PTR MINERALS LTD — Interim / Quarterly Report 2016

Oct 25, 2016

26 October 2016

ASX Code: PTR

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PETRATHERM LIMITED ABN 17 106 806 884

Quarterly Activities Statement – September 2016

Summary

• The Company held $941,000 cash at the end of the quarter.

• New projects are being actively pursued that will lead to enhance shareholder value.

Review of Operations

The Company had administration costs of $86,000 primarily relating to reporting & compliance, due diligence review and office costs during the quarter. The Company held $941,000 cash at the end of the quarter.

In June, the Paralana Geothermal Project JV partners resolved to plug the Paralana 2 geothermal well and complete final surface rehabilitation works.

Detailed planning has been undertaken and the rehabilitation program will utilise a wireline unit as this is the most cost effective method, to set the necessary cement plugs at depth to isolate aquifers and over pressured fluids, securing the well. Once completed, the surface wellhead will be removed and rehabilitation of the drilling cellar and other surface remediation works will be undertaken. At this stage the ground works are likely to occur in early 2017.

ABN 17 106 806 884

169 Fullarton Road Dulwich SA 5065

T: +61 8 8133 5000 F: +61 8 8431 3502 W: www.petratherm.com.au/ E: admin@petratherm.com.au

The recent placement of a 5 year moratorium on hydraulic fracturing in Tasmania, has created uncertainty with regards to being able to explore for oil and gas resources and ended any potential JV interest the Company was seeking to initiate on its sole Tasmanian Petroleum Licence (E3/2013). The Company consequently applied to surrender the licence in June and this was formally accepted by The Tasmanian Government in August 2016.

During the quarter, the Company appointed Mr. Andrew Haythorpe as its Managing Director. To provide funding for future projects, the Company appointed Taylor Collison Limited as Lead Manager to undertake a share placement (“Placement”) to raise approximately $600,000 which would be completed in two stages. On 30 August 2016, the first stage of the Placement was completed with the

Company raising a total of $390,000. The second stage of the Placement is to be completed subject to the passing of the resolutions in the Company’s upcoming Extraordinary General Meeting, which will be held on 9 November 2016.

The Company is continuing to explore ways of containing costs whilst reviewing new projects that will be accretive to shareholder value.

END

MEDIA CONTACT: Andrew Haythorpe

Petratherm Limited 08 8133 5000