GREENWING RESOURCES LTD — Interim / Quarterly Report 2024

Jan 30, 2025

ASX Announcement | ASX:GW1

www.greenwingresources.com

ASX Announcement – 31 January 2025

QUARTERLY REPORT

Period Ended 31 December 2024

Greenwing Resources Ltd (‘Greenwing’ or the ‘Company’)(ASX:GW1) is pleased to provide an update on its activities and progress for the quarter ended 31 December 2024.

Greenwing holds a portfolio of assets targeting the compelling fundamentals for both Lithium and Graphite located in known mining jurisdictions.

HIGHLIGHTS

SAN JORGE LITHIUM PROJECT, ARGENTINA

• The San Jorge Project covers the 2600-hectare San Francisco Salar, and surrounding 36,000 hectare package, delivering Greenwing the entire Salar and all surrounding prospective ground.

• A maiden Mineral Resource Estimate[1] defined for the project in May 2024, contains 1.07 Mt of Lithium Carbonate Equivalent (LCE), consisting of 0.67 Mt of Indicated Resources and 0.4 Mt of Inferred Resources, at an initial grade of 195 mg/L Li.

• Greenwing completed additional surface exploration programs over the quarter, which confirms the host brine mineralisation extending materially to the west and north of the salar and continuing to the limit of the surveys.

• Additionally, the resource remains open at depth. The Company having only drilled a portion of the project sees considerable scope to add value at San Jorge.

• Initial Brine processing test work completed with IBC Advanced Technologies (IBC) recovered >99% Li into a concentrated (7200 mg/L Li ) solution[2] .

• Additional testing from Xstralit DLE Lithium also provided encouraging results[2] .

GRAPHMADA GRAPHITE MINING COMPLEX & MILLIE’S REWARD LITHIUM PROJECT, MADAGASCAR

• The Company continued to progress its portfolio of assets in Madagascar, in a changing regulatory framework seeking to attract additional mining investment and provide further support for existing industry participants.

• Greenwing has an established presence in Madagascar and has a considerable portfolio of interests in country covering both Graphite and Lithium.

• With the changing regulatory environment, the Company is in the process of updating its agreement with the vendors of the Millie’s Reward Hard Rock Lithium project.

• The Company completed assays of all samples taken during the recent augur drilling program at Andapa the results are currently being independently reviewed ahead of an ASX announcement.

1 ASX Announcement dated 27 May 2024 ‘San Jorge Lithium Project – Maiden Mineral Resource Estimate’.

2 ASX Announcement dated 29 October 2024 ‘San Jorge Project – Brine Processing Update’.

ASX:GW1 | greenwingresources.com Greenwing Resources Ltd | ABN 31 109 933 995

San Jorge Project, Argentina

T he Company has established a robust platform at San Jorge and is well placed to capitalise on the progress it has made to date. This continued progress has been the focus of the Company’s activities over the quarter.

Greenwing holds a broad tenement package at San Jorge of 38,600 hectares inclusive of the San Francisco Salar covering some 2600 hectares. Greenwing is one of only a few companies in the Lithium Triangle to have a 100% interest in a salar and surrounding tenure.

In May 2024 the Company established a Maiden Resource Estimate from an initial six hole program targeting the peripheries of the Salar, with the maiden resource declared of 1.07 Mt of Lithium Carbonate Equivalent (LCE). This consists of 0.67 Mt of Indicated Resources and 0.4 Mt of Inferred Resources at an initial grade of 195 mg/L Li.

The Company sees considerable scope to add to both the grade and size of the resource and over the quarter completed both Magnotelluric (MT) and Transient Electromagnetic (TEM) survey to better define the extent of the brine.

The results of the additional programs, as outlined in an ASX announced dated 15 January 2025, confirm the Company’s view that the lithium bearing brines present at San Jorge extend extensively to the West and the North of the visible salar, in addition to remaining open at depths below 400m.

The completed surveys confirmed material extensions to the brine body of 4kms to the west of the salar and 5kms to the North of the salar with brine extending to the limit of testing in both directions. These results deliver a substantial increase to the scope of the project.

In parallel, the Company continued to assess competing processing pathways and over the quarter published initial results of this testing from leading processing providers IBC Advanced Technologies (IBC) and Xtralit DLE (Xtralit).

The IBC test work utilizing the company’s proprietary IBC DLP process demonstrated that >99% Li can be selectively recovered using Molecular Recognition Technology (MRT), delivering a concentrated (7200/Mg/L Li) solution which can be made directly into battery grade lithium hydroxide monohydrate (LHM)without an intermediate step.

These results from two leading providers of DLE processing technologies, IBC and Xtralit, in addition to other test work completed, confirm that the San Jorge Brine is highly amenable to DLE processing.

ASX:GW1 | greenwingresources.com Greenwing Resources Ltd | ABN 31 109 933 995

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MINERAL RESOURCE ESTIMATE[3]

Area	Sediment Volume m3	Porosity	Brine volume m3	Li mg/l	Li Tonnes	Tonnes LCE
Indicated	8,872,840,000	0.074	653,084,441	192	125,700	670,000
Inferred (NW and > 400 m)	5,147,950,000	0.073	377,952,442	200	75,400	400,000
Total	14,020,790,000	0.074	1,031,036,883	195	201,100	1,070,000

Table 1: Resource estimate classification May 2024

Notes:

• a) Mineral Resource Estimate in the Safra 1 Lik, Safra Lik, San Jorge Oeste 2, 3 and 4 properties. b) Lithium is converted to lithium carbonate (Li2CO3) equivalent (LCE) using a conversion factor of 5.323.

• c) JORC Code definitions were followed for Mineral Resources. d) The Competent Person for this MRE is Murray Brooker (MAIG, MIAH).

• e) Totals may differ due to rounding.

• f) The resources is reported at a zero Lithium mg/l cut-off grade, on the basis that by its nature as a body of brine it is homogenised and is unlikely to contain areas of internal significantly lower grade material.

• g) For further information please refer the ASX Announcement dated 27 May 2024 ‘San Jorge Lithium Project – Maiden Mineral Resource Estimate’

The Company continues to be pleased with it progress at San Jorge, in addition to establishing a broad and strategic tenement package that gives it control of an entire salar and surrounding area in the Lithium triangle. The Company has established an initial resource from its maiden program with potential for significant expansion.

Follow up geophysical studies have confirmed the lithium bearing brine mineralization extends materially to the West and North along with at depth. The brine was identified at the extent of surveys to both the West and North of the salar. As per previous announcements, the resource remains open at depth.

Whilst acknowledging the current state of the Lithium market the company remains of the view that the long-term fundamentals of the Lithium market remain intact and sees likely enduring dislocations between growing supply and demand in the coming years. The Company is encouraged by the recent return of interest to the asset market for Lithium projects including Rio Tinto Ltd bid for Arcadium, the recent sale of the Arizaro salar assets of Lithium Chile and Central Puertos purchase of the nearby Tres Cruces Asset.

3 ASX Announcement dated 27 May 2024 ‘San Jorge Lithium Project – Maiden Mineral Resource Estimate’.

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Figure 1 – San Francisco Salar looking west.

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Figure 2: Completed exploration drill holes, passive seismic and TEM geophysics locations within the project area

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EXPLORATION TARGET

Sediment Volume m3	Porosity	Brine volume m3	Li mg/l	Li Tonnes	Tonnes LCE
Exploration Target Upside Case
9,936,500,000	0.100	993,650,000	195	194,000	1,030,000
Exploration Target Downside Case
9,936,500,000	0.050	496,825,000	140	70,000	370,000

Table 2: Exploration target tonnage May 2024

Notes:

• a) This Exploration Target encompasses the San Jorge Oeste 1 to 4, Gruta San Francisco and San Jorge Norte 2 properties.

• b) Lithium is converted to lithium carbonate (Li2CO3) equivalent (LCE) using a conversion factor of 5.323.

• c) The Competent Person for this Exploration Target is Murray Brooker (MAIG, MIAH). d) Totals may differ due to rounding.

• e) The Exploration Target is based on extensive geophysics, calibrated against the six drill holes completed to date.

• f) New diamond drilling is planned this calendar year to evaluate the area where the geophysics has been completed, and to determine whether this can be incorporated into an updated resource estimate (subject to the comments below). The target is based on actual exploration data (geophysics).

• g) For further information please refer the ASX Announcement dated 27 May 2024 ‘San Jorge Lithium Project – Maiden Mineral Resource Estimate’

Note that the potential quantity and grade of the exploration target is conceptual in nature, and there has been insufficient exploration to estimate a Mineral Resource, other than indirect geophysical methods that indicate the presence of an extensive, highly conductive brine body. It is uncertain if further exploration will result in the estimation of a Mineral Resource in the volumes defined as exploration targets . Future exploration drilling aims to continue to convert part of the exploration target volume to resources . Note that insufficient exploration has been conducted to conclude with any certainty that the exploration target could be converted to resources.

ASX:GW1 | greenwingresources.com Greenwing Resources Ltd | ABN 31 109 933 995

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Madagascar

Overview

The Company retains significant interests in Madagascar including:

• Graphmada Mining Complex

• Andapa Exploration Asset

• Millie’s Reward Hard Rock Lithium project

Greenwing has an established presence in Madagascar having been operational in the country since 2016 with the initial acquisition of the Graphmada Graphite project which is currently on care and maintenance.

Greenwing has found Madagascar a good jurisdiction to operate in and sees considerable potential in both the country and its peoples. Greenwing was able to reconstruct and operate the Graphmada Graphite mine over the period from 2016 through to 2020 under the existing legislation.

The Company is encouraged and supportive of the current overhaul of the country’s mining legislation and sees the introduction of a new mining code as beneficial for the Company and its operations in Madagascar.

==> picture [230 x 359] intentionally omitted <==

Figure 3 - Locations of Greenwing’s projects in Madagascar

ASX:GW1 | greenwingresources.com Greenwing Resources Ltd | ABN 31 109 933 995

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Graphmada Graphite Mining Complex

Graphmada Mining Complex and its infrastructure remain in excellent condition, and the existing Mineral Resource of 61.9 Mt @ 4.5% Fixed Carbon (FC) (refer Table 1) is deemed capable of sustaining substantially higher production volumes than the mine operated at in the past.

The Graphite export market is currently dominated by China which supplies the overwhelming majority of the current export market. Over the last 18 months China has to varying degrees imposed restrictions on the export of Graphite and threatened to impose total bans[4] .

The European Union, The USA United States and Japan have all classified Graphite as a critical mineral and hold the development of ex-China sources of supply as a strategic imperative.

Greenwing, with an advanced graphite project outside of China, continues to see emerging strategic value in its Graphmada asset.

Graphmada has an existing resource that has produced all commercial concentrates in the graphite complex, with qualification into both the United States and the European Union. Additionally, Graphmada has long-life mining leases and considerable infrastructure in place, with the project located just 3 kilometers off the national highway and approximately 120 kilometers from the port of Tamatave (Figure 3).

Greenwing is continuing a process to attract strategic investment and achieve value for its stakeholders for the Graphmada asset given its advanced status.

During the quarter, care and maintenance activities continued on site.

Table 1: June 2022 Graphmada Mining Complex Mineral Resources[5] [, ][6] [, ][7]

	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.

4 https://www.csis.org/analysis/china-imposes-its-most-stringent-critical-minerals-export-restrictions-yet-amidst

5 Refer ASX Announcement ‘212% Increase in Graphite Resource at Graphmada Mining Complex’ released 12 July 2022.

6 Reported in accordance with the 2012 Australasian Code for Reporting of Exploration Results, Mineral Resources and Reserves (‘the JORC Code 2012’) at a >3% cut-off.

7 Figures are subject to rounding

ASX:GW1 | greenwingresources.com

Greenwing Resources Ltd | ABN 31 109 933 995

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Andapa Graphite Project, Madagascar

Greenwing continues with its exploration on its Andapa prospect. Andapa is a separate property located a further 60klms towards the country’s main deep-water port from Graphmada at Tamatave, Madagascar’s second largest city. The Andapa Project is currently under mining lease.

During the quarter the Company completed a further 32 holes for 261m drilled, bringing the 2024 augur drilling program to a close with a total of 388 holes correlating to 3,262m. The Company is working through an independent review of the results and will be updating the market during the March 2025 quarter.

Millie’s Reward Lithium Project, Madagascar

Over the December quarter, Greenwing advanced discussions with the vendors of the three permits comprising Millie’s Reward project with a view to completing the transfer of these permits to the Company. In parallel with developments with the new Mining Code in Madagascar the Company is seeking to finallise the transfer of tenure and resume exploration activities. The revised mining code in Madagascar aims to ensure timely processing of all mining permit applications.

The Company intends to undertake further exploration at the Millie’s Reward project following the transfers occurring. This exploration program will focus on completing the soil sampling program over lithium bearing pegmatites, commencing pitting and trenching followed by geophysics to identify potential sub-surface pegmatites.

Millies Reward is an exciting project characterized by an outstanding surface signature which has identified a large number of pegmatite outcrops along a significant strike length[8] . Additionally, the project has previously returned a weighted average intersection of 3.72% Lithium Oxide over a 31m channel sample[9] .

Previous field programs have identified numerous encouraging rock chip samples up to 7.08% Li2O and supported by additional samples returning 6.93% and 6.91% Li2O[10] and numerous samples between 5-5.7% Li2O[11] .

==> picture [259 x 186] intentionally omitted <==

Figure 5 - Samples of high purity Spodumene crystals (Kunzite) found in the project area.

8 ASX announcement 10 May 2017 ‘Initial Fieldwork Undertaken at Millie’s Reward Lithium Project’.

9 ASX announcement 11 September 2018 ‘BSM’s Outstanding Lithium Intersection of 31m at 3.72%’. 10 ASX announcement 30 May 2017 ‘Exceptional Lithium Assay Results Received for Millie’s Reward’. 11 ASX Announcement 19 April 2017 ‘Bass Metals Enters Binding Agreement to Purchase Potentially High-Grade Lithium Project in Madagascar’.

ASX:GW1 | greenwingresources.com Greenwing Resources Ltd | ABN 31 109 933 995

==> picture [368 x 451] intentionally omitted <==

Figure 6 - Millie's Reward Significant Sample Results

Que River - Tasmania

As noted previously, the Company remains in discussions about the potential sale of this asset. The Company continues with care and maintenance activities during the quarter and has been engaging with the regulators regarding the status and future of this project.

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Corporate Activities

On 16 October the Company released its Notice of Annual General Meeting and on 25 November held the meeting with all resolutions being passed.

ASX listing rule 5.3 disclosures

For the quarter ending 31 December 2024, the Company had net cash outflows of $201k 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. As noted in the audited annual financial report for the year ended 30 June 2023[12] , 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 December 2024 quarter this amount was $171k (previous quarter $355k) reflecting the exploration activities undertaken during the quarter.

Also, any cash held by Andes Litio is not recognised as cash on hand for Greenwing at the end of the period in the cash flow statement. As of 31 December 2024, a further $25k 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 Appendix 5B) was $65k relating to prior quarters, with an amount of $59k accrued for the quarter.

ASX Announcements released during the quarter:

1 October 2024 – Cleansing statement

• 11 October 2024 – San Jorge Lithium Project – Exploration Update

• 11 October 2024 – Application for quotation of securities

• 11 October 2024 – Cleansing statement

• 16 October 2024 – Annual Report to shareholders

• 16 October 2024 – Notice of Annual General Meeting

• 29 October 2024 – San Jorge Lithium Project – Brine Processing Update

• 31 October 2024 Quarterly Activities/Appendix 5B Cash Flow Report

• 25 November 2024 – Presentation to AGM

• 25 November 2025 – Results of meeting

• 9 December 2025 - Change of Director’s interest notice

• 27 December 2025 - Change of Director’s interest notice

12 ASX Announcement dated 28 September 2023 ‘Annual Report to Shareholders’.

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This announcement is approved for release by the Board of Greenwing Resources Ltd.

For further information, please contact

Peter Wright

Executive Director/CEO E: peter@greenwingresources.com

Angus Craig

Company Secretary E: angus@greenwingresources.com

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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.

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 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 cautioned not to place undue reliance on forwardlooking statements. The information in this document does not consider the objectives, financial situation, or particular 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 Projects is based on information previously released to ASX and as footnoted in the report, particularly noting the information relating to the Graphite Mineral Resources which is extracted from the ASX Announcement dated 12 July 2022 ‘212% Increase in Graphite Resource at Graphmada Mining Complex’. This information was compiled by Tim McManus, a Competent Person who is a member of the Australasian Institute of Mining and Metallurgy, who was 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. 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 and, in the case of estimates of Mineral Resources or Ore Reserves that all material assumptions and technical

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parameters underpinning the estimates in the relevant market announcement 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 announcement.

The information in this document that relates to Exploration Results, Mineral Resource Estimate and Exploration Target in relation to the Argentinean Project, San Jorge, has been prepared by Mr Murray Brooker, BSc (Geology, Hons, Victoria University), MSc (Geology, James Cook university), MSc (Hydrogeology, UTS, Sydney) (AIG #3503; RPGEO # 10,086). Murray Brooker is a geologist and hydrogeologist and 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.

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 December 2024 quarter, the Company had an interest in 45% of each of these permits.

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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 31 December 2024

Consolidated statement of cash flows	Current quarter $A’000	Year to date (6 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	- - - - (41) (304) - 1 - - - -	- - - - (93) (701) - 3 - - - 49
	(344)	(742)
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(a) (f) other non-current assets	- - (9) (201) (171) -	- - (9) (418) (526) -

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

Page 1

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 (6 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	- - - - - - - -	- - - - - - - -
	(381)	(953)
3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Repayment 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 (provide details if material) 3.10 Net cash from / (used in) financing activities	172 - - (86) - (15) - - -	1,799 - - (179) - (145) - - -
	71	1,475
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)	1,134 (344) (381) 71	709 (742) (953) 1,475

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

Page 2

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 (6 months) $A’000
4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	51	42
	531	531

Note: (a) As noted in the annual financial reports, 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)(b)	531 - - -	1,134 - - -
	531	1,134

Note: (b) In addition to the cash noted above, a further $25k 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.

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
	65
	-

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 $59k 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 1,000 - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities 1,000 - 7.5 Unused financing facilities available at quarter end 585 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
	1,000	-
	-	-
	-	-
	1,000	-
As announced on 24 July 2023, the Company has entered into an unsecured loan facility with the Company’s Chairman, Rick Anthon for $1m, which has been extended and now matures on 30 April 2025 at an interest rate of 14% p.a. on funds drawn up to 30 June 2024, and an interest rate of 20% p.a. from 1 July 2024. The Company also has a 4 year $8 million At-the-Market Facility (ATM) Agreement with Alpha Investment Partners as announced on 31 January 2024 which is currently undrawn.

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) (refer note below)	(344) (201) (545) 531 585 1,116
	2.0

Notes:

The amount of cash and cash equivalents held at quarter end at item 8.4 includes $97k which may be used only for expenditure related to the San Jorge Lithium Project.

If this amount is deducted from the total available funding, the amount of funding available for outgoings other than the San Jorge Project is $1,116k at the end of the quarter, including the $585k undrawn loan facility.

This equates to approximately 2 quarters of funding available for expenditure outside of the San Jorge project using the calculation in 8.7 above as at 31 December 2024.

As previously announced, the Company has secured an $8m funding facility (refer ASX announcement dated 31 January 2024) which when included in cash available to fund operations other than the San Jorge Project equates to approximately 16 quarters of funding available.

• 8.8 If Item 8.7 is less than 2 quarters, please provide answers to the following questions:

• 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: N/A

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

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: N/A

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

Answer N/A

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 January 2025

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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