FOCUS MINERALS LTD — Interim / Quarterly Report 2017

Oct 29, 2017

Quarterly Activities Report To 30 September 2017

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ASX ANNOUNCEMENT

30 October 2017

Focus Minerals Ltd Activities and Cashflow Report for September Quarter 2017

Operational Highlights During the September Quarter

During the September Quarter, Focus Minerals Ltd (“Focus”, “FML” or the “Company”) finalised the Coolgardie Preliminary Feasibility Study (PFS), the results of which were released to the ASX on 13 October 2017, and commenced the next stage of drilling at Laverton.

Several opportunities for value creation were identified during the PFS process. The priority for the December 2017 Quarter is to use this information to determine the path forward for Coolgardie.

Focus’ cash remains strong at the end of the September Quarter, at $54.7M. The strong cash balance enables the Company to pursue the dual strategy of ongoing exploration at both Coolgardie and Laverton as well as planning for a potential restart of operations at Coolgardie.

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Figure 1: Focus project locations.

Quarterly Activities Report To 30 September 2017

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Coolgardie Gold Project

During the September Quarter, Focus’ exploration team conducted a detailed review and interpretation of recently completed exploration programs at Coolgardie. Based on this work, a small diamond drilling program has been planned at Bonnie Vale to test the high-grade gold mineralisation extension to the north east in depth.

The Company has already begun the Bonnie Vale drilling program and will provide an update on this activity as soon as results are received.

Laverton Gold Project

Commencing on July 2, 2017, a diamond core drilling programme saw 16 diamond core tails added to pre-existing RC holes at the Karridale and Lancefield projects. At Karridale, 13 diamond tails totalling 3,554.6m were drilled, with the deepest hole terminating 720.6m downhole. At Lancefield, three diamond tails for 1,314.95m were added, with the deepest hole being 651.8m downhole. All drilling at Karridale has been at a nominal 60[o] dip towards 145[o] azimuth (GDA94 z51 grid). All drilling at Lancefield is collared vertically, with a tendency to drift towards an WNW direction.

Results are being compiled analysed for both areas. The geological interpretation at Karridale and Lancefield has been updated and gold grade wireframes of the mineralisation are being constructed to allow resource estimates to be calculated.

Overview of the Karridale and Lancefield Projects

The Karridale Project extends across six mining and exploration tenements within the Burtville district, 30km from Laverton and some 2km south of the Burtville open cut owned by Focus Minerals. M38/8, M38/261, E38/2032 and E38/1642 are wholly owned by Focus. M38/73 and M38/89 are held under the Merolia Joint Venture between Focus Minerals (Laverton) Pty Ltd and GSM Mining Company Pty Ltd (a wholly owned subsidiary of Gold Fields). Focus holds a 91% interest in these joint venture tenements.

The Lancefield Project now comprises four mining leases (M38/37, M38/38, M38/159 and M38/1272). The ground is held 100% by Focus, with royalties as set out in the 2016 Annual Report (released to the ASX on 6 April 2017) and varied by agreement (announced to the ASX on 29 March 2017). Located some 8km from Laverton, the Lancefield Project is centred on the Lancefield Gold Mine which was mined between 1899 and 1994, with and extended closure from 1959 to 1980. During that time, the mine produced approximately 1.3Moz of gold.

Cash Position at End of September Quarter 2017

Focus remains in a strong financial position with $54.7M in cash and equivalents at 30 September 2017 (30 June 2017 $58.5M).

2017 (30 June 2017 $58.5M).
Cash at Bank and Deposits	$38.6M
Cash held on bond	$16.1M
Total Cash and Equivalents	$54.7M

2

Quarterly Activities Report To 30 September 2017

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Tenements held at 30 September 2017

	Laverton Gold Project
Tenement Description	Tenement Number	Percentage Interest
BARRICK	E38/1642	100
BARRICK	E38/1725	100
BARRICK	E38/2032	100
BARRICK	L38/0092	100
BARRICK	L38/0101	100
BARRICK	M38/0037	100
BARRICK	M38/0038	100
BARRICK	M38/0049	100
BARRICK	M38/0101	100
BARRICK	M38/0159	100
BARRICK	M38/0342	100
BARRICK	M38/0363	100
BARRICK	M38/0364	100
BARRICK	M38/0535	100
BARRICK	M38/0693	100
BARRICK	M38/1272	100
BARRICK	P38/3667	100
BARRICK	P38/3671	100
BARRICK	P3804347	0 (Under Application)
BARRICK	P3804348	0 (Under Application)
BARRICK	P3804349	0 (Under Application)
BLACK SWAN JV	E38/1869	100
BLACK SWAN JV	P38/3608	100
BURTVILLE	E38/3050	100
BURTVILLE	E38/3051	100
BURTVILLE	E38/3088	100
BURTVILLE	E38/3217	0 (Under Application)
BURTVILLE	G38/0033	100
CENTRAL LAVERTON	E38/1861	100
CENTRAL LAVERTON	E38/1864	100
CENTRAL LAVERTON	E38/2143	100
CENTRAL LAVERTON	E38/3232	0 (Under Application)
CENTRAL LAVERTON	E38/3238	0 (Under Application)
CENTRAL LAVERTON	G38/0020	100
CENTRAL LAVERTON	M38/0264	100
CENTRAL LAVERTON	M38/0318	100
CENTRAL LAVERTON	M38/0376	100
CENTRAL LAVERTON	M38/0377	100
CENTRAL LAVERTON	M38/0387	100
CENTRAL LAVERTON	M38/0401	100
CENTRAL LAVERTON	M38/0507	100
CENTRAL LAVERTON	M38/1032	100
CENTRAL LAVERTON	M38/1042	100
CENTRAL LAVERTON	P38/3691	100
CENTRAL LAVERTON	P38/3692	100
EAST LAVERTON	M38/0008	100
EAST LAVERTON	M38/0261	100
EAST LAVERTON	P38/3611	100
EAST LAVERTON	P38/3612	100

3

Quarterly Activities Report To 30 September 2017

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INFRASTRUCTURE	G38/0024	100
INFRASTRUCTURE	G38/0025	100
INFRASTRUCTURE	L38/0034	100
INFRASTRUCTURE	L38/0052	100
INFRASTRUCTURE	L38/0053	100
INFRASTRUCTURE	L38/0054	100
INFRASTRUCTURE	L38/0055	100
INFRASTRUCTURE	L38/0056	100
INFRASTRUCTURE	L38/0057	100
INFRASTRUCTURE	L38/0063	100
INFRASTRUCTURE	L38/0075	100
INFRASTRUCTURE	L38/0076	100
INFRASTRUCTURE	L38/0078	100
INFRASTRUCTURE	L38/0108	100
INFRASTRUCTURE	L38/0120	100
INFRASTRUCTURE	L38/0152	100
INFRASTRUCTURE	L38/0153	100
INFRASTRUCTURE	L38/0160	100
INFRASTRUCTURE	L38/0163	100
INFRASTRUCTURE	L38/0164	100
INFRASTRUCTURE	L38/0165	100
INFRASTRUCTURE	L38/0166	100
INFRASTRUCTURE	L38/0173	100
INFRASTRUCTURE	L38/0177	100
INFRASTRUCTURE	L38/0179	100
INFRASTRUCTURE	L38/0183	100
INFRASTRUCTURE	L39/0124	100
INFRASTRUCTURE	L39/0214	100
JASPER HILLS	M39/0138	100
JASPER HILLS	M39/0139	100
JASPER HILLS	M39/0185	100
JASPER HILLS	M39/0262	100
LAVERTON	L38/0231	100
LAVERTON	P38/4091	100
LAVERTON	P38/4099	100
LAVERTON	P38/4100	100
LAVERTON	P38/4102	100
LAVERTON	P38/4163	100
LAVERTON-MONEY	M38/0547	100
MEROLIA JV	M38/0073	91
MEROLIA JV	M38/0089	91
MT WELD	E38/2862	100
MT WELD	E38/2872	100
MT WELD	E38/2873	100
LAVERTON DOWNS	E38/3186	100
WATER	GWL154255	100
WATER	GWL160209	100
WATER	GWL160210	100
WATER	GWL160685	100
WATER	GWL172290	100
WEST LAVERTON	M38/0143	100
WEST LAVERTON	M38/0236	100
WEST LAVERTON	M38/0270	100
WEST LAVERTON	M38/0345	100
WEST LAVERTON	M38/1187	100

4

Quarterly Activities Report To 30 September 2017

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	Coolgardie Gold Project
Tenement Description	Tenement Number	Percentage Interest
BAYLEYS	G15/0007	100
BAYLEYS	M15/0630	100
BAYLEYS	M15/1433	100
BAYLEYS	M15/1788	100
BAYLEYS	P15/5717	100
BONNIE VALE	M15/0277	100
BONNIE VALE	M15/0365	100
BONNIE VALE	M15/0595	100
BONNIE VALE	M15/0662	100
BONNIE VALE	M15/0711	100
BONNIE VALE	M15/0770	100
BONNIE VALE	M15/0852	100
BONNIE VALE	M15/0857	100
BONNIE VALE	M15/0877	100
BONNIE VALE	M15/0981	100
BONNIE VALE	M15/1384	100
BONNIE VALE	M15/1444	100
BONNIE VALE	M15/1760	100
BONNIE VALE	P15/5155	100
BONNIE VALE	P15/5156	100
BONNIE VALE	P15/5158	100
BONNIE VALE	P15/5159	100
BONNIE VALE	P15/5190	100
BONNIE VALE	P15/5238	100
BONNIE VALE	P15/5253	100
BONNIE VALE	P15/5254	100
BONNIE VALE	P15/5713	100
BONNIE VALE	P15/5714	100
BURBANKS	P15/5939	0 (Under Application)
BURBANKS	P15/6027	0 (Under Application)
BURBANKS	P15/6102	0 (Under Application)
COOLGARDIE	P15/5946	100
COOLGARDIE	P15/5949	100
COOLGARDIE	P15/5963	100
COOLGARDIE	P15/5964	100
COOLGARDIE	P15/5965	100
COOLGARDIE	P15/5966	100
COOLGARDIE	P15/5967	100
COOLGARDIE	P15/5968	100
COOLGARDIE	P15/5971	100
COOLGARDIE	P15/5972	100
COOLGARDIE	P15/5987	100
COOLGARDIE	P15/5995	100
COOLGARDIE	P15/6002	100
COOLGARDIE	P15/6006	100
COOLGARDIE	P15/6033	100
COOLGARDIE	P15/6118	0 (Under Application)
COOLGARDIE	P15/6119	0 (Under Application)
COOLGARDIE	P15/6120	0 (Under Application)
COOLGARDIE	P15/6121	0 (Under Application)
COOLGARDIE	P15/6122	0 (Under Application)

5

Quarterly Activities Report To 30 September 2017

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COOLGARDIE	P15/6123	0 (Under Application)
GUNGA	M15/1341	100
GUNGA	M15/1357	100
GUNGA	M15/1358	100
GUNGA	M15/1359	100
GUNGA	P15/5702	0 (Under Application)
GUNGA	P15/5703	0 (Under Application)
GUNGA	P15/5704	0 (Under Application)
LAKE COWAN	E15/0986	100
LONDONDERRY	P15/5969	100
LONDONDERRY	P15/5970	100
LORD BOB	M15/0385	100
LORD BOB	M15/1789	100
LORD BOB	P15/5550	100
LORD BOB	P15/5731	100
LORD BOB	P15/5733	100
LORD BOB	P15/5735	100
LORD BOB	P15/5712	100
ML-BAYLEYS	L15/0034	100
ML-BAYLEYS	L15/0122	100
ML-BAYLEYS	L15/0161	100
ML-BAYLEYS	L15/0164	100
ML-BAYLEYS	L15/0186	100
ML-BONNIEVALE	L15/0126	100
ML-BONNIEVALE	L15/0127	100
ML-BONNIEVALE	L15/0130	100
ML-BONNIEVALE	L15/0200	100
ML-BONNIEVALE	L15/0211	100
ML-BONNIEVALE	L15/0371	0 (Under Application)
ML-GUNGA	L15/0088	100
ML-GUNGA	L15/0090	100
ML-GUNGA	L15/0095	100
ML-GUNGA	L15/0096	100
ML-GUNGA	L15/0114	100
ML-GUNGA	L15/0116	100
ML-GUNGA	L15/0119	100
ML-GUNGA	L15/0283	100
ML-LORD BOB	L15/0051	100
ML-LORD BOB	L15/0059	100
ML-LORD BOB	L15/0063	100
ML-LORD BOB	L15/0077	100
ML-LORD BOB	L15/0078	100
ML-NEPEAN	L15/0027	100
ML-NEPEAN	L15/0028	100
ML-NEPEAN	L15/0179	100
ML-NEPEAN	L15/0193	100
ML-NEPEAN	L15/0194	100
ML-NEPEAN	L15/0294	100
ML-NORRIS	L15/0071	100
ML-NORRIS	L15/0168	100
ML-NORRIS	L15/0169	100
ML-NORRIS	L15/0170	100
ML-NORRIS	L15/0171	100
ML-NORRIS	L15/0172	100
ML-NORRIS	L15/0173	100

6

Quarterly Activities Report To 30 September 2017

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ML-NORRIS	L15/0174	100
ML-NORRIS	L15/0175	100
ML-THREE MILE HILL	L15/0042	100
ML-THREE MILE HILL	L15/0123	100
ML-THREE MILE HILL	L15/0177	100
NEPEAN	M15/0709	100
NEPEAN	M15/1809	100
NEPEAN	P15/5519	100
NEPEAN	P15/5574	100
NEPEAN	P15/5575	100
NEPEAN	P15/5576	100
NEPEAN	P15/5625	100
NEPEAN	P15/5626	100
NEPEAN	P15/5629	100
NEPEAN	P15/5738	100
NEPEAN	P15/5739	100
NEPEAN	P15/5740	100
NEPEAN	P15/5741	100
NEPEAN	P15/5742	100
NEPEAN	P15/5743	100
NEPEAN	P15/5749	100
NEPEAN	P15/5750	100
NORRIS	M15/0384	100
NORRIS	M15/0391	100
NORRIS	M15/0515	100
NORRIS	M15/0761	100
NORRIS	M15/0791	100
NORRIS	M15/0871	100
NORRIS	M15/1153	100
NORRIS	M15/1422	100
NORRIS	M15/1793	100
NORRIS	P15/5241	100
NORRIS	P15/5522	100
NORRIS	P15/5527	100
NORRIS	P15/5528	100
NORRIS	P15/5729	100
NORRIS	P15/5730	100
NORRIS	P15/5732	100
NORRIS	P15/5734	100
NORRIS	P15/5736	100
NORRIS	P15/5756	100
NORRIS	P15/5807	100
THREE MILE HILL	M15/0150	100
THREE MILE HILL	M15/0154	100
THREE MILE HILL	M15/0636	100
THREE MILE HILL	M15/0645	100
THREE MILE HILL	M15/0781	100
THREE MILE HILL	M15/0827	100
THREE MILE HILL	M15/1432	100
THREE MILE HILL	M15/1434	100
THREE MILE HILL	M15/1836	0 (Under Application)
TINDALS	M15/0023	100
TINDALS	M15/0237	100
TINDALS	M15/0410	100
TINDALS	M15/0411	100

7

Quarterly Activities Report To 30 September 2017

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TINDALS	M15/0412	100
TINDALS	M15/0646	100
TINDALS	M15/0660	100
TINDALS	M15/0675	100
TINDALS	M15/0958	100
TINDALS	M15/0966	100
TINDALS	M15/1114	100
TINDALS	M15/1262	100
TINDALS	M15/1293	100
TINDALS	M15/1294	100
TINDALS	M15/1461	100
TINDALS	P15/5046	100
TINDALS	P15/5048	100
TINDALS	P15/5464	100
WATER	GWL160936	100
WATER	GWL166606	100

8

Quarterly Activities Report To 30 September 2017

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For further information please contact:

Dane Etheridge

Company Secretary and GM Business Development Focus Minerals Ltd Phone: +61 8 9215 7888

Focus Minerals Limited - Focus owns two large gold projects in Western Australia’s Eastern Goldfields. The company is the largest landholder in the Coolgardie Gold Belt, where it owns the 1.2Mtpa processing plant at Three Mile Hill. Located 250km to the northeast, Focus has the Laverton Gold Project which comprises a significant portfolio of highly prospective tenure. Focus also owns the 1.45Mtpa Barnicoat mill in Laverton which has been on care and maintenance since 2009.

Forward Looking Statements

This release contains certain “forward looking statements”. Forward-looking statements can be identified by the use of ‘forward-looking’ terminology, including, without limitation, the terms ‘believes’, ‘estimates’, ‘anticipates’, ‘expects’, ‘predicts’, ‘intends’, ‘plans’, ‘propose’, ‘goals’, ‘targets’, ‘aims’, ‘outlook’, ‘guidance’, ‘forecasts’, ‘may’, ‘will’, ‘would’, ‘could’ or ‘should’ or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future, assumptions which may or may not prove correct, and may be beyond Focus’ ability to control or predict which may cause the actual results or performance of Focus to be materially different from the results or performance expressed or implied by such forward-looking statements. Forward-looking statements are based on assumptions and contingencies and are not guarantees or predictions of future performance. No representation is made that any of these statements or forecasts will come to pass or that any forecast result will be achieved. Similarly, no representation is given that the assumptions upon which forward-looking statements may be based are reasonable. Forward-looking statements speak only as at the date of this document and Focus disclaims any obligations or undertakings to release any update of, or revisions to, any forward-looking statements in this document.

Competent Person’s Statement

The information in this announcement that relates to Exploration Results is based on information compiled by Michael Guo (GM Exploration and Geology) who is a member of the Association of Professional Geoscientists of Ontario, Canada, which is a Recognised Professional Organisation (RPO). Mr Guo is employed by Focus Minerals Limited and has sufficient experience that 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 Guo consents to the inclusion in this announcement of the matters based on the information compiled by him in the form and context in which it appears.

END QUARTERLY ACTIVITY STATEMENT

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Appendix 5B Mining exploration entity and oil and gas exploration entity Quarterly report

+Rule 5.5

Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16

Name of entity

Name of entity
Focus Minerals Limited
ABN 56 005 470 799	Quarter ended (“current quarter”)
56 005 470 799	September 30, 2017

Consolidated statement of cash flows	Current quarter $A’000	Year to date (9 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 (f) MRF 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 Research and development refunds 1.8 Other (provide details if material) (a) Leasing 1.9 Net cash from / (used in) operating activities	- (2,652) - - (283) (632) (628) - 117 (48) - - 3	- (8,240) - - (849) (1,628) (628) - 1,309 (115) - - 64
	(4,123)	(10,087)
2. Cash flows from investing activities 2.1 Payments to acquire: (a) property, plant and equipment (b) tenements (see item 10) (c) investments (d) other non-current assets	(1) - - -	(1) - - -

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (9 months) $A’000
2.2 Proceeds from the disposal of: (a) property, plant and equipment (b) tenements (see item 10) (c) investments (d) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (Prepaid Income) 2.6 Net cash from / (used in) investing activities	291 - - - - - - -	314 - 52 - - - - -
	290	365
3. Cash flows from financing activities 3.1 Proceeds from issues of shares 3.2 Proceeds from issue of convertible notes 3.3 Proceeds from exercise of share options 3.4 Transaction costs related to issues of shares, convertible notes or options 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	- - - - - - - - -	- - - - - - - - -
	-	-
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)	58,547 (4,123) 290 -	64,436 (10,087) 365 -

11

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (9 months) $A’000
4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period
	54,714	54,714
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)	38,620 16,094	42,453 16,094
	54,714	58,547
6. Payments to directors of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to these parties included in item 1.2 28 6.2 Aggregate amount of cash flow from loans to these parties included in item 2.3 6.3 Include below any explanation necessary to understand the transactions included in items 6.1 and 6.2
		Current quarter $A'000
		28
Director remuneration and superannuation.

12

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

7. Payments to related entities of the entity and their associates

Current quarter $A'000

7.	Payments to related entities of the entity and their associates	Current quarter $A'000
7.1	Aggregate amount of payments to these parties included in
	item 1.2
7.2	Aggregate amount of cash flow from loans to these parties
	included in item 2.3
7.3	Include below any explanation necessary to understand the transactions included in
	items 7.1 and 7.2

8. Financing facilities available Add notes as necessary for an understanding of the position Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 8.1 Loan facilities 8.2 Credit standby arrangements 8.3 Other (please specify) 8.4 Include below a description of each facility above, including the lender, interest rate and whether it is secured or unsecured. If any additional facilities have been entered into or are proposed to be entered into after quarter end, include details of those facilities as well.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000

9. Estimated cash outflows for next quarter	$A’000
9.1 Exploration and evaluation 9.2 Development 9.3 Production 9.4 Staff costs 9.5 Administration and corporate costs 9.6 Other (provide details if material) 9.7 Total estimated cash outflows	(1,500) - - (280) (400) -
	(2,230)

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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

10	Changes in tenements	Tenement reference and location	Nature of interest	Interest at beginning ofquarter	Interest at end of quarter
	(items 2.1(b) and 2.2(b) above)
10.1	Interests in mining tenements and petroleum tenements lapsed, relinquished or reduced	P 38/3500 - Barrick	Expired	100%	0%
		P 38/3501 - Barrick	Expired	100%	0%
10.2	Interests in mining tenements and petroleum tenements acquired or increased	M 38/1272 - Barrick	Grant	0%	100%

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.

Sign here: ............................................................ Date: 30 October 2017 Company secretary

Print name: Dane Etheridge

Notes

1. The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity that wishes to disclose additional information is encouraged to do so, in a note or notes included in or attached to this report.

2. If this quarterly 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 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.

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