GATEWAY MINING LIMITED — Interim / Quarterly Report 2024

Oct 30, 2023

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ASX Announcement ASX: GML

31 October 2023

September 2023 Quarterly Activities Report

Multi-pronged exploration program advanced targeting step-change discoveries at the Montague Gold Project, WA

• 2-Dimensional seismic survey completed over the western margin of the Montague Granodiorite.

• The survey has highlighted several targets below the existing Mineral Resources where potentially favourable structural sites exist that could host gold mineralisation at moderate depths, consistent with Gateway’s focus on step-change discoveries at the 526koz Montague Gold Project in WA.

• Exciting new targets delineated by an extensive geochemical sampling program over the northern extents of the highly mineralised Tokay Shear Zone (~1Moz gold endowment), located north of the 526koz Montague Resource.

• Geochemical anomalism defined which corresponds to interpreted highly prospective geology.

• 2.2km long MN01 target corresponds to a zone of previously unmapped historical workings within a favourable geological target position.

• New “live” mineralised structure identified at the Plymouth North target by recent air-core drilling north-west of the Montague Granodiorite Dome, representing an exciting new gold target.

• Drilling has intersected wide zones of intense shearing, quartz veining and sulphide development with strongly anomalous gold mineralisation:

• GWAC1418: 32m @ 0.3g/t Au from 20m, including 8m @ 0.6g/t Au

• ▪ GWAC1417: 14m @ 0.2g/t Au from 56m

• Large prospective zone of near-surface oxide mineralisation identified in first-pass air-core drilling east of the Montague-Boulder Mineral Resource, expanding on previously released promising air-core results:

• GWAC1421: 17m @ 0.6g/t Au from 12m, including 4m @ 1.1g/t Au

• ▪ GWAC0125: 16m @ 1.7g/t Au from 20m, including 8m @ 3.2g/t Au[1]

• Air-core drilling at Achilles South continues to define this major corridor of gold mineralisation within the Montague Granodiorite, which now extends over 2.5km to the south of the 99,000oz Achilles Mineral Resource:

• GWAC1464: 4m @ 1.1g/t Au from 36m

• ▪ GWAC1449: 4m @ 0.9g/t Au from 4m ▪ GWAC1444: 8m @ 0.6g/t Au from 40m

1 See ASX Release 23 August 2018.

Gateway Mining Ltd B1/431 Roberts Road Subiaco WA 6008

LinkedIn: @gateway-mining Twitter: @gateway_mining www.gatewaymining.com.au

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MONTAGUE GOLD PROJECT, WA

During the Quarter, Gateway announced results from a first-pass aircore drilling program, as well as geophysical and soil geochemistry surveys, consistent with its focus on making step-change discoveries at the Montague Gold Project to accelerate growth in the existing 526,000oz[2] Mineral Resource.

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Figure (1): Montague Gold Project Location Plan.

2 10,073,000t @ 1.6g/t Au for 526,000oz Indicated and Inferred. GML attributable 507,000oz Indicated and Inferred. See ASX Release dated 27 September 2022.

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Figure (2): Montague Gold Project – Deposit Location Diagram.

MONTAGUE GRANODIORITE DOME

2-DIMENSIONAL SEISMIC SURVEY

During the Quarter, Gateway announced final results from a seismic geophysical survey at Montague, which resulted in the definition of a series of significant new deep drilling targets. The survey represents an integral step in the identification of new, large-scale targets below existing Mineral Resources, in line with Gateway’s strategy of pursuing step-change discoveries at the Montague Gold Project.

Gateway engaged geophysical contractors Ultramag to undertake a series of two-dimensional seismic survey traverses across the margin of the Montague Granodiorite. The traverse locations were focused on the western margin of the Granodiorite, where Gateway has already defined several Mineral Resources. The aims of the survey were:

• to determine more accurately the orientation of the known mineralised structures at depth, below existing defined mineralisation, and the interaction between these structures;

• to gain information on the attitude of the lower contacts of the Montague Granodiorite Dome, so that an overall model of the dome can be designed; and

• to identify any structural complexity or zones at depth below existing shallow exploration drilling data that may represent potential “blind” exploration targets.

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Figure (3): Montague Gold Project Mineral Resource locations with 2-dimensional seismic traverses.

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Figure (4): Oblique isometric view of seismic line 1 and interpreted geology and main deposit locations. Note the position of the current Achilles Mineral Resource on and above the main east-dipping thrust, and the repetition of these east-dipping structures through the granodiorite body.

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The ultimate outcome of the survey was to identify suitable targets for deeper drilling to target high-grade mineralisation below the existing shallow Mineral Resources. As previously announced, Gateway has been successful in applying for co-funding of a deep diamond drilling program through the WA Government Exploration Incentive Scheme (EIS), for use at Montague.

The survey and subsequent geological interpretation exercise was highly successful, not only in identifying the key features at depth but also in highlighting exciting drilling targets for testing as part of the upcoming diamond drill program.

MONTAGUE NORTH GEOCHEMICAL SOIL SURVEY

During the Quarter, the Company identified exciting new greenfields gold targets immediately north of the Montague Granodiorite Dome complex following the receipt of results from an extensive soil geochemical sampling program. This program was completed following an earlier structural geological interpretation and targeting exercise.

The soil geochemical sampling program was completed over the area north of Gateway’s existing Mineral Resources, where the highly mineralised Tokay Shear Zone is interpreted to continue under cover. The Tokay Shear is a major mineralised structure, with existing defined Mineral Resources of over 1Moz of gold.

The area tested by the survey is covered by recently granted tenure that has only seen sporadic modern exploration, and no systematic recent work. As illustrated in Figure 5, a key horizon targeted by this survey is the interpreted structural contact (and geological domain boundary) between the mafic sequence on the eastern side of the shear and the younger sediments on the west.

The results from the survey have highlighted several exciting new target areas that require immediate follow-up fieldwork. These anomalies contain results of up to 34 times background gold concentrations in soils.

• Anomaly MN01 – This extensive anomaly extends for approximately 2.2km along strike, and up to 1.2km width, with peak values up to 22.3ppb Au against a background of >0.5ppb Au. Underlying interpreted geology consists of a contact between eastern mafic (basalt) units and western sedimentary units, with an intrusive dolerite sill. The interpreted structure along this contact surface rotates from a regional north-west orientation into a more north-northwest orientation through this area. Regional interpretations of mineralisation within the Gum Creek belt have shown this northerly rotation of structures to be an important feature. Importantly, the geological contact between the mafic-sedimentary packages with intrusive dolerite sills is considered to be a prospective horizon that hosts significant mineralisation regionally, including at the Swan Bitter/Swift deposits owned by Horizon Gold Ltd (ASX: HRN). Inspection of this anomaly by Gateway’s exploration team has highlighted the presence of several shallow workings on semi-exposed quartz veins in the area which are not recorded on any regional maps, further strengthening the potential for gold mineralisation at the target.

• Anomaly MN02 – This anomaly is located on the northern edge of the survey grid, adjacent to Gateway’s tenement boundary. It is currently defined over a strike length of approximately 400-600m and up to 200m wide (and open to the tenement boundary). Peak values on this anomaly are up to 34.2ppb Au against a background of <0.5ppb Au. This anomaly is located along the same mafic-sedimentary rock structural contact as MN01 and sits directly along strike from Horizon Gold’s Eagles Peak deposits to the north.

Additionally, it should be noted that elevated gold values have been returned from the most south-eastern segment of the survey. The current survey boundary along the eastern and southern extents is currently constrained by the pending grant of tenement E57/1144, which Gateway is actively working to have granted as rapidly as possible.

Work on these anomalies will be actively progressed by Gateway’s exploration field team during the current field season. In-fill sampling to further define the anomalies will be undertaken, and a heritage which commenced in October, which will allow for first pass drill testing of these new target areas in late 2023-early 2024.

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Figure (5): Montague North Soil Geochemical Sampling program – gold results gridded with re-interpreted geology and major deposits.

AIR-CORE DRILLING

During the Quarter, the Company announced encouraging assay results from a recently completed air-core drilling program at Montague. The initial air-core program was focused primarily on the Plymouth North target area (see Figure 2). Plymouth North covers over 1.2km of a major structural trend which can be traced in regional magnetics and gravity datasets under the transported cover of a major creek system, which is strike parallel to the major Caledonian-Montague-Boulder corridor (which currently hosts over 230,000oz of Mineral Resources). A review of historical geochemical sampling highlighted a coincident gold and arsenic anomaly from historical auger sampling. In addition, observations from historical drilling within this area show strong shearing and quartz veining with anomalous gold.

Drilling targeting the eastern side of the zone delineated a major fault structure with low-level gold anomalism. Drilling along the western edge intersected a significant shear in the host basalt and metasedimentary rocks, with associated quartz veining, sericite alteration and sulphide mineralisation (pyrite+arsenopyrite) encountered in holes GWAC1417 and GWAC1418 (see Figure 6). Significant assay results from this zone include:

• GWAC1418: 32m @ 0.3g/t Au from 20m, including 8m @ 0.6g/t

• ▪ GWAC1417: 14m @ 0.2g/t Au from 56m

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Figure (6): Plymouth north air-core hole GWAC1418 chip trays, illustrating the significant mineralised shear with quartz veining and remnant sulphides.

Air-core drilling was also completed at the Montague-Boulder East target area, where a sizeable gap in the shallow drill coverage indicated that several historical, near-surface mineralised gold intersections had never been followed up. Drilling was completed to test the potential to extend near-surface supergene-type mineralisation east of the existing 163,000oz Mineral Resource. Air-core holes were drilled on 100m spaced sections immediately north and east of the current Mineral Resource (see Figure 7).

A discrete shallow dipping-flat shear zone was intersected within the Montague Granodiorite, with results from the recent holes, combined with historical intersections, indicating the potential for a north-east trending zone of near-surface oxide mineralisation. Significant assay results from this shallow zone include:

▪ GWAC1421: 17m @ 0.6g/t Au from 12m, including 4m @ 1.1g/t Au ▪ GWAC0125: 16m @ 1.7g/t Au from 20m, including 8m @ 3.2g/t Au[3]

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Figure (7): Montague-Boulder East air-core drilling with significant intersections. Note the potential north-east trending zone of shallow mineralisation.

3 See ASX Release 23 August 2018.

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In addition, several traverses of air-core drilling were completed within the Achilles South target area (Figure 8).

This drilling was designed following the project-wide targeting study completed earlier in 2023, which identified the Achilles area as a major corridor of alteration and associated gold mineralisation within the Montague Granodiorite. The drilling was designed to further define this overall +2.5km long zone extending south from the 99,000oz Achilles Mineral Resource.

Results from this drilling continued to indicate extensive shallow gold mineralisation throughout the Achilles South target area including several near-surface higher grade intersections including:

• GWAC1464: 4m @ 1.1g/t Au from 36m

• ▪ GWAC1449: 4m @ 0.9g/t Au from 4m ▪ GWAC1444: 8m @ 0.6g/t Au from 40m

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Figure (8): Achilles South air-core drilling with significant intersections. Note the major corridor of mineralisation developed within the western margin of the Montague Granodiorite.

SENSORE LITHIUM EXPLORATION FARM-IN AGREEMENT

As announced on 23 January 2023, Gateway has entered into a Farm-in Joint Venture Agreement with ASXlisted specialist exploration group SensOre Ltd (ASX: S3N) covering selected tenements at the Montague Project. Under the Agreement, SensOre has the right to acquire up to an 80% interest in the lithium rights (and related by-products) within the relevant Montague tenements. Gateway retains its existing rights to all other minerals within the tenements, including precious and base metals. Gateway also retains a right to claw back its interest in the lithium rights to 30% at its discretion at the completion of the earn-in period.

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During the Quarter, S3N advised Gateway that it had undertaken rudimentary field inspection of several target areas within the Agreement area. In addition, S3N continued to progress a detailed review of existing Project geochemistry to determine a suitable program of sampling or re-sampling of historical drilling as well as completing analytics for LCT pegmatite fertility.

REGIONAL PROJECTS

EDJUDINA JOINT VENTURE (Gateway 20%, Discovex Resources Ltd 80%)

No significant work on the Edjudina Joint Venture was announced by Discovex during the Quarter.

TENEMENTS

A list of the Company’s full tenement holdings held at the end of the Quarter are detailed in Appendix 1.

Two tenements expired during the Quarter:

Project	Tenement ID	Grant Date	Death Date
MONTAGUE	E57/0688	26/03/2008	26/09/2023
MONTAGUE	E57/0876	12/10/2011	26/09/2023

CORPORATE

CASH POSITION AND EXPENDITURE

As at 30 September 2023, the Company had cash reserves of $1.246 million.

Exploration expenditure during the Quarter comprised $687,000. This expenditure related to exploration activities conducted at the Company’s flagship Montague Gold Project located in Western Australia.

As set out in the Company’s September 2023 Quarterly Appendix 5B, payments to related parties consisted of remuneration paid to executive and non-executive directors of $118 thousand, and payments to director related entities for professional services (accounting, legal and insurance) of $31.9 thousand and for the provision of geological services of $45.4 thousand.

DIVESTMENT OF LISTED INVESTMENTS

On 6 July 2023, the Company announced that it had sold its shareholding in Strickland Metals Limited (ASX: STK) ( STK Shares ) via an off-market transaction, generating $840,000 in cash.

The STK Shares were originally acquired through the divestment of the Company’s former Bryah Basin tenements in 2020, with a value at the time of that transaction of $400,000. The proceeds from the sale of the STK Shares will be used to underpin ongoing exploration activities at the Company’s 100%-owned Montague Gold Project in Western Australia.

This is consistent with Gateway’s strategy of crystallising value from its investments at appropriate times and maintaining its core focus on gold exploration at the Montague Project.

This released has been authorised by:

Mark Cossom Managing Director

For and on behalf of GATEWAY MINING LIMITED

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Competent Person Statement

The information in this announcement that relates to Exploration Results and Mineral Resources has been extracted from various Gateway ASX announcements and are available to view on the Company’s website at www.gatewaymining.com.au or through the ASX website at www.asx.com.au (using ticker code “GML”)

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

Investors Mark Cossom Managing Director T: 08 6383 9969

Media

Nicholas Read Read Corporate T: 08 9388 1474

or Kar Chua Company Secretary T: 08 6383 9969

Click here to subscribe to investor updates

Follow us on: LinkedIn: @gateway-mining Twitter: @gateway_mining

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APPENDIX (1): GATEWAY MINING LIMITED CONSOLIDATED TENEMENT HOLDINGS

Project	Tenement	Owner
EDJUDINA	E39/1765	Gateway Projects Pty Ltd 20% Discovex Resources Ltd 80%
EDJUDINA	E39/1882	Gateway Projects Pty Ltd 20% Discovex ResourcesLtd 80%
GIDGEE	E53/2108	Gateway Mining Ltd
MONTAGUE	E57/0405	Gateway Mining Ltd
MONTAGUE	E57/0417	Gateway Mining Ltd
MONTAGUE	E57/0687	Gateway Mining Ltd
MONTAGUE	E57/0793	Gateway Mining Ltd 75% Estuary Resources Pty Ltd 25%
MONTAGUE	E57/0807	Gateway Mining Ltd
MONTAGUE	E57/0823	Gateway Mining Ltd
MONTAGUE	E57/0824	Gateway Mining Ltd
MONTAGUE	E57/0874	Gateway Mining Ltd
MONTAGUE	E57/0875	Gateway Mining Ltd
MONTAGUE	E57/0888	Gateway Mining Ltd
MONTAGUE	E57/0945	Gateway Mining Ltd
MONTAGUE	E57/1004	Gateway Mining Ltd
MONTAGUE	E57/1005	Gateway Mining Ltd
GIDGEE	E57/1039	Golden Mile Resources Ltd Gateway Mining Ltd earning 80%
GIDGEE	E57/1040	Golden Mile Resources Ltd Gateway Mining Ltd earning 80%
GIDGEE	E57/1057	Gateway Projects Pty Ltd
GIDGEE	E57/1060	Gateway Mining Ltd 80% Element25Ltd20%
GIDGEE	E57/1067	Gateway Projects Pty Ltd
OLD GIDGEE	E57/1095	Gateway Mining Ltd
MOUNT MARION	E57/1113	Gateway Mining Ltd
GIDGEE	E57/1144*	Gateway Mining Ltd
GIDGEE	E57/1145	Gateway Mining Ltd
GIDGEE	E57/1147	Gateway Mining Ltd
KALUWIRI	E57/1171	Gateway Mining Ltd
KALUWIRI	E57/1215	Gateway Mining Ltd
GIDGEE	E57/1248*	Gateway Mining Ltd
KALUWIRI	E57/1385*	Gateway Mining Ltd
MONTAGUE	M57/0048	Gateway Mining Ltd
MONTAGUE	M57/0098	Gateway Mining Ltd
MONTAGUE	M57/0099	Gateway Mining Ltd
MONTAGUE	M57/0217	Gateway Mining Ltd
MONTAGUE	M57/0429	Gateway Mining Ltd 75% EstuaryResourcesPtyLtd25%
MONTAGUE	M57/0485	Gateway Mining Ltd 75% Estuary Resources Pty Ltd 25%
GIDGEE	P57/1409	Gateway Projects Pty Ltd
GIDGEE	P57/1410	Gateway Projects Pty Ltd
GIDGEE	P57/1411	Gateway Projects Pty Ltd
GIDGEE	P57/1413	Gateway Projects Pty Ltd
GIDGEE	P57/1455	Gateway Mining Ltd

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Project	Tenement	Owner
GIDGEE	P57/1456	Gateway Mining Ltd
GIDGEE	P57/1458	Gateway Mining Ltd
GIDGEE	P57/1460	Gateway Mining Ltd
KALUWIRI	P57/1475	Gateway Mining Ltd
KALUWIRI	P57/1476	Gateway Mining Ltd
GIDGEE	P57/1494*	Gateway Mining Ltd
GIDGEE	P57/1495*	Gateway Mining Ltd
GIDGEE	P57/1496*	Gateway Mining Ltd

*Tenement application, approval pending

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APPENDIX (2)

About the Montague Gold Project

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Montague Gold Project Tenement Location Diagram
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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 Gateway Mining Limited ABN Quarter ended (“current quarter”) 31 008 402 391 30 September 2023

Consolidated statement of cash flows	Current quarter $A’000	Year to date (3 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 refund 1.9 Net cash from / (used in) operating activities	- - - - (35) (289) - 5 - - - -	- - - - (35) (289) - 5 - - - 30
	(319)	(319)
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	- - - (687) - -	- - - (687) - -

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 (3 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	- - - 840 - - - -	- - - 840 - - - -
	153	153
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 (Share buy-back) 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)	1,412 (319) 153 -	1,412 (319) 153 -

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 (3 months) $A’000
4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	-	-
	1,246	1,246
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)	1,246	1,411
	1,246	1,411
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 1 150 6.2 Aggregate amount of payments to related parties and their associates included in item 2 45 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.		150
		45

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) (319) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (687) Total relevant outgoings (item 8.1 + item 8.2) (1,005) Cash and cash equivalents at quarter end (item 4.6) 1,246 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 1,246 Estimated quarters of funding available (item 8.6 divided by item 8.3) 1.24 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?		(319) (687) (1,005) 1,246 -
			1,246
			1.24
	Answer: The Company does not expect to continue at the same level of net operating cash outflows outlined in the September 2023 quarter. Expenditure on future exploration is largely discretionary and is dependent on available cash.

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

• 8.8.2 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: Based on current planned expenditure, the Company expects to have sufficient funds for its activities over the next two quarters.

Also, the Company has full capacity under Listing Rules 7.1 and 7.1A, and on 30 October 2023, the Company entered into a trading halt regarding a proposed capital raising, which it expects to complete and announce prior to trading on 1 November 2023. Should the Company require further funding, the Company has a high degree of confidence in its ability to raise funds and has a strong track record of raising funds when required.

• 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: The Company expects that it will be able to continue operations and to meet its business objectives for the reasons outlined in questions 1 and 2.

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.

31 October 2023

Date: ...................................................................................

The Board of Directors

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

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

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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