ELEMENT 25 LIMITED — Interim / Quarterly Report 2022

Jan 31, 2022

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• Record daily production of 1,209 tonnes of concentrate produced on 3 January 2022.

• Planned processing plant engineering modifications completed in parallel with repair works following logwasher failure.

• Processing plant now operating above nameplate capacity with further optimisation improvements to be pursued as production ramps-up.

• Third shipment of 41,000 tonnes of high-quality manganese concentrate departed Utah Point, Port Hedland for delivery to offtake partner OM Materials, a subsidiary of ASX-listed OM Holdings Ltd ( ASX: OMH ) in December 2021.

• Revised shipping strategy delivers planned cost reductions.

• Expansion of production of manganese concentrate on-track.

• Offtake interest is robust for expanded production.

• Revenue per tonne shipped increased by 36% in the December quarter through lower freight and the early impacts of process optimisation.

• Further improvements targeted in throughput and grade from on-going process improvements.

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• Study returned a robust Net Present Value ( NPV ) with a healthy base case Internal Rate of Return ( IRR ).

• The Study used a life of project average High Purity Manganese Sulphate ( HPMSM ) price of US $ 1,950 ( A $2,600 ) per tonne FOB and Fertiliser Grade Manganese Sulphate ( FGMSM ) price of US $900 ( A $1,200 ) per tonne FOB.

• The Study investigates three stages of development modelled on a southeast Asian site. The second and third stages are scheduled for construction after completion of the previous stage.

• Study confirms that a HPMSM Project represents a long life, low operating cost opportunity to expand into the down-stream processing of ore from the Project to produce HPMSM, requiring modest capital in a stable jurisdiction with simple logistics and in a growing market.

• Flowsheet optimisation test work delivers key breakthrough in terms of simplifying the flowsheet and significantly reducing reagent consumption and residue production both key drivers of production costs.

Market Summary Board of Directors: ASX code: E25 Seamus Cornelius Chairman Shares on issue: 153M Justin Brown MD Share price: $1.245 John Ribbons NED

Element 25 Limited is developing the world class Butcherbird Manganese Project in Western Australia to produce high quality manganese concentrate and high purity manganese products for traditional and new energy markets.

Element 25 Limited

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Element 25 Limited (E25 or Company) (ASX:E25) is pleased to provide an update on its activities completed during the December 2021 quarter at the Company’s 100% owned Butcherbird Manganese Project ( Project ) in Western Australia.

Commenting on the December 2021 quarter, E25’s Managing Director Justin Brown said “ Several key operational outcomes were achieved during the quarter, notwithstanding a period of production downtime due to unexpected repair requirements on the Butcherbird processing plant. Most pleasingly, we were able to complete our third shipment of high-quality manganese concentrate from Port Hedland on time which is a testament to our operational team.

Concurrently with the repairs, our team expedited several planned processing plant modifications in December, which helped drive record daily production numbers in early January 2022.

Another key outcome for the quarter was the completion of the HPMSM plant scoping study which highlighted a low operating cost, long-life High Purity Manganese Sulphate Project with compelling economics. Key optimisation breakthroughs were also made during the quarter regarding simplifying the flowsheet and significantly reducing reagent consumption and residue production, both key drivers of production costs.

Entering 2022, E25 remains firmly on track to achieve steady nameplate production from Butcherbird, before transitioning to our Stage 2 expansion operations later this year as we solidify our position as a globally significant producer of high-quality manganese concentrate .”

The manganese concentrate processing plant commissioned in 2021 is advancing towards nameplate throughput volumes and continues to deliver grades and impurity profiles within the specification detailed in the Company’s offtake agreement.

Work throughout the quarter has also seen a renewed focus on the optimisation of the high purity manganese sulphate monohydrate ( HPMSM ) processing flowsheet. The Company also notes that high purity manganese prices continue to strengthen with Electrolytic Manganese Metal ( EMM ) prices reaching new highs of over USD$6,500/t with some spot quotations touching $7,000/t (reference: www.metal.com) which has a pull-through effect on HPMSM for which prices are also trending upwards.

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In December 2021, E25 completed its third shipment of 41,000 tonnes of high-quality manganese concentrate departed Utah Point, Port Hedland for delivery to offtake partner OM Materials (S) Pte Ltd (OMS), subsidiary of ASX-listed company

Element 25 Limited

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OM Holdings Limited (ASX:OMH) (OMH)[1] . The Company’s third ore shipment left on board the bulk vessel MV Top Fair as scheduled on 5 December 2021.

As reported in November 2021, the processing plant at Butcherbird experienced a logwasher shaft failure on 18 November 2021. There were no injuries or damage to other plant components, however as the logwasher is a critical part of the processing plant, E25 temporarily brought down the plant to rectify the problem.

The failed part was not a wear part and the failure was considered unusual and unexpected. As a result, spares are not held on site for these specific components, and the remote sourcing of replacements from the original equipment manufacturer (OEM) in Northern Ireland was required.

Whilst the processing plant outage was unexpected, it coincided with a period of planned downtime in December 2021 to undertake engineering modifications to improve plant performance and maximise production of concentrate volumes.

The modification works completed included a range of tasks designed to improved plant access for maintenance, manage material flow through the plant, reduce wear on key components, improve noise and dust control as well as adjusting the overall site layout to increase operational and maintenance scheduling flexibility.

During December 2021, E25 advised that repairs and modification works had been completed and allowing production at Butcherbird to re-start.

Post quarter end, the Company reported that plant production volumes had significantly improved since the plant was recommissioned in December, with a new daily production record of 1,209 tonnes being achieved on 3 January 2022, well above the target nameplate production of 1,000 tpd for the Stage 1 production plant.

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Post quarter end (see ASX release dated 18 January 2022), E25 reported that a Scoping Study (Study) into the construction and operation of a High Purity Manganese Sulphate Monohydrate (HPMSM) plant has returned a robust set of financial metrics over a 20-year project life. The project is strongly leveraged to the emerging Electric Vehicle (EV) industry. EV’s typically use lithium-ion batteries for energy storage and battery cathode materials contain HPMSM[1] .

The Company is moving directly into a definitive Feasibility Study (FS) for the development of a HPMSM project and expects that study to be finalised in the second half of 2022.

1 Reference: Company ASX release dated 18 January 2022

Element 25 Limited

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Scoping Study Summary

The Project is strongly leveraged to the emerging Electric Vehicle/Battery industry. The Company is moving directly into a definitive Feasibility Study (FS) to further explore the commercial potential of this opportunity. The Study assumes that the Project will be built in an industrial park located in southeast Asia, leveraging local low cost of power and the local supply of process reagents. A final site has not yet been determined and this will be further considered in the FS.

The HPMSM Project includes the construction of a HPMSM conversion plant as well as supporting administrative, packaging and laboratory facilities. The site will most likely be located on an industrial park, near a deep sea, bulk cargo port and will most likely have established water, power and communications facilities.

E25 is investigating several such locations in southeast Asia and a final decision on the location has yet to be reached.

The Project is 100% owned and E25 will likely establish a local company in the destination country to manage local ownership. Manganese ore will be sourced from the Project. The Study examines the macro-economic inputs, operational and capital cost parameters and contemplates the progressive expansion of production at the Project.

Full details on the HPMSM Scoping Study are available in the ASX announcement dated 18 January 2022.

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In October 2021, E25 confirmed that leaching optimisation tests using run-of-mine concentrate product from the Butcherbird Manganese Project had yielded several significant breakthroughs in terms of flowsheet design.

The Company’s HPMSM development team has continued to achieve significant progress in optimising the leach process using an alternative organic, low carbon intensity reagent with reduced requirement for secondary reagents.

Optimisation work is focussed on the production of HPMSM for new energy vehicles (NEV) from run-of-mine concentrate from the simple low-cost beneficiation process currently in use at the Project which has now been further confirmed as suitable feedstock.

As in previous test work using material from the Project, high extraction rates of up to 98% were achieved. Importantly the current round of extraction tests utilised an alternative reagent which offers advantages over that used previously both from an availability, cost, process simplification and carbon intensity perspective, in line with the Company’s objective of becoming a low cost Zero Carbon Manganese™ producer.

Further details can be reviewed in ASX announcement dated 28 October 2021.

Element 25 Limited

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E25’s Business Development team is focussing on the next stages of the multi-stage development strategy, including a Stage 2 expansion of the concentrate business followed by a Stage 3 development to convert the concentrate material into HPMSM for electric vehicle EV batteries to power the global transition away from fossil fuel powered mobility.

Manganese is emerging as an increasingly important ingredient for EV batteries, with potential supply constraints for nickel and cobalt forcing battery manufacturers to look to high manganese cathodes to produce the vast amount of cathode material required by the EV industry in coming years[2] .

The Project is ideally placed to feed this potential demand, with advanced flowsheet development work undertaken in 2019 and 2020 confirming a simple leach process for E25 ores which, when combined with offsets, will target the world’s first Zero Carbon Manganese[TM] for EV cathode manufacture[3] .

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As battery electric vehicle (BEV) makers seek to increase the uptake of electric vehicles, one commercial driver is cost reduction. VW's Power Day suggested a 50% cost reduction for batteries with cell design (-15%), production process (-10%), cathode/anode materials (-20%) and battery systems (-5%) driving the change. Global BEV penetration is expected to rise to 15.2% by 2025 and 39.5% in 2030 – led by Europe and China, according to Morgan Stanley’s latest report[4] . The main

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Table 1. Europe BEV sales volumes (m) and penetration (%)

driver in the cathode materials is a shift to a high manganese cathode material for the volume production, which is expected to underpin strong demand growth for battery-grade manganese sulphate. Current estimates put demand by 2030 at 13 times current supply and a deficit of 1.3Mt even factoring in planned supply increases[5] .

2 https://thenextavenue.com/2021/01/22/svolt-opens-orders-for-its-nmx-nickel-manganese-batteries/ 3 Reference: Company ASX release dated 12 February 2019.

4 Morgan Stanley Research published 3 September 2021

5 Euromanganese company presentation dated September 2011

Element 25 Limited

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E25’s Butcherbird Manganese Project is a world-class manganese resource with current JORC resources of more than 263Mt of manganese ore[6] . In May 2020, the Company completed a Pre-Feasibility Study (PFS)[7] with respect to developing the deposit to produce manganese concentrate for export to generate early cashflow with a modest capital requirement[8] . Stage 1 of the Project development plan is complete and E25 has commenced shipping ore to offtake partners.

The PFS also highlighted the Project’s potential for significant growth beyond the initial Stage 1 production volumes (the studies examined the potential for a 2X and 3X expansion to Stage 1 within 12 months of initial commissioning), and the Company expects to expedite the expansion of the Project in 2H FY2022.

In addition to the concentrate export business, the Company has completed extensive research & development and laboratory test work into the production of high purity manganese products including battery grade manganese sulphate (HPMSM) and High Purity Electrolytic Manganese Metal (HPEMM). The work has highlighted that the Butcherbird ores are highly amenable to an ambient temperature, atmospheric pressure leach process, resulting in a very efficient extraction of the manganese into solution, the key requirement for the cost effective and sustainable production of HPMSM and HPEMM.

The Project straddles the Great Northern Highway and the Goldfields Gas Pipeline, providing turnkey logistics and energy solutions. The Company plans to integrate renewable energy into the power solution over time to target a zero-carbon footprint for the Project, which is expected to also reduce energy costs. A cleaner, lower carbon flowsheet and high penetration renewable energy will place Butcherbird at the forefront of sustainable high purity manganese production.

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Category	Tonnes (Mt)	Mn (%)	Si (%)	Fe (%)	Al (%)
Measured	16	11.6	20.6	11.7	5.7
Indicated	41	10.0	20.9	11.0	5.8
Inferred	206	9.8	20.8	11.4	5.9
Total	263	10.0	20.8	11.4	5.9

Notes:

• Reported at a 7% Mn cut-off for the Measured and Indicated categories and an 8% Mn cut-off for the Inferred categories. • All figures rounded to reflect the appropriate level of confidence (apparent differences may occur due to rounding)

6 Reference: Company ASX release dated 17 April 2019.

7 Reference: Company ASX release dated 19 may 2020.

8 Reference: Company ASX release dated 3 December 2020

Element 25 Limited

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Based on the results of the Pre-Feasibility Study completed in May 2020, E25 has published a Maiden Ore Reserve for the Project of 50.55Mt in the Proved and Probable categories[9] .

Classification	Tonnes (Mt)	Grade (Mn%)	Contained Mn (Mt)	Recovered Mn (Mt)
Proved	14.4	11.5	1.65	1.35
Probable	36.2	9.8	3.56	2.92
Total	50.6	10.3	5.21	4.27

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In addition to cash reserves, the Company also currently holds securities in the following listed entities:

Listed securities at market value:	No. Held	Closing Price	Market Value
Anova Metals Ltd (ASX:AWV)	7,000,000	$0.02	$140,000
Buxton Resources Ltd (ASX:BUX)	356,001	$0.07	$24,920
Duketon Mining (ASX:DKM)	1,450,000	$0.37	$536,500
Danakali Limited (ASX:DNK)	6,001,331	$0.425	$2,550,565
Total			$3,251,985

Justin Brown

Managing Director

Company information, ASX announcements, investor presentations, corporate videos and other investor material in the

Company’s projects can be viewed at: http://www.element25.com.au.

9 Reference: Element 25 Limited Reserve Statement lodged with ASX 19 May 2020.

Element 25 Limited

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The ASX Appendix 5B quarterly report covering the 3-month period from 1 October 2021 to 31 December 2021 is attached to and lodged with this report. The Company recognised revenue of $5,637k from its third shipment of manganese concentrate. Exploration and evaluation expenditure was $22k, associated with tenement compliance costs. Mining development activities totalled $481k predominantly associated with stage 2 expansion plan costs. Production costs, including mining, processing, haulage, port, royalties and site administration, totalled $6,142k. Staff costs in the quarter totalled $873k. Corporate and administration expenses totalled $526k. The Company received government tax incentives of $138k in the quarter. In addition, $50k was moved from restricted to non-restricted cash in relation to the release of a number of bank guarantees. Net cash outflows from investing activities was $124k for expenditure on processing plan engineering modifications. In addition, the Company received $205k from the sale of tenements. Net cash inflows from financing activities was $789k representing $858k through the receipt of funds from the exercise of options, offset by $109k in relation to lease payments.

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In accordance with ASX Listing Rule 5.3.5, payments to related parties of the Company and their associates during the quarter totalled $86k to the directors including salary, directors’ fees, consulting fees and superannuation. This amount is included at Item 1.2(d) of the Appendix 5B.

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The company confirms that in the case of estimates of Mineral Resource or Ore Reserves, all material assumptions and technical parameters underpinning the estimates in the market announcements dated 17 April 2019 and 19 May 2020 continue to apply and have not materially changed. The company confirms that the form and context in which the competent person’s findings are presented has not been materially modified from the original market announcements.

The information in this report that relates to Exploration Results and Exploration Targets is based on information compiled by Mr Justin Brown who is a member of the Australasian Institute of Mining and Metallurgy. At the time that the Exploration Results and Exploration Targets were compiled, Mr Brown was an employee of Element 25 Limited. Mr Brown is a geologist and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking 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 Brown consents to the inclusion of this information in the form and context in which it appears in this report.

This announcement is authorised for market release by Element 25 Limited’s Board of Directors.

Element 25 Limited

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	Tenement reference	Location	Interest at **beginning of quarter **	Acquired/ Disposed	Interest at end of **quarter **
The mining tenements held at the end of the quarter and their location	E09/2415	Isle Bore WA	100%	N/A	100%
	E20/659	Eelya Hill WA	10%	N/A	10%
	E28/2577	Pinnacles WA	100%	N/A	100%
	E28/2761	Flanker South WA	100%	N/A	100%
	E46/1366	Black Hill WA	100%	N/A	100%
	E52/1529	Mt Padbury WA	100%(Note 1)	N/A	100%(Note 1)
	E52/2350	Butcher Bird WA	100%	N/A	100%
	E52/3606	Yanneri Bore WA	100%	N/A	100%
	E52/3706	Yanneri Pool WA	100%	N/A	100%
	E52/3735	Limestone Bore WA	100%	N/A	100%
	E52/3738	Mt Padbury WA	100%	Disposed	0%
	E52/3769	Kumarina WA	100%	N/A	100%
	E52/3779	Beyondie Bluff WA	100%	N/A	100%
	E52/3789	Coner Bore WA	100%	N/A	100%
	E52/3840	Woolgatharra Pool WA	100%	N/A	100%
	E52/3858	Yanneri Well WA	100%	N/A	100%
	E52/3947	Weelarrana WA	100%	N/A	100%
	E52/3973	Neds Gap WA	100%	N/A	100%
	E52/4022	Corner Bore WA	0%	Acquired	100%
	L52/211	Limestone Bore WA	100%	N/A	100%
	L52/215	Butcherbird East 1 WA	100%	N/A	100%
	L52/216	Butcherbird East 2 WA	100%	N/A	100%
	L52/217	Butcherbird East 3 WA	100%	N/A	100%
	L52/218	Butcherbird East 4 WA	100%	N/A	100%
	L52/220	Butcherbird East 5 WA	100%	N/A	100%
	L52/221	Butcherbird East 6 WA	100%	N/A	100%
	L52/225	Butcherbird East 7 WA	100%	N/A	100%
	M52/1074	Yaneri Ridge WA	100%	N/A	100%
	E57/1060	Victory Well WA	20%	N/A	20%
	E63/2027	Lake Johnston WA	100%	N/A	100%
	E80/5056	Eileen Bore WA	100%	Disposed	0%

Notes:

• 1) 100% interest held in all minerals other than iron ore and manganese.

Element 25 Limited

Rule 5.5

Appendix 5B

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

Name of entity

Element 25 Limited

ABN 46 119 711 929	Quarter ended (“current quarter”)
46 119 711 929	31 December 2021

Consolidated statement of cash flows	Current quarter $A’000	Year to date (6 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 - Movement of cash previously classified as non-restricted 1.9 Net cash from / (used in) operating activities	5,637 (22) (481) (6,142) (873) (526) - 10 - - 138 50	11,080 (128) (656) (15,066) (1,980) (964) - 29 - - 138 132
	(2,209)	(7,415)
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	- - (124) - - -	- - (242) - - -

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

Page 1

Appendix 5B

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

Consolidated statement of cash flows	Current quarter $A’000	Year to date (6 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	- 205 - - - - - -	- 205 - - - - - -
	81	(37)
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 (lease payments) 3.10 Net cash from / (used in) financing activities	- - 858 - - - - - (69)	- - 858 - - - - - (177)
	789	681
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)	29,357 (2,209) 81 789	34,823 (7,415) (37) 680

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

Page 2

Appendix 5B

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

Consolidated statement of cash flows	Current quarter $A’000	Year to date (6 months) $A’000
4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	(182)	(216)
	27,836	27,836
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)	27,836 - - -	29,357 - - -
	27,836	29,357
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 86 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.		86
		-

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

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
		-	-
		-	-
		-	-
		-	-
	N/A

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) (2,209) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - Total relevant outgoings (item 8.1 + item 8.2) (2,209) Cash and cash equivalents at quarter end (item 4.6) 27,836 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 27,836 Estimated quarters of funding available (item 8.6 divided by item 8.3) 12.61 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?	(2,209) - (2,209) 27,836 -
		27,836
	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

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

8.8.3 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.

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 January 2022

‘Signed electronically’

Authorised by: Board of Directors

(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.

6. By the Company lodging this Appendix 5B, the Managing Director and CFO declare that the Appendix 5B for the relevant quarter:

7. presents a true and fair view, in all material respects, of the cashflows of the Company for the relevant quarter and is in accordance with relevant accounting standards;

8. the statement given above is founded on a sound system of risk management and internal compliance and control which implements the policies adopted by the Board; and

9. the Company’s financial records have been properly maintained and the Company’s risk management and internal compliance and control system is operating efficiently and effectively in all material respects.

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

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