RAND MINING LIMITED — Interim / Quarterly Report 2020

Jan 29, 2020

Quarterly Report for December 2019

Highlights

ASX ANNOUNCEMENT

30 January 2020

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

• During the quarter, 223,191 tonnes of EKJV ore were processed at the Kanowna Plant, 58,250 tonnes of EKJV ore were processed at the Greenfields Mill and 30,267 tonnes of R&T ore were processed at the Lakewood Mill.

• 23,494 ounces of gold and 4,050 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:

 At the end of the quarter, Rand is entitled to a sh stockpiles:	 At the end of the quarter, Rand is entitled to a sh stockpiles:	 At the end of the quarter, Rand is entitled to a sh stockpiles:	are of t	he following
STOCKPILES
ROM Pad	Ore Source	Ore	Grade	Rand’s Entitlement
		t	g/t Au	%
EKJV Stockpiles
Raleigh	Raleigh	2,161	4.22	12.50
Raleigh	Raleigh Low Grade	19,026	1.71	12.50
Rubicon	Pegasus, Rubicon & Hornet	14,683	5.09	12.25
Rubicon	P/R/H Low Grade	9,713	1.60	12.25
Kanowna Belle	Pegasus, Rubicon & Hornet	18,334	5.09	12.25
Greenfields	Pegasus, Rubicon & Hornet	2,035	5.09	12.25
Rand’s Share of EKJV Stockpiles		8,133	3.56	100.00
Rand and Tribune Stockpiles
Rubicon	Pegasus, Rubicon & Hornet	72,966	5.65	25.00
Rubicon	P/R/H Low Grade	63,518	1.88	25.00
Greenfields	Pegasus, Rubicon & Hornet	8,704	4.17	25.00
Rand’s Share of R&T Stockpiles		36,297	3.91	100.00
Rand’s Share of All Stockpiles		44,430	3.85	100.00

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GEOLOGY AND MINING

EAST KUNDANA JOINT VENTURE

Raleigh Underground Mine Production

Stope production from the 6102, 6067, 6031, 5983, 5949 and 5795 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
October	14,628	7.89	3,712
November	13,082	8.99	3,783
December	12,433	7.97	3,184
December 19Q	40,143	8.27	10,679
September 19Q	50,701	7.17	11,681

Rand’s Entitlements (12.5%)

Quarter	Tonnes	Grade	Ounces
	t	g/t	troy oz
December 19Q	5,018	8.27	1,335
September 19Q	6,338	7.17	1,460

Raleigh Underground Mine Development

At the end of the quarter, the bottom of the Raleigh Decline is at 5608 m RL, 737 m from the surface, the top of the Sadler Incline remains at 5989 m RL, 356 m from the surface and the bottom of the Sadler Decline remains at 5944 m RL, 401 m from the surface.

	RALEIGH UNDERGROUND DEVELOPMENT	RALEIGH UNDERGROUND DEVELOPMENT	RALEIGH UNDERGROUND DEVELOPMENT	RALEIGH UNDERGROUND DEVELOPMENT	RALEIGH UNDERGROUND DEVELOPMENT
Month	Capital			Operating
	Decline (m)	Secondary (m)	Waste (m)	Ore (m)	Paste Fill **(m3) **
October	0.0	0.0	0.0	0.0	20.0
November	17.4	23.1	0.0	0.0	25.0
December	63.8	3.3	0.0	0.0	18.0
December 19Q	81.2	26.4	0.0	0.0	63.0
September 19Q	0.0	0.0	0.0	6.0	80.0

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

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October 19 Green indicates new development at Raleigh
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November 19 Green indicates new development at Raleigh

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December 19 Green indicates new development at Raleigh

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Mine operating costs, incurred by the EKJV during the December 19 Quarter were $162 per tonne mined or $610 per ounce mined compared with the September 19 Quarter costs of $170 and $739 respectively.

Rubicon Underground Mine Production

Stope production from the Rubicon 5915, 5875 to 5815 and 5775 levels, the Hornet 5825 to 5745 levels, the Pegasus 6270, 6250, 5930, 5910 and 5870 to 5790 levels and the Pode 6203, 6043 and 6200 levels 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 **
October	26,877	6.30	5,448	48,505	4.69	7,307
November	22,989	4.96	3,663	62,345	4.94	9,896
December	26,330	4.87	4,118	54,167	4.55	7,930
December 19Q	76,196	5.40	13,230	165,017	4.74	25,133
September 19Q	96,029	5.65	17,431	126,917	4.71	19,228

Rand’s Entitlements (12.25%)	Rand’s Entitlements (12.25%)	Rand’s Entitlements (12.25%)
Quarter	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces
	t	g/t	**troy oz **	t	g/t	**troy oz **
December 19Q	9,334	5.40	1,621	20,215	4.74	3,079
September 19Q	11,764	5.65	2,135	15,547	4.71	2,355

Rubicon Underground Mine Development

At the end of the quarter, the bottom of the Rubicon Decline remains at 5758 m RL, 585 m from the surface, the bottom of the Hornet Decline remains at 5711 m RL, 632 m from the surface, the bottom of the Exploration Decline remains at 5661 m RL, 682 m from the surface, the top of the Pegasus Incline remains at 6279 m RL, 64 m from the surface, the bottom of the Pegasus Decline is at 5722 m RL, 621 m from the surface, the top of the Pode Incline remains at 6103 m RL, 240 m from the surface and the bottom of the Pode Decline is at 5998 m RL, 345 m from the surface.

Development progressed on the 6015, 5795 and 5775 levels at Rubicon, on the 5765 and 5745 levels at Hornet and the 6270, 6250, 5770 and 5750, Hera 5818, 5808 and 5758 and Pode 6183, 6163, 6103, 6043 and 6023 levels at Pegasus.

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	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)	**(m3) **
October	0.0	64.4	0.0	51.3	15.0	23.0	320.4	0.0	287.5	45.0
November	0.0	56.5	0.0	130.0	25.0	45.2	234.3	0.0	365.7	30.0
December	0.0	33.1	0.0	21.9	10.0	29.9	188.5	0.0	370.6	45.0
December 19Q	0.0	154.0	0.0	203.2	50.0	98.1	743.2	0.0	1,024	120.0
September 19Q	0.0	0.0	8.0	305.5	110.0	71.7	1,136	24.8	910.9	146.1

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

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

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

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

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Mine operating costs, for Rubicon and Hornet, incurred by the EKJV during December 19 Quarter were $112 per tonne mined or $645 per ounce mined compared with the September 19 Quarter costs of $123 and $678 respectively.

Mine operating costs, for Pegasus, incurred by the EKJV during December 19 Quarter were $114 per tonne mined or $749 per ounce mined compared with the September 19 Quarter costs of $119 and $786 respectively.

Toll Processing

Toll Processing	Toll Processing	Toll Processing
EKJV Ore hauled to Kanowna Belle (tonnes-wet)
**Quarter **	**Raleigh **	Pegasus, Rubicon, Hornet
December 19	-	203,792
September 19	28,085	233,687

During the quarter, 223,191 tonnes of EKJV ore were processed at the Kanowna Plant.

EKJV Ore hauled to Greenfields (tonnes-wet)	EKJV Ore hauled to Greenfields (tonnes-wet)	EKJV Ore hauled to Greenfields (tonnes-wet)
Quarter	Raleigh	Pegasus, Rubicon, Hornet
December 19	44,033	14,692
September 19	25,528	-

During the quarter, 58,250 tonnes of EKJV ore were processed at the Greenfields Mill.

R&T Ore hauled to Lakewood (tonnes-wet)	R&T Ore hauled to Lakewood (tonnes-wet)	R&T Ore hauled to Lakewood (tonnes-wet)
**Quarter **	**Raleigh **	Pegasus, Rubicon, Hornet
December 19	-	32,172
September 19	-	-

During the quarter, 30,267 tonnes of R&T ore were processed at the Lakewood Mill.

Bullion accredited to RAND & TRIBUNE	Bullion accredited to RAND & TRIBUNE	Bullion accredited to RAND & TRIBUNE
Quarter	Gold (oz)	Silver (oz)	Rand’s share gold
December 19	23,493.983	4,049.721	5,873.494
September 19	25,016.600	3,550.328	6,254.149

Exploration and Development

No surface exploration activities were conducted in the December 2019 quarter. Inmine UG exploration at EKJV consisted of programs targeting the Falcon prospect.

Project	Prospect	Tenement	RAB/AC Metres	RAB/AC Samples	RC Metres	RC Samples	DD Metres	DD Samples	ME Samples
Hornet- Rubicon- Pegasus	Falcon	M16/309	-	-	-	-	6,752	3,736	-

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Figure 1. Overview of Hornet-Rubicon-Pegasus and Raleigh projects showing inmine exploration drilling programs targeting the Falcon prospect during the December quarter.

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Figure 2. Plan view of Rubicon-Hornet-Pegasus and Raleigh project showing in-mine exploration programs targeting the Falcon prospect during the December quarter.

Further exploration drilling will continue to test the southern extents of the Falcon trend, primarily targeting potential high-grade plunges proximal to the Mary Fault Zone.

Drilling will also commence targeting potential footwall zones east of the existing Pegasus and Rubicon development.

Details are contained in the Quarterly Report of the EKJV exploration activities released to the ASX , which will be released to the ASX when its received.

OTHER EXPLORATION

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

Final assay results were received from a limited program of sampling one metre splits from the reverse circulation drilling campaign completed in the previous quarter. Samples were analysed across intervals identified as anomalous from the initial fourmetre composite assays. Significant results are presented in the below table.

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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.

The resampling program confirmed the low tenor and narrow sheeted quartz vein control of the primary mineralisation. No additional reverse circulation drilling is anticipated for this prospect in the short term. A program of reconnaissance aircore drilling has been planned to explore immediately east of the White Lake-Kopai Ridge trend across undrilled extensions of the Binduli sequence.

TABLE OF SIGNIFICANT REVERSE CIRCULATION ASSAY RESULTS

Hole ID	MGA North	MGA East	RL	Dip	Azimuth	Total Depth(m)	Depth From	Depth To	Length (m)	Au ppm
TBRC073	6582248	349379	345	-60	90	180	47	48	1	1.79
TBRC073							52	53	1	1.46
TBRC073							70	71	1	1.65
TBRC073							82	83	1	2.27
TBRC073							101	102	1	1.61
TBRC073							141	151	10	1.21
TBRC073							161	162	1	1.07
TBRC073							165	166	1	1.82
TBRC073							170	175	5	1.03
TBRC074	6582554	349223	345	-60	90	148	41	43	2	1.98

Significant results reported are from one-metre samples. Significant results reported are ≥1.0ppm gold with no more than two consecutive metres of internal dilution included.

CORPORATE

Results of Annual General Meeting

All resolutions were passed on a show of hands, noting that Resolution 3 was passed by a sufficient majority as a special resolution, at the Company’s Annual General Meeting on 27 November 2019.

Dividend

On 7 October 2019, the Board announced a dividend would be paid on the following conditions:

Record date: 11 October 2019 Payable date: 22 October 2019 Amount: 10 cents per share, fully franked

This was completed on 22 October 2020.

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Proceedings against Northern Star Resources Ltd

On 20 December 2019, the Company commenced proceedings in the Supreme Court of Western Australia against EKJV Management Pty Ltd (“ EKJVM” ), Northern Star (Kanowna) Pty Limited (“ Kanowna” ) and Gilt-Edged Mining Pty Limited (“ GEM” ) in relation to the East Kundana Joint Venture Agreement (“ EKJV Agreement ”) in which the Company holds a 12.25% interest.

EKJVM, Kanowna and GEM are all related corporate entities of Northern Star Resources Limited (ASX:NST).

The full details can be found in the ASX release dated 23 December 2019.

Subsequent to the end of the quarter, the Company advises that a hearing was held on 24 January 2020 at the Supreme Court of Western Australia for an interlocutory injunction by the Company.

At the hearing, the Northern Star Resources Group of Companies consented to the making of orders permitting Rand to stockpile its share of surplus ore on the EKJV tenements until it could be removed for processing at third party facilities and offered undertakings in relation to mechanism for the construction of ore stockpiles.

The full details can be found in the ASX release dated 28 January 2020.

Sale of Tribune shares

As announced on 26 July 2019, Rand had successfully obtatined a court order confirming the position of 1,135,000 previously purchased by Rand in Tribune Resources Ltd. The effect of the Court Orders is that the purchase of those share is not invalid.

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

During the quarter Rand sold 369,500 shares for $2,180,947.74. Some of the funds were received after the quarter.

The remaining outstanding shares have been sold in full accord with the Court Orders and money received in January 2020.

This report and the attached Appendix 5B have been authorised by the Board of Rand Mining Ltd.

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 of 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 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 Henderson consents to the inclusion in this report of the information compiled by him in the form and context in which it appears.

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Interests in Mining Tenements

Project/Tenements	Location	Held at end of quarter	Acquired during the quarter	Disposed during the quarter
Kundana	WA, Australia
M15/1413 M15/993 M16/181 M16/182 M16/308 M16/309 M16/325 M16/326 M16/421 M16/428 M24/924		12.25% 12.25% 12.25% 12.25% 12.25% 12.25% 12.25% 12.25% 12.25% 12.25% 12.25%
Seven Mile Hill	WA, Australia
M15/1233 M15/1234 M15/1291 M15/1388 M15/1394 M15/1409 M15/1743 M26/563 P26/4173		50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00%
Mt Celia P15/6370	WA, Australia	50%	50%

Leases under Application

Project/Tenements	Location	Held at end of quarter	Acquired during the quarter	Disposed during the quarter
Unallocated	WA, Australia
P15/6398 P15/6399 P15/6400 P15/6401 P26/4476 P26/4477		50.00% 50.00% 50.00% 50.00% 50.00% 50.00%
West Kimberly	WA, Australia
E04/2548		100%

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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
Sampling	• Nature and quality of sampling (eg cut channels, random chips, or	• RC Drilling method was employed whereby one metre samples of
techniques	specific specialised industry standard measurement tools	nominally 3kg weight were collected from a cone splitter
	appropriate to the minerals under investigation, such as down hole	mounted below the rig cyclone.
	gamma sondes, or handheld XRF instruments, etc). These examples	• All samples submitted for analysis were pulverised to nominally
	should not be taken as limiting the broad meaning of sampling.	minus 75 microns and a 40 gram subsample was split off for fire
	• Include reference to measures taken to ensure sample	assay determination of gold.
	representivity and the appropriate calibration of any measurement
	tools or systems used.
	• Aspects of the determination of mineralisation that are Material to
	the Public Report.
	• In cases where ‘industry standard’ work has been done this would
	be relatively simple (eg ‘reverse circulation drilling was used to
	obtain 1 m samples from which 3 kg was pulverised to produce a 30
	g charge for fire assay’). In other cases more explanation may be
	required, such as where there is coarse gold that has inherent
	sampling problems. Unusual commodities or mineralisation types
	(eg submarine nodules) may warrant disclosure of detailed
	information.
Drilling	• Drill type (eg core, reverse circulation, open-hole hammer, rotary	• Face sampling reverse circulation hammer drilling methods were
techniques	air blast, auger, Bangka, sonic, etc) and details (eg core diameter,	employed.
	triple or standard tube, depth of diamond tails, face-sampling bit or
	_other type, whether core is oriented and if so, by what method, etc). _
Drill sample	• Method of recording and assessing core and chip sample recoveries	• No measure of chip sample recoveries was made.
recovery	and results assessed.
	• Measures taken to maximise sample recovery and ensure
	representative nature of the samples.
	• Whether a relationship exists between sample recovery and grade
	and whether sample bias may have occurred due topreferential

1

Criteria	JORC Code explanation	Commentary
	loss/gain of fine/coarse material.
Logging	• Whether core and chip samples have been geologically and	• Chip samples were geologically logged on an individual metre
	geotechnically logged to a level of detail to support appropriate	basis. Logging is qualitative and captures lithology, oxidation,
	Mineral Resource estimation, mining studies and metallurgical	mineralisation, alteration and veining. Representative samples of
	studies.	all individual RC samples were retained in chip trays.
	• Whether logging is qualitative or quantitative in nature. Core (or
	costean, channel, etc) photography.
	• The total length and percentage of the relevant intersections
	logged.
Sub-sampling	• If core, whether cut or sawn and whether quarter, half or all core	• Single metre RC samples were collected by cone splitter.
techniques	taken.	• Field duplicates are collected and submitted for analysis at
and sample	• If non-core, whether riffled, tube sampled, rotary split, etc and	regular intervals throughout the drilling campaigns.
preparation	whether sampled wet or dry.	• Sample weights are such that the entire sample submitted to the
	• For all sample types, the nature, quality and appropriateness of the	laboratory is dried, crushed and pulverised to nominally minus
	sample preparation technique.	75 microns in an LM-5 pulveriser. From this pulp a nominally 200
	• Quality control procedures adopted for all sub-sampling stages to	gram subsample is split and retained. From the 200 gram pulp a
	maximise representivity of samples.	40 gram subsample is taken for fire assay charge.
	• Measures taken to ensure that the sampling is representative of the	• Subsampling methods employed throughout the laboratory
	in situ material collected, including for instance results for field	process are appropriate for the material and deposit type. Grind
	duplicate/second-half sampling.	checks are conducted at a frequency of 1 in 40 samples from
	• Whether sample sizes are appropriate to the grain size of the	every batch processed.
	material being sampled.
Quality of	• The nature, quality and appropriateness of the assaying and	• Drill samples were subject to fire assay of a 40 gram pulverised
assay data	laboratory procedures used and whether the technique is	subsample giving total gold analysis of a representative sample of
and	considered partial or total.	the in-situ material determined by atomic absorbtion
laboratory	• For geophysical tools, spectrometers, handheld XRF instruments,	spectrometry to a lower detection limit of 0.01 parts per million
tests	etc, the parameters used in determining the analysis including	gold.
	instrument make and model, reading times, calibrations factors	• No geophysical methods were used for elemental determinations.
	applied and their derivation, etc.	• Field duplicates are collected at regular intervals throughout the
	• Nature of quality control procedures adopted (eg standards, blanks,	drilling and sampling process and analysed with the primary
	duplicates, external laboratory checks) and whether acceptable	samples. Commercially prepared Standard Reference Materials,
	levels of accuracy (ie lack of bias) and precision have been	including blanks, are submitted with each batch of samples to
	established.	monitor potential contamination in the preparation process and
		accuracy and consistency of the analysis process.

2

Criteria	JORC Code explanation	Commentary
Verification	• The verification of significant intersections by either independent or	• All drilling data including significant intersections is verified and
of sampling	alternative company personnel.	validated by other geologists or Competent Persons within the
and assaying	• The use of twinned holes.	organisation.
	• Documentation of primary data, data entry procedures, data	• No dedicated twinning of holes was employed in the drilling
	verification, data storage (physical and electronic) protocols.	campaigns though RC drilling has replicated historic aircore
	• Discuss any adjustment to assay data.	drilling and confirmed location, nature and tenor of
		mineralisation.
		• Drilling data is digitally captured or reported in excel files. Data is
		then loaded to an externally managed and maintained database.
		Original data and reports are stored digitally at the Company’s
		Headquarters.
		• No adjustments to assay data have been made in this instance.
Location of	• Accuracy and quality of surveys used to locate drill holes (collar	• RC hole collars are surveyed using Trimble RTK GPS. RC hole
data points	and down-hole surveys), trenches, mine workings and other	trajectories are measured using Multishot camera.
	locations used in Mineral Resource estimation.	• Grid is MGA Zone 51 and Vertical Datum is AHD 71.
	• Specification of the grid system used.	• RTK GPS positioning is calibrated against two Standard Survey
	• Quality and adequacy of topographic control.	Marks
Data spacing	• Data spacing for reporting of Exploration Results.	• RC holes are aimed at specific targets and are therefore at
and	• Whether the data spacing and distribution is sufficient to establish	irregular spacing.
distribution	the degree of geological and grade continuity appropriate for the	• No Resource or Reserve estimations have been undertaken in this
	Mineral Resource and Ore Reserve estimation procedure(s) and	instance.
	classifications applied.	• Samples are one-metre split RC samples pertaining to this report.
	• Whether sample compositing has been applied.
Orientation	• Whether the orientation of sampling achieves unbiased sampling of	• RC hole orientation is at a suitable orientation to intersect known
of data in	possible structures and the extent to which this is known,	or extensions of known mineralisation and conceptual targets
relation to	considering the deposit type.	without bias.
geological	• If the relationship between the drilling orientation and the
structure	orientation of key mineralised structures is considered to have
	introduced a sampling bias, this should be assessed and reported if
	material.
Sample	• The measures taken to ensure sample security.	• Sampling was conducted at the time of drilling and primary
security		samples were delivered to the laboratory by the same personnel.
		Due to the nature and location of the work and the volume of

3

Criteria	JORC Code explanation	Commentary
		samples generated it is not possible to secure each and every
		sample.
Audits or	• The results of any audits or reviews of sampling techniques and	• No reviews of sampling techniques have been completed.
reviews	data.	Sampling was 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
Mineral	• Type, reference name/number, location and ownership including	• Work was conducted within Tenement E15/1664 (Anthony
tenement	agreements or material issues with third parties such as joint	Warren Slater) under an operating agreement between Rand
and land	ventures, partnerships, overriding royalties, native title interests,	Exploration NL, Tribune Resources Limited and Anthony Warren
tenure status	historical sites, wilderness or national park and environmental	Slater.
	settings.	• All tenure was secure and in good standing with no known
	• The security of the tenure held at the time of reporting along with	impediments.
	any known impediments to obtaining a licence to operate in the
	area.
Exploration	• Acknowledgment and appraisal of exploration by other parties.	• Exploration has been conducted on and in the vicinity of the
done by other		tenements over an extended period and this information has been
parties		integral for the target generation and evaluation that has resulted
		in this campaign of work.
Geology	• Deposit type, geological setting and style of mineralisation.	• Target is orogenic lode and vein hosted gold mineralisation
		within Archaean greenstone terrane.
Drill hole	• A summary of all information material to the understanding of the	• Details of the location, orientation, and depth of drill holes with
Information	exploration results including a tabulation of the following	significant gold assay results are provided in the body of the
	information for all Material drill holes:	report to which this table is appended.
	o easting and northing of the drill hole collar
	o elevation or RL (Reduced Level – elevation above sea level in
	metres) of the drill hole collar
	o dip and azimuth of the hole
	o down hole length and interception depth

4

Criteria	JORC Code explanation	Commentary
	o hole length.
	• If the exclusion of this information is justified on the basis that the
	information is not Material and this exclusion does not detract from
	the understanding of the report, the Competent Person should
	clearly explain why this is the case.
Data	• In reporting Exploration Results, weighting averaging techniques,	• Significant results are reported as length weighted average of
aggregation	maximum and/or minimum grade truncations (eg cutting of high	intervals above 1.0 parts per million (ppm) gold with no more
methods	grades) and cut-off grades are usually Material and should be	than two consecutive metres of internal dilution less than 1.0
	stated.	ppm gold included.
	• Where aggregate intercepts incorporate short lengths of high
	grade results and longer lengths of low grade results, the procedure
	used for such aggregation should be stated and some typical
	examples of such aggregations should be shown in detail.
	• The assumptions used for any reporting of metal equivalent values
	should be clearly stated.
Relationship	• These relationships are particularly important in the reporting of	• Mineralisation widths reported are down hole aggregate widths
between	Exploration Results.	and approximate 115% of true width for horizontal to shallow
mineralisatio	• If the geometry of the mineralisation with respect to the drill hole	dipping supergene mineralisation and 100% true width of
n widths and	angle is known, its nature should be reported.	primary quartz vein hosted mineralisation.
intercept	• If it is not known and only the down hole lengths are reported, there
lengths	should be a clear statement to this effect (eg ‘down hole length, true
	_width not known’). _
Diagrams	• Appropriate maps and sections (with scales) and tabulations of	• This document is not reporting a significant discovery.
	intercepts should be included for any significant discovery being
	reported These should include, but not be limited to a plan view of
	drill hole collar locations and appropriate sectional views.
Balanced	• Where comprehensive reporting of all Exploration Results is not	• All significant intersections from RC drilling and the preliminary
reporting	practicable, representative reporting of both low and high grades	interpretation of those results is reported.
	and/or widths should be practiced to avoid misleading reporting of
	Exploration Results.
Other	• Other exploration data, if meaningful and material, should be	• Geological observations are reported. No other data that
substantive	reported including (but not limited to): geological observations;	materially affects this or subsequent exploration programs have
exploration	geophysical survey results; geochemical survey results; bulk	been observed.
data	samples – size and method of treatment; metallurgical test results;

5

Criteria	JORC Code explanation	Commentary
	bulk density, groundwater, geotechnical and rock characteristics;
	potential deleterious or contaminating substances.
Further work	• The nature and scale of planned further work (eg tests for lateral	• It is anticipated that a program of reconnaissance aircore drilling
	extensions or depth extensions or large-scale step-out drilling).	may be undertaken to explore for extensions to this system.
	• Diagrams clearly highlighting the areas of possible extensions,
	including the main geological interpretations and future drilling
	areas, provided this information is not commercially sensitive.

6

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

+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 31 December 2019

Consolidated statement of cash flows	Current quarter $A’000	Year to date (6 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Research and development refunds 1.8 Other (provide details if material) 1.9 Net cash from / (used in) operating activities	- 390 (1,015) (6,985) (131) (650) - 52 (16) (16,837) - -	- (143) (1,992) (12,641) (196) (1,107) - 62 (32) (16,971) - -
	(25,192)	(33,020)
2. Cash flows from investing activities 2.1 Payments to acquire: (a) property, plant and equipment (b) tenements (see item 10) (c) investments (d) other non-current assets	(707) - - -	(975) - - -

• See chapter 19 for defined terms 1 September 2016

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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 (6 months) $A’000
2.2 Proceeds from the disposal of: (a) property, plant and equipment (b) tenements (see item 10) (c) investments (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 Rand Mining Ltd and Tribune Resources Ltd) 2.6 Net cash from / (used in) investing activities	- - 2,025 - - 227 -	- - 5,088 - - 227 -
	1,545	4,340
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 of shares, convertible notes or options 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) 3.10 Net cash from / (used in) financing activities	- - - - (327) - (6,015) -	- - - - (598) - (6,015)
	(6,342)	(6,613)
4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above)	45,447 (25,192) 1,545 (6,342)	50,751 (33,020) 4,340 (6,613)

• See chapter 19 for defined terms 1 September 2016

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

Consolidated statement of cash flows	Consolidated statement of cash flows	Current quarter $A’000		Year to date (6 months) $A’000
4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period		-		-
		15,458		15,458
5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts		Current quarter $A’000		Previous quarter $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)		15,458 - - -		45,447 - - -
		15,458		45,447
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 1.21 (276) 6.2 Aggregate amount of cash flow from loans to these parties included in item 2.3 - 6.3 Include below any explanation necessary to understand the transactions included in items 6.1 and 6.2				(276)
				-
The amount under 6.1 includes payments for directors’ fees and superannuation to Director Anthony Billis (27). Royalty payments (via the East Kundana Joint Venture) and reimbursement of operating expenses to entity’s related to Director Anthony Billis (196). Payment for directors’ fees to Director Gordon Sklenka (7).

• See chapter 19 for defined terms 1 September 2016

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

Mining exploration entity and oil andgas exploration	Appendix 5B entity quarterly report
7. Payments to related entities of the entity and their associates	Current quarter $A'000
7.1 Aggregate amount of payments to these parties included in item 1.22 (29) 7.2 Aggregate amount of cash flow from loans to these parties included in item 2.33 - 7.3 Include below any explanation necessary to understand the transactions included in items 7.1 and 7.2	(29)
	-
2The amount reflected under 7.1 includes payments in respect of the office lease to Melville Parade Pty Ltd, a related entity (29). 3relates to intergroup funding payments to and from parents and subsidiaries. The net effect at the end of the period is NIL.

8. Financing facilities available Add notes as necessary for an understanding of the position	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
8.1 Loan facilities - - 8.2 Credit standby arrangements - - 8.3 Other – EKJV Finance Lease 1,841 1,841 8.4 Include below a description of each facility above, including the lender, interest rate and whether 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.	-	-
	-	-
	1,841	1,841
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 9.2 Development 9.3 Production 9.4 Staff costs 9.5 Administration and corporate costs 9.6 Other (provide details if material) 9.7 Total estimated cash outflows	500
	1,300
	7,000
	130
	650
	-
	9,580

• See chapter 19 for defined terms 1 September 2016

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Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

10. Changes in tenements (items 2.1(b) and 2.2(b) above)	Tenement reference and location	Nature of interest	Interest at beginning of quarter	Interest at end of quarter
10.1 Interests in mining tenements and petroleum tenements lapsed, relinquished or reduced	-
10.2 Interests in mining tenements and petroleum tenements acquired or increased	Mt Celia P15/6370	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: 30/01/2020 (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.

2. 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.

3. 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.

4. See chapter 19 for defined terms 1 September 2016

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