MOHO RESOURCES LIMITED — Interim / Quarterly Report 2021

Jul 29, 2021

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30 July 2021
1 See ASX Announcement dated: 20 July 2021
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QUARTERLY REPORT TO 30 JUNE 2021

Highlights:

• Burracoppin gold project

• Maiden RC drill program undertaken at Crossroads

• Results include:

  • 1m @ 7.48 g/t Au from 92m (BCMH00064) in bedrock

  • 8m @ 0.47 g/t Au from 51m (BCMH00062) in supergene horizon

• Mineralisation open north, west and at depth

• Maiden diamond drilling program completed at Crossroads prospect

  • 4 diamond drill holes (630m) drilled with assays pending

• East Sampson Dam gold project

• Work continued on interim Mineral Resource Estimate (MRE)

• MRE released post quarter-end:

  • 264,000 t @ 2.5g/t Au for 21,600 ounces Au at 0.5g/t cut-off grade[1]

  • Mineralisation is open to the north, south and at depth

• Empress Springs

• Planning undertaken for major exploration program in second half of 2021 to follow up successful hydrogeochemical survey results released in March

• Management and Corporate

• Appointment of experienced geologist Ms Lyndal Money as Technical Manager to progress potential for gold production at East Sampson Dam and accelerate gold and nickel exploration

• Tax refund of $686,000 received for R&D spend

Moho Resources Ltd (ASX:MOH) (Moho or Company) is pleased to announce its quarterly results for the period ending 30 June 2021. The Company significantly advanced exploration at its Burracoppin gold project and progressed work on an interim Mineral Resource Estimate at the East Sampson Dam prospect in Western Australia.

1 See ASX Announcement dated: 20 July 2021

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Commenting on the quarter Managing Director Mr Shane Sadleir said:

“It has been a ground-breaking quarter in many ways for Moho as we have completed maiden diamond and RC drilling campaigns at the Crossroads prospect at Burracoppin.

“The RC results have been particularly pleasing, confirming significant gold in bedrock, which is open along strike and at depth.

“The diamond core has shed new light on the geology and we await assays prior to planning our next stage of exploration operations.

“Meanwhile, Moho continues to make progress at its other prospective projects. Considerable work was conducted on the East Sampson Dam interim gold resource and plans were developed for the next phase of exploration at our Empress Springs gold project in Queensland to follow up the exciting regional- scale hydrogeochemical anomalies identified in last year’s survey.

“Moho continues to offer an exciting suite of prospective greenfields exploration projects and the interim mineral Resource Estimate at East Sampson Dam shows that we are well positioned to advance these assets.”

Burracoppin

During the quarter, Moho Resources completed maiden diamond drilling at the Crossroads prospect, located at the Burracoppin project (see Figure 1). The diamond drill program of 4 holes (for 630m) primarily targeted mineralisation intersected in the January 2021 RC drilling program (see ASX announcement 11 May 2021). Assay results are pending.

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Figure 1 – Diamond drill core from hole BCMH0071 at the Crossroads prospect

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During the quarter the Company released assay results for its maiden RC drilling at Crossroads completed in February which confirmed the presence of extensive gold mineralisation (see Table 1).[2]

Hole ID	From (m)	To (m)	Interval (m)	Significant Intercept Au
BCMH0044	68	69	1	1m@0.48g/t
BCMH0051	92	93	1	1m@0.43g/t
BCMH0060	44	45	1	1m@0.48g/t
BCMH0062	51	59	8	8m@0.47g/t
BCMH0064	92	93	1	1m@7.48g/t
BCMH0065	0	1	1	1m@0.49g/t

Table 1: Significant intersections >0.4 g/t Au by 40g Aqua Regia digest and ICP (OES/MS) finish

The currently defined bedrock gold mineralisation is open to the north, west and at depth and is located on the northern margin of a gravity low (see Figure 2).

The gravity low may represent a porphyry intrusion as scattered microgranite is found in the paddock to the south of the drilling. Lithologies noted during drilling appear to dip gently to the east and include felsic gneiss, biotite schist/amphibolite, granite and quartzite.

Petrographic descriptions of aircore chips from drill samples by consultant petrologist Dr Roger Townend have shown a predominantly mafic-derived meta-sedimentary sequence and bedrock gold mineralisation associated with interfingered mafics, felsic gneiss and felsic schist.

Both the RC and diamond drilling programs were partially funded by the WA Government as part of its Exploration Incentive Scheme to test a potential intrusive-related gold mineral system.

2 See ASX Announcement dated: 20 April 2021

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between mineralised trends and gravity lows

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East Sampson Dam

During the quarter, the Company progressed its interim Mineral Resource Estimate at the East Sampson Dam gold prospect, located within the Silver Swan North gold-nickel project approximately 50km northeast of Kalgoorlie, WA.

Post quarter-end the Company announced its maiden Mineral Resource Estimate of 264,600 tonnes at 2.5g/t Au for 21,600 ounces Au at a 0.5g/t Au cut-off. The Resource is open to the north, south and at depth and offers significant growth potential (see Table 2).

70.2% (13,800 ounces) of the Resource is in the Indicated category and 93% (19,000 oz) of the Resource is located within softer near-surface zones.

The MRE has been prepared by Moho’s Mineral Resource Consultant CSA Global Pty Ltd.

Domain	Class	Tonnes (kt)	Au g/t	Au Metal (koz)
OXIDE	Indicated	68.4	2.3	5.0
	Inferred	14.4	3.2	1.5
	Total	82.9	2.4	6.4
LOWER SAPROLITE	Indicated	81.7	2.0	5.3
	Inferred	34.5	3.3	3.6
	Total	116.2	2.4	9.0
TRANSITION	Indicated	29.0	3.4	3.2
	Inferred	18.2	3.9	2.3
	Total	47.2	3.6	5.5
FRESH	Indicated	6.6	1.3	0.3
	Inferred	11.8	1.2	0.5
	Total	18.4	1.2	0.7
TOTAL	Indicated	185.7	2.3	13.8
	Inferred	78.9	3.1	7.8
	Total	264.6	2.5	21.6

Note: Data is reported to significant figures and differences may occur due to rounding

Table 2: East Sampson Dam Interim Mineral Resource Estimate

The Resource highlights significant expansion potential at East Sampson Dam and the Company plans to accelerate drilling in the second half of this year, as well as commence a Scoping Study with a view to progressing towards mine development.

Empress Springs

No field work was conducted at Empress Springs during the quarter due to Covid 19 restrictions on travel and extensive wet weather conditions hampering site access. Planning was undertaken for a major exploration program in the second half of 2021 to follow up the successful hydrogeochemical survey results released in March.

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Corporate

In April, Moho Resources was pleased to welcome experienced geologist Ms Lyndal Money as Technical Manager to progress potential for gold production at East Sampson Dam and accelerate exploration at the Company’s prospective gold and nickel assets.

Lyndal is a highly regarded geologist with over 20 years’ experience in exploration and mining across a range of commodities in the Kalgoorlie and Southern Cross districts.

Ms Money has most recently worked as Senior Project Geologist for Eastern Goldfields developer Bardoc Gold and has held senior mining positions including Manager – Geology for gold explorer Torian Resources, Manger – Geology Projects for Phoenix Gold and Senior Project Geologist for MacPherson’s Reward Gold.

Lyndal is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM) and Geological Society of Australia.

In addition to the appointment, Moho Resources also reported that the Company received $686k as a refundable tax offset for eligible research and development (R&D) expenditure conducted across its prospective projects during the 2019-20 financial year.

The Company has actively progressed R&D programs in conjunction with CSIRO, Curtin University and external consultants as part of its overall exploration strategy to improve and refine its mineral discovery processes.

Financial Commentary – 30 June 2021

The Company’s Quarterly Cashflow Report (Appendix 5B) follows this activities report. The Company had $901k in cash as at 30 June 2021. Exploration expenditure for the quarter was $524k with most of this expenditure being associated with the mining investigations at the East Sampson Dam gold project and drilling activities at East Sampson Dam and Burracoppin. During the quarter the Company received $573k (after costs) as a refundable tax offset for eligible research and development (R&D) expenditure.

The total amount paid to related parties of Moho and their associates, as per item 6.1 of the Appendix 5B, was $73k. Included in this amount is $57k for Directors fees, salaries and superannuation and $16k paid to Deadset Visuals Pty Ltd, a related party of Ralph Winter for online design and graphic design services. The amount paid to related parties of Moho and their associates, as per item 6.2 of the Appendix 5B, was $54k for Directors salaries.

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TENEMENT SCHEDULE

In line with obligations under ASX Listing Rule 5.3.3, Moho Resources provides the following information relating to its mining tenement holdings at 30 June 2021.

PROJECT	TENEMENT	AREA **(km2) **	TENURE TYPE	STATUS	GRANT DATE	EXPIRY DATE	CHANGE IN INTEREST	MOH CURRENT INTEREST
SILVER SWAN NORTH (WA)	E27/0528	20.45	EXPLORATION	GRANTED	11/10/2015	11/9/2020	-	100%
	M27/0263	7.93	MINING	GRANTED	7/8/1997	7/7/2039	-	100%
	P27/2232	2	PROSPECTING	GRANTED	3/8/2016	3/7/2020	-	100%
	P27/2390	0.92	PROSPECTING	GRANTED	4/2/2019	3/2/2023	-	100%
	E27/0613	5	EXPLORATION	GRANTED	27/8/2019	23/8/2023	-	100%
	E27/0626	4	EXPLORATION	GRANTED	17/7/2020	16/7/2025	-	100%
	M27/488	0.55	MINING	OPTION	14/7/2015	13/7/2036	-	0%
	P27/2229	1.98	PROSPECTING	OPTION	30/11/2015	29/11/2023	-	0%
	P27/2200	1.94	PROSPECTING	OPTION	23/2/2015	22/2/2023	-	0%
	P27/2226	1.85	PROSPECTING	OPTION	16/11/2015	15/11/2023	-	0%
	P27/2216-8	0.28	PROSPECTING	OPTION	15/10/2015	14/10/2023	-	0%
BURRACOPPIN (WA)	E70/4688	123.15	EXPLORATION	GRANTED	6/11/2015	11/5/2020	-	70%
	E70/5154	161.19	EXPLORATION	GRANTED	23/11/2018	11/22/2023	-	100%
	E70/5301	1	EXPLORATION	GRANTED	25/03/2020	24/03/2025	-	100%
	E70/5302	1	EXPLORATION	GRANTED	25/03/2020	24/03/2025	-	100%
	E70/5300	26	EXPLORATION	GRANTED	15/7/2020	14/7/2025	-	100%
	E70/5739	66	EXPLORATION	GRANTED	28/05/2021	27/05/2026	100%	100%
EMPRESS SPRINGS (QLD)	EPM25208	281	EXPLORATION	GRANTED	8/4/2014	7/4/2024	-	51%
	EPM25209	291	EXPLORATION	GRANTED	8/4/2014	7/4/2024	-	51%
	EPM25210	200	EXPLORATION	GRANTED	8/4/2014	7/4/2024	-	51%
	EPM27193	48.9	EXPLORATION	GRANTED	3/12/2019	2/12/2024	-	100%
	EPM27199	325.1	EXPLORATION	GRANTED	3/12/2019	2/12/2024	-	100%
	EPM27200	6.5	EXPLORATION	GRANTED	3/12/2019	2/12/2024	-	100%
	EPM27194	276	EXPLORATION	GRANTED	21/01/2020	20/01/2025	-	100%
	EPM27195	236	EXPLORATION	GRANTED	21/01/2020	20/01/2025	-	100%
	EPM27196	275	EXPLORATION	GRANTED	21/01/2020	20/01/2025	-	100%
	EPM27197	272	EXPLORATION	GRANTED	21/01/2020	20/01/2025	-	100%
	EPM27198	172	EXPLORATION	GRANTED	21/01/2020	20/01/2025	-	100%

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The exploration results contained in this report were previously reported by the Company in its Announcements released to the ASX listed below. The Company confirms it is not aware of any new information or data that materially affects the information included in the Company’s previous announcement.

• Completion of Diamond Drilling at Crossroads, Burracoppin- (9 Jun 2021)

• East Sampson Dam - Market Update - (4 Jun 2021)

• Moho Receives $686k Tax Refund for R&D Spend - (31 May 2021)

• Diamond Drilling Underway at Crossroads Prospect - (20 May 2021)

• Diamond Drilling to Test Gold Mineralisation at Crossroads - (11 May 2021)

• Extensive Gold Mineralisation at Crossroads, Burracoppin - (20 Apr 2021)

COMPETENT PERSONS STATEMENT

The information in this document that relates to Exploration Results, geology and data compilation is based on information compiled by Ms Lyndal Money, a Competent Person who is a Member of The Australian Institute of Mining and Metallurgy. Ms Money is the Technical Manager for the Company, is a full-time employee and holds options in the Company. Ms Money has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which she 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’. Ms Money consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears.

The information in this announcement that relates to the East Sampson Dam Interim Mineral Resource Estimate is based on information compiled and generated by Ms Felicity Hughes, an associate of CSA Global Pty Ltd (“CSA”). CSA consents to the inclusion, form and context of the relevant information herein as derived from the original resource reports. Ms Hughes has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which is being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the JORC ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.

ENDS

The Board of Directors of Moho Resources Ltd authorised this announcement to be given to ASX.

For further information please contact:

Media Relations Shane Sadleir Ralph Winter David Tasker Managing Director Commercial Director Chapter One Advisors T: +61 411 704 498 T: +61 435 336 538 T: +61 433 112 936 E: shane@mohoresources.com.au E: ralph@mohoresources.com.au E:dtasker@chapteroneadvisors.com.au

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ABOUT MOHO RESOURCES LTD

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Moho’s project areas

Moho Resources Ltd is an Australian mining company which listed on the ASX in November 2018. The Company is focused on gold and nickel exploration at Empress Springs, Silver Swan North and Burracoppin.

Moho’s Board is chaired by Mr Terry Streeter, a well-known and highly successful West Australian businessman with extensive experience in funding and overseeing exploration and mining companies, including Jubilee Mines NL, Western Areas NL and Midas Resources Ltd.

Moho has a strong and experienced Board lead by geoscientist Shane Sadleir as Managing Director, Commercial Director Ralph Winter and Adrian Larking, lawyer and geologist, as Non-Executive Director.

Highly experienced geologist Lyndal Money (Technical Manager) is supported by leading industry consultant geophysicist Kim Frankcombe (ExploreGeo Pty Ltd) and experienced consultant geochemists Richard Carver (GCXplore Pty Ltd) and Dr Carl Brauhart (CSA Global Pty Ltd). Dr Jon Hronsky (OA) provides high level strategic and technical advice to Moho.

Rule 5.5

Appendix 5B

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

Name of entity

Moho Resources Limited ABN Quarter ended (“current quarter”) 81 156 217 971 30 June 2021

Consolidated statement of cash flows	Current quarter $A’000	Year to date (12 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other (provide details if material) 1.9 Net cash from / (used in) operating activities	- - - - (111) (181) - - - - - -	- - - - (325) (653) - - - - - -
	(292)	(978)
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	- - - (524) - -	- (150) - (2,715) - -

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) - R&D tax refund (net of costs) 2.6 Net cash from / (used in) investing activities	- - - - - - - 573	- - - - - - - 573
	49	(2,292)
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	- - - - - - - - -	3,642 - - (225) - - - - -
	-	3,417
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)	1,144 (292) 49 -	754 (978) (2,292) 3,417

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

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Appendix 5B

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

Consolidated statement of cash flows	Current quarter $A’000	Year to date (12 months) $A’000
4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	-	-
	901	901
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)	901 - - -	1,144 - - -
	901	1,144
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 73 6.2 Aggregate amount of payments to related parties and their associates included in item 2 54 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.		73
		54

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) (292) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (524) Total relevant outgoings (item 8.1 + item 8.2) (816) Cash and cash equivalents at quarter end (item 4.6) 901 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 901 Estimated quarters of funding available (item 8.6 divided by item 8.3) 1.1 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?		(292) (524) (816) 901 -
			901
	Answer: Yes.
	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: Yes, the company will look to raise capital to accelerate its’ mining studies and exploration on its’ projects. The Company believes it would be successful in raising sufficient funds to continue with the planned level of operations.

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 for the reason noted in 8.8.2 above.

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: 30 July 2021

Authorised by: By the Board

(Name of body or officer authorising release – see note 4)

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

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

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