PREDICTIVE DISCOVERY LIMITED — Interim / Quarterly Report 2021

Jan 27, 2022

28 January 2022

QUARTERLY ACTIVITIES REPORT FOR PERIOD ENDING 31 DECEMBER 2021

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

Highlights

• Drilling Results at NE Bankan continued to highlight depth extensions of the mineralisation below the current US$1,800/oz resource optimised shell

• Results from 10 Diamond drillholes, totalling 5,964 metres, reported

• Regional Exploration auger and AC drilling delivered further positive results

• Positive meetings with Minister of Mines and Geology and Minister of Environment and Sustainable Development

• Environmental authorisation validating the Environmental and Social Impact Notice (ESIN) covering the four exploration permits constituting the Bankan Project received

• Board Strengthened and Updated

NE Bankan

• Step-out and infill Diamond Drilling (DD) continued to increase the high-grade zone at depth, including below the US$1,800/oz optimised Mineral Resource pit shell, with better results including:

• BNEDD0093: 20.7m @ 9.6g/t Au from 397m, incl. 12m @ 15.6g/t Au from 400m[1]

• BNEDD0094: 34m @ 3.4g/t Au from 387m, incl. 9m @ 8.7g/t Au from 391m[1]

• BNEDD0095: 32m @ 6.7g/t Au from 330m, incl. 15m @ 11.6g/t Au from 332m[1]

• BNERD0096: 34m @ 5.5g/t Au from 265m, incl. 14m @ 9.8g/t Au from 279m[1]

• BNERD0097: 24.2m @ 8.8g/t Au from 463.8m, incl. 12.4m @ 15.3g/t Au from 465.6m[2]

• BNERD0098: 50m @ 2.4g/t Au from 448m, incl. 15.5m @ 4.9g/t Au from 449m[2]

• BNERD0099: 52.8m @ 3.6g/t Au from 510m, incl. 20.2m @ 7.3g/t Au from 511m[3]

1 ASX Announcement - NE Bankan high-grade gold zone reinforced and extended (19 October 2021)

2 ASX Announcement - High-grade gold zone extended below resource pit shell (3 November 2021) 3 ASX Announcement - Further depth extension to Bankan high-grade gold (22 November 2021)

• BNERD0100: 28.6m @ 1.7g/t Au from 516m, incl. 15.7m @ 2.6g/t Au from 517m[3]

• BNERD0101: 21m @ 2.9g/t Au from 574m, incl. 13m @ 4.6g/t Au from 601m[4]

• BNERD0102: 34m @ 5.5g/t Au from 441m, incl. 2m @ 15.5g/t Au from 453m[4]

Bankan Regional Exploration

• Regional aircore (AC) drilling from within 5km of the NE Bankan deposit continue to deliver excellent results and new discoveries including the 800 West Prospect and SW Bankan. Better results received during the Quarter included:

• BKAC0028: 14m @ 3.4g/t Au from 20m, incl. 2m @ 15.2g/t Au to EOH[5]

• BKAC0066: 8m @ 3.3g/t Au from 6m, incl. 4m @ 6.3g/t Au from 453m[5]

• BKAC0170: 7m @ 8.5g/t Au from 38m to EOH, incl. 2m @ 24.2g/t Au from 40m[6]

• BKAC0173: 36m @ 1.9g/t Au from 14m to EOH, incl. 2m @ 16.1g/t Au from 32m[6]

• • BKAC0082: 22m @ 12.1g/t Au from 8m, incl. 4m @ 57.3g/t Au from 12m[6]

Corporate

• The Company announced the appointment of Mr Simon Jackson as Non-Executive Chairman of the Company following the resignation of Mr Francis Harper[7] .

• The Company also announced that Non-Executive Director, Mr Andrew Pardey, would be appointed Managing Director from 1 January 2022, with current Managing Director, Mr Paul Roberts transitioning to the role of Technical Director[8] .

• During the Quarter the Company addressed a media report regarding the overlap of part of the Company’s Bankan Project with the outermost buffer zone of the Upper Niger National Park (UNNP)[9] . Executive Director, Paul Roberts, and Country Manager, Aimé NGanare, subsequently met with the Minister of Mines and Minister of Environment and Sustainable Development (MESD), presenting a proposal to the MESD to provide a staged program of assistance to the National Parks Authority (OGPR) for its conservation activities in the UNNP during the exploration, development, and mining phases of the Bankan Project.[10]

• As of 31 December 2021, the Company had cash of A$17.5 million.

4 ASX Announcement - Predictive intersects 34m @ 5.5g/t Au at NE Bankan (9 December 2021)

5 ASX Announcement - AC drilling identifies new gold prospects at Bankan (28 October 2021)

6 ASX Announcement - Bankan Project grows with new gold discoveries (16 December 2021)

7 ASX Announcement - Predictive Board Changes (20 October 2021)

8 ASX Announcement – PDI appoints Andrew Pardey as managing director (4 January 2022)

9 ASX Announcement - Bankan Update (12 October 2021)

10 ASX Announcement - Bankan Update (10 January 2022)

Page 2 of 19

March 2022 Quarter - Planned Activities

• Developing an ESG road map for the next 12 to 24 months

• Diamond drilling to continue with two multipurpose drill rigs currently in operation. At present, both rigs are drilling holes to depths of 500-650m below surface, to explore for deeper extensions of the high-grade gold zone.

• AC and auger drilling on regional targets across the Bankan Project is continuing.

• Tender preparation is in process for additional drilling required for infill and step-out drilling on the Bankan Project.

Situated in north-east Guinea, the Bankan Project covers 365km[2 ] across four Exploration Permits – Kaninko, Saman, Bokoro and Argo (Fig. 1). Initial discovery of the now 3.3Moz NE Bankan gold discovery[11] was announced in April 2020[12] .

Following the NE Bankan discovery, the Company quickly completed a number of early-stage exploration programs, including broad spaced auger drilling (now more than 60,000m) and a helicopter-borne magnetic and radiometric survey which confirmed a large major 35km-long north-northwest structural corridor with the potential to host numerous “NE Bankan-style” discoveries.

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

11 ASX Announcement - 3.65 MILLION OUNCE BANKAN MAIDEN MINERAL RESOURCE ESTIMATE (30 Sept 2021) 12 ASX Announcement - Outstanding Drill Results from New Gold Discovery in Guinea (15 Apr 2020)

Page 3 of 19

NE BANKAN

During the December Quarter, the Company continued its program of infill and extensional diamond drilling. Deeper drilling at NE Bankan has now defined a discrete zone of high-grade mineralisation which remains open at depth, plunging steeply to the south. During the Quarter, drilling extended the high-grade zone down dip by up to 150 metres (Figure 2).

==> picture [519 x 393] intentionally omitted <==

Figure 2 - NE Bankan N-S Longitudinal Projection as at 9 December 2021 showing drill results reported during the Quarter (red). Contours are interpreted based on aggregate true width gold gram metres (g*m) calculated using >0.5g/t Au cutoff. Results shown in the form 74/4.5 reflect 74m (aggregate true width) at 4.5 g/t Au (length weighted average Au), with gram metres in brackets (aggregate true width x length weighted average Au). The red central hashed area approximates the plus-3g/t Au high-grade gold mineralised zone as modelled for the MRE.

During the Quarter, results from 10 diamond drill holes totalling 5,963 metres were reported from NE Bankan. Better results received during the Quarter included:

• BNEDD0093: 20.7m @ 9.6g/t Au from 397m, incl. 12m @ 15.6g/t Au from 400m

• BNEDD0094: 34m @ 3.4g/t Au from 387m, incl. 9m @ 8.7g/t Au from 391m

• BNEDD0095: 32m @ 6.7g/t Au from 330m, incl. 15m @ 11.6g/t Au from 332m

Page 4 of 19

• BNERD0096: 34m @ 5.5g/t Au from 265m, incl. 14m @ 9.8g/t Au from 279m

• BNERD0097: 24.2m @ 8.8g/t Au from 463.8m, incl. 12.4m @ 15.3g/t Au from 465.6m

• BNERD0098: 50m @ 2.4g/t Au from 448m, incl. 15.5m @ 4.9g/t Au from 449m

• BNERD0099: 52.8m @ 3.6g/t Au from 510m, incl. 20.2m @ 7.3g/t Au from 511m

• BNERD0100: 28.6m @ 1.7g/t Au from 516m, incl. 15.7m @ 2.6g/t Au from 517m

• BNERD0101: 21m @ 2.9g/t Au from 574m, incl. 13m @ 4.6g/t Au from 601m

• BNERD0102: 34m @ 5.5g/t Au from 441m, incl. 2m @ 15.5g/t Au from 453m

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Figure 3 – Bankan Project, NE Bankan Prospect – Drill plan view with diamond drill holes completed during the December 2021 Quarter

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28 January 2022

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Figure 4 – NE Bankan Prospect, Section 1174860N with DD-holes BNERD0100 and BNERD0101

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Figure 5 - NE Bankan Prospect, Section 1174940N with DD-holes BNERD0094, BNERD0098, BNERD0099

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Figure 6 - NE Bankan Prospect, Section 1175060N with DD-holes BNERD0095, BNERD0096, BNERD0102

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Figure 7 - NE Bankan Prospect, Section 1174980N with DD-hole BNERD0093

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Figure 8 - NE Bankan Prospect, Section 1175020N with DD-hole BNERD0097

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28 January 2022

BANKAN REGIONAL EXPLORATION PROGRAM

During the Quarter, the Company continued its high impact aircore (AC) drilling program, including targets located within 5km of NE Bankan, drilling 214 AC holes for 9,564 metres.

The Company announced the emergence of two new discoveries as part of the regional AC program, including the 800 West Prospect and the SW Bankan Targets. Better results from these discoveries included:

800 West Prospect

• BKAC0170: 7m @ 8.5g/t Au from 38m to EOH, incl. 2m @ 24.2g/t Au from 40m,

• BKAC0173: 36m @ 1.9g/t Au from 14m to EOH,

incl. 2m @ 16.1g/t Au from 32m and 4m @ 5.4g/t Au from 40m to EOH

SW Bankan Targets

• BKAC0082: 22m @ 12.1g/t Au from 8m,

• incl. 4m @ 57.3g/t Au from 12m and 8m @ 5.4g/t Au from 38m

• BKAC0076: 6m @ 1.7g/t Au from 8m,

incl. 2m @ 3.8g/t Au from 10m

• BKAC0077: 10m @ 1.4g/t Au from 30m,

• BKAC0078: 14m @ 1.0g/t Au from 36m,

incl. 4m @ 2.5g/t Au from 46m to EOH

• BKAC0079: 2m @ 6.4g/t Au from 30m[6]

• BKAC0164: 8m @ 1.2g/t Au from 8m

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Figure 9 – Bankan Project aircore drilling program, showing 800 West and SW Bankan targets[6]

Other Intercepts

A number of significant intercepts were received from other drill targets during the Quarter, as shown below:

• BKAC0027: 12m @ 1.5g/t Au from 12m, incl. 4m @ 3.3g/t Au from 16m

• BKAC0028: 14m @ 3.4g/t Au from 20m, incl. 2m @ 15.2g/t Au to EOH

• BKAC0032: 10m @ 1.7g/t Au from 12m, incl. 4m @ 3.9g/t Au from 14m

• BKAC0066: 8m @ 3.3g/t Au from 6m, incl. 4m @ 6.3g/t Au from 453m

Page 12 of 19

BKAC016 was re-reported during the Quarter following re-assay of a 100+g/t Au result and was rereported as:

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

• 28m @ 12.8g/t Au from 22m, incl. 6m @ 52g/t Au , incl. 1m @ 110g/t Au

==> picture [516 x 517] intentionally omitted <==

Figure 10 – Bankan Regional plan showing significant AC results during the December Quarter[5]

Page 13 of 19

CORPORATE

Board Changes

During the Quarter, the Company announced the appointment of Mr Simon Jackson as Non-Executive Chairman of the Company following the resignation of Mr Francis Harper

Mr Jackson was a senior member of the management team of TSX listed Red Back Mining Inc., a company that financed, developed and operated two gold mines in West Africa culminating in a takeover by Kinross Gold Corp in 2010 that valued Red Back at CAD$9.3 billion. He was then founding President & CEO and later Chairman of TSXV listed Orca Gold Inc, a company that discovered and is advancing the Block 14 gold project in Sudan. Mr Jackson is currently Non-executive Chairman of TSXV listed Sarama Resources Limited and has been a director of multiple ASX and TSX listed companies including Cardinal Resources Limited.

The Company also announced that Non-Executive Director, Mr Andrew Pardey, would be appointed Managing Director from 1 January 2022, with current Managing Director, Mr Paul Roberts transitioning to the role of Technical Director.

Mr Pardey served as the CEO of US$1.5 billion LSE/TSX-listed Centamin plc which owns the Sukari Gold Mine in Egypt. He was a major driving force in bringing Sukari into production, having joined during the transition of the operation from construction into production. Mr Pardey also held senior management roles at the Anglogold-Ashanti Siguiri Mine and Nordgold Lefa Mine both of which are located within Guinea’s Siguiri Basin which also hosts Predictive’s Bankan Project.

Government Liaison

The Bankan Project comprises the Kaninko, Saman, Bokoro and Argo Exploration Permits, part of which overlap the outermost buffer zone of the Upper Niger National Park (UNNP), all of which are in good standing and give the Company rights to undertake exploration activities as per the Mining Act. The Company’s exploration activities are compliant with the Mining Act and the Guinean authorities, in particular the Ministry of Mines and Geology and the Ministry of Environment, support its activities.

The NE Bankan and Bankan Creek gold deposits are located within the Kaninko and Saman Exploration Permits, which were granted to the Company’s subsidiary, Mamou Resources SARLU, in October 2019 and June 2020 respectively. Since then, the Company has carried out extensive exploration activities on the Permits, culminating in the recent maiden Mineral Resource Estimate (ASX release – 30 September 2021).

The Company is fully committed to a high standard of ESG performance. The Company has already undertaken a baseline social study and is nearing completion of a baseline environmental study, both of which will provide the basis for the more detailed work required to deliver a fully compliant Environmental and Social Impact Statement prior to application for a Mining Permit.

In early January, the Company provided an update on meetings held with various Government ministries in Guinea. Executive Director, Paul Roberts, and Country Manager, Aimé NGanare, met with the new Minister

Page 14 of 19

of Mines and Geology, Monsieur Moussa Magassouba, and the new Minister of Environment and Sustainable Development, Madame Louopou Lamah, in Conakry.

The Company has developed and presented a proposal to the Ministry of Environment and Sustainable Development (MESD) to provide a staged program of assistance to the National Parks Authority (OGPR) for its conservation activities in the Upper Niger National Park (UNNP) during the exploration, development, and mining phases of the Bankan Project. This proposal has been approved by the MESD and includes:

Exploration phase:

• Provision of supplies to UNNP staff

• Assistance with seasonal (post-rainy season) fire prevention activities

• Joint development of a research strategy to support OGPR’s conservation activities in the UNNP.

Mine development and mining phases:

• Ongoing provision of supplies as above.

• Provision of various types of equipment and transport capabilities to aid UNNP staff in their conservation-related work in the Mafou Forest and surrounding buffer zone.

• Financial support for a research foundation intended to facilitate new scientific research by both Guinean national and international groups to address important problems relevant to wildlife conservation in the Mafou Forest.

Since the initial meetings, the Company has received the following documents signed by the Minister of Environment and Sustainable Development:

• A letter approving the content of the above proposals and assuring support, based on the Guinea Government’s principle of reconciling the needs for economic and social development with protection of the environment. The letter also reaffirmed the legal requirements for development of an Environmental and Social Impact study and operational management plan on the Bankan Project in accordance with the Guinea Government’s high standards.

• An environmental authorisation validating the Environmental and Social Impact Notice (ESIN) report and covering the four exploration permits which constitute the Bankan Project based on baseline environmental and social studies which the Company has commissioned in recent months. This is a standard legal document issued by the MESD to companies holding exploration permits which endorses the permit holders’ activities in compliance with the Mining Act.

• Predictive is grateful for the support expressed in the recent discussions. The Company expects to maintain very close contact with the Ministries of Mines and Geology and Environment and

Page 15 of 19

Sustainable Development over the coming years as the project advances with a view to legally resolving the issue of the partial overlap of the Bankan project on the outer buffer zones of the UNNP prior to application for a mining permit.

Financial Position

As at 31 December 2021, the Company held $17.5 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 December 2021 quarter totalled $5.6 million included at item 1.2(a) of the Appendix 5B. This includes $3.3million for drilling and $2.3 million in associated geology, assaying and field costs.

There were no substantive mining production and development activities during the Quarter.

Payments to Related Parties and their Associates

In accordance with ASX Listing Rule 5.3.5, payments to related parties of the Company and their associates during the Quarter totalled $104,018 including GST. The Company advises that this relates to Directors’ fees and salaries.

Capital Structure

Predictive currently has 1,366,569,600 fully paid Ordinary shares on issue and 76,638,026 listed Options (PDIOA) and 63,995,741 unlisted options on issue at various exercise prices and expiry dates.

2021 DECEMBER 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:

16/12/21	Bankan Project grows with new discoveries
9/12/21	Predictive intersects 34m @ 5.5g/t Au at NE Bankan
22/11/21	Further depth extension to Bankan high-grade gold
3/11/21	High-grade gold zone extended below resource pit shell
28/10/21	AC drilling identifies new gold prospects at Bankan

Page 16 of 19

19/10/21 NE Bankan high-grade gold zone reinforced and extended

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 and all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed.

This announcement is authorised for release by Predictive Managing Director, Andrew Pardey.

- END -

For further information please contact:

Paul Roberts Executive Director Email: paul.roberts@predictivediscovery.com Phone: +61 402 857 249

Page 17 of 19

TENEMENT STATUS – DECEMBER 2021

Name	Number	Location	Area (sq. km)	PDI equity	Change in equity
Kalinga	Arrêté 2022- 015/MCE/SG/DGMGC (renewed)	Burkina Faso	180	100%	Nil
Tantiabongou	Arrêté 2017-054 /MCE/SG/DGMGC	Burkina Faso	50	0%	Surrendered
Tambifwanou	Arrêté 2020- 310/MCE/SG/DGMGC	Burkina Faso	136	100%	Nil
Bongou	Arrêté 2020- 311/MCE/SG/DGMGC	Burkina Faso	167	100%	Nil
Bira Nord	Arrêté 2020- 248/MCE/SG/DGMGC	Burkina Faso	10	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% (Wia Gold Ltd earning 80%)	Nil

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Nonta	Exploration Permit	Guinea	100	Predictive 100%	Nil
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	Predictive 12.5% but will reduce eventually to 5%	Equity reduced from 25% to 12.5% through JV earn-in by Outback Goldfields

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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 PREDICTIVE DISCOVERY LTD ABN Quarter ended (“current quarter”) 11 127 171 877 31 December 2021

Consolidated statement of cash flows	Current quarter $A’000	Year to date (6 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other (BAS Refund) 1.9 Net cash from / (used in) operating activities	(5,648) (1,179) 1 - - - 94	(10,168) (2,074) 3 - - - 259
	(6,732)	(11,980)
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	- (78) (52) - - -	- (78) (102) - - -

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

Page 1

Appendix 5B

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

Consolidated statement of cash flows	Current quarter $A’000	Year to date (6 months) $A’000
2.2 Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment (d) investments (e) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities	- - - - - - - -	- - - - - - - -
	(130)	(180)
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	5402 1712 (17)	7,095 171 (465)
	694	6,801
2 includes $28k reallocation of prior quarter proceeds from exercise of options from item 3.1 to item 3.3
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)	23,856 (6,732) (130)	22,729 (11,980) (180)

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

Page 2

Appendix 5B

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

Consolidated statement of cash flows	Current quarter $A’000	Year to date (6 months) $A’000
4.4 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	694 (175)	6,801 142
	17,513	17,513
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)	17,483 30 - -	23,826 30 - -
	17,513	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 1 104 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. $100,058 Director Fees and superannuation (inc $1,500 GST); $3,960 (inc $360 GST) consulting fees to Chasing Summer Pty Ltd, a related party of Steven Michael.		104

.

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) (6,732) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - Total relevant outgoings (item 8.1 + item 8.2) (6,732) Cash and cash equivalents at quarter end (item 4.6) 17,513 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 17,513 Estimated quarters of funding available (item 8.6 divided by item 8.3) 2.6 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?		(6,732) - (6,732) 17,513 -
			17,513
	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.

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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: 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: ............28 January 2022...........................

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.

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