GOLDEN CROSS RESOURCES LTD — Interim / Quarterly Report 2021

Jan 28, 2021

GOLDEN CROSS RESOURCES LTD ABN 65 063 075 178

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301/66 Berry Street NORTH SYDNEY NSW 2060 Phone (02) 9922 1266 Fax (02) 9922 1288

29 January 2021

DECEMBER 2020

QUARTERLY ACTIVITIES & CASHFLOW REPORT

The Company actively explored various funding options and potential co-operation opportunities relating to the funding of future work programs, principally for the Copper Hill Project during the Quarter.

During the December 2020 Quarter, the Company’s operating costs were supported by funds from Martin Place Securities as part of an agreed loan facility. A further total of $128,600 was provided by MPS for a total of $148,600 in the half-year to 31 December 2020. Further tranches are expected in early 2021.

Martin Place Securities is actively assisting Golden Cross to satisfy the requirements for requotation of GCR shares for trading on the ASX. More capital raisings are also planned once the current suspension of trading is lifted.

As part of the requotation requirements the Company appointed a second Australian resident Non-Executive director to the Board effective 3 December 2020. Mark Moddejongen is a mining engineer with extensive mining experience and first-hand knowledge of the Copper Hill deposit from a previous work engagement.

The main activity on the Company’s project portfolio continues to be focused on evaluation of existing data, research of new exploration techniques, and assessment of development pathways for its flagship project, the Copper Hill copper-gold porphyry deposit.

State government departments have announced a range of concessions to resource projects during 2020 in response to the impact of Covid-19 restrictions on exploration activity. These include deferrals and waivers on tenement fees and expenditure commitments.

An updated review of current projects is provided in the following pages.

Golden Cross Resources Limited December 2020 Quarterly Page 1 of 15

REVIEW OF PROJECTS

The Golden Cross Resources Limited (GCR) portfolio of projects is diversified both by commodity and by geological province ( Figure 1 ). It includes the following projects located in well-established mineral provinces where prospectivity is underlined by significant operating mines and known mineral deposits:

• ❖ Palaeozoic Lachlan Fold Belt in New South Wales (NSW)

• Macquarie Arc Ordovician Porphyry Province - Copper/Gold

• Silurian VMS Province – Zinc/Copper/Gold

• Cobar Region – Base Metals/Gold

• ❖ South Australian Gawler Craton - Iron Oxide/Copper/Gold (IOCG)

• ❖ Northwest Queensland – Phosphate/Uranium

The portfolio has been refocused since 2015 by divestment of selected non-core properties.

The main objective of the Company is to progress the Copper Hill Project in NSW once additional funding is secured.

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Figure 1: GCR Projects Status Map

[details of current projects are included in the Mineral Tenements Table at end of this report]

Copper Hill

GCR 100%

Copper Hill is within the same Ordovician-age Macquarie Arc volcanic belt (the Molong Volcanic Belt – “MVB”) that hosts Cadia-Ridgeway and other significant gold-copper deposits in the Orange region of central NSW.

Copper Hill is approximately 50 kilometres north of Cadia on the northern edge of a structural corridor formed by the interpreted WNW-trending Lachlan Transverse Zone ( Figure 2 ). Cadia is one of Australia’s larger producing goldmines with annual production of 843,338 ounces gold and 96,042 tonnes copper in FY 2020 from ore grading 1.14 g/t gold and 0.39% copper ( refer Newcrest Quarterly Report June 2020 ).

Prospectivity of the MVB received a boost when drill results from the Boda Prospect, 60km north of Copper Hill were released in September 2019 ( refer Alkane Resources Ltd ASX announcements on 9 September 2019 and subsequent dates ), sparking a sharp increase in exploration activity the surrounding region.

Golden Cross Resources Limited December 2020 Quarterly Page 2 of 15

At Copper Hill the broader low grade mineralised envelope encloses a higher-grade central zone containing of 160,000 tonnes copper and 480,000 ounces gold in a JORC 2012 Resource of 28 million tonnes grading 0.56% copper and 0.53 g/t gold, calculated at a 0.4% copper cut-off ( refer GCR: ASX announcement on 24 March 2015: Copper Hill Resource Estimate, and Table 1 in the Appendix on page 10, detailing Indicated and Inferred resource components).

Copper Hill was independently valued by GEOS Mining Consultants at $14.4 million ( refer GCR: ASX announcement on 21 September 2017 ) within a range of $7.6M to $26.6M depending on criteria such as metal prices in 2017.

In April 2015 the Company completed a Scoping Study ( refer GCR: ASX announcement on 15 April 2015 ), based around the higher-grade central zone, that identified the additional feasibility work components required to progress towards a mining project, including:

• Drilling to extend high grade zones, provide density data, twin RC holes, clarify structural geometry controlling mineralisation, and provide resource definition data;

• Resource updates utilising additional data from drilling;

• Metallurgical testwork;

• Processing technologies;

• Mining and engineering studies and costing updates;

• Environmental studies and baseline data;

• Water supply sources and usage;

• Land tenure and ownership;

• Permitting at state and local government level.

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Figure 2: Copper Hill on NSW Porphyry Provinces

Golden Cross Resources Limited December 2020 Quarterly Page 3 of 15

During the December 2020 Quarter, Golden Cross continued to examine initiatives to progress exploration and development that underpin components of the proposed PFS, specifically:-

• Land tenure, ownership and access, community consultation;

• Review of metal zonings within the deposit and previous metallurgical work;

• Baseline environmental data;

• Permitting requirements at local government level;

• Quantitative mineralogy research study to identify the complete mineralogical suite in a selection of samples from GCHD470 in the first pass. This data will be useful for mineral zonation work and future metallurgical evaluations;

• Future water sources.

Two research studies supervised by staff at the University of NSW continued but were disrupted by restrictions associated with the Covid-19 pandemic.-

• Relationship between carbonate depletion and soil pH above buried mineralisation, coordinated by Neil Rutherford, Rutherford Mineral Resource Consultants. This work may lead to the development of a surface technique for identifying mineral targets under soil cover;

• Biogeochemical pumping of metals to surface, using cypress pine leaves as a sampling medium, following on from similar studies at Golden Cross’ Canbelego project and other areas in the Cobar Region.

Copper Hill is sparsely drilled below 350 metres vertically and there is good potential for depth extensions that may be vectored by mineral alteration studies. Occurrences of mineralisation along strike from Copper Hill in a 5-kilometre long corridor have received only shallow previous drilling and provide scope for further resources in satellite deposits.

West Wyalong

JV with Argent Minerals Ltd (ARD). ARD 79.64%; GCR 20.36%

The West Wyalong project is located immediately north along strike from the Temora Group of porphyry deposits which have total reported resources of 240 Million tonnes grading 0.3% copper and 0.3 g/t gold ( refer Sandfire: ASX announcement on 19 October 2017: Resources & Reserves Statement) .

GCR diluted its interest in the West Wyalong project to 20.36% by electing not to contribute to JV expenditure. Further dilution is expected once updated expenditure figures are provided.

Following a 2,200 station detailed gravity survey on 100 metre spacing, which generated six new targets ( refer Argent ASX announcement on 26 August 2019 ), Argent has proposed 4,500 metres of drilling aided by a $200,000 subsidy under the NSW Government New Frontiers Co-operative Drilling Grants program Round 3. A new land access agreement has been obtained following a change in land ownership, and drilling is expected to commence in January 2021 ( refer Argent ASX announcement on 24 September 2020).

Golden Cross Resources Limited December 2020 Quarterly Page 4 of 15

COBAR REGION

GCR 100%

The Cobar region is well endowed with high grade polymetallic deposits supporting long life mining operations. After divestments, GCR has maintained a holding of strategically located tenements ( Figure 5 ) in two areas.

Canbelego – along strike from Mt Boppy Goldmine. Further geochemical research consisting of innovative biogeochemical sampling has been completed and results are being evaluated for extension over a wider tenement area.

Gilgunnia – the Kilparney Extended tenement is well located relative to recent exploration and discovery activity in the region. Land access issues that stalled implementation of planned surface work including gravity surveys remain to be resolved. The NSW Geological Survey undertook a regional Airborne EM survey in the region during 2019. Results including infill over EL8270 were released on 30 April 2020 and are being evaluated.

Subject to the availability of funding, GCR is well placed to seek new opportunities based on its long term operating experience in the region.

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Figure 5: Cobar Region Projects

LACHLAN VMS PROVINCE

Silurian formations prospective for volcanic-associated massive sulphide (VMS) deposits extend over 300km from the Orange-Bathurst region in NSW through Woodlawn and Captain’s Flat and southwards into eastern Victoria.

Quidong GCR 100%

Quidong has extensive occurrences of carbonate-hosted zinc/lead and gold mineralisation, and potential intrusive-related gold mineralisation, which occurs elsewhere in the region. Previous data and GCR field reconnaissance have identified high grade zinc-lead-gold drill targets which remain to be tested. Electrical prospecting methods were previously trialled but the large amount of conductive sulphidic rock in the area has rendered the results inconclusive and alternative techniques for refining drill targets are being evaluated.

A core drilling program to test specific geologic targets with up to four staged holes has received government environmental approvals and commencement is subject to land access, drill rig availability, and funding.

Golden Cross Resources Limited December 2020 Quarterly Page 5 of 15

SOUTH AUSTRALIA Iron Ore Copper-Gold (IOCG) GCR 100%

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The Company has identified magnetic/gravity targets near Coober Pedy in South Australia, and three have been prioritised for drilling subject to the availability of funding.

The targets are located at the north-western end of the interpreted structural corridor that contains significant copper-gold deposits at Carrapateena, Olympic Dam, Prominent Hill and Cairn Hill ( Figure 4) .

Golden Cross Resources Limited December 2020 Quarterly Page 6 of 15

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Figure 4: Gawler Craton Projects: Location & Drill Targets

(insert shows targets on magnetic image)

Proposals for a 3-hole drill program have State Government approvals and native title clearances. Renewal of permits for access to the Woomera Area remain subject to follow-up of the Review of the Woomera Prohibited Area Coexistence Report (Dr Gordon de Brouwer PSM) that was released on 29 March 2019.

Recent exploration activity within the G2 corridor and at the southeastern end provides positive support for prospectivity of the whole corridor ( refer BHP ASX announcements on Oak Dam dated 27 November 2018 and 17 October 2019 ).

A renewal application for EL6500 is pending. Golden Cross has sought joint venture interest from Australian explorers to facilitate renewal of access to the Woomera defence area and commencement of the drill program.

Golden Cross Resources Limited December 2020 Quarterly Page 7 of 15

ISA PHOSPHATE, QUEENSLAND

GCR subsidiary, King Eagle Resources Pty Ltd (King Eagle), holds 100% of three deposits: Highland Plains, Lily & Sherrin Creek and Quita Creek ( Figure 6 ), which account for a third of the historical phosphate resources of the province.

The Highland Plains phosphate deposit extends westwards into the Northern Territory where the western part is held by Gibb River Diamonds Ltd (formerly POZ Minerals Ltd). A maiden JORC 2004 resource for the western part of Highland Plains was announced by POZ on 31 March 2009. In its March 2020 Quarterly Gibb River advised that negotiations for sale of its western part of Highland Plains were ongoing.

The Quita Creek deposit is 25 kilometres southwest from the Ardmore deposit acquired by Centrex Metals Ltd (CXM) in 2017. A definitive feasibility study into development of nearby Ardmore was announced on 28 February 2019, which provides an analogy for progressing Quita Creek if sufficient higher grade and type phosphate resources can be delineated.

During the Quarter compilation and review of the historical data continued to evaluate high grade phosphate zones following recommendations of the data review completed by consultants Orewin Pty Ltd in September 2018. A work program to upgrade the historical Resources to JORC 2012 compliance, is being devised.

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Figure 6: Isa Phosphate Projects

[based on map by Roger & Keevers, 1976 “Lady Annie-Lady Jane Phosphate Deposits, Georgina Basin, Queensland” In Economic Geology of Australia & Papua New Guinea, AusIMM Monograph 4]

Golden Cross Resources Limited December 2020 Quarterly Page 8 of 15

INTERESTS IN MINERAL TENEMENTS (as at 31 December 2020)

	TENEMENT NAME	TENEMENT	km2	HOLDER(2)	% HOLDING	JOINT VENTURER/NOTES
NEW SOUTH WALES
Orange Region	Copper Hill	EL 6391	95	GCO	100
Cobar Region	Burra	EL 7389	15	GCO	100
	Kilparney Extended	EL 8270	66	GCO	100
Southeast Lachlan	Quidong	EL 7989	46	GCO	100
West Wyalong	West WyalongJV	EL 8430	43	GCO	20.36	ARD(1)
QUEENSLAND
Mount Isa	Quita Creek	EPM 14905	111	KER	100
	Highland Plains	EPM 14906	132	KER	100
	Lily& Sherrin Creek	EPM 14912	108	KER	100
SOUTH AUSTRALIA
Coober Pedy	Oolgelima	EL 5594	236	GCR	100
	Stuart Range	EL 6089	142	GCR	100
PANAMA	El Cope	2007-95	98	GCRP	90	Application Dormant;
						MTI(2)

Notes

E/EL/ELA = Exploration Permit/Licence/Application; EPM = Exploration Permit for Metals

Full names for abbreviations are as follows: GCO Golden Cross Operations Pty Ltd, a wholly owned subsidiary of GCR KER King Eagle Resources Pty Limited, a wholly owned subsidiary of GCR ARD Argent Minerals Limited (ASX: ARD) GCRP GCR Panama, Inc, a wholly owned subsidiary of GCR MTI MapIntec Technologies Inc.

(1) ARD earned 51% in the West Wyalong Joint Venture by spending $750,000 by 1 June 2011. On 21 April 2017 ARD advised additional expenditure totalling $600,000 (for a total expenditure of $1,350,000) by 30 June 2017 was achieved, increasing its JV interest to 70%. Further expenditure by ARD to end of February 2020 has increased its JV interest to 79.64% with GCR diluting to 20.36%. Royal Gold Inc holds a 2.5% net smelter return.

• (2) MapIntec Technologies Inc., a Panamanian company, has a 10% interest free-carried to a decision to mine.

Golden Cross Resources Limited December 2020 Quarterly Page 9 of 15

APPENDIX

Table 1: Mineral Resources at Copper Hill – March 2015

Resource Category	Cutoff (Cu%)	Volume (Mm3)	Tonnes (Mt)	Density (t/m3)	Grades	Grades	Metal	Metal
					Cu %	Au(g/t)	Cu(t)	Au(oz)
Indicated	0.20 0.30	18 10	47 27	2.6 2.6	0.40 0.52	0.39 0.52	190,000 140,000	590,000 460,000
	0.40	7.2	19	2.6	0.59	0.62	110,000	380,000
	0.50	4.4	11	2.6	0.68	0.74	78,000	270,000
Inferred	0.20 0.30	15 6.1	39 16	2.6 2.6	0.32 0.44	0.24 0.30	130,000 71,000	300,000 150,000
	0.40	3.5	9.2	2.6	0.51	0.35	47,000	100,000
	0.50	1.5	4.0	2.6	0.59	0.37	24,000	48,000
Indicated + Inferred	0.20 0.30	33 17	87 44	2.6 2.6	0.36 0.49	0.32 0.44	310,000 210,000	890,000 610,000
	0.40	11	28	2.6	0.56	0.53	160,000	480,000
	0.50	5.9	15	2.6	0.66	0.64	100,000	320,000

Reproduced from 2015 updated resource estimate originally reported to ASX on 24 March 2015 Note: all volume, tonnage, density, grade and metal figures are rounded

References to Previous Releases

24 March 2015 – “Copper Hill Resource Estimate”

15 April 2015 – “Copper Hill Scoping Study”

21 September 2017 – “Valuation Update”

Compliance Statement : The information in this report that relates to Exploration Results is based on information compiled by Mr Bret Ferris, who is a Member of the Australasian Institute of Geoscientsts (AIG). Mr Ferris is a consultant to, and Acting CEO of, Golden Cross Resources Limited and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity 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 Ferris consents to the inclusion in this report of the matters based on that information in the form and context in which it appears.

The Production Target and the Mineral Resources on which it is based are extracted from reports released to the ASX by GCR on 24 March 2015 and 15 April 2015. It should be noted that the production target of 2-3Mtpa was based on Indicated Mineral Resources (67%) and Inferred Mineral Resources (33%), and there is a low level of geological confidence associated with Inferred Mineral Resources. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the production target in the report dated 15 April 2015 continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

Forward-Looking Statements: This document may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning planned exploration program and other statements that are not historical facts. When used in this document, the words such as “could,” “plan,” “estimate,” “expect,” “intend,” “may,” “potential,” “should,” and similar expressions are forward-looking statements. Although Golden Cross Resources Limited believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements .

Golden Cross Resources Limited December 2020 Quarterly Page 10 of 15

Corporate Directory

Board of Directors as at 31 December 2020

Jordan Li Chairman & Non-Executive Director Yan Li Non-Executive Director Yuanheng Wang Non-Executive Director Mark Moddejongen* Non-Executive Director

*Appointed 3 December 2020

Company Secretary

Carolyn Jacobs

Acting Chief Executive Officer Bret Ferris

Exploration Manager

Bret Ferris

Issued Share Capital

As at 30 June 2020, Golden Cross had the following securities on issue:101,622,227 fully paid ordinary shares

13 unlisted non-convertible debt securities

Share Registry

Automic Group (from 19 August 2019) Level 5, 126 Phillip Street Sydney NSW 2000 Phone 1300 288 664 (inside Australia) Toll Free +61 2 9618 5414 (outside Australia) Email hello@automic.com.au

Registered Office

301 / 66 Berry Street North Sydney NSW 2060

Phone: +61 2 9922 1266 Fax: +61 2 9922 1288 www.goldencross.com.au

Golden Cross Resources Limited December 2020 Quarterly Page 11 of 15

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

Name of entity

GOLDEN CROSS RESOURCES LTD

ABN

ABN 65 063 075 178

Quarter ended (“current quarter”)

31 December 2020

Consolidated statement of cash flows	Current quarter $A’000	Year to date $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 (excluding direct exploration salaries) (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 Research and development refunds 1.8 Other (ATO Job Booster) 1.9 Net cash from / (used in) operating activities	1 (19) (24) (79)	2 (37) (49) (164)
	(112)	(218)
2. Cash flows from investing activities 2.1 Payments to acquire: (a) property, plant and equipment (b) tenements (see item 10) (c) investments (d) exploration & evaluation (if capitalised)	(30) - -	(77) - -

Golden Cross Resources Limited September 2020 Quarterly Page 12 of 15

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 $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 (net tenement security deposit refunds) 2.6 Net cash from / (used in) investing activities	- - - - - - -	- - - - - - -
	(30)	(77)
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	- - - - (125)	- - - - (265)
	(125)	(265)
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) 4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	55 (112) (30) 125	67 (218) (77) 265
	37	37

Golden Cross Resources Limited September 2020 Quarterly Page 13 of 15

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

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)	37	55
	37	55
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 9 6.2 Aggregate amount of cash flow from loans to these parties included in item 2.3 Nil 6.3 Include below any explanation necessary to understand the transactions included in items 6.1 and 6.2
		Current quarter $A'000
		9
		Nil

Payment of director’s fees

7. 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 7.1 Loan facilities 4,020 3,915 7.2 Credit standby arrangements 0 0 7.3 Other (please specify) 0 0 7.4 Total financing facilities 4,020 3,915 7.5 Unused financing facilities available at quarter end 105 7.6 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
	4,020	3,915
	0	0
	0	0
	4,020	3,915
The Global Loan Agreement for $3,720K @ 9.75% Interest (capitalised) has been provided by the major shareholder HQ Mining (Repayable 31 July 2021 or at a completion of capital raising by way of a share issue). Further loans have been provided by office holders totalling $50K @ 9.75% (fully drawn) and a Facility including loans @ 9.5% provided by Martin Place Securities (of which $145K net has been drawn down). The further loans are repayable from funds raised from proposed capital raisings.

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

8.	Estimated cash available for future operating activities	$A’000
8.1 8.2 8.3 8.4 8.5 8.6 8.7	Net cash from / (used in) operating activities (Item 1.9) Capitalised exploration & evaluation (Item 2.1(d)) Total relevant outgoings (Item 8.1 + Item 8.2) Cash and cash equivalents at quarter end (Item 4.6) Unused finance facilities available at quarter end (Item 7.5) Total available funding (Item 8.4 + Item 8.5) Estimated quarters of funding available (Item 8.6 divided by Item 8.3)	(112) (30) (142) 37 105 142
		1.0
8.8	If Item 8.7 is less than 2 quarters, please provide answers to the following questions: 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?
	Answer: Yes, however the Company is planning an increased level of exploration activity across its portfolio when funding allows.

1. 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: Yes. The Company expects further funding will be forthcoming from its major shareholder under existing loan agreements. The Company has appointed Martin Place Securities as corporate advisory to assist with a capital raising subject to Board and regulatory approvals. The Company has also received enquiries as to sale or joint venture of some non-core projects.

1. Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?

2. Answer: Yes. For the reasons outlined in Q1 and Q2 the Company has a reasonable expectation that sufficient working capital will be available for business operations and exploration objectives.

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: .29 January 2021

Authorised by: By the Board

(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.

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