RAND MINING LIMITED — Interim / Quarterly Report 2021

Apr 28, 2021

ASX ANNOUNCEMENT

29 April 2021

ASX:RND

Quarterly Report for March 2021

Highlights

Board of Directors

Mr Otakar Demis Chairman & Joint Company Secretary

Mr Anton Billis Managing Director

Mr Gordon Sklenka Non-Executive Director

Mr Brett Tucker & Mr Roland Berzins Joint Company Secretaries

• During the quarter Rand and Tribune toll processed 131,406 tonnes of ore at 4.13 g/t from the EKJV operations at three mills in the district, with Rand's share equating to 32,851 tonnes.
• 16,474 ounces of gold were credited to Rand and Tribune Bullion Accounts.
• Rand's 25% share of the bullion produced was 4,118oz of gold.
• Mine production at the EKJV mines was lower than forecast due to lower stoping production as a result of seismicity and damage in Pegasus in the previous quarter. A transverse mining method was implemented to limit the impact of mining in seismic areas. The outlook for the next quarter is similar production to the March quarter.

Ore Stockpiles

STOCKPILES
ROM Pad	OreSource	Oretonnes	Gradeg/t	RandEntitlement
	EKJV Stockpiles
Rubicon LG ROM	RHP High Grade	10,331	3.49	12.25%
Rubicon ROM	RHP Low Grade	39,057	1.76	12.25%
RubiconROM	RHP High Grade	11,190	3.49	12.25%
Kanowna Belle	RHP High Grade	23,205	4.85	12.25%
Kanowna Belle	RHP Low Grade	971	1.91	12.25%
	Rand Share of EKJV Stockpiles	10,382	3.05	100%
	Rand and Tribune Stockpiles
Rubicon ROM	RHP Low Grade	28,912	1.42	25%
Rubicon ROM	RHP High Grade	15,519	4.38	25%
Rubicon LG ROM	RHP Low Grade	33,445	1.84	25%
Rubicon LG ROM	RHP High Grade	51,677	4.25	25%
				25%
Lakewood	RHP High Grade	24,162	4.40	25%
				25%
	Rand Share of R&T Stockpiles	38,429	3.23	100%
Rand Share of All Stockpiles48,8113.19

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

Geology and Mining

East Kundana Joint Venture

Raleigh Underground Mine Production

Raleigh remained on care and maintenance throughout the quarter.

Raleigh Underground Mine Development

At the end of the quarter, the bottom of the Raleigh Decline remains at 5602 m RL, 743 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.

There was no development during the quarter.

Rubicon-Hornet-Pegasus Underground Mine Production

Contained gold in stope and development ore mined during the quarter is tabulated below:

ORE BODY	Rubicon, Hornet & Pegasus
Month	TonnesGrade		Ounces
January	76,504	3.28	8,059
February	71,855	3.60	8,314
March	77,601	3.87	9,656
March 21Q	225,960	3.58	26,028
December 20Q	249,819	3.49	28,035

Quarterly mine production was 4,130oz below the production forecast by NST. Production was reforecast after seismic issues in September and November removed Pegasus South from the mine schedule. March quarter production was 2,000 oz below the December quarter.

Mine planning assessed a transverse mining method as an alternative to limit the impact of mining in seismic areas. This method was implemented during the quarter with bypass hanging-wall drives in Pegasus ongoing at quarter end.

Stoping production was significantly affected in the quarter as a result of the previous seismicity and damage in Pegasus. As a consequence production grades were affected with the increased proportion of development ore. March grades were more in line with expectation.

The outlook for the next quarter is similar production to the March quarter.

Rand's Entitlements to Mined Ore (12.25%)

	Rubicon, Hornet & Pegasus
Quarter	Tonnes	Ounces
	t	g/t	troy oz
March 21Q	27,680	3.58	3,188
December 20Q	30,603	3.49	3,436

Rubicon-Hornet-Pegasus Underground Mine Development

Development performance for the quarter is summarised in the following table

ORE BODY	Rubicon, Hornet & Pegasus
Month	Capital		Operating
	DeclineOther		Waste	Ore	Pas
	(m)	(m)	(m)	(m)	(m) te
January	23	48	0	611	67
February	7	124	0	385	36
March	10	108	5.4	504	35
March 21Q	39	279	5	1500	137
December 20Q	82	181	20	1959	266

The Pegasus Decline was on hold due to Geotechnical concerns with development recommencing in March.

The EOM long sections below show the status of the mine at the end of each month of the quarter. Development and stoping areas within the month are highlighted in green.

Jan 21

RAND MINING LTD. (ASX:RND) ASX Announcement Page 3 of 6

Feb 21

Mar 21

Mine operating costs for Rubicon, Hornet & Pegasus incurred by the EKJV during March 21 Quarter were $153 per tonne mined or $1331 per ounce mined compared with the December 20 Quarter costs of $152 and $1358 respectively.

Toll Processing

During the quarter a total of 131,406 tonnes of Rand and Tribune ore at 4.13 g/t was processed under toll Milling contracts to recover 16,474oz of gold at 94.53% gold recovery. Of this total, 17,625 tonnes were processed at Kanowna Belle, 101,627 tonnes were processed at Lakewood Mill and 12,154 tonnes were processed at St Barbara's Gwalia Mill.

Rand and Tribune gold production for the March Quarter 2021, along with Rand's share is tabulated below –

Quarter	Gold (oz)	Rand's shareAu (oz)
March 21	16,474	4,118
December 20	32,063	8,016

EKJV Exploration and Development

Exploration activities within the EKJV tenements during the March Quarter constituted Drill Targeting and Resource Targeting diamond core drilling from within the Hornet-Rubicon-Pegasus mine complex. In total, 27 diamond holes were completed for 8,035 metres targeting the Hera, Startrek and Rubicon Nugget prospects.

Assay results were received from 20 holes completed during the previous reporting period for Pode, Startrek and Hornet. Full details of all EKJV exploration activities including significant intersections from results received are contained in the March 2021 Quarterly EKJV Exploration Report, released to the ASX on 28 April 2021.

June 2021 Quarter exploration programs will include drilling Pode and Hera southern extensions with continued testing of the Startrek trend and Rubicon hanging wall zones.

Other Exploration

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

No work was conducted within the Seven Mile Hill Project during the March quarter.

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 Limited 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.

CORPORATE

On-Market Share Buy-Back

The Company extended the current on market share buy-back to 9 January 2022. No shares were bought back under the facility during the quarter.

Payments to Related Parties

During the quarter the following payments were made to related parties of the entity and their associates as disclosed in Item 6 of the Appendix 5B;

Details	Amount
	$000
Directors fees and superannuation payable to Anthony Billis	27
Directos fee payable to Otakar Demis	44
Directors fees payable to Gordon Sklenka	7.5
Management fee paid to Tribune Resources	45
Loan funds advanced to Tribune Resources	500
Payment of rent, rates and levies for office to Meville Parade Pty Ltd*	8.5
Reimbursement of operating expenses to Iron Resources Liberia Ltd*	58

*An entity in which Anthony Billis is a director.

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

Interests in Mining Tenements

Project/Tenements	Location	Held at end ofquarter	Acquired duringthe quarter	Disposed duringthe 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
E15/1664		50%
M15/1233		50%
M15/1234		50%
M15/1291		50%
M15/1388		50%
M15/1394		50%
M15/1409		50%
M15/1743		50%
M26/563		50%
P15/6370		50%
P15/6398		50%
P15/6399		50%
P15/6400		50%	50%
P15/6401		50%	50%
P15/6433		50%
P15/6434		50%
P26/4173		50%
Unallocated	WA, Australia
P26/4476		50%
P26/4477		50%
Leases under Application
Project/Tenements	Location	Held at end ofquarter	Acquired duringthe quarter	Disposed duringthe quarter
West Kimberly	WA, Australia
E04/2548		100%

Appendix 5B

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

Name of entity
Rand Mining Ltd
ABN	Quarter ended ("current quarter")
41 004 669 658	31 March 2021

	Consolidated statement of cash flows	Current quarter$A'000	Year to date (9Months)$A'000
1.	Cash flows from operating activities
1.1	Receipts from customers	6,931	31,521
1.2	Payments for
	(a)exploration & evaluation (if expensed)	(73)	(588)
	(b)development	(375)	(1,575)
	(c)production	(5,318)	(20,382)
	(d)staff costs	(125)	(265)
	(e)administration and corporate costs	(579)	(1,242)
1.3	Dividends received (see note 3)	-	-
1.4	Interest received	1	7
1.5	Interest and other costs of finance paid	(8)	(32)
1.6	Income taxes paid	(577)	(2,333)
1.7	Government grants and tax incentives	-	-
1.8	Other (provide details if material)	-	-
1.9	Net cash from / (used in) operatingactivities	(123)	5,111

2.		Cash flows from investing activities
2.1	Payments to acquire:
	(a)	entities	-	-
	(b)	tenements	-	-
	(c)	property, plant and equipment	(368)	(976)
	(d)	exploration & evaluation (if capitalised)	(176)	(686)
	(e)	investments	-	-
	(f)	other non-current assets	-	-

	Consolidated statement of cash flows	Current quarter$A'000	Year to date (9Months)$A'000
2.2	Proceeds from the disposal of:
	(a)entities	-	-
	(b)tenements	-	-
	(c)property, plant and equipment	112	126
	(d)investments	-	-
	(e)other non-current assets	-	-
2.3	Cash flows from loans to other entities	1,300	1,300
2.4	Dividends received (see note 3)	-	-
2.5	Other (cash advances between RandMining Ltd and Tribune Resources Ltd)	(1,300)	(1,300)
2.6	Net cash from / (used in) investingactivities	(432)	(1,536)

3.	Cash flows from financing activities
3.1	Proceeds from issues of equity securities(excluding convertible debt securities)
3.2	Proceeds from issue of convertible debtsecurities	-	-
3.3	Proceeds from exercise of options	-	-
3.4	Transaction costs related to issues of equitysecurities or convertible debt securities	-	-
3.5	Proceeds from borrowings	-	-
3.6	Repayment of borrowings	(257)	(905)
3.7	Transaction costs related to loans andborrowings	-	-
3.8	Dividends paid	-	(6,015)
3.9	Other (share buy back)	(42)	(42)
3.10	Net cash from / (used in) financingactivities	(299)	(6,962)

4.	Net increase / (decrease) in cash andcash equivalents for the period
4.1	Cash and cash equivalents at beginning ofperiod	3,097	5,630
4.2	Net cash from / (used in) operatingactivities (item 1.9 above)	(123)	5,111
4.3	Net cash from / (used in) investing activities(item 2.6 above)	(432)	(1,536)
4.4	Net cash from / (used in) financing activities(item 3.10 above)	(299)	(6,962)

	Consolidated statement of cash flows	Current quarter$A'000	Year to date (9Months)$A'000
4.5	Effect of movement in exchange rates oncash held	-	-
4.6	Cash and cash equivalents at end ofperiod	2,243	2,243

5.	Reconciliation of cash and cashequivalentsat the end of the quarter (as shown in theconsolidated statement of cash flows) to therelated items in the accounts	Current quarter$A'000	Previous quarter$A'000
5.1	Bank balances	2,243	3,097
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)	2,243	3,097

6.	Payments to related parties of the entityand theirassociates	Current quarter$A'000
6.1	Aggregate amount of payments to related parties and theirassociates included in item 1	190
6.2	Aggregate amount of payments to related parties and theirassociates included in item 2	500

Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of and an explanation for such payments.

7.	FinancingfacilitiesNote: the term "facility' includes all forms of financingarrangements available to the entity.	Total facilityamountat quarterend$A'000	Amount drawnatquarter end$A'000
	Add notes as necessary for an understanding of thesources of finance available to the entity.
7.1	Loan facilities	-	-
7.2	Credit standby arrangements	-	-
7.3	Other (EKJV Lease)	1,028	1,028
7.4	Total financing facilities	1,028	1,028
7.5	Unused financing facilities available at quarter end		-
7.6	Include in the box below a description of each facility above, including the lender, interestrate, maturity date and whether it is secured or unsecured. If any additional financingfacilities have been entered into or are proposed to be entered into after quarter end,include a note providing details of those facilities as well.

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.

8.	Estimated cash available for future operating activities	$A'000
8.1	Net cash from / (used in) operating activities (Item 1.9)	(123)
8.2	Capitalised exploration & evaluation (Item 2.1(d))	(176)
8.3	Total relevant outgoings (Item 8.1 + Item 8.2)	(299)
8.4	Cash and cash equivalents at quarter end (Item 4.6)	2,243
8.5	Unused finance facilities available at quarter end (Item 7.5)	-
8.6	Total available funding (Item 8.4 + Item 8.5)	2,243
8.7	Estimated quarters of funding available (Item 8.6 divided byItem 8.3)	7.5

8.8 If Item 8.7 is less than 2 quarters, please provide answers to the following questions:

1. Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?

Answer: Not applicable

1. Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?

Answer: Not applicable

1. Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?

Answer: Not applicable.

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.

Date: 29 April 2021

Authorised by: By the Board. (Name of body or officer authorising release – see note 4)

Notes

• 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity's activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.
• 1. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.
• 1. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.
• 1. If this report has been authorised for release to the market by your board of directors, you can insert here: "By the board". If it has been authorised for release to the market by a committee of your board of directors, you can insert here: "By the [name of board committee – eg Audit and Risk Committee]". If it has been authorised for release to the market by a disclosure committee, you can insert here: "By the Disclosure Committee".
• 1. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.