IRIS METALS LIMITED — Interim / Quarterly Report 2021

Oct 28, 2021

ASX Release: 29[th] October 2021

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QUARTERLY REPORT FOR THE PERIOD ENDED 30 SEPTEMBER 2021

Highlights:

• IRIS completes oversubscribed $7 million IPO.

• Commenced trading on ASX on 23 September 2021.

• POW’s approved across both tenement packages.

• Maiden Reverse Circulation (RC) drill program commenced at the company’s flagship Kookynie Gold project.

• Samples have been dispatched to the laboratory.

• Aeromagnetic interpretation and analysis completed for the Kookynie Gold Project.

• Strategic business development initiatives commenced.

IRIS Metals Limited (“ IRIS ” or the “ Company ”) ( ASX:IR1 ) is pleased to provide the following update on the Company’s development activities for the quarter ended 30 September 2021.

Corporate

IPO and ASX Listing

IRIS commenced trading on the Australian Securities Exchange (ASX) on 23 September 2021, under the ticker code “IR1”, following the Company’s oversubscribed Initial Public Offering (IPO). The IPO raised a total of $7 million at an issue price of $0.20 per share.

Kookynie

POW Approval

The Company submitted Program of Work (“POW”) applications for its Kookynie and Leonora projects with the Department of Mines, Industry Regulation and Safety (“DMIRS”) prior to listing. This resulted in the grant of approvals in time for the maiden drilling program, which commenced shortly after listing.

Maiden 5,000 Meter RC Drill Program – Kookynie

During the Quarter, the Company commenced its first pass drill program, targeting 3 select historic prospects - Lily , Rise & Shine and Treasure-Whale (see Figure 1 ). The drill program was scheduled for 5,000 meters of RC drilling.

Subsequent to end of quarter, the Company reported the completion of its maiden drilling program, with a total of 5,950 meters drilled, for an additional 950 meters.

This maiden drill program was based on a combination of desktop studies involving the review of historical information, site reconnaissance/field activities and valuable first-hand, empirical information obtained from prospectors with intimate knowledge of the ground by virtue of alluvial prospecting activities, past and present.

Samples have been dispatched to the laboratory for assay.

Directors

Simon Lill, Non-Executive Chairman Tal Paneth, Executive Director Peter Marks, Executive Director Chris Connell, Non-Executive Director David Franks, Company Secretary

Contact Details admin@irismetals.com www.irismetals.com

IRIS Metals Limited Contact Details ASX: IR1 www.irismetals.com Registered Office ABN Level 6, 400 Collins Street 61 646 787 135 MELBOURNE VIC 3000

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Figure 1: IRIS Leases showing drilling locations (yellow boxes).

IRIS Metals Limited ASX: IR1

Contact Details admin@irismetals.com www.irismetals.com ABN 61 646 787 135

Directors Simon Lill, Non-Executive Chairman Tal Paneth, Executive Director Peter Marks, Executive Director Chris Connell, Non-Executive Director David Franks, Company Secretary

Registered Office Level 6, 400 Collins Street MELBOURNE VIC 3000

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Aeromagnetic Interpretation

The Company engaged Magspec Airborne Surveys Pty Ltd (Magspec) to conduct a detailed aeromagnetic survey with the intention of confirming and identifying structural target zones capable of hosting highgrade gold mineralisation in Kookynie [refer to ASX announcement, 22 October 2021: Aeromagnetic Survey and Potential at Kookynie Gold Project] .

During the Quarter, the Company initiated the interpretation and analysis of its Kookynie aeromagnetic data. The results were reported subsequent to Quarter end on 22 October 2021. The aeromagnetic data interpretation of the Kookynie airborne geophysical survey identified 24 high priority structural geological gold targets for evaluation across the IRIS Kookynie project area. These targets are in addition to the Company’s existing drill ready high-grade gold prospects (see Figure 2 ).

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Figure 2: High resolution TMI aeromagnetic survey data covering all of IRIS’s Kookynie tenure with major gold prospects labelled and all significant historical gold occurrences shown as yellow dots.

Directors Simon Lill, Non-Executive Chairman Tal Paneth, Executive Director Peter Marks, Executive Director Chris Connell, Non-Executive Director David Franks, Company Secretary

IRIS Metals Limited Contact Details ASX: IR1 admin@irismetals.com www.irismetals.com Registered Office ABN Level 6, 400 Collins Street 61 646 787 135 MELBOURNE VIC 3000

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Leonora

The Leonora Projects are located approximately 240km north of Kalgoorlie and 60km northeast of Leonora. The Leonora Project comprises 41 Prospecting Leases and consists of two groups of contiguous tenements, the Chain Bore project to the north and the Benalla project to the south.

The tenement package totals approximately 70.94km². Chain Bore, located to the Eastern border of Kin Mining’s (ASX: KIN) Leonora project approximately 61.72 km². Benalla is approximately 7.84 km² and is located along the same structure as Golden Mile Resources’ (ASX: G88) Wanghi discovery.

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Figure 3: IRIS Leonora tenure relative to peers.

The Leonora Project contains multiple historic, high grade drill hole gold intercepts that remain open along strike and at depth.

During the Quarter, the Company completed various studies with the intention of better understanding the underlying Geology. The Company awaits receipt of Aeromagnetic interpretation across its Leonora tenement package and is currently planning toward a drill program.

Directors Simon Lill, Non-Executive Chairman Tal Paneth, Executive Director Peter Marks, Executive Director Chris Connell, Non-Executive Director David Franks, Company Secretary

IRIS Metals Limited Contact Details ASX: IR1 admin@irismetals.com www.irismetals.com Registered Office ABN Level 6, 400 Collins Street 61 646 787 135 MELBOURNE VIC 3000

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Aeromagnetic Surveys

As outlined in the Prospectus and prior to the Quarter, the Company commissioned Magspec to fly aeromagentics across all its Kookynie and Leonora tenure prior to IPO. The Company prioritised the interpretation and analysis of its Kookynie survey and currently awaits the analysis of its Leonora aeromagnetic survey. The Company will update the market once this analysis has been completed.

Business Development

Project Assessment

As outlined in the Prospectus and notwithstanding the Board’s confidence in the prospectivity and potential of its current project portfolio, the Company has initiated a program to assess greenfield and brownfield projects across a range of commodities locally and overseas that meet the Board’s investment criteria.

The Company is fortunate to have both the network for project generation and the in-house technical expertise to assess their appropriatness for IRIS.

Corporate Financial

Net cash outflows from operations were $0.62 million for the quarter. The material expense items of Exploration and Evaluation Costs and Staff Costs, being $0.21 million and $0.28 million respectively.

Staff costs in the quarter include the payment of accrued Directors fees, details of which were set out in the Company’s Prospectus. These were voluntarily delayed by Directors until the Company completed its Initial Public Offering.

Net cash inflows from financing activities were $6.40 million for the quarter. On 21 September 2022 Iris Metals Ltd announced the issue of 35,000,000 fully paid ordinary shares under the Equity Offer made in the prospectus dated 16 July 2021 at an issue price of 20 cents raising $6.4 million (net of costs).

As per Section 6.1 of the 5B, Directors, being related parties of the Company, were paid remuneration in the amount of $308k during the September quarter. Such amounts reflected the accrued director fees (plus superannuation and GST) and were paid following completion of the IPO. No other related party payments were made. Therefore, related party remuneration payments for the quarter exceeded normalised related party remuneration expected going forward due to the payment of the accrued Directors fees and consultancy fees as described above.

Refer to the Appendix 5B for an overview of the Company’s financial activities during the Quarter.

Use of Funds[1]

IRIS provides the following disclosures required by ASX Listing Rule 5.3.4 regarding a comparison of its actual expenditure to date since listing on 23 September 2021 against the ‘use of funds’ statement in its Prospectus dated 16 July 2021.

1 The Use of Funds table is a statement of current intentions. Investors should note that the allocation of funds set out in the table may change depending on a number of factors including the results of exploration, outcome of development activities, regulatory developments and market and general economic conditions.

Directors IRIS Metals Limited Contact Details Simon Lill, Non-Executive Chairman ASX: IR1 admin@irismetals.com Tal Paneth, Executive Director www.irismetals.com Peter Marks, Executive Director Registered Office ABN Chris Connell, Non-Executive Director Level 6, 400 Collins Street 61 646 787 135 David Franks, Company Secretary MELBOURNE VIC 3000

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Funds available	Note	Use of funds statement ($000s)	Actual ($000s)	Variance ($000s)
Existingcash reserves	1	100	194	(94)
Funds raised from thepublic offer		7,000	7,000	(-)
Total		7,100	7,194	(94)

Allocation of funds	Note	Estimate expenditure Quarter July to September 2021($000s)	Actual expenditure to 30 September 2021 ($000s)	Variance ($000s)
Exploration Expenditure	2	523	99	424
Payment to vendors of tenements contingent upon IPO	2	105	110	(5)
Workingcapital and administration costs	2	402	420	(18)
Expenses of thepublic offer	3	721	544	177
Total		1,751	1,173	578

Notes:

1. The actual opening cash balance at 1 July 2021 was higher than the balance used in the prospectus.

2. The company settled the transactions contemplated in the prospectus as maximum subscription on 15 September 2021. The actual use of funds to 30 September 2021 represents expenditure incurred since 01 July 2021 regarding exploration and evaluation of its two wholly owned projects.

3. Some expenses of the public offer were incurred in the preceding quarter.

ASX Announcements

During the quarter and post-listing, the Company made one ASX announcement. This announcement was deemed market sensitive. This announcement was as follows:

29/09/2021 Commencement of Maiden (RC) Drill Program at Kookynie

Contact Details admin@irismetals.com www.irismetals.com

IRIS Metals Limited ASX: IR1

Directors Simon Lill, Non-Executive Chairman Tal Paneth, Executive Director Peter Marks, Executive Director Chris Connell, Non-Executive Director David Franks, Company Secretary

Registered Office Level 6, 400 Collins Street MELBOURNE VIC 3000

ABN 61 646 787 135

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Tenement Schedule

License	Location	License Type	Ownership
P37/8657	Leonora, WA	Prospecting Licence	IRIS METALS LTD (100%)
P37/8686	Leonora, WA	Prospecting Licence	IRIS METALS LTD (100%)*
P37/8696	Leonora, WA	Prospecting Licence	IRIS METALS LTD (100%)
P37/8720	Leonora, WA	Prospecting Licence	IRIS METALS LTD (100%)
P37/8812	Leonora, WA	Prospecting Licence	IRIS METALS LTD (100%)
P37/8936	Leonora, WA	Prospecting Licence	IRIS METALS LTD (100%)*
P37/8980	Leonora, WA	Prospecting Licence	IRIS METALS LTD (100%)*
P37/8981	Leonora, WA	Prospecting Licence	IRIS METALS LTD (100%)*
P37/8982	Leonora, WA	Prospecting Licence	IRIS METALS LTD (100%)*
P37/8983	Leonora, WA	Prospecting Licence	IRIS METALS LTD (100%)*
P37/8984	Leonora, WA	Prospecting Licence	IRIS METALS LTD (100%)*
P37/8985	Leonora, WA	Prospecting Licence	IRIS METALS LTD (100%)*
P37/8986	Leonora, WA	Prospecting Licence	IRIS METALS LTD (100%)*
P37/8987	Leonora, WA	Prospecting Licence	IRIS METALS LTD (100%)*
P37/9033	Leonora, WA	Prospecting Licence	IRIS METALS LTD (100%)*
P37/9034	Leonora, WA	Prospecting Licence	IRIS METALS LTD (100%)*
P37/9035	Leonora, WA	Prospecting Licence	IRIS METALS LTD (100%)*
P37/9159	Leonora, WA	Prospecting Licence	IRIS METALS LTD (100%)
P37/9351	Leonora, WA	Prospecting Licence	IRIS METALS LTD (100%)*
P37/9352	Leonora, WA	Prospecting Licence	IRIS METALS LTD (100%)*
P37/9353	Leonora, WA	Prospecting Licence	IRIS METALS LTD (100%)*
P37/9354	Leonora, WA	Prospecting Licence	IRIS METALS LTD (100%)*
P37/9355	Leonora, WA	Prospecting Licence	IRIS METALS LTD (100%)*
P37/9356	Leonora, WA	Prospecting Licence	IRIS METALS LTD (100%)*
P37/9357	Leonora, WA	Prospecting Licence	IRIS METALS LTD (100%)*
P37/9373	Leonora, WA	Prospecting Licence	IRIS METALS LTD (100%)
P37/9374	Leonora, WA	Prospecting Licence	IRIS METALS LTD (100%)*
P37/9385	Leonora, WA	Prospecting Licence	IRIS METALS LTD (100%)*
P37/9386	Leonora, WA	Prospecting Licence	IRIS METALS LTD (100%)*
P37/9387	Leonora, WA	Prospecting Licence	IRIS METALS LTD (100%)*
P37/9388	Leonora, WA	Prospecting Licence	IRIS METALS LTD (100%)*
P37/9389	Leonora, WA	Prospecting Licence	IRIS METALS LTD (100%)*
P37/9390	Leonora, WA	Prospecting Licence	IRIS METALS LTD (100%)*
P37/9391	Leonora, WA	Prospecting Licence	IRIS METALS LTD (100%)*
P37/9468	Leonora, WA	Prospecting Licence	LOFASZ PTY LTD (100%)
P37/9469	Leonora, WA	Prospecting Licence	LOFASZ PTY LTD (100%)
P37/9470	Leonora, WA	Prospecting Licence	LOFASZ PTY LTD (100%)
P37/9471	Leonora, WA	Prospecting Licence	LOFASZ PTY LTD (100%)
P37/9472	Leonora, WA	Prospecting Licence	LOFASZ PTY LTD (100%)
P37/9473	Leonora, WA	Prospecting Licence	LOFASZ PTY LTD (100%)
P37/9474	Leonora, WA	Prospecting Licence	LOFASZ PTY LTD (100%)

Directors IRIS Metals Limited Contact Details Simon Lill, Non-Executive Chairman ASX: IR1 admin@irismetals.com Tal Paneth, Executive Director www.irismetals.com Peter Marks, Executive Director Registered Office ABN Chris Connell, Non-Executive Director Level 6, 400 Collins Street 61 646 787 135 David Franks, Company Secretary MELBOURNE VIC 3000

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M40/336	Kookynie, WA	Mining Lease	IRIS METALS LTD (100%)
P40/1333	Kookynie, WA	Prospecting Licence	IRIS METALS LTD (100%)
P40/1334	Kookynie, WA	Prospecting Licence	IRIS METALS LTD (100%)
P40/1379	Kookynie, WA	Prospecting Licence	IRIS METALS LTD (100%)
P40/1383	Kookynie, WA	Prospecting Licence	IRIS METALS LTD (100%)
P40/1384	Kookynie, WA	Prospecting Licence	IRIS METALS LTD (100%)
P40/1385	Kookynie, WA	Prospecting Licence	IRIS METALS LTD (100%)
P40/1386	Kookynie, WA	Prospecting Licence	LOFASZ PTY LTD (100%)
P40/1391	Kookynie, WA	Prospecting Licence	LOFASZ PTY LTD (100%)
P40/1400	Kookynie, WA	Prospecting Licence	LOFASZ PTY LTD (100%)
P40/1413	Kookynie, WA	Prospecting Licence	IRIS METALS LTD (100%)
P40/1419	Kookynie, WA	Prospecting Licence	LOFASZ PTY LTD (100%)
P40/1420	Kookynie, WA	Prospecting Licence	LOFASZ PTY LTD (100%)
P40/1448	Kookynie, WA	Prospecting Licence	IRIS METALS LTD (100%)
P40/1463	Kookynie, WA	Prospecting Licence	LOFASZ PTY LTD (100%)
P40/1471	Kookynie, WA	Prospecting Licence	IRIS METALS LTD (100%)
P40/1489	Kookynie, WA	Prospecting Licence	IRIS METALS LTD (100%)
P40/1494	Kookynie, WA	Prospecting Licence	IRIS METALS LTD (100%)
P40/1505	Kookynie, WA	Prospecting Licence	LOFASZ PTY LTD (100%)
P40/1535	Kookynie, WA	Prospecting Licence	IRIS METALS LTD (Under Application)
P40/1509	Kookynie, WA	Prospecting Licence	Pending Transfer - 30/10/2021#
E40/270	Kookynie, WA	Exploration Licence	IRIS METALS LTD (100%)
E40/348	Kookynie, WA	Exploration Licence	IRIS METALS LTD (100%)
E40/406	Kookynie, WA	Exploration Licence	IRIS METALS LTD (Under Application)
E40/407	Kookynie, WA	Exploration Licence	IRIS METALS LTD (Under Application)
E45/5939	Paterson Province, WA	Exploration Licence	IRIS METALS LTD (Under Application)
E29/1152	Menzies, WA	Exploration Licence	IRIS METALS LTD ( Under Application)

• Subject to royalty agreement. # Per acquisition agreement, this tenement will be transferred to IRIS Metals on 30[th] of October 2021.

IRIS Metals Limited ASX: IR1

Contact Details admin@irismetals.com www.irismetals.com ABN 61 646 787 135

Directors Simon Lill, Non-Executive Chairman Tal Paneth, Executive Director Peter Marks, Executive Director Chris Connell, Non-Executive Director David Franks, Company Secretary

Registered Office Level 6, 400 Collins Street MELBOURNE VIC 3000

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This release is approved by the Board of IRIS Metals Limited.

About IRIS Metals Limited:

IRIS Metals (ASX:IR1) is a West Australian-focused exploration company. Its wholly-owned tenement portfolio includes a compelling landholding in central Kookynie - a gold camp renowned for its historical high grade gold production and bonanza gold grades, and strategic tenure in the highly prospective Tier-1 mining jurisdiction of Leonora. IRIS is pursuing a strategy of rapid prospect evaluation in recognised gold belts with a view to making economic discoveries, thereby enhancing shareholder value.

Forward looking Statements:

This announcement may contain certain forward-looking statements that have been based on current expectations about future acts, events and circumstances. These forward-looking statements are, however, subject to risks, uncertainties and assumptions that could cause those acts, events and circumstances to differ materially from the expectations described in such forward-looking statements. These factors include, among other things, commercial and other risks associated with exploration, estimation of resources, the meeting of objectives and other investment considerations, as well as other matters not yet known to IRIS Metals or not currently considered material by the company. IRIS Metals accepts no responsibility to update any person regarding any error or omission or change in the information in this presentation or any other information made available to a person or any obligation to furnish the person with further information.

IRIS Metals Limited Contact Details ASX: IR1 admin@irismetals.com www.irismetals.com Registered Office ABN Level 6, 400 Collins Street 61 646 787 135 MELBOURNE VIC 3000

Directors Simon Lill, Non-Executive Chairman Tal Paneth, Executive Director Peter Marks, Executive Director Chris Connell, Non-Executive Director David Franks, Company Secretary

Rule 5.5

Appendix 5B

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

Name of entity IRIS METALS LIMITED ABN Quarter ended (“current quarter”) 61 646 787 135 30 September 2021

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 (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	(209) - - (275) (140) - - - - - -	(401) - - (275) (193) - - - - - -
	(624)	(869)
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	- - (5) - - -	- - (5) - - -

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 (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	- - - - - - - - -	- - - - - - - - -
	(5)	(5)
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	7,000 - - (544) - - - - -	7,000 - - (601) - - - - -
	6,456	6,399
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)	194 (624) (5) 6,456	496 (869) (5) 6,399

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 (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
	6,021	6,021
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)	6,021 - - -	194 - - -
	6,021	194
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 1 308 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note to item 6.1: The amount of $308k was payment of Director remuneration for the quarter ended 30 September 2021.		308
		-

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) (624) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - Total relevant outgoings (item 8.1 + item 8.2) (624) Cash and cash equivalents at quarter end (item 4.6) 6,021 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 6,021 Estimated quarters of funding available (item 8.6 divided by item 8.3) 9.65 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?		(624) - (624) 6,021 -
			6,021
	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.

29 October 2021

Date: ...................................................................................

By the Board

Authorised by: ...................................................................................

(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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