PTR MINERALS LTD — Interim / Quarterly Report 2022

Jul 28, 2022

PETRATHERM LIMITED

ACN 106 806 884 ASX: PTR

www.petratherm.com.au admin@petratherm.com.au

ASX ANNOUNCEMENT 29 July 2022

Quarterly Activities Statement – June 2022

Highlights

• Greenfield's regional RAB drilling supported by South Australian Government Exploration Initiative Co-Funding uncovers significant rare earth (REE) occurrences at Comet, in the Northern Gawler Craton of South Australia.
• Mineralisation encountered, includes high concentrations of high-value REE's which remain open at depth below and out into surrounding areas.
• REE intercepts in clays show striking similarities and comparable grades to the ion-absorption rare earth deposits of China which are a major world supplier.
• 10,000 metre Aircore drilling program to follow up REE occurrences completed with results due in the next quarter.
• Native Title Mining Exploration Agreement executed with Kothatha Aboriginal Corporation, allowing for exploration activities to get underway on the Woomera IOCG Project
• Arcoona Project (ELA 2022/00066), located within the world class copper-gold "Olympic Province" of South Australia, secured through a South Australian Government competitive bid process.
• Arcoona Project has excellent potential, as the tenement area is one of the last areas in the region where no detailed gravity surveying has been undertaken to explore for Iron Oxide Copper-Gold mineralisation.

Summary of Operations

In April, Petratherm (ASX-PTR) reported significant Rare Earths (REE) occurrences occurring in clays at its Comet Project Area in the Northern Gawler Craton of South Australia. Mineralisation encountered includes concentrations of high-value rare earths which remain open at depth and out into surrounding areas. The rare earth intercepts show striking similarities to the ion-absorption rare earth deposits of China which are a major world supplier. In late May a regional air core drilling program got underway and continued through the rest of the quarter to follow-up rare earth intersections and the test extent of mineralisation encountered.

PTR's newly granted Woomera Project (EL 6707) is situated in the heartland of the world-class Olympic Copper-Gold Province in South Australia and during the period preparations got underway to undertake gravity surveying and heritage surveying of target areas. Just after the reporting period, PTR received notification that it had been successful through a competitive bid process to be the preferred applicant for ELA 2022/00066 (Arcoona Project) just to the south of Woomera Project Area, significantly bolstering the Company's ground position in the Olympic Domain.

In June PTR was the successful recipient of two SA Government Accelerated Discovery Initiative (ADI) grants totalling $316,500. Funding of $250,000 has been awarded to assist in the drilling of two geophysical targets for copper-gold on the Woomera Project area and a second grant of $66,500 has been awarded to co-fund a deep Electro-magnetic (EM) geophysical survey on the Company's Mabel Creek Project which is prospective for both Iron-Oxide Copper-Gold (IOCG) and Broken Hill Type (BHT) Silver-Lead-Zinc mineralisation.

During the period, PTR raised $3.1 M by way of placement of new shares, with funds to be used to expedite exploration on the Company's Comet and Woomera Projects. The Company had exploration and evaluation costs of $56,000 relating principally to the Comet Project drilling operations during the period. The Comet Project work is supported by S.A Government grant, and $147,500 is expected to be recouped in August 2022. Administration and corporate costs totalled $201,000. The Company held $4,692,000 cash at the end of the Period. A summary of ground activities during the period for both the Comet and Woomera Projects is presented below. No exploration activities occurred on the Mabel Creek Project Area during the period.

In accordance with ASX Listing Rules Guidance Note 23, the aggregate number of payments to related parties of the Company and its associates disclosed under section 6.1 of the Appendix 5B totalled $39,000 and comprised of Director's fees.

Comet Rare Earth and Gold Project

The Comet Project (EL6443, EL6633, EL6722 & ELA2022/017), totalling 1,885km2 , contains prospective Archean and Proterozoic strata of the Northern Gawler Craton which is historically noted for numerous gold occurrences such as the Challenger gold deposit (1.1 Moz @ 5.1g/t) and the high-grade Aurora Tank Gold discovery.

In April, the Company announced the discovery of significant Rare Earths (REE) in clays following a program of greenfield regional RAB drilling (Figure 1). The mineralisation encountered includes impressive concentrations of high-value rare earths. Of the 118 holes which have been assayed for rare earths, 105 drill holes returned significant Total Rare Earth Oxide (TREO) above a nominal cut-off grade of 350 ppm, a value typically used in ionic clay rare earth resource estimation. A summary of significant results is presented in Table 1 and are for the most part single 3 metre composite bottom hole samples taken from re-assaying of PTR's historical regional top of clay saprolite geochemical sampling program (refer to PTR ASX 22/06/2022).

The mineralisation reported remains open in all directions and the thickness and grade of mineralisation is still to be determined. The favourable saprolite clay zone starts typically from 5 to 10 metres depth and extends down to approximately 25 to 35 metres depth. Ionic Clay hosted REE occurrences show vertical and horizontal grade and depth variability within a clay profile and the follow up drilling which got underway in later in the quarter will test the grade and extent of mineralisation encountered.

The assay results have additionally highlighted scandium oxide (Sc2O3) credits with the REE's (Table 1). Scandium is an exceptionally high-value metal used in new technology alloys and may offer an additional revenue potential. Scandium oxide from all significant TREO samples in Table 1 averages 32 ppm with a peak value of 122 ppm. These results are comparable to Ionic Rare Earths (ASX code IXR) reported Makuutu Ion Adsorption rare earth clay resource which includes a Total Inferred and Indicated Scandium Oxide grade of 30 ppm (refer to IXR ASX release 03/03/2021).

Figure 1 Comet REE Project showing drilling areas completed overlain on the saprolite geochemical results map

					Comet Project - Table of all Significant REE Intercepts
										High Value Magnet Rare Earths
Drill Hole	From	To	Interval	TREO	Scandium	Praseodymium			Neodymium	Terbium		Dysprosium
					Sc2O3		Pr6O11		Nd2O3	Tb4O7		Dy2O3
1	metres21	metres24	metres4	ppm558	ppm71	ppm30	% TREO5	ppm98	% TREO18	ppm1.5	% TREO0.3	ppm8.1	% TREO1.4
16	13	15	4	1046	21	58	6	174	17	1.4	0.1	6.0	0.6
273	5	7	2	807	23	47	6	170	21	2.2	0.3	11.0	1.4
280	1818	2222	44	980467	2628	3619	44	11070	1115	1.11.0	0.10.2	6.55.4	0.71.2
282326	16	19	3	541	23	22	4	75	14	1.5	0.3	8.9	1.6
338	16	19	3	469	17	24	5	88	19	1.0	0.2	5.0	1.1
349	16	19	3	475	14	10	2	36	8	0.7	0.2	3.6	0.8
356	12	16	4	460	49	22	5	77	17	2.1	0.5	12.1	2.6
358395	88	1212	44	972429	3121	4322	45	13776	1418	2.61.0	0.30.2	12.94.9	1.31.1
400	8	12	4	877	15	53	6	177	20	1.9	0.2	9.3	1.1
403	9	12	3	624	31	29	5	88	14	1.2	0.2	6.1	1.0
404	9	12	3	1322	49	68	5	205	16	2.3	0.2	10.6	0.8
428433	146	189	43	6541312	2325	2950	44	92126	1410	1.21.1	0.20.1	6.84.2	1.00.3
475	6	9	3	1088	23	54	5	194	18	3.0	0.3	16.4	1.5
484	8	12	4	1205	46	77	6	261	22	3.8	0.3	17.3	1.4
493	9	12	3	690	20	33	5	108	16	1.9	0.3	9.3	1.3
	12	15	3	1046	69	52	5	197	19	4.1	0.4	20.8	2.0
523567	99	1312	43	8311030	4626	4862	66	184213	2221	3.43.0	0.40.3	16.414.5	2.01.4
585	18	21	3	350	8	16	4	47	14	0.4	0.1	1.9	0.6
586	18	21	3	550	8	24	4	72	13	0.6	0.1	2.9	0.5
589	15	18	3	403	63	17	4	59	15	0.8	0.2	3.9	1.0
590603	1518	1821	33	2701457	7249	21622	85	74481	2818	10.11.8	0.40.4	45.28.8	1.71.9
615	12	15	3	1016	74	61	6	209	21	2.7	0.3	13.1	1.3
619	10	12	2	400	11	18	5	63	16	0.4	0.1	1.7	0.4
629	9	12	3	734	58	23	3	97	13	4.8	0.7	30.1	4.1
638639	912	1215	33	10131140	5420	6674	77	229245	2321	3.03.6	0.30.3	14.218.9	1.41.7
	18	21	3	360	17	16	4	53	15	0.9	0.3	5.5	1.5
642	21	24	3	485	21	24	5	87	18	1.0	0.2	5.3	1.1
	10	14	4	442	38	21	5	84	19	1.2	0.3	6.4	1.4
649	1417	1818	41	391466	2825	1822	55	6280	1617	0.80.9	0.20.2	4.45.1	1.11.1
661	9	12	3	697	46	33	5	123	18	3.0	0.4	15.4	2.2
672	9	12	3	407	21	19	5	61	15	1.0	0.2	5.2	1.3
675	9	12	3	515	37	22	4	70	14	1.1	0.2	6.1	1.2
676	914	1218	34	586399	1535	2920	55	10168	1717	1.11.1	0.20.3	5.76.3	1.01.6
677	18	22	4	399	28	20	5	70	18	1.0	0.2	5.5	1.4
	22	27	5	389	32	19	5	68	18	1.2	0.3	6.9	1.8
678	9	12	3	380	26	19	5	63	16	0.9	0.2	4.7	1.2
679681	129	1512	33	589578	3828	3626	65	12583	2114	1.71.2	0.30.2	9.16.4	1.51.1
684	9	12	3	443	26	22	5	78	18	1.3	0.3	6.9	1.6
685	9	12	3	465	23	21	5	78	17	1.4	0.3	8.3	1.8
689	12	15	3	568	23	28	5	98	17	1.2	0.2	6.7	1.2
693	159	1812	33	555371	2914	2716	54	9652	1714	1.40.5	0.30.1	8.52.6	1.50.7
	6	9	3	625	31	36	6	135	22	1.7	0.3	9.3	1.5
695	9	12	3	804	54	44	6	171	21	3.3	0.4	20.0	2.5
	12	15	3	692	32	36	5	136	20	2.1	0.3	11.9	1.7
696699	1215	1518	33	379502	2118	1923	55	6577	1715	0.60.8	0.20.2	3.84.4	1.00.9
700	15	18	3	546	37	27	5	92	17	1.2	0.2	7.3	1.3
703	15	18	3	2819	80	149	5	562	20	5.5	0.2	27.1	1.0
704	15	18	3	2660	75	141	5	531	20	4.5	0.2	25.7	1.0
707	1619	1922	33	4101225	5544	2372	66	80246	2020	1.44.4	0.30.4	7.921.1	1.91.7
708	18	21	3	589	21	30	5	108	18	1.7	0.3	10.1	1.7
710	12	15	3	1081	64	60	6	199	18	3.2	0.3	15.9	1.5
728	19	21	2	433	15	21	5	74	17	1.0	0.2	5.6	1.3
729	2120	2424	34	609656	2525	2941	56	108143	1822	1.51.4	0.20.2	8.47.8	1.41.2
732	26	30	4	436	31	19	4	73	17	1.2	0.3	7.5	1.7

Table 1 Comet Project - Summary Table of all Significant REE drill intersections (Table continued overleaf)

					Comet Project - Table of all Significant REE Intercepts
									High Value Magnet Rare Earths
Drill Hole	From	To	Interval	TREO	Scandium		Praseodymium		Neodymium	Terbium		Dysprosium
					Sc2O3		Pr6O11		Nd2O3	Tb4O7		Dy2O3
733	metres24	metres27	metres3	ppm848	ppm26	ppm35	% TREO4	ppm124	% TREO15	ppm1.6	% TREO0.2	ppm7.9	% TREO0.9
744	18	21	3	1142	21	77	7	279	24	3.6	0.3	16.9	1.5
750	20	24	4	1165	44	68	6	259	22	5.7	0.5	30.3	2.6
757	12	15	3	568	104	36	6	138	24	1.8	0.3	7.8	1.4
775	12	15	3	383	26	17	4	57	15	1.0	0.3	5.7	1.5
776	9	12	3	488	26	24	5	79	16	1.2	0.3	7.2	1.5
	1216	1521	35	551742	4335	2638	55	89122	1616	1.62.0	0.30.3	10.211.1	1.91.5
777	21	24	3	375	25	17	5	57	15	1.1	0.3	6.5	1.7
784	6	14	8	399	11	19	5	66	17	0.8	0.2	4.5	1.1
	15	18	3	478	25	22	5	76	16	1.0	0.2	5.7	1.2
785	5	11	6	510	31	12	2	46	9	1.4	0.3	8.2	1.6
	1110	1515	45	926664	4017	5436	65	194109	2116	3.62.5	0.40.4	18.614.6	2.02.2
789	15	18	3	510	23	26	5	79	16	2.0	0.4	11.4	2.2
790	12	15	3	626	34	22	3	78	12	2.1	0.3	12.3	2.0
791	14	18	4	408	29	20	5	66	16	1.4	0.3	8.3	2.0
795	9	15	6	530	38	28	5	100	19	2.0	0.4	10.4	2.0
796	9	11	2	572	37	28	5	103	18	2.5	0.4	12.5	2.2
799800	128	1512	34	18131121	7455	8954	55	334213	1819	5.84.6	0.30.4	27.922.6	1.52.0
801	10	12	2	465	35	22	5	76	16	1.6	0.3	9.6	2.1
802	10	15	5	755	25	34	5	121	16	2.2	0.3	12.6	1.7
804	8	14	6	780	55	41	5	155	20	2.6	0.3	11.3	1.4
	21	24	3	523	64	25	5	96	18	2.2	0.4	12.1	2.3
806807	69	1212	63	435636	3452	2031	55	83113	1918	2.31.6	0.50.3	11.67.9	2.71.2
	10	14	4	1248	44	65	5	243	19	2.6	0.2	11.5	0.9
808	22	24	2	728	40	37	5	137	19	1.9	0.3	8.1	1.1
809	9	12	3	713	21	38	5	117	16	1.9	0.3	9.9	1.4
822	10	15	5	758	29	38	5	133	18	2.2	0.3	11.6	1.5
828854	1819	2121	32	397353	1417	1816	54	5652	1415	1.10.8	0.30.2	5.64.9	1.41.4
855	9	12	3	1418	95	68	5	252	18	4.9	0.3	25.7	1.8
866	9	14	5	461	17	22	5	69	15	1.1	0.2	6.5	1.4
	14	18	4	570	23	27	5	82	14	1.4	0.2	8.9	1.6
868	15	18	3	418	18	20	5	55	13	0.9	0.2	5.4	1.3
875877	159	1715	26	1041712	2535	6437	65	237133	2319	2.82.0	0.30.3	14.210.6	1.41.5
879	11	15	4	660	28	39	6	123	19	1.7	0.3	9.0	1.4
884	18	21	3	369	35	18	5	52	14	0.9	0.2	5.3	1.4
886	15	18	3	728	34	42	6	144	20	1.8	0.3	9.9	1.4
901	15	18	3	495	122	23	5	77	15	1.4	0.3	7.6	1.5
902	920	2024	114	339554	1720	1628	55	5083	1515	0.91.4	0.30.2	4.97.2	1.41.3
	8	12	4	346	23	18	5	55	16	0.9	0.3	5.6	1.6
912	12	18	6	518	21	27	5	85	16	1.2	0.2	5.9	1.1
931	12	15	3	1705	21	83	5	287	17	2.0	0.1	9.5	0.6
953	8	12	4	682	37	29	4	105	15	1.9	0.3	10.4	1.5
961	1512	1816	34	8731298	1823	4772	56	148272	1721	1.61.1	0.20.1	8.45.9	1.00.5
21T14RC03	44	48	4	1179	17	65	6	246	21	1.1	0.1	5.8	0.5
	8	12	4	895	3	48	5	173	19	0.6	0.1	2.6	0.3
21T14RC08	12	16	4	1029	3	56	5	201	20	0.7	0.1	3.2	0.3
	12	16	4	817	5	44	5	156	19	0.7	0.1	3.4	0.4
21T14RC10	3652	4056	44	3042829	56	16946	66	640174	2121	1.00.7	0.00.1	3.43.5	0.10.4
21T14RC12	20	24	4	1147	32	63	5	239	21	1.5	0.1	8.6	0.7
21T14RC13	36	40	4	604	12	31	5	119	20	0.9	0.1	4.8	0.8
	8	12	4	749	5	40	5	147	20	0.6	0.1	2.7	0.4
21T14RC14	24	28	4	727	6	38	5	139	19	0.9	0.1	4.9	0.7
	32	36	4	1361	6	75	6	276	20	0.7	0.0	2.4	0.2
21T14RC18	4424	4828	44	1295804	678	7434	64	276133	2117	0.83.0	0.10.4	3.218.3	0.22.3
TG1401	28	30	2	906	21	49	5	178	20	1.5	0.2	8.2	0.9

Table 1 Continued Comet Project - Summary Table of all Significant REE drill intersections

Systematic follow up drilling of the rare earth areas got underway in late May and were completed just after the reporting period in mid-July. The program in all comprised 330 drill holes, totalling 9,893 metres with an average hole depth of 30 metres. Figure 1 provides a summary of the areas which have been tested in this first phase of drilling. Drill spacing has been on a 200 metre by 200 metre grid but also includes some limited closer spaced drilling over potential higher-grade zones of interest. Drill samples have been submitted in several batches as the drill program has unfolded for geochemical analysis and initial results are expected in August.

Photo Petratherm's Senior Geologist, Michael Beven inspecting clay intervals from the Comet Drilling

Woomera and Arcoona IOCG Projects

The Woomera Project (EL 6707) is a 209 km2 area in the world-class Olympic Iron-Oxide Copper-Gold Province of South Australia. It is close to BHP's Oak Dam West copper-gold discovery, OZ Minerals' newly operating Carrapateena Copper-gold mine and Coda Minerals recent Emmie Bluff Deeps IOCG discovery (Figure 2 &3 ). Significant historical copper drill intersections at the Winjabbie IOCG Prospect along the northern edge of the new tenement area (Figure 4) additionally highlight the Woomera Projects copper-gold fertility.

During the period PTR executed a Native Title Mining Exploration Agreement with Kokatha Aboriginal Corporation which sets out the framework for the Company undertake exploration activities. Preparations are underway to undertake a gravity survey in the next quarter to better define target areas identified PTR ASX release 04/04/2022) and aid final drill hole locations. In July just after the period, PTR was successful through a competitive bid process to be the preferred applicant for ELA 2022/00066 (Arcoona Project). The Project covers a 264 km2 area and is close to the Woomera IOCG Project significantly strengthening PTR's ground position in the region.

IOCG style mineralisation typically displays distinctive high gravity anomalism and gravity surveying is the most effective targeting tool for explorers. The Arcoona Project is one of the last areas to be systematically gravity surveyed as demonstrated in Figure 2 which shows a lack of gravity definition compared to the highly explored surrounding areas. PTR intends to undertake systematic regional gravity surveying to screen for potential IOCG style mineralisation upon grant of tenement.

In addition to the Arcoona Projects IOCG potential, there is also potential for strata-bound copper-cobalt-silver mineralisation in the overlying cover rocks. Notable local examples include the historically significant Mt Gunson mine workings (Figure 1) and Emmie Bluff which has a recorded a total inferred and indicated resource of 43MT @ 1.3% Cu, 470 ppm Co, 11 g/t Ag and 0.15% Zn (refer to COD ASX release 20/12/21). Recent gravity modelling work undertaken by PTR over its nearby Woomera Project has highlighted subtle residual gravity anomalism potentially associated with this style of mineralisation. Close spaced gravity surveying may aid targeting for this style of mineralisation. It is expected that the Arcoona Project Tenement Licence may be offered for grant in approximately 3 months' time

Figure 2 Location Map of Petratherm Exploration Licence Areas (Woomera and Arcoona), Major IOCG Mines and IOCG Prospects (labelled), overlain on a Reduced to Pole Aeromagnetic Image.

Figure 3 Residual Gravity Image over the Central Olympic Province, PTR's ELA 2022/00066 and EL 6707, IOCG Deposits/Prospects. Note lack of definition in the gravity image over the ELA Area due to a paucity of data.

Figure 4 Significant historical IOCG copper intersections adjacent to Petratherm's Woomera Licence Area (EL 6707) overlain on a Residual Gravity Image. High gravity areas (red-white zones) may indicate zones of stratabound style and breccia style IOCG mineralisation.

For further information, please contact:

Peter Reid, Exploration Manager, Tel: (08) 8133 5000

This ASX announcement has been approved by Petratherm's Board of Directors and authorised for release by Petratherm's Chairman Derek Carter

Competent Persons Statement: The information in this report that relates to Exploration Targets and Exploration Results is based on information compiled by Mr Peter Reid, who is a Competent Person, and a Member of the Australian Institute of Geoscientists. Mr Reid is not aware of any new information or data that materially affects the historical exploration results included in this report. Mr Reid is an employee of Petratherm Ltd. Mr Reid has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Reid consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Appendix 5B

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

Name of entity

PETRATHERM LIMITED

17 106 806 884 30 June 2022

ABN Quarter ended ("current quarter")

	Consolidated statement of cash flows	Current quarter$A'000	Year to date(12months)$A'000
1.	Cash flows from operating activities
1.1	Receipts from customers
1.2	Payments for
	(a)exploration & evaluation	(56)	(134)
	(b)development
	(c)production
	(d)staff costs
	(e)administration and corporate costs	(201)	(518)
1.3	Dividends received (see note 3)
1.4	Interest received		1
1.5	Interest and other costs of finance paid
1.6	Income taxes paid
1.7	Government grants and tax incentives		182
1.8	Other (provide details if material)
1.9	Net cash from / (used in) operatingactivities	(257)	(469)

2.	Cash flows from investing activities
2.1	Payments to acquire or for:
	(a)entities
	(b)tenements		(18)
	(c)property, plant and equipment	(1)	(7)
	(d)exploration & evaluation	(251)	(826)
	(e)investments
	(f)other non-current assets

	Consolidated statement of cash flows	Current quarter$A'000	Year to date(12months)$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) investingactivities	(252)	(851)

3.	Cash flows from financing activities
3.1	Proceeds from issues of equity securities(excluding convertible debt securities)	3,100	3,100
3.2	Proceeds from issue of convertible debtsecurities
3.3	Proceeds from exercise of options
3.4	Transaction costs related to issues of equitysecurities or convertible debt securities	(191)	(191)
3.5	Proceeds from borrowings
3.6	Repayment of borrowings
3.7	Transaction costs related to loans andborrowings
3.8	Dividends paid
3.9	Other (provide details if material)
3.10	Net cash from / (used in) financingactivities	2,909	2,909

4.	Net increase / (decrease) in cash andcash equivalents for the period
4.1	Cash and cash equivalents at beginning ofperiod	2,292	3,103
4.2	Net cash from / (used in) operatingactivities (item 1.9 above)	(257)	(469)
4.3	Net cash from / (used in) investing activities(item 2.6 above)	(252)	(851)
4.4	Net cash from / (used in) financing activities(item 3.10 above)	2,909	2,909

Consolidated statement of cash flows		Current quarter$A'000	Year to date(12months)$A'000
4.5	Effect of movement in exchange rates oncash held
4.6	Cash and cash equivalents at end ofperiod	4,692	4,692

5.	Reconciliation of cash and cashequivalentsat the end of the quarter (as shown in theconsolidated statement of cash flows) to therelated items in the accounts	Current quarter$A'000	Previous quarter$A'000
5.1	Bank balances	2,892	492
5.2	Call deposits	1,800	1,800
5.3	Bank overdrafts
5.4	Other (provide details)
5.5	Cash and cash equivalents at end ofquarter (should equal item 4.6 above)	4,692	2,292

6.	Payments to related parties of the entity and theirassociates	Current quarter$A'000
6.1	Aggregate amount of payments to related parties and theirassociates included in item 1	39
6.2	Aggregate amount of payments to related parties and theirassociates 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 anexplanation for, such payments.

Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report

7.	Financing facilitiesNote: the term "facility' includes all forms of financingarrangements available to the entity.Add notes as necessary for an understanding of thesources of finance available to the entity.	Total facilityamount at quarterend$A'000	Amount drawn atquarter end$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, interestrate, maturity date and whether it is secured or unsecured. If any additional financingfacilities 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.		Estimated cash available for future operating activities	$A'000
8.1		Net cash from / (used in) operating activities (item 1.9)	(257)
8.2		(Payments for exploration & evaluation classified as investingactivities) (item 2.1(d))	(251)
8.3		Total relevant outgoings (item 8.1 + item 8.2)	(508)
8.4		Cash and cash equivalents at quarter end (item 4.6)	4,692
8.5		Unused finance facilities available at quarter end (item 7.5)
8.6		Total available funding (item 8.4 + item 8.5)	4,692
8.7	item 8.3)	Estimated quarters of funding available (item 8.6 divided by	9
		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.
8.8		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 operatingcash flows for the time being and, if not, why not?
	Answer:
	8.8.2Has the entity taken any steps, or does it propose to take any steps, to raise furthercash to fund its operations and, if so, what are those steps and how likely does itbelieve that they will be successful?
	Answer:

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:

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.

Authorised by:

Date: 29 July 2022

Donald Stephens, Director

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.
• 1. 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.
• 1. 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.
• 1. 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".
• 1. 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.

Changes in Interests in Mining Tenements For Quarter Ended 30 June 2022

		TenementReference	Nature of Interest	Interest atbeginningof Quarter	Interestat end ofQuarter
10.1	Interests in miningtenements relinquished,reduced or lapsed		No changes	N/A	N/A
10.2	Interests in miningtenements acquired orincreased	EL 6722EL 6707	Exploration licence granted	0%	100%

ASX Additional Information

List of mining tenements as at 30 June 2022

Granted Tenement Licences:

Tenement No.	Project Area	Area(km2)	Registered holder	CompanyInterest
EL6332	Mt Willoughby	838	Petratherm Limited	100%
EL6333	Mt Barry	641	Petratherm Limited	100%
EL6404	Kanku	456	Petratherm Limited	100%
EL6405	Mt Euee	917	Petratherm Limited	100%
EL6443	Comet	256	Petratherm Limited	100%
EL6633	Gina	934	Petratherm Limited	100%
EL6722	West Comet	110	Petratherm Limited	100%
EL6707	Woomera	209	Petratherm Limited	100%

Tenement Licence Applications:

Licence No.	Project Area	Area(km2)	Applicant	CompanyInterest
ELA2022/0017	Perfection Well	585	Petratherm Limited	100%
ELA 2022/0019	Commonwealth Hill	30	Petratherm Limited	100%
ELA 2022/0008	Muckanippie	80	Petratherm Limited	100%
ELA 2022/00066	Arcoona	264	Petratherm Limited	100%