PREDICTIVE DISCOVERY LIMITED — Interim / Quarterly Report 2021

Oct 28, 2021

29 October 2021

QUARTERLY ACTIVITIES REPORT FOR PERIOD ENDING 30 SEPTEMBER 2021

Predictive Discovery Limited (“Predictive” or “Company”) is pleased to provide an update on exploration activities undertaken during the September 2021 Quarter.

Bankan Gold Project

• The Company announced an Inferred Mineral Resource of 72.8 million tonnes at 1.56g/t Au for 3.65 million ounces of gold , at a cut-off grade of 0.5g/t Au[1] .

• At a cut-off grade of 1.0g/t Au, total ounces within the same Mineral Resource models are 2.82Moz at an average grade of 2.29g/t Au[1] .

• During the Quarter, the Company completed 11 Reverse Circulation (RC)/Diamond Drill (DD), 324 Power Auger and 71 Aircore holes (totalling 13,773m) as part of the resource drilling and exploration program.

• Initial scoping-level metallurgical testwork completed has returned excellent gold recoveries under standard test conditions[2] . Metallurgical testwork results included:

• Cyanide leach recoveries from all gold mineralisation types ranged from 94.2% to 98.5% under optimised conditions (75-micron grind, 24 hours).

• Very good leaching kinetics with at least 94% of extractable gold dissolution within 24 hours.

• Gravity gold recoveries ranging from 13.1% to 37% with values from the tonalite and tonalite skarn ore ranging from 19.6% to 37%.

NE Bankan

• Step-out DD drilling continued to grow the central gold mineralised zone at depth, with broad gold zones intersected. Better results included:

• BNEDD0085: 44m @ 8.0g/t Au from 265m, incl. 17m @ 18.1g/t Au from 273m[3]

• BNEDD0088: 49.7m @ 11.7g/t Au from 301m[4] ,

• incl. 17.0m @ 31.9g/t Au from 313m, incl. 7.0m @ 50.3g/t Au from 322m

• BNEDD0087: 55.6m @ 5.7g/t Au from 237m, incl. 40m @ 7.3g/t Au from 239m[4]

• BNERD0090: 26m @ 7.0g/t Au from 407m, incl. 11m @ 13.6g/t Au from 407m[5]

1 ASX Announcement - 3.65 MILLION OUNCE BANKAN MAIDEN MINERAL RESOURCE ESTIMATE (30 September 2021) 2 ASX Announcement - EXCELLENT GOLD RECOVERIES FROM INITIAL BANKAN METALLURGICAL TESTWORK (14 September 2021) 3 ASX Announcement - 44M @ 8G/T GOLD – HIGHEST IMPACT GOLD INTERCEPT AT BANKAN PROJECT (1 July 2021)

4 ASX Announcement - BONANZA GOLD GRADES AS HIGH-GRADE ZONE REVEALED AT BANKAN (19 July 2021)

5 ASX Announcement - HIGH-GRADE GOLD ZONE CONFIRMED UP TO 400 METRES DEPTH 16 September 2021

• BNERD0091: 16.6m @ 5.9g/t Au from 393m, incl. 6m @ 12.2g/t Au from 400m[5]

• BNERD0092: 38m @ 3.6g/t Au from 380m, including: 15m @ 6.4g/t Au from 395m[5]

Bankan Creek

• Shallow RC & DD drilling continued to intersect good to high-grade gold, with better results including[3,6] :

• BCKDD0018: 34m @ 3.7g/t Au from 6m, incl. 5m @ 15.5g/t Au from 17m

• BCKDD0013: 17m @1.6g/t Au from 113m, and 10.6m @ 3.8g/t Au from 142m

• BCKDD0014: 21m @ 1.5g/t Au from 38m, and 18m @ 2.6g/t Au from 64m,

  • incl. 2.5m @ 14.5g/t Au from 73m

• BCKDD0015: 36m @ 1.8g/t Au from 17m

• BCKRC0008: 36m @ 3.1g/t Au from 14m (to EOH), incl. 2m @ 17.5g/t Au from 41m

Bankan Regional Exploration

• AC drilling following up a series of regional gold auger anomalies to the south and west of NE Bankan returned excellent initial results including[7] :

• BKAC0016: 16m @ 2.3g/t Au from surface, incl. 2m @ 7.5g/t Au from 2m, followed by 28m @ 12.1g/t Au from 22m, incl. 6m @ 48g/t Au from 26m, with 2m @ +100g/t Au

• BKAC0015: 8m @ 3.3g/t Au from 6m, incl. 2m @ 10g/t Au

• BKAC0014: 4m @ 4g/t Au from 16m, incl. 2m @ 7.2g/t Au

• BKAC0011: 12m @ 1.8g/t Au from 32m

Corporate

• The Company completed the second tranche of the $26.5 million placement to institutional and sophisticated investors[8] , with the funds raised being used principally to rapidly advance the Bankan Project.

December 2021 Quarter - Planned Activity

• NE Bankan RC/DD drilling ongoing to explore the high-grade core zone at depth.

• AC drilling on regional targets in Bankan project.

• Auger drilling planned to resume once ongoing heavy rains stop and the ground dries out.

6 ASX Announcement - Strong widths and grades from Bankan creek resource drilling (24 August 2021)

7 ASX Announcement - 28m @ 12.1 g/t gold 1.5 km from NE Bankan (23 September 2021)

8 ASX Announcement - A$26.5M Institutional placement to fuel 110,000m drilling (17 May 2021)

Page 2 of 17

Predictive Discovery (ASX:PDI) is an ASX-listed exploration and development company with a large landholding in Guinea’s Siguiri Basin, which hosts AngloGold’s large Siguiri Mine (+10Moz). In April 2020, the Company made a greenfields gold discovery at the Bankan Project. Just 17 months after discovery, on 30 September 2021, the Company announced a maiden Inferred Mineral Resource of 3.65 million ounces[1] .

Bankan comprises four tenements - Kaninko, Saman, Argo and Bokoro – a 356km[2 ] land package with no historical drilling undertaken. The Company recently completed a Mineral Resource estimate at Bankan along with infill, expansion and regional aircore drilling during the Quarter.

==> picture [424 x 328] intentionally omitted <==

Figure 1 - Predictive Discovery’s 100%-owned Guinea Portfolio of gold projects

BANKAN GOLD PROJECT, GUINEA

During the September Quarter, the Company progressed its two greenfields gold discoveries at NE Bankan and Bankan Creek, culminating in the release of the maiden 3.65Moz Mineral Resource estimate at the end of the Quarter.

Deeper drilling at NE Bankan has defined a thick zone of high-grade mineralisation at the base of the Mineral Resource, offering potential for further increases in Mineral Resources.

Within the wider regional Bankan Project area, a large auger drilling program undertaken in the June Quarter was followed up with aircore drilling, with 16 holes for 660 metres completed during the September Quarter. commenced to test the new target areas identified through this work. A particular initial focus was in the

Page 3 of 17

area between NE Bankan and Bankan Creek, which is interpreted to be connected by a series of ENE orientated cross structures.

MINERAL RESOURCE ESTIMATE

During the September Quarter, the Company released a maiden Mineral Resource Estimate (MRE) of 3.65 million ounces for the Bankan Gold Project, located in Guinea’s Siguiri Basin. The Total Mineral Resource stands at 72.8 million tonnes at 1.56g/t Au for 3.65 million ounces of gold.

Deposit	Classification	Tonnes (Mt)	Grade (g/t Au)	Contained Ounces (‘000 Au)
NE Bankan	Inferred	65.6	1.57	3,315
Bankan Creek	Inferred	7.2	1.42	331
Total	Inferred	72.8	1.56	3,646

Notes to Mineral Resource Table:

1. The Mineral Resource is estimated with all drilling data available at 11[th] September 2021. Drillholes BNERD0090 and BNERD0091 (reported to ASX on 16 September 2021) were included in the Mineral Resource database. BNERD092 was not included in the Mineral Resource estimate.

2. The Mineral Resource is reported in accordance with the JORC Code 2012 Edition at a 0.5g/t cut-off.

3. The Competent Person is Phil Jankowski MAusIMM (CP) of CSA Global.

4. The Mineral Resources are constrained by optimised pit shells using a metal price of USD1,800 per ounce Au and process recovery of 94%.

5. Rounding may lead to minor apparent discrepancies.

The maiden Mineral Resource estimate was based on assays and information from 147 reverse circulation drillholes for 14,973m, 28 diamond drillholes for 6,005m, 32 RC/DDH drillholes for 9,486m and 47 aircore drillholes for 2,231m.

EXCELLENT METALLURGICAL TESTWORK RESULTS

During the Quarter, the Company completed initial scoping-level metallurgical testwork for the Bankan Gold Project, with excellent gold recoveries returned under standard test conditions[2] . Bankan gold mineralisation has been confirmed as free-milling with high gold recoveries, and is amenable to a simple, industry-standard comminution and carbon-in-leach process circuit.

The key metallurgical testwork results included[2] :

• Cyanide leach recoveries from all gold mineralisation types ranged from 94.2% to 98.5% under optimised conditions (75-micron grind, 24 hours).

• Very good leaching kinetics with at least 94% of extractable gold dissolution within 24 hours.

• Gravity gold recoveries ranging from 13.1% to 37% with values from the tonalite and tonalite-skarn ore ranging from 19.6% to 37%.

Page 4 of 17

The ore is relatively hard with breakage characteristics pointing to (a) a three-stage crushing and ball mill circuit or (b) two-stage crushing and High-Pressure Grinding Roll ( HPGR ) before milling or (c) a Semi Autogenous Ball Mill Crushing Circuit ( SABC ). Under optimised conditions, cyanide consumption is anticipated to be 0.7 to 0.9 kg/t and lime consumption of 0.1kg/t or less.

NE BANKAN

Diamond drilling at NE Bankan to date has confirmed broad widths in fresh rock and excellent hole-to-hole continuity, with high-grade gold mineralisation during the Quarter confirmed to extend to 400m vertical depth[5] (Figure 3).

Drilling completed in the September Quarter expanded the high-grade Mineral Resource potential at NE Bankan substantially with broad widths and excellent gold grades showing excellent continuity and consistency and extending to depth. During the Quarter, the first evidence of outstanding grades and widths in the high-grade core of the deposit with the reporting of 44m @ 8.0g/t Au from 265m in BNEDD085[3] (Figure 4).

Results from 9 RC-DD holes, totalling 3,497m, were received during the September Quarter, all of which were used in the calculation of the Company’s maiden 3.65Moz Mineral Resource estimate. The most important results, which have expanded the gold mineralisation to depth, were received from the Central Gold Mineralised Zone (Figure 2) and are summarised in a number of key cross-sections below.

==> picture [518 x 279] intentionally omitted <==

Figure 2 - NE Bankan plan view showing collars of west-to-east RC/DD holes (only) and highlighting (in red and magenta) significant results obtained in the September Quarter. All superimposed on a plan view of the power auger gold anomaly (pink shading).

Page 5 of 17

==> picture [511 x 409] intentionally omitted <==

Figure 3 - Longitudinal Projection showing location of diamond drill results received in the September Quarter (pink result labels).

Cross-section 1175020N (Figure 4)

Three DD holes were reported on this section, providing confirmation of a thick, high-grade zone located within the overall gold-mineralised envelope at depth in the core of the Central Gold Mineralised Zone[3,5] :

• BNEDD0085: 44m @ 8.0g/t Au from 265m, including:

17m @ 18.1g/t Au from 273m

• BNEDD0086: 12.3m @ 6.7g/t Au from 338m, including:

• 3.9m @ 14.4g/t Au from 340m

• BNERD0090: 26m @ 7.0g/t Au from 407m, including:

• 11m @ 13.6g/t Au from 407m

Page 6 of 17

Grades and cumulative grammetre intervals appear to be increasing at depth overall, providing evidence for the southerly plunge of the 100 grammetre zone shown on the longitudinal projection (Figure 3).

==> picture [518 x 376] intentionally omitted <==

Figure 4 - NE Bankan Cross section 1175020N showing new DD holes BNEDD0085, BNEDD0086 and BNEDD090

Cross-Section 1175100N (Figure 5)

Three deeper holes were reported from this cross-section during the September Quarter[4,5] :

• BNERD0091: 16.6m @ 5.9g/t Au from 393m, including:

• 6m @ 12.2g/t Au from 400m

• BNEDD0088: 49.7m @ 11.7g/t Au from 301m, including:

17.0m @ 31.9g/t Au from 313m, including: 7.0m @ 50.3g/t Au from 322m

• BNEDD0087: 55.6m @ 5.7g/t Au from 237m, including: 40m @ 7.3g/t Au from 239m

Page 7 of 17

==> picture [518 x 388] intentionally omitted <==

Figure 5 - NE Bankan Cross Section 1175100N showing diamond drill hole BNERD091

Cross-Section 1175060N

One new deeper hole was reported from this cross-section[5] :

• BNERD0092: 38m @ 3.6g/t Au from 380m, including:

15m @ 6.4g/t Au from 395m

Page 8 of 17

BANKAN CREEK

Bankan Creek is a satellite discovery 3km to the west of NE Bankan that contributed 331,000oz to the maiden 3.65Moz Mineral Resource estimate[1] .

During the Quarter, nine RC/DD holes were completed for 1,448 metres. Better intercepts from the Bankan Creek extension and infill drilling program reported during the Quarter included the following[3,6] :

• BCKDD0018: 34m @ 3.7g/t Au from 6m, including:

• 5m @ 15.5g/t Au from 17m

• BCKDD0013: 17m @1.6g/t Au from 113m, and

• 10.6m @ 3.8g/t Au from 142m

• BCKDD0014: 21m @ 1.5g/t Au from 38m, and

• 18m @ 2.6g/t Au from 64m, including;

• 2.5m @ 14.5g/t Au from 73m

• BCKDD0015: 36m @ 1.8g/t Au from 17m

• BCKRC0008: 36m @ 3.1g/t Au from 14m (to EOH), including:

• 2m @ 17.5g/t Au from 41m

==> picture [518 x 298] intentionally omitted <==

==> picture [513 x 20] intentionally omitted <==

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

Figure 6 - Bankan Creek plan view showing results of holes reported in the September Quarter overlain on the power auger and trench defined near-
surface gold anomaly
----- End of picture text -----

==> picture [64 x 11] intentionally omitted <==

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

Page 9 of 17
----- End of picture text -----

==> picture [518 x 406] intentionally omitted <==

Figure 7 – Cross section through new DD drill results, Bankan Creek Prospect

Page 10 of 17

==> picture [518 x 481] intentionally omitted <==

Figure 8 - Bankan Cross section showing new DD results (red result labels)

Page 11 of 17

BANKAN REGIONAL EXPLORATION PROGRAM

During the Quarter, the Company completed a high-impact aircore ( AC ) drilling program following up a series of regional gold auger anomalies to the south and west of NE Bankan. The initial program consisted of 16 holes for 660m, with plans to significantly increase the program.

==> picture [518 x 425] intentionally omitted <==

Figure 9 – Bankan Project aircore drilling program, August 2021[7]

The August 2021 program returned excellent results, including[7] :

• BKAC0016: 16m @ 2.3g/t Au from surface, incl. 2m @ 7.5g/t Au from 2m, followed by

• 28m @ 12.1g/t Au from 22m, incl. 6m @ 48g/t Au from 26m, with 2m @ +100g/t Au

• BKAC0015: 8m @ 3.3g/t Au from 6m, incl. 2m @ 10g/t Au

Page 12 of 17

• BKAC0014: 4m @ 4g/t Au from 16m, incl. 2m @ 7.2g/t Au

• • BKAC0011: 12m @ 1.8g/t Au from 32m

==> picture [517 x 374] intentionally omitted <==

Figure 10 – Bankan Regional cross section S1173660, including hole BKAC0016

The 28m @ 12.1g/t Au intercept in BKAC0016 (Figure 11) ranks among the best high-grade drill results at the Bankan Gold Project.

Drill results obtained so far suggest that there are horizontal zones of anomalous gold values on some sections and >10m thick horizontal zones with little or no gold on other sections. This suggests that there are near-surface layers of transported material too thick for penetration by power auger in places, which may be concealing deeper zones of weathered bedrock gold mineralisation below, thereby warranting AC drilling to search for extensions along strike, despite low auger values.

Page 13 of 17

KOUNDIAN PROJECT, GUINEA

No work was undertaken during the September quarter.

CORPORATE

Financial Position

As at 30 September 2021, the Company held $23.9 million in available cash with no debt.

Expenditure on Mining Exploration Activities

In accordance with ASX Listing Rule 5.3.1, the Company advises its exploration and evaluation expenditure during the September 2021 quarter totalled $4.5 million included at item 1.2(a) of the Appendix 5B. This includes $2.5 million drilling; $1.9 million in associated geology, assaying and field costs and $0.2 million in local taxes.

Payments to Related Parties and their Associates

In accordance with ASX Listing Rule 5.3.5, payments to related parties of the Company and its associates during the quarter totalled $122,402 inclusive of GST. The Company advises that $118,442 of this relates to directors’ fees, salaries and superannuation (including $750 GST), and a further $3,960 (incl. $360 GST) was paid to a related party of Steven Michael, for accounting and finance consulting services.

Capital Structure

Predictive currently has 1,360,562,612 fully paid Ordinary shares on issue, 82,445,014 listed Options (PDIOA) and 68,695,741 unlisted options on issue at various exercise prices and expiry dates.

During the June Quarter, the Company announced a capital raising of $26.5 million in a placement to institutional and sophisticated investors at $0.08 per share. The first tranche of 249,669,873 shares (approximately $19.97 million) completed on 25 May 2021. The second tranche, consisting of 81,580,127 shares (approximately $6.563 million), completed on 19 July 2021 following shareholder approval.

2021 SEPTEMBER QUARTER - ASX ANNOUNCEMENTS

This Quarterly Activities Report contains information extracted from ASX market announcements reported in accordance with the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (“2012 JORC Code”). Further details (including 2012 JORC Code reporting tables where applicable) of exploration results referred to in this Quarterly Activities Report can be found in the following announcements lodged on the ASX:

30-Sept-21	3.65 MILLION OUNCE BANKAN MAIDEN MINERAL RESOURCE ESTIMATE
23 Sept-21	28M @ 12.1 G/T GOLD 1.5 KM FROM NE BANKAN

Page 14 of 17

16-Sept-21	HIGH-GRADE GOLD ZONE CONFIRMED UP TO 400M VERTICAL DEPTH
14-Sept-21	EXCELLENT GOLD RECOVERIES FROM BANKAN METALLURGICAL TESTWORK
24-Aug-21	STRONG WIDTHS AND GRADES FROM BANKAN CREEK RESOURCE DRILLING
2-Aug-21	MORE BROAD WIDTHS AND HIGH-GRADES FROM BANKAN DRILLING
19-Jul-21	BONANZA GOLD GRADES AS HIGH-GRADE ZONE IS REVEALED AT BANKAN
01-Jul-21	44M @ 8G/T GOLD – HIGHEST IMPACT GOLD INTERCEPT AT BANKAN PROJECT

These announcements are available for viewing on the Company’s website under the Investors tab. Predictive confirms that it is not aware of any new information or data that materially affects the information included in any original ASX announcement.

This announcement is authorised for release by Predictive’s Managing Director, Paul Roberts.

- END -

For further information please contact: Paul Roberts Managing Director Email: paul.roberts@predictivediscovery.com

Page 15 of 17

TENEMENT STATUS – SEPTEMBER 2021

Name	Number	Location	Area (sq. km)	PDI equity	Change in equity
Kalinga	Arrêté 2014- 294/MCE/SG/DGMGC	Burkina Faso	186	100%	Nil
Tantiabongou	Arrêté 2017-054 /MCE/SG/DGMGC	Burkina Faso	50	100%	Nil
Tambifwanou	Arrêté 2017- 119/MCE/SG/DGMGC	Burkina Faso	136	100%	Nil
Bongou	Arrêté 2017- 121/MCE/SG/DGMGC	Burkina Faso	171	100%	Nil
Bira	Arrêté 2016- 129/MCE/SG/DGMGC	Burkina Faso	12	100%	Nil
Basieri	Arrêté 2017- 133/MCE/SG/DGMGC	Burkina Faso	73	100%	Nil
Haoura	Arrêté 2018- 232/MCE/SG/DGMGC	Burkina Faso	42	100%	Nil
Boundiali	Mining exploration permit No. 414	Cote D'Ivoire	299	11%	Nil
Boundiali North	Mining exploration permit	Cote D'Ivoire	350	Predictive CI earning 90%. PDI holds 11% of Predictive CI	Nil
Wendene	Mining exploration permit No. 572	Cote D'Ivoire	400	0% (rights to bonus payments on production)	Nil
Dabakala	Mining exploration permit application	Cote D'Ivoire	400	0% (rights to bonus payments on production)	Nil
Beriaboukro (Toumodi)	Mining exploration permit No. 464	Cote D'Ivoire	400	Predictive CI can earn 85% in the permit. PDI holds 11% of Predictive CI	Nil
Ferkessedougou North	Mining exploration permit No. 367	Cote D'Ivoire	400	Predictive CI can earn 85% in the permit. PDI holds 11% of Predictive CI	Nil
Bocanda North	Mining exploration permit No. 844	Cote D'Ivoire	368	Predictive 100% (Tanga Resources earning 80%)	Nil
Nonta	Exploration Permit	Guinea	100	Predictive 100%	Nil

Page 16 of 17

Kankan	Exploration Permit	Guinea	100	Predictive 100%	Nil
Kaninko	Exploration Permit	Guinea	100	Predictive 100%	Nil
Saman	Exploration Permit	Guinea	100	Predictive 100%	Nil
Bokoro	Exploration Permit	Guinea	100	Predictive 100%	Nil
Argo	Exploration Permit	Guinea	58	Predictive – right to earn 90% during the explorationphase	Nil
Koundian 1	Exploration Permit	Guinea	85	Predictive – right to earn 90% during the exploration phase	Nil
Koundian 2	Exploration Permit	Guinea	100		Nil
Koundian 3	Exploration Permit	Guinea	63		Nil
Koundian 4	Exploration Permit	Guinea	55		Nil
Cape Clear	EL 5434	Victoria, Australia	63	25%	Nil

Page 17 of 17

Rule 5.5

Appendix 5B

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

Name of entity PREDICTIVE DISCOVERY LTD ABN Quarter ended (“current quarter”) 11 127 171 877 30 Sept 2021

Consolidated statement of cash flows	Current quarter $A’000	Year to date (3 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 (BAS Refund) 1.9 Net cash from / (used in) operating activities	(4,520) (895) 2 - - - 165	(4,520) (895) 2 - - - 165
	(5,248)	(5,248)
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	- - (50) - - -	- - (50) - - -

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

Page 1

Appendix 5B

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

Consolidated statement of cash flows	Current quarter $A’000	Year to date (3 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	- - - - - - - -	- - - - - - - -
	(50)	(50)
1Earn-in Joint Venture expenditure (Argo)
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	6,555 (448)	6,555 (448)
	6,107	6,107
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)	22,729 (5,248) (50)	22,729 (5,248) (50)

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

Page 2

Appendix 5B

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

Consolidated statement of cash flows	Current quarter $A’000	Year to date (3 months) $A’000
4.4 Net cash from / (used in) financing activities (item 3.10 above) 4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	6,107 318	6,107 318
	23,856	23,856
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)	23,826 30 - -	23,826 30 - -
	23,856	23,856
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 1 109 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. $109k Director Fees		109

.

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

Page 3

Appendix 5B

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

7. 7.1 7.2 7.3 7.4 7.5 7.6	Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 Loan facilities - - Credit standby arrangements - - Other (please specify) - - Total financing facilities - - Unused financing facilities available at quarter end - Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
		-	-
		-	-
		-	-
		-	-
8.	Estimated cash available for future operating activities		$A’000
8.1 8.2 8.3 8.4 8.5 8.6 8.7 8.8	Net cash from / (used in) operating activities (item 1.9) (5,248) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - Total relevant outgoings (item 8.1 + item 8.2) (5,248) Cash and cash equivalents at quarter end (item 4.6) 23,856 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 23,856 Estimated quarters of funding available (item 8.6 divided by item 8.3) 4.5 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?		(5,248) - (5,248) 23,856 -
			23,856
	Answer: N/A
	8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
	Answer: N/A

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

Page 4

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: N/A

Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Date: ....29 October 2021...............

Authorised 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.

Page 5