GENMIN LIMITED — Interim / Quarterly Report 2023

Oct 30, 2023

+Rule 5.5

Appendix 5B

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

Name of entity Genmin Limited ABN Quarter ended (“current quarter”) 81 141 425 292 30 September 2023

Consolidated statement of cash flows	Currentquarter$US’000	Year to date(9 months)$US’000
1.Cash flows from operating activities1.1Receipts from customers1.2Payments for(a) exploration & evaluation(b) development (pre-development)(c) production(d) staff costs(e) administration and corporate costs1.3Dividends received (see note 3)1.4Interest received1.5Interest and other costs of finance paid1.6Income taxes paid1.7Government grants and tax incentives1.8Other-Effect of movement in exchange rates oncash (-286) plus FX losses on transactions (+36)1.9Net cash from / (used in) operating activities	--(185)(497)(968)2(102)	--(2,579)(1,530)(2,601)10(250)
	(1,750)	(6,950)
2.Cash flows from investing activities2.1Payments to acquire or for:(a) entities(b) tenements(c) property, plant and equipment(d) exploration & evaluation(e) investments(f)other non-current assets	--(40)(134)--	- -(154)(3,135) - -

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	Consolidated statement of cash flows	Current	Year to date
		quarter$US’000	(9 months)$US’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	(174)	(3,289)

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	-	97
3.4	Transaction costs related to issues of equity
	securities or convertible debt securities	-	-
3.5	Proceeds from borrowings	1,000	3,000
3.6	Repayment of borrowings	-	-
3.7	Transaction costs related to loans and borrowings	-	-
3.8	Dividends paid	-	-
3.9	Other (office and other rental payments)	(52)	(156)
3.10	Net cash from / (used in) financing activities	948	2,941
4.	Net increase / (decrease) in cash and cash
	equivalents for the period
4.1	Cash and cash equivalents at beginning of period	1,135	7,342
4.2	Net cash from / (used in) operating activities(item 1.9 above)	(1,750)	(6,950)
4.3	Net cash from / (used in) investing activities(item 2.6 above)	(174)	(3,289)
4.4	Net cash from / (used in) financing activities(item 3.10 above)	948	2,941
4.5	Effect of movement in exchange rates on cash held	165	280
4.6	Cash and cash equivalents at end of period	324	324

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

5.Reconciliation of cash and cashequivalentsat the end of the quarter (as shown in theconsolidated statement of cash flows) to therelated items in the accounts	5.Reconciliation of cash and cashequivalentsat the end of the quarter (as shown in theconsolidated statement of cash flows) to therelated items in the accounts	Current quarter$US’000	Previous quarter$US’000
5.1Bank balances5.2Call deposits5.3Bank overdrafts5.4Other (petty cash)5.5Cash and cash equivalents at end of quarter(should equal item 4.6 above)		311	1,122 13
	3Bank overdrafts4Other (petty cash)5Cash and cash equivalents at end of quarter	13
		324	1,1

6.Payments to related parties of the entity and theirassociates	Current quarter$US'000
6.1Aggregate amount of payments to related parties and theirassociates included in item 1-6.2Aggregate amount of payments to related parties and theirassociates 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 anexplanation for, such payments.	-
	-

7.7.17.27.37.47.57.6	7.7.17.27.37.47.57.6	Financing facilitiesNote: the term “facility’ includes all forms of financingarrangements available to the entity.Add notes as necessary for an understanding of thesources of finance available to the entity.Loan facilitiesCredit standby arrangementsOther (refer to 7.6)	Financing facilitiesNote: the term “facility’ includes all forms of financingarrangements available to the entity.Add notes as necessary for an understanding of thesources of finance available to the entity.Loan facilitiesCredit standby arrangementsOther (refer to 7.6)	Financing facilitiesNote: the term “facility’ includes all forms of financingarrangements available to the entity.Add notes as necessary for an understanding of thesources of finance available to the entity.Loan facilitiesCredit standby arrangementsOther (refer to 7.6)	Total facilityamount at quarterend$US’000	Total facilityamount at quarterend$US’000	Total facilityamount at quarterend$US’000	Total facilityamount at quarterend$US’000	Amount drawn atquarter end$US’000	Amount drawn atquarter end$US’000	Amount drawn atquarter end$US’000
					-				-
					-				-
					92				-
	4	Total financing facilities					92				-
											-
	56	Unused financing facilities available at quarter endInclude in the box below a description of each facility above, inclu					ding the lender, interes
											t
		rafain	te, maturity date and whether it is scilities have been entered into or ar	ecured or unsee proposed to		cured. If anybe entered int	ao	ditional financiafter quarter en		ngd,
			clude a note providing details of tho	se facilities as		well.
		Ug								ank
			S$80,043 (A$124,523), secured byuarantee (for office security bond) w	term deposit (fith NAB; and		or corporate c	re	dit card) and b
		U	S$11,616 (XAF7,197,500), security	bonds for offic		e and accomm		odations in Gab

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

	Estimated cash available for future operating activities	$US’000
8.
8.18.2	Net cash from / (used in) operating activities (item 1.9)Payments for exploration & evaluation classified as investingactivities (item 2.1(d))	(1,750)(134)
8.38.48.58.68.78.8	Total relevant outgoings (item 8.1 + item 8.2)(1,884)Cash and cash equivalents at quarter end (item 4.6)324Unused finance facilities available at quarter end (item 7.5)-Total available funding (item 8.4 + item 8.5)324Estimated quarters of funding available (item 8.6 divided byitem 8.3)0.2Note: 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:8.8.1Does the entity expect that it will continue to have the current level of net operatingcash flows for the time being and, if not, why not?	(1,884)324-
		324
	Answer: No. The Entity's main activities in preceding quarters has been meeting therequirements for the Baniaka Social and Environmental Impact Assessment (SEIA)and a large-scale Mining Permit application (MPA), and discretionary pre-development activities. Both the SEIA and MPA were completed in precedingquarters and submitted to the relevant government administrations anddiscretionary pre-development activities have been halted. In addition, during thequarter, field season exploration activities were complete at Bakoumba and Bitam,further reducing expenditure. Consequently, the overall rate of expenditure isexpected to reduce significantly.
	8.8.2Has the entity taken any steps, or does it propose to take any steps, to raise furthercash to fund its operations and, if so, what are those steps and how likely does itbelieve that they will be successful?
	Answer: Yes. As set out in the Quarterly Activities Report, during the quarter, the Entityexecuted a working capital loan facility for up to US$3 million with its largestshareholder Tembo Capital Mining Fund. Furthermore, following the peacefulregime change in Gabon and return to normal business activities, the Entity iscurrently evaluating additional equity working capital funding solutions.
	8.8.3Does the entity expect to be able to continue its operations and to meet its businessobjectives and, if so, on what basis?
	Answer: Yes. please refer to the answers to Questions 8.8.1 and 8.8.2.
	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.

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

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 October 2023

Authorised by: Board of Genmin Limited

(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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