
Interest
VICTORIA
Nowa Nowa EL EL 006183 Gippsland Iron Pty Ltd 100% Note 1
Five Mile RL RL006488 Gippsland Iron Pty Ltd 100%
Five Mine MIN Application MIN007876 Gippsland Iron Pty Ltd 100%
Western Australia
Trigg Hill E45/5728 Eastern Lithium Pty Ltd 100%
Curlew Mine M45/1267 Curlew Mine Pty Ltd 0% Note 2
Taylor Lookout E80/5066 Legacy Iron Ore Ltd 0% Note 3
Yalgoo West E59/2653 & E59/2654 Eastern Lithium Pty Ltd 100%
Lake Johnston E63/2174, E63/2175, Eastern Lithium Pty Ltd 100%
E63/2211 & E63/2212
Lepidolite Hill E15/5574, E15/5739 Eastern Lithium Pty Ltd 70%
& E15/5575
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• E or EL = Exploration Licence RL = Retention Lease MIN = Mining Licence

Notes:

1. In the process of renewal EL006183.

2. Subject to Amended and Restated Option Agreement and a Deed of Assignment and Assumption with Amery Holdings Pty Ltd and Curlew Mine Pty Ltd to acquire 50% ownership of the Tenement including 100% interests of all mineral rights except beryl minerals in the Tenement.

3. Subject to Heads of Agreement with Legacy Iron Ore Ltd announced on 28 February 2022 to earn up an 85% Lithium Rights in E80/5066.

ASX Listing Rules Appendix 5B (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms.

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