RAND MINING LIMITED — Interim / Quarterly Report 2020

Oct 29, 2019

ASX ANNOUNCEMENT

30 October 2019

Australian Securities Exchange Code: RND

Board of Directors:

Mr Otakar Demis Chairman Joint Company Secretary

Mr Anton Billis Managing Director

Mr Gordon Sklenka Non-Executive Director

Mr Roland Berzins Joint Company Secretary

Suite G1, 49 Melville Parade South Perth WA 6151 T: +61 8 9474 2113 F: +61 8 9367 9386 E: info@randmining.com.au W: www.randmining.com.au

ABN: 41 004 669 658

Quarterly Report for September 2019

Highlights

• During the quarter, 236,766 tonnes of EKJV ore were processed at the Kanowna Plant, 30,454 tonnes of EKJV ore and 0 tonnes of R&T ore were processed at the Greenfields Mill.
• 25,016 ounces of gold and 3,550 ounces of silver were credited to Rand and Tribune Bullion Accounts.

(Rand's share is 25%)

At the end of the quarter, Rand is entitled to a share of the following stockpiles:

STOCKPILES
ROM Pad	Ore Source	Ore	Grade	Rand's
				Entitlement
		t	g/t Au	%
	EKJV Stockpiles
Raleigh	Raleigh	12.50
Raleigh	Raleigh HighGrade	-	-	12.50
Raleigh	Raleigh Low Grade	19,026	1.71	12.50
Rubicon	Pegasus, Rubicon & Hornet	5,276	4.41	12.25
Rubicon	P/R/H HighGrade	1,238	10.25	12.25
Rubicon	P/R/H Low Grade	7,495	1.40	12.25
Kanowna Belle	Raleigh	2,654	6.71	12.50
Kanowna Belle	Raleigh HighGrade	-	-	12.50
Kanowna Belle	Raleigh Low Grade	11,490	2.50	12.50
Kanowna Belle	Pegasus, Rubicon & Hornet	29,259	4.41	12.25
Kanowna Belle	P/R/H HighGrade	7,899	10.24	12.25
Kanowna Belle	P/R/H Low Grade	-	-	12.25
Greenfields	Raleigh HighGrade	-	-	12.50
Greenfields	Pegasus, Rubicon & Hornet	2,968	4.67	12.25
	Rand's Share of EKJV Stockpiles	11,721	4.18	100.00
	Rand and Tribune Stockpiles
Rubicon	Pegasus, Rubicon & Hornet	72,966	5.65	25.00
Rubicon	P/R/H Low Grade	94,483	2.03	25.00
Greenfields	Pegasus, Rubicon & Hornet	8,704	4.17	25.00
	Rand's Share of R&TStockpiles	44,038	3.63	100.00
	Rand's Share of AllStockpiles	55,759	3.75	100.00

GEOLOGY AND MINING

EAST KUNDANA JOINT VENTURE

Raleigh Underground Mine Production

Stope production from the 6119, 6102, 6085, 6067, 6031, 5966, 5949, 5915 and 5881 levels at Raleigh continued during the quarter.

Contained gold in stope development and stope ore mined during the quarter, estimated by grade control face chip sampling, is tabulated below:

RALEIGH UNDERGROUND GRADE CONTROL ESTIMATES
Month	Tonnes	Grade	Ounces
	t	g/t	troy oz
July	16,907	8.78	4,770
August	16,296	6.27	3,285
September	17,498	6.45	3,626
September 19Q	50,701	7.17	11,681
June 19Q	73,202	11.21	26,391

Rand's Entitlements (12.5%)

Quarter	Tonnes	Grade	Ounces
	t	g/t	troy oz
September 19Q	6,338	7.17	1,460
June 19Q	9,150	11.21	3,299

Raleigh Underground Mine Development

At the end of the quarter, the bottom of the Raleigh Decline is at 5618 m RL, 727 m from the surface, the top of the Sadler Incline is at 5989 m RL, 356 m from the surface and the bottom of the Sadler Decline is at 5944 m RL, 401 m from the surface.

Development progressed on the 5972 level.

RALEIGH UNDERGROUND DEVELOPMENT
Month		Capital	Operating
	DeclineSecondary		Waste	Ore	Paste Fill
	(m)	(m)	(m)	(m)	(m)
July	0.0	0.0	0.0	6.0	45.0
August	0.0	0.0	0.0	0.0	15.0
September	0.0	0.0	0.0	0.0	20.0
September 19Q	0.0	0.0	0.0	6.0	80.0
June 19Q	0.0	126.7	0.0	64.0	145.0

The diagrams below show the status of the mine at the end of each month of the quarter.

August 19 Green indicates new development at Raleigh

Mine operating costs, incurred by the EKJV during the September 19 Quarter were $170 per tonne mined or $739 per ounce mined compared with the June 19 Quarter costs of $135 and $375 respectively.

Rubicon Underground Mine Production

Stope production from the Rubicon 5995, 5975 and 5875 to 5775 levels, the Hornet 5825, 5805 and 5765 levels, the Pegasus 5990, 5930 and 5890 to 5810 levels, the Hera 5828 level and the Pode 6200 level continued during the quarter.

Contained gold in stope development mined during the quarter, estimated by grade control face chip sampling, is tabulated below:

UNDERGROUND GRADE CONTROL ESTIMATES
ORE BODY		RUBICON & HORNET		PEGASUS
Month	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces
	t	g/t	troy oz	t	g/t	troy oz
July	28,761	5.03	4,682	52,474	4.30	7,255
August	33,209	5.56	5,933	42,432	5.66	7,724
September	34,059	6.23	6,817	32,010	4.13	4,249
September 19Q	96,029	5.65	17,431	126,917	4.71	19,228
June 19Q	109,822	5.99	21,143	180,796	6.50	37,761

Rand's Entitlements (12.25%)

Quarter	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces
	t	g/t	troy oz	t	g/t	troy oz
September 19Q	11,764	5.65	2,135	15,547	4.71	2,355
June 19Q	13,453	5.99	2,590	22,147	6.50	4,626

Rubicon Underground Mine Development

At the end of the quarter, the bottom of the Rubicon Decline is at 5758 m RL, 585 m from the surface, the bottom of the Hornet Decline is at 5711 m RL, 632 m from the surface, the bottom of the Exploration Decline is at 5661 m RL, 682 m from the surface, the top of the Pegasus Incline is at 6279 m RL, 64 m from the surface, the bottom of the Pegasus Decline is at 5735 m RL, 608 m from the surface, the top of the Pode Incline is at 6103 m RL, 240 m from the surface and the bottom of the Pode Decline is at 6022 m RL, 321 m from the surface.

Development progressed on the 5815 to 5775 levels at Rubicon and the 6270, 6250, 5870 to 5770, Hera 5818, 5808 and 5758 and Pode 6225, 6183, 6083 to 6043 levels at Pegasus.

UNDERGROUND DEVELOPMENT
ORE BODY			RUBICON & HORNET					PEGASUS
Month	Capital			Operating		Capital			Operating
	Decline	Other	Waste	Ore	Paste	Decline	Other	Waste	Ore	Paste
	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)
July	0.0	0.0	0.0	120.0	35.0	32.0	313.4	0.0	404.0	50.0
August	0.0	0.0	8.0	150.8	35.0	23.1	417.2	24.8	230.6	15.0
September	0.0	0.0	0.0	34.7	40.0	16.6	405.9	0.0	276.3	81.1
September 19Q	0.0	0.0	8.0	305.5	110.0	71.7	1,136	24.8	910.9	146.1
June 19Q	0.0	28.4	0.0	96.0	155.0	42.9	339.9	9.0	1,624	105.0

The diagrams below show the status of the mine at the end of each month of the quarter.

July 19 Green indicates new development at Rubicon, Hornet and Pegasus

August 19 Green indicates new development at Rubicon, Hornet and Pegasus

Mine operating costs, for Rubicon and Hornet, incurred by the EKJV during September 19 Quarter were $123 per tonne mined or $678 per ounce mined compared with the June 19 Quarter costs of $94 and $489 respectively.

Mine operating costs, for Pegasus, incurred by the EKJV during September 19 Quarter were $119 per tonne mined or $786 per ounce mined compared with the June 19 Quarter costs of $94 and $449 respectively.

Toll Processing

EKJV Ore hauled to Kanowna Belle (tonnes-wet)
QuarterRaleighPegasus,Rubicon, Hornet
September 19	28,085	233,687
June 19	57,948	169,315

During the quarter, 236,766 tonnes of EKJV ore were processed at the Kanowna Plant.

EKJV Ore hauled to Greenfields (tonnes-wet)
Quarter	RaleighPegasus,Rubicon, Hornet
September 19	25,528	-
June 19	15,967	97,628

During the quarter, 30,454 tonnes of EKJV ore were processed at the Greenfields Mill.

R&TOre hauled to Greenfields (tonnes-wet)
Quarter	RaleighPegasus,Rubicon, Hornet
September 19	-	-
June 19	-	-

During the quarter, 0 tonnes of R&T ore were processed at the Greenfields Mill.

Bullion accredited to RAND & TRIBUNE
QuarterGold (oz)Silver (oz)Rand's share gold
September 19	25,016.600	3,550.328	6,254.149
June 19	34,120.175	6,347.006	8,530.042

Exploration and Development

Two drill rigs continued underground resource definition drilling programs across the EKJV mining complex during the quarter.

Diamond drilling from underground platforms at Pegasus and Raleigh was entirely focussed on extensional and in-fill resource definition programs into the new Falcon trend located midway between Pegasus and Raleigh mines.

The Falcon mineralised corridor has been traced for over 1.5 kilometres and remains open to the north and south with drilling continuing underway from both platforms.

Details are contained in the Quarterly Report of the EKJV exploration activities, released to the ASX on 22 October 2019.

OTHER EXPLORATION

Seven Mile Hill Joint Venture (Rand's Interest 50%)

The aircore drilling program testing conceptual targets along the margins of the Kurrawang Formation in the northern project area was completed during the September Quarter. A total of 252 holes were drilled for 11883 metres with the entire program totalling 338 holes for 16356 metres.

Drilling was undertaken on a nominal 400 metre by 20 metre grid pattern with holes penetrating to blade refusal. As shown in the table below, several holes returned intersections above 0.5g/t gold. These intervals are interpreted as mineralised pebbles within conglomerate beds of the Kurrawang Formation or associated secondary mineralisation dispersed during weathering of those rock units. No significant mineralisation was intersected in the target sequence adjacent to the Kurrawang Formation.

Hole ID	MGANorth	MGAEast	RL	Dip	Azimuth	TotalDepth (m)	DepthFrom	DepthTo	Length(m)	Au ppm
KWA002	6595907	340645	350	-60	58	80	28	29	1	1.23
KWA011	6596179	340675	350	-60	58	56	49	50	1	1.25
KWA013	6596297	340488	350	-60	58	35	33	34	1	0.55
KWA016	6596326	340532	350	-60	58	30	15	16	1	0.97
KWA029	6595286	341145	350	-60	58	73	67	68	1	0.77
KWA088	6593392	342616	350	-60	58	60	35	36	1	0.89
KWA208	6591988	344072	350	-60	58	69	40	42	2	0.77
KWA213	6591597	343886	350	-60	58	55	25	27	2	0.71
KWA213							49	50	1	0.54
KWA233	6591473	344064	350	-60	58	98	57	59	2	0.71
KWA235	6591528	344131	350	-60	58	83	50	51	1	0.55
KWA264	6592773	338728	350	-60	58	68	56	57	1	1.02
KWA293	6592566	338959	350	-60	58	34	30	31	1	0.56
KWA293							32	33	1	0.68

TABLE OF SIGNIFICANT AIRCORE ASSAY RESULTS

Significant results for Aircore drilling are ≥0.5ppm gold with no internal dilution.

A campaign of Reverse Circulation drilling was also conducted during the quarter to test depth extensions of the gold mineralisation at the White Lake and Kopai Ridge prospects towards the southern end of the project area. In total, six holes were completed for 910 metres drilled.

Mineralisation at White Lake and Kopai Ridge is similar to mineralisation encountered in the Binduli mine camp to the north. Primary mineralisation is related to sheeted quartz veins hosted within felsic volcanic and volcanoclastic units and in adjacent porphyritic intrusions. Secondary supergene mineralisation occurs within overlying palaeochannel sequences and in the weathered bedrock units.

All holes drilled in this program returned significant intersections from four-metre composite samples, with the broadest intervals from holes TBRC073 and TBRC075 associated with quartz-sulphide veins within a dacite host unit. Analyses from one metre sample splits are pending. Additional follow up drilling will be considered once all assays are received and evaluated.

Hole ID	MGANorth	MGAEast	RL	Dip	Azimuth	TotalDepth (m)	DepthFrom	DepthTo	Length(m)	Au ppm
TBRC072	6582355	349410	345	-60	90	54	52	54	2	0.76
TBRC073	6582248	349379	345	-60	90	180	56	60	4	0.5
TBRC073							68	76	8	0.96
TBRC073							136	176	40	0.72
TBRC074	6582554	349223	345	-60	90	148	40	44	4	1.24
TBRC074							116	120	4	5.14
TBRC074							132	136	4	0.53
TBRC075	6582355	349394	345	-60	90	192	56	80	24	0.98
TBRC075							92	96	4	0.59
TBRC075							104	116	12	0.66
TBRC075							128	132	4	1.81
TBRC076	6583053	348750	342	-60	90	162	56	60	4	0.73
TBRC077	6583253	348714	342	-60	90	174	52	56	4	0.54
TBRC077							152	156	4	1.27

TABLE OF SIGNIFICANT REVERSE CIRCULATION ASSAY RESULTS

Significant results reported are from four-metre composite samples.

Significant results for RC drilling are ≥0.5ppm gold with no more than 4 metres of internal dilution included.

Corporate

Rand has previously advised the market that it was seeking Court Orders to clarify the position of 1,135,000 shares previously purchased by Rand in Tribune Resources Limited.

This is because the purchase of those shares was deemed to be void due to the operation of section 259C of the Corporations Act.

On 26 July 2019 Rand successfully obtained these Court Orders.

The effect of these Court Orders is that the purchase of those shares is not invalid.

As part of the Court Orders, Rand has undertaken to dispose of these shares within 6 months or such longer period approved by ASIC.

Competent Persons Statement

Information in this report relating to exploration results has been compiled by Mr Robert Henderson in accordance with the 2012 Edition of the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Mr Henderson is a Member of the Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists, is a contract employee of 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 Henderson consents to the inclusion in this report of the information compiled by him in the form and context in which it appears.

Interests in Mining Tenements

Leases Acquired

Project/Tenements	Location	Held at end of	Acquired during	Disposed during
		quarter	the quarter	the quarter
Kundana	WA, Australia
M15/1413		12.25%
M15/993		12.25%
M16/181		12.25%
M16/182		12.25%
M16/308		12.25%
M16/309		12.25%
M16/325		12.25%
M16/326		12.25%
M16/421		12.25%
M16/428		12.25%
M24/924		12.25%
Seven Mile Hill	WA, Australia
M15/1233		50.00%
M15/1234		50.00%
M15/1291		50.00%
M15/1388		50.00%
M15/1394		50.00%
M15/1409		50.00%
M15/1743		50.00%
M26/563		50.00%
P15/5182				50.00%
P15/5183				50.00%
P26/4173		50.00%	50.00%

Leases under Application

Project/Tenements	Location	Held at end ofquarter	Acquired duringthe quarter	Disposed duringthe quarter
Mt Celia	WA, Australia
P15/6370		50.00%
Unallocated	WA, Australia
P15/6398		50.00%
P15/6399		50.00%
P15/6400		50.00%
P15/6401		50.00%
P26/4476		50.00%
P26/4477		50.00%
West Kimberly	WA, Australia
E04/2548		100%

Seven Mile Hill Project

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Samplingtechniques	Nature and quality of sampling (eg cut channels, random chips, orspecific specialised industry standard measurement tools appropriateto the minerals under investigation, such as down hole gammasondes, or handheld XRF instruments, etc). These examples shouldnot be taken as limiting the broad meaning of sampling.Include reference to measures taken to ensure sample representivityand the appropriate calibration of any measurement tools or systemsused.Aspects of the determination of mineralisation that are Material to thePublic Report.In cases where 'industry standard' work has been done this would berelatively simple (eg 'reverse circulation drilling was used to obtain 1m samples from which 3 kg was pulverised to produce a 30 g chargefor fire assay'). In other cases more explanation may be required,such as where there is coarse gold that has inherent samplingproblems. Unusual commodities or mineralisation types (egsubmarine nodules) may warrantdisclosure of detailed information.	Aircore drilling method was employed on reconnaissance samplingprograms. Samples were collected at one metre intervals and rifflesplit to nominally 1.5kg to 2.5kg weight per sample. Four-metrecomposite samples of nominally 1.5kg to 2.5kg weight were compiledby scoop sampling of individual metre sample piles.RC Drilling method was employed whereby four-metre compositesamples and one metre samples of nominally 3kg weight werecollected from a cone splitter mounted below the rig cyclone.All samples submitted for analysis were pulverised to nominally minus75 microns and a 40 gram subsample was split off for fire assaydetermination of gold.
Drillingtechniques	Drill type (egcore, reverse circulation, open-hole hammer, rotary airblast, auger, Bangka, sonic, etc) and details (eg core diameter, tripleor standard tube, depth of diamond tails, face-sampling bit or othertype, whether core is oriented and if so, by what method, etc).	Aircore blade and face sampling reverse circulation hammer drillingmethods were employed.
Drill samplerecovery	Method of recording and assessing core and chip sample recoveriesand results assessed.Measures taken to maximise sample recovery and ensurerepresentative nature of the samples.Whether a relationship exists between sample recovery and gradeand whether sample bias may have occurred due to preferentialloss/gain of fine/coarse material.	No measure of chip sample recoveries was made.
Logging	Whether core and chip samples have been geologically andgeotechnically logged to a level of detail to support appropriate	Chip samples were geologically logged on an individual metre basis.Logging is qualitative and captures lithology, oxidation, mineralisation,

Criteria	JORC Code explanation	Commentary
	Mineral Resource estimation, mining studies and metallurgicalstudies.Whether logging is qualitative or quantitative in nature. Core (orcostean, channel, etc) photography.The total length and percentage of the relevant intersections logged.	alteration and veining. End of hole samples for aircore drilling wereretained in chip trays. Representative samples of all individual RCsamples were retained in chip trays.
Sub-samplingtechniquesand samplepreparation	If core, whether cut or sawn and whether quarter, half or all coretaken.If non-core, whether riffled, tube sampled, rotary split, etc andwhether sampled wet or dry.For all sample types, the nature, quality and appropriateness of thesample preparation technique.Quality control procedures adopted for all sub-sampling stages tomaximise representivity of samples.Measures taken to ensure that the sampling is representative of the insitu material collected, including for instance results for fieldduplicate/second-half sampling.Whether sample sizes are appropriate to the grain size of the materialbeing sampled.	Single metre aircore samples were riffle split. Composite aircoresamples were compiled by scoop sample. Single metre RC sampleswere collected byconesplitter. Composite RC samples werecollected by spear or, if wet, by grabsampling.Field duplicates are collected and submitted for analysis at regularintervals throughout the drilling campaigns.Sample weights are such that the entire sample submitted to thelaboratory is dried, crushed and pulverised to nominally minus 75microns in an LM-5 pulveriser. From this pulp a nominally 200 gramsubsample is split and retained. From the 200 gram pulp a 40 gramsubsample is taken for fire assay charge.Subsampling methods employed throughout the laboratory processare appropriate for the material and deposit type.Grind checks areconducted at a frequency of 1 in 40samples from every batchprocessed.
Quality ofassay dataandlaboratorytests	The nature, quality and appropriateness of the assaying andlaboratory procedures used and whether the technique is consideredpartial or total.For geophysical tools, spectrometers, handheld XRF instruments, etc,the parameters used in determining the analysis including instrumentmake and model, reading times, calibrations factors applied and theirderivation, etc.Nature of quality control procedures adopted (egstandards, blanks,duplicates, external laboratory checks) and whether acceptable levelsof accuracy (ie lack of bias) and precision have been established.	Drill samples were subject to fire assay of a 40 gram pulverisedsubsample giving total gold analysis of a representative sample of thein-situ materialdetermined by atomic absorbtion spectrometry to alower detection limit of 0.01 parts per million gold.No geophysical methods were used for elemental determinations.Field duplicates are collected at regular intervals throughout thedrilling and sampling process and analysed with the primary samples.Commercially prepared Standard Reference Materials, includingblanks, are submitted with each batch of samples to monitor potentialcontamination in the preparation process and accuracy andconsistency of the analysis process.
Verification ofsampling andassaying	The verification of significant intersections by either independent oralternative company personnel.The use of twinned holes.Documentation of primary data, data entry procedures, dataverification, data storage (physical and electronic) protocols.Discuss any adjustment to assay data.	All drilling data including significant intersections is verified andvalidated by other geologists or Competent Persons within theorganization.No dedicated twinning of holes was employedin the drillingcampaigns though RC drilling has replicated historic aircore drillingand confirmed location, nature and tenor of mineralisation.Drilling data is digitally captured or reported in excel files. Data is then

Criteria	JORC Code explanation	Commentary
		loaded to an externally managed and maintained database.Originaldata and reports are stored digitally at the Company's Headquarters.No adjustments to assay datahave been made in this instance.
Location ofdata points	Accuracy and quality of surveys used to locate drill holes (collar anddown-hole surveys), trenches, mine workings and other locationsused in Mineral Resource estimation.Specification of the gridsystem used.Quality and adequacy of topographic control.	Aircore holes are located using non-differential GPS. Aircore holerelative levels are estimated. Aircore hole trajectories are estimatedfrom collar dip and magnetic azimuth measurement only.RC hole collars are surveyed using Trimble RTK GPS. RC holetrajectories are measured using Multishot camera.Grid is MGA Zone 51 and Vertical Datum is AHD 71.RTK GPS positioning is calibrated against two Standard SurveyMarks
Data spacinganddistribution	Data spacing for reporting of Exploration Results.Whether the data spacing and distribution is sufficient to establish thedegree of geological and grade continuity appropriate for the MineralResource and Ore Reserve estimation procedure(s) andclassifications applied.Whether sample compositing has been applied.	Aircore holes were planned at 200 metre or 400 metre line spacingwith 25 metre hole spacing along lines. Hole locations may varyslightly from planned due to ambient conditions at the time of drilling.RC holes are aimed at specific targets and are therefore at irregularspacing.No Resource or Reserve estimations have been undertaken in thisinstance.Samples were nominally four-metre composites or one-metrecomposites for Aircore and RC samples.
Orientation ofdata inrelation togeologicalstructure	Whether the orientation of sampling achieves unbiased sampling ofpossible structures and the extent to which this is known, consideringthe deposit type.If the relationship between the drilling orientation and the orientationof key mineralised structures is considered to have introduced asampling bias, this should be assessed and reported if material.	Aircore holes were for reconnaissance purposes and it is believedthat thespacing andorientation of the holes is suitable forinvestigating the presence of the most likely styles of goldmineralisation.RC hole orientation is at a suitable orientation to intersect known orextensions of known mineralisation and conceptual targets withoutbias.
Samplesecurity	The measures taken to ensure sample security.	Sampling was conducted at the time of drilling and primary sampleswere delivered to the laboratory by the same personnel. Due to thenature and location of the work and the volume of samples generatedit is not possible to secure each and every sample.
Audits orreviews	The results of any audits or reviews of sampling techniques and data.	No reviews of sampling techniques have been completed. Samplingwas undertaken using appropriate techniques for the phase of work.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineraltenement andland tenurestatus	Type, reference name/number, location and ownership includingagreements or material issues with third parties such as jointventures, partnerships, overriding royalties, native title interests,historical sites, wilderness or national park and environmentalsettings.Thesecurity of the tenure held at the time of reporting along with anyknown impediments to obtaining a licence to operate in the area.	Work was conducted within Tenements M15/1291 (Rand ExplorationNL), M15/1409(Rand Exploration NL),M26/563(Mount ManningResources Limited), E15/1664 (Anthony Warren Slater) andP26/4173 (Anthony Warren Slater) under an operating agreementbetween Rand Exploration NL, Tribune Resources Limited, MountManning Resources Limited and Anthony Warren Slater.All tenure was secure and in good standing with no knownimpediments.
Explorationdone by otherparties	Acknowledgment and appraisal of exploration by other parties.	Exploration has been conducted on and in the vicinity of thetenements over an extended period and this information has beenintegral for the target generation and evaluation that has resulted inthis campaign of work.
Geology	Deposit type, geological setting and style of mineralisation.	Target is orogenic lode and vein hosted gold mineralisation withinArchaean greenstone terrane.
Drill holeInformation	A summary of all information material to the understanding of theexploration results including a tabulation of the following informationfor all Material drill holes:oeasting and northing of the drill hole collaroelevation or RL (Reduced Level –elevation above sea level inmetres) of the drill hole collarodip and azimuth of the holeodown hole length and interception depthohole length.If the exclusion of this information is justified on the basis that theinformation is not Material and this exclusion does not detract fromthe understanding of the report, the Competent Person should clearlyexplain why this is the case.	Details of the location, orientation, and depth drill holes withsignificant gold assay results are provided in the body of the report towhich this table is appended.
Dataaggregationmethods	In reporting Exploration Results, weighting averaging techniques,maximum and/or minimum grade truncations (eg cutting of highgrades) and cut-off grades are usually Material and should be stated.Where aggregate intercepts incorporate short lengths of high graderesults and longer lengths of low grade results, the procedure usedfor such aggregation should be stated and some typical examples of	Significant results are reported as length weighted average ofintervals above 0.5 parts per million (ppm) gold with no more thanfour consecutive metres of internal dilution less than 0.5ppm included.

Criteria	JORC Code explanation	Commentary
	such aggregations should be shown in detail.The assumptions used for any reporting of metal equivalent valuesshould be clearly stated.
Relationshipbetweenmineralisationwidths andinterceptlengths	These relationships are particularly important in the reporting ofExploration Results.If the geometry of the mineralisation with respect to the drill holeangle is known, its nature should be reported.If it is not known and only the down hole lengths are reported, thereshould be a clear statement to this effect (eg 'down hole length, truewidth not known').	Mineralisation widths reported are down hole aggregate widths andapproximate 115% of true width for horizontal to shallow dippingsupergene mineralisation.Mineralisationintersected by RC drillingisreported from four-metre composite samples so definitive width andthickness interpretations are not practicable at this point in time.
Diagrams	Appropriate maps and sections (with scales) and tabulations ofintercepts should be included for any significant discovery beingreported These should include, but not be limited to a plan view ofdrill hole collar locations and appropriate sectional views.	This document is not reporting a significant discovery.
Balancedreporting	Where comprehensive reporting of all Exploration Results is notpracticable, representative reporting of both low and high gradesand/or widths should be practiced to avoid misleading reporting ofExploration Results.	The reconnaissance nature and extent of the aircore programprecludes reporting of all results from every hole. Only materialintersections where conclusions can be drawn regarding the nature ofthe mineralisation encountered and the likelihood of follow up worksubject to thorough review have been reported. All significantintersections from RC drilling and the preliminary interpretation ofthose results is reported.
Othersubstantiveexplorationdata	Other exploration data, if meaningful and material, should be reportedincluding (but not limited to): geological observations; geophysicalsurvey results; geochemical survey results; bulk samples –size andmethod of treatment; metallurgical test results; bulk density,groundwater, geotechnical and rock characteristics; potentialdeleterious or contaminating substances.	Geological observations are reported. No other data that materiallyaffects this or subsequent exploration programs have been observed.
Further work	The nature and scale of planned further work (eg tests for lateralextensions or depth extensions or large-scale step-out drilling).Diagrams clearly highlighting the areas of possible extensions,including the main geological interpretations and future drilling areas,provided this information is not commercially sensitive.	It is anticipated that follow up work may be undertaken but this will besubject to thorough reviewonce final results from one-metre RCsamples are received.

+Rule 5.5

Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16

Name of entity
Rand Mining Ltd
ABN	Quarter ended ("current quarter")
41 004 669 658	30 September 2019

	Consolidated statement of cash flows	Current quarter$A'000	Year to date (3months)$A'000
1.	Cash flows from operating activities
1.1	Receipts from customers	-	-
1.2	Payments for
	(a)exploration & evaluation	(533)	(533)
	(b)development	(977)	(977)
	(c)production	(5,656)	(5,656)
	(d)staff costs	(65)	(65)
	(e)administration and corporate costs	(456)	(456)
1.3	Dividends received (see note 3)	-	-
1.4	Interest received	10	10
1.5	Interest and other costs of finance paid	(15)	(15)
1.6	Income taxes paid	(136)	(136)
1.7	Research and development refunds	-	-
1.8	Other (provide details if material)	-	-
1.9	Net cash from / (used in) operatingactivities	(7,828)	(7,828)

2.	Cash flows from investing activities
2.1	Payments to acquire:
	(a)property, plant and equipment	(269)	(269)
	(b)tenements (see item 10)	-	-
	(c)investments	-	-
	(d)other non-current assets	-	-

• See chapter 19 for defined terms

1 September 2016 Page 1

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

	Consolidated statement of cash flows	Current quarter$A'000	Year to date (3months)$A'000
2.2	Proceeds from the disposal of:
	(a)property, plant and equipment	-	-
	(b)tenements (see item 10)	-	-
	(c)investments	3,063	3,063
	(d)other non-current assets	-	-
2.3	Cash flows from loans to other entities	-	-
2.4	Dividends received (see note 3)	-	-
2.5	Other (cash advances between RandMining Ltd and Tribune Resources Ltd)	-	-
2.6	Net cash from / (used in) investingactivities	2,794	2,794

3.	Cash flows from financing activities
3.1	Proceeds from issues of shares
3.2	Proceeds from issue of convertible notes	-	-
3.3	Proceeds from exercise of share options	-	-
3.4	Transaction costs related to issues ofshares, convertible notes or options	-	-
3.5	Proceeds from borrowings	-	-
3.6	Repayment of borrowings	(270)	(270)
3.7	Transaction costs related to loans andborrowings	-	-
3.8	Dividends paid	-	-
3.9	Other (provide details if material)	-
3.10	Net cash from / (used in) financingactivities	(270)	(270)

4.	Net increase / (decrease) in cash andcash equivalents for the period
4.1	Cash and cash equivalents at beginning ofperiod	50,751	50,751
4.2	Net cash from / (used in) operatingactivities (item 1.9 above)	(7,828)	(7,828)
4.3	Net cash from / (used in) investing activities(item 2.6 above)	2,794	2,794
4.4	Net cash from / (used in) financing activities(item 3.10 above)	(270)	(270)

Consolidated statement of cash flows		Current quarter$A'000	Year to date (3months)$A'000
4.5	Effect of movement in exchange rates oncash held	-	-
4.6	Cash and cash equivalents at end ofperiod	45,447	45,447
5.	Reconciliation of cash and cashequivalentsat the end of the quarter (as shown in theconsolidated statement of cash flows) to therelated items in the accounts	Current quarter$A'000	Previous quarter$A'000
5.1	Bank balances	45,447	50,751
5.2	Call deposits	-	-
5.3	Bank overdrafts	-	-
5.4	Other (provide details)	-	-
5.5	Cash and cash equivalents at end ofquarter (should equal item 4.6 above)	45,447	50,751

6.	Payments to directors of the entity and their associates	Current quarter$A'000
6.1	Aggregate amount of payments to these parties included in item 1.2	(98)
6.2	Aggregate amount of cash flow from loans to these parties includedin item 2.3	-
6.3	Include below any explanation necessary to understand the transactions included initems 6.1 and 6.2
1	The amount under 6.1 includes payments for directors' fees and superannuation to DirectorAnthony Billis (27). Royalty payments (via the East Kundana Joint Venture) and reimbursement ofoperating expenses to entity's related to Director Anthony Billis (64). Payment for directors' fees toDirector Gordon Sklenka (7).

7.associates	Payments to related entities of the entity and their	Current quarter$A'000
7.1item 1.22	Aggregate amount of payments to these parties included in	(58)
7.2in item 2.33	Aggregate amount of cash flow from loans to these parties included	-
7.3	Include below any explanation necessary to understand the transactions included initems 7.1 and 7.2
2The amount reflected under 7.1 includes payments in respect of the office lease to Melville ParadePty Ltd, a related entity (58).3relates to intergroup funding payments to and from parents and subsidiaries. The net effect at theend of the period is NIL.

8.	Financingfacilities availableAdd notes as necessary for anunderstanding of the position	Total facility amountat quarter end$A'000	Amount drawn atquarter end$A'000
8.1	Loan facilities	-	-
8.2	Credit standby arrangements	-	-
8.3	Other – EKJV Finance Lease	1,586	1,586
8.4	Include below a description of each facility above, including the lender, interest rate andwhether it is secured or unsecured. If any additional facilities have been entered into or are

proposed to be entered into after quarter end, include details of those facilities as well.

Various finance leases cover underground mining equipment. The terms range between 30-36 months. Details relating to lease providers and rates is considered commercially sensitive.

9.	Estimated cash outflows for next quarter	$A'000
9.1	Exploration and evaluation	500
9.2	Development	1,500
9.3	Production	6,000
9.4	Staff costs	120
9.5	Administration and corporate costs	250
9.6	Other (provide details if material)	-
9.7	Total estimated cash outflows	8,370

10.	Changes intenements(items 2.1(b) and2.2(b) above)	Tenementreference andlocation	Nature ofinterest	Interest atbeginningof quarter	Interestat end ofquarter
10.1	Interests in miningtenements andpetroleum tenementslapsed, relinquishedor reduced	Seven Mile HillP15/5182P15/5183		50%50%	-%-%
10.2	Interests in miningtenements andpetroleum tenementsacquired orincreased	Seven Mile HillP26/4173	Acquisition	-	50%

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
• 2 This statement gives a true and fair view of the matters disclosed.

Sign here:		Date: 30/10/2019
	(Director)

Print name: Anton Billis

Notes

• 1. The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity that wishes to disclose additional information is encouraged to do so, in a note or notes included in or attached to this report.
• 1. If this quarterly report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.
• 1. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.