LODE RESOURCES LTD — Interim / Quarterly Report 2022

Jan 29, 2023

ASX Announcement | 30 JAN 2023

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QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDED 31 DECEMBER 2022

Highlights

• Best intercepts received to date at Webbs Consol Silver Project’s Tangoa West Lode, with drill hole WCS044 returning:

• 54.0m @ 304 g/t AgEq[1] from 48.3m including;

• 11.3m @ 497 g/t AgEq[1] from 54.0m and;

• 7.0m @ 506 g/t AgEq[1] from 81.0m including;

• 2.0m @ 1,005 g/t AgEq[1] from 86.0m

• Significant sulphide intercepts at the Webbs Silver Project, representing the sixth sulphide lode discovered at the Project:

• Drill hole WCS034 returned high-grade silver-lead-zinc mineralisation over a thick drill intercept at shallow depths, including 1.5m @ 1,770 g/t AgEq[1] within a broader intercept of 20.5m @ 302 g/t AgEq[1]

• Drill hole WCS031 at the Castlereagh Lode intersected 47.4 m @ 153 g/t AgEq[1] extending mineralisation to 110m vertical depth

• Expanded the Webbs Consol Silver Project area fourfold through the granting of Exploration Licence 9454 by the NSW Government

Lode Resources Limited ( ASX:LDR ) (“Lode” or the “Company”) is pleased to provide an overview of the Company’s activities for the period ended 31 December 2022 (“Quarter”, “Reporting Period”) to accompany the Appendix 5B.

Managing Director, Ted Leschke, commented:

“I am thrilled to announce yet another successful Quarter for the Company, with the team working diligently to further develop the Webbs Consol Silver Project. The expansion of the Webbs Consol Project earlier in the Quarter was pivotal for the Company, as it increased our area under tenure fourfold, providing us with extensive additional exploration opportunities. Throughout the Quarter, we achieved significant intercepts at Castlereagh and Copycat Lode prospects, with drillhole WCS034 being a particular highlight, returning promising grades.

Further to this, drilling at the Tangoa West Lode returned the best intercept to date at the Webbs Consol Silver Project and demonstrated strong vertical continuity of Tangoa West Lode mineralisation from surface to a vertical depth of 90m. The team eagerly await pending assay results from Webbs Consol and we look forward to updating the market accordingly.

I would like to thank all shareholders for their continued support, as we continue to deliver on our objectives throughout 2023.”

ASX Code: LDR | ACN: 637 512 415 | www.loderesources.com A: Level 30, 264 George St Sydney NSW 2000 | P: +61 0 123 4567 | E: admin@xxx.com.au

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Significant Intercepts at Castlereagh

Early in the Quarter, Lode announced that the ongoing Phase II drill program at Webbs Consol resulted in a significant intercept of sulphide mineralisation in drill hole WCS031 at the Castlereagh prospect. Later in the Quarter, assays were received and drill hole WCS031 intersected 47.4 m @ 153 g/t AgEq[1] extending mineralisation to 110m vertical depth.

• 47.4 m @ 153 g/t AgEq[1] from 66.5m including;

• 5.5 m @ 479 g/t AgEq[1] from 78.5m and;

• 11.0m @ 330 g/t AgEq[1] from 102.0m

The WCS031 intercept is below hole WCS023 which reported 50.0m @ 314 g/t AgEq[1] from 17.0m including 15.0m @ 632 g/t AgEq[1] from 38.1m which in turn included 4.1m @ 958 g/t AgEq[1] from 49.1m. WCS031 extends mineralisation to 110m vertical depth.

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Image 1: Massive galena (PbS) vein in core at 112.4m depth in drill hole WCS031 (NQ2 half core). Galena presented as very coarse euhedral crystals with classic cubic crystal habit.

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Image 2: Coarse sphalerite blebs at 107.1m depth in hole WCS031 (NQ2 core)

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Table 1: Drill intercept assays for drill hole WCS031

Significant drill intercepts at the Copycat Lode

During the Reporting Period, the first drillhole at the Webbs Silver Project’s Copycat prospect resulted in a significant 20.5m down hole intercept (16.0-36.5m) of sulphide mineralisation in drill hole WCS034. Sulphide distribution within this intercept ranged from disseminated to semi-massive aggregates of sphalerite and galena blebs.

This was the first drill hole into the Copycat prospect which was discovered through surface mapping and sampling. The resultant significant intercept makes Copycat the sixth sulphide lode discovered to date at the Webbs Consol Silver Project.

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Image 3: Very high-grade coarse sphalerite ((Zn,Fe)S) mineralisation (black mineral) at 22.0-22.2m depth in hole WCS034 (NQ2 core)

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Image 4: Coarse sphalerite ((Zn,Fe)S) mineralisation at 21.5-21.7m depth in hole WCS034 (NQ2 core)

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In November, assays returned high-grade silver-lead-zinc mineralisation over a thick drill intercept at shallow depths including 1.5m @ 1,770 g/t AgEq[1] within a broader intercept of 20.5m @ 302 g/t AgEq[1] .

• 20.5 m @ 302 g/t AgEq[1] from 16.0m including;

• 8.8 m @ 559 g/t AgEq[1] from 21.2m including;

o 1.5m @ 1,770 g/t AgEq[1] also from 21.2m

From To Interval Ag Eq1 Ag Pb Zn Cu Au (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) Hole	From To Interval Ag Eq1 Ag Pb Zn Cu Au (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) Hole	From To Interval Ag Eq1 Ag Pb Zn Cu Au (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) Hole	From To Interval Ag Eq1 Ag Pb Zn Cu Au (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) Hole	From To Interval Ag Eq1 Ag Pb Zn Cu Au (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) Hole	From To Interval Ag Eq1 Ag Pb Zn Cu Au (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) Hole	From To Interval Ag Eq1 Ag Pb Zn Cu Au (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) Hole	From To Interval Ag Eq1 Ag Pb Zn Cu Au (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) Hole	From To Interval Ag Eq1 Ag Pb Zn Cu Au (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) Hole	From To Interval Ag Eq1 Ag Pb Zn Cu Au (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) Hole
WCS034	16.0	36.5	20.5	302	77	1.10	2.87	0.10	0.01
incl.	21.2	30.0	8.8	559	154	1.65	5.35	0.19	0.02
incl.	21.2	22.7	1.5	1,770	433	2.25	19.71	0.49	0.01

Table 2: Drill intercept assays for drill hole WCS034

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----- Start of picture text -----

NW Copycat Lode SE
20.5 m @ 302 g/t AgEq [1 ] from 16.0m incl.
8.8 m @ 559 g/t AgEq [1] from 21.2m incl.
1.5m @ 1,770 g/t AgEq [1] also from 21.2m
?
Drill hole
WCS034
?
Open
EOH
ended
59.6m
30 metres
----- End of picture text -----

Figure 1: Cross Section of Copycat Lode showing 20.5m intercept in hole WCS034

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High Grade Silver Intercepted at Tangoa West Lode

Subsequent to the Reporting Period, Lode announced that follow up drilling at the Webbs Consol Silver Project’s Tangoa West Lode retuned 54.0m @ 304 g/t AgEq[1] from 48.3m in drill hole WCS044.

• 54.0m @ 304 g/t AgEq[1] from 48.3m including;

• 11.3m @ 497 g/t AgEq[1] from 54.0m and;

• 7.0m @ 506 g/t AgEq[1] from 81.0m including;

• 2.0m @ 1,005 g/t AgEq[1] from 86.0m

This intercept represents the highest endowment of all drill intercepts received to date at the Webbs Consol Silver Project. Details of this substantial intercept are summarised in Table 3 below.

Drill hole WCS044 extends Tangoa West Lode mineralisation to 90m vertical depth and was drilled below the previously reported WCS019 which returned 26.7m @ 421 g/t AgEq[1] from 30.1m. WCS044 drill intercept, together with the WCS045 intercepts, demonstrates strong vertical continuity of Tangoa West Lode mineralisation from surface to a vertical depth of 90m. Follow up drill hole WCS045 has been drilled below WCS044 and to a down hole depth of 242.6m with assays results due imminently. See Figure 2.

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Table 3. Drill hole WCS044 intercept assay summary

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Table 4. Drill hole WCS019 intercept assay summary

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Image 5: Coarse blebs of galena (PbS) in core from drill hole WCS019

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SW Tangoa West Lode NE
26.7m @ 421 g/t
54.0m @ 304 g/t
WCS019
EOH 104.6m
WCS044 extends
mineralisation to
90m depth
WCS044
EOH 130.6m
WCS045 drilled to 242.6m
depth down hole – assays
due imminently
WCS045
EOH 242.6m
90 metres
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Figure 2. Tangoa West Lode section showing drill results

Expansion of Webbs Consol

During the Reporting Period, Lode announced that the Company was granted Exploration License 9454 by the NSW Government at its Webbs Consol Silver Project (“Webbs Consol”). The newly granted exploration Licence covers an area of 53 units, or approximately 155 square kilometres, and quadruples the area under tenure at the Webbs Consol to 70 units or approximately 203 square kilometres.

The additional exploration ground will allow Lode Resources to expand its exploration efforts over a wider area whilst continuing to focus ongoing drilling at the central Webbs Consol project area, where multiple high-grade Ag-Pb-Zn lodes have been discovered. Significant knowledge gained from extensive exploration work done to date will be used to explore for similar occurrences.

Webbs Consol has quickly become the Company's flagship project due to the high calibre of drilling results achieved to date. Drilling has returned meaningful silver, zinc and lead intercepts in 22 of the 29 holes drilled at the time of writing, or a 75% hit rate, and 14 of the 29 holes drilled resulted in intercepts with strong metal endowment (>700 AgEq g/t.m), or a 48% hit rate.

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FMG Resources Pty
FMG Resources Pty
FMG Resources Pty
Webbs Consol Silver Project FMG Resources Pty
• 22 of 29 (75%) drill hole Ag-Pb-Zn intercept hit rate
• 14 of 29 (48%) drill hole intercepts with strong metal
endowment ( >700 AgEq [1] g/t.m)
Top 6 intercepts: Lode Resources Ltd
• WCS044 - 54.0m @ 304 g/t AgEq [1] from 48.3m
• WCS023 - 50.0m @ 314 g/t AgEq [1] from 17.0m Newly Granted EL9454
• WCS006 - 27.5m @ 552 g/t AgEq [1] from 104.6m
Camrons Creek Prospect
• WCS019 - 27.3m @ 412 g/t AgEq [1] from 30.1m
• WCS007 - 24.2m @ 450 g/t AgEq [1] from 122.9m
• WCS020 - 31.0m @ 241 g/t AgEq [1] from 30.6m
Isolation Prospect Bakers Claim Prospect
Lode Resources Ltd
EL8933 (Webbs Consol)
----- End of picture text -----

Figure 3: Webbs Consol Project Area

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All drill hole intercept grades are in silver equivalent (AgEq[1] ) WCS006: 27.5m @ 552 g/t incl. 8.4m @ 780 g/t WCS008: 21.2m @ 50 g/t Incl. 2.4 m @ 1,383 g/t WCS009: 10.0m @ 88 g/t WCS007: 24.2m @ 450 g/t WCS026: 34.3m @ 56 g/t incl. 10.3m @ 813 g/t WCS029: 30.5m @ 59 g/t Incl. 2.0 m @ 1,245 g/t WCS028: 43.6m @ 141 g/t incl. 12.0m @ 338 g/t Incl. 2.0 m @ 586 g/t WCS012: 12.1m @ 324 g/t incl. 5.1m @ 570 g/t WCS023: 50.0m @ 314 g/t incl. 15.0m @ 632 g/t incl. 4.1m @ 958 g/t WCS031: 47.4m @ 152 g/t incl. 5.5m @ 479 g/t incl. 2.0m @ 892 g/t and 11.0m @ 330 g/t incl. 1.2m @ 792 g/t WCS034: 20.5m @ 302 g/t incl. 8.8m @ 559 g/t incl. 1.5m @ 1,770 g/t WCS035: 13.7m @ 299 g/t incl. 6.5m 477 g/t WCS020: 31.0m @ 241 g/t incl. 14.0m @ 357 g/t Incl. 7.5m @ 503 g/t WCS019: 26.7m @ 421 g/t incl. 13.4m @ 528 g/t incl. 3.0 m @ 1,046 g/t and 6.2m @ 614 g/t incl. 2.9m @ 1,171 g/t WCS044: 54.0m @ 304 g/t incl. 11.3m @ 497 g/t and 7.0m @ 506 g/t incl. 2.0m @ 1,005 g/t

Figure 4: Webbs Consol Silver-Base Metal Project – Phase I drill results & Phase II drill plans

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Tenements – December Quarter 2022

Project
	Tenements	Tenements	Tenements	Tenements
	as at 30	acquired	disposed	as at 31	%		Area	Type of
						Units
	September	during the	during the	December	Interest		**(km2) **	Tenements
	2022	quarter	quarter	2022
Uralla	EL8980	-	-	EL8980	100	80	237		Exploration
Webbs Consol	EL8933	-	-	EL8933	100	16	48		Exploration
Fender	EL9003	-	-	EL9003	100	76	223		Exploration
Elsinore	EL9004	-	-	EL9004	100	32	95		Exploration
Tea Tree	EL9084	-	-	EL9084	100	24	71		Exploration
Thor	EL9085	-	-	EL9085	100	78	231		Exploration
Uralla West	EL9087	-	-	EL9087	100	22	65		Exploration
Sandon	EL9319	-	-	EL9319	100	273	758		Exploration
Webbs Consol Exp.	EL9454	-	-	EL9454	100	53	155		Exploration
						654	1,883

Corporate

There have been no significant corporate events during the quarter ended 31 December 2022. As of 31 December 2022, the Company had cash reserves of approximately $2.1 million.

Use of Funds

Total expenditure during the six months ended 31 December 2022 was A$1,669,000. Exploration and evaluation expenditure was $1,106,000. Approximately 97% of this expenditure was spent on exploration activities at Webbs Consol Silver Project. Activities included drilling, geophysics, mapping, rock and soil sampling. Administration and corporate costs were $245,000 and staff costs were $257,000. Bond deposits and lease payments were $61,000

Used of funds	Prospectus Year 2 Budget	6 Months Actuals to 31 December 2022
Webbs Consol (EL8933)	321,600	1,068,103
Uralla (EL8980 and EL9087)	322,400	2,367
Fender (EL9003)	321,600	7,077
Elsinore (EL9004)	28,400	4,387
Tea Tree (EL6016)	20,000	2,367
Thor (EL6020)	20,000	2,367
Sandon (EL9319)	-	17,348
Uralla West (EL9087)	-	2,367
Miscellaneous	228,800	-
Contingency 15%	189,400	-
Total	$ 1,452,200 1,106,383

No expenditure was incurred during the quarter on mining production and development activities. During the December quarter, the aggregate amount of payment to related parties and their associates totalled $142,000 of payments to Directors or Director related entities for Directors’ consulting fees and superannuation.

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About Lode Resources

Lode Resources is an ASX-listed explorer focused on the highly prospective but underexploited New England Fold Belt in north eastern NSW. The Company has assembled a portfolio of brownfield precious and base metal assets characterised by:

• 100% ownership;

• Significant historical geochemistry and/or geophysics;

• Under drilled and/or open-ended mineralisation; and

• Demonstrated high grade mineralisation and/or potential for large mineral occurrences.

This has resulted in a portfolio of assets with diverse mineralisation styles with 3 drilled since listing on the ASX in mid-2021.

1. Uralla Gold – Located 8km west of the Uralla township, this goldfield was one of the earlier goldfields discovered in NSW and a significant gold producer in the 1850’s. Despite this long history the mineralisation style has only recently been recognised as being an Intrusive Related Gold System (IRGS) and this has strong implications for this project’s discovery potential. Lode’s holdings cover over 300 square kilometres.

2. Webbs Consol Silver – Located 16km west-southwest of Emmaville, this historical mining centre is known for high grade silver-base metal bearing lodes providing attractive targets that were essentially drill ready. Historical records of underground sampling indicated high-grade mineralisation remains open at relative shallow depths and subsequent geophysical anomalies were never followed-up by drilling.

3. Fender Copper (Trough Gully ) – Located 30km southeast of Tamworth this project has incurred surface exploration carried out by several companies since the 1960s comprising stream/soil, surface mapping, IP and magnetics however no drilling has occurred. Significant copper in drainage anomalies and several know historical workings on VMS style mineralisation provide some very attractive exploration targets.

4. Elsinore Copper – Located 30km west of Guyra this project hosts a large regional magnetic and IP anomaly with anomalous base/precious metals in geochemical sampling.

5. Thor Gold – Located 35km northwest of Manila this project hosts a large gold anomaly potentially associated with high level intrusions or major regional fault structures.

6. Tea Tree Gold – Located 24km north of Manila this project comprises an underexplored goldfield.

7. Sandon Base Metals - Located 50km northwest of Armidale, this project includes the Bundarra Copper Project and Abington Base Metal Project and being the two most prominent explorations targets. Extensive historic surface work means minimal preliminary work needed for drill target definition.

Lode’s strategy is to:

• Systematically explore and develop the Company’s Tenements in the New England Fold Belt;

• Target large-scale gold, silver and copper mineral systems;

• Use modern exploration methods and best practices in cost effective programs; and

• Advance discoveries to the development stage.

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Lode’s Project Locations

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----- Start of picture text -----

Twin Hills Mt Carrington
Gold & Silver Gold & Silver
FMG Resources
New EL
Timbarra
Gold & Silver
Webbs Consol
Silver Webbs
NSW Silver
Sandon
Base Metals
Elsinore
Thor Tea Tree
Copper
Gold Gold
Uralla
Gold Hillgrove
Gold & Antinomy
Rocky River
Gold
Okapi Resources
Enmore Gold Discovery
Fender
Newmont
Copper/Zinc
Gold
----- End of picture text -----

This announcement has been approved and authorised by Lode Resource Ltd’s Managing Director, Ted Leschke.

For more information on Lode Resources and to subscribe for our regular updates, please visit our website at www.loderesources.com or email info@loderesoruces.com

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No Material Changes

The Company confirms it is not aware of any new information or data that materially affects the information included in this quarterly activities report and that all material assumptions and technical parameters underpinning the exploration activities in this market announcements continue to apply and have not materially changed.

Competent Person’s Statement

The information in this Report that relates to Exploration Results is based on information compiled by Mr Mitchell Tarrant, who is a Member of the Australian Institute of Geoscientists. Mr Tarrant, who is the Project Manager for Lode Resources, has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking 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 Tarrant has a beneficial interest as option holder of Lode Resources Ltd and consents to the inclusion in this Report of the matters based on the information in the form and context in which it appears.

1Use of Silver Equivalent Figures

Silver is deemed to be the appropriate metal for equivalent calculations as silver is the most common metal to all mineralisation zones. Webbs Consol silver equivalent grades are based on assumptions: AgEq(g/t)=Ag(g/t)+61Zn(%)+33Pb(%)+107Cu(%)+88Au(g/t) calculated from 29 August 2022 spot metal prices of US$18.5/oz silver, US$3600/t zinc, US$2000/t lead, US$8100/t copper, US$1740/oz gold. gold and metallurgical recoveries of 97.3% silver, 98.7%, zinc, 94.7% lead, 76.3% copper and 90.8% gold which is the 4th stage rougher cumulative recoveries in test work commissioned by Lode and reported in LDR announcement 14 December 2021 titled “High Metal Recoveries in Preliminary Flotation Test work on Webbs Consol Mineralisation”. It is Lode’s opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold.

AgEq[1] (g/t) = Ag (g/t) + Pb (%) x[Price 1 Pb (%) x Pb Recovery (%) ] + Zn (%) x[Price 1 Zn (%) x Zn Recovery (%) ] Price 1 Ag (g/t) x Ag Recovery (%) Price 1 Ag (g/t) x Ag Recovery (%) + Cu (%) x[Price 1 Cu (%) x Cu Recovery (%) ] + Au(g/t) x[Price 1 Au (g/t) x Au Recovery (%) ] Price 1 Ag (g/t) x Ag Recovery (%) Price 1 Ag (g/t) x Ag Recovery (%)

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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

LODE RESOURCES LTD ABN Quarter ended (“current quarter”) 30 637 512 415 31 December 2022

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 (Cash flow Boost) 1.9 Net cash from / (used in) operating activities	- - - - (142) (59) - 5 - - - -	- - - - (257) (245) - 7 - - - -
	(196)	(495)
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	- - - (529) - (34)	- - - (1,106) - (44)

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 (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	- - - - - - - -	- - - - - - - -
	(563)	(1,150)
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	50 - - - - - - - (9)	1,683 - - (125) - - - - (17)
	41	1,541
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)	2,795 (196) (563) 41	2,181 (495) (1,150) 1,541

ASX Listing Rules Appendix 5B (17/07/20) + 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	-	-
	2,077	2,077
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)	104 1,973 - -	92 2,703 - -
	2,077	2,795
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 1 115 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.		115
		-
Director fees, salaries and superannuation payments.

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

Page 3

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) (196) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (529) Total relevant outgoings (item 8.1 + item 8.2) (876) Cash and cash equivalents at quarter end (item 4.6) (725) Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 2,077 Estimated quarters of funding available (item 8.6 divided by item 8.3) 2.86 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?		(196) (529) (876) (725) -
			2,077
	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
	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.

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

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: 30 January 2023

Authorised by: By the Managing Director – Edward Leschke

…………………………………………………………………..

(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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