RAND MINING LIMITED — Interim / Quarterly Report 2023

Mar 7, 2023

Rand Mining Limited

ABN 41 004 669 658

Interim Report - 31 December 2022

Rand Mining Limited Contents 31 December 2022

Directors' report	2
Auditor's independence declaration	5
Consolidated statement of profit or loss and other comprehensive income	6
Consolidated statement of financial position	7
Consolidated statement of changes in equity	8
Consolidated statement of cash flows	9
Notes to the consolidated financial statements	10
Directors' declaration	14
Independent auditor's review report to the members of Rand Mining Limited	15

1

Rand Mining Limited Directors' report 31 December 2022

The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'Group') consisting of Rand Mining Limited (referred to hereafter as the 'Company', 'parent entity' or 'Rand') and the entities it controlled at the end of, or during, the half-year ended 31 December 2022.

Directors

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

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

Principal activities

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

Dividends

Dividends paid during the financial half-year were as follows:

A dividend of 10 cents per ordinary share was paid to shareholders on 15 November 2022 A dividend of 10 cents per ordinary share was paid to shareholders on 5 November 2021	31 Dec 2022 $ 5,687,596 -	31 Dec 2021 $ - 5,687,596
	5,687,596	5,687,596

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

Review of operations

The profit for the Group after providing for income tax amounted to $6,508,858 (31 December 2021: $7,392,937).

East Kundana Joint Venture

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

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

2

Rand Mining Limited Directors' report 31 December 2022

EKJV Project map:

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Mining

Raleigh

Production that commenced in December 2004 at the Raleigh Underground Mine was halted in April 2020 when Raleigh was placed on care and maintenance due to seismic activity. A full review of the mine plan was initiated by the Joint Venture Manager and will result in rescheduling the mining of remaining reserves to a later date.

The depth of the decline is approximately 743 metres (‘m”) below the surface. The top of the Sadler incline remains at 356 m below the surface and the bottom of the Sadler Decline is approximately 401 m below the surface.

There was no mine production from Raleigh and there was no capital or operating development during the half year.

Rubicon/Hornet/Pegasus

Production at the Rubicon Underground Mine that commenced in August 2011 continues.

Rubicon, Pegasus and Hornet Ore Bodies

Capital development for the half year totalled 413 m including 253 m of decline development. Operating development for the half year totalled 1,022 m, including 205 m in waste, 611 m in ore and 205 m through paste fill.

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Rand Mining Limited Directors' report 31 December 2022

Mine production during the half year totalled 227,690 tonnes (‘t’) grading 4.8 grams per tonne ('g/t') containing 35,201 ounces ('oz') of gold based on grade control estimates. Rand’s entitlement to mined ore tonnes in the half year was 27,892 t for 4,312 oz.

Processing

During the half year, ore treatment at the Mungari Processing plant treated 244,717 tonnes of EKJV ore. All processed ore was from the Rubicon mine.

A total of 15,626 oz of gold was credited to the Rand and Tribune Bullion Accounts at Perth Mint. Rand’s share of gold bullion was 3,906 oz.

Exploration

EKJV

Underground drilling activity in the period across the East Kundana Joint Venture ('EKJV') focused on the Nugget ore body, a shallow, southwest dipping narrow vein, in the hanging wall of the K2B mineralised horizon. A total of 5 diamond drill holes for 906.7 metres were completed between 1 July 2022 and 30 September 2022 targeting the down dip extensions to the Nugget Zone prospect and parallel lodes.

Surface drilling activity completed during the period included surface RC resource development drilling at Golden Hind and Hornet open pit deposits. A total of 4,222 metres of surface RC drilling was completed, to further define continuity of the geological model.

Details of all EKJV exploration activitie are contained in the September and December Quarterly EKJV Exploration Reports released to the market on 20 October 2022 and 16 January 2023.

Seven Mile Hill (Rand's Interest 50%)

During the period, geological field work and ongoing logging of drill core from the previous diamond drilling campaign was conducted for the Seven Mile Hill joint venture.

No drilling was conducted during the period.

Corporate

A fully franked dividend of 10 cents per ordinary share was paid to the shareholders on 15 November 2022.

Share Buy-Back Programme

On 30 December 2022, the Company announced an extension to its on-market share buy-back programme. The programme end date was extended to 9 January 2024. The maximum number of shares that can be acquired during the programme is 2,415,082. No shares were bought back during the December half-year.

Proceedings against Northern Star Resources Ltd

The Court’s decision in relation to the EKJV litigation was made on 23 December 2022. The Court dismissed Rand and Tribune’s claim against Northern Star. A decision of the legal costs to each party has not yet been made.

Significant changes in the state of affairs

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

Matters subsequent to the end of the financial half-year

No matter or circumstance has arisen since 31 December 2022 that has significantly affected, or may significantly affect the Group's operations, the results of those operations, or the Group's state of affairs in future financial years.

Auditor's independence declaration

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

This report is made in accordance with a resolution of directors, pursuant to section 306(3)(a) of the Corporations Act 2001.

On behalf of the directors

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_________ Anthony Billis Director

8 March 2023 Perth

4

PKF Perth

AUDITOR’S INDEPENDENCE DECLARATION

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TO THE DIRECTORS OF RAND MINING LIMITED

In relation to our review of the financial report of Rand Mining Limited for the half year ended 31 December 2022, to the best of my knowledge and belief, there have been no contraventions of the auditor independence requirements of the Corporations Act 2001 or any applicable code of professional conduct.

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PKF PERTH

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SIMON FERMANIS PARTNER

8 MARCH 2023 WEST PERTH, WESTERN AUSTRALIA

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

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

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

Liability limited by a scheme approved under Professional Standards Legislation.

5

Rand Mining Limited Consolidated statement of profit or loss and other comprehensive income For the half-year ended 31 December 2022

Note Revenue from contracts with customers 4 Interest revenue calculated using the effective interest method Net fair value (loss)/gain on financial assets 6 Net gain on sale of assets Expenses Changes in inventories Employee benefits expense 5 Management fees Depreciation and amortisation expense 5 Impairment of exploration and evaluation Mining expenses Processing expenses Royalty expenses Foreign currency losses Other expenses Finance costs 5 Profit before income tax expense Income tax expense Profit after income tax expense for the half-year attributable to the owners of Rand Mining Limited Other comprehensive income for the half-year, net of tax Total comprehensive income for the half-year attributable to the owners of Rand Mining Limited Basic earnings per share Diluted earnings per share	31 Dec 2022 $ 18,260,125 20,173 (54,133) 46,672 142,137 (133,177) (501,727) (1,375,407) (398,870) (4,365,431) (1,274,060) (232,261) (5,302) (686,860) (4,420)	31 Dec 2021 $ 20,205,935 2,890 (10,333) 20,939 1,155,080 (135,145) (334,454) (1,617,443) (1,274,329) (4,184,344) (2,054,127) (320,653) (5,801) (748,992) (9,509)
	9,437,459 (2,928,601)	10,689,714 (3,296,777)
	6,508,858 -	7,392,937 -
	6,508,858	7,392,937
	Cents 11.44 11.44	Cents 13.00 13.00

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

6

Rand Mining Limited Consolidated statement of financial position As at 31 December 2022

Note Assets Current assets Cash and cash equivalents Trade and other receivables Inventories Prepayments Total current assets Non-current assets Financial assets at fair value through profit or loss 6 Property, plant and equipment Right-of-use assets Exploration and evaluation Mine development Deferred tax Total non-current assets Total assets Liabilities Current liabilities Trade and other payables Lease liabilities Income tax Provisions Total current liabilities Non-current liabilities Lease liabilities Deferred tax Provisions Total non-current liabilities Total liabilities Net assets Equity Issued capital Retained profits Total equity	31 Dec 2022 $ 1,897,354 122,133 75,122,613 -	30 Jun 2022 $ 2,161,197 227,795 74,907,782 5,000
	77,142,100	77,301,774
	310,903 1,087,224 704,913 2,306,754 19,775,019 2,139,811	365,036 1,309,179 886,324 2,197,997 20,042,226 2,565,164
	26,324,624	27,365,926
	103,466,724	104,667,700
	1,921,173 28,297 349,675 56,374	2,496,179 204,910 1,691,587 50,819
	2,355,519	4,443,495
	- 4,673,817 458,646	11,482 4,596,597 458,646
	5,132,463	5,066,725
	7,487,982	9,510,220
	95,978,742	95,157,480
	11,707,036 84,271,706	11,707,036 83,450,444
	95,978,742	95,157,480

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

7

Rand Mining Limited Consolidated statement of changes in equity For the half-year ended 31 December 2022

Balance at 1 July 2021 Profit after income tax expense for the half-year Other comprehensive income for the half-year, net of tax Total comprehensive income for the half-year Transactions with owners in their capacity as owners: Dividends paid (note 7) Balance at 31 December 2021 Balance at 1 July 2022 Profit after income tax expense for the half-year Other comprehensive income for the half-year, net of tax Total comprehensive income for the half-year Transactions with owners in their capacity as owners: Dividends paid (note 7) Balance at 31 December 2022	Issued capital $ 11,707,036 - -	Retained profits $ 78,479,768 7,392,937 -	Total equity $ 90,186,804 7,392,937 -
	- -	7,392,937 (5,687,596)	7,392,937 (5,687,596)
	11,707,036	80,185,109	91,892,145
	Issued capital $ 11,707,036 - -	Retained profits $ 83,450,444 6,508,858 -	Total equity $ 95,157,480 6,508,858 -
	- -	6,508,858 (5,687,596)	6,508,858 (5,687,596)
	11,707,036	84,271,706	95,978,742

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

8

Rand Mining Limited Consolidated statement of cash flows For the half-year ended 31 December 2022

Note Cash flows from operating activities Receipts from customers (inclusive of GST) Payments to suppliers and employees (inclusive of GST) Interest received Interest and other finance costs paid Income taxes paid Net cash from operating activities Cash flows from investing activities Payments for property, plant and equipment Payments for exploration and evaluation Payments for mine development Proceeds from disposal of property, plant and equipment Net cash used in investing activities Cash flows from financing activities Repayment of lease liabilities Dividends paid 7 Cash advances to Tribune Resources Ltd Cash advances from Tribune Resources Ltd Net cash used in financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the financial half-year Cash and cash equivalents at the end of the financial half-year	31 Dec 2022 $ 18,260,125 (7,730,912) 20,173 (3,844) (3,767,940)	31 Dec 2021 $ 20,205,935 (8,470,626) 2,890 (8,507) (1,447,101)
	6,777,602	10,282,591
	(28,135) (518,570) (670,819) 40,793	(319,256) (1,215,236) (857,970) 34,010
	(1,176,731)	(2,358,452)
	(177,118) (5,687,596) 1,250,000 (1,250,000)	(308,653) (5,687,596) (250,000) 250,000
	(5,864,714)	(5,996,249)
	(263,843) 2,161,197	1,927,890 1,352,860
	1,897,354	3,280,750

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

9

Rand Mining Limited Notes to the consolidated financial statements 31 December 2022

Note 1. General information

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

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

Suite G1, 49 Melville Parade South Perth WA 6151

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

The financial statements were authorised for issue, in accordance with a resolution of directors, on 8 March 2023. The directors have the power to amend and reissue the financial statements.

Note 2. Significant accounting policies

These general purpose financial statements for the interim half-year reporting period ended 31 December 2022 have been prepared in accordance with Australian Accounting Standard AASB 134 'Interim Financial Reporting' and the Corporations Act 2001, as appropriate for for-profit oriented entities. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 'Interim Financial Reporting'.

These general purpose financial statements do not include all the notes of the type normally included in annual financial statements. Accordingly, these financial statements are to be read in conjunction with the annual report for the year ended 30 June 2022 and any public announcements made by the Company during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.

The principal accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, unless otherwise stated.

New or amended Accounting Standards and Interpretations adopted

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

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

Note 3. Operating segments

Identification of reportable operating segments

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

Geographical information

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

Note 4. Revenue from contracts with customers

Sales of gold Sales of ore Revenue from contracts with customers	31 Dec 2022 $ 18,260,125 -	31 Dec 2021 $ 19,611,375 594,560
	18,260,125	20,205,935

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Rand Mining Limited Notes to the consolidated financial statements 31 December 2022

Note 4. Revenue from contracts with customers (continued)

Disaggregation of revenue

The disaggregation of revenue from contracts with customers is as follows:

Major product lines Gold Ore Geographical regions Australia Timing of revenue recognition Goods transferred at a point in time Note 5. Expenses Profit before income tax includes the following specific expenses: Depreciation Mining plant and equipment Plant and equipment right-of-use assets Total depreciation Amortisation Mine development Total depreciation and amortisation Impairment Financial assets Finance costs Interest and finance charges paid/payable on lease liabilities Superannuation expense Defined contribution superannuation expense	31 Dec 2022 $ 18,260,125 -	31 Dec 2021 $ 19,611,375 594,560
	18,260,125	20,205,935
	18,260,125	20,205,935
	18,260,125	20,205,935
	31 Dec 2022 $ 250,090 187,291	31 Dec 2021 $ 414,678 285,351
	437,381	700,029
	938,026	917,414
	1,375,407	1,617,443
	54,133	10,333
	4,420	9,509
	5,184	4,937

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Rand Mining Limited Notes to the consolidated financial statements 31 December 2022

Note 6. Financial assets at fair value through profit or loss

Non-current assets Listed securities - at fair value through profit or loss Reconciliation Reconciliation of the carrying amounts at the beginning and end of the current and previous financial half- year are set out below: Opening carrying amount Loss on revaluation through profit or loss Closing carrying amount Refer to note 8 for further information on fair value measurement.	31 Dec 2022 $ 310,903	30 Jun 2022 $ 365,036
	365,036 (54,133)	377,445 (12,409)
	310,903	365,036

Note 7. Dividends

Dividends paid during the financial half-year were as follows:

A dividend of 10 cents per ordinary share was paid to shareholders on 15 November 2022 A dividend of 10 cents per ordinary share was paid to shareholders on 5 November 2021	31 Dec 2022 $ 5,687,596 -	31 Dec 2021 $ - 5,687,596
	5,687,596	5,687,596

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

Note 8. Fair value measurement

Fair value hierarchy

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

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

31 Dec 2022 Assets Listed securities - equity Total assets 30 Jun 2022 Assets Listed securities - equity Total assets	Level 1 $ 310,903	Level 2 $ -	Level 3 $ -	Total $ 310,903
	310,903	-	-	310,903
	Level 1 $ 365,036	Level 2 $ -	Level 3 $ -	Total $ 365,036
	365,036	-	-	365,036

There were no transfers between levels during the financial half-year.

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

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Rand Mining Limited Notes to the consolidated financial statements 31 December 2022

Note 9. Contingent liabilities

Native title claims have been made with respect to areas which include tenements in which the Group has interests. The Group is unable to determine the prospects for success or otherwise of the claims and, in any event, whether or not and to what extent the claims may significantly affect the Group or its projects.

Note 10. Commitments

Capital commitments Committed at the reporting date but not recognised as liabilities, payable: Property, plant and equipment Tenement commitments Committed at the reporting date but not recognised as liabilities, payable: Within one year One to five years More than five years	31 Dec 2022 $ 41,295	30 Jun 2022 $ 41,746
	444,389 1,637,311 2,553,116	445,422 1,653,397 -
	4,634,816	2,098,819

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

Note 11. Events after the reporting period

No matter or circumstance has arisen since 31 December 2022 that has significantly affected, or may significantly affect the Group's operations, the results of those operations, or the Group's state of affairs in future financial years.

13

Rand Mining Limited Directors' declaration 31 December 2022

In the directors' opinion:

• the attached financial statements and notes comply with the Corporations Act 2001, Australian Accounting Standard AASB 134 'Interim Financial Reporting', the Corporations Regulations 2001 and other mandatory professional reporting requirements;

• the attached financial statements and notes give a true and fair view of the Group's financial position as at 31 December 2022 and of its performance for the financial half-year ended on that date; and

• there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

Signed in accordance with a resolution of directors made pursuant to section 303(5)(a) of the Corporations Act 2001.

On behalf of the directors

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_________ Anthony Billis Director

8 March 2023 Perth

14

PKF Perth

INDEPENDENT AUDITOR’S REVIEW REPORT

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TO THE MEMBERS OF RAND MINING LIMITED

Report on the Half-Year Financial Report

Conclusion

We have reviewed the half-year financial report of Rand Mining Limited (the company) and controlled entities (consolidated entity) which comprises the consolidated statement of financial position as at 31 December 2022, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the half-year ended on that date, notes comprising a summary of significant accounting policies and other explanatory information and the directors’ declaration of the consolidated entity comprising the company and the entities it controlled at 31 December 2022, or during the half year.

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the accompanying half-year financial report of Rand Mining Limited is not in accordance with the Corporations Act 2001 including:

• (a) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2022 and of its performance for the half-year ended on that date; and

• (b) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001.

Basis for Conclusion

We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity. Our responsibilities are further described in the Auditor’s Responsibilities for the Review of the Financial Report section of our report.

Independence

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

Directors’ Responsibility for the Half-Year Financial Report

The directors of the company are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with the Australian Accounting Standards and the Corporations Act 2001 and for such internal controls as the directors determine is necessary to enable the preparation of the half-year financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

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

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

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

Liability limited by a scheme approved under Professional Standards Legislation.

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PKF Perth

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Auditor’s Responsibilities for the Review of the Financial Report

Our responsibility is to express a conclusion on the half-year financial report based on our review. ASRE 2410 requires us to conclude whether we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the consolidated entity’s financial position as at 31 December 2022 and its performance for the half year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporation Regulations 2001.

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

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PKF PERTH

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SIMON FERMANIS PARTNER

8 MARCH 2023 WEST PERTH, WESTERN AUSTRALIA

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