GREENWING RESOURCES LTD — Interim / Quarterly Report 2023

Jul 30, 2023

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ASX Announcement

Greenwing Resources Limited (‘Greenwing’ or the ‘Company’) (ASX:GW1) aims to capitalise Quarterly Activities Report – June 2023 Quarter on the robust market fundamentals for graphite, lithium, and advanced materials. In 31 July 2023 progressing this strategy, the Company is pleased to report its activities for the quarter ended 30 March 2022.

Greenwing Resources Ltd (‘ Greenwing’ or the ’ Company’ ) ( ASX:GW1 ) is pleased to report its activities for the quarter ending 30 June 2023.

The Company has emerged from the quarter on a strong financial footing and has made significant progress over the quarter across key parts of its business.

The commencement of drilling at the San Jorge Lithium Brine Project is a highlight, representing a major milestone for the Company and inflexion point for the Company’s trajectory.

HIGHLIGHTS

San Jorge Lithium Project, Argentina

• Final permitting for maiden drilling program received from Catamarcan government in May.

• Camp and all associated infrastructure built for extended drilling campaign at San Jorge Salar following up on considerable surface program.

• Drilling commenced at end of quarter and has been ongoing over the course of July.

• Greenwing is anticipating first results being announced during the current quarter.

Graphmada Graphite Mining Complex, Madagascar

• A revised Mining Code passed through both houses of the Madagascan Parliament.

• Study activities continued using the updated Graphmada Mineral Resource (61.9 million tonnes (Mt) at 4.5% Fixed Carbon (FC)).

Corporate

• Equity Raising completed by way of a placement at $0.225 raising $2.7 million.

• Additional $1 million debt facility provided by the Company’s Chairman Rick Anthon.

• Approximately 68% of holders of Convertible Notes have converted their Notes into shares with incentives issued to the Noteholders who elected to convert to shares. Approximately 32% of Noteholders will have their Notes redeemed.

• Security over the assets of the Company to be released.

• Financial restructure sees Greenwing emerge with no secured debt and approximately A$9.5 million in cash.

• Resignation of CEO, executive search commenced.

• Extensive engagement conducted across investor market.

Greenwing Resources Ltd ABN 31 109 933 995 Phone: +61 (0) 7 3063 3233 | Level 21, 110 Mary Street Brisbane Qld 4000 www.greenwingresources.com

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San Jorge Salar prior to drilling rig set up.

LITHIUM

During the Covid enforced shutdown and following the Graphmada Ming Complex being placed on care & maintenance, the Board made the decision to diversify both its commodity and jurisdictional risk with a view to maintaining its exposure to the structural global shift to a lower carbon economy.

San Jorge, Argentina

In July 2021, Greenwing announced it had reached agreement to acquire Andes Litio SA which holds the rights to acquire 100% of the San Jorge Lithium Brine Project. The San Jorge Lithium Project consists of a 36,000 hectare tenement package, inclusive of the entire 2,800 hectare San Francisco Salar, in the highly prospective Lithium Triangle, which accounts for a significant proportion of the world’s lithium production.

Greenwing subsequently began field work starting in late 2021 which identified a compelling surface signature and encouraging geo physical interpretation of the thickness of the salt lake sequence under the guidance of highly credentialed hydrogeologist Murray Brooker.

Work then commenced on planning a maiden drill program, with the final necessary permits to commence drilling received from the Catamarcan Government on 4 May 2023. The Company mobilised all plant and equipment to site, constructed a camp inclusive of kitchen, dining and accommodation to house the drilling team and all support staff.

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Greenwing Resources Ltd

Drilling commenced in late June[1] . The initial 3 holes (which forms part of a larger 12-15 hole program) are planned to an estimated depth of 400 metres, with accompanying downhole geophysics to be completed as part of the drilling program.

The drilling program is planned around the western and northern margins of the San Jorge salar where a TEM geophysical survey confirmed the presence of brine extending away from the salar edge.

The Company looks forward to tabling initial results from its drilling program during the current quarter.

The Company will be aiming to declare an initial mineral resource estimate from the first three holes drilled by the end of the calendar year.

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Drill rig commencing drilling at the San Jorge Lithium Brine Project.

1 Refer ASX announcement dated 29 June 2023 “Drilling Commences at San Jorge Lithium Brine Project, Argentina”.

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Greenwing Resources Ltd

Millie’s Reward, Madagascar

Millie’s Reward is a potentially high-grade pegmatite-hosted lithium project located in central Madagascar. The Company continued planning activities for a future exploration program at Millie’s Reward.

Over the quarter legislative change occurred in Madagascar with both houses of parliament passing a revision of the Mining Code. Subsequently a favourable ruling from the constitutional court of Madagascar was published on 24 July 2023.

It is anticipated that with the passing of a revised Mining Code in Madagascar there will be a streamlining of the approvals process for renewals, transfers and the granting of leases. It is anticipated that these positive changes will further mining related investment in Madagascar.

Greenwing sees the passage of the revised Mining Code as of particular relevance for Millie’s Reward which has an outstanding surface signature established from work completed to date.

GRAPHITE

Graphmada, Madagascar

The Company continued work on advancing studies on large scale mining and processing based on the Mineral Resource of 61.9Mt at 4.5% FC[2] .

The most recent diamond drilling program and resulting Mineral Resource increase has made a significant advancement in realising the Exploration Target estimate of 86-146 Million tonnes between 4-6% Total Graphitic Carbon (TGC)[3] .

The mine is currently on care and maintenance. The Company is actively looking for strategic partners to advance the project.

Table 1: June 2022 Graphmada Mining Complex Mineral Resources

	Tonnes (Mt)	FC%	Contained Graphite (kt)
Measured	18.7	4.9	911
Indicated	12.3	4.7	582
Inferred	30.9	4.2	1,288
Total	61.9	4.5	2,780

Important Notes:

An Exploration Target is a statement or estimate of the exploration potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of tonnes and a range of grade, relates to mineralization for which there has been insufficient exploration to estimate a Mineral Resource. The potential quantity and grade of the Exploration Target is conceptual in nature, there has been insufficient exploration to estimate an additional Mineral Resource and it is uncertain if further exploration will result in the estimation of an additional Mineral Resource.

The Company confirms that it is not aware of any new information or data that materially affects the information in the relevant ASX releases, and the form and context of the announcement has not materially changed. The Company confirms that the form and context in which the Competent Persons findings are presented have not been materially modified from the original market announcements.

2 Refer ASX announcement dated 12 July 2022 “212% Increase in Graphite Resource at Graphmada Mining Complex”. 3 Refer ASX Announcement dated 3 June 2019 “Significant Exploration Program to commence at Graphmada”.

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Greenwing Resources Ltd

CORPORATE

Financing Arrangements

Subsequent to the end of the quarter, the Company announced an update in relation to its funding arrangements[4] , with the Company emerging with no secured debt and approximately A$9.5 million in cash to continue its progress its work programs in both Argentina and Madagascar.

The Company had on issue unlisted convertible notes with a face value of approximately $4.2 million which matured on 30 June 2023 (‘Convertible Notes’). The Convertible Notes were originally issued in 2019, and the terms of issue (as amended) provide that each Note converts into 0.32 ordinary shares (effective conversion price of $0.25), with the Notes being redeemable at maturity unless converted prior.

In the 3 months up until 30 June 2023, the Company’s shares traded in the range of $0.185 to $0.28. Given the share price, it was considered likely that many holders may not convert their Noteholdings. As a result, all Noteholders (other than related parties of the Company) were offered, at their election, the opportunity to receive an incentive of a fee of 2.5% of the face value of the Noteholding being converted, plus 1 option for each 2 shares to be issued on conversion of their Noteholding. The 2.5% fee was settled by the issue of additional ordinary shares at an issue price of $0.25 each, and the options are on the same terms as a current series of unlisted options exercisable at $0.60 each on or before 30 June 2025.

Approximately 68% of Noteholders (representing face value of approximately $2.8m) accepted this offer, which resulted in approximately 11.3 million shares being issued on conversion of the Convertible Notes, plus an additional 0.28 million shares and 5.65 million options being issued as incentives to convert.

Convertible Notes that were not converted will be redeemed in accordance with their terms and the relevant security over the Company’s assets will be released.

To assist in funding the part redemption of Convertible Notes and to provide additional working capital, the Company raised $2.7 million by way of a placement of $2.375 million to professional and sophisticated investors, and a conditional placement of $0.325 million to directors subject to shareholder approval. The offer price for the placement shares was $0.225 per share, which is considered to be equivalent to the value received by Noteholders on conversion of their Notes inclusive of the incentive fees paid as noted.

In addition, to further assist with the Company’s potential future funding requirements, the Company’s Chairman, Rick Anthon agreed to provide an unsecured debt facility of $1 million. The terms of the facility, which are standard for this type of arrangement, include an interest rate payable of 14% p.a., and maturity of 31 December 2023.

4 Refer ASX Announcement dated 24 July 2023 “Equity Raising and Maturity of Convertible Notes”.

Greenwing Resources Ltd

Investor Presentations

Greenwing began and will continue comprehensive engagement with the market with a series of investor roadshows speaking to institutions, brokers, analysts and private investors over the period. Please refer to the presentation released on 11 July 2023 which was also to the Noosa Mining Conference on 19 July 2023. Greenwing believes that it remains competitively valued on any reasonable peer comparison and seeks to add significant value with several catalysts stated for delivery over the coming quarters.

Resignation of CEO

Mr Craig Lennon resigned as CEO on 1 May 2023.The Board wishes Craig all the best in his future endeavours with his considerable talents.

Executive Director Peter Wright has assumed the role on an interim basis. Mr Wright has been involved in the company in an Executive capacity in all parts of the business for over 6 years and is well placed to take the company forward over the interim. Greenwing has commenced a search for a replacement and considers that, in the interim, it has the requisite skill set at both board and senior management to continue to progress the Company’s projects.

Sale of Tasmanian Assets

The conditions precedent to the previously disclosed Asset Sale Agreement for the Que River tenements (CML68M/1984) were not satisfied by the revised conditions date and the agreement has now lapsed.

ASX listing rule 5.3 disclosures

For the quarter ended 30 June 2023, the Company had net cash outflows of $249k in expensed and capitalised exploration and evaluation activities.

In addition, exploration and evaluation expenditure activities were undertaken by Andes Litio SA which is not included in the above amount – please refer further explanation below.

As noted in the half year financials for the 6 months ending 31 December 2022[5] , as a result of the strategic funding transaction with NIO, the Company is considered to have lost sole control of Andes Litio SA (Andes Litio) and even though the Group retains 100% of the shares and voting rights, joint control exists as decisions about the relevant activities of the San Jorge Project require unanimous consent of the parties. Accordingly, the Company’s interest in Andes Litio is recognised as an interest in a jointly controlled entity and is accounted for under the equity accounting method.

Under this accounting treatment, any funds provided to, or expenditure incurred by the Company in relation to, Andes Litio are reported as an increase in the investment in Andes Litio in the cash flow statement. For the March quarter this amount was $98k (previous quarter $1,150k).

5 ASX Announcement dated 16 March 2023 “Half Yearly Reports and Accounts”.

Greenwing Resources Ltd

Also, any cash on hand held by Andes Litio is not recognised as cash on hand at the end of the period in the cash flow statement. As of 30 June 2023, a further $650k is held by Andes Litio, which will be utilised for in-country exploration and associated expenses.

The total amount paid to directors of the entity and their associates in the period (item 6.1 of the Appendix 5B) was $23k, with an amount of $93k also accrued for the quarter.

For more information:

visit www.greenwingresource.com or contact info@greenwingresources.com

Peter Wright, Executive Director Rick Anthon, Chairman peter@greenwingresources.com +61 0404945189

This announcement has been approved by the Company’s Board of Directors for release.

ABOUT GREENWING RESOURCES

Greenwing Resources Ltd ( ASX:GW1 ) is an Australian-based critical minerals exploration and development company committed to sourcing metals and minerals required for a cleaner future. With lithium and graphite projects across Madagascar and Argentina, Greenwing plans to supply electrification markets, while researching and developing advanced materials and products.

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Greenwing Resources Ltd

Tenement & Permit Holding

The Company’s interests in mining and exploration tenements and permits are as follows:

Tenement & Permit Holding The Company’s interests in mining and exploration tenements and permits are as follows:	Tenement & Permit Holding The Company’s interests in mining and exploration tenements and permits are as follows:
Country Region Tenement/Permits Interest
Australia	Tasmania CML 68M/1984 Que River Mine Lease 100%1
Madagascar	Antsinanana PE 25600 Loharano (East) 100%
Madagascar	Antsinanana PE 26670 Mahefedok 100%
Madagascar	Antsinanana PE 24730 Andapa 100%
Madagascar	Antsirabe PRE 4383 100%
Madagascar	Antsirabe PRE 11545 100%
Madagascar	Antsirabe PRE 39808 Mineral Rights
Argentina	Catamarca File No. 49/2017 – Gruta San Francisco Option2
Argentina	Catamarca File No. 22/2020 – Safra Lik Option2
Argentina	Catamarca File No. 23/2020 – Safra 1 Lik Option2
Argentina	Catamarca File No. 68/2017 – San Jorge Este 1 Option2
Argentina	Catamarca File No. 54/2017 – San Jorge Este 2 Option2
Argentina	Catamarca File No. 59/2017 – San Jorge Este 3 Option2
Argentina	Catamarca File No. 55/2017 – San Jorge Norte 1 Option2
Argentina	Catamarca File No. 53/2017 – San Jorge Norte 2 Option2
Argentina	Catamarca File No. 52/2017 – San Jorge Oeste 1 Option2
Argentina	Catamarca File No. 50/2017 – San Jorge Oeste 2 Option2
Argentina	Catamarca File No. 56/2017 – San Jorge Oeste 3 Option2
Argentina	Catamarca File No. 57/2017 – San Jorge Oeste 4 Option2
Argentina	Catamarca File No. 58/2017 – San Jorge Sur 1 Option2
Argentina	Catamarca File No. 67/2017 – San Jorge Norte 4 Option2
Argentina	Catamarca File No. 51/2017 – San Jorge Norte 3 Option2

Notes:

1. Intec Limited holds a 2.5% NSR Royalty over all Product from Greenwing’s interests in CML68M/1984.

2. Greenwing has the option to acquire up to 100% of each of these permits – refer to ASX announcements dated 26 March 2021, 3 September 2021 and 26 September 2022. As at the end of the June 2023 quarter, the Company had an interest in 25% of each of these permits.

Disclaimer

This document has been prepared by Greenwing Resources Ltd (the “Company”). It should not be considered as an invitation or offer to subscribe for or purchase any securities in the Company or as an inducement to make an invitation or offer with respect to those securities. No agreement to subscribe for securities in the Company will be entered into based on this document.

This document is provided on the basis that neither the Company nor its officers, shareholders, related bodies corporate, partners, affiliates, employees, representatives, and advisers make any representation or warranty (express or implied) as to the accuracy, reliability, relevance, or completeness of the material contained in the document and nothing contained in the document is, or may be relied upon as a promise, representation, or warranty, whether as to the past or the future. The Company hereby excludes all warranties that can be excluded by law.

Forward Looking Statements

This announcement contains certain ‘forward-looking statements’ within the meaning of the securities laws of applicable jurisdictions. Forward-looking statements can generally be identified using forward-looking words such as ‘may,’ ‘should,’ ‘expect,’ ‘anticipate,’ ‘estimate,’ ‘scheduled’ or ‘continue’ or the negative version of them or comparable terminology.

Any forecasts or other forward-looking statements contained in this announcement are subject to known and unknown risks and uncertainties and may involve significant elements of subjective judgment and assumptions as to future events which may or may not be correct. There are usually differences between forecast and actual results because events and actual circumstances frequently do not occur as forecast and these differences may be material.

Greenwing Resources Ltd does not give any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this announcement will occur and you are

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Greenwing Resources Ltd

cautioned not to place undue reliance on forward-looking statements. The information in this document does not consider the objectives, financial situation, or needs of any person. Nothing contained in this document constitutes investment, legal, tax or other advice.

Important information

This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal. The securities referred to in this document have not been and will not be registered under the United States Securities Act of 1933 (the ‘US Securities Act’), or under the securities laws of any state or other jurisdiction of the United States and may not be offered or sold, directly or indirectly, within the United States, unless the securities have been registered under the US Securities Act or an exemption from the registration requirements of the US Securities Act is available. This document may not be distributed or released in the United States.

Competent Person Statement

The information in this document that relates to Exploration Results, Exploration Targets and Mineral Resources in relation to the Madagascan and Australian Projects is based on information compiled by Tim McManus, a Competent Person who is a member of the Australasian Institute of Mining and Metallurgy, who is a consultant to the Company.

Tim McManus has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaken 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.

Tim McManus consents to the inclusion of the information in this document in the form and context in which it appears.

The information in this document that relates to Exploration Results in relation to the Argentinean Project has been prepared by Mr Murray Brooker. Murray Brooker is an employee of Hydrominex Geoscience Pty Ltd and is independent of Greenwing.

Mr Brooker has sufficient experience 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 Brooker consents to the inclusion of the information in this document in the form and context in which it appears.

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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

GREENWING RESOURCES LTD ABN Quarter ended (“current quarter”) 31 109 933 995 30 June 2023

Consolidated statement of cash flows	Current quarter $A’000	Year to date (12 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (if expensed) (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 1.9 Net cash from / (used in) operating activities	- (14) - - (29) (503) - 26 (1) - - -	- (178) - - (118) (1,863) - 57 (4) - - 296
	(521)	(1,810)
2. Cash flows from investing activities 2.1 Payments to acquire: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation (if capitalised) (e) investment – Andes Litio SA(b) (f) other non-current assets	- - (15) (235) (98) -	- - (16) (1,055) (2,536) -

ASX Listing Rules Appendix 5B (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

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

Consolidated statement of cash flows	Current quarter $A’000	Year to date (12 months) $A’000
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	- - - - - - - -	- - - - - - - -
	(348)	(3,607)
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 (leases) 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) Proceeds from loan from strategic investor 3.10 Net cash from / (used in) financing activities	- - - - - - - - -	11,000 - - (553) - - - - 1,000
	-	11,447
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)	8,877 (521) (348) -	1,896 (1,810) (3,607) 11,447

ASX Listing Rules Appendix 5B (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

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

Consolidated statement of cash flows	Current quarter $A’000	Year to date (12 months) $A’000
4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	43	125
	8,051	8,051

Notes:

• (a) The allocations of the year to date figures have been amended to be consistent with the half year audit reviewed cash flow statement.

• (b) As noted in the half year financials, as part of the strategic funding transaction with NIO Inc., the Company is considered to have lost sole control of the relevant activities of Andes Litio SA on signing the subscription agreement in September 2022. Even though the Group retains 100% of the shares and voting rights, joint control exists as decisions about the relevant activities of the San Jorge Project require unanimous consent of the parties. The Company has deconsolidated its interest in Andes Litio SA from the date of signing the subscription agreement (as control was deemed to have been lost) and recognise its interest in Andes Litio SA as an interest in a jointly controlled entity and is accounted for under the equity accounting method.

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)	8,051 - - -	8,877 - - -
	8,051	8,877

Notes:

• (a) In addition to the cash noted above, a further $650k is held by the Group’s equity accounted investment, Andes Litio located in Argentina which will be utilised for in-country exploration and associated costs.

6. Payments to related parties of the entity and their associates 6.1 Aggregate amount of payments to related parties and their associates included in item 1 6.2 Aggregate amount of payments to related parties and their associates included in item 2	Current quarter $A'000
	23
	-

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

Payment of directors’ fees relating to prior and current quarters, with a further $93k outstanding relating to the current quarter.

ASX Listing Rules Appendix 5B (01/12/19) + 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. 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 - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end 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
	-	-
	-	-
	-	-
	-	-

8. Estimated cash available for future operating activities	$A’000
8.1 Net cash from / (used in) operating activities (Item 1.9) 8.2 Capitalised exploration & evaluation (Item 2.1(d)) 8.3 Total relevant outgoings (Item 8.1 + Item 8.2) 8.4 Cash and cash equivalents at quarter end (Item 4.6) 8.5 Unused finance facilities available at quarter end (Item 7.5) 8.6 Total available funding (Item 8.4 + Item 8.5) 8.7 Estimated quarters of funding available (Item 8.6 divided by Item 8.3)	(521) (235) (756) 8,051 - 8,051
	10.6

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:

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:
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

ASX Listing Rules Appendix 5B (01/12/19) + 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 July 2023

Authorised by: the Board of Directors

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 (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms.

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