LOYAL METALS LTD — Interim / Quarterly Report 2021

Oct 27, 2021

ASX RELEASE

28 October 2021

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QUARTERLY ACTIVITY REPORT – 30 September 2021

Please find enclosed the Quarterly Activities and Appendix 5B for the three-month period ended 30 September 2021.

HIGHLIGHTS

(Includes announcements made after 30 September)

• The Company successfully listed on the ASX on 6 July 2021

• Signs Agreement with CSIRO for enhanced exploration

• Fieldwork continues at Mt Monger North Project

• Drilling Commenced at Providence Prospect

Monger Gold Limited (ASX: MMG, ‘Monger’ or ‘the Company’) is pleased to provide an update for the quarter ended 30 September 2021.

Exploration Updates

The Company continued fieldwork at various prospects and projects, including the following activities:

• Logging and sampling of drill chip samples from a ~3,300 metre vacuum drilling program undertaken at the Mt Monger North Project by Torian Resources Ltd (ASX:TNR) in April 2021 (Table 1);

• Mapping, photographing and systematic sampling of the 11 trenches excavated to the east of the Providence Prospect within P26/4142;

• A ~600 metre reverse circulation (RC) infill drilling program at the Providence Prospect (Mt Monger North Project) to build on the historical drillhole results and provide information for additional drilling campaigns (Figure 1); and

• Soil sampling at the Gibraltar South and Mt Monger South Projects as part of the CSIRO Ultrafine Fraction Soil Project to provide enhanced geochemical information for detailed target generation,

All the samples will be submitted to Minanalytical Laboratory Services Australia in Kalgoorlie for full suite analysis.

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Office : P: (08) 6245 2490 Directors: Exploration Manager: 602/566 St Kilda Road E: info@mongergold.com.au Peretz Schapiro Michael O'Mara Melbourne VIC 3004 W: www.mongergold.com.au Andrew Graham Company Secretary: Romy Hersham Matthew Foy

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Providence Prospect (Mt Monger North Project)

The Company is commencing in-fill drilling today at its Providence Prospect (Mt Monger North Project) to build historical drilling results and provide further definition on the gold mineralisation.

Historical drilling at the Providence Prospect returned some significant intersections (Table 1) which warrant further investigation. Historical intercepts include: 5m @ 7.17g/t Au from 9m, 1m @ 20.7g/t Au from 54m and 2m @ 4.21 g/t Au from 33m.

Field mapping also indicated that the orientation of the quartz veins at Providence is primarily steep dipping to the north. The planned reverse circulation (RC) drill holes (Figure 1) are designed to test the down dip and strike extent of Au mineralisation based on existing historical drilling intercepts and current mapping.

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Figure 1: Planned RC drill holes at the Providence Prospect (Mt Monger North).

Agreement with CSIRO

The Company signed an Agreement with the CSIRO to deliver an Ultrafine Fraction Soil Project for enhanced exploration success.

With areas of deep cover across some of the Company’s tenements, particularly at Monger South, historical soil geochemistry has previously returned patchy results in terms of critical pathfinder elements. This has previously been understood to be an indicator of poor mineralisation potential but has since been recognised as a fundamental issue in relation to

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how samples are collected and analysed, particularly in areas where the cover sequence is thicker.

Following discussions with the CSIRO it was recognised that the geochemical techniques employed across the Company’s tenements needed to take the cover sequence into account and adjust the exploration approach accordingly.

This means that there is potential for mineralisation to go undetected due to previous methodologies being poorly suited to the Company’s exploration areas. This program of work will be aimed at enhancing the geochemical signatures to optimise the potential for exploration success.

The program of work will commence at the Mt Monger South tenements where it is recognised that there is substantial cover, particularly in the northern two-thirds of the tenement area. Figure 2 shows the Mt Monger South tenements with the red lines being the trace of the proposed ultrafine sampling program.

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Figure 2: Mt Monger South tenements showing lines for UltraFine sampling (red dashes).

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This program of work will address the challenge of exploration through cover, enhance exploration and improve the Company’s understanding of metal weathering and mobility across its tenements and the nature of different commodity targets.

CSIRO’s UltraFine+ Next Gen Analytics Project will deliver new data analytics and maps for mineral exploration. The new products use machine learning and CSIRO expertise and are leveraged off the UltraFine+TM technique already used by industry in commercial laboratories. The ability to add value to the routine soil samples collected in frontline exploration with integrated and interpreted different data types will shape mineral exploration approaches and improve success for decades.

Coupling the UltraFine+[TM] method with regolith landform models/maps will provide the tools for mineral explorers to explore better. Common practice is to use near surface sampling and geochemistry with little regard for the host mineral phase and size fraction, physicochemical parameters of the samples or the landform setting and how this relates to buried mineralisation at local and regional scales. CSIRO will work with industry and the Surveys to develop a robust set of measurable parameters and new data products with the UltraFine+[TM] method to fully assess these overlooked soil properties and relationships (to the geochemistry) to improve the chances of future discovery. It will advance the understanding of false positive and negative surface anomalies and allow industry to confidently conduct more sampling to generate new, quality targets through cover.

Financial Position

Cash available to the Company at the end of the 30 September 2021 Quarter was $4,007,000.

Payments for the quarter included payment of $443,000 to Torian Resources Limited (ASX: TNR) for funds advanced to fund the costs of the IPO and the payment of $330,000 to the IPO lead manager, Barclay Wells Ltd.

Payments to related parties over the Quarter were $15,000 and included CEO, Executive remuneration and non-executive director fees.

The Company’s disclosures required by ASX Listing Rule 5.3.4 regarding a comparison of its actual expenditure to 30 September 2021 since listing on 6 July 2021 against the “Use of Funds” statement in its prospectus dated 16 April 2021 is included in the attached Appendix 5B. The Company confirms that, in the Three months since listing on the ASX, it has incurred expenditures largely in line with the Use of Funds set out on page 12 of its Prospectus dated 16 April 2021

This announcement has been authorised for release by the Board of Monger Gold.

For further information:

Peretz Schapiro – Non-Executive Chairman

info@mongergold.com.au

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Competent Persons Statement

The information in this report / ASX release that relates to Exploration Targets and Exploration Results is based on information either compiled or reviewed by Mr Andrew Graham, who is an employee of Mineral Strategies Pty Ltd and a Non-Executive Director of Monger Gold Ltd. Mr Graham is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Graham consents to the inclusion in this report /ASX release of the matters based on information in the form and context in which it appears.

Table 1 : Historical drill hole intersections at the Providence Prospect (Mt Monger North) as outlined in ASX release July 2, 2021 (https://www.asx.com.au/asxpdf/20210702/pdf/44xz4wk9rwv545.pdf)

Prospect	Hole ID	EOH (m)	Significant Intersection
Providence	11NMDD004	180.1	3.2m @ 1.30 g/t Au from 90.65m
	11NMRC060	54.0	2m @ 1.92g/t Au from 33m
	11NMRC070	54.0	1m @ 20.7g/t Au from 54m
	11NMRC072	54.0	7m @ 1.04g/t Au from 24m
	11NMRC077	54.0	2m @ 4.21 g/t Au from 33m
	11NMRC078	54.0	2m @ 7.93g/t Au from 8m (including 1m
			@14.3g/t Au) and 1m @ 1.86g/t Au from 22m
	11NMRC080	54.0	1m @ 13.7 g/t Au from 8m
	11NMRC085	54.0	2m @ 2.5g/t Au from 11m
	11NMRC088	54.0	2m @ 2.88g/t Au from 47m
	11NMRC090	54	5m @ 7.17g/t Au from 9m
	11NMRC097	54	1m @ 2.78g/t Au from 10m and 1m @ 1.64g/t
			Au from 13m

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JORC Code, 2012 Edition – Table 1 report template Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
	• Nature and quality of sampling (e.g.,
	cut channels, random chips, or
	specific specialised industry standard
	measurement tools appropriate to the
	minerals under investigation, such as
	down hole gamma sondes, or
	handheld XRF instruments, etc).
	These examples should not be taken
	as limiting the broad meaning of
	sampling.
	• Include reference to measures taken
	to ensure sample representivity and
	the appropriate calibration of any
	measurement tools or systems used.
Sampling techniques	• Aspects of the determination of mineralisation that are Material to the Public Report.
	• In cases where ‘industry standard’
	work has been done this would be
	relatively simple (e.g., ‘reverse
	circulation drilling was used to obtain
	1 m samples from which 3 kg was
	pulverised to produce a 30 g charge
	for fire assay’). In other cases, more
	explanation may be required, such as
	where there is coarse gold that has
	inherent sampling problems. Unusual
	commodities or mineralisation types
	(e.g., submarine nodules) may
	warrant disclosure of detailed
	information.
Drilling techniques	• Drill type (e.g., core, reverse circulation,open-holehammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g., core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	• Historical RC drillingat Mt Monger North (Providence Prospect) includes the holes detailed in Table 1 of this announcement. • Diamond -One diamond hole been drilled at the Providence Gold Prospect (Mt Monger Nth) (11NMDD004).
	• Method of recording and assessing
	core and chip sample recoveries and
	results assessed.
Drill sample recovery	• Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between	•The recovery of any RC and Diamond Drilling samples was not observed by the author of this ASX announcement and as such is not discussed.
	sample recovery and grade and
	whether sample bias may have
	occurred due to preferential loss/gain
	of fine/coarse material.

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Criteria	JORC Code explanation	Commentary
	• Whether core and chip samples have
	been geologically and geotechnically
	logged to a level of detail to support appropriate Mineral Resource	•Lithological logging codes are available for most of the historical RC
Logging	estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or	and diamond drilling programs. This information was provided as part of the WAMEX information packages for review.
	costean, channel, etc) photography.
	• The total length and percentage of the
	_relevant intersections logged. _
		•RC drilling outlined historically by
		Cortona Resources at the Mt Monger
		North Project (including the
		Providence Prospect) stated:
		o RC Drilling - The one metre
		(1m) drill samples were 17
		collected through the cyclone
	• If core, whether cut or sawn and	and riffle split on the rig, the
Sub- sampling techniques and sample preparation	whether quarter, half or all cores taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in- situ material collected, including for instance results for field	sample was then stored in plastic bags and an accompanying calico bag. Four metre (4m) composite samples were collected by combining representative spear samples of the 1m drill spoils from the plastic bags. All RC drilled composite samples, except for holes WDC095-124, were assayed by SGS Laboratory in Boulder. Samples were dried, crushed and pulverised to >95%
	duplicate/second-half sampling.	sub 75 micron. Gold was
	• Whether sample sizes are appropriate	determined by aqua regia digest
	to the grain size of the material being sampled.	(code ARE133, 0.01ppm, Au detection limit) with a standard
		atomic absorption spectrometer
		(AAS) finish.
		•Where historical information does not
		contain all sub sampling information
		to adequately answer, the information
		is used as indicators of mineralisation.
	• The nature, quality and	•Where historical information has
	appropriateness of the assaying and	provided the adequate details, the
	laboratory procedures used and	quality and appropriateness has been
Quality of assay data and	whether the technique is considered partial or total. • For geophysical tools, spectrometers,	deemed adequate. •QA/QC information has not been detailed in earlier reports but where
laboratory tests	handheld XRF instruments, etc, the parameters used in determining the	specified, are of industry standard for the time. An example of the QA/QC
	analysis including instrument make	for the Cortona Resources Mt Monger
	and model, reading times, calibrations	Nth Providence Prospect includes:
	factors applied and their derivation,	o RAB and RC standard samples
	_etc. _	were purchasedfromGeostats

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Criteria	JORC Code explanation	Commentary
	• Nature of quality control procedures	(Perth) were used throughout
	adopted (e.g., standards, blanks,	the drilling program. Four (4)
	duplicates, external laboratory	different gold standards were
	checks) and whether acceptable	used during the assaying
	levels of accuracy (i.e., lack of bias)	process. Standards were
	and precision have been established.	included at a rate of 1 in 25 in
		sample batches for the 4m
		composite samples analysed by
		aqua regia digest and at a rate
		of 1 in 20 for the 1m sample
		intervals analysed by fire assay.
	• The verification of significant
Verification of sampling and assaying	intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	•No verification of historical assays has been attempted. No adjustments of any historical and analysis has been made. Evidence of data verification programs has not been provided or easily sourced.
	• Discuss any adjustment to assay
	_data. _
	• Accuracy and quality of surveys used
Location of data points	to locate drill holes (collar and down- hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	•All coordinate information has been obtained from statutory digital reporting to the DMIRS. The grid
	• Specification of the grid system used.	system used is GDA94.
	• Quality and adequacy of topographic
	control.
	• Data spacing for reporting of
	Exploration Results.
Data spacing and distribution	• Whether the data spacing, and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.	•Based upon a review of the drilling information provided, the data spacing would not be suitable for any resource estimation. Any possible modelling exercise, would be used for further exploration drill targeting.
	• Whether sample compositing has
	_been applied. _
	• Whether the orientation of sampling
Orientation of data in relation to geological structure	achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported	•Where RC drilling has been conducted, the author can see attempts by the company to ensure that drilling has been orthogonal to the strike of the mineralised layer or general geology. Drillhole inclination is of 60° generally give intersections at highest possible angle.
	if material.
Sample security	• The measures taken to ensure sample security.	•Most historical records provided do not detail any sampling security procedures.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	•Audit of sampling techniques of previous drilling is not possible.

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Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral	• Type, reference name/number,	•Specific tenements are not outlined
tenement and	location and ownership including	in this announcement which
land tenure	agreements or material issues with	references the Providence Prospect.
status	third parties such as joint ventures,	The tenements that make up the
	partnerships, overriding royalties,	Providence Prospect can be found in
	native title interests, historical sites,	on the DMIRS public spatial
	wilderness or national park and	datasets or in the Company’s
	environmental settings.	Independent Geologist Report or
	• The security of the tenure held at the	Prospectus document.
	time of reporting along with any
	known impediments to obtaining a
	_licence to operate inthe area. _
Exploration	• Acknowledgment and appraisal of	•All relevant WAMEX open files
done by other	exploration by other parties.	relating to the Providence Prospect
parties
Geology	• Deposit type, geological setting and	•Monger Gold Limited are located
	style of mineralisation.	within the Eastern goldfield’s
		greenstone belts. Mesothermal
		shear zone hosted gold deposits are
		the exploration and development
		targets.
Drill hole	• A summary of all information	•The details (including easting,
Information	material to the understanding of the	northing, total depth, azimuth, dip
	exploration results including a	and significant intersections) of
	tabulation of the following	historical drilling data at the
	information for all Material drill holes:	Providence Prospect (Mt Monger
	o easting and northing of the drill	North Project) are recorded but not
	hole collar	provided in this announcement
	o elevation or RL (Reduced Level –	report. Significant intersections are
	elevation above sea level in	downhole intersections.
	metres) of the drill hole collar
	o dip and azimuth of the hole
	o down hole length and
	interception depth
	o hole length.
	• If the exclusion of this information is
	justified on the basis that the
	information is not Material and this
	exclusion does not detract from the
	understanding of the report, the
	Competent Person should clearly
	_explain why this is the case. _
Data	• In reporting Exploration Results,	•Significant historical intercepts
aggregation	weighting averaging techniques,	tabulated in this report are arithmetic
methods	maximum and/or minimum grade	averages of uncut single metre
	truncations (e.g., cutting of high	values that exceed 0.5 g per ton and
	grades) and cut-off grades are	allow for a maximum of 2 m of
	usually Material and should be	internal dilution.
	stated.
	• Where aggregate intercepts
	incorporate short lengths of high-
	grade results and longer lengths of
	low-grade results, the procedure

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Criteria	JORC Code explanation	Commentary
	used for such aggregation should be
	stated and some typical examples of
	such aggregations should be shown
	in detail.
	• The assumptions used for any
	reporting of metal equivalent values
	_should be clearly stated. _
Relationship	• These relationships are particularly	•All intercepts quoted in this report
between	important in the reporting of	are downhole widths and are not
mineralisation	Exploration Results.	true widths.
widths and	• If the geometry of the mineralisation
intercept	with respect to the drill hole angle is
lengths	known, its nature should be
	reported.
	• If it is not known and only the down
	hole lengths are reported, there
	should be a clear statement to this
	effect (e.g., ‘down hole length, true
	_width not known’). _
Diagrams	• Appropriate maps and sections (with	•Appropriate maps are included in
	scales) and tabulations of intercepts	this announcement.
	should be included for any
	significant discovery being reported
	These should include, but not be
	limited to a plan view of drill hole
	collar locations and appropriate
	_sectional views. _
Balanced	• Where comprehensive reporting of	•Only intercepts that are significant
reporting	all Exploration Results is not	and relevant to gold are included in
	practicable, representative reporting	this announcement.
	of both low and high grades and/or
	widths should be practiced avoiding
	misleading reporting of Exploration
	_Results. _
Other	• Other exploration data, if meaningful	•Not relevant for this announcement.
substantive	and material, should be reported
exploration	including (but not limited to):
data	geological observations; geophysical
	survey results; geochemical survey
	results; bulk samples – size and
	method of treatment; metallurgical
	test results; bulk density,
	groundwater, geotechnical and rock
	characteristics; potential deleterious
	_or contaminating substances. _
Further work	• The nature and scale of planned	•Further work will be considered
	further work (e.g., tests for lateral	based on the outcome of the drilling
	extensions or depth extensions or	program discussed in this
	large-scale step-out drilling).	announcement.
	• Diagrams clearly highlighting the
	areas of possible extensions,
	including the main geological
	interpretations and future drilling
	areas, provided this information is
	_not commercially sensitive. _

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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

Name of entity	Name of entity	Name of entity
Monger Gold Limited (ASX: MMG)
ABN 206 445 64241	Quarter ended (“current quarter”)
	30 September 2021
Consolidated statement of cash flows	Current quarter $A’000	Year to date (9 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) (a) GST & Payroll tax 1.9 Net cash from / (used in) operating activities	(22) (90) -	(22) (90) -
	(112)	(112)
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	(108)	(108)

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 (9 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
	(108)	(108)

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) (a) Costs of Listing Monger on the ASX (including repayment of the Loan) 3.10 Net cash from / (used in) financing activities	5,000 (330) (443)	5,000 (330) (443)
	4,227	4,227
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)	- (112) (108) 4,227	- (112) (108) 4,227

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 (9 months) $A’000
4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period
	4,007	4,007
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)	4,007	-
	4,007	-
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 15 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.		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

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) (112) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (108) Total relevant outgoings (item 8.1 + item 8.2) (229) Cash and cash equivalents at quarter end (item 4.6) 4,007 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 4,007 Estimated quarters of funding available (item 8.6 divided by item 8.3) 18 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?	(112) (108) (229) 4,007 -
		4,007
	Answer: Yes, exploration and administration costs will continue. Items 3.4 and 3.9 are one off costs relating to the IPO.
	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: Yes

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 October 2021........................................................................

Authorised by: ........... Board of Directors ........................................................................

(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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Appendix 5B

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

September 2021 Quarterly Report Disclosure

Monger Gold Limited provides the following disclosures required by ASX Listing Rule 5.3.4 regarding a comparison of its actual expenditure to 30 September 2021 listing on the ASX (IPO) on 6 July 2021 against the “use of funds” statement in its prospectus dated 16 April 2021.

Use Of Funds		ACTUAL	Year to Date
	Budget $	Jul - Sept 2021 $	$
Funds from the Offer	$5,000,000	$5,000,000	$5,000,000
Total Funds Raised	$5,000,000	$5,000,000	$5,000,000
Allocation of funds
Exploration of Projects	$3,289,000	$108,000	$108,000
Working capital (including corporate overheads)	$1,151,000	$112,000	$112,000
Costs of the transaction (including repayment of the Loan)	$560,000	$773,000	$773,000
Total Expenditure	$5,000,000	$993,000	$993,000

The Company confirms that, in the three months since it has incurred expenditures largely in line with the Use of Funds set out on page 12 of its Prospectus dated 16 April 2021 https://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=02391569

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

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