RAND MINING LIMITED

ABN 41 004 669 658

Annual Report - 30 June 2023

Rand Mining Limited Contents 30 June 2023

Corporate directory	2
Directors' report	3
Auditor's independence declaration	20
Consolidated statement of profit or loss and other comprehensive income	21
Consolidated statement of financial position	22
Consolidated statement of changes in equity	23
Consolidated statement of cash flows	24
Notes to the consolidated financial statements	25
Directors' declaration	51
Independent auditor's report to the members of Rand Mining Limited	52
Shareholder information	58

Rand Mining Limited Corporate directory 30 June 2023

Directors	Otakar Demis - Non-Executive Chairman
	Anthony Billis - Executive Director, Managing Director and Chief Executive Officer
	Gordon Sklenka - Non-Executive Director
Alternate Director	Lyndall Vaughan (alternate to Otakar Demis)
Company secretaries	Otakar Demis
	Roland Berzins
	Brett Tucker
Notice of annual general meeting	The annual general meeting of Rand Mining Limited will be held at:
	The Plaza Hotel
	45 Egan Street
	Kalgoorlie WA 6430
	on 24 November 2023 at 10.00am
Registered office	Suite G1, 49 Melville Parade
	South Perth WA 6151
	Tel: +61 (8) 9474 2113
	Fax: +61 (8) 9367 9386
Principal place of business	Suite G1, 49 Melville Parade
	South Perth WA 6151
	Correspondence address:
	PO Box 307
	West Perth WA 6872
Share register	Advanced Share Registry Services Limited
	110 Stirling Highway
	Nedlands WA 6009
	Tel: +61 (8) 9389 8033
	Fax: +61 (8) 9262 3723
Auditor	PKF Perth
	Level 5, 35 Havelock Street
	West Perth WA 6005
Bankers	Australia and New Zealand Banking Group Limited ('ANZ')
	77 St George's Terrace
	Perth WA 6000
Stock exchange listing	Rand Mining Limited shares are listed on the Australian Securities Exchange (ASX code: RND)
Website	www.randmining.com.au
Corporate Governance Statement	The Company’s directors and management are committed to conducting the Group’s business in an
	ethical manner and in accordance with the highest standards of corporate governance. The Company
	has adopted and substantially complies with the ASX Corporate Governance Principles and
	Recommendations (Fourth Edition) (‘Recommendations’) to the extent appropriate to the size and
	nature of the Group’s operations.
	The Company has prepared a Corporate Governance Statement which sets out the corporate
	governance practices that were in operation throughout the financial year for the Company, identifies
	any Recommendations that have not been followed, and provides reasons for not following such
	Recommendations.
	The Company’s Corporate Governance Statement and policies, approved at the same time as the
	Annual Report, can be found on the Company's website:
	www.randmining.com.au/Corporate-Governance-and-information/

Rand Mining Limited Directors' report 30 June 2023

The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'Group') consisting of Rand Mining Limited (referred to hereafter as the 'Company', 'parent entity' or 'Rand') and the entities it controlled at the end of, or during, the year ended 30 June 2023.

Directors

The following persons were directors of Rand Mining Limited during the whole of the financial year and up to the date of this report, unless otherwise stated:

Otakar Demis Non-Executive Chairman Anthony Billis Executive Director, Managing Director and Chief Executive Officer Gordon Sklenka Non-Executive Director Alternate Director: Lyndall Vaughan * Appointed 14 August 2023

Alternate to Otakar Demis

Principal activities

The principal activities of the Group during the year were exploration, development and production activities at the Group’s East Kundana Joint Venture tenements.

Dividends

Dividends paid during the financial year were as follows:

30 Jun 2023 30 Jun 2022 $ $ A dividend of 10 cents per ordinary share was paid to shareholders on 15 November 2022 (30 June 2022: dividend of 10 cents per ordinary share paid on 5 November 2021). 5,687,596 5,687,596

Other than the above, there were no further dividends recommended or declared during the current financial year.

Review of operations

The profit for the Group after providing for income tax amounted to $8,221,452 (30 June 2022: $10,658,272).

East Kundana Joint Venture

The East Kundana Joint Venture ('EKJV') is located 25km west north west of Kalgoorlie and 47km north east of Coolgardie.

The EKJV is between Rand Mining Ltd. (12.25%), Tribune Resources Ltd. (36.75%) and Gilt-Edged Mining Pty. Ltd. (51%).

Rand Mining Limited Directors' report 30 June 2023

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KUNDANA PROJECT
Location Map
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Note: The Joint Venture deposits are located within the blue shaded area. Other deposits indicated on this map do not belong to either Rand Mining or the Joint Venture.

Rand Mining Limited Directors' report 30 June 2023

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EAST KUNDANA JOINT VENTURE

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Deposit Locations
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Note: The Joint Venture deposits are located within the blue shaded area. Other deposits indicated on this map do not belong to either Rand Mining or the Joint Venture.

Production

Raleigh

In April 2023, rehabilitation and development activity recommenced at Raleigh mine.

Capital development in the Raleigh and Sadler mining areas achieved 97.5 metres of jumbo development. 7.1 metres of operating development in the Sadler area occurred in June 2023.

2,995 tonnes of stockpiled ore were removed from Raleigh to gain access to existing production areas and was stockpiled on surface.

Raleigh will continue to be developed in FY2024 with scheduled ore production during the coming year.

Rubicon/Hornet/Pegasus

During the year ended 30 June 2023, a total of 429,321 tonnes of ore at 4.98 g/t containing 69,254 oz of gold was mined from the Rubicon, Hornet and Pegasus ore bodies.

Rand Mining Limited Directors' report 30 June 2023

Rand’s entitlement to the ore extracted was 52,959 tonnes and 8,484 oz, compared to 55,773 tonnes and 7,049 oz the previous year.

Year on year RHP Mine production is summarised in the following table.

Mine Claimed Production		Rubicon/Hornet/Pegasus	Rubicon/Hornet/Pegasus
	Mined	Grade	Gold
Year	(t)	(g/t)	(oz)
11/12	78,229	9.6	24,103
12/13	266,113	10.3	88,666
13/14	314,685	11.3	114,454
14/15	605,988	9.5	184,302
15/16	761,483	7.3	178,931
16/17	843,340	7.1	192,487
17/18	996,445	6.2	198,276
18/19	1,072,429	6.0	208,264
19/20	954,188	5.1	156,158
20/21	888,507	3.7	106,283
21/22	455,288	3.9	57,540
22/23	432,316	5.0	69,254
Rand's entitlement 22/23	52,966	5.0	8,484

Ore Stockpiles

As of 30 June 2023, Rand had 25,585 tonnes of ore stockpiled at a grade of 1.70 g/t which contained 1,396 oz of gold.

The breakdown of Rands high and low grade ore stockpiles is tabulated below:

		Rand Ore Stockpiles
ROM Pad	Ore Source	Ore	Grade	Ounces	Recovery
		Tonnes	(g/t)	Au	%
EKJV Stockpiles
Rubicon ROM	EKJV RHP Ore	10,997	3.04	1,075	12.25%
Rubicon ROM	EKJV RPH Low grade	1,928	2.37	147	12.25%
Mungari ROM	EKJV RPH Ore	37,204	4.68	5,593	12.25%
Raleigh ROM	EKJV RAL MW	1,080	1.09	38	12.50%
Rubicon ROM	EKJV RHP MW	152,825	0.88	4,316	12.25%
Mungari ROM	EKJV RHP MW	3,761	0.92	111	12.25%
Mungari	EKJV RHP Crushed Ore	1,042	3.55	119	12.25%
Rand Share of EKJV Stockpiles		25,585	1.70	1,396	100.00%

Rand ore stockpiles increased by 21,386 tonnes and 858 oz in the 12 months from 30 June 2022.

Processing

Rand‘s share of ore processed in FY2023 was 53,360 tonnes at 4.82 g/t with 95.3% gold recovery for production of 7,873 oz.

All ore was processed at Evolution Mining Limited Mungari processing plant.

Rand share of ore processed is outlined in the table below:

Rand Share of Ore Processed

				Fine Au
Campaign Location	Tonnes Milled Head Grade Au		Recovery	Produced
		(g/t)	%	(oz)
EVN Mungari	53,360	4.82	95.30%	7,873
Total	53,360	4.82	95.30%	7,873

Rand Mining Limited Directors' report 30 June 2023

Historical gold production from the EKJV is summarised in the table below:

Rand and Tribune Group Bullion To FY2023 FY2022 FY2021 FY2020 FY2019 FY2018 FY2017 FY2016 FY2015 FY2014 FY2013 FY2012 FY2011 FY2010 FY2009 FY2008 FY2007 FY2006 Total	Gold (oz) 31,497 37,372 83,630 56,352 119,834 94,751 109,451 103,747 97,420 79,907 95,554 61,864 64,716 77,624 32,478 59,638 49,335 25,599	Silver (oz) 3,657 6,286 3,039 8,335 20,567 14,690 20,728 20,647 21,027 18,854 17,248 15,841 8,639 12,019 4,649 8,048 6,640 3,951	Rand Share Gold (oz) 7,874 9,343 20,787 14,088 29,958 23,687 27,362 25,937 24,355 19,976 23,888 15,466 16,179 19,406 8,119 14,909 12,333 6,399
	1,280,769	214,865	320,066

Exploration

Drilling activities for the year ended 30 June 2023 included 1,558m of infill drilling for the Nugget orebody, and the K2A mineralised horizon. The drilling was to infill the Nugget orebody and K2A mineralised zone for resource conversion. The drilling was performed in the first quarter of the current financial year.

Full details of all EKJV exploration activities including significant intersections from results received are contained the Quarterly EKJV Exploration Reports available on the ASX.

Other projects

Seven Mile Hill (Rand's Interest 50%)

Geological logging of drill core from the diamond drilling campaign is partially completed identifying variety of rock-types, with sulphide alteration and quartz veining relatively common.

Further geological logging of the drill core is to be continued and the potential for additional drill hole targets is being considered. A number of the planned holes in the previous drilling campaign were not completed and are being reviewed for continuation of future drilling.

A survey of the Seven Mile Hill mining tenements was completed during the year with the documentation submitted to DMIRS. An overview of the mining leases is shown below.

Rand Mining Limited Directors' report 30 June 2023

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Resources and reserves

At 30 June 2023, Rand Mining Limited’s Mineral Resources amounted to 1.3 million tonnes grading 4.8 g/t gold for 204,000 ounces of contained gold.

The Mineral Resource was reported within A$2,200/oz optimised mining shapes and is inclusive of Ore Reserves but excludes mined areas and areas sterilised by mining activities.

Comparison with the Mineral Resources at 30 June 2022 shows an increase of 235,000 tonnes and increase of 11,000 ounces due to revised costs and design parameters, revised gold price assumption, mining depletion and stockpile adjustment. The UG Mineral Resource at Falcon and Star Trek Underground are new additions to the 31 December 2022 Mineral Resource statement.

The design changes are attributable to:

Assumed gold price change from A$2,000/oz. to A$2,200/oz.
Reduced processing costs based on development of a 4.2 million tonne per annum plant (Future Growth Project) at Mungari
Underground mining costs increased in line with review of actual costs
Sustaining capital and haulage costs excluded
Open Pit metallurgical recovery increased to 93.5% to better reflect actual performance at deposit grades (previously 86% recovery was calculated using a 0.5g/t gold cut-off grade.)

Mineral Resources Comparison

Mineral Resources Comparison
			30 June 2023			30 June 2022
Deposit	(Mt)	Au (g/t)	Au (Koz)	(Mt)	Au (g/t)	Au (Koz)
EKJV and Stockpiles	1.32	4.8	204	1.09	5.5	193

At 30 June 2023, Rand Mining Limited’s Ore Reserves amounted to 0.38 million tonnes grading 5.2 g/t gold for 64,000 ounces of contained gold.

Rand Mining Limited Directors' report 30 June 2023

Ore Reserves use a $1,600 per ounce gold price assumption for generating cut-off grades that are used in optimisations in line with Evolution Mining Strategic Planning Standards. The reported Ore Reserve is defined within appropriately designed open pit shapes or underground stope shapes which have considered relevant modifying factors and include planned dilution and ore loss. Comparison with the Ore Reserves at 30 June 2022 shows a decrease of approximately 4,000 ounces in Ore Reserves attributed to:

Depletion (including stockpiles) of
Design changes primarily due to increased gold price and increased process recovery offset against increased production costs
New data from drilling in the Hera Lode

Ore Reserves Comparison
			30 June 2023			30 June 2022
Deposit	(Kt)	Au (g/t)	Au (Koz)	(Kt)	Au (g/t)	Au (Koz)
EKJV and Stockpiles	383	5.2	64	436	4.8	68

Mineral Resources

At 30 June 2023
		MEASURED			INDICATED			INFERRED			TOTAL RESOURCES
	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces
	(000's)	(g/t)	(000's)	(000's)	(g/t)	(000's)	(000's)	(g/t)	(000's)	(000's)	(g/t)	(000's)
Surface	0		0	48	3.4	5	23	1.4	1	73	2.8	7
Underground	187	5.8	35	537	5.5	95	502	4.1	67	1,224	5.0	196
Stockpiles RHP	26	1.7	1							26	1.7	1
Sub-Total East Kundana JV	213	5.3	36	585	5.3	100	525	4.0	68	1,323	4.8	204

Ore Reserves

At 30 June 2023
		PROVED			PROBABLE			TOTAL RESERVES
	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces
	(000's)	(g/t)	(000's)	(000's)	(g/t)	(000's)	(000's)	(g/t)	(000's)
Surface	0		0	18	4.9	3	17	4.9	3
Underground	77	6.1	15	262	5.2	44	340	5.4	60
Stockpile RHP	26	1.7	1				26	1.7	1
Sub-Total East Kundana JV	103	5.0	16	280	5.2	47	383	5.2	64

Notes to tables:

EKJV Resources and Reserves are estimated by Evolution Mining Limited for period ending 31 December 2022 and were reported on 16 February 2023 in Evolution Mining Limited ASX Announcement “Annual Mineral Resources and Ore Reserves Statement” included in the Mungari results.
Stockpiles are reported as at 30 June 2023
Resources and Reserves as reported are 100% Rand Mining Ltd.
Resources are inclusive of Reserves.
Gold price used for the EKJV Resource Estimation is AUD$2,200/oz.
Gold price used for the EKJV Reserve Estimation is AUD$1,600/oz.
Data is reported to significant figures to reflect appropriate precision and may not sum precisely due to rounding
Rand Mining Ltd holds a 12.25% interest in the EKJV Mineral Resource with the exception of Raleigh which is 12.50%.

Rand Mining Limited Directors' report 30 June 2023

Mineral Resource and Ore Reserve Governance and Internal Controls

The Manager of the EKJV prepares the EKJV Mineral Resources and Ore Reserves on an annual basis in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code 2012). Competent Persons named by the EKJV Manager are Members or Fellows of the Australasian Institute of Mining and Metallurgy and/or the Australian Institute of Geoscientists and qualify as Competent Persons as defined in the JORC Code.

The Company is represented on the EKJV Technical Committee which reviews the Mineral Resource and Ore Reserve estimates and procedures undertaken. The Company’s Competent Persons and consultants audit internal reviews by the EKJV Manager and external reviews by independent consultants of Mineral Resource and Ore Reserve estimates and procedures. These audits have not identified any material issues.

Competent Person Statements

The information in the Company’s 2022 Annual Report that relates to Mineral Resources and Ore Reserves is based on information and supporting documentation prepared by the Competent Persons referred to in the ASX announcement detailed in the footnotes to the Minerals Resources and Ore Reserves Tables (Tables) and fairly represents that information.

The Mineral Resources and Ore Reserves statement as a whole, as well as the information provided by the Competent Persons referred to in the relevant ASX announcement detailed in the footnotes to the Tables, have been reviewed and approved by Mr Gregory Barnes. Exploration results presented in this report have been prepared in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) by Mr Gregory Barnes. Mr Barnes is a Member of the Australasian Institute of Mining and Metallurgy, is a self-employed consulting geologist to Rand Mining and has sufficient relevant experience in the activities undertaken and styles of mineralisation being reported to qualify as a Competent Person under the JORC Code. Mr Barnes consents to the inclusion in this report of the information compiled by him in the form and context in which it appears.

Financial review

At 30 June 2023 the Group reported a profit of $8,221,452 after tax of $3,762,379, a decrease of $2,436,820 on the previous year (30 June 2022: $10,658,272). This was primarily due to lower gold sales during the year. The Group also sold $594,560 in ore last year which it did not this year.

Overall total costs increased by 9.6 % during the year from $16,661,442 at 30 June 2022 to $18,265,180 at 30 June 2023. These were primarily led by non-cash write off of historical capitalised drilling costs $2,453,222 (30 June 2022: $7,921) and increased mining costs of $9,558,637 (30 June 2022: $8,545,710). There was also a reduction in processing costs of 32.55% from $3,447,576 (79,738 milled tonnes) to $2,325,228 (53,360 milled tonnes).

Financial position

The current assets of the Company increased on 30 June 2023 to $79,564,722 (30 June 2022: $77,301,774) this was mostly due to increases in inventories. current assets remained relatively stable.

Non-current assets decreased during the year from $27,365,926 in 2022 to $22,507,517 in 2023 primarily due to amortisation and depreciation of the EKJV assets.

Total liabilities reduced over the period predominately due to a decrease in tax payables and deferred taxes at 30 June 2023.

Cash flow

The cashflow from operating activities for the financial year were $9,250,028 this is lower than the previous year being $11,105,176. This was predominately driven by lower gold sales during the year with 11,100 ounces sold in 2023 vs 12,500 ounces sold in 2022.

Cash outflows from investing activities decreased during the year from $4,018,131 to $3,381,848. This was due to lower exploration and evaluation spending during the period.

Cash outflows from financing activities saw a slight decrease from $6,278,708 in 2022 to $5,870,326 in 2023 due to reductions in EKJV equipment lease payments.

Corporate

Share buy-back programme

During the year, the Company extended the current on market share buy-back to 9 January 2024.

2,415,082 shares are remaining to be bought back under this buy-back. No shares were bought back during the year.

The number of securities on issue as at 30 June 2023 is 56,875,961.

Proceedings against Northern Star Resources Ltd

The Court's decision was made on 23 December 2022. The Court dismissed Rand and Tribune's claim against Northern Star. A final amount in regards to costs awarded to Northern Star has not been determined.

Rand Mining Limited Directors' report 30 June 2023

Material business risks

The material business risks the Group believes may have an impact on its operating and financial prospects are as follows:

Gold price and silver price fluctuations

The Group is exposed to fluctuations in the gold and silver prices which can impact revenue. The Board actively monitors the price of gold and silver to ensure that the best prices are achieved on each sale.

Mineral Resources and Ore Reserves

The Group’s Mineral Resources and Ore Reserves are estimates based largely on interpretations of geological data. No assurances can be given that Resources and Reserves are accurate and that the indicated levels of gold and silver can be recovered from any project. To reduce the risks the Group ensures estimates are determined in accordance with the JORC Code and compiled or reviewed by qualified competent persons.

East Kundana Joint Venture risk

The Group does not have a controlling interest in the East Kundana Joint Venture and is therefore reliant on the manager to effectively manage the operating risks of mining operations and to provide accurate information in relation to those operations.

The Group monitors the operations of the Joint Venture via Operating and Technical Committees. The Group also makes every effort to ensure that the information received from the Manager is accurate seeking external advice or making its own enquiries where necessary.

Government regulation

The Group’s operations and exploration are subject to extensive laws. The Group cannot give any assurances that future amendments to current laws or regulations won’t have a material impact on its projects. The Group monitors new laws and regulations to ensure compliance and address any impacts on projects as early as possible .

Exploration and development risk

Sustaining or increasing current levels of production in the future is in part dependent on successful exploration and development activities. There is a risk that Ore Reserves may be depleted and not offset by new discoveries or developments.

Climate change

The Group acknowledges that its business may be impacted by the effects of climate change. The Group is committed to understanding these risks and developing strategies to manage their impact.

Environmental, health and safety

The Group has environmental liabilities associated with each project which have arisen because of its mining operations and exploration projects. The Group is subject to extensive laws and regulations governing the protection and management of the health and safety of workers, the environment, waste disposal, mine development and rehabilitation and local cultural heritage.

The Group seeks to obtain and comply with the required permits and approvals needed for each project. It acknowledges that any delays in obtaining these approvals may affect the Group’s operations or its ability to continue its operations. Any non-compliance may result in regulatory fines and/or civil liability.

Significant changes in the state of affairs

There were no significant changes in the state of affairs of the Group during the financial year.

Matters subsequent to the end of the financial year

No matter or circumstance has arisen since 30 June 2023 that has significantly affected, or may significantly affect the Group's operations, the results of those operations, or the Group's state of affairs in future financial years.

Likely developments and expected results of operations

The Group intends to continue its exploration, development and production activities on its existing projects and to acquire further suitable projects for exploration as opportunities arise.

Environmental regulation

The Group is subject to and compliant with all aspects of environmental regulation of its exploration and mining activities. The directors are not aware of any environmental law that is not being complied with.

Greenhouse gas and energy data reporting requirements

The Group is subject to the reporting requirements of both the Energy Efficiency Opportunities Act 2006 and the National Greenhouse and Energy Reporting Act 2007.

The Energy Efficiency Opportunities Act 2006 requires the Group to assess its energy usages, including the identification, investigation and evaluation of energy saving opportunities, and to report publicly on the assessments undertaken, including what action the Group intends to take as a result. Due to this Act, the Group, via its participation in the EKJV has registered with the Department of Resources, Energy and Tourism as a participant entity and reports the results from its assessments.

The National Greenhouse and Energy Reporting Act 2007 requires the Group, via its participation in the EKJV, to report its annual greenhouse gas emissions and energy use. The Group has previously implemented systems and processes for the collection and calculation of data.

Rand Mining Limited Directors' report 30 June 2023

Information on directors

Information on directors
Name:	Otakar Demis
Title:	Non-Executive Chairman and Joint Company Secretary
Experience and expertise:	Otakar is a private investor and businessman with several years' experience as a director of the
	Company.
Other current directorships:	Non-Executive Chairman and Company Secretary of Tribune Resources Limited (ASX: TBR)
Former directorships (last 3 years):	None
Interests in shares:	4,800 ordinary shares held directly
Interests in options:	None
Name:	Anthony Billis
Title:	Executive Director, Managing Director and Chief Executive Officer
Experience and expertise:	Anthony has over 30 years' experience in gold exploration within the mining industry in Western
	Australia. He has been involved in the exploration and development of the Kundana project for over 25
	years.
Other current directorships:	Executive Director of Tribune Resources Limited (ASX: TBR)
Former directorships (last 3 years):	None
Interests in shares:	15,237,384 ordinary shares (41,547 held directly and 15,195,837 held indirectly)
Interests in options:	None
Name:	Gordon Sklenka
Title:	Non-Executive Director
Qualifications:	B.Comm
Experience and expertise:	Gordon has worked in Chartered Accounting, Stockbroking and Corporate Advisory in both Perth and
	Sydney and has experience in corporate finance in the resources and technology industries
	predominantly focusing on capital raisings, initial public offerings ('IPOs'), acquisitions and project
	finance.
Other current directorships:	Non-Executive Director of Tribune Resources Limited (ASX: TBR)
Former directorships (last 3 years):	None
Interests in shares:	None
Interests in options:	None
Alternate director
Name:	Lyndall Vaughan
Title:	Non-Executive Director (appointed 14 August 2023)
Experience and expertise:	Lyndall has a Bachelor of Business (Major in Accounting) and is a Certified Practising Accountant. She
	has worked for both Rand Mining Limited and Tribune Resources Ltd for over 19 years and is currently
	Finance Manager of both.
Other current directorships:	Non-Executive Director of Tribune Resources Limited (ASX: TBR)
Former directorships (last 3 years):	None
Interests in shares:	None
Interests in options:	None

'Other current directorships' quoted above are current directorships for listed entities only and excludes directorships in all other types of entities, unless otherwise stated.

'Former directorships (in the last 3 years)' quoted above are directorships held in the last 3 years for listed entities only and excludes directorships in all other types of entities, unless otherwise stated.

Company secretaries

Roland Berzins (B.Comm, ACPA, FFIN, TA) as joint company secretary has over 20 years’ experience in the mining industry. He was previously chief accountant for 6 years at Kalgoorlie Consolidated Gold Mines Pty Ltd (‘Kalgoorlie Super Pit’). In addition, Roland has worked as a Senior Mining Analyst for the former BHP iron ore division and has worked for the Mt Newman, Koolan and Cockatoo iron ore project. Since 1996 Roland has been company secretary for a variety of ASX listed companies, and has also had experience in retail, merchant banking, venture capital and SME business advisory.

Brett Tucker was appointed joint company secretary on 9 March 2020. He is a Chartered Accountant who has acted as company secretary to a number of ASX listed and private companies across a range of industries. Brett has a strong corporate and compliance background which includes 9 years working in an international accounting firm within Australia and the UK.

Details of Mr Otakar Demis as joint company secretary can be found in the ‘Information of directors’ section above.

Rand Mining Limited Directors' report 30 June 2023

Meetings of directors

The number of meetings of the Company's Board of Directors ('the Board') held during the year ended 30 June 2023, and the number of meetings attended by each director were:

		Full Board
	Attended	Held
O Demis	-	-
A Billis	1	1
G Sklenka	1	1

Held: represents the number of meetings held during the time the director held office.

Remuneration report (audited)

The remuneration report, which has been audited, outlines the director and key management personnel remuneration arrangements for the Group and the Company, in accordance with the requirements of the Corporations Act 2001 and its Regulations.

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including all directors.

The remuneration report is set out under the following main headings:

Principles used to determine the nature and amount of remuneration
Details of remuneration
Service agreements
Share-based compensation
Additional information
Additional disclosures relating to key management personnel

Principles used to determine the nature and amount of remuneration

The objective of the Group and Company's executive reward framework is to ensure reward for performance is competitive and appropriate for the results delivered. The framework aligns executive reward with the achievement of strategic objectives and the creation of value for shareholders and conforms with the market best practice for delivery of reward. The Board of Directors ('the Board') ensures that executive reward satisfies the following key criteria for good reward governance practices:

competitiveness and reasonableness;
acceptability to shareholders;
performance linkage / alignment of executive compensation; and
transparency.

The Board is responsible for determining and reviewing remuneration arrangements for its directors and executives. The performance of the Group and Company depends on the quality of its directors and executives. The remuneration philosophy is to attract, motivate and retain high performance and high quality personnel.

The Board has structured an executive remuneration framework that is market competitive and complementary to the reward strategy of the Group and Company.

The reward framework is designed to align executive reward to shareholders' interests. The Board has considered that it should seek to enhance shareholders' interests by:

having economic profit as a core component of plan design; and
attracting and retaining high calibre executives.

Additionally, the reward framework should seek to enhance executives' interests by:

rewarding capability and experience;
reflecting competitive reward for contribution to growth in shareholder wealth; and
providing a clear structure for earning rewards.

In accordance with best practice corporate governance, the structure of non-executive directors and executive directors' remuneration are separate.

Non-executive directors' remuneration

Fees and payments to non-executive directors reflect the demands which are made on, and the responsibilities of, the directors. Non-executive directors' fees and payments are reviewed annually by the Board. The Board may seek the advice of independent remuneration consultants to ensure non-executive directors' fees and payments are appropriate and in line with the market (refer 'use of remuneration consultants' below). There are no termination or retirement benefits for non-executive directors other than statutory superannuation.

Rand Mining Limited Directors' report 30 June 2023

ASX listing rules requires that the aggregate non-executive directors remuneration shall be determined periodically by a general meeting. The most recent determination was at the Annual General Meeting held on 30 November 2005, where the shareholders approved an aggregate remuneration of $160,000.

Executive remuneration

The Group and Company aims to reward executives with a level and mix of remuneration based on their position and responsibility, which is both fixed and variable.

The executive remuneration and reward framework has four components:

base pay and non-monetary benefits;
short-term performance incentives;
share-based payments; and
other remuneration such as superannuation and long service leave.

The combination of these comprises the executive's total remuneration.

Fixed remuneration, consisting of base salary, superannuation and non-monetary benefits, are reviewed annually by the Board, based on individual and business unit performance, the overall performance of the Group and comparable market remunerations.

Executives can receive their fixed remuneration in the form of cash or other fringe benefits (for example motor vehicle benefits) where it does not create any additional costs to the Group and adds additional value for the executive.

The short-term incentives ('STI') program is designed to align the targets of the business units with the targets of those executives in charge of meeting those targets. STI payments are granted to executives based on specific annual targets and key performance indicators ('KPI') being achieved. KPI’s include profit contribution, customer satisfaction, leadership contribution and product management.

The long-term incentives ('LTI') currently consists of long service leave.

Group performance and link to remuneration

The directors' remuneration levels are not directly dependent upon the Group and Company's performance or any other performance conditions. However, practically, whether shareholders vote for or against an increase in the aggregate director remuneration will depend upon, amongst other things, how the Group and Company have performed.

Use of remuneration consultants

During the financial year ended 30 June 2023, the Company did not engage remuneration consultants to review its existing remuneration policies or provide recommendations on how to improve both the STI and LTI program.

Voting and comments made at the Company's 2022 Annual General Meeting ('AGM')

At the last AGM, 100.00% of the shareholders voted to adopt the remuneration report for the year ended 30 June 2022. The Company did not receive any specific feedback at the AGM regarding its remuneration practices.

Details of remuneration

The key management personnel of the Group consisted of the following directors of Rand Mining Limited:

Otakar Demis - Non-Executive Chairman
Anthony Billis - Executive Director, Managing Director and Chief Executive Officer
Gordon Sklenka - Non-Executive Director

Amounts of remuneration

Details of the remuneration of key management personnel of the Group are set out in the following tables.

Rand Mining Limited Directors' report 30 June 2023

Cash salary and fees $ 30,000 40,000 95,214	Short-term benefits Post- employment benefits Non- Super- Bonus monetary annuation $ $ $ - - - - - 4,200 - - 9,997	Short-term benefits Post- employment benefits Non- Super- Bonus monetary annuation $ $ $ - - - - - 4,200 - - 9,997	Short-term benefits Post- employment benefits Non- Super- Bonus monetary annuation $ $ $ - - - - - 4,200 - - 9,997	Long-term benefits Leave benefits $ - - -	Share-based payments Equity- settled $ - - -	Total $ 30,000 44,200 105,211
165,214	-	-	14,197	-	-	179,411
Cash salary and fees $ 30,000 40,000 91,687	Short-term benefits Post- employment benefits Non- Super- Bonus monetary annuation $ $ $ - - - - - 4,000 - - 9,169			Long-term benefits Leave benefits $ - - -	Share-based payments Equity- settled $ - - -	Total $ 30,000 44,000 100,856
161,687	-	-	13,169	-	-	174,856

The proportion of remuneration linked to performance and the fixed proportion are as follows:

	Fixed	remuneration		STI		LTI
Name	30 Jun 2023	30 Jun 2022	30 Jun 2023	30 Jun 2022	30 Jun 2023	30 Jun 2022
*Non-Executive Directors:*
G Sklenka	100%	100%	-	-	-	-
O Demis	100%	100%	-	-	-	-
*Executive Directors:*
A Billis	100%	100%	-	-	-	-

Service agreements

Remuneration and other terms of employment for key management personnel are formalised in service agreements. Details of these agreements are as follows:

Name: Anthony Billis Title: Executive Director, Managing Director and Chief Executive Officer Term of agreement: Ongoing Details: Base salary, inclusive of superannuation and fringe benefits, for the year ended 30 June 2023 of $105,211, to be reviewed annually by the Board.

Key management personnel have no entitlement to termination payments in the event of removal for misconduct.

Share-based compensation

Issue of shares

There were no shares issued to directors and other key management personnel as part of compensation during the year ended 30 June 2023.

Rand Mining Limited Directors' report 30 June 2023

Options

There were no options over ordinary shares issued to directors and other key management personnel as part of compensation that were outstanding as at 30 June 2023.

There were no options over ordinary shares granted to or vested by directors and other key management personnel as part of compensation during the year ended 30 June 2023.

Additional information

The earnings of the Group for the five years to 30 June 2023 are summarised below:

	2023	2022	2021	2020	2019
	$	$	$	$	$
Sales revenue	30,136,675	32,060,435	43,218,150	2,540,000	79,424,150
EBITDA	14,755,046	18,564,204	26,575,099	2,115,284	81,300,340
EBIT	11,934,745	15,435,257	22,180,005	(2,570,284)	76,300,539
Profit/(loss) after income tax	8,221,452	10,658,272	15,201,512	(1,536,490)	67,388,360

The factors that are considered to affect total shareholders return ('TSR') are summarised below:

	2023	2022	2021	2020	2019
Share price at financial year end ($)	1.21	1.32	1.45	2.06	3.28
Total dividends declared (cents per share)	10.00	10.00	10.00	10.00	135.00
Basic earnings per share (cents per share)	14.46	18.74	25.51	(2.55)	112.04
Diluted earnings per share (cents per share)	14.46	18.74	25.51	(2.55)	112.04

Additional disclosures relating to key management personnel

Shareholding

The number of shares in the Company held during the financial year by each director and other members of key management personnel of the Group, including their personally related parties, is set out below:

*Ordinary shares* O Demis A Billis G Sklenka	Balance at the start of the year 4,800 15,237,384 -	Received as part of remuneration - - -	Additions - - -	Disposals/ other - - -	Balance at the end of the year 4,800 15,237,384 -
	15,242,184	-	-	-	15,242,184

Option holding

There were no options over ordinary shares in the Company held during the financial year by any director and other members of key management personnel of the Group, including their personally related parties.

Loans to key management personnel and their related parties

There were no loans to or from key management personnel and their related parties at the current reporting date.

Rand Mining Limited Directors' report 30 June 2023

Other transactions with key management personnel and their related parties

The following transactions occurred with key management personnel and their related parties:

	30 Jun 2023
	$
Interest paid:
Interest paid on loans from Tribune Resources Ltd *(1)	2,187
Payment for other expenses:
Payment of management fees to Tribune Resources Ltd *(2)	421,038
Payment of rent, rates and levies for office to Melville Parade Pty Ltd **	46,477
Reimbursement of operating expenses to Iron Resources Liberia Ltd **	397,487
Payment of royalties to Lake Grace Exploration Pty Ltd **	367
Amounts advanced and repaid during the financial year:
Cash advances to Tribune Resources Ltd (repaid in full) *	-
* An entity in which Anthony Billis, Otakar Demis and Gordon Sklenka are directors.

** An entity in which Anthony Billis is a director. (1) Still to be paid (2) From this total $27,119 is still to be paid

All transactions were made on normal commercial terms and conditions and at market rates.

This concludes the remuneration report, which has been audited.

Shares under option

There were no unissued ordinary shares of Rand Mining Limited under option outstanding at the date of this report.

Shares issued on the exercise of options

There were no ordinary shares of Rand Mining Limited issued on the exercise of options during the year ended 30 June 2023 and up to the date of this report.

Indemnity and insurance of officers

The Company has indemnified the directors and executives of the Company for costs incurred, in their capacity as a director or executive, for which they may be held personally liable, except where there is a lack of good faith.

During the financial year, the Company paid a premium in respect of a contract to insure the directors and executives of the Company against a liability to the extent permitted by the Corporations Act 2001. The contract of insurance prohibits disclosure of the nature of the liability and the amount of the premium.

Indemnity and insurance of auditor

The Company has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of the Company or any related entity against a liability incurred by the auditor.

During the financial year, the Company has not paid a premium in respect of a contract to insure the auditor of the Company or any related entity.

Proceedings on behalf of the Company

No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the Company, or to intervene in any proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or part of those proceedings.

Non-audit services

There were no non-audit services provided during the financial year by the auditor.

Officers of the Company who are former partners of PKF Perth

There are no officers of the Company who are former partners of PKF Perth.

Auditor's independence declaration

A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this directors' report.

Rand Mining Limited Directors' report 30 June 2023

This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the Corporations Act 2001.

On behalf of the directors

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_________ Anthony Billis Director

13 September 2023 Perth

PKF Perth

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AUDITOR’S INDEPENDENCE DECLARATION

TO THE DIRECTORS OF RAND MINING LIMITED

In relation to our audit of the financial report of Rand Mining Limited for the year ended 30 June 2023, to the best of my knowledge and belief, there have been no contraventions of the auditor independence requirements of the Corporations Act 2001 or any applicable code of professional conduct.

PKF PERTH

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SIMON FERMANIS PARTNER

13 September 2023 WEST PERTH, WESTERN AUSTRALIA

Level 4, 35 Havelock Street, West Perth, WA 6005 PO Box 609, West Perth, WA 6872

T: +61 8 9426 8999 F: +61 8 9426 8900 www.pkfperth.com.au

PKF Perth is a member firm of the PKF International Limited family of legally independent firms and does not accept any responsibility or liability for the actions or inactions of any individual member or correspondent firm or firms.

Liability limited by a scheme approved under Professional Standards Legislation.

Rand Mining Limited Consolidated statement of profit or loss and other comprehensive income For the year ended 30 June 2023

Note Revenue 5 Other income Interest revenue calculated using the effective interest method Net gain on sale of assets Expenses Changes in inventories Employee benefits expense Management fees Depreciation and amortisation expense 6 Impairment of exploration and evaluation 14 Impairment of mine development 15 Net fair value loss on financial assets 11 Mining expenses Processing expenses Royalty expenses Foreign currency losses Other expenses Finance costs 6 Profit before income tax expense Income tax expense 7 Profit after income tax expense for the year attributable to the owners of Rand Mining Limited 20 Other comprehensive income for the year, net of tax Total comprehensive income for the year attributable to the owners of Rand Mining Limited Basic earnings per share 34 Diluted earnings per share 34	30 Jun 2023 $ 30,136,675 8,437 57,227 46,672 2,529,474 (301,944) (862,384) (2,820,301) (559,223) (2,453,222) (146,035) (9,558,637) (2,325,228) (514,845) (8,010) (1,236,684) (8,141)	30 Jun 2022 $ 32,060,435 - 7,025 20,939 2,962,769 (287,048) (830,527) (3,128,947) (1,571,963) (7,921) (12,409) (8,545,710) (3,447,576) (566,846) (9,653) (1,200,286) (15,325)
	11,983,831 (3,762,379)	15,426,957 (4,768,685)
	8,221,452 -	10,658,272 -
	8,221,452	10,658,272
	Cents 14.46 14.46	Cents 18.74 18.74

The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes

Rand Mining Limited Consolidated statement of financial position As at 30 June 2023

Note Assets Current assets Cash and cash equivalents 8 Trade and other receivables 9 Inventories 10 Prepayments Total current assets Non-current assets Financial assets at fair value through profit or loss 11 Property, plant and equipment 12 Right-of-use assets 13 Exploration and evaluation 14 Mine development 15 Deferred tax 7 Total non-current assets Total assets Liabilities Current liabilities Trade and other payables 16 Lease liabilities 17 Income tax payable 7 Provisions 18 Total current liabilities Non-current liabilities Lease liabilities 17 Deferred tax 7 Provisions 18 Total non-current liabilities Total liabilities Net assets Equity Issued capital 19 Retained profits 20 Total equity	30 Jun 2023 $ 2,159,051 122,980 77,207,354 75,337	30 Jun 2022 $ 2,161,197 227,795 74,907,782 5,000
	79,564,722	77,301,774
	219,001 1,773,384 10,971 2,327,449 17,908,862 267,850	365,036 1,309,179 886,324 2,197,997 20,042,226 2,565,164
	22,507,517	27,365,926
	102,072,239	104,667,700
	1,868,950 11,482 259,847 61,135	2,496,179 204,910 1,691,587 50,819
	2,201,414	4,443,495
	- 1,689,397 490,092	11,482 4,596,597 458,646
	2,179,489	5,066,725
	4,380,903	9,510,220
	97,691,336	95,157,480
	11,707,036 85,984,300	11,707,036 83,450,444
	97,691,336	95,157,480

The above consolidated statement of financial position should be read in conjunction with the accompanying notes

Rand Mining Limited Consolidated statement of changes in equity For the year ended 30 June 2023

Issued capital $ 11,707,036 - -	Retained profits $ 78,479,768 10,658,272 -	Total equity $ 90,186,804 10,658,272 -
- -	10,658,272 (5,687,596)	10,658,272 (5,687,596)
11,707,036	83,450,444	95,157,480
Issued capital $ 11,707,036 - -	Retained profits $ 83,450,444 8,221,452 -	Total equity $ 95,157,480 8,221,452 -
- -	8,221,452 (5,687,596)	8,221,452 (5,687,596)
11,707,036	85,984,300	97,691,336

The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes

Rand Mining Limited Consolidated statement of cash flows For the year ended 30 June 2023

Note Cash flows from operating activities Receipts from customers (inclusive of GST) Payments to suppliers and employees (inclusive of GST) Interest received Interest and other finance costs paid Income taxes paid Net cash from operating activities 33 Cash flows from investing activities Payments for property, plant and equipment Payments for exploration and evaluation Payments for mine development Proceeds from disposal of property, plant and equipment Net cash used in investing activities Cash flows from financing activities Repayment of lease liabilities 33 Cash advances to Tribune Resources Limited Repayment of cash advances to Tribune Resources Limited Cash advances from Tribune Resources Limited Repayment of cash advances from Tribune Resources Limited Dividends paid 21 Net cash used in financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the financial year Cash and cash equivalents at the end of the financial year 8	30 Jun 2023 $ 30,145,112 (15,141,090) 57,227 (7,216) (5,804,005)	30 Jun 2022 $ 32,060,435 (15,237,703) 5,369 (13,547) (5,709,378)
	9,250,028	11,105,176
	(397,718) (699,510) (2,325,413) 40,793	(8,394) (1,877,942) (2,165,805) 34,010
	(3,381,848)	(4,018,131)
	(182,730) - - 1,450,000 (1,450,000) (5,687,596)	(591,112) (700,000) 700,000 250,000 (250,000) (5,687,596)
	(5,870,326)	(6,278,708)
	(2,146) 2,161,197	808,337 1,352,860
	2,159,051	2,161,197

The above consolidated statement of cash flows should be read in conjunction with the accompanying notes

Rand Mining Limited Notes to the consolidated financial statements 30 June 2023

Note 1. General information

The financial statements cover Rand Mining Limited as a Group consisting of Rand Mining Limited ('Company', 'parent entity' or 'Rand') and the entities it controlled at the end of, or during, the year (referred to in these financial statements as the 'Group'). The financial statements are presented in Australian dollars, which is Rand Mining Limited's functional and presentation currency.

Rand Mining Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is:

Suite G1, 49 Melville Parade

South Perth WA 6151

A description of the nature of the Group's operations and its principal activities are included in the directors' report, which is not part of the financial statements.

The financial statements were authorised for issue, in accordance with a resolution of directors, on 13 September 2023. The directors have the power to amend and reissue the financial statements.

Note 2. Significant accounting policies

The principal accounting policies adopted in the preparation of the financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

New or amended Accounting Standards and Interpretations adopted

The Group has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. The adoption of these Accounting Standards and Interpretations did not have any significant impact on the financial performance or position of the Group during the financial year ended 30 June 2023.

Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.

Basis of preparation

These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') and the Corporations Act 2001, as appropriate for for-profit oriented entities. These financial statements also comply with International Financial Reporting Standards as issued by the International Accounting Standards Board ('IASB').

Historical cost convention

The financial statements have been prepared under the historical cost convention, except for, where applicable, the revaluation of financial assets at fair value through profit or loss.

Critical accounting estimates

The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 3.

Parent entity information

In accordance with the Corporations Act 2001, these financial statements present the results of the Group only. Supplementary information about the parent entity is disclosed in note 29.

Principles of consolidation

The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of the Company as at 30 June 2023 and the results of all subsidiaries for the year then ended.

Subsidiaries are all those entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.

Intercompany transactions, balances and unrealised gains on transactions between entities in the Group are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest, without the loss of control, is accounted for as an equity transaction, where the difference between the consideration transferred and the book value of the share of the non-controlling interest acquired is recognised directly in equity attributable to the parent.

Rand Mining Limited Notes to the consolidated financial statements 30 June 2023

Note 2. Significant accounting policies (continued)

Where the Group loses control over a subsidiary, it derecognises the assets including goodwill, liabilities and non-controlling interest in the subsidiary together with any cumulative translation differences recognised in equity. The Group recognises the fair value of the consideration received and the fair value of any investment retained together with any gain or loss in profit or loss.

Operating segments

Operating segments are presented using the 'management approach', where the information presented is on the same basis as the internal reports provided to the Chief Operating Decision Makers ('CODM'). The CODM is responsible for the allocation of resources to operating segments and assessing their performance.

Revenue recognition

The Group recognises revenue as follows:

Revenue from contracts with customers

Revenue is recognised at an amount that reflects the consideration to which the Group is expected to be entitled in exchange for transferring goods or services to a customer. For each contract with a customer, the Group: identifies the contract with a customer; identifies the performance obligations in the contract; determines the transaction price which takes into account estimates of variable consideration and the time value of money; allocates the transaction price to the separate performance obligations on the basis of the relative stand-alone selling price of each distinct good or service to be delivered; and recognises revenue when or as each performance obligation is satisfied in a manner that depicts the transfer to the customer of the goods or services promised.

Variable consideration within the transaction price, if any, reflects concessions provided to the customer such as discounts, rebates and refunds, any potential bonuses receivable from the customer and any other contingent events. Such estimates are determined using either the 'expected value' or 'most likely amount' method. The measurement of variable consideration is subject to a constraining principle whereby revenue will only be recognised to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur. The measurement constraint continues until the uncertainty associated with the variable consideration is subsequently resolved. Amounts received that are subject to the constraining principle are recognised as a refund liability.

Sale of gold

Sale of gold revenue is recognised at the point of sale, which is where the customer has taken delivery of the goods, the risks and rewards are transferred to the customer and there is a valid sales contract.

Dividends

Dividends are received from financial assets measured at fair value through profit or loss ('FVPL'). Dividends are recognised as other income in profit or loss when the right to receive payment is established. This applies even if they are paid out of pre-acquisition profits, unless the dividend clearly represents a recovery of part of the cost of an investment.

Interest

Interest revenue is recognised as interest accrues using the effective interest method. This is a method of calculating the amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest rate, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the net carrying amount of the financial asset.

Other revenue

Other revenue is recognised when it is received or when the right to receive payment is established.

Income tax

The income tax expense or benefit for the period is the tax payable on that period's taxable income based on the applicable income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities attributable to temporary differences, unused tax losses and the adjustment recognised for prior periods, where applicable.

Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be applied when the assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively enacted, except for:

When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and that, at the time of the transaction, affects neither the accounting nor taxable profits; or
When the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures, and the timing of the reversal can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future.

Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.

The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date. Deferred tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for the carrying amount to be recovered. Previously unrecognised deferred tax assets are recognised to the extent that it is probable that there are future taxable profits available to recover the asset.

Rand Mining Limited Notes to the consolidated financial statements 30 June 2023

Note 2. Significant accounting policies (continued)

Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable authority on either the same taxable entity or different taxable entities which intend to settle simultaneously.

Rand Mining Limited (the 'head entity') and its wholly-owned Australian subsidiaries have formed an income tax consolidated group under the tax consolidation regime. The head entity and each subsidiary in the tax consolidated group continue to account for their own current and deferred tax amounts. The tax consolidated group has applied the 'separate taxpayer within group' approach in determining the appropriate amount of taxes to allocate to members of the tax consolidated group.

In addition to its own current and deferred tax amounts, the head entity also recognises the current tax liabilities (or assets) and the deferred tax assets arising from unused tax losses and unused tax credits assumed from each subsidiary in the tax consolidated group.

Assets or liabilities arising under tax funding agreements with the tax consolidated entities are recognised as amounts receivable from or payable to other entities in the tax consolidated group. The tax funding arrangement ensures that the intercompany charge equals the current tax liability or benefit of each tax consolidated group member, resulting in neither a contribution by the head entity to the subsidiaries nor a distribution by the subsidiaries to the head entity.

Current and non-current classification

Assets and liabilities are presented in the statement of financial position based on current and non-current classification.

An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in the Group's normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current.

A liability is classified as current when: it is either expected to be settled in the Group's normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as non-current.

Deferred tax assets and liabilities are always classified as non-current.

Cash and cash equivalents

Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

Trade and other receivables

Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less any allowance for expected credit losses. Trade receivables are generally due for settlement within 30 days.

The Group has applied the simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance. To measure the expected credit losses, trade receivables have been grouped based on days overdue.

Other receivables are recognised at amortised cost, less any allowance for expected credit losses.

Inventories

Gold bullion, gold in transit and ore stockpiles are physically measured or estimated and valued at the lower of cost and net realisable value. Net realisable value is the estimated future sales price of the product the Group expects to realise when the product is processed and sold, less costs to complete production. The costs of producing silver are not separately identifiable and are allocated between the products on a rational and consistent basis based on the relative sales value at the completion of production.

Cost is determined using the average method and comprises direct purchase costs and an appropriate portion of fixed and variable costs including depreciation and amortisation, incurred in converting materials into finished goods.

Consumables are valued at the lower of cost or net realisable value. Any provision for obsolescence is determined by reference to specific items of stock. A regular review is undertaken to determine the extent of any provision or obsolescence.

Joint operations

A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. The Group has recognised its share of jointly held assets, liabilities, revenues and expenses of joint operations. These have been incorporated in the financial statements under the appropriate classifications.

Rand Mining Limited Notes to the consolidated financial statements 30 June 2023

Note 2. Significant accounting policies (continued)

Investments and other financial assets

Investments and other financial assets are initially measured at fair value. Transaction costs are included as part of the initial measurement, except for financial assets at fair value through profit or loss. Such assets are subsequently measured at either amortised cost or fair value depending on their classification. Classification is determined based on both the business model within which such assets are held and the contractual cash flow characteristics of the financial asset unless an accounting mismatch is being avoided.

Financial assets are derecognised when the rights to receive cash flows have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. When there is no reasonable expectation of recovering part or all of a financial asset, its carrying value is written off.

Financial assets at fair value through profit or loss

Financial assets not measured at amortised cost or at fair value through other comprehensive income are classified as financial assets at fair value through profit or loss. Typically, such financial assets will be either: (i) held for trading, where they are acquired for the purpose of selling in the short-term with an intention of making a profit, or a derivative; or (ii) designated as such upon initial recognition where permitted. Fair value movements are recognised in profit or loss.

Impairment of financial assets

The Group recognises a loss allowance for expected credit losses on financial assets which are either measured at amortised cost or fair value through other comprehensive income. The measurement of the loss allowance depends upon the Group's assessment at the end of each reporting period as to whether the financial instrument's credit risk has increased significantly since initial recognition, based on reasonable and supportable information that is available, without undue cost or effort to obtain.

Where there has not been a significant increase in exposure to credit risk since initial recognition, a 12-month expected credit loss allowance is estimated. This represents a portion of the asset's lifetime expected credit losses that is attributable to a default event that is possible within the next 12 months. Where a financial asset has become credit impaired or where it is determined that credit risk has increased significantly, the loss allowance is based on the asset's lifetime expected credit losses. The amount of expected credit loss recognised is measured on the basis of the probability weighted present value of anticipated cash shortfalls over the life of the instrument discounted at the original effective interest rate.

For financial assets measured at fair value through other comprehensive income, the loss allowance is recognised within other comprehensive income. In all other cases, the loss allowance is recognised in profit or loss.

Property, plant and equipment

Plant and equipment is stated at historical cost less accumulated depreciation and impairment. Historical cost includes expenditure that is directly attributable to the acquisition of the items.

Depreciation is calculated on a straight-line basis to write off the net cost of each item of property, plant and equipment over their expected useful lives as follows:

Mining plant and equipment 1 - 15 years

The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting date.

Leasehold improvements are depreciated over the unexpired period of the lease or the estimated useful life of the assets, whichever is shorter.

An item of property, plant and equipment is derecognised upon disposal or when there is no future economic benefit to the Group. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss.

Mining plant and equipment and capital work in progress

Mining plant and equipment and capital work in progress is carried at cost which includes acquisition, transportation, installation, and commissioning costs. Costs also include the present value of decommissioning costs and finance charges capitalised during the construction period where such expenditure is financed by borrowings. Costs are not depreciated until such time as the asset has been completed ready for use.

Subsequent costs are included in the asset’s carrying amount only when it is probable that future economic benefits associated with the item will flow to the Group, and the cost of the item can be measured reliably. All other repairs and maintenance are charged to profit or loss during the financial period in which they are incurred.

Right-of-use assets

A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is measured at cost, which comprises the initial amount of the lease liability, adjusted for, as applicable, any lease payments made at or before the commencement date net of any lease incentives received, any initial direct costs incurred, and, except where included in the cost of inventories, an estimate of costs expected to be incurred for dismantling and removing the underlying asset, and restoring the site or asset.

Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the estimated useful life of the asset, whichever is the shorter. Where the Group expects to obtain ownership of the leased asset at the end of the lease term, the depreciation is over its estimated useful life. Right-of use assets are subject to impairment or adjusted for any remeasurement of lease liabilities.

Rand Mining Limited Notes to the consolidated financial statements 30 June 2023

Note 2. Significant accounting policies (continued)

The Group has elected not to recognise a right-of-use asset and corresponding lease liability for short-term leases with terms of 12 months or less and leases of low-value assets. Lease payments on these assets are expensed to profit or loss as incurred.

Exploration and evaluation

Exploration and evaluation expenditures are typically expenses, unless it can be demonstrated that the related expenditures will generate a future economic benefit, in which case these costs are capitalised.

Examples of common exploration and evaluation activities

Exploration activities which primarily consist of expenditures relating to drilling programs and include, but are not limited to:

Researching and analysing existing exploration data;
Conducting geological mapping studies; and
Exploratory drilling and sampling including: • Taking core samples for analysis (assay work);
Sinking exploratory shafts;
Opening shallow pits; and
Drilling to determine volume and grade of deposits in an area known to contain mineral resources, or for the purpose of converting mineral resources into proven and probable reserves.

Exploration and evaluation assets are assessed for impairment when facts and circumstances suggest that the carrying amount of the asset exceeds its recoverable amount. Where the carrying amount is assessed as exceeding recoverable amount, the excess is recognised as an impairment expense in the profit or loss.

Mine development assets

Capitalised mine development costs include expenditures incurred to develop new ore bodies to define further mineralisation in existing ore bodies, to expand the capacity of a mine and to maintain production. Mine development also includes costs transferred from the exploration and evaluation phase once production commences in the area of interest.

Amortisation of mine development is computed by the units of production basis over the estimated proved and probable reserves. Proved and probable mineral reserves reflect estimated quantities of economically recoverable reserves which can be recovered in the future from known mineral deposits. These reserves are amortised from the date on which production commences. The amortisation is calculated from recoverable proved and probable reserves and a predetermined percentage of the recoverable measured, indicated and inferred resource. This percentage is reviewed annually.

Restoration costs expected to be incurred are provided for as part of the development phase that give rise to the need for restoration.

Impairment of non-financial assets

Non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount.

Recoverable amount is the higher of an asset's fair value less costs of disposal and value-in-use. The value-in-use is the present value of the estimated future cash flows relating to the asset using a pre-tax discount rate specific to the asset or cash-generating unit to which the asset belongs. Assets that do not have independent cash flows are grouped together to form a cash-generating unit.

Trade and other payables

Trade and other payables represent liabilities for goods and services provided to the Group prior to the end of the financial year and which are unpaid. Due to their short-term nature they are measured at amortised cost and are not discounted. The amounts are unsecured and are usually paid within 30 days of recognition.

Lease liabilities

A lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised at the present value of the lease payments to be made over the term of the lease, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group's incremental borrowing rate. Lease payments comprise of fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, amounts expected to be paid under residual value guarantees, exercise price of a purchase option when the exercise of the option is reasonably certain to occur, and any anticipated termination penalties. The variable lease payments that do not depend on an index or a rate are expensed in the period in which they are incurred.

Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts are remeasured if there is a change in the following: future lease payments arising from a change in an index or a rate used; residual guarantee; lease term; certainty of a purchase option and termination penalties. When a lease liability is remeasured, an adjustment is made to the corresponding right-of use asset, or to profit or loss if the carrying amount of the right-of-use asset is fully written down.

Rand Mining Limited Notes to the consolidated financial statements 30 June 2023

Note 2. Significant accounting policies (continued)

Provisions

Provisions are recognised when the Group has a present (legal or constructive) obligation as a result of a past event, it is probable the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. If the time value of money is material, provisions are discounted using a current pre-tax rate specific to the liability. The increase in the provision resulting from the passage of time is recognised as a finance cost.

Site rehabilitation

Rehabilitation costs include the dismantling and removal of mining plant, equipment and building structures, waste removal and rehabilitation of the site in accordance with the requirements of the mining permits. Such costs are determined using estimates of future costs, current legal requirements and technology.

Rehabilitation costs are recognised at present value as a non-current liability. An equivalent amount is capitalised as part of the cost of the asset when an obligation arises to decommission or restore a site to certain condition after abandonment as a result of bringing the assets to its present location. The capitalised cost is amortised over the life of the project and the provision is accreted periodically as the discounting of the liability unwinds. The unwinding of the discount is recorded as a finance cost.

Employee benefits

Short-term employee benefits

Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave expected to be settled wholly within 12 months of the reporting date are recognised in current liabilities in respect of employees' services up to the reporting date and are measured at the amounts expected to be paid when the liabilities are settled.

Other long-term employee benefits

The liability for long service leave not expected to be settled within 12 months of the reporting date are recognised in non-current liabilities, provided there is an unconditional right to defer settlement of the liability beyond 12 months from the reporting date. The liability is measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the reporting date on high quality corporate bonds with terms to maturity and currency that match, as closely as possible, the estimated future cash outflows.

Defined contribution superannuation expense

Contributions to defined contribution superannuation plans are expensed in the period in which they are incurred.

Fair value measurement

When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure purposes, the fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; and assumes that the transaction will take place either: in the principal market; or in the absence of a principal market, in the most advantageous market.

Fair value is measured using the assumptions that market participants would use when pricing the asset or liability, assuming they act in their economic best interests. For non-financial assets, the fair value measurement is based on its highest and best use. Valuation techniques used to measure fair value are those that are appropriate in the circumstances and which maximise the use of relevant observable inputs and minimise the use of unobservable inputs.

Assets and liabilities measured at fair value are classified into three levels, using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. Classifications are reviewed at each reporting date and transfers between levels are determined based on a reassessment of the lowest level of input that is significant to the fair value measurement.

For recurring and non-recurring fair value measurements, external valuers may be used when internal expertise is either not available or when the valuation is deemed to be significant. External valuers are selected based on market knowledge and reputation. Where there is a significant change in fair value of an asset or liability from one period to another, an analysis is undertaken, which includes a verification of the major inputs applied in the latest valuation and a comparison, where applicable, with external sources of data.

Issued capital

Ordinary shares are classified as equity.

Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Dividends

Dividends are recognised when declared during the financial year and no longer at the discretion of the Company.

Rand Mining Limited Notes to the consolidated financial statements 30 June 2023

Note 2. Significant accounting policies (continued)

Earnings per share

Basic earnings per share

Basic earnings per share is calculated by dividing the profit attributable to the owners of Rand Mining Limited, excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the financial year.

Diluted earnings per share

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of additional ordinary shares that would have been outstanding assuming conversion of all dilutive potential ordinary shares.

Goods and Services Tax ('GST') and other similar taxes

Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable from the tax authority. In this case it is recognised as part of the cost of the acquisition of the asset or as part of the expense.

Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the tax authority is included in other receivables or other payables in the statement of financial position.

Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to the tax authority, are presented as operating cash flows.

Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the tax authority.

New Accounting Standards and Interpretations not yet mandatory or early adopted

Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory have not been early adopted by the Group for the annual reporting period ended 30 June 2023.

The directors have reviewed all new Standards and Interpretations that have been issued but are not yet effective for the year ended 30 June 2023. As a result of this review the directors have determined that there is no impact, material or otherwise, of the new and revised Standards and Interpretations on the Company and, therefore, no change is necessary to Group accounting policies. These accounting policies are consistent with Australian Accounting Standards and with International Financial Reporting Standards.

Note 3. Critical accounting judgements, estimates and assumptions

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are discussed below.

Provision for impairment of inventories

The provision for impairment of inventories assessment requires a degree of estimation and judgement. The level of the provision is assessed by taking into account the recent sales experience, the ageing of inventories and other factors that affect inventory obsolescence.

Stockpiles are measured by estimating the number of tonnes added and removed from the stockpile, the number of contained metal ounces based on assay data, and the estimated recovery percentage based on the expected processing method. Stockpile tonnages are verified by periodic surveys.

Estimation of useful lives of assets

The Group determines the estimated useful lives and related depreciation and amortisation charges for its property, plant and equipment and finite life intangible assets. The useful lives could change significantly as a result of technical innovations or some other event. The depreciation and amortisation charge will increase where the useful lives are less than previously estimated lives, or technically obsolete or non-strategic assets that have been abandoned or sold will be written off or written down.

Income tax

The Group is subject to income taxes in the jurisdictions in which it operates. Significant judgement is required in determining the provision for income tax. There are many transactions and calculations undertaken during the ordinary course of business for which the ultimate tax determination is uncertain. The Group recognises liabilities for anticipated tax audit issues based on the Group's current understanding of the tax law. Where the final tax outcome of these matters is different from the carrying amounts, such differences will impact the current and deferred tax provisions in the period in which such determination is made.

Rand Mining Limited Notes to the consolidated financial statements 30 June 2023

Note 3. Critical accounting judgements, estimates and assumptions (continued)

Recovery of deferred tax assets

Deferred tax assets are recognised for deductible temporary differences only if the Group considers it is probable that future taxable amounts will be available to utilise those temporary differences and losses.

Lease term

The lease term is a significant component in the measurement of both the right-of-use asset and lease liability. Judgement is exercised in determining whether there is reasonable certainty that an option to extend the lease or purchase the underlying asset will be exercised, or an option to terminate the lease will not be exercised, when ascertaining the periods to be included in the lease term. In determining the lease term, all facts and circumstances that create an economic incentive to exercise an extension option, or not to exercise a termination option, are considered at the lease commencement date. Factors considered may include the importance of the asset to the Group's operations; comparison of terms and conditions to prevailing market rates; incurrence of significant penalties; existence of significant leasehold improvements; and the costs and disruption to replace the asset. The Group reassesses whether it is reasonably certain to exercise an extension option, or not exercise a termination option, if there is a significant event or significant change in circumstances.

Incremental borrowing rate

Where the interest rate implicit in a lease cannot be readily determined, an incremental borrowing rate is estimated to discount future lease payments to measure the present value of the lease liability at the lease commencement date. Such a rate is based on what the Group estimates it would have to pay a third party to borrow the funds necessary to obtain an asset of a similar value to the right-of-use asset, with similar terms, security and economic environment.

Employee benefits provision

As discussed in note 2, the liability for employee benefits expected to be settled more than 12 months from the reporting date are recognised and measured at the present value of the estimated future cash flows to be made in respect of all employees at the reporting date. In determining the present value of the liability, estimates of attrition rates and pay increases through promotion and inflation have been taken into account.

Recoverability of assets

The recoverable amount of each ‘cash-generating unit’ , ‘investment in associate’, and 'investment in joint arrangement' is determined by its value in use. Assessments of value in use require the use of estimates and assumptions including discount rates, exchange rates, commodity prices, future capital requirements and future operating performance, as well as the value that a market participant would place on any resources which have yet to be proven as reserves associated with the CGU.

Inventories are recognised at the lower of cost and net realisable value which is calculated. The computation of net realisable value involves significant judgements and estimates in relation to future processing costs, commodity prices, foreign exchange rates, and timing of processing and sale.

Mine development assets

The estimated quantities of economically recoverable reserves and resources are based upon interpretations of geological and geophysical models and require assumptions to be made regarding factors such as estimates of short and long term exchange rates, estimates of short and long term commodity prices, future capital requirements and future operating performance. Changes in reported reserves and resources estimates can impact the carrying value of deferred mining expenditure, intangible assets, provisions for mine rehabilitation, the recognition of deferred tax assets, as well as the amount of depreciation and amortisation charged to the profit or loss.

Exploration and evaluation expenditure

The application of the Group's accounting policy for exploration and evaluation expenditure requires judgement to determine whether future economic benefits are likely, from either future exploitation or sale, or whether activities have not reached a stage that permits a reasonable assessment of the existence of reserves.

Provision for site rehabilitation

The ultimate rehabilitation costs are uncertain, and cost estimates may vary in response to many factors. These uncertainties may result in future actual expenditure differing from the amounts currently provided. Therefore, significant estimates and assumptions are made by the managers of the Joint Venture in determining the provision for mine rehabilitation. As a result, there could be significant adjustments to the provisions established which would affect future financial results. The provision at the reporting date represents management's best estimate of the present value of the future rehabilitation costs required.

Joint arrangements

The Group holds a 50% interest in Mount Manning Resources Pty Ltd. The partnership agreements require unanimous consent from all parties for all relevant activities. The two partners own the assets of the partnership as tenants in common and are jointly and severally liable for the liabilities incurred by the partnership. This entity is therefore classified as a joint operation and the Group recognises its direct right to the jointly held assets, liabilities, revenues and expenses as described in note 2.

Rand Mining Limited Notes to the consolidated financial statements 30 June 2023

Note 4. Operating segments

Identification of reportable operating segments

The Group has no separate operating segments as the internal reports that are reviewed and used by the Board of Directors (who are identified as the Chief Operating Decision Makers ('CODM')) in assessing performance and in determining the allocation of resources reflect the financial position and performance of the Group as a whole.

Major customers

During the year ended 30 June 2023 approximately 100% (30 June 2022: 100%) of the consolidated entity's external revenue was derived from sales to two customers (30 June 2022: one customer).

Geographical information

The Group's revenue and non-current assets are all Australian based and therefore, this information is detailed throughout the financial statements.

Note 5. Revenue

Sales of gold Sales of ore Revenue Disaggregation of revenue The disaggregation of revenue from contracts with customers is as follows: *Major product lines* Gold Ore *Geographical regions* Australia *Timing of revenue recognition* Goods transferred at a point in time	30 Jun 2023 $ 30,136,675 -	30 Jun 2022 $ 31,465,875 594,560
	30,136,675	32,060,435
	30 Jun 2023 $ 30,136,675 -	30 Jun 2022 $ 31,465,875 594,560
	30,136,675	32,060,435
	30,136,675	32,060,435
	30,136,675	32,060,435

Rand Mining Limited Notes to the consolidated financial statements 30 June 2023

Note 6. Expenses

Profit before income tax includes the following specific expenses: *Depreciation* Mining plant and equipment Plant and equipment - right-of-use assets Total depreciation *Amortisation* Mine development Total depreciation and amortisation *Finance costs* Interest and finance charges paid/payable on borrowings Interest and finance charges paid/payable on lease liabilities Finance costs expensed *Superannuation expense* Defined contribution superannuation expense	30 Jun 2023 $ 450,248 364,498	30 Jun 2022 $ 779,049 525,200
	814,746	1,304,249
	2,005,555	1,824,698
	2,820,301	3,128,947
	7,216 925	13,547 1,778
	8,141	15,325
	14,198	13,169

Note 7. Income tax

*Income tax expense* Current tax Deferred tax - origination and reversal of temporary differences Adjustment recognised for prior periods Aggregate income tax expense Deferred tax included in income tax expense comprises: Decrease/(increase) in deferred tax assets Increase/(decrease) in deferred tax liabilities Deferred tax - origination and reversal of temporary differences *Numerical reconciliation of income tax expense and tax at the statutory rate* Profit before income tax expense Tax at the statutory tax rate of 30% Tax effect amounts which are not deductible/(taxable) in calculating taxable income: Non-deductible foreign expenditure Tax effect of other assessable/(not assessable) amounts in calculating taxable income Adjustment recognised for prior periods Income tax expense	30 Jun 2023 $ 4,372,265 (609,886) -	30 Jun 2022 $ 4,431,185 337,502 (2)
	3,762,379	4,768,685
	2,297,314 (2,907,200)	(59,937) 397,439
	(609,886)	337,502
	11,983,831	15,426,957
	3,595,149 123,417 43,813	4,628,087 136,879 3,721
	3,762,379 -	4,768,687 (2)
	3,762,379	4,768,685

Rand Mining Limited Notes to the consolidated financial statements 30 June 2023

Note 7. Income tax (continued)

*Deferred tax asset* Deferred tax asset comprises temporary differences attributable to: Amounts recognised in profit or loss: Property, plant and equipment Accrued expenses Leave provisions Capitalised mine development costs Blackhole costs Leases Deferred tax asset Movements: Opening balance Credited/(charged) to profit or loss Closing balance *Deferred tax liability* Deferred tax liability comprises temporary differences attributable to: Amounts recognised in profit or loss: Trading stock Consumables and spare parts Capitalised exploration Project Pool Other Deferred tax liability Movements: Opening balance Charged/(credited) to profit or loss Adjustment recognised for prior periods Closing balance *Provision for income tax* Provision for income tax	30 Jun 2023 $ 70,694 25,350 165,368 - 2,993 3,445	30 Jun 2022 $ 157,773 19,575 152,840 2,220,254 4,623 10,099
	267,850	2,565,164
	2,565,164 (2,297,314)	2,505,227 59,937
	267,850	2,565,164
	30 Jun 2023 $ 409,957 153,161 736,703 157,320 232,256	30 Jun 2022 $ 409,957 171,646 3,701,718 - 313,276
	1,689,397	4,596,597
	4,596,597 (2,907,200) -	4,209,852 397,439 (10,694)
	1,689,397	4,596,597
	30 Jun 2023 $ 259,847	30 Jun 2022 $ 1,691,587

Rand Mining Limited Notes to the consolidated financial statements 30 June 2023

Note 8. Cash and cash equivalents

*Current assets* Cash on hand Cash at bank	30 Jun 2023 $ 250 2,158,801	30 Jun 2022 $ 250 2,160,947
	2,159,051	2,161,197

Cash at bank earns fixed interest at 0.94% (30 June 2022: 0.25%) and cash on hand is non-interest bearing.

Note 9. Trade and other receivables

*Current assets* Other receivables Goods and services tax receivable	30 Jun 2023 $ 104,177 18,803	30 Jun 2022 $ 220,626 7,169
	122,980	227,795

Note 10. Inventories

*Current assets* Ore stockpiles - at cost Gold on hand - at cost Silver on hand - at net realisable value Consumables - at cost Less: Provision for impairment	30 Jun 2023 $ 2,308,979 72,935,679 1,588,924 594,821 (221,049)	30 Jun 2022 $ 1,646,856 71,290,729 1,366,523 816,524 (212,850)
	77,207,354	74,907,782

Rand Mining Limited Notes to the consolidated financial statements 30 June 2023

Note 11. Financial assets at fair value through profit or loss

*Non-current assets* Listed securities - at fair value through profit or loss *Reconciliation* Reconciliation of the carrying amounts at the beginning and end of the current and previous financial year are set out below: Opening carrying amount Gain/(loss) on revaluation through profit or loss Closing carrying amount Refer to note 23 for further information on fair value measurement.	30 Jun 2023 $ 219,001	30 Jun 2022 $ 365,036
	365,036 (146,035)	377,445 (12,409)
	219,001	365,036

Note 12. Property, plant and equipment

*Non-current assets* Plant and equipment - at cost Less: Accumulated depreciation Mining plant and equipment - at cost Less: Accumulated depreciation Construction work in progress - at cost	30 Jun 2023 $ 9,150 (9,150)	30 Jun 2022 $ 9,150 (9,150)
	-	-
	13,522,504 (12,118,465)	11,345,116 (10,048,512)
	1,404,039	1,296,604
	369,345	12,575
	1,773,384	1,309,179

Rand Mining Limited Notes to the consolidated financial statements 30 June 2023

Note 12. Property, plant and equipment (continued)

Reconciliations

Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:

Balance at 1 July 2021 Additions Disposals Reclassified to mine development - current year (note 15) Transfers in/(out) Depreciation expense Balance at 30 June 2022 Additions Disposals Reclassified from plant and equipment - right-of-use assets (note 13) Transfers in/(out) Depreciation expense Balance at 30 June 2023	Plant and equipment $ - - - - - -	Mining plant and equipment $ 11,639,419 569,386 (13,073) (10,141,062) 20,983 (779,049)	Construction work in progress $ 25,164 8,394 - - (20,983) -	Total $ 11,664,583 577,780 (13,073) (10,141,062) - (779,049)
	- - - - - -	1,296,604 3,798 - 516,735 37,150 (450,248)	12,575 393,920 - - (37,150) -	1,309,179 397,718 - 516,735 - (450,248)
	-	1,404,039	369,345	1,773,384

Note 13. Right-of-use assets

*Non-current assets* Plant and equipment - right-of-use Less: Accumulated depreciation	30 Jun 2023 $ 65,291 (54,320)	30 Jun 2022 $ 3,179,959 (2,293,635)
	10,971	886,324

The Group leases plant and equipment under agreements of between one to three years.

Reconciliations

Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:

Balance at 1 July 2021 Depreciation expense Balance at 30 June 2022 Additions Reclassified to mining plant and equipment (note 12) Depreciation expense Balance at 30 June 2023	Plant and equipment - right-of-use $ 1,411,524 (525,200)
	886,324 5,880 (516,735) (364,498)
	10,971

Rand Mining Limited Notes to the consolidated financial statements 30 June 2023

Note 13. Right-of-use assets (continued)

For other AASB 16 and lease related disclosures, refer to the following:

note 6 for details of interest on lease liabilities;
note 17 for lease liabilities at 30 June 2023;
note 22 for maturity analysis at 30 June 2023; and
consolidated statement of cash flows for repayment of lease liabilities.

Note 14. Exploration and evaluation

*Non-current assets* Exploration and evaluation - at cost Reconciliations Reconciliations of the written down values at the beginning and end of the current and previous financial year Balance at 1 July 2021 Additions Impairment of assets Balance at 30 June 2022 Additions Impairment of assets Balance at 30 June 2023	30 Jun 2023 $ 2,327,449	30 Jun 2022 $ 2,197,997
	are set out below:	Exploration and evaluation $ 1,869,136 1,900,824 (1,571,963)
		2,197,997 688,675 (559,223)
		2,327,449

The recoverability of the carrying amount of exploration and evaluation assets is dependent upon the successful development and commercial exploitation, or alternatively, sale of the respective areas of interest.

Impairment

At each reporting date the Group undertakes an assessment of the carrying amount of its exploration and evaluation assets. During the year the Group identified indicators of impairment on certain exploration and evaluation assets under AASB 6 'Exploration for and Evaluation of Mineral Resources'. As a result of this review, an impairment loss of $559,223 (30 June 2022: $1,571,963) has been recognised in the statement of profit or loss in relation to areas of interest where no future exploration and evaluation activities are expected.

Note 15. Mine development

*Non-current assets* Mine development - at cost Less: Accumulated amortisation Less: Impairment	30 Jun 2023 $ 60,642,153 (41,422,779) (1,310,512)	30 Jun 2022 $ 60,769,962 (39,417,224) (1,310,512)
	17,908,862	20,042,226

Rand Mining Limited Notes to the consolidated financial statements 30 June 2023

Note 15. Mine development (continued)

Reconciliations

Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:

Balance at 1 July 2021 Additions Transfer from mining plant and equipment (note 12) Impairment of assets Amortisation expense Balance at 30 June 2022 Additions Impairment of assets** Amortisation expense Balance at 30 June 2023	Mine development $ 10,137,658 1,596,125 10,141,062 (7,921) (1,824,698)
	20,042,226 2,325,413 (2,453,222) (2,005,555)
	17,908,862

Included in mining plant and equipment is $10,141,062 of resource extension relating to drilling expenditure on Raleigh, Rubicon/Hornet and Pegasus.

** In May 2023, Raleigh was taken off care and maintenance and started production. The Company made the decision to fully impair the carrying value of Raleigh mine development up to FY 2022.

*** In June 2023, an assessment of historical capitalised resource extensions was undertaken with $2,453,222 being impaired.

Mine development relates to the Rubicon and Hornet development and the Pegasus underground development and includes $65,586 in mine under construction costs relating to Hornet and Golden Hind open pit permitting, compliance and modelling to allow mining to commence.

Note 16. Trade and other payables

*Current liabilities* Trade payables Accrued expenses Other payables	30 Jun 2023 $ 1,751,553 113,797 3,600	30 Jun 2022 $ 2,239,986 253,793 2,400
	1,868,950	2,496,179

Refer to note 22 for further information on financial instruments.

Note 17. Lease liabilities

*Current liabilities* Lease liability *Non-current liabilities* Lease liability Refer to note 22 for further information on financial instruments.	30 Jun 2023 $ 11,482	30 Jun 2022 $ 204,910
	-	11,482

Rand Mining Limited Notes to the consolidated financial statements 30 June 2023

Note 17. Lease liabilities (continued)

Leases obtained during the period cover underground mining equipment which have terms ranging between 30 and 36 months. All leased assets are secured.

Note 18. Provisions

*Current liabilities* Employee benefits *Non-current liabilities* Rehabilitation	30 Jun 2023 $ 61,135	30 Jun 2022 $ 50,819
	490,092	458,646

Rehabilitation

The provision for rehabilitation covers the following East Kundana joint venture ('EKJV') tenements - M15/993, M16/308, M16/309, M16/428 and M24/924.

The provision for rehabilitation also covers the following key long-lived assets:

Pope John - pit and abandonment bund;
Rubicon - pit and abandonment bund, waste rock dump, ROM pad, infrastructure (e.g. offices, workshop, fuel facilities), roads;
Raleigh - part of pit, waste rock dump, access roads, laydown areas, paste backfill plant and dam, paste sand/tailings stockpile;
White Foil - evaporation ponds;
Kundana water discharge pipeline corridor;
Section 4 of Kundana haul road; and
Kundana/Moonbeam access road.

During the financial year, EKJV management reassessed the rehabilitation cost estimate, noting no significant adjustments to the underlying cost estimate applied at 30 June 2023.

Movements in provisions

Movements in each class of provision during the current financial year, other than employee benefits, are set out below:

30 Jun 2023 Carrying amount at the start of the year Impact of revision to expected cashflows (net of accretion) Carrying amount at the end of the year	Rehabilitation $ 458,646 31,446
	490,092

Note 19. Issued capital

	30 Jun 2023	30 Jun 2022	30 Jun 2023	30 Jun 2022
	Shares	Shares	$	$
Ordinary shares - fully paid	56,875,961	56,875,961	11,707,036	11,707,036

Ordinary shares

Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the Company in proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the Company does not have a limited amount of authorised capital.

On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote.

Options

The Company has no options on issue.

Rand Mining Limited Notes to the consolidated financial statements 30 June 2023

Note 19. Issued capital (continued)

Share buy-back

On 30 December 2022, the Company announced it would extend the on-market buy-back of ordinary shares to 9 January 2024. The number of shares remaining to be bought back is 2,415,082. During the year no shares were bought back (30 June 2022: no shares bought back).

Capital risk management

The Group's objectives when managing capital are to safeguard its ability to continue as a going concern, so that it can provide returns for shareholders and benefits for other stakeholders and to maintain an optimum capital structure to reduce the cost of capital.

Capital is regarded as total equity, as recognised in the statement of financial position, plus net debt. Net debt is calculated as total borrowings less cash and cash equivalents.

In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.

The Group would look to raise capital when an opportunity to invest in a business or company was seen as value adding relative to the current parent entity's share price at the time of the investment. The Group is not actively pursuing additional investments in the short term as it continues to integrate and grow its existing businesses in order to maximise synergies.

The Group is subject to certain financing arrangements covenants and meeting these are given priority in all capital risk management decisions. There have been no events of default on the financing arrangements during the financial year.

The capital risk management policy remains unchanged from the 30 June 2022 Annual Report.

Note 20. Retained profits

30 Jun 2023 $ Retained profits at the beginning of the financial year 83,450,444 Profit after income tax expense for the year 8,221,452 Dividends paid (note 21) (5,687,596) Retained profits at the end of the financial year 85,984,300 Note 21. Dividends Dividends Dividends paid during the financial year were as follows: 30 Jun 2023 $ A dividend of 10 cents per ordinary share was paid to shareholders on 15 November 2022 (30 June 2022: dividend of 10 cents per ordinary share paid on 5 November 2021). 5,687,596 Other than the above, there were no further dividends recommended or declared during the current financial year. Franking credits 30 Jun 2023 $ Franking credits available for subsequent financial years based on a tax rate of 30% 42,401,073	30 Jun 2023 $ 83,450,444 8,221,452 (5,687,596)	30 Jun 2022 $ 78,479,768 10,658,272 (5,687,596)
	85,984,300	83,450,444
	30 Jun 2023 $ 5,687,596	30 Jun 2022 $ 5,687,596
		30 Jun 2022 $ 39,034,606

Rand Mining Limited Notes to the consolidated financial statements 30 June 2023

Note 21. Dividends (continued)

The above amounts represent the balance of the franking account as at the end of the financial year, adjusted for:
franking credits that will arise from the payment of the amount of the provision for income tax at the reporting date
franking debits that will arise from the payment of dividends recognised as a liability at the reporting date
franking credits that will arise from the receipt of dividends recognised as receivables at the reporting date

Note 22. Financial instruments

Financial risk management objectives

The Group's activities expose it to a variety of financial risks: market risk (including foreign currency risk, price risk and interest rate risk), credit risk and liquidity risk. The Group's overall risk management program focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the financial performance of the Group. The Group uses different methods to measure different types of risk to which it is exposed. These methods include sensitivity analysis in the case of interest rate, foreign exchange and other price risks and ageing analysis for credit risk.

Risk management is carried out by senior finance executives ('finance') under policies approved by the Board of Directors ('the Board'). These policies include identification and analysis of the risk exposure of the Group and appropriate procedures, controls and risk limits. Finance identifies, evaluates and hedges financial risks within the Group's operating units when deemed necessary. Finance reports to the Board on a monthly basis.

Market risk

Foreign currency risk

The Group is not exposed to any significant foreign currency risk.

Price risk

The Group is exposed to equity securities price risks and bullion price risk. This arises from investments held by the Group and classified in the statement of financial position as financial assets at fair value through profit or loss and bullion held as inventory.

The policy of the Group is to sell gold at spot price and so it has not entered into any hedging contracts. The Group's revenues were exposed to fluctuation in the price of gold. If the average selling price of gold of $2,721.16 per ounce (30 June 2022: $2,528.13) for the financial year had increased/decreased by 10% the change in the profit before income tax for the Group would have been an increase/decrease of $3,020,491 (30 June 2022: $3,160,158).

If there was a 10% increase or decrease in the market price of gold, the net realisable value of bullion on hand would increase/(decrease) by $10,781,596 (30 June 2022: $10,723,835) and the bullion in transit would increase/(decrease) by $nil (30 June 2022: $nil). As gold on hand is held at cost there would be no impact on profit or loss.

Interest rate risk

The Group is not exposed to any significant interest rate risk.

Credit risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. The Group has a strict code of credit, including obtaining agency credit information, confirming references and setting appropriate credit limits. The Group obtains guarantees where appropriate to mitigate credit risk. The maximum exposure to credit risk at the reporting date to recognised financial assets is the carrying amount, net of any provisions for impairment of those assets, as disclosed in the statement of financial position and notes to the financial statements. The Group does not hold any collateral.

The Group has adopted a lifetime expected loss allowance in estimating expected credit losses to trade receivables through the use of a provisions matrix using fixed rates of credit loss provisioning. These provisions are considered representative across all customers of the Group based on recent sales experience, historical collection rates and forward-looking information that is available.

The Group has a credit risk exposure with the carrying amount of receivables. For some receivables the Group obtains agreements which can be called upon if the counterparty is in default under the terms of the agreement.

Generally, trade receivables are written off when there is no reasonable expectation of recovery. Indicators of this include the failure of a debtor to engage in a repayment plan, no active enforcement activity and a failure to make contractual payments for a period greater than 1 year.

Liquidity risk

Vigilant liquidity risk management requires the Group to maintain sufficient liquid assets (mainly cash and cash equivalents) and available borrowing facilities to be able to pay debts as and when they become due and payable.

The Group manages liquidity risk by maintaining adequate cash reserves and available borrowing facilities by continuously monitoring actual and forecast cash flows and matching the maturity profiles of financial assets and liabilities.

Rand Mining Limited Notes to the consolidated financial statements 30 June 2023

Note 22. Financial instruments (continued)

Remaining contractual maturities

The following tables detail the Group's remaining contractual maturity for its financial instrument liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the financial liabilities are required to be paid. The tables include both interest and principal cash flows disclosed as remaining contractual maturities and therefore these totals may differ from their carrying amount in the statement of financial position.

1 year or less $ 1,751,553 3,600 11,482	Between 1 and 2 years $ - - -	Between 2 and 5 years $ - - -	Over 5 years $ - - -	Remaining contractual maturities $ 1,751,553 3,600 11,482
1,766,635	-	-	-	1,766,635
1 year or less $ 2,239,986 2,400 204,910	Between 1 and 2 years $ - - 11,482	Between 2 and 5 years $ - - -	Over 5 years $ - - -	Remaining contractual maturities $ 2,239,986 2,400 216,392
2,447,296	11,482	-	-	2,458,778

Note 23. Fair value measurement

Fair value hierarchy

The following tables detail the Group's assets and liabilities, measured or disclosed at fair value, using a three level hierarchy, based on the lowest level of input that is significant to the entire fair value measurement, being:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly Level 3: Unobservable inputs for the asset or liability

Level 1 $ 219,001	Level 2 $ -	Level 3 $ -	Total $ 219,001
219,001	-	-	219,001
Level 1 $ 365,036	Level 2 $ -	Level 3 $ -	Total $ 365,036
365,036	-	-	365,036

There were no transfers between levels during the financial year.

Rand Mining Limited Notes to the consolidated financial statements 30 June 2023

Note 23. Fair value measurement (continued)

Unless otherwise stated, the carrying amounts of financial instruments reflect their fair value. The carrying amounts of trade receivables and trade payables are assumed to approximate their fair values due to their short-term nature. The fair value of financial liabilities is estimated by discounting the remaining contractual maturities at the current market interest rate that is available for similar financial instruments.

Note 24. Key management personnel disclosures

Compensation

The aggregate compensation made to directors and other members of key management personnel of the Group is set out below:

Short-term employee benefits Post-employment benefits	30 Jun 2023 $ 165,214 14,197	30 Jun 2022 $ 161,687 13,169
	179,411	174,856

Note 25. Remuneration of auditors

During the financial year the following fees were paid or payable for services provided by PKF Perth, the auditor of the Company, and unrelated firms:

*Audit services - PKF Perth* Audit or review of the financial statements *Audit services - unrelated firms* Audit or review of the financial statements *Other services - unrelated firms* Tax consulting Tax compliance services Internal audit services	30 Jun 2023 $ 85,000	30 Jun 2022 $ 73,000
	2,550	2,500
	- 55,600 -	2,458 30,000 8,000
	55,600	40,458
	58,150	42,958

Note 26. Contingent liabilities

The Group had no contingent liabilities as at 30 June 2023 or 30 June 2022.

Rand Mining Limited Notes to the consolidated financial statements 30 June 2023

Note 27. Commitments

*Capital commitments* Committed at the reporting date but not recognised as liabilities, payable: Property, plant and equipment *Tenement commitments* Committed at the reporting date but not recognised as liabilities, payable: Within one year One to five years More than five years	30 Jun 2023 $ 2,820	30 Jun 2022 $ 41,746
	452,264 1,679,740 3,009,893	445,422 1,653,397 -
	5,141,897	2,098,819

Capital commitments relate to mining capital expenditure commitments relating to the East Kundana Joint Venture.

Note 28. Related party transactions

Parent entity and ultimate parent entity

Rand Mining Limited (‘Rand’) is the parent entity. Tribune Resources Limited is the ultimate parent entity and holds 46.73% of shares in Rand and consolidates Rand for financial reporting purposes.

Subsidiaries

Interests in subsidiaries are set out in note 30.

Joint operations

Interests in joint operations are set out in note 31.

Key management personnel

Disclosures relating to key management personnel are set out in note 24 and the remuneration report included in the directors' report.

Transactions with related parties

The following transactions occurred with related parties:

	30 Jun 2023	30 Jun 2022
	$	$
Other income:
Interest received on loans to Tribune Resources Ltd *	-	1,656
Interest paid:
Interest paid on loans from Tribune Resources Ltd *(1)	2,187	20
Payment for other expenses:
Payment of management fees to Tribune Resources Ltd *(2)	421,038	396,554
Payment of rent, rates and levies for office to Melville Parade Pty Ltd **	46,477	65,773
Reimbursement of operating expenses to Iron Resources Liberia Ltd **	397,487	446,326
Payment of royalties for Lake Grace Exploration Pty Ltd **	367	-

An entity in which Anthony Billis, Otakar Demis and Gordon Sklenka are directors.

** An entity in which Anthony Billis is a director.

(1) Still to be paid

(2) From this total $27,119 is still to be paid

Rand Mining Limited Notes to the consolidated financial statements 30 June 2023

Note 28. Related party transactions (continued)

Advances from related parties

During the financial year, advances of $1,450,000 (30 June 2022: $950,000) were made between Rand Mining Limited and Tribune Resources Limited. These amounts were repaid prior to the reporting date. As disclosed above, there were no receivables from related parties at 30 June 2023. Anthony Billis, Gordon Sklenka and Otakar Demis are directors of Tribune Resources Limited.

Terms and conditions

All transactions were made on normal commercial terms and conditions and at market rates.

Note 29. Parent entity information

Set out below is the supplementary information about the parent entity.

Statement of profit or loss and other comprehensive income

Loss after income tax Total comprehensive income Statement of financial position Total current assets Total assets Total current liabilities Total liabilities Equity Issued capital Accumulated losses Total deficiency in equity	30 Jun 2023 $ (210,868)	Parent 30 Jun 2022 $ (200,018)
	(210,868)	(200,018)
	30 Jun 2023 $ -	Parent 30 Jun 2022 $ 5,000
	556,501	558,407
	324,582	1,744,806
	105,890,736	99,994,178
	11,707,035 (117,041,270)	11,707,036 (111,142,806)
	(105,334,235)	(99,435,770)

Guarantees entered into by the parent entity in relation to the debts of its subsidiaries

The parent entity had no guarantees in relation to the debts of its subsidiaries as at 30 June 2023 and 30 June 2022.

Contingent liabilities

The parent entity had no contingent liabilities as at 30 June 2023 and 30 June 2022.

Capital commitments - Property, plant and equipment

The parent entity had no capital commitments for property, plant and equipment as at 30 June 2023 and 30 June 2022.

Significant accounting policies

The accounting policies of the parent entity are consistent with those of the Group, as disclosed in note 2, except for the following:

Investments in subsidiaries are accounted for at cost, less any impairment, in the parent entity.
Dividends received from subsidiaries are recognised as other income by the parent entity and its receipt may be an indicator of an impairment of the investment.

Rand Mining Limited Notes to the consolidated financial statements 30 June 2023

Note 30. Interests in subsidiaries

The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordance with the accounting policy described in note 2:

		Ownership interest	Ownership interest
	Principal place of business /	30 Jun 2023	30 Jun 2022
Name	Country of incorporation	%	%
Rand Exploration N.L.	Australia	100.00%	100.00%
Mount Manning Resources Pty Ltd*	Australia	50.00%	50.00%

This is a dormant entity. There were no balances or transactions as at 30 June 2023 and 30 June 2022.

Note 31. Interests in joint operations

The Group has recognised its share of jointly held assets, liabilities, revenues and expenses of joint operations. These have been incorporated in the financial statements under the appropriate classifications. The nature of the joint operation is to mine and produce gold. Information relating to joint operations that are material to the Group are set out below:

		Ownership interest	Ownership interest
	Principal place of business /	30 Jun 2023	30 Jun 2022
Name	Country of incorporation	%	%
East Kundana Joint Venture	Australia	12.25%	12.25%

Note 32. Deed of cross guarantee

The following entities are party to a deed of cross guarantee, dated 21 June 2023, under which each company guarantees the debts of the others:

Rand Mining Limited	ACN 004 669 658
Rand Exploration N.L.	ACN 008 879 687

By entering into the deed, the wholly-owned entities have been relieved from the requirement to prepare financial statements and directors' report under Corporations Instrument 2016/785 issued by the Australian Securities and Investments Commission.

The above companies represent a 'Closed Group' for the purposes of the Corporations Instrument, and as there are no other parties to the deed of cross guarantee that are controlled by Rand Mining Limited, they also represent the 'Extended Closed Group'.

The statement of profit or loss and other comprehensive income and statement of financial position are substantially the same as the Group and therefore have not been separately disclosed.

Rand Mining Limited Notes to the consolidated financial statements 30 June 2023

Note 33. Cash flow information

Reconciliation of profit after income tax to net cash from operating activities

Profit after income tax expense for the year Adjustments for: Depreciation and amortisation Net gain on disposal of property, plant and equipment Non-operating right-of-use Impairment of mine development Unwind of discount Gain on revaluation of equity instruments at fair value through profit or loss Impairment of exploration and evaluation Change in operating assets and liabilities: Decrease in trade and other receivables Increase in inventories Decrease in deferred tax assets Increase in prepayments Decrease in trade and other payables Decrease in provision for income tax Decrease in deferred tax liabilities Increase in employee benefits Increase in other provisions Net cash from operating activities	30 Jun 2023 $ 8,221,452 2,820,300 (46,672) (22,180) - - 146,035 3,012,445 104,816 (2,299,572) 2,297,314 (70,337) (616,396) (1,431,740) (2,907,200) 10,316 31,447	30 Jun 2022 $ 10,658,272 3,128,946 (20,939) (21,327) 7,921 294 12,409 1,571,963 139,007 (3,137,614) 2,868,663 (5,000) (298,671) (1,267,503) (2,541,854) 10,315 294
	9,250,028	11,105,176

Changes in liabilities arising from financing activities

Balance at 1 July 2021 Net cash used in financing activities Other changes Balance at 30 June 2022 Net cash used in financing activities Other changes Balance at 30 June 2023	Lease liability $ 828,831 (591,112) (21,327)
	216,392 (182,730) (22,180)
	11,482

Note 34. Earnings per share

	30 Jun 2023	30 Jun 2022
	$	$
Profit after income tax attributable to the owners of Rand Mining Limited	8,221,452	10,658,272

Rand Mining Limited Notes to the consolidated financial statements 30 June 2023

Note 34. Earnings per share (continued)

Weighted average number of ordinary shares used in calculating basic earnings per share Weighted average number of ordinary shares used in calculating diluted earnings per share Basic earnings per share Diluted earnings per share	Number 56,875,961	Number 56,875,961
	56,875,961	56,875,961
	Cents 14.46 14.46	Cents 18.74 18.74

Note 35. Events after the reporting period

Rand Mining Limited Directors' declaration 30 June 2023

In the directors' opinion:

the attached financial statements and notes comply with the Corporations Act 2001, the Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements;
the attached financial statements and notes comply with International Financial Reporting Standards as issued by the International Accounting Standards Board as described in note 2 to the financial statements;
the attached financial statements and notes give a true and fair view of the Group's financial position as at 30 June 2023 and of its performance for the financial year ended on that date;
there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable; and
at the date of this declaration, there are reasonable grounds to believe that the members of the Extended Closed Group will be able to meet any obligations or liabilities to which they are, or may become, subject by virtue of the deed of cross guarantee described in note 32 to the financial statements.

The directors have been given the declarations required by section 295A of the Corporations Act 2001.

Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations Act 2001.

On behalf of the directors

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_________ Anthony Billis Director

13 September 2023 Perth

PKF Perth

INDEPENDENT AUDITOR’S REPORT

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TO THE MEMBERS OF

RAND MINING LIMITED

Report on the Financial Report

Opinion

We have audited the accompanying financial report of Rand Mining Limited (the “Company”), which comprises the consolidated statement of financial position as at 30 June 2023, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information, and the Directors’ Declaration of the Company and the consolidated entity comprising the Company and the entities it controlled at the year’s end or from time to time during the financial year.

In our opinion the accompanying financial report of Rand Mining Limited is in accordance with the Corporations Act 2001 , including:

i) Giving a true and fair view of the consolidated entity’s financial position as at 30 June 2023 and of its performance for the year ended on that date; and
ii) Complying with Australian Accounting Standards and the Corporations Regulations 2001 .

Basis for Opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We are independent of the consolidated entity in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

Key Audit Matters

key audit matters are matters that, in our professional judgement, were of most significance in our audit of the financial report of the current year. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed these matters is provided in that context.

Level 4, 35 Havelock Street, West Perth, WA 6005 PO Box 609, West Perth, WA 6872

T: +61 8 9426 8999 F: +61 8 9426 8900 www.pkfperth.com.au

Liability limited by a scheme approved under Professional Standards Legislation.

PKF Perth

1 - Inventory valuation and existence

Why significant

At 30 June 2023, the consolidated entity held inventories of $77,207,354 (2022: $74,907,782), as disclosed in Note 10.

As described in the Note 2, inventories are carried at the lower of the cost and net realisable value. Cost is determined using the average method and comprises direct production and purchase costs and an appropriate portion of fixed and variable costs. Estimates and judgments in relation to inventories as detailed at Note 3.

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How our audit addressed the key audit matter

Our work included, but was not limited to, the following procedures:

Third party confirmation of the quantities held at 30 June 2023,
Reviewing stock valuation calculations and assessing management assumptions,
Testing inventory to ensure they were held at the lower of cost and net realisable value and evaluating management judgement with regards to AASB102 Inventories.

The Consolidated entity has significant balance of Inventory at the balance date and significant management judgements and estimates are involved in the valuation and therefore this is considered to be a key audit matter.

2 - Carrying value of mine development assets

Why significant

At 30 June 2023 the carrying value of mine development assets was $17,908,862 (2022: $20,042,226), as disclosed in Note 15. Estimates and judgments in relation to mine development assets is detailed at Note 3.

Each year management is required to assess whether there are any indicators that the total project may be impaired in accordance with AASB 136 Impairment of Assets. Management’s impairment assessment indicated that no impairment was required. This assessment was based on several key assumptions such as:

Large reserves and production estimates,
Gold price at 30 June 2023,

How our audit addressed the key audit matter

Our work included, but was not limited to, the following procedures:

Reviewing the component auditor working papers,
Reviewing management’s assessment of impairment of the CGUs,
Performing calculations of the net present value of the CGU based on key assumptions, such as the ore produced during the year, the production / processing mining costs during the year, ore reserves for the life of mine (LOM), discount rates forecasted for the LOM, inflation rates expected for the LOM,
Increase of the market interest rates,

PKF Perth

Why significant

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How our audit addressed the key audit matter

No obsolescence or physical damage noted other than the impairment recognised for the Raleigh mine development (Cash Generated Unit (CGU)).

As the impairment assessment requires significant estimates and judgments, we have identified this as a key audit matter.

Raleigh CGU had been placed into care and maintenance in prior years, due to the seismic activity. In May 2023, this CGU recommenced production. Notwithstanding, management has undertaken a conservative approach to not reverse the impairment provided in prior years.

Reviewing competent persons report on the mineable reserves and valuation, it’s congruence with management’s assessment and the competence/ independence of the author,
Ensuring valid mining licenses held and consider impairment of assets for which no license is now held,
Ensuring that disclosures within the financial statements are accurate and that all estimates and judgements made by management are included therein.

3 - Carrying value of capitalised exploration expenditure

Why significant

How our audit addressed the key audit matter

As at 30 June 2023 the carrying value of exploration and evaluation assets was $2,327,449 (2022: $2,197,997), as disclosed in Note 14.

The consolidated entity’s accounting policy in respect of exploration and evaluation expenditure is outlined in Note 2. Estimates and judgments in relation to capitalised exploration and evaluation expenditure is detailed at Note 3.

Significant judgement is required:

in determining whether facts and circumstances indicate that the exploration and evaluation assets should be tested for impairment in accordance with Australian Accounting Standard AASB 6 Exploration for and Evaluation of Mineral Resources (“AASB 6”); and

Our work included, but was not limited to, the following procedures:

Reviewing the component auditor working papers,
Conducting a detailed review of management’s assessment of impairment trigger events prepared in accordance with AASB 6 including:
assessing whether the rights to tenure of the areas of interest remained current at reporting date as well as confirming that rights to tenure are expected to be renewed for tenements that will expire in the near future;

PKF Perth

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Why significant

How our audit addressed the key audit matter

in determining the treatment of exploration and evaluation expenditure in accordance with AASB 6, and the consolidated entity’s accounting policy. In particular:
whether the particular areas of interest meet the recognition conditions for an asset; and
which elements of exploration and evaluation expenditures qualify for capitalisation for each area of interest.
holding discussions with the Directors and management as to the status of ongoing exploration programmes for the areas of interest, as well as assessing if there was evidence that a decision had been made to discontinue activities in any specific areas of interest;
obtaining and assessing evidence of the consolidated entity’s future intention for the areas of interest, including reviewing future budgeted expenditure and related work programmes;
considering whether exploration activities for the areas of interest had reached a stage where a reasonable assessment of economically recoverable reserves existed;
assessing the appropriateness of the related disclosures in Note 2, 3 and 14.

Other Information

Those charged with governance are responsible for the other information. The other information comprises the information included in the consolidated entity’s annual report for the year ended 30 June 2023, but does not include the financial report and our auditor’s report thereon.

Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon, with the exception of the Remuneration Report.

In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Directors’ for the Financial Report

The Directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such

PKF Perth

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internal control as the Directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the financial report, the Directors are responsible for assessing the consolidated entity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the consolidated entity or to cease operations, or have no realistic alternative but to do so.

Auditor’s Responsibilities for the Audit of the Financial Report

Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report

As part of an audit in accordance with Australian Auditing Standards, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the consolidated entity’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Directors.
Conclude on the appropriateness of the Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the consolidated entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the consolidated entity to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the consolidated entity to express an opinion on the consolidated entity financial report. We are responsible for the direction, supervision and performance of the consolidated entity audit. We remain solely responsible for our audit opinion.

PKF Perth

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We communicate with the Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the Directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may

reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.

From the matters communicated with the Directors, we determine those matters that were of most significance in the audit of the financial report of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on the Remuneration Report Opinion

We have audited the Remuneration Report included in the Directors’ Report for the year ended 30 June 2023.

In our opinion, the Remuneration Report of Rand Mining Limited for the year ended 30 June 2023, complies with section 300A of the Corporations Act 2001 .

Responsibilities

The Directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001 . Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards.

PKF PERTH

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SIMON FERMANIS PARTNER

13 September 2023 WEST PERTH, WESTERN AUSTRALIA

Rand Mining Limited Shareholder information 30 June 2023

The shareholder information set out below was applicable as at 29 August 2023.

Distribution of equitable securities

Analysis of number of equitable security holders by size of holding:

1 to 1,000 1,001 to 5,000 5,001 to 10,000 10,001 to 100,000 100,001 and over Holding less than a marketable parcel Equity security holders	Number of holders 264 229 71 86 28	Ordinary shares % of total shares issued 0.22 1.04 0.96 5.02 92.76
	678	100.00
	118	0.05

Twenty largest quoted equity security holders

The names of the twenty largest security holders of quoted equity securities are listed below:

Tribune Resources Limited Trans Global Capital Ltd Northern Star Resources Limited Lake Grace Exploration Pty Ltd Citicorp Nominees Pty Limited Sierra Gold Ltd BNP Paribas Noms Pty Ltd Resource Capital Limited Raypoint Pty Ltd Mrs Phanatchakorn Wichaikul Halkin Pty Ltd Berne No 132 Nominees Pty Ltd Mr Francis William Regan & Mrs Fariba Regan Mr Simon Robert Evans & Mrs Kathryn Margaret Evans Mr Frank Bozic Southam Investments 2003 Pty Starwall Pty Ltd Nimby Wa Pty Ltd Zels Super Pty Ltd Elixir Enterprises Pty Ltd	Number held 26,576,764 7,899,584 2,925,360 2,920,605 2,887,863 2,100,000 1,832,098 1,719,923 530,000 510,000 424,582 306,600 274,992 266,160 250,000 200,000 200,000 143,453 133,000 117,627	Ordinary shares % of total shares issued 46.73 13.89 5.14 5.14 5.08 3.69 3.22 3.02 0.93 0.90 0.75 0.54 0.48 0.47 0.44 0.35 0.35 0.25 0.23 0.21
	52,218,611	91.81

Unquoted equity securities There are no unquoted equity securities.

Rand Mining Limited Shareholder information 30 June 2023

Substantial holders

Substantial holders in the Company are set out below:

		Ordinary shares
		% of total
		shares
	Number held	issued
Tribune Resources Limited	26,576,764	46.73
Trans Global Capital Ltd	7,899,584	13.89
Northern Star Resources Limited	2,925,360	5.14
Lake Grace Exploration Pty Ltd	2,920,605	5.14
Citicorp Nominees Pty Ltd	2,887,863	5.08

Voting rights

The voting rights attached to ordinary shares are set out below:

Ordinary shares

On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote.

There are no other classes of equity securities.

Tenements

		Interest owned
Description	Tenement number	%
Western Australia, Australia
Kundana	M15/1413	12.25
Kundana	M15/993	12.25
Kundana	M16/181	12.25
Kundana	M16/182	12.25
Kundana	M16/308	12.25
Kundana	M16/309	12.25
Kundana	M16/325	12.25
Kundana	M16/326	12.25
Kundana	M16/421	12.25
Kundana	M16/428	12.25
Kundana	M24/924	12.25
Seven Mile Hill	E15/1664	50.00
Seven Mile Hill	M15/1233	50.00
Seven Mile Hill	M15/1234	50.00
Seven Mile Hill	M15/1291	50.00
Seven Mile Hill	M15/1388	50.00
Seven Mile Hill	M15/1394	50.00
Seven Mile Hill	M15/1409	50.00
Seven Mile Hill	M15/1743	50.00
Seven Mile Hill	M26/563	50.00
Seven Mile Hill	P15/6370	50.00
Seven Mile Hill	P15/6398	50.00
Seven Mile Hill	P15/6399	50.00
Seven Mile Hill	P15/6400	50.00
Seven Mile Hill	P15/6401	50.00
Seven Mile Hill	P15/6433	50.00
Seven Mile Hill	P15/6434	50.00
Seven Mile Hill	P26/4173	50.00
Yikari	P26/4476	50.00
Yikari	P26/4477	50.00
West Kimberley*	E04/2548	100.00

Under application

AI assistant

RAND MINING LIMITED — Annual Report 2023

65721_rns_2023-09-12_6487409b-6942-4f2d-a42f-f58e196224b7.pdf

Rand Mining Limited

ABN 41 004 669 658

Annual Report - 30 June 2023

Rand Mining Limited Corporate directory 30 June 2023

Directors

Principal activities

Dividends

Review of operations

East Kundana Joint Venture

Production

Raleigh

Rubicon/Hornet/Pegasus

Ore Stockpiles

Processing

Rand Share of Ore Processed

Exploration

Other projects

Seven Mile Hill (Rand's Interest 50%)

Resources and reserves

Mineral Resources

Ore Reserves

Notes to tables:

Mineral Resource and Ore Reserve Governance and Internal Controls

Competent Person Statements

Financial review

Financial position

Cash flow

Corporate

Share buy-back programme

Proceedings against Northern Star Resources Ltd

Material business risks

Gold price and silver price fluctuations

Mineral Resources and Ore Reserves

East Kundana Joint Venture risk

Government regulation

Exploration and development risk

Climate change

Environmental, health and safety

Significant changes in the state of affairs

Matters subsequent to the end of the financial year

Likely developments and expected results of operations

Environmental regulation

Greenhouse gas and energy data reporting requirements

Information on directors

Company secretaries

Meetings of directors

Remuneration report (audited)

Principles used to determine the nature and amount of remuneration

Non-executive directors' remuneration

Executive remuneration

Group performance and link to remuneration

Use of remuneration consultants

Voting and comments made at the Company's 2022 Annual General Meeting ('AGM')

Details of remuneration

Amounts of remuneration

Service agreements

Share-based compensation

Issue of shares

Options

Additional information

Additional disclosures relating to key management personnel

Shareholding

Option holding

Loans to key management personnel and their related parties

This concludes the remuneration report, which has been audited.

Shares under option

Shares issued on the exercise of options

Indemnity and insurance of officers

Indemnity and insurance of auditor

Proceedings on behalf of the Company

Non-audit services

Officers of the Company who are former partners of PKF Perth

Auditor's independence declaration

Rand Mining Limited Directors' report 30 June 2023

AUDITOR’S INDEPENDENCE DECLARATION

TO THE DIRECTORS OF RAND MINING LIMITED

PKF PERTH

RAND MINING LIMITED Annual Report 2023