POINTERRA LIMITED — Interim / Quarterly Report 2024

Apr 29, 2024

Digital Twins

March Quarter FY24 Results Presentation & Appendix 4C Commentary

30 April 2024

Pointerra3D – Building Faster Digital Twins to Better Manage the Physical World

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Answers Process
Insights
Classify
Analyse
Store
Visualize Manage
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Pointerra3D – the world’s fastest true end-to-end

digital twin solution, leveraging proprietary patented algorithms and technology via an innovative and unique cloud subscription business model.

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Pointerra3D helps customers answer almost any physical asset management question, solving numerous traditional 3D digital twin data workflow problems when seeking to plan, design, construct, own, operate, insure and regulate the physical world around us.

Pointerra3D’s digital twin solution uses the cloud to store, processes, manages, analyses, extracts, visualises and shares the key insights from massive 3D datasets at a level of speed, smarts and scale that is unprecedented.

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A Unique Digital Twin SaaS Business Model

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Pointerra3D ANSWERS delivers predictive digital insights and definitive answers to complex physical asset management questions via simple, easy to use business intelligence interfaces. Pointerra3D ANALYTICS uses AI enabled analytics to build digital twins from source data, enabling intelligent, dynamic analysis of physical assets. Pointerra3D CORE is a cloud platform providing solutions to the most common 2D and 3D digital twin data workflow problems.

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Pointerra’s Growth Strategy

Continue to work with Pointerra3D Core customers, prospects and partners to identify problematic and clumsy desktop digital twin workflows that can be migrated to the cloud, building out Pointerra3D Analytics and Answers

Leverage the Company’s proven success in the electric power utility sector to provide a pathway for growth across other key target market sectors that have TAM’s of more than US$100 million in opportunity for the Company

Identify and on-board quality people in platform, product and business development across Pointerra’s six key target market sectors.

Retain a disciplined focus on scaling sticky, recurring SaaS revenue and cashflow so that the resulting operational leverage can drive sustainable profitability.

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Q3 FY24 Highlights – Material Contract Award to Boost Q4 and FY25 Cashflows

Ø US customer program, invoicing and receivables collection delays impacted Q3 operating cashflows

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Q3 Customer Receipts A$0.77 million Compared to Q2 FY24 receipts of A$1.33 million. A$1.04 million already received during April 2024

Ø Q4 FY24 and FY25 cashflows expected to materially improve as US customer programs restart

Operating Cashflows -A$1.64 million

• Ø Material new EMEA region sales opportunities progressing via MiddleEast Strategic Reseller

Expected to materially improve to cashflow positive during Q4 FY24 and into FY25

Ø Poised for strong sales rebound with new customer sector and and geographic diversity a hedge against US electric utility concentration risk

A$2.92 million contract award

Existing US energy utility customer awards contract (refer 8 March 2024 ASX announcement) that will be fully invoiced and paid during calendar 2024, with further contracts expected from this customer during calendar 2024

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Enterprise Sales Update – Turning the Corner

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US Utility Program Delays Ending – Material delays in data acquisition programs and grid resilience planning by US utility customers and prospects during calendar 2023 impacted Pointerra’s sales execution activity. These delays have resolved and programs previously delayed are now re-starting, (e.g. material contract award announcement 8 March 2024) which is expected to materially improve invoicing and cash collections throughout the balance of calendar 2024 and through calendar 2025.

Resellers & Partners Open New Regions – Activity throughout FY23 and FY24 to identify, negotiate and execute agreements with resellers and partners is generating new customers and very large enterprise sales opportunities in new regions without adding to Pointerra’s direct sales cost base.

Chief Growth Officer’s Making an Impact – CGO appointments in the US and EMEA regions during calendar 2023 are broadening sales reach into new regions and sectors. Leadership level engagement with Tier-1 customers and prospects as well as resellers and partners has generated greater certainty over deal quality, timing and quantum.

Sales Pipeline Continues to Grow – Growth in qualified prospects and deals across target sectors with massive TAM’s plus existing customer account re-commitment and expansion is driving growth in Pointerra3D platform daily active users (DAU), which will in turn expand the Company’s Annual Recurring Revenue (ARR) over time.

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Market Sector Update – Survey & Mapping

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The Survey & Mapping sector continues to deliver steady growth through new customer acquisition and increased spend by existing users. The customer base is a mix of small and medium sized businesses that recognise the data management workflow improvements and production efficiencies that are achievable from cloud platforms and automated processes. This important group of users continue to be critical influencers of the product and solution development road map for Pointerra3D.

During February 2024, the BD team participated in the GeoWeek conference in Denver, Colorado . The conference is the largest event for the North American Geospatial Industry. Attendance was strong with numerous qualified leads gathered. Importantly, the team observed a maturity in the understanding and acceptance of the use of Digital Twins for asset management over previous events. This awareness is reflected in an increase in new, qualified opportunities currently working their way through the sales pipeline.

During the quarter, the team worked with several customers to deploy Pointerra3D’s end-to-end processing analytics to complete significant aerial LiDAR and imagery capture projects. The speed and scale efficiencies of Pointerra3D generated a greater than 80% reduction in traditional processing times . The results of these efforts are being used to demonstrate (with hard numbers) the value of adopting Pointerra’s cloud workflows for production. The numbers are compelling and the Company expects them to underpin investment cases for further adoption with the traditionally conservative aerial survey industry.

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Market Sector Update – Power & Water Utilities

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Market Sector Update – Power & Water Utilities

During Q3 the Company announced the award of a material contract from an existing US energy utility customer (announced to the market on 9 March 2024). Work has commenced with the customer to implement the relevant Pointerra3D Analytics to support the delivery of the customer’s program, and the Company expects to receive additional material program awards from this customer during calendar 2024.

The Company is also deeply engaged with a number of existing US electric utility customers and prospects as delays to their material works programs experienced during calendar 2023 continue to resolve and are expected to contribute positively to the short- and medium-term outlook for Pointerra.

Work also commenced with one of the Company’s largest Pointerra3D Core multi-disciplinary engineering customers to implement Pointerra’s market leading poles and wires analytics for one of their large North American utility customers. The work is being performed by the engineering customer within the Pointerra3D platform on behalf of their end-customer and the deployment represents the first major undertaking by this customer using the Pointerra3D Analytics solution. In addition, the end-customer has committed to a 2-year Pointerra3D Core and Utility subscription for a small project team. Whilst this contract is not in itself material, it does present two material opportunities:

• Ø Expanding the adoption of Pointerra3D as the primary method for producing utility digital twins by the engineering customer; and

• Ø Growing the usage of the platform within the utility beyond the initial small project team adding a new utility enterprise customer to the stable.

During Q3 the US team submitted a material funding application for a federally funded digital twin program as the program lead with a consortium of North-East US electric utilities and academic institutions. If successful, the program will demonstrate the application of digital twins in managing the impact of climate change on power distribution system . In addition to delivering revenue, the project will provide additional endorsement for the Pointerra3D platform in the important area of grid resilience. An award decision is expected during Q4 FY24.

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Market Sector Update – Mining, Oil & Gas

The Company currently has multiple engagements within the Oil & Gas sector in Australasia. One of these projects is part of an EPC program in a major capital project and involves Pointerra3D Core being used to manage, access and distribute photogrammetry and point cloud digital twin data. The project also involves the use of Pointerra3D Analytics for change detection to support the quality control aspects of the capital works program, comparing as-built data to as-designed plans.

The Company’s growth plans for the EMEA region have generated significant traction during Q3, with material opportu nities being developed in the Oil & Gas and Utilities sectors through Pointerra’s new channel partner agreements. The Company expects initial revenue flows to commence during the middle of calendar 2024 from opportunities in these regions.

Pointerra’s Mining solutions continue to grow delivering significant opportunities for growth in this important sector, supported by the the release of the new Pointerra3D Master Model workflow solution during the quarter. This solution allows users to consolidate disparate 3D data into a Master Model and this functionality is particularly important for mine sites, which tend to be very dynamic in active mining areas making it difficult to track the latest version of terrain information. The Master Model solution effectively allows customers to merge new areas of capture into the overall terrain model while tracking the lineage of data with the model. It is currently being tested by Pointerra’s largest mining customer on their flagship site in central Queensland. Once accepted it is expected to be rolled out across the customer’s other global sites delivering further revenue growth.

During the quarter Pointerra3D also received technical sign off for an Analytics solution developed to calculate mill volumes and crusher dimensions for a US mining company that has numerous operations across Arizona and South America. The Pointerra3D Analytics solution leverages SLAM LiDAR and offers significant safety and production improvements by removing the need for humans to enter confined spaces, in addition to materially reducing shutdown times. Pointerra’s team is finalising commercial terms for a master services agreement that will allow the progressive roll out of the Analytics solution across approximately 8 sites over the next 12 months. The new solution is applicable across a broad range of mining operations and is expected to become a key value offering for Pointerra3D’s mining solutions portfolio.

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Market Sector Update – AECO (Architecture, Engineering, Construction & Operation)

Many of of the emerging Pointerra3D capabilities mentioned elsewhere in this report are directly relevant to the AECO Sector . Of particular relevance to the AECO Sector is the new Pointerra3D Master Model solution. In addition to the Company’s mining customers testing the solution, several AEC customers are testing its applicability to large construction projects, for those with significant bulk earthworks components. Their feedback will be critical in refining and adapting the Master Model solution for use by this sector.

During the quarter, Pointerra team has been working with a material global prospect to adopt Pointerra3D Core and Analytics to build digital twins for the certification and management of their facilities. The solution will apply Analytics workflows to automate activities using detailed 3D models of the prospect’s facilities. The solution has broad AECO Sector application and will develop the framework for the application of Pointerra3D for the operation of facilities more generally. The Company expects to be awarded a contract during Q4 FYF24 and for the solution to become an important source of growth in the Facility Management (Operations) sector.

Pointerra will be showing this and other AECO Sector focused solutions in Australia as part of global partner Emesent’s booth at Sydney Build in May. The event is expected to be a significant lead generator and contributor to growth in the AECO sales pipeline.

Update on Amazon Program - The Amazon distribution centre digital twin program continues to experience delays, with recommencement now projected for Q4 FY24. Despite these delays, customer engagement and planning remains active as we prepare execution and implementation plans. The Company is confident that once re-initiated, the program will proceed and scale to the level announced to the market on 31 January 2023, backed by strong customer support.

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Market Sector Update – Transport (Road, Rail, Ports)

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Pointerra continues to build its presence across the Transport Sector targeting opportunities in Australia, North America and Europe.

During the quarter, the Company commenced pilot projects with two existing Pointerra3D customers to develop Analytics processes for digital twin feature extraction through the fusion of point cloud and image data.

The customers have vast amounts of training data that can be used to extract a wide variety of assets related to the road and rail sector.

Leveraging existing data to automate the identification of change in existing asset databases represents extraordinary value for transport operations that currently rely on very manual workflow processes. The Pointerra3D Digital Twin solution is also highly relevant to surveying and engineering firms who often sub-contracted to do this work and are constantly seeking production improvements.

The delivery of Digital Twin feature extraction solutions for the Transport to complement the existing poles and wires analytics is expected to be a key driver of revenue growth for the Company once implemented.

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Market Sector Update – Defense & Intelligence

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Pointerra remains committed to its strategic endeavours within the Defense & Intelligence Sector, working in tandem with Defense organisations and leveraging the channels of established Defense contractors.

The collaborative discussions with a premier provider of C6ISR (command, control, communications, computers, cyber defense and combat systems and intelligence, surveillance and reconnaissance) solutions to the U.S. Department of Defense mentioned in our last update have again continued throughout the quarter. The dialogue centres on integrating Pointerra3D Analytics into their existing intelligence, surveillance, and reconnaissance frameworks. The goal is to augment their current capabilities with Pointerra3D's scalable and high-resolution 3D analytics, thereby enhancing the timing, precision and utility of their operations.

Simultaneously, Pointerra is proactively seeking to tailor our proven civilian Sector solutions for the Defense Agencies, focusing on geospatial data production and facilities management. While these applications may not command the spotlight akin to ISR and modern warfare technologies, they represent significant and promising avenues for revenue growth.

Our commitment to this enormous Sector is reflective of our broader vision to serve a wide array of industries with our advanced 3D geospatial analytics capabilities, delivering solutions that meet the exacting demands of Defense and Intelligence operations.

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Product Development, R&D & Platform Update

During the quarter the Product, R&D and engineering teams in Australia and the US delivered on the following initiatives:

• v New master model workflow released. This allows customers with repeat capture scenarios to selectively merge new data into existing projects in order to maintain a single “master model” representing the current as-built state of an asset. Sectors where high frequency repeat capture is now becoming common include mining and construction.

• v Refreshed UI for dataset and analytics creation. This update also gives customers visibility into platform functionality that may not be included in their current subscription – with an associated request trial access form. This has already resulted in significant trial requests for access to analytics capabilities that should ultimately lead to subscription upgrades.

• v Ongoing integration work with existing partners (e.g. Emesent) and new prospects that will be offering the Pointerra platform as an integrated data hosting, processing, and analytics solution for their customers.

• v Continued to implement multi-regional AWS infrastructure and associated software services to support growing sales and partner activities in other regions (i.e. outside of Australia, USA, Europe).

• v Next generation point cloud data format is now ready for release with production rollout about to begin. This will underpin new capabilities and analytics functionality in coming years.

• v Product design and prototyping work underway for a new product that will support broader uptake from the many data consumers within organisations that don’t necessarily have a need for the full range of functionality of the Pointerra core product. This will have a focus on a simplified user interface and have pre-configured workflows that are built to streamline tasks commonly undertaken within specific industry sectors.

• v Continued R&D focus on applying neural network and other learning-based approaches to future analytics and visualisation capabilities.

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Q3 FY24 Quarterly Cashflow Commentary

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• Cash Receipts. During the quarter ended 31 March 2024, the Company received A$0.77 million in customer receipts, which contributed to a net cash outflow from operating activities of A$1.64 million for the quarter. Delays in customer programs, invoicing and receivables collections prevented a cashflow positive quarter. The large US customer program delays that were experienced during calendar 2023 are now resolving with further improvement expected during Q4 FY24 and into FY25.

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• Placement. During the quarter, the Company undertook a Placement of 13 million shares at $0.08 per share to raise $1.04 million from an existing Pointerra founder & shareholder.

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• Cash Outflows (Summary of Expenditure) . During the quarter, payments for Research and Development represented salary allocations of Pointerra team members who are focused on R&D activities. Payments for Product Manufacturing and Operating Costs represent the portion of Pointerra’s AWS cloud platform expenditure allocated to supporting paying customers as well as third party data procurement costs made on behalf of customers. Ongoing AWS costs as a percentage of revenue are expected to continue to trend down in coming quarters as further cost optimisation strategies are adopted in conjunction with AWS engineers.

Payments for Staff Costs represent salaries for administration, sales, and general management activities by Pointerra team members and were lower for the quarter due to a reduction in US team headcount. Payments for Administration and Corporate Costs represent general costs associated with running the Company, including conference travel and attendance costs, ASX fees, legal fees, adviser fees and premises rent.

Cash Outflows for the quarter were in line with management expectations and reflect recent cost cutting initiatives. Cash balance as of 31 March 2024 was A$0.94 million and A$1.04 million has already been collected during April 2024, with a further $A0.4 million due to be received in early May. Please refer to the attached Appendix 4C for further details on cash flows for the quarter. The aggregate amount of payments to related parties and their associates included in the current quarter cash flows from operating activities were A$0.11 million comprising Directors fees, salaries, and superannuation.

This announcement has been authorised and approved for release by the Board of Pointerra Limited.

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Disclaimer

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Summary Information in relation to Pointerra Limited.

This presentation has been prepared by Pointerra Limited. ("Pointerra" or the "Company") based on information available to it as at the date of this presentation. The information in this presentation is provided in summary form and does not contain all information necessary to make an investment decision.

This presentation does not constitute an offer, invitation, solicitation or recommendation with respect to the purchase or sale of any security in Pointerra, nor does it constitute financial product advice or take into account any individual's investment objectives, taxation situation, financial situation or needs. An investor must not act on the basis of any matter contained in this presentation but must make its own assessment of Pointerra and conduct its own investigations. Before making an investment decision, investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs, and seek legal, taxation and financial advice appropriate to their jurisdiction and circumstances. Pointerra is not licensed to provide financial product advice in respect of its securities or any other financial products. Cooling off rights do not apply to the acquisition of Pointerra securities.

Although reasonable care has been taken to ensure that the facts stated in this presentation are accurate and that the opinions expressed are fair and reasonable, no representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of Pointerra, its officers, directors, employees and agents, nor any other person, accepts any responsibility and liability for the content of this presentation including, without limitation, any liability arising from fault or negligence, for any loss arising from the use of or reliance on any of the information contained in this presentation or otherwise arising in connection with it.

The information presented in this presentation is subject to change without notice and Pointerra does not have any responsibility or obligation to inform you of any matter arising or coming to their notice, after the date of this presentation, which may affect any matter referred to in this presentation. The distribution of this presentation may be restricted by law and you should observe any such restrictions.

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Forward looking statements

This presentation contains certain forward-looking statements that are based on the Company's management's beliefs, assumptions and expectations and on information currently available to management. Such forward looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results or performance of Pointerra to be materially different from the results or performance expressed or implied by such forward looking statements. Such forward looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the political and economic environment in which Pointerra will operate in the future, which are subject to change without notice. Past performance is not necessarily a guide to future performance and no representation or warranty is made as to the likelihood of achievement or reasonableness of any forward-looking statements or other forecast. To the full extent permitted by law, Pointerra and its directors, officers, employees, advisers, agents and intermediaries disclaim any obligation or undertaking to release any updates or revisions to information to reflect any change in any of the information contained in this presentation (including, but not limited to, any assumptions or expectations set out in the presentation).

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Rule 4.7B

Appendix 4C

Quarterly cash flow report for entities subject to Listing Rule 4.7B

Name of entity

Pointerra Limited

ABN

39 078 388 155

Quarter ended (“current quarter”)

31 March 2024

Consolidated statement of cash flows	Consolidated statement of cash flows	Current quarter	Year to date
		$A’000	(9 months)
			$A’000
1.	Cash flows from operating activities
1.1	Receipts from customers	724	4,102
1.2	Payments for
	(a) research and development	(525)	(1,745)
	(b) product manufacturing and operating	(423)	(1,437)
	costs
	(c) advertising and marketing	(26)	(109)
	(d) leased assets	-	-
	(e) staff costs	(979)	(4,162)
	(f) administration and corporate costs	(383)	(1,066)
1.3	Dividends received (see note 3)	-	-
1.4	Interest received	1	2
1.5	Interest and other costs of finance paid	(27)	(54)
1.6	Income taxes paid	-	-
1.7	Government grants and tax incentives	-	886
1.8	Other (provide details if material)	-	-
1.9	Net cash from / (used in) operating	(1,638)	(3,583)
	activities
2.	Cash flows from investing activities
2.1	Payments to acquire or for:
	(a) entities	-	-
	(b) businesses	-	-
	(c) property, plant and equipment	-	(13)
	(d) investments	-	-
	(e) intellectual property	-	(27)
	(f) other non-current assets	-	-

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

Page 1

Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

Consolidated statement of cash flows	Consolidated statement of cash flows	Current quarter	Year to date
		$A’000	(9 months)
			$A’000
2.2	Proceeds from disposal of:
	(a) entities	-	-
	(b) businesses	-	-
	(c) property, plant and equipment	-	-
	(d) investments	-	-
	(e) intellectual property	-	-
	(f) 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	-	(40)
	activities
3.	Cash flows from financing activities
3.1	Proceeds from issues of equity securities
	(excluding convertible debt securities)	1,040	3,235
3.2	Proceeds from issue of convertible debt	-	-
	securities
3.3	Proceeds from exercise of options	-	-
3.4	Transaction costs related to issues of	(6)	(191)
	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	1,034	3,044
	activities
4.	Net increase / (decrease) in cash and
	cash equivalents for the period
4.1	Cash and cash equivalents at beginning of
	period	1,540	1,491
4.2	Net cash from / (used in) operating	(1,638)	(3,583)
	activities (item 1.9 above)
4.3	Net cash from / (used in) investing activities	-	(40)
	(item 2.6 above)

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

Page 2

Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

Consolidated statement of cash flows	Consolidated statement of cash flows		Current quarter		Year to date
			$A’000		(9 months)
					$A’000
4.4	Net cash from / (used in) financing activities		1,034		3,044
	(item 3.10 above)
4.5	Effect of movement in exchange rates on		5		29
	cash held
4.6	Cash and cash equivalents at end of		941		941
	period
5.	Reconciliation of cash and cash		Current quarter		Previous quarter
	equivalents		$A’000		$A’000
	at the end of the quarter (as shown in the
	consolidated statement of cash flows) to the
	related items in the accounts
5.1	Bank balances		890		1,489
5.2	Call deposits		51		51
5.3	Bank overdrafts		-		-
5.4	Other (provide details)		-		-
5.5	Cash and cash equivalents at end of		941		1,540
	quarter (should equal item 4.6 above)
6.	Payments to related parties of the entity and their				Current quarter
	associates				$A'000
6.1	Aggregate amount of payments to related parties and their				113
	associates included in item 1
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.

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 4C

Quarterly cash flow report for entities subject to Listing Rule 4.7B

7.	Financing facilities Total facility	Amount drawn at
	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. amount at quarter end $A’000	quarter end $A’000
7.1	Loan facilities -	-
7.2	Credit standby arrangements -	-
7.3	Other (please specify) -	-
7.4	Total financing facilities -	-
7.5	Unused financing facilities available at quarter end	-
7.6	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.

8. 8.1 8.2 8.3 8.4 8.5 8.6

Estimated cash available for future operating activities $A’000 Net cash from / (used in) operating activities (item 1.9) (1,638) Cash and cash equivalents at quarter end (item 4.6) 941 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.2 + item 8.3) 941 Estimated quarters of funding available (item 8.4 divided by item 8.1) 0.57 Note: if the entity has reported positive net operating cash flows in item 1.9, answer item 8.5 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.5. If item 8.5 is less than 2 quarters, please provide answers to the following questions: 8.6.1 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? Answer: The Company expects that net operating cash inflows (receipts from customers) will improve during Q4 FY24 and into FY25, which will in turn improve the “net cash from / (used in) operating activities” reported in item 1.9. During the month of April 2024 the Company has collected $1.04 million in receipts from customers, with a further $A0.4 million due to be received in early May. 8.6.2 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: During the quarter the Company completed a placement of 13 million shares at $0.08 per share to raise $1.04 million from an existing Pointerra founder-shareholder. The Company has sufficient placement capacity and a proven track record of being able to raise additional capital should it be required.

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

• 8.6.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?

Answer: The Company expects to improve the item 1.9 result during Q4 FY24 and into FY25 by growing receipts from customers through invoicing newly awarded programs. The addition of $1.04 million in placement proceeds and the collection of $1.04 million in receipts from customers in April 2024 (with further cash collection and customer invoicing expected during early May) provides the Company with an additional working capital buffer to continue operations and meet its business objectives.

Note: where item 8.5 is less than 2 quarters, all of questions 8.6.1, 8.6.2 and 8.6.3 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 April 2024..................................................

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 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 standard applies 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 – e.g. 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 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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