HARTSHEAD RESOURCES NL — Interim / Quarterly Report 2023

Jul 30, 2023

HARTSHEAD RESOURCES NL (ACN 150 624 169) T +61(8) 9226 2011 E info@hartshead-resources.com 333C Charles Street, North Perth WA 6006

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Quarterly Report

For the period ended 30 June 2023

Highlights:

• Completion of Farm-Out Agreement with RockRose Energy for the divestment of a 60% equity interest in its UK Southern Gas Basin License P2607.

• Submitted Phase I Field Development Plan for the Anning and Somerville gas field developments to the North Sea Transition Authority.

• Completion of the Geophysical Survey covering the Anning and Somerville field developments, all work was successfully completed within budget and without incident.

• Commencement of the pipeline Seabed Geotechnical Survey at the Anning & Somerville Fields, results of the survey will form a critical component of the Environmental Statement and an understanding of the seabed conditions.

• Awarded a contract for a Geotechnical Survey across the Anning and Somerville fields and pipeline locations to Geoquip Marine Operations.

• Announced the issuance of the Invitation to Tender for the Anning and Somerville Southern North Sea gas field production platforms.

• Strong cash position of over $32 million, following $20 million Placement undertaken in the quarter.

PHASE I FIELD DEVELOPMENT – ANNING AND SOMERVILLE GAS FIELDS

Completion of Farm-Out Agreement

In the Reporting Period, Hartshead announced the completion of the Farm-Out Agreement (FOA) with established UK North Sea independent RockRose Energy ( RockRose ) for a divestment of a 60% equity interest in its UK Southern Gas Basin License P2607 ( Farm-out ) (Refer ASX Announcement – 5 April 2023).

The Farm-out will provide Hartshead with a total gross consideration of approximately A$196.3 million in value, which includes reimbursement of past costs, a partial carry on HHR’s share of development

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costs, bonus milestone payments, and $48.4 million of UK government Investment & Capital Allowance.

The completion of the Farm-out is a major milestone for Hartshead, as it materially de-risks the project and provides a clear pathway to the full financing and subsequent development. The transaction implies a significant uplift in value for the project and secures over $536 million of gross project expenditure, which provides both technical and commercial validation of the Company’s gas development.

A Final Investment Decision ( FID ) for Phase 1, which includes the redevelopment and drilling of the Anning and Somerville fields, is outlined for H2 of 2023. Six production wells are planned and are forecast to come onstream in 2025 at gross peak production rates of 140 mmcfd (net 56 mmcfd to Hartshead, or over 9,000 boepd) (refer ASX announcement 23 June 2022).

Over the quarter the Company advanced discussions with a number of groups relating to further equity divestment or to provide the debt financing to ensure sufficient funding of its remaining share of development costs and the Company has strong confidence in successfully concluding these discussions by year end. The Company is currently working through proposals in order to deliver an optimal solution for shareholders.

Operational Update on UK Southern Gas Basin

During the Quarter, Hartshead announced that the Company submitted the Field Development Plan ( FDP) for the Phase I development of the Anning and Somerville gas fields to the North Sea Transition Authority ( NSTA ). The Phase 1 development of Anning and Somerville fields will be achieved with a total of 6 production wells. These wells will be produced through two un-manned minimum facilities platforms tied back via a 40km export pipeline to the Shell operated Corvette facility. From there the Anning and Somerville gas production will be transported to the onshore Bacton Gas Terminal via Shell’s Leman system and pipeline.

Other noteworthy operational developments:

• Invitations To Tender ( ITTS ) for Phase 1 platforms Engineering, Procurement, Installation and Commissioning ( EPIC ) contracts being finalised for issue.

• The Company has recently issued ITTs for the pipeline route survey for the Phase 1 export pipeline to Corvette.

• Pre qualification process for ITTS for Phase 1 export pipeline EPIC.

• Successful completion of HHR’s first offshore operations – the geophysical and environmental base-line survey of the Anning and Somerville platform locations.

ASX:HHR | hartshead-resources.com.au

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Finally, the Company previously confirmed that it made submission for a number of licences in the UK 33rd Offshore Licensing Round announced by the NSTA in 2022. The results of the licensing round and awards are expected to be announced in H2 of 2023.

Over the period, the Company had a very active period, completing the Farm-out of 60% of the License P2607 to RockRose Energy. In addition the Company completed a major amount of the outstanding work-streams aimed at bringing the project to FID, targeted for Q3 2023. The Phase I development continues to present a highly unique and compelling development opportunity for the Company, with the production of material gas volumes into strong UK gas prices.

Pipeline Seabed Geotechnical Survey Commencement

In the Reporting Period, Hartshead announced that the Company mobilised the Geotechnical Survey across the Anning and Somerville fields and pipeline locations using Geoquip Marine Operations ( Geoquip Marine ).

The Geoquip Seehorn (Figure 1), an 83 metre Class 2 Dynamic Positioning ( DP2 ) Multi-Disciplined Offshore Survey Vessel, with specialist deep seabed testing and borehole testing capability, will be used for the work program.

The main objectives of the geotechnical survey are to provide the Company with confirmation of the seabed and sub seabed soil conditions to finalize the design and the efficient installation of the offshore facilities and to ensure the safe location of the jack-up drilling rig at the Anning and Somerville locations.

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Figure 1: The Geoquip Seehorn DP2 vessel

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The survey consisted of the following components:

• One 50m borehole at the jacket centres and one 30m borehole at each jack-up location leg centroid, boreholes will be advanced with a combination of samples and CPTs,

• Onshore / offshore laboratory testing, which shall be performed in accordance with international standards and procedures (i.e. ISO, ASTM, BSI, NS, ISRM, or equivalent).

Field Development Plan Submission

During the Quarter, Hartshead announced that the Company has submitted its Phase I FDP for the Anning and Somerville gas field developments to the NSTA, marking a major and material milestone in the Company’s development of its UK Southern Gas Basin assets.

The FDP sets out the development plan, including a detailed description of the subsurface interpretation, planned development wells, production forecasts and facilities, gas transportation route to market, QHSE, and commercial and economic aspects of the development, as the Company progresses towards production.

The development plan consists of six production wells from two wireline capable Normally Unmanned Installation ( NUI ) platforms at Anning and Somerville. These platforms will then connect subsea to infrastructure for onward transportation and processing for entry into the gas network. The company will now discuss the draft FDP with the NSTA to receive technical feedback and amend for any comments and then commence an audit of the revised project schedules with ERCE before publishing independently audited Phase 1 economics.

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Figure 2: Field development schematic

Post receiving technical feedback from the NSTA, the Company will move to finalise project debt funding and take Final Investment Decision for the Phase I development with its joint venture partner

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RockRose Energy. The development of the Anning and Somerville gas fields will then commence as the Company advances towards First Gas expected in 2025.

Phase I Geotechnical Survey Contract Award

During the Quarter, Hartshead announced that the Company awarded a contract for a Geotechnical Survey across the Anning and Somerville fields and pipeline locations to Geoquip Marine Operations ( Geoquip ), following a competitive tender for technical and commercial bid evaluation.

The Geoquip Seehorn (Figure 1), an 83 metre Class 2 Dynamic Positioning (DP2) Integrated Geotechnical Survey Vessel, with specialist deep seabed testing as well as borehole drilling, testing and sampling capability, will be used for the work program. The Seehorn was mobilised to the Anning and Somerville field locations in June 2023.

Successful Completion of Hartshead’s First Offshore Operations

In the Reporting Period, Hartshead undertook it’s first offshore operations via the Geo Ocean III (Figure 1), a 77 metre second generation Dynamic Positioning Multi Disciplined Offshore Survey Vessel, with specialist deep-push Cone Penetration Testing ( CPT ) and vibrocoring capability.

The main objectives of the geophysical survey were to provide the Company with an interpretation of the seabed geomechanical and engineering conditions at the Anning and Somerville field locations as well as an environmental baseline survey and habitat assessment, as the Company advances towards First Gas.

The survey consisted of the following components:

• A detailed analogue and 2D high resolution survey over a 1,000 metre x 1,000 metre square box centred on the Anning and Somerville jacket locations;

• A 400 metre X 400 metre more detailed analogue survey to inform the exact emplacement of the Anning and Somerville jackets;

• Onshore and offshore laboratory testing of seabed samples taken during the sampling operations. Onshore laboratory testing is still to be completed.

The results of the Geophysical Survey will form part of the Environmental Statement which is a key component of the Field Development Plan submission and is also required for the Platform Front-End Engineering Design ( FEED ) jacket design verification.

ASX:HHR | hartshead-resources.com.au

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Figure 3. The Geo Ocean III with DP2 Dynamic Positioning Capability.

Invitation to Tender Issued for Production Platforms

During the Quarter, Hartshead announced the issuance of the Invitation to Tender ( ITT ) for the Anning and Somerville Southern North Sea gas field production platforms. The ITT has gone out to four major, reputable fabricators with proven track records that pre-qualified through the HHR procurement process and marks a significant step forward in the journey towards first gas from the Company’s UK Southern Gas Basin assets.

The platforms will play a pivotal role in establishing Hartshead as a gas production company, enabling the Company to tap into the establish ed natural gas reserves in the license area and support the UK on its journey towards Net Zero.

The ITT package, containing comprehensive information about the project requirements, technical specifications, bidding procedures and evaluation criteria, requests proposals from the suppliers to provide an Engineering, Procurement, Installation and Commissioning service for the two platforms. The ITT process is expected to take several months prior to award of the contract, when the detailed engineering design of the platforms can begin.

Gabon NKEMBE N°G4-243

Subsequent to the Reporting Period the Company concluded the dispute with the Gabonese State in relation to the Nkembe n°G4-243 Petroleum Exploration & Production Sharing Contract (PSC). The Company confirms that the Nkembe PSC has been terminated and the company is free from any further claim, obligation or payment.

ASX:HHR | hartshead-resources.com.au

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CORPORATE & FINANCIAL

ASX Additional Information

Pursuant to Listing Rule 5.4.1, Exploration and Evaluation Expenditure during the quarter was A$4.8M. Further details of the development activity during the June 2023 quarter are set out in this report. Pursuant to Listing Rule 5.4.2 there were no substantive oil and gas production activities undertaken during the quarter.

Pursuant to Listing Rule 5.4.5, payments to related parties and their associates during the quarter as outlined in Section 6 of the accompanying Appendix 5B to this quarterly report were A$471,394. These payments are related to salaries, superannuation and directors' fees paid to directors and related entities during the June 2023 quarter.

PETROLEUM TENEMENTS HELD AS AT 30 JUNE 2023

	% Interest	Tenement	Location
Held at end of the quarter	100%	Seaward Production License P2607	Offshore United Kingdom
	100%1	Nkembe Block	Offshore Gabon
	100%2	Ambilobe Block	Offshore Madagascar

There was no change in the Company’s interests in the above tenements during the quarter.

CORPORATE DIRECTORY

Directors Company Secretary Bevan Tarratt Non-Executive Chairman Matthew Foy Christopher Lewis Chief Executive Officer Nathan Lude Executive Director

Share Registry Registered Office and Principal Place of Business Computershare 333c Charles Street, North Perth WA 6006 Level 11, 172 St Georges Terrace Telephone: +61 8 9226 2011 PERTH, WA 6000 Facsimile: +61 8 9226 2099 Telephone: 1300 850 505 (within Australia) Web: www.hartshead-resources.com.au +61 3 9415 4000 (outside Australia) Email: info@hartshead-resources.com

London Office

Suite 2.06 Bridge House 181 Queen Victoria Street

1 Hartshead’s interest is subject to the right of the State of Gabon to participate in any development for up to a 20% interest under the Nkembe PSC

2 Subject to relinquishment as per the terms of the Ambilobe PSC

ASX:HHR | hartshead-resources.com.au

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London EC4V 4EG United Kingdom

For further information and to stay up to date with Company developments, please follow us on social media by clicking the links below:

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The Board of Directors of Hartshead Resources NL authorised this announcement dated 31 July 2023 to be given to ASX.

Notes to Editors:

Notes to Editors:

Hartshead Resources NL

ASX-listed Hartshead Resources NL is focussed on building a financially, technically and environmentally responsible European Energy business.

Hartshead’s goal is to secure and invest in projects where resources can be extracted and delivered to meet Europe’s growing energy demand while supporting the transition to a low carbon future.

In progressing this strategy Hartshead is focused on the development of Production Seaward License P2607 (60% owned Rockrose Energy/40% Hartshead) comprising of five blocks which contain four existing gas fields in the UK Southern Gas Basin.

Hartshead brings together a highly experienced oil and gas team with specialised knowledge covering subsurface, engineering, commercial, QHSE and capital markets with the required skillsets needed to deliver oil and gas upstream projects successfully and safely.

UK Southern North Sea Production Seaward License P2607 – Reserves, Contingent and Prospective Resources

Please refer to the qualified person’s statement relating to the reporting of reserves on Hartshead Resources Southern North Sea License P2607 in Hartshead’s ASX announcements dated 23 June 2022. The volumetric estimates used to derive the estimates below have been made by combining probabilistically derived estimates of initial in place gas volumes with assumptions regarding the gas recovery factors from analogous fields, such as the Clipper South and Babbage gas fields located in the UK Southern Gas Basin.

ASX:HHR | hartshead-resources.com.au

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Please refer to the qualified person’s statement relating to the reporting of contingent and prospective resources on Hartshead Resources Southern North Sea License P2607 (60% owned Rockrose Energy/40% Hartshead) in Hartshead’s ASX announcements dated 6 April 2022 and 8 March 2022.

The Company is not aware of any new information or data that materially affects the information about the contingent resource or prospective resource estimates included in this announcement and all the material assumptions and technical parameters underpinning those estimates in this announcement continue to apply and have not materially changed.

RESERVES3
PHASE I	49/17b Anning 49/17b Somerville			1P 2P 3P
		Sales Gas (Bcf)		73 145.0 245
		Condensate (MMbbl)		0.081 0.192 0.375
		Sales Gas (Bcf)		107.0 156.5 213
		Condensate (MMbbl)		0.119 0.208 0.325
		Total (MMboe)		31.2 52.4 79.7
CONTINGENT RESOURCES4 (BCF)			1C	2C 3C GCoS
PHASE II	49/6c, 49/11c Lovelace		14	39 70 100%
	48/15c Hodgkin		35	100 387 100%
PROSPECTIVE RESOURCES (BCF)			1U	2U 3U GCoS
PHASE III EXPLORATION	49/17b Garrod		16	52 125 50%
	49/17b Ayrton		25	74 146 41%
	49/17b McLaren		18	27 39 54%
	49/17b Stephenson		36	47 60 43%
	49/17b Widdowson East		6	29 79 32%
	49/17b Widdowson Central		11	21 40 50%
	49/17b Lonsdale		5	16 31 50%
	49/17b Anderson		5	12 29 45%

3 Reserves estimates are from ERC Equipoise Limited, Independent Competent Persons Report (CPR) entitled “Hartshead Resources NL Somerville and Anning Competent Persons Report” dated June 2022. See Qualified Persons Statement for reserves reporting notes.

4 Hartshead management estimates

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	49/12d Wenlock Prospect 1	4 19 55 36%
	49/12d Wenlock Prospect 2	1 5 19 36%
	49/11c Wenlock Prospect 3	1 5 17 36%
	49/11c FFs Prospect 1	3 11 26 41%
	49/11c FFs Prospect 2	8 19 37 35%
	49/11c FFs Prospect 3	4 9 17 34%

Prospective resources are estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) and relate to undiscovered accumulations. These prospective resources estimates have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.

Forward Looking Statements

This document has been prepared by Hartshead Resources NL (HHR). This document contains certain statements which may constitute "forward-looking statements". It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including, but not limited to: price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve and resource estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, project delays or advancements, approvals and cost estimates.

HHR’s operations and activities are subject to regulatory and other approvals and their timing and order may also be affected by weather, availability of equipment and materials and land access arrangements. Although HHR believes that the expectations raised in this document are reasonable there can be no certainty that the events or operations described in this document will occur in the timeframe or order presented or at all.

No representation or warranty, expressed or implied, is made by HHR or any other person that the material contained in this document will be achieved or prove to be correct. Except for statutory liability which cannot be excluded, each of HHR, its officers, employees and advisers expressly disclaims any responsibility for the accuracy or completeness of the material contained in this document and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this document or any error or omission there from. Neither HHR nor any other person accepts any responsibility to update any person regarding any inaccuracy, omission or change in information in this document or any other information made available to a person nor any obligation to furnish the person with any further information.

Qualified Person’s Statement

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The Reserves estimated in this announcement have been made by Dr Adam Law, Director, ERC Equipoise (ERCE), a post-graduate in Geology, a Fellow of the Geological Society and a member of the Society of Petroleum Evaluation Engineers. Dr Adam Law is qualified in accordance with ASX listing rule 5.41 and has consented to the use of Reserves estimates, and to the form and context in which these statements appear.

ERC Equipoise Ltd. ( ERCE ) is a leading, employee owned, global energy consultancy headquartered in London with offices in Singapore, Kuala Lumpur and Perth. It’s fully integrated team of Geoscientists, Engineers and Economists are specialists in Competent Persons reporting, reserves and resources auditing, technical services, commercial analysis and Expert advisory services. ERCE supports companies in traditional energy sectors as well as providing energy transition and sustainability services.

The Reserves estimates presented in this report were originally disclosed to the market in announcement released on 23 June 2022 and are based on, and fairly represents, information and supporting documentation prepared by Dr Adam Law of ERCE.

The information in this announcement that relates to Reserves estimates is based on information compiled or reviewed by Mr Christopher Lewis. Mr Lewis has consented to the form and context in which the estimated Reserves and the supporting material are presented.

Hartshead has prepared the Contingent Resource and Prospective Resource information in this announcement in accordance with the ASX Listing Rules and the 2018 Petroleum Resources Management System published by the Society of Petroleum Engineers (SPE-PRMS). The Contingent Resource estimates and Prospective Resource estimates presented in this report were originally disclosed to the market in announcement released on 14 December 2020 and updated 8 March 2022 and 6 April 2022. Hartshead confirms that it is not aware of any new information or data that materially affects the information included in the aforesaid market announcements and that all the material assumptions and technical parameters underpinning the estimates in the aforesaid market announcement continue to apply and have not materially changed. The information in this announcement that relates to Contingent Resource information in relation to the Phase II Hodgkin and Lovelace fields and the Prospective Resource information in relation to the Phase III exploration portfolio is based on information compiled by Mr Christopher Lewis and information complied by technical consultants contracted to Hartshead which has been subsequently reviewed by Mr Christopher Lewis. Mr Lewis has consented to the inclusion of such information in this announcement in the form and context in which it appears and the resources information in this report is based on, and fairly represents, information and supporting documentation reviewed by, or prepared under the supervision of, Mr Christopher Lewis.

Mr Lewis is a Director of Hartshead and holds a BSc from the Imperial College, University of London and is a member of The American Association of Petroleum Geologists (AAPG) and the European Association of Geoscientists and Engineers ( EAGE ). Mr Lewis is qualified in accordance with the requirements in ASX Listing Rule 5.41.

ASX:HHR | hartshead-resources.com.au

Rule 5.5

Appendix 5B

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

Name of entity

Name of entity	Name of entity
HARTSHEAD RESOURCES NL
ABN 11 150 624 169	Quarter ended (“current quarter”)
11 150 624 169	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 (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 (provide details if material) 1.9 Net cash from / (used in) operating activities	- (228) - - (471) (961) - 131 - - - -	- (1,027) - - (2,062) (2,643) - 180 - - - -
	(1,529)	(5,552)
2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation (e) investments (f) other non-current assets	- - (11) (4,586) - -	- - (62) (7,677) - -

ASX Listing Rules Appendix 5B (17/07/20) + 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 (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 Receipts from Joint Venture party 2.5 Funds received on completion of Farmout 2.6 Net cash from / (used in) investing activities	- - - - - - - 6,172 8,338	- - - - - - - 6,172 8,338
	9,913	6,771
3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) 3.10 Net cash from / (used in) financing activities	20,040 - - (1,220) - - - - -	31,065 - - (1,913) - - - - -
	18,820	29,152
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)	5,669 (1,529) 9,913	2,501 (5,552) 6,771

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

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

Consolidated statement of cash flows	Current quarter $A’000	Year to date (12 months) $A’000
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	18,820 6	29,152 7
	32,879	32,879
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)	4,223 28,656 - -	5,629 40 - -
	32,879	5,669
6. Payments to related parties of the entity and their associates		Current quarter $A'000
6.1 Aggregate amount of payments to related parties and their associates included in item 1 471 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.		471
		-
Payments of Directors fees and salaries

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

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

7. 7.1 7.2 7.3 7.4 7.5 7.6	Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 Loan facilities - - Credit standby arrangements - - Other (please specify) - - Total financing facilities - - Unused financing facilities available at quarter end - Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
		-	-
		-	-
		-	-
		-	-

8.	Estimated cash available for future operating activities	$A’000
8.1 8.2 8.3 8.4 8.5 8.6 8.7 8.8	Net cash from / (used in) operating activities (item 1.9) (1,529) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (4,586) Total relevant outgoings (item 8.1 + item 8.2) (6,115) Cash and cash equivalents at quarter end (item 4.6) 32,879 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 32,879 Estimated quarters of funding available (item 8.6 divided by item 8.3) 5.4 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?	(1,529) (4,586) (6,115) 32,879 -
		32,879
	Answer: N/A
	8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
	Answer: N/A

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

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

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

Answer: N/A

Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Date: 31 July 2023

Authorised 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.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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