KILLI RESOURCES LIMITED — Interim / Quarterly Report 2023

Jul 27, 2023

QUARTERLY REPORT JUNE 2023

ASX: KLI

Highlights

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28 July 2023

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The Company completed the second drill campaign at the Rocky prospect, Ravenswood North Project in Queensland, where it is exploring for gold IRG Systems.

• Diamond drilling identifying iron-oxide and quartz-carbonate breccia-pipes.

• Breccias intercepted returned Ag-As-Bi-Sb-Te-W assays consistent with Intrusive Related Gold Systems (IRGS) in Queensland.

• Gold and silver mineralisation has now been established at surface and downhole in assays, including thick zones of silver mineralisation (75m @ 0.25g/t from 65m) corresponding with VTEM geophysical targets.

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• The Company completed a $1.4 million entitlement offer to existing shareholders, to further exploration on the West Tanami, Ravenswood North and Mt Rawdon West Projects.

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• Funds raised subsequent to quarter end, will allow the Company to execute the first exploration programs at the Mt Rawdon West Project exploring for gold and copper in the Mt Perry district, Queensland.

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• Sale of Balfour Project to Black Canyon Resources finalised with the issue of shares in the ASX-listed Manganese exploration company (ASX: BCA).

Killi Resources Limited (ASX: KLI) (“Killi Resources” or “the Company”) is pleased to report on its activities during the quarter ended 30 June 2023 (Quarter).

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RC drilling at the Rocky Prospect, May 2023
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Killi Resources Limited | ABN 35 647 322 790 | www.killi.com.au | admin@killi.com.au

1

Exploration activities

Ravenswood North Project (100% owned, Queensland)

At this project the Company is exploring for epithermal and porphyry gold & copper systems.

During the Quarter the Company focussed exploration efforts at the Rocky prospect, with a 1,537m reverse circulation and diamond drill program completed.

Drilling identifies intrusive breccias at Rocky

The Company has completed 11 RC drill holes and two diamond tails into the geochemical/geophysical targets at the Rocky prospect at the Queensland-based project, intersected favourable lithologies for gold mineralisation, with prospective lithologies spatially associated with the identified geophysical targets.

Killi’s drilling initially focused on the surface geochemical anomaly with multiple zones of >200ppb Au identified in soils, and rock chip samples up to 17g/t Au and 224g/t Ag. Initial results downhole returned significant gold mineralisation associated with quartz veins within a granodiorite covering an area of ~1,000m x 1,500m.

The second program completed during the Quarter saw a further 6 RC drillholes with two diamond tails drilled for a total of 1,537m. The holes were designed to test geophysical targets identified from the VTEM survey completed in September 2022, interpreted as siliceous intrusive units which are potential hosts for gold mineralisation.

Drilling of the geophysical target intersected multiple zones of highly altered, siliceous intrusive rocks downhole, confirming a zone of structural complexity.

Drill hole RVCD0006, designed to target the VTEM magnetic high/low contact, intersected a quartz-carbonate breccia within a tonalite from 337.7m – 339.1m, with associated gold & silver anomalism. An additional 7.2m zone of interest was intersected from 354.8m – 362.0m, containing an iron-oxide breccia with intense chlorite-quartzsericite-epidote alteration. Low-level gold was returned with a distinct increase in Ag-As-Bi-Sb-Te-W concentrations up to 80ppb Au, 0.32ppm Ag, 94ppm As, 1.2ppm Bi, 15.33ppm Sb, 0.84ppm Te, and 2.2ppm W similar to gold-silver deposits across the region (Figure 1).

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Figure 1. Rocky long-section of existing drill holes, geophysical anomaly, interpreted geology, with gold and silver drill results (+/-350m section)[6] .

Quarterly Activities Report | June 2023 | ASX: KLI

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Drillhole RVRC0007, designed to intercept the near surface section of the VTEM anomaly returned a thick zone of silver mineralisation, 75m @ 0.25g/t Ag fr 65m depth. Within this zone 1m returned 0.27g/t Au, 2.12g/t Ag and 1,000ppm As from 137m associated with the contact of granodiorite with an igneous intrusive.

A further 780m south-east of RVRC0007, RC drillhole RVRC0009 returned assays of 35m @ 0.32g/t Ag from 42m (Figure 2). The size of the systems is now 1km x 1.5km in size, confirmed in downhole drill assays[6] .

These thick zones of silver anomalism close to surface may indicate proximity to gold mineralisation, with silver and arsenic common geochemical vectors in IRG systems.

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Figure 2. Plan view of the Rocky Prospect drilling with gold in soil results, and location of drillhole which intersected multiple breccia units[6] .

The intrusive unit intersected in RVCD0006 follows a regional shear and aligns with the flexures of the VTEM geophysical model (Figure 3). These units align with the regional geology of the district, and surface gold mineralisation from soil and rock chip samples.

The 11 drillholes completed, cover the geochemical and geophysical anomalies on a roughly 300m x 300m grid spacing. Deposits in the region, such as Mt Wright, have a footprint of ~200m x 60m, which indicates additional work will be needed to follow-up the drilling results and focus on the source of gold mineralisation found in surface rock chip samples, 16.2g/t Au and 17.4g/t Au.

Thin sections were completed on the main lithologies to confirm mineralogy and alteration patterns, (Figure 4). The thin sections confirm intense quartz-carbonate alteration of a breccia in RVPET004, coinciding with the geophysical anomaly. Abundant fine-grained disseminated pyrite and arsenopyrite is present within the groundmass of the breccia in RVCD0006.

Quarterly Activities Report | June 2023 | ASX: KLI

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Figure 3. 7.2m zone of interest within diamond core (RVCD0006), 354.8 – 362m, containing a porphyry, iron-oxide breccia, and a mafic dyke. Multi-element assay results returned 7.2m @ 0.32g/t Ag from 354.8m[6] .

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Figure 4. Rocky diamond core samples with petrology results. A. RVCD0006 (RVPET004, at 338.9m), Quartz-carbonate breccia pipe. B. RVCD0006 (RVPET005, at 360.2m), Chlorite-sericite-epidote altered Tonalite. C. 10x magnification in hand specimen of breccia pipe with tonalite, with disseminated arsenopyrite and pyrite within breccia groundmass. Py = Pyrite, Aspy = Arsenopyrite[6] .

Quarterly Activities Report | June 2023 | ASX: KLI

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Table 1. Significant Drilling results from the Rocky Prospect, from Killi drilling in 2022 (MGA94_55S)[2]

Hole ID	Easting	Northing	RL	Depth	Dip	Azi	From	Width	Au (g/t)	Ag (g/t)
							(m)	(m)
RVRC0001	449628	7813596	306	196	-60	135	51	5	0.68	1.34
(RC)						Incl		2	1.4	3.35
RVRC0002	449408	7813318	311	208	-60	135	12	6	0.32
(RC)						Incl	12	2	0.71
							23	2	1.69	1.20
							29	7	0.23
							62	1	4.12	1.30
							69	1	2.17
							95	2	0.54
							105	6	0.83	0.47
						Incl	105	1	3.22	2.1
							172	6	0.59
							188	2	0.82	0.3
RVRC0003	449185	7813615	310	232	-60	135	174	10	0.66	0.82
						Incl	174	7	0.77	1.17
RVCD0005	449160	7814212	314	207	-55	135	15	12	0.31	0.51
(Previously							31	7	0.49	3.09
RVRC0005)						Incl	32	1	2.38	10.2
							160	5	0.31	6.9
								2	0.21	15.6
						Incl		1	1.26	1.5

Killi completes sale of Balfour tenement to Black Canyon

Killi completed the sale of the Balfour Project to Black Canyon (BCA), with a staged share consideration value of up to $500,000.

The agreement sees the change in ownership of the 351km[2] Balfour tenement to Black Canyon, where annual tenement expenditure and rent commitments are acquired by BCA.

Killi retains the copper mineral rights to the project, where the project was pegged for its prospectivity for sedimentary hosted copper systems, within the Proterozoic sub-basin.

The issue of Black Canyon shares to Killi ensures the Company is leveraged to the manganese market.

Successful completion of Entitlement offer

Killi completed a $1.4M entitlement offer within the quarter which was strongly supported by existing shareholders.

Funds raised will be used to further exploration activities at the Ravenswood North project, as well as commence the first exploration programs at the Mt Rawdon West Project, as well as to follow-up targets generated at the West Tanami Project, in the Kimberley region of Western Australia.

Quarterly Activities Report | June 2023 | ASX: KLI

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Exploration forecast for Quarter 3, 2023:

Mt Rawdon West

• Commence the first exploration program at the project, to include reconnaissance, a soil and rock chip geochemical program and landholder/stakeholder engagement.

• Schedule heritage survey.

Ravenswood North

• Process and interpret RC and Diamond drilling results.

• Complete a heritage survey at West Branch prospect.

• Plan drill program at West Branch.

West Tanami

• Continue to interpret and understand results of aircore and diamond drilling.

• Interpret the close-spaced low-flown aeromagnetic survey.

• Evaluate the prospectivity for base metals in the Tanami region.

• Interpret reprocessing of existing historical EM data.

• Plan and develop the exploration programs for the 2023 field season.

Compliance Statement

The information in this report that relates to Exploration Results for the West Tanami and Ravenswood North Projects is extracted from the ASX Announcements listed below which are available on the Company website www.killi.com.au and the ASX website (ASX code: KLI):

Ref	Date	Announcement title
1	15 November 2022	High -grade results extend the Rocky Prospect, Ravenswood North
2	7 March 2023	Significant drill and geophysics results at Rocky Prospect
3	21 March 2023	Copper sulphide mineralisation confirmed in assays at Fox
4	4 April 2023	New Rocky drilling targets Ravenswood style mineralisation
5	19 April 2023	Drilling at Rocky hold targets commences
6	13 July 2023	Drilling intersects anomalous intrusive at Rocky Prospect

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the market announcements continue to apply and have not materially changed. The Company confirm that form and context in which the Competent Person’s finding are presented have not been materially modified from the original market announcements.

Corporate

Key expenditure during the quarter comprised staff costs and exploration and evaluation activities associated with the recent Ravenswood North RC and diamond drilling. As well as the analysis of the assays for soils, rock chips, aircore drilling, and diamond drilling at West Tanami Project. This included using experienced consulting geologists.

The Company also used funds for geological consulting, database management and tenement management during the quarter.

Killi Resources held cash reserves of ~$1.8M at 30 June 2023.

In accordance with ASX Listing Rule 5.3.2, the Company advise that no Mining Development of Production activities were conducted during the quarter.

Quarterly Activities Report | June 2023 | ASX: KLI

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Related Party Transactions

In accordance with ASX Listing Rules 4.7C.3 payments to related parties of the entity and their associates outlined in the Company’s Appendix 5B for the quarter relate to Directors fees and professional fees paid to Grange Consulting for company secretarial and financial management services.

Prospectus -Proposed Use of Funds

In accordance with ASX Listing Rule 5.4.4, the Company provides the following comparison of its actual expenditure on the individual items in the “use of funds” statement in its IPO Prospectus since the date of its admission to ASX against the estimated expenditure on those items in the “use of funds” statement in the IPO Prospectus and an explanation of any material variances. The material variances in exploration expenditure are due to the Company only being admitted to the Official List of ASX on 10 February 2022 with actual use of funds being less than 16 months into the period of the two-year underlying Prospectus proposed use of funds. The Mt Rawdon West tenement was only granted in March 2023 so on-ground exploration activity to date has been limited. The Company also recently sold it Balfour Project to re-focus exploration expenditure on the Ravenswood North and Mt Rawdon Projects.

Item	Proposed Use of Funds1	Actual Use of Funds2	Variance Under/(Over)
Exploration at West Tanami Project	$2,495,000	$2,341,379	$153,621
Exploration at Ravenswood North Project	$1,227,500	$1,208,109	$19,391
Exploration of Mt Rawdon Project	$720,000	$74,707	$645,293
Exploration of Balfour Project	$367,000	$72,325	$294,675
Expenses of the Capital Raising Offer	$686,824	$592,2982	$94,526
Admin costs and working capital	$1,306,887	$1,568,236	($261,349)
Total	$6,803,211	$5,857,054	$946,157

1 Proposed Use of Funds for the first two years following Admission as outlined in the Company’s IPO Prospectus dated 16 November 2021. 2 Includes $130,923 capital raising costs associated with the Company’s recent entitlement offer completed in June 2023 which was not included in the proposed use of funds in the IPO Prospectus.

Performance Rights

A summary of the Performance Rights currently on issue is outlined below. Following the end of the Quarter 136,289 Performance Rights were cancelled and 25,000 Performance Rights vested. No Performance Rights were converted during the Quarter.

Class			Number	Vested (Yes/No)
	Milestone	Expiry
Class A Performance Rights	Each Class A Performance Right will vest and convert (at the election of the holder) into one Share upon the Company achieving a volume weighted average price for 20 consecutive trading days (20 Day VWAP) exceeding $0.40.	Five (5) years from the date of issue.	2,750,0001	Yes
Class B Performance Rights	Each Class B Performance Right will vest and convert (at the election of the holder) into one Share upon the Company achieving a 20 Day VWAP exceeding $0.60.	Five (5) years from the date of issue.	1,850,0001	No
Class C Performance Rights	Each Class C Performance Right will vest and convert (at the election of the holder) into one Share upon the Company achieving a 20 Day VWAP exceeding $0.70.	Five (5) years from the date of issue.	510,0001	No
Class A1 and A2 Performance Rights	Continued employment	7 Feb 2026	53,4632	Yes
Total			5,163,463
1Allotted prior to the Company’s ASX admission. 2Issued during the December 2022 Quarter

Quarterly Activities Report | June 2023 | ASX: KLI

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Tenement Schedule

Table 1. Killi Resources Tenement Holding June 2023 quarter end

As required by listing rule 5.3.3

Iron Bull Bangemall Pty Ltd (a wholly owned subsidiary company of Killi Resources Limited) Access Australia Mining Pty Ltd (a wholly owned subsidiary company of Killi Resources Limited)

			Killi
	Tenement		Ownership	Change in
Project		Holder
	Number		(at end of	Ownership
			quarter)
West Tanami (Western Australia)	E80/5100	Iron Bull Bangemall Pty Ltd	100%	Nil
	E80/5101	Iron Bull Bangemall Pty Ltd	100%	Nil
	E80/5102	Iron Bull Bangemall Pty Ltd	100%	Nil
	E80/5103	Iron Bull Bangemall Pty Ltd	100%	Nil
Ravenswood Nth (Queensland)	EPM26889	Access Australia Mining Pty Ltd	100%	Nil
	EPM26890	Access Australia Mining Pty Ltd	100%	Nil
	EPM26892	Access Australia Mining Pty Ltd	100%	Nil
	EPM26908	Access Australia Mining Pty Ltd	100%	Nil
	EPM26909	Access Australia Mining Pty Ltd	100%	Nil
	EPM28413	Access Australia Mining Pty Ltd	100%	Application pending
Mt Rawdon West (Queensland)	EPM27828	Access Australia Mining Pty Ltd	100%	Nil

This Announcement has been authorised by the Board of Directors.

For enquiries contact:

Kathryn Cutler Chief Executive Officer +61 8 9322 7600 admin@killi.com.au

ABOUT KILLI RESOURCES

West Tanami Project

The Company owns 100% of the West Tanami Gold Project in the north-east of Western Australian. The land holding totals 1,634km[2] of granted tenure over 100km strike of the major gold corridor, Tanami Fault System, with existing gold endowment of the Tanami Gold Province greater than 19M oz Au. Within the district there are multiple gold deposits which include Callie Gold Mine (Newmont, ~13Moz Au), the Tanami Goldfields (3M oz Au), Twin Bonanza (1.5M oz Au) and the Coyote and Kookaburra mines (Black Cat Syndicate, ~1M oz Au), Figure 5.

Aside from gold, recent work completed by explorers in the area have highlighted the potential for hydrothermal Rare Earth systems, within the district. 85% of the tenement package is covered by shallow transported cover (12-15m depth) which provides an opportunity for the discovery of a new mineralisation system.

Ravenswood North

The Company owns 100% of the Ravenswood North Project located near Charter Towers in Queensland. The project consists of five granted tenements totalling ~580km[2] . The majority of the land holding covers the prospective Ravenswood-Charter Towers gold corridor, host to Ravenswood Gold Mine, Charter Towers, Golden Valley, Kitty O’Shea, Mt Success and Piccadilly, Figure 6.

The Company believes this project has the potential for a large-scale Intrusive-Related Gold System.

Quarterly Activities Report | June 2023 | ASX: KLI

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Mt Rawdon West

The Mt Rawdon West Project consists of one tenement currently in application, which covers 309km[2] of prospective gold and copper ground between Evolutions Mt Rawdon Gold Mine and SolGold’s Mt Perry Project, located inland 60km from Bundaberg (QLD), Figure 7. The Nicko’s Reward and Mt Rawdon structures intersect in the centre of the tenement and coincide with and existing 1.5km[2] geochemical soil anomaly of Cu-Au-Mo.

Balfour

The Balfour Project is located in the Pilbara of Western Australia and covers 350km[2] of the Proterozoic Rift boundary. Killi retains the copper rights to the project, in a deal with Black Canyon, who have taken ownership.

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Figure 5 . Location of West Tanami Gold and REE Project in relation to existing Gold and REE Mines in the Tanami Province.

Quarterly Activities Report | June 2023 | ASX: KLI

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Figure 6 . Location of Ravenswood North Gold and Copper Project in relation to existing Gold Mines in the Charter Towers Province, Queensland.

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Figure 7 . Location of Mt Rawdon Gold and Copper Project in relation to existing prospects in the area, Queensland.

Quarterly Activities Report | June 2023 | ASX: KLI

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Killi Resources Limited

ASX:KLI

Corporate Office

945 Wellington Street, West Perth WA, 6005 Telephone: +61 8 9322 7600 Website: www.killi.com.au LinkedIn: @killiresources ABN 35 647 322 790

Quarterly Activities Report | June 2023 | ASX: KLI

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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 Killi Resources Limited ABN Quarter ended (“current quarter”) 74 647 332 790 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 (Joint Venture Payments) Other (Net GST Payments) 1.9 Net cash from / (used in) operating activities	- (702) - - (88) (90) - 2 - - 31 - (34)	- (3,197) - - (406) (517) - 10 - - 141 (200) (21)
	(881)	(4,190)
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	- - (12) - - -	- - (15) - - -

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
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	- - - - - - - -	- - - - - - - -
	(12)	(15)
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	1,430 - - (131) - - - - -	1,430 - - (131) - - - - -
	1,299	1,299
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)	1,372 (881) (12) 1,299	4,684 (4,190) (15) 1,299

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	Consolidated statement of cash flows	Current quarter $A’000	Year to date (12 months) $A’000
4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period		-	-
		1,778	1,778
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)		1,778 - - -	1,372 - - -
		1,778	1,372
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 81 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.			81
			-
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
		-	-
		-	-
		-	-
		-	-
	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.	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) (881) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - Total relevant outgoings (item 8.1 + item 8.2) (881) Cash and cash equivalents at quarter end (item 4.6) 1,778 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 1,778 Estimated quarters of funding available (item 8.6 divided by item 8.3) 2.02 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?	(881) - (881) 1,778 -
		1,778
	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?
	N/A
	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?
	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: 28 July 2023

Authorised by: The Board of Killi Resources Limited.........................

(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

ASX Listing Rules Appendix 5B (17/07/20)

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• See chapter 19 of the ASX Listing Rules for defined terms.

Appendix 5B

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

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.

1. 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.

2. 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”.

3. 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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