FireFly Metals Ltd. — Interim / Quarterly Report 2022

Jul 27, 2022

ASX: AUT 28 July 2022

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ASX ANNOUNCEMENT

June 2022 Quarterly Report

Outstanding drilling results set up Pickle Crow for significant growth in 2.2Moz Resource

Results come from both near-mine and new areas, demonstrating the camp-scale potential within the entire mineral district

KEY POINTS

• AuTECO set for further growth in the 2.23Moz Resource at 7.8g/t after highly successful quarter in which four drilling rigs returned a host of strong results from the Pickle Crow project in Ontario, Canada

• Early-stage exploration drilling well outside of the Resource resulted in the discovery of three new zones of mineralisation:

• Talia Zone: 5.5m @ 18g/t gold from 45m RVDD0038 (refer ASX 23/6/2022)

• Cohen MacArthur: 2.1m @ 92.0g/t gold from 147.8m RVDD0016 (refer ASX 3/5/22) 0.7m @ 26.2g/t gold from 116.5m RVDD0016 (refer ASX 3/5/22) 0.8m @ 11.3g/t gold from 17.8m RVDD0018 (refer ASX 3/5/22) 5.3m @ 2.56g/t gold from 94.4m RVDD0017 (refer ASX 23/6/22)

• Swamp Zone: 3.5m @ 7.6g/t gold from 126.9m RVDD0022 (refer ASX 3/5/22) 0.4m @ 31.0g/t gold from 28.8m RVDD0022 (refer ASX 23/6/22) 2.8m @ 4.3g/t gold from 59.8m RVDD0026 (refer ASX 23/6/22)

• Exceptional Resource extension drill results at Tyson and Shaft 3 demonstrate the potential to extend the current 2.23Moz Inferred Resource, with results including:

o Tyson Veins: 7.8m @ 17.0g/t gold from 335.3m AUDD0266 (refer ASX 3/5/22) 1.2m @ 37.5g/t gold from 284.5m AUDD0266 (refer ASX 3/5/22) 0.3m @ 134.0g/t gold from 422.8m AUDD0253 (refer ASX 3/5/22) 5.6m @ 4.9g/t gold from 441.9m AUDD0266 (refer ASX 3/5/22) 8.1m @ 3.3g/t gold from 615.8m AUDD0260 (refer ASX 3/5/22) o Shaft 3: 1.6m @ 73.2g/t gold from 37.9m AUDD0249 (refer ASX 3/5/22)

• Tyson Veins:

• During the June quarter, the company completed 20,583 metres of drilling as part of the current 50,000-metre campaign

• AuTECO made several senior management appointments aimed at accelerating the growth and development of the Company’s asset portfolio

• AuTECO remains well funded to continue its growth campaign, with $17.4M in cash and receivables at 30 June 2022

ASX: AUT

Ray Shorrocks - Executive Chairman Michael Naylor - Non-Executive Director & Joint Company Secretary Stephen Parsons - Non-Executive Director Darren Cooke - Chief Executive Officer Page | 1 William Nguyen - CFO & Joint Company Secretary

ACN: 110 336 733 Principal and Registered Office: Ground Floor 24 Outram Street West Perth WA 6005

T: +61 8 9220 9030 E: info@autecominerals.com W: www.autecominerals.com

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AuTECO Executive Chairman Ray Shorrocks said:

“The outstanding exploration success of the past quarter demonstrated that we have two sources of substantial growth potential, with both in-mine drilling and new areas returning strong results.

“The initial results from early-stage exploration outside of the current 2.23 million ounce resource are really starting to prove that we have an entire mineral district, not just the Pickle Crow deposit. To get a result like 5.5m @ 18g/t gold at Talia in a previously undrilled banded iron formation is simply outstanding.

“Combined with the resource growth results at Tyson, the long-term potential to increase gold Resources is significant.

“With $17.4 million in cash and receivables at the end of June 2022, AuTECO is well funded to continue its exploration strategy in 2022 and beyond.”

ABOUT THE EXPLORATION PROGRAM

A 50,000-metre drill campaign commenced in March 2022 at the Pickle Crow project in Ontario, Canada. The key strategic objectives of the drill program (Figure 1) demonstrate AuTECO’s continued commitment to the dual pathways of driving near-mine Resource growth combined with early-stage exploration and discovery drilling on the 500 square kilometres of regional tenure.

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Figure 1: Current AuTECO strategic work plan and key objectives for 2022. Please note that timeframes are indicative.

A total of 20,583 metres of diamond drilling was completed during the quarter.

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SUMMARY OF JUNE QUARTER DRILLING RESULTS

Early-Stage Exploration Targeting

Drilling and results received during the June quarter continued to confirm the camp-scale potential of the northern Pickle Lake greenstone belt outside of the current 2.23Moz at 7.8 g/t gold Inferred Resource (see ASX release dated 15 February 2022 for details). AuTECO manages ~500km[2] of tenure in the Pickle Lake district (Figure 2). The location of early-stage exploration drillholes are shown in Figure 3.

Further details of results can be found in ASX releases dated 3 May 2022 and 23 June 2022.

During 2022 to date, first pass early-stage drilling testing has been conducted at six regional exploration targets located away from the current Resource. All six targets returned results with anomalous mineralisation. Assay results for 15 drill holes are pending and are anticipated for release during the September quarter.

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Figure 2: Map showing AuTECO tenure with recent (yellow) and historical drilling (white) intersections relative to the current Resource at the historic Pickle Crow mine. Please refer to ASX release dated 26 March 2020 for further details on historical intersections. Details of recent AuTECO intersections presented in this map can be found in the ASX releases dated 3 May 2022 and 23 June 2022.

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Figure 3: Map showing key target areas and results from the 2022 exploration campaign to date relative to the Resource as at 31 December 2021 and historical underground development. All reported results are outside of the current Resource. The distance to the AuTECO processing plant is denoted by the green radius line. Please note that a patented lease is a mining lease in which the Crown (government) grants all mineral rights to the leaseholder

Recent intersections highlight the potential of the Talia discovery and confirmed the prospectivity of the Banded Iron Formation (BIF) style mineralisation in the Pickle Lake district.

A shallow intersection of 5.5m @ 18.0g/t gold was returned from just 45 metres down hole. This follows on from previously reported broad intersections of 4.9m @ 3.6g/t gold and 4.0m @ 3.1g/t gold.

Further results for the Cohen-MacArthur prospect were received in June 2022. Four of the five holes drilled contained significant gold intersections. Key results reported from this campaign include 2.1m @ 92.0g/t, 0.7m @ 26.2g/t, 0.8m @ 11.3g/t, 5.4m @ 2.6g/t and 1.2m @ 4.1g/t gold. The Cohen MacArthur shear zone is a structure subparallel to the Core Mine Shear that controls mineralisation at the Pickle Crow deposit, where 1.5Moz of gold was extracted between 1935 and 1966.

Shallow high-grade mineralisation was intersected at the Swamp Zone prospect, a poorly tested hypothesised structure between the Springer and Central Patricia deposits. In May 2022 the initial intersection of 3.5m @ 7.6g/t gold was reported from 126.9m. Recent results include 0.4m @ 31.0g/t gold from 28.8m downhole and 2.8m @ 4.3g/t gold from 59.7m down hole.

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Resource Extension Drilling

Since the beginning of the year, two rigs have been dedicated to testing for structural extensions and new veins in the mine area, which hosts a current Inferred Resource of 2.23Moz of gold at a grade of 7.8g/t.

In mine drilling during the June quarter focused predominantly on the definition and extension of the Tyson vein discovery and the Shaft 3 area.

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Figure 4: Map showing resource extension drill results reported during the June quarter of 2022 (yellow boxes). See ASX release dated 3 May 2022 for further details.

Highlights from the drilling included:

• 7.8m @ 17.0g/t gold from 335.3m in hole AUDD0266

• 1.6m @ 73.2g/t gold from 37.9m in hole AUDD0249

• 1.2m @ 37.5g/t gold from 284.5m in hole AUDD0266

• 0.3m @ 134.0g/t gold from 422.8m in hole AUDD0253

• 1.3m @ 11.7g/t gold from 347.8 in hole AUDD0266

• 2.5m @ 6.7g/t gold from 273m in hole AUDD0264

• 5.6m @ 5.0g/t gold from 441.9m in hole AUDD0266

• 8.1m @ 3.3g/t gold from 615.8m in hole AUDD0260

Further results are expected from Tyson and the Shaft 3 areas during the September quarter.

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FORWARD WORK PLAN

The company intends to continue with a dual-tracked approach to drilling for the remainder of 2022, with a combination of extensional in-mine Resource growth drilling and regional exploration. The 50,000m drill campaign will continue during the September quarter.

Summer field activities are in progress (mapping and sampling) at regional prospects including Tarp Lake and Cohen MacArthur. Lease-wide heli-magnetic geophysical surveys are planned for the Pickle Crow, Sioux Lookout and Trappers Cabin properties in July-August 2022.

With the Canadian winter being the optimal time to access to the regional prospects, the number of drill rigs will be reduced to two for the second half of the September quarter. Drilling during the September quarter will focus on Resource definition in the lead up to a revised Resource estimate towards the end of 2022.

CORPORATE

Financial Information

AuTECO’s cash and receivables at 30 June 2022 totalled $17.4M. This comprised of $13.6M in cash and $3.8M relating to a tax refund from the Canadian Revenue Agency due for payment to the Company in July 2022. Refer to Appendix 5B report provided separately for principal movements in consolidated cash for the quarter.

Information as disclosed in the Cash Flow Report:

• Net cash used in exploration activities (expensed and capitalised) totalled ~$6.1M;

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

• Payments to related parties of the Company and their associates for Executive and Nonexecutive Directors fees, including (where applicable) superannuation totalled $129K; and

• A refundable commodity tax payment was made to the Canadian government for exploration expenditures. The related refund of the full amount ($3.8M) was delayed during the June quarter, payment has been confirmed by the Canadian government in the upcoming quarter.

Senior Management Appointments

On 6 June 2022, the Company announced several senior management appointments aimed at accelerating the growth and development of its asset portfolio.

The appointments included Darren Cooke being appointed Chief Executive Officer, William Nguyen as Chief Financial Officer and Joint Company Secretary, Tabatha LeBlanc as Vice President – Environment & Community, and Juan Gutierrez as Group Chief Geologist.

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Health & Safety

COVID-19 prevention practices remained in place at Pickle Crow, which has recorded eight cases to date with no impact on day-to-day operations.

The Pickle Crow gold Project 12-month rolling average Lost Time Injury Frequency Rate (LTIFR) as of 30 June 2022 remains at zero (0.0). There were no reportable incidents recorded during the quarter.

For and on behalf of the Board.

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Mr Ray Shorrocks Media: Executive Chairman Paul Armstrong AuTECO Minerals Ltd Read Corporate Phone: +61 8 9220 9030 +61 8 9388 1474

ABOUT AUTECO MINERALS

AuTECO Minerals Ltd (ASX:AUT) is an emerging mineral exploration company focused on advancing high-grade gold resources at the Pickle Crow Gold Project in the world-class Uchi subprovince of Ontario, Canada.

The Pickle Crow Gold Project currently hosts a JORC 2012 Mineral Resource of 2.23 Moz at 7.8g/t gold, with a 50,000m drilling program underway to expedite Resource growth.

Pickle Crow is one of Canada’s highest-grade gold mines – historically producing 1.5 Moz at 16g/t gold.

The Company also holds 90% interest in the Limestone Well Vanadium-Titanium Project in Western Australia.

For further information regarding AuTECO Minerals Ltd please visit the ASX platform (ASX:AUT) or the Company’s website https://www.autecominerals.com

COMPETENT PERSONS STATEMENT

Certain Exploration Results referred to in this announcement were first reported in accordance with ASX Listing Rule 5.7 in the Company's announcements of 28/01/2020, 26/03/2020, 29/06/2020, 01/09/2020, 11/11/2020, 19/01/2021, 7/04/2021, 16/06/2021, 15/07/2021, 2/8/2021, 5/10/2021, 2/12/2021, 18/01/2022, 15/02/2022, 03/05/2022 and 23/06/2022. AuTECO confirms that it is not aware of any new information or data that materially affects the information included in the original announcements. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original market announcements.

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The information in this announcement that relates to the Mineral Resource Estimate and previous exploration results is based on and fairly represents information and supporting information compiled and reviewed by Mr Darren Cooke, who is a Member of the Australasian Institute of Geoscientists. Mr Cooke is a full-time employee of the Company and has sufficient experience in the style of mineralisation and type of deposit under consideration and qualifies 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 Cooke holds securities in AuTECO Minerals Limited and consents to the inclusion of all technical statements based on his information in the form and context in which it appears.

NOTE

As announced on 15 February 2022, "Resource increases by 500,000oz to 2.23Moz at 7.8g/t", AuTECO confirms that it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the estimates in the original announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original market announcement.

DISCLAIMER

References to previous ASX announcements should be read in conjunction with this release.

FORWARD LOOKING INFORMATION

Various statements in this announcement constitute statements relating to intentions, future acts and events. Such statements are generally classified as “forward looking statements” and involve known and unknown risks, uncertainties and other important factors that could cause those future acts, events and circumstances to differ materially from what is presented or implicitly portrayed herein. The Company gives no assurances that the anticipated results, performance or achievements expressed or implied in these forward-looking statements will be achieved.

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ASX: AUT 28 July 2022

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APPENDIX 1

Summary of Mining Tenements held at the end of March 2022 Quarter

AuTECO Minerals Ltd

Western Australia

PROJECT	TENEMENT NO.	STATUS	INTEREST	TENURE HOLDER
Limestone Well	E20/846	Granted	90%	AuTECO Minerals Ltd
Limestone Well	E57/1069	Granted	90%	AuTECO Minerals Ltd

Monax Alliance Pty Ltd

South Australia

PROJECT	TENEMENT NO.	STATUS	INTEREST	TENURE HOLDER
Kulitjara	ELA 2013/168	Application	100%	Monax Alliance Pty Ltd
Anmuryinna	ELA 2013/169	Application	100%	Monax Alliance Pty Ltd
Poole Hill	ELA 2013/170	Application	100%	Monax Alliance Pty Ltd

Revel Resources (JV Project) Ltd

Ontario, Canada - Pickle Crow Project (interest 100%)

TENEMENT NO.

571490			574657	to	574669	625906	to	625907	627834	to	627999
571493			574673			625911			628001
571498			574788			625914	to	625917	628201	to	628202
571500			574842	to	574845	625920			628215
571503			574847	to	574863	625922	to	625936	628220
571506			625862	to	625864	625971			628229
571508			625867			626339	to	626465	628231
571511	to	571512	625872	to	625875	626492	to	626514	628233	to	628234
571515	to	571516	625878	to	625879	626566			628236	to	628284
571518			625881	to	625882	626568			628292	to	628293
571520	to	571523	625884			626570	to	626571	628303
571526			625888			626574			629659
571528			625893			626579
571531	to	571532	625897	to	625898	626595
574646	to	574647	625901	to	625903	626598	to	626615

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Revel Resources Ltd

Ontario, Canada (interest 100%)

Ontario, Canada	(interest 100%)
PROJECT	TENEMENT NO.	STATUS	INTEREST	TENURE HOLDER
Trappers Cabin	604520 to 605119	Granted	100%	Revel Resources Ltd
	605437 to 605480
Gold Thrust	605481 to 605784	Granted	100%	Revel Resources Ltd

Revel Resources (JV Project) Ltd (interest 70%)

Ontario, Canada

Pickle Crow Project: AuTECO has entered into a binding term sheet agreement to acquire up to 80% of the Pickle Crow Gold Project through PC Gold Inc, which is a wholly owned subsidiary of First Mining Ltd. For further details refer to ASX announcements dated 28 January 2020 and 17 February 2020.

TENEMENT NO.

TENEMENT	NO.
102631	117947			125772			153741			171633
102632	117948			125797			153759			171655
102636	117969			125837			154984			171905
102637	117970			125856			154985			173067
102655	117977			127040			155002			173068
102656	117998			127041			155022			173091
102688	117999			127444			157233			173136
102716	118002			135139			157234			173138
102717	118032			137058	to	137060	161424			173544
102720	118094			137199			169618			173853
102773	118095			137200			169638			173854
102796	118115			137848			169639			173875
102797	118121			143310			169646			182415
102827	118227			147879			169672			182433
102882	118288			151198			169674			182434
102979	124493	to	124496	152985			169675			182438
103184	124519			152991	to	152993	169709	to	169711	182440
103203	124522			152998			170264			182468
112269	124523			153006	to	153009	170269			182472
112270	125042			153012			170280			182473
117286	125043			153013			170281			183017
117311	125075			153037			170302	to	170304	183069
117314	125076			153039			170362			183090	to	183093
117315	125145			153040			170363			183115
117334	125147			153068			170889			183118
117335	125150			153615			170936			188411
117935	125151			153617			170957			188414
117936	125176			153633			171607			188415
117942	125177			153740			171632			188422	to	188446
												Page

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188502			218368			265623			285734			321700
188519			218369			265624			285759			322281
188547			218381			266182			286396			322284
189122			218392			266185			286415			322303
189170			218393			266188			287100			322304
189214			218448			266203			287122			322361
189695			218449			266205			287631			322387
189900			218450			266847			292388			322388
189903			218470			266850			292389			322949
189922			218471			267574			292410			322950
189923			218480			272992			292411			322951
196962			218481			273007			292412			323594
196963			219051	to	219055	273011			292416			323613	to	323616
196967	to	196969	219145	to	219147	273012			292417			323620
196984	to	196986	219166			273017			292431			323640
202396			219167			273572			292453			324716
203622			220349			273618			292454			325337
207336			220350			273619			292455			325338
207590			220351			273620			293007			333761
207603			225800	to	225802	273642			293008			334628
207626			225804			273643			293009			334629
207649			225818			273644			293032			335092
207652	to	207655	225819			273663			293035			335442
207657			225833	to	225835	273664			293058			335443
207720			226401			274255			293547			335446
208244			226403			274303			293548			335468
208316			227038			274325			293675			344008
208340			227086			275021			293710			344010
208385			227087			275022			294406			344012
208401			227106			275031			294432			344013
208405			227793			275087			294433			344014
208406			227821			275551			305805			344029
208936			227822			276008			312407			344030
208938			238344			285057	to	285060	312408			344031
209208			238522			285069			312492			344580	to	344584
209914			247646			285076			321608			344633
209915			247647			285088	to	285091	321614			344637
210048			249298			285629			321616	to	321619	344655
215596			257912			285634			321622			344659
217803			265530			285635			321636			344681
217811			265531			285652			321667			344683
217812			265581			285657			321669			344745
218333			265585			285708			321673			345282
218335			265601			285709			321683			345328
218362	to	218365	265604			285732			321699			345347

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345348	PA 199 (PA 2067)	PA 668 (PA 2075)	PA 725	PA 758
562622	PA 200 (PA 2068)	PA 669 (PA 2078)	PA 726	PA 759
562636	PA 201 (PA 2066)	PA 67	PA 727	PA 760
562648 to 562779	PA 2011	PA 670 (PA 2070)	PA 728	PA 761
562781	PA 202 (PA 2069)	PA 671 (PA 2074)	PA 729	PA 762
571385 to 571496	PA 2062A)	PA 675	PA 730	PA 763
571497 to 571541	PA 2071e (PA 2071	PA 676	PA 735	PA 773
571543 to 571574	& PA 2072) PA 2133	PA 677	PA 736	PA 774
571576 to 571592	PA 2139	PA 68	PA 737	PA 775
572071 to 572089	PA 2140	PA 684	PA 738	PA 776
572133 to 572166	PA 2141	PA 685	PA 739	PA 777
572168 to 572182	PA 2185	PA 686	PA 740	PA 778
572215 to 572264	PA 2586	PA 69	PA 741	PA 779
572380 to 572428	PA 63	PA 696	PA 742	PA 780
572561 to 572606	PA 637	PA 697	PA 743	PA 781
572608	PA 638	PA 698	PA 744	PA 90 (PA 2161)
572609	PA 639	PA 699	PA 745	PA 91 (PA 2157)
572686 to 572735	PA 64	PA 70	PA 746	PA 92 (PA 2158)
574592 to 574691	PA 640	PA 700	PA 747	PA 93 (PA 2159)
574742 to 574791	PA 644	PA 701	PA 748	PA 94 (PA 2162)
574842 to 574863	PA 646	PA 702	PA 749	PA 95 (PA 2163)
PA 185 (PA 2061)	PA 65	PA 703	PA 750	PA 96 (PA 2160)
PA 186 (PA 2062 &	PA 66	PA 704	PA 751
PA 187 (PA2063)	PA 665 (PA 2073)	PA 705	PA 755
PA 188 (PA 2064)	PA 666 (PA 2076)	PA 706	PA 756
PA 189 (PA 2065)	PA 667 (PA 2077)	PA 707	PA 757

Mining Tenements and Beneficial Interests acquired during the Quarter: Nil.

Mining Tenements and Beneficial Interests disposed of during the Quarter: Nil

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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

Name of entity	Name of entity
Auteco Minerals Ltd
ABN 96 110 336 733	Quarter ended (“current quarter”)
96 110 336 733	30 June 2022

Consolidated statement of cash flows	Current quarter $A’000	Year to date (12 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	- - - - (357) (334) - 4 - - - (3,829)	- (7) - - (1,389) (1,176) - 18 - - 28 (3,829)
	(4,516)	(6,355)
*Other comments: The outgoing payment relates to refundable commodity tax payments to the Canadian government on exploration expenditures. The related refund of the full amount was delayed during the quarter and payment has been confirmed by the Canadian government in the upcoming quarter.
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	- (523) (106) (6,150) -	- (582) (771) (19,718) (1,080)

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 (12 months) $A’000
(f) other non-current assets 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	- - - - - - - - -	- - - - - - - - -
	(6,779)	(22,151)
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	- - 23 (8) - - - - -	20,000 - 1,174 (1,276) - - - - -
	15	19,898
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)	24,496 (4,516) (6,779) 15	21,787 (6,355) (22,151) 19,898

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	Current quarter $A’000	Year to date (12 months) $A’000
4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	372	409
	13,588	13,588
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)	13,551 37 - -	24,459 37 - -
	13,588	24,496
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 1 129 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.		129
		-

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
		-	-
		-	-
		-	-
		-	-
	-
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) (4,516) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (6,150) Total relevant outgoings (item 8.1 + item 8.2) (10,666) Cash and cash equivalents at quarter end (item 4.6) 13,588 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 13,588 Estimated quarters of funding available (item 8.6 divided by item 8.3) 1.27 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?		(4,516) (6,150) (10,666) 13,588 -
			13,588
	Answer: No. Should the $3.8M refund from the Canadian government (as noted above) have been received in the current quarter, the estimated quarters of funding available would be 1.99. Net operating cash flows were higher during the current quarter due to seasonal drilling. The Company expects its net cash outflows to reduce in the coming quarters.
	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: No, the Company is not in current discussions regarding a capital raising.

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?

Answer: Yes, as described above in 8.8.1.

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: 28 July 2022...............................................................

Authorised by: The 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.

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

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