RAND MINING LIMITED

ABN 41 004 669 658

Annual Report - 30 June 2025

Rand Mining Limited Contents 30 June 2025

Corporate directory	2
Directors' report	3
Auditor's independence declaration	21
Consolidated statement of profit or loss and other comprehensive income	22
Consolidated statement of financial position	23
Consolidated statement of changes in equity	24
Consolidated statement of cash flows	25
Notes to the consolidated financial statements	26
Consolidated entity disclosure statement	48
Directors' declaration	49
Independent auditor's report to the members of Rand Mining Limited	50
Resources and Reserves	56
Shareholder information	58

Rand Mining Limited Corporate directory 30 June 2025

Directors	Otakar Demis - Non-Executive Chairman
	Anthony Billis - 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
	Sheran De Silva
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 28 November 2025 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	XCEND
	Level 2, 477 Pitt Street
	Haymarket NSW 2000
	Tel: +61 (2) 7208 8033
	Email: [email protected]
Auditor	PKF Perth
	Dynons Plaza
	Level 8, 905 Hay Street
	Perth WA 6000
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 2025

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 2025.

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 Managing Director and Chief Executive Officer Gordon Sklenka Non-Executive Director

Alternate Director: Lyndall Vaughan *

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:

A dividend of 10 cents per ordinary share was paid to shareholders on 16 December 2024 (30 June 2024: dividend of 10 cents per ordinary share paid on 30 November 2023).	30 Jun 2025 $ 5,687,596	30 Jun 2024 $ 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 $13,132,761 (30 June 2024: $6,662,495).

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 Limited. (12.25%), Tribune Resources Ltd. (36.75%) and Gilt-Edged Mining Pty. Ltd. (51%) and comprises of two active underground mines, Raleigh and Rubicon Hornet Pegasus. The EKJV is majority owned and managed by Evolution Mining Ltd since August 2021.

Rand Mining Limited Directors' report 30 June 2025

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KUNDANA PROJECT

Location Map

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

Production

During the year, the EKJV mine claimed production was 499,954 tonnes with a grade of 3.8 g/t. This equated to Rand’s entitlement of 61,447 mined tonnes and 7,431 ounces of gold.

EKJV Mine claimed Production Summary – 100% EKJV (Gilt-Edged Mining Pty Ltd 51% Tribune 36.75% Rand 12.25%).

				Ore Body
	RHP			Raleigh			Total EKJV
Tonnes	Grade	Ounces	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces
418,770	4.0	53,325	81,184	2.8	7,189	499,954	3.8	60,514

Rand’s share of the EKJV Mine Ore Production is summarised below and is based on 12.50% of Raleigh mine ore production, 12.25% RHP Mine ore production.

Rand

Tonnes	Grade	Ounces
61,447	3.8	7,431

Rand Mining Limited Directors' report 30 June 2025

Raleigh

During the financial year, 2,470 metres of jumbo development was completed in Raleigh. This included decline and incline capital development in the Sadler mining areas of 584 metres. Other capital jumbo development in waste was 815 metres, operating ore development of 1,027 metres and 43 metres of operating waste development was completed during the year.

81,184 tonnes of ore at a grade of 2.8 g/t gold were mined from Raleigh containing 7,189 oz gold.

Rand’s entitlement to the ore extracted from production at Raleigh was 10,148 tonnes and 899 oz.

Between 2020 and 2024, operations at Raleigh mine were suspended with a detailed study to assess the economics of mining was conducted. Production recommenced in 2024 with development of remnant mining areas and the Sadler mining area higher up in the mine profile and to the south of Raleigh. Production haulage is from the Raleigh portal.

The year-on-year Raleigh Mine Claimed Production is summarised in the following table.

Mine Claimed Production Year 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 19/20 20/21 21/22 22/23 23/24 24/25 Rand's entitlement	Mined (t) 239,700 234,400 308,512 339,660 323,182 244,799 179,553 87,948 58,362 155,560 182,860 278,478 260,911 127,931 - - - 19,049 81,184	Raleigh Grade (g/t) 16.6 11.9 12.6 13.4 13.4 14.8 14.2 15.7 11.5 9.5 8.7 7.7 8.7 5.8 - - - 3.4 2.8	Gold (oz) 127,700 89,800 124,962 146,670 139,060 116,921 81,930 44,313 21,706 47,302 50,957 68,822 73,344 23,527 - - - 2,059 7,189
	10,148	2.8	899

Rubicon/Hornet/Pegasus ('RHP')

During the financial year, Jumbo development advance in RHP underground totalled 3,670 metres included 440 metres of capital decline development, 1,774 metres of other capital, 1,248 metres of operating ore development, 208 metres of operating waste development. An additional 400 metres development through paste was completed to access stoping areas.

During the year, a total of 418,770 tonnes of ore at 4.0 g/t containing 53,325 oz of gold was mined from the Rubicon, Hornet and Pegasus ore bodies.

Rand’s entitlement to the ore extracted from production at Rubicon, Hornet and Pegasus was 51,299 tonnes and 6,532 oz of gold.

Pre-development of the Hornet Open Pit mine commenced in 2025 with production scheduled for next financial year.

Rand Mining Limited Directors' report 30 June 2025

The year-on-year Rubicon, Hornet and Pegasus Mine Claimed Production is summarised in the following table.

Mine Claimed Production Year 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 19/20 20/21 21/22 22/23 23/24 24/25 Rand's entitlement 23/24	Rubicon/Hornet/Pegasus Mined Grade Gold (t) (g/t) (oz) 78,229 9.6 24,103 266,113 10.3 88,666 314,685 11.3 114,454 605,988 9.5 184,302 761,483 7.3 178,931 843,340 7.1 192,487 996,445 6.2 198,276 1,072,429 6.0 208,264 954,188 5.1 156,158 888,507 3.7 106,283 455,288 3.9 57,540 432,316 5.0 69,254 406,170 4.3 56,717 418,770 4.0 53,325	Rubicon/Hornet/Pegasus Mined Grade Gold (t) (g/t) (oz) 78,229 9.6 24,103 266,113 10.3 88,666 314,685 11.3 114,454 605,988 9.5 184,302 761,483 7.3 178,931 843,340 7.1 192,487 996,445 6.2 198,276 1,072,429 6.0 208,264 954,188 5.1 156,158 888,507 3.7 106,283 455,288 3.9 57,540 432,316 5.0 69,254 406,170 4.3 56,717 418,770 4.0 53,325	Rubicon/Hornet/Pegasus Mined Grade Gold (t) (g/t) (oz) 78,229 9.6 24,103 266,113 10.3 88,666 314,685 11.3 114,454 605,988 9.5 184,302 761,483 7.3 178,931 843,340 7.1 192,487 996,445 6.2 198,276 1,072,429 6.0 208,264 954,188 5.1 156,158 888,507 3.7 106,283 455,288 3.9 57,540 432,316 5.0 69,254 406,170 4.3 56,717 418,770 4.0 53,325
	51,299	4.0	6,532

Stockpiles

As of 30 June 2025, Rand had 27,705 tonnes of ore stockpiled at a grade of 1.4 g/t which contained 1,263 oz of gold.

The breakdown of Rands stockpiles is tabulated below:

ROM Pad Ore Source EKJV Stockpiles Rubicon ROM EKJV RHP MG Rubicon ROM EKJV RHP LG Mungari ROM EKJV RHP MG Mungari Crushed Stocks EKJV RHP MG Mungari ROM EKJV RHP LG Mungari ROM EKJV Raleigh MG Raleigh ROM EKJV Raleigh MG Raleigh ROM EKJV Raleigh LG Raleigh T ROM EKJV Raleigh LG Rand Share of EKJV Stockpiles	Ore Tonnes 3,943 179,132 5,025 2,278 2,981 743 1,024 24,918 5,575	Grade (g/t) 2.05 1.31 4.85 3.91 2.19 4.25 1.23 1.19 0.55	Ounces Au 260 7,553 784 286 210 102 41 952 98	Rand's Entitlement % 12.25% 12.25% 12.25% 12.25% 12.25% 12.50% 12.50% 12.50% 12.25%
	27,705	1.42	1,263	100.00%

Rand ore stockpiles increased by 7,493 tonnes and 475 oz in the 12 months to 30 June 2025.

Processing

Rand‘s share of ore processed in FY2025 was 52,928 tonnes at 4.09 g/t with 93.6% gold recovery for production of 6,518 oz.

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

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

	Rand's Share of Ore Processed
				Fine Au
Campaign Location	Tonnes Milled Head Grade Au		Recovery	Produced
		(g/t)	%	(oz)
EVN Mungari	52,928	4.09	93.60%	6,518

Rand Mining Limited Directors' report 30 June 2025

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

Rand and Tribune Group Bullion FY2025 FY2024 FY2023 FY2022 FY2021 FY2020 FY2019 FY2018 FY2017 FY2016 FY2015 FY2014 FY2013 FY2012 FY2011 FY2010 FY2009 FY2008 FY2007 FY2006 Total	Gold (oz) 26,074 29,466 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) 3,338 3,810 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) 6,518 7,366 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
	1,336,309	222,013	333,950

Exploration

During the year exploration work completed for the East Kundana Joint Venture included 10,710 metres of RC drilling into the Hornet deposit, in preparation for Open pit mining and Diamond Drilling (DD) for the Sadler underground, and Resource targeting RC and DD at Ambition.

EKJV exploration activity for the financial year 2025

Project Prospect Tenement Rubicon Hornet Pegasus Hornet M16/309 Raleigh Sadler M15/993 Raleigh Sadler M16/309 Ambition Ambition M16/0326 Total	RAB/AC Metres Samples - - - - - - - -	RAB/AC Metres Samples - - - - - - - -	RC Metres Samples 10,710 10,698 - - - - 2,200 2,200	RC Metres Samples 10,710 10,698 - - - - 2,200 2,200	DD Metres Samples - - 1,428 778 1,141 754 2,917 2,383	DD Metres Samples - - 1,428 778 1,141 754 2,917 2,383
	-	-	12,910	12,898	5,486	3,915

Golden Hind

The Golden Hind project consists of Open Pit and Underground. It sits south of the Raleigh mine and studies are currently underway into the potential development of this project. The Project was approved by the Department of Energy, Mines, Industry Regulation and Safety in September 2024 and mining is scheduled to commence with an Open Pit in mid 2026.

Sadler Underground

During the year resource definition diamond drilling continued up-dip of Sadler which is located within Raleigh mine, with the objective to convert Inferred Mineral Resource to Indicated Mineral Resource. The drill spacing was completed to a 40m x40m pattern and drilling was conducted from surface. The drilling was designed to define the top of the interpreted grade plunge of the Sadler mineralisation, which is being mined underground at Raleigh.

Drilling intersected a brittle-ductile structure, with a thin (less than 0.25 metre), laminated vein in places. This structure is consistent with the Sadler mineralisation from mining underground.

Rand Mining Limited Directors' report 30 June 2025

All data from this program have been processed and will be incorporated into a Sadler resource model update.

==> picture [430 x 310] intentionally omitted <==

A long section view of the Upper Sadler Incline surface diamond drilling that commenced this quarter (black lines). Image shows historical drilling, Sadler As-built and planned Upper Sadler Incline Mine Design. Block model shown is the Raleigh model.

Rand Mining Limited Directors' report 30 June 2025

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A Plan view of EKJV area showing Upper Sadler Incline surface diamond drilling showing results received in FY25. Image shows Sadler As-built (gold solid) and existing drill intercepts within the Raleigh Main Vein or Shear

Hornet Open Pit During the year, infill reverse circulation (RC) drilling was completed at Hornet, in preparation for the open pit mining sequence. A total of 10,710 metres of RC drilling was completed targeting the Inferred Mineral Resource of the Mary Fault Zone mineralisation and K2B-related mineralisation.

Drilling along the K2B horizon intersected geology consistent with this mineralisation style increasing confidence in the current resource model. The drilling also intersected extension of a thin, flat, south-west dipping zone, characterized by quartz veining. The flat dipping zone, named Hode2, is thought to be associated with the fault dipping, mineralised structures (Pode and Hera) at the RHP mine. Drilling along the Mary fault zone intersected supergene mineralisation associated with the Mary fault.

Rand Mining Limited Directors' report 30 June 2025

All data from this program have been processed and will be incorporated into a Hornet resource model update.

==> picture [454 x 211] intentionally omitted <==

Long section, looking East, displaying K2B mineralisation (cyan) and Hode2 mineralised structure (purple). Black outline shows Stage 1 and 2 of the open pit mine design. Dotted black line displays previous mineralised model for Hode2.

==> picture [361 x 281] intentionally omitted <==

A cross section of the Hornet infill RC drilling into the Mary fault mineralisation

Rand Mining Limited Directors' report 30 June 2025

==> picture [454 x 332] intentionally omitted <==

Plan view of the Hornet RC drilling that was completed in quarter 4 (black lines). Image shows current Hornet open pit model and planned pit design.

Ambition

During the year a total of 24 holes for 5,117m of surface drilling was completed at the Ambition Prospect. Drilling included surface RC and diamond drilling. Drilling was designed to test a high-grade plunge, interpreted within the mineralisation corridor, on a 40x40 metre to 80 x 80 metre spacing.

Results for 18 drill holes were returned during the year. Drilling successfully confirmed the presence of a southward plunging, high-grade zone. Gold mineralisation is hosted within a thin, (less than 0.5m) laminated vein, within a wide shear zone.

==> picture [454 x 213] intentionally omitted <==

A Long Section of Ambition looking east displaying the mineralised outline and recent drilling intercepts.

Rand Mining Limited Directors' report 30 June 2025

Other Projects

Seven Mile Hill (Rand's Interest 50%)

The Seven Mile Hill tenements are owned by Rand Mining Ltd and Tribune Resources Ltd at 50% each.

In December 2024, a drilling program comprising 2 drill holes for 651.3m with mud rotary pre-collars of 132.5m and NQ3 diamond core of 518.8m. Hole details are as follows

Hole ID	North	East	RL	Total Depth	Mud Rotary	NQ3 core	Dip	Azimuth
7DD-001	6582259	349254	351.4	351.1	82.4	268.7	-50	95
7DD-002	6582355	349602	338.3	300.16	50.1	250.06	-60	275

The Company received final assay results from the two orientated drill holes in April 2025. The holes were designed as scissor holes to test geological structure.

==> picture [454 x 322] intentionally omitted <==

Completed Drill Holes

Results display multiple narrow zones of low to moderate gold mineralisation, some with minor halo anomalous mineralisation. The highest grade was 21.97g/t Au at 216.3m to 217m. Significant results are shown below.

Anomalous gold assays
Hole ID	From	To	Au
7DD-001	123	124	2.63
7DD-001	130	131	0.86
7DD-001	140	141	1.54
7DD-001	173	174	2.08
7DD-001	187	188	1.33
7DD-001	188	189	1.01
7DD-001	204	205	2.09
7DD-001	216.3	217	21.97
7DD-001	273	274	0.94
7DD-001	296	297	1.07

Rand Mining Limited Directors' report 30 June 2025

Financial Review

The following results and commentary related to the 12 months ended 30 June 2025 during with the Group reported a statutory profit after tax of $13,132,761. This is an increase of $6,470,266 on the previous year (30 June 2024: $6,662,495). The Group recorded a modest decrease in gold ounces sold down to 10,000 ounces compared to 11,000 ounces in the prior year. This was however offset by a significantly higher gold price, which contributed to a $8,511,100 increase in revenue over the period.

Overall costs decreased by $605,960 during the year. This was primarily due to a reduction in impaired Raleigh Mine Development costs to $3,142,489 (30 June 2024: $4,291,055). Offsetting this were:

Increased mining costs of $11,654,634 (30 June 2024: $10,978,814)
Reduced processing costs of $2,266,910 (30 June 2024: $2,404,165)

Financial Position

The current assets of the Group increased on 30 June 2025 to $82,789,075 from $81,234,168 at 30 June 2024. This was mainly due to an increase in cash held at the end of the period to $3,571,520 (30 June 2024: $3,169,019) and an increase of EKJV product stocks of $3,351,989 listed under inventories (June 2024: $2,306,238).

The non-current assets of the Company increased on 30 June 2025 to $29,954,660 (30 June 2024: $23,009,159). This was mainly due to increased investment in mining equipment and mine development associated with the Hornet Open Pit, RPH and Raleigh.

Total liabilities increased on 30 June 2025 to $6,632,335 (30 June 2024: $5,577,092), mainly due to a higher tax provision arising from the increased profit at 30 June 2025.

Cash Flow

Operating activities: The net cash inflows were $19,539,662 this year compared to $14,454,784 at 30 June 2024, driven mainly by the significantly higher average gold price for the financial year 2025.

Investing activities: Net cash outflow increased to $13,449,565 from $7,745,738 primarily due to increased mine development spending, including the new Hornet Open Pit and the acquisition of mining equipment for the East Kundana Joint Venture.

Financing activities: Net cash outflow slightly decreased to $5,687,596 from $5,699,078, driven by terminated lease agreements.

Corporate

Share buy-back programme

During the year, the Company extended the current on market share buy-back to 9 January 2026. As at 30 June 2025, 2,415,082 shares remain available to be for repurchase under the buy-back. No shares were bought back during the year. The number of securities on issue as at 30 June 2025 is 56,875,961.

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 addresses 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.

Rand Mining Limited Directors' report 30 June 2025

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

In January 2025, the Company announced an extension to its on-market share buy-back programme. The programme end date was extended to 9 January 2026. The maximum number of shares that can be acquired during the programme is 2,415,082. No shares were bought back during the year.

There were no other 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 2025 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.

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 extensive experience in gold exploration within the mining industry in Western Australia.
	He has been involved in the exploration and development of the Kundana project since the beginning.
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

Rand Mining Limited Directors' report 30 June 2025

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
Qualifications:	Bachelor of Business (Major in Accounting) and is a Certified Practising Accountant
Experience and expertise:	Lyndall has worked for both Rand Mining Limited and Tribune Resources Ltd for over 21 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, FGIA) 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.

Sheran De Silva (CPA, AGIA, B.Bus) is a Senior Finance professional with extensive experience in the mining industry and has been employed by Tribune Resources Limited and its controlled entities, including Rand Mining Limited, for over 14 years. Sheran has been working in various finance positions working with key executives to understand, grow and improve business through strategic thinking, risk management, financial reporting, streamlined systems, relevant business analysis and compliance. Sheran is a member of CPA Australia and the Governance Institute of Australia and holds a Bachelor of Business.

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

Meetings of directors

The number of meetings of the Company's Board of Directors ('the Board') held during the year ended 30 June 2025, and the number of meetings attended by each director were:

		Full Board
	Attended	Held
O Demis	2	3
A Billis	3	3
G Sklenka	3	3
L Vaughan	1	3

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.

Rand Mining Limited Directors' report 30 June 2025

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.

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 three components:

base pay and non-monetary benefits;
short-term performance incentives; and
long-term incentives.

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.

Rand Mining Limited Directors' report 30 June 2025

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 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 2025, 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 2024 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 2024. 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
Lyndall Vaughan - Alternate to Otakar Demis

Amounts of remuneration

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

Cash salary and fees $ 32,500 40,000 30,000 91,687	Short-term benefits Post- employment benefits Non- Super- Bonus monetary annuation $ $ $ - - - - - 4,600 - - 3,450 - 5,096 10,544	Short-term benefits Post- employment benefits Non- Super- Bonus monetary annuation $ $ $ - - - - - 4,600 - - 3,450 - 5,096 10,544	Short-term benefits Post- employment benefits Non- Super- Bonus monetary annuation $ $ $ - - - - - 4,600 - - 3,450 - 5,096 10,544	Long-term benefits Leave benefits $ - - 1,071 3,276	Share-based payments Equity- settled $ - - - -	Total $ 32,500 44,600 34,521 110,603
194,187	-	5,096	18,594	4,347	-	222,224
Cash salary and fees $ 30,000 40,000 26,539 91,687	Short-term benefits Post- employment benefits Non- Super- Bonus monetary annuation $ $ $ - - - - - 4,400 - - 2,919 - - 10,086			Long-term benefits Leave benefits $ - - 948 3,276	Share-based payments Equity- settled $ - - - -	Total $ 30,000 44,400 30,406 105,049
188,226	-	-	17,405	4,224	-	209,855

Lyndall Vaughan was appointed as alternate Director to Mr Otakar Demis on 14 August 2023.

Rand Mining Limited Directors' report 30 June 2025

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

	Fixed	remuneration		STI		LTI
Name	30 Jun 2025	30 Jun 2024	30 Jun 2025	30 Jun 2024	30 Jun 2025	30 Jun 2024
*Non-Executive Directors:*
G Sklenka	100%	100%	-	-	-	-
O Demis	100%	100%	-	-	-	-
L Vaughan	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 2025 of
	$102,231, 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 2025.

Additional information

The earnings of the Group for the five years to 30 June 2025 are summarised below:

	2025	2024	2023	2022	2021
	$	$	$	$	$
Sales revenue	43,271,800	34,760,700	30,136,675	32,060,435	43,218,150
EBITDA	22,839,647	13,230,618	14,755,046	18,564,204	26,575,099
EBIT	18,880,012	9,715,360	11,934,745	15,435,257	22,180,005
Profit/(loss) after income tax	13,132,761	6,662,495	8,221,452	10,658,272	15,201,512
The factors that are considered to affect total shareholders return ('TSR') are		summarised below:
	2025	2024	2023	2022	2021
Share price at financial year end ($)	1.81	1.51	1.21	1.32	1.45
Total dividends declared (cents per share)	10.00	10.00	10.00	10.00	10.00
Basic earnings per share (cents per share)	23.09	11.71	14.46	18.74	25.51
Diluted earnings per share (cents per share)	23.09	11.71	14.46	18.74	25.51

Rand Mining Limited Directors' report 30 June 2025

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 L Vaughan	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

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.

Other transactions with key management personnel and their related parties

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

	30 Jun 2025
	$
Payment for other expenses:
Payment of management fees to Tribune Resources Ltd *	374,451
Payment of rent, rates and levies for office to Melville Parade Pty Ltd **	46,964
Reimbursement of operating expenses to Iron Resources Liberia Ltd **	363,262
Payment of royalties to Lake Grace Exploration Pty Ltd **	9,092

An entity in which Anthony Billis, Otakar Demis and Gordon Sklenka are directors.
** An entity in which Anthony Billis is a director.

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

This concludes the remuneration report, which has been audited.

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

Details of the amounts paid or payable to the auditor for non-audit services provided during the financial year by the auditor are outlined in note 23 to the financial statements.

The directors are satisfied that the provision of non-audit services during the financial year, by the auditor (or by another person or firm on the auditor's behalf), is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001.

Rand Mining Limited Directors' report 30 June 2025

The directors are of the opinion that the services as disclosed in note 23 to the financial statements do not compromise the external auditor's independence requirements of the Corporations Act 2001 for the following reasons:

all non-audit services have been reviewed and approved to ensure that they do not impact the integrity and objectivity of the auditor; and
none of the services undermine the general principles relating to auditor independence as set out in APES 110 Code of Ethics for Professional Accountants (including Independence Standards) issued by the Accounting Professional and Ethical Standards Board, including reviewing or auditing the auditor's own work, acting in a management or decision-making capacity for the Company, acting as advocate for the Company or jointly sharing economic risks and rewards.

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.

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

12 September 2025 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 2025, 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.

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PKF PERTH

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ALEXANDRA SOFIA BALDEIRA PEREIRA CARVALHO PARTNER

12 September 2025 PERTH, WESTERN AUSTRALIA

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Rand Mining Limited Consolidated statement of profit or loss and other comprehensive income For the year ended 30 June 2025

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 13 Impairment of mine development 14 Net fair value loss on financial assets 6,11 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 18 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 32 Diluted earnings per share 32	30 Jun 2025 $ 43,271,800 6,798 119,823 81,123 1,091,754 (326,074) (819,203) (3,959,635) (622,662) (3,142,489) (33,264) (11,654,634) (2,266,910) (712,040) (8,934) (2,025,618) (703)	30 Jun 2024 $ 34,760,700 123 88,017 - 400,755 (323,495) (760,811) (3,515,258) (603,432) (4,291,055) (118,179) (10,978,814) (2,404,165) (494,813) (6,831) (1,949,365) (40,908)
	18,999,132 (5,866,371)	9,762,469 (3,099,974)
	13,132,761 -	6,662,495 -
	13,132,761	6,662,495
	Cents 23.09 23.09	Cents 11.71 11.71

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 2025

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 Exploration and evaluation 13 Mine development 14 Deferred tax asset 7 Total non-current assets Total assets Liabilities Current liabilities Trade and other payables 15 Income tax 7 Provisions 16 Total current liabilities Non-current liabilities Deferred tax liability 7 Provisions 16 Total non-current liabilities Total liabilities Net assets Equity Issued capital 17 Retained profits 18 Total equity	30 Jun 2025 $ 3,571,520 258,931 78,933,714 24,910	30 Jun 2024 $ 3,169,019 215,602 77,800,176 49,371
	82,789,075	81,234,168
	67,558 5,554,870 2,671,713 18,904,979 2,755,540	100,822 2,106,557 2,368,373 16,869,521 1,563,886
	29,954,660	23,009,159
	112,743,735	104,243,327
	2,770,540 1,062,176 85,107	3,141,858 204,845 73,431
	3,917,823	3,420,134
	2,070,201 644,311	1,722,350 434,608
	2,714,512	2,156,958
	6,632,335	5,577,092
	106,111,400	98,666,235
	11,707,036 94,404,364	11,707,036 86,959,199
	106,111,400	98,666,235

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 2025

Issued capital $ 11,707,036 - -	Retained profits $ 85,984,300 6,662,495 -	Total equity $ 97,691,336 6,662,495 -
- -	6,662,495 (5,687,596)	6,662,495 (5,687,596)
11,707,036	86,959,199	98,666,235
Issued capital $ 11,707,036 - -	Retained profits $ 86,959,199 13,132,761 -	Total equity $ 98,666,235 13,132,761 -
- -	13,132,761 (5,687,596)	13,132,761 (5,687,596)
11,707,036	94,404,364	106,111,400

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 2025

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 31 Cash flows from investing activities Payments for property, plant and equipment 12 Payments for exploration and evaluation Payments for mine development Proceeds from disposal of investments Net cash used in investing activities Cash flows from financing activities Repayment of lease liabilities 31 Cash advances from Tribune Resources Limited Repayment of cash advances from Tribune Resources Limited Dividends paid 19 Net cash used in financing activities Net increase 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 2025 $ 43,278,598 (18,005,213) 119,823 (703) (5,852,843)	30 Jun 2024 $ 34,760,823 (15,935,222) 88,017 (40,775) (4,418,059)
	19,539,662	14,454,784
	(4,110,160) (923,952) (8,496,576) 81,123	(969,149) (656,564) (6,120,025) -
	(13,449,565)	(7,745,738)
	- - - (5,687,596)	(11,482) 4,000,000 (4,000,000) (5,687,596)
	(5,687,596)	(5,699,078)
	402,501 3,169,019	1,009,968 2,159,051
	3,571,520	3,169,019

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 2025

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 12 September 2025. The directors have the power to amend and reissue the financial statements.

Note 2. Material accounting policy information

The accounting policies that are material to the Group are set out below. The accounting policies adopted are consistent with those of the previous financial year, 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 2025.

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

The following Accounting Standards and Interpretations are most relevant to the Group:

AASB 2020-1 Amendments to Australian Accounting Standards - Classification of Liabilities as Current or Non-current

The standard makes amendments to paragraphs 69 to 76 of AASB 101 to specify the requirements for classifying liabilities as current or non-current. The amendments clarify:

What is meant by a right to defer settlement;
That a right to defer must exist at the end of the reporting period;
That classification is unaffected by the likelihood that an entity will exercise its deferral right; and
That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification.

The amendments were effective for annual reporting periods beginning on or after 1 January 2024 and must be applied retrospectively. The amendments did not have a material impact on the Group.

Basis of preparation

These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the AASB and the Corporations Act 2001, as appropriate for for-profit oriented entities. These financial statements also comply with International Financial Reporting Standards Accounting 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 27.

Rand Mining Limited Notes to the consolidated financial statements 30 June 2025

Note 2. Material accounting policy information (continued)

Principles of consolidation

The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of the Company as at 30 June 2025 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 noncontrolling interest acquired is recognised directly in equity attributable to the parent.

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.

Rand Mining Limited Notes to the consolidated financial statements 30 June 2025

Note 2. Material accounting policy information (continued)

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.

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.

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.

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 shortterm 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.

Rand Mining Limited Notes to the consolidated financial statements 30 June 2025

Note 2. Material accounting policy information (continued)

Impairment of financial assets

The Group recognises a loss allowance for expected credit losses on financial assets measured at amortised cost. 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.

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 Construction work-in-progress Not depreciated until ready for use

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

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 and 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.

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.

Rand Mining Limited Notes to the consolidated financial statements 30 June 2025

Note 2. Material accounting policy information (continued)

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.

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.

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.

Dividends

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

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.

Rand Mining Limited Notes to the consolidated financial statements 30 June 2025

Note 2. Material accounting policy information (continued)

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 2025. The Group's assessment of the impact of these new or amended Accounting Standards and Interpretations, most relevant to the Group, are set out below.

AASB 18 Presentation and Disclosure in Financial Statements

This standard is applicable to annual reporting periods beginning on or after 1 January 2027, with early adoption permitted. The standard replaces AASB 101 'Presentation of Financial Statements', although many of the requirements have been carried forward unchanged and is accompanied by limited amendments to the requirements in AASB 107 ‘Statement of Cash Flows’. The standard will affect presentation and disclosure in the financial statements, including introducing five categories in the statement of profit or loss and other comprehensive income: operating, investing, financing, income taxes and discontinued operations. The standard introduces two mandatory sub-totals in the statement: 'Operating profit' and 'Profit before financing and income taxes'. There are also new disclosure requirements for 'management-defined performance measures', such as earnings before interest, taxes, depreciation and amortisation ('EBITDA') or 'adjusted profit'. The standard provides enhanced guidance on grouping of information (aggregation and disaggregation), including whether to present this information in the primary financial statements or in the notes. The Group will adopt this standard from 1 July 2027 and it is expected that there will be a significant change to the layout of the statement of profit or loss and other comprehensive income.

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.

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.

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.

Recoverability of assets

The recoverable amount of each ‘cash-generating unit’ 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.

Rand Mining Limited Notes to the consolidated financial statements 30 June 2025

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

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.

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 2025 approximately 100% (30 June 2024: 100%) of the Group's external revenue was derived from sales to one customer (30 June 2024: 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 Disaggregation of revenue The disaggregation of revenue from contracts with customers is as follows: *Major product lines* Gold *Geographical regions* Australia *Timing of revenue recognition* Goods transferred at a point in time	30 Jun 2025 $ 43,271,800	30 Jun 2024 $ 34,760,700
	30 Jun 2025 $ 43,271,800	30 Jun 2024 $ 34,760,700
	43,271,800	34,760,700
	43,271,800	34,760,700

Rand Mining Limited Notes to the consolidated financial statements 30 June 2025

Note 6. Expenses

Profit before income tax includes the following specific expenses: *Depreciation* Mining plant and equipment (note 12) Plant and equipment - right-of-use assets Total depreciation *Amortisation* Mine development (note 14) Total depreciation and amortisation *Fair value remeasurement* Financial assets *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 Note 7. Income tax *Income tax expense* Current tax Deferred tax - origination and reversal of temporary differences Aggregate income tax expense Deferred tax included in income tax expense comprises: Increase in deferred tax assets Increase 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 Income tax expense	30 Jun 2025 $ 661,847 -	30 Jun 2024 $ 635,976 10,971
	661,847	646,947
	3,297,788	2,868,311
	3,959,635	3,515,258
	33,264	118,179
	703 -	40,776 132
	703	40,908
	22,044	17,773
	30 Jun 2025 $ 6,710,174 (843,803)	30 Jun 2024 $ 4,363,057 (1,263,083)
	5,866,371	3,099,974
	(1,191,654) 347,851	(1,296,036) 32,953
	(843,803)	(1,263,083)
	18,999,132	9,762,469
	5,699,740 87,377 79,254	2,928,741 137,602 33,631
	5,866,371	3,099,974

Rand Mining Limited Notes to the consolidated financial statements 30 June 2025

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 Blackhole costs Investments Deferred tax asset Movements: Opening balance Credited 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 Prepayments Deferred tax liability Movements: Opening balance Charged to profit or loss Closing balance *Provision for income tax* Provision for income tax	30 Jun 2025 $ 2,506,171 24,525 218,824 - 6,020	30 Jun 2024 $ 1,376,935 33,044 152,411 1,496 -
	2,755,540	1,563,886
	1,563,886 1,191,654	267,850 1,296,036
	2,755,540	1,563,886
	30 Jun 2025 $ 804,152 182,287 1,031,757 51,105 900	30 Jun 2024 $ 627,463 152,281 879,280 63,326 -
	2,070,201	1,722,350
	1,722,350 347,851	1,689,397 32,953
	2,070,201	1,722,350
	30 Jun 2025 $ 1,062,176	30 Jun 2024 $ 204,845

Rand Mining Limited Notes to the consolidated financial statements 30 June 2025

Note 8. Cash and cash equivalents

*Current assets* Cash on hand Cash at bank	30 Jun 2025 $ 250 3,571,270	30 Jun 2024 $ 250 3,168,769
	3,571,520	3,169,019

Cash at bank earns fixed interest at 3.85% (30 June 2024: 4.23%) and cash on hand is non-interest bearing.

Note 9. Trade and other receivables

*Current assets* Trade receivables Other receivables Goods and services tax receivable Note 10. Inventories *Current assets* Ore stockpiles - at cost Gold in transit - at cost Gold on hand - at cost Silver on hand - at net realisable value Consumables - at cost Less: Provision for impairment	30 Jun 2025 $ 555 251,857 6,519	30 Jun 2024 $ - 204,541 11,061
	258,931	215,602
	30 Jun 2025 $ 3,351,989 2,209,773 70,083,824 2,680,505 752,725 (145,102)	30 Jun 2024 $ 2,306,238 2,258,550 70,578,006 2,091,543 710,530 (144,691)
	78,933,714	77,800,176

Reconciliation of movement in provision for impairment of consumables
Reconciliation of the movement in provision for impairment of consumables at the beginning and end
of the current and previous financial year are set out below:
Opening carrying amount (Increase)/decrease in impairment Closing carrying amount	(144,691) (411)	(221,049) 76,358
	(145,102)	(144,691)

Impairment of consumable assets are reviewed by EKJV on a yearly basis.

Rand Mining Limited Notes to the consolidated financial statements 30 June 2025

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 Loss on revaluation through profit or loss Closing carrying amount Refer to note 21 for further information on fair value measurement. 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 2025 $ 67,558	30 Jun 2024 $ 100,822
	100,822 (33,264)	219,001 (118,179)
	67,558	100,822
	30 Jun 2025 $ 9,150 (9,150)	30 Jun 2024 $ 9,150 (9,150)
	-	-
	17,716,826 (13,407,558)	13,827,225 (12,754,441)
	4,309,268	1,072,784
	1,245,602	1,033,773
	5,554,870	2,106,557

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 2023 Additions Transfers in/(out) Depreciation expense (note 6) Balance at 30 June 2024 Additions Reclassified to mine development - current year (note 14) Transfers in/(out) Depreciation expense (note 6) Balance at 30 June 2025	Plant and equipment $ - - - -	Mining plant and equipment $ 1,404,039 - 304,721 (635,976)	Construction work in progress $ 369,345 969,149 (304,721) -	Total $ 1,773,384 969,149 - (635,976)
	- - - - -	1,072,784 - - 3,898,331 (661,847)	1,033,773 4,254,408 (144,248) (3,898,331) -	2,106,557 4,254,408 (144,248) - (661,847)
	-	4,309,268	1,245,602	5,554,870

Rand Mining Limited Notes to the consolidated financial statements 30 June 2025

Note 13. Exploration and evaluation

*Non-current assets* Exploration and evaluation - at cost	30 Jun 2025 $ 2,671,713	30 Jun 2024 $ 2,368,373

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 2023 Additions Impairment of assets Balance at 30 June 2024 Additions Impairment of assets Balance at 30 June 2025	Exploration and evaluation $ 2,327,449 644,356 (603,432)
	2,368,373 926,002 (622,662)
	2,671,713

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.

Drilling activities for the year included 13,149 metres of exploration drilling across the East Kundana JV mining deposits. Areas for exploration drilling included Hornet open pit and Sadler resource targeting

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 $622,662 (30 June 2024: $603,432) 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 14. Mine development

*Non-current assets* Mine development - at cost Less: Accumulated amortisation Less: Impairment	30 Jun 2025 $ 75,237,912 (47,588,877) (8,744,056)	30 Jun 2024 $ 66,762,177 (44,291,089) (5,601,567)
	18,904,979	16,869,521

Rand Mining Limited Notes to the consolidated financial statements 30 June 2025

Note 14. 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 2023 Additions Impairment of assets Amortisation expense (note 6) Balance at 30 June 2024 Additions Transfer from mining plant and equipment (note 12) Impairment of assets* Amortisation expense (note 6) Balance at 30 June 2025	Mine development $ 17,908,862 6,120,025 (4,291,055) (2,868,311)
	16,869,521 8,331,487 144,248 (3,142,489) (3,297,788)
	18,904,979

In June 2024, an assessment of mine development was undertaken with $4,291,055 for Raleigh being impaired.

** In June 2025, an assessment of mine development was undertaken with $3,142,489 for Raleigh being impaired.

Mine development includes $7,517,811 in relation to the Rubicon underground development, $10,201,157 for the Pegasus underground development, $418,531 in mine under construction costs for Hornet open pit, $517,074 relating to resource extension drilling on Rubicon/Hornet and Pegasus and $250,406 for rehabilitation assets.

Note 15. Trade and other payables

*Current liabilities* Trade payables Accrued expenses Other payables	30 Jun 2025 $ 2,625,858 140,462 4,220	30 Jun 2024 $ 2,856,346 281,212 4,300
	2,770,540	3,141,858

Refer to note 20 for further information on financial instruments.

Note 16. Provisions

*Current liabilities* Employee benefits *Non-current liabilities* Rehabilitation	30 Jun 2025 $ 85,107	30 Jun 2024 $ 73,431
	644,311	434,608

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.

Rand Mining Limited Notes to the consolidated financial statements 30 June 2025

Note 16. Provisions (continued)

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.

Movements in provisions

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

30 Jun 2025 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 Note 17. Issued capital Ordinary shares - fully paid	30 Jun 2025 Shares 56,875,961	30 Jun 2024 Shares 56,875,961	30 Jun 2025 $ 11,707,036	Rehabilitation $ 434,608 209,703
				644,311
				30 Jun 2024 $ 11,707,036

Ordinary shares

Ordinary shares entitle the holder to participate in any dividends declared and any proceeds attributable to shareholders should the Company be wound up, in proportions that consider both the number of shares held and the extent to which those shares are paid up. 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.

Share buy-back

In January 2025, the Company announced it would extend the on-market buy-back of ordinary shares to 9 January 2026. The number of shares remaining to be bought back is 2,415,082. During the year no shares were 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.

Rand Mining Limited Notes to the consolidated financial statements 30 June 2025

Note 18. Retained profits

Retained profits at the beginning of the financial year Profit after income tax expense for the year Dividends paid (note 19) Retained profits at the end of the financial year	30 Jun 2025 $ 86,959,199 13,132,761 (5,687,596)	30 Jun 2024 $ 85,984,300 6,662,495 (5,687,596)
	94,404,364	86,959,199

Note 19. Dividends

Dividends Dividends paid during the financial year were as follows:

30 Jun 2025 $ A dividend of 10 cents per ordinary share was paid to shareholders on 16 December 2024 (30 June 2024: dividend of 10 cents per ordinary share paid on 30 November 2023). 5,687,596 Other than the above, there were no further dividends recommended or declared during the current financial year. Franking credits 30 Jun 2025 $ Franking credits available for subsequent financial years based on a tax rate of 30% 47,796,893	30 Jun 2025 $ 5,687,596	30 Jun 2024 $ 5,687,596
		30 Jun 2024 $ 44,381,591

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 20. 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 price risk of equity securities is not considered significant.

Rand Mining Limited Notes to the consolidated financial statements 30 June 2025

Note 20. Financial instruments (continued)

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 $4,362.75 per ounce (30 June 2024: $3,171.54) 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 $4,362,746 (30 June 2024: $3,488,694).

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 $14,858,546 (30 June 2024: $11,528,897) and the bullion in transit would increase/(decrease) by $398,482 (30 June 2024: $289,181). 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 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).

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

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.

Weighted average interest rate 30 Jun 2025 % Non-derivatives *Non-interest bearing* Trade payables - Other payables - Total non-derivatives	1 year or less $ 2,625,858 4,220	Between 1 and 2 years $ - -	Between 2 and 5 years $ - -	Over 5 years $ - -	Remaining contractual maturities $ 2,625,858 4,220
	2,630,078	-	-	-	2,630,078

Rand Mining Limited Notes to the consolidated financial statements 30 June 2025

Note 20. Financial instruments (continued)

Weighted average interest rate 30 Jun 2024 % Non-derivatives *Non-interest bearing* Trade payables - Other payables - Total non-derivatives	1 year or less $ 2,856,346 4,300	Between 1 and 2 years $ - -	Between 2 and 5 years $ - -	Over 5 years $ - -	Remaining contractual maturities $ 2,856,346 4,300
	2,860,646	-	-	-	2,860,646

Note 21. 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 $ 67,558	Level 2 $ -	Level 3 $ -	Total $ 67,558
67,558	-	-	67,558
Level 1 $ 100,822	Level 2 $ -	Level 3 $ -	Total $ 100,822
100,822	-	-	100,822

There were no transfers between levels during the financial year.

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 22. 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 Long-term benefits	30 Jun 2025 $ 199,283 18,594 4,347	30 Jun 2024 $ 188,226 17,405 4,224
	222,224	209,855

Rand Mining Limited Notes to the consolidated financial statements 30 June 2025

Note 23. 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 *Other services - PKF Perth* Audit of Rand Exploration financial statements *Audit services - unrelated firms* Audit or review of the financial statements *Other services - unrelated firms* Audit of Rand Exploration financial statements Tax compliance services	30 Jun 2025 $ 95,000	30 Jun 2024 $ 95,000
	11,000	58,500
	106,000	153,500
	8,737	4,292
	1,200 27,500	50,000 44,000
	28,700	94,000
	37,437	98,292

Note 24. Contingent liabilities

The Group had no contingent liabilities as at 30 June 2025 or 30 June 2024.

Note 25. 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 2025 $ 1,583,551	30 Jun 2024 $ 2,122,977
	566,041 2,092,016 1,798,471	432,300 1,711,731 2,178,158
	4,456,528	4,322,189

Capital commitments relate to mining capital expenditure commitments for the East Kundana Joint Venture as per the approved capital expenditure budget.

Note 26. 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.

Rand Mining Limited Notes to the consolidated financial statements 30 June 2025

Note 26. Related party transactions (continued)

Subsidiaries

Interests in subsidiaries are set out in note 28.

Joint operations

Interests in joint operations are set out in note 29.

Key management personnel

Disclosures relating to key management personnel are set out in note 22 and the remuneration report included in the directors' report.

Transactions with related parties

The following transactions occurred with related parties:

	30 Jun 2025	30 Jun 2024
	$	$
Payment for other expenses:
Payment of management fees to Tribune Resources Ltd *	374,451	388,501
Payment of rent, rates and levies for office to Melville Parade Pty Ltd **	46,964	38,774
Reimbursement of operating expenses to Iron Resources Liberia Ltd **	363,262	451,143
Payment of royalties for Lake Grace Exploration Pty Ltd **	9,092	2,334

An entity in which Anthony Billis, Otakar Demis and Gordon Sklenka are directors.
** An entity in which Anthony Billis is a director.

Terms and conditions

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

Note 27. 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	30 Jun 2025 $ (443,584)	Parent 30 Jun 2024 $ (226,898)
	(443,584)	(226,898)

Rand Mining Limited Notes to the consolidated financial statements 30 June 2025

Note 27. Parent entity information (continued)

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 2025 $ -	Parent 30 Jun 2024 $ -
	661,796	560,190
	1,233,253	282,576
	118,041,704	111,808,919
	11,707,036 (129,086,944)	11,707,036 (122,955,765)
	(117,379,908)	(111,248,729)

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 2025 and 30 June 2024.

Contingent liabilities

The parent entity had no contingent liabilities as at 30 June 2025 and 30 June 2024.

Capital commitments - Property, plant and equipment

The parent entity had no capital commitments for property, plant and equipment as at 30 June 2025 and 30 June 2024.

Material accounting policy information

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.

Note 28. 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 2025	30 Jun 2024
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 2025 and 30 June 2024.

Rand Mining Limited Notes to the consolidated financial statements 30 June 2025

Note 29. 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 2025	30 Jun 2024
Name	Country of incorporation	%	%
East Kundana Joint Venture	Australia	12.25%	12.25%

Note 30. 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.

Note 31. 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 Unwind of discount Loss on revaluation of equity instruments at fair value through profit or loss Net gain on significant influence at fair value through profit or loss Impairment of exploration and evaluation Impairment of Raleigh Change in operating assets and liabilities: Increase in trade and other receivables Increase in inventories Increase in deferred tax assets Decrease in prepayments (Decrease)/increase in trade and other payables Increase/(decrease) in provision for income tax Increase in deferred tax liabilities Increase in employee benefits Increase/(decrease) in other provisions Net cash from operating activities	30 Jun 2025 $ 13,132,761 3,959,635 20,843 33,264 (81,123) 622,662 3,142,489 (43,330) (1,133,538) (1,191,654) 24,460 (373,368) 857,331 347,851 11,676 209,703	30 Jun 2024 $ 6,662,495 3,515,258 - 118,179 - 603,432 4,291,055 (92,622) (592,821) (1,296,036) 25,966 1,285,115 (55,002) 32,953 12,296 (55,484)
	19,539,662	14,454,784

Rand Mining Limited Notes to the consolidated financial statements 30 June 2025

Note 31. Cash flow information (continued)

Changes in liabilities arising from financing activities

Balance at 1 July 2023 Net cash used in financing activities Balance at 30 June 2024 Net cash from financing activities Balance at 30 June 2025 Note 32. Earnings per share Profit after income tax attributable to the owners of Rand Mining Limited 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	30 Jun 2025 $ 13,132,761	Lease liability $ 11,482 (11,482)
		- -
		-
		30 Jun 2024 $ 6,662,495
	Number 56,875,961	Number 56,875,961
	56,875,961	56,875,961
	Cents 23.09 23.09	Cents 11.71 11.71

Note 33. Events after the reporting period

Rand Mining Limited Consolidated entity disclosure statement As at 30 June 2025

			Ownership
		Place formed /	interest
Entity name	Entity type(1)	Country of incorporation	%	Tax residency(2)
Rand Mining Limited(3)	Body corporate	Australia	-	Australian
Rand Exploration N.L.	Body corporate	Australia	100.00%	Australian
Mount Manning Resources Pty Ltd	Body corporate	Australia	50.00%	Australian

(1) None of the entities noted above were trustees of trusts within the Group, partners in a partnership within the Group or participants in a joint venture within the Group.

(2) All entities are Australian tax residents, there are no foreign tax jurisdictions of tax residency.

(3) Rand Mining Limited is the head entity of the Group.

Basis of preparation

This consolidated entity disclosure statement ('CEDS') has been prepared in accordance with subsection 295(3A)(a) of the Corporations Act 2001. The entities listed in the statement are Rand Mining Limited and all the entities it controls as at 30 June 2025 in accordance with AASB 10 'Consolidated Financial Statements'.

Rand Mining Limited Directors' declaration 30 June 2025

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 Accounting 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 2025 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;
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 30 to the financial statements; and
the information disclosed in the attached consolidated entity disclosure statement is true and correct.

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

12 September 2025 Perth

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INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF RAND MINING LIMITED

Report on the Financial Report

Opinion

We have audited the financial report of Rand Mining Limited (the “Company”), which comprises the consolidated statement of financial position as at 30 June 2025, 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, and notes to the financial statements, including material accounting policy information, the consolidated entity disclosure statement, 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 2025 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 the matter is provided in that contex

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Inventory valuation and existence

Why significant

At 30 June 2025, the consolidated entity held inventories of $78,933,714 (2024: $77,800,176), 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.

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

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 2025,
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 AASB 102 Inventories,
Assessing the appropriateness of the related disclosures in Note 2, 3 and 10.

Carrying value of mine development assets

Why significant

At 30 June 2025 the carrying value of mine development assets was $18,904,979 (2024: $16,869,521), as disclosed in Note 14. 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 impairment was required for the Raleigh Mining Operation. See below for further information.

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 and 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,

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Why significant

Other mining operations were not considered to be impaired. This assessment was based on several key assumptions such as:

Large reserves and production estimates,
Gold price at 30 June 2025,
Increase of the market interest rates,
No obsolescence or physical damage to operations.

Management decided to fully impair the Raleigh mining operations CGU by the amount of $3,142,489 due to impairment indicators.

How our audit addressed the key audit matter

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,
Assessing the appropriateness of the related disclosures in Note 2, 3 and 14.

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

Carrying value of capitalised exploration expenditure

Why significant

As at 30 June 2025 the carrying value of exploration and evaluation assets was $2,671,713 (2024: $2,368,373), as disclosed in Note 13. Exploration and Evaluation assets written off during the year amounted to $622,662.

The consolidated entity’s accounting policy in respect of exploration and evaluation expenditure is outlined in Note 2 and 3.

How our audit addressed the key audit matter

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

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,

How our audit addressed the key audit matter

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Why significant

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”),
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,
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 are of interest had reached a stage where a reasona assessment of economically recoverable reserv existed,
Testing, on a sample basis, exploration and evaluat expenditure incurred during the year for complian with AASB 6 and the consolidated entity’s account policy,
Assessing the appropriateness of the related disclosu in Note 2, 3 and 13.

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 2025, 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:

a) the financial report (other than the consolidated entity disclosure statement) that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001; and

the consolidated

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b) entity disclosure statement that is true and correct in accordance with the Corporations Act2001; and for such internal control as the Directors determine is necessary to enable the preparation of:-
i) the financial report (other than the consolidated entity disclosure statement) that gives a true and fair view and is free from material misstatement, whether due to fraud or error; and
ii) the consolidated entity disclosure statement that is true and correct and is free of 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 group financial report. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

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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 2025.

In our opinion, the Remuneration Report of Rand Mining Limited for the year ended 30 June 2025, 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.

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PKF PERTH

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ALEXANDRA SOFIA BALDEIRA PEREIRA CARVALHO PARTNER

12 September 2025 PERTH, WESTERN AUSTRALIA

Rand Mining Limited Resources and Reserves 30 June 2025

Mineral Resources

30 June 2025

Surface Underground Stockpiles RHP Sub-Total East Kundana JV	Tonnes (000's) 8 165 -	Measured Grade Ounces (g/t) (000's) 5.4 2 5.6 30 - -	Measured Grade Ounces (g/t) (000's) 5.4 2 5.6 30 - -	Tonnes (000's) 213 573 28	Indicated Grade Ounces (g/t) (000's) 1.4 10 5.1 95 1.4 1 4.0 106	Indicated Grade Ounces (g/t) (000's) 1.4 10 5.1 95 1.4 1 4.0 106	Tonnes (000's) 268 438 -	Inferred Grade Ounces (g/t) (000's) 1.1 9 4.1 57 - -	Inferred Grade Ounces (g/t) (000's) 1.1 9 4.1 57 - -	Total Resources Tonnes Grade Ounces (000's) (g/t) (000's) 488 1.3 21 1,175 4.8 181 28 1.4 1	Total Resources Tonnes Grade Ounces (000's) (g/t) (000's) 488 1.3 21 1,175 4.8 181 28 1.4 1	Total Resources Tonnes Grade Ounces (000's) (g/t) (000's) 488 1.3 21 1,175 4.8 181 28 1.4 1
	173	5.6	31	813	4.0	106	705	2.9	67	1,691	3.7	203

Ore Reserves

30 June 2025

Surface Underground Stockpiles RHP Sub-Total East Kundana JV	Tonnes (000's) - 75 -	Proved Grade (g/t) - 4.3 -	Ounces (000's) - 10 -	Tonnes (000's) 150 325 28	Probable Grade Ounces (g/t) (000's) 1.6 8 4.1 43 1.4 1	Probable Grade Ounces (g/t) (000's) 1.6 8 4.1 43 1.4 1	Total Reserves Tonnes Grade Ounces (000's) (g/t) (000's) 150 1.6 8 400 4.1 53 28 1.4 1	Total Reserves Tonnes Grade Ounces (000's) (g/t) (000's) 150 1.6 8 400 4.1 53 28 1.4 1	Total Reserves Tonnes Grade Ounces (000's) (g/t) (000's) 150 1.6 8 400 4.1 53 28 1.4 1
	75	4.3	10	503	3.2	51	578	3.3	62

Notes to tables:

EKJV Resources and Reserves are estimated by Evolution Mining Limited for period ending 31 December 2024 and were reported on 30 July 2025 in Rand Mining Limited ASX Announcement “EKJV Mineral Resources and Ore Reserves Statement”.
Stockpiles are reported at 30 June 2025
Resources and Reserves as reported are 100% Rand Mining Ltd.
Resources are inclusive of Reserves but exclude mined areas and areas sterilised by mining activities.
Gold price used for the EKJV Resource Estimation is AUD$3,300/oz.
Gold price used for the EKJV Reserve Estimation is AUD$3,000/oz.
Data is reported to significant figures to reflect appropriate precision and may not sum precisely due to rounding
Rand Mining Limited hold a 12.5% interest Raleigh in the tenement M15/993
Rand Mining Limited hold a 12.25% interest in Raleigh-Sadler in the portion in tenement M16/309
Rand Mining Limited hold a 12.25% interest other deposits in the tenement M16/309

Additional Resources and Reserves information

Mineral Resources comparison

At 30 June 2025, Rand Mining Limited’s Mineral Resources amounted to 1.69 million tonnes grading 3.7 g/t gold for 203,200 ounces of contained gold.

The Mineral Resource was reported within A$3,300/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 2024 shows an increase of 415,000 tonnes and an increase of 13,700 ounces due to revised costs and design parameters, revised gold price assumption, mining depletion and stockpile adjustment.

The design changes are attributable to:

Assumed gold price change from A$2,500/oz. to A$3,300/oz.
Revised processing costs based on the new 4.2 million tonne per annum plant
Underground mining costs increased in line with review of actual costs
Sustaining capital and haulage costs excluded

Rand Mining Limited Resources and Reserves 30 June 2025

Rand Mining Limited Resources and Reserves 30 June 2025
		Mineral Resources
Deposit EKJV and Stockpiles	(Mt) 1.69	30 June 2025 Au (g/t) 3.7	Au (koz) 203	(Mt) 1.27	30 June 2024 Au (g/t) 4.6	Au (koz) 190

Ore Reserves comparison

At 30 June 2025, Rand Mining Limited’s Ore Reserves amounted to 0.58 million tonnes grading 3.3 g/t gold for 61,500 ounces of contained gold.

Key changes to the 31 December 2024 Ore Reserve estimate included updated block modelling and an increase of the minimum Gold Price. that was used for generating cut-off grades and optimisations from A$1,800 to A$3,000 per ounce. Cost assumptions and mining modifying factors were updated in line with the latest Life of Mine (LOM) plan, which confirms the economic viability of each mining area based on the Ore Reserve commodity price assumption of A$3,000/oz.

The reported Ore Reserve estimate 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 2024 shows an increase of approximately 107,500 tonnes and an increase of 3,200 ounces.

		Ore Reserves	Ore Reserves
Deposit EKJV and Stockpiles	(Kt) 578	30 June 2025 Au (g/t) 3.3	Au (koz) 61.5	(Kt) 470	30 June 2024 Au (g/t) 3.9	Au (koz) 58.3

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 2025 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 Andrew Hawker. 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 Andrew Hawker. Mr Hawker is a Member of the Australasian Institute of Mining and Metallurgy, and the Australian Institute of Geoscientists, 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 Hawker consents to the inclusion in this report of the information compiled by him in the form and context in which it appears.

Rand Mining Limited Shareholder information 30 June 2025

The shareholder information set out below was applicable as at 26 August 2025.

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 274 222 73 80 31	Ordinary shares % of total shares issued 0.23 0.99 1.01 4.48 93.29
	680	100.00
	162	0.08

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 Lake Grace Exploration Citicorp Nominees Pty Limited Sierra Gold Ltd Bnp Paribas Nominees Pty Ltd Resource Capital Limited Raypoint Pty Ltd Mrs Phanatchakorn Wichaikul Halkin Pty Ltd Mr Simon Robert Evans & Mrs Kathryn Margaret Evans Berne No 132 Nominees Pty Ltd Mr Francis William Regan & Mrs Fariba Regan Mr Frank Bozic Mr Errol Bertram Goldschmidt & Mrs Zillah Goldschmidt Starwall Pty Ltd Mondo Electronics Pty Ltd Nimby WA Pty Ltd Alverstone Holdings Pty Ltd	Number held 26,576,764 7,899,584 2,925,360 2,920,300 2,654,037 2,100,000 2,030,591 1,604,500 530,000 510,000 426,648 361,894 306,600 274,992 250,000 233,772 200,000 200,000 143,453 141,984	Ordinary shares % of total shares issued 46.73 13.89 5.14 5.13 4.67 3.69 3.57 2.82 0.93 0.90 0.75 0.64 0.54 0.48 0.44 0.41 0.35 0.35 0.25 0.25
	52,290,479	91.93

Unquoted equity securities

There are no unquoted equity securities.

Rand Mining Limited Shareholder information 30 June 2025

Substantial holders

Substantial holders in the Company, as per the substantial holder notices, are set out below:

		Ordinary shares
		% of total
		shares
	Number held	issued
Tribune Resources Limited (Notice dated 29/06/2021)	26,576,764	46.73
Trans Global Capital Ltd (Notice dated 27/01/2010)	7,899,584	13.89
Northern Star Resources Limited (Notice dated 20/10/2022)	2,925,360	5.14

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	P26/4173	50.00
West Kimberley	E04/2548	100.00

AI assistant

RAND MINING LIMITED — Annual Report 2025

65721_rns_2025-09-11_1829e672-8a7e-48a1-8db9-6d9f5c369084.pdf

Rand Mining Limited

ABN 41 004 669 658

Directors

Principal activities

Dividends

Review of operations

East Kundana Joint Venture

KUNDANA PROJECT

Location Map

Production

Raleigh

Rubicon/Hornet/Pegasus ('RHP')

Rand Mining Limited Directors' report 30 June 2025

Stockpiles

Processing

Rand Mining Limited Directors' report 30 June 2025

Exploration

Golden Hind

Sadler Underground

Ambition

Other Projects

Seven Mile Hill (Rand's Interest 50%)

Completed Drill Holes

Financial Review

Financial Position

Cash Flow

Corporate

Share buy-back programme

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

Rand Mining Limited Directors' report 30 June 2025

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 2024 Annual General Meeting ('AGM')

Details of remuneration

Amounts of remuneration

Service agreements

Share-based compensation

Issue of shares

Additional information

Additional disclosures relating to key management personnel

Shareholding

Loans to key management personnel and their related parties

Other transactions with key management personnel and their related parties

This concludes the remuneration report, which has been audited.

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

AUDITOR’S INDEPENDENCE DECLARATION

Rand Mining Limited Consolidated statement of profit or loss and other comprehensive income For the year ended 30 June 2025

Rand Mining Limited Consolidated statement of changes in equity For the year ended 30 June 2025

Rand Mining Limited Consolidated statement of cash flows For the year ended 30 June 2025

Note 1. General information

Note 2. Material accounting policy information

New or amended Accounting Standards and Interpretations adopted

AASB 2020-1 Amendments to Australian Accounting Standards - Classification of Liabilities as Current or Non-current

RAND MINING LIMITED Annual Report 2025