RAND MINING LIMITED — Interim / Quarterly Report 2025

Oct 27, 2024

ASX ANNOUNCEMENT

28 October 2024

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A.B.N. 41 004 669 658

ASX: RND

Quarterly Report for September 2024

Highlights

Board of Directors

Mr Otakar Demis Chairman & Joint Company Secretary

Mr Anton Billis Managing Director

Mr Gordon Sklenka Non-Executive Director

• During the quarter Rand and Tribune processed 49,484 tonnes of ore at 4.58 g/t from the EKJV operations at the joint venture partner Evolution Mining Limited Mungari processing plant, with Rand’s share equating to 12,371 tonnes.

• 6,880 ounces of gold were produced by Rand and Tribune during the quarter.

• Rand’s 25% share of the gold produced was 1,720 oz

Ms Lyndall Vaughan Alternate Director for Mr Otakar Demis Mr Roland Berzins & Mr Sheran De Silva Joint Company Secretaries

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RAND MINING LTD. (ASX: RND) ASX Announcement

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Ore Stockpiles

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

STOCKPILES	STOCKPILES	STOCKPILES
ROM Pad	Ore Source	Ore Tonnes	Grade **g/t **	Ounces Au	Rand Entitlement
EKJV Stockpiles
Rubicon ROM	EKJV RHP MG	647	4.09	85	12.25%
Rubicon ROM	EKJV RHP LG	8,179	2.49	655	12.25%
Rubicon ROM	EKJV RHP MW	126,096	0.88	3,585	12.25%
Mungari ROM	EKJV RHP MG	14,975	4.95	2,212	12.25%
Mungari ROM	EKJV RHP MW	4,672	0.90	136	12.25%
Mungari ROM	EKJV RHP LG	-	-	-	12.25%
Mungari ROM	EKJV Raleigh Ore	-	-	-	12.50%
Raleigh ROM	EKJV Raleigh MG	4,833	2.62	407	12.50%
Raleigh ROM	EKJV Raleigh LG	560	1.25	23	12.50%
Raleigh ROM	EKJV Raleigh MW	9,262	0.74	220	12.50%
Rand Share of EKJV Stockpiles		20,767	1.38	899	100.00%

Geology and Mining

East Kundana Joint Venture

Raleigh Underground Mine Development

Development performance for the quarter is summarised in the following table.

ORE BODY	**Raleigh **	**Raleigh **	**Raleigh **	**Raleigh **	**Raleigh **
Month	Capital		Operating Lateral development
	Decline	Other	Ore	Waste	Paste
	(m)	(m)	(m)	(m)	(m)
July	51.2	32.9	46.9	-	-
August	64.4	55.3	102.3	-	-
September	52.9	131.9	97.1	-	-
September 2024 Q	168.5	220.1	246.3	-	-

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RAND MINING LTD. (ASX: RND) ASX Announcement

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Rubicon-Hornet-Pegasus Underground Mine Development

Development performance for the quarter is summarised in the following table.

ORE BODY	Rubicon, Hornet & Pegasus	Rubicon, Hornet & Pegasus	Rubicon, Hornet & Pegasus	Rubicon, Hornet & Pegasus	Rubicon, Hornet & Pegasus
Month	Capital		Operating Lateral development
	Decline	Other	Ore	Waste	Paste
	(m)	(m)	(m)	(m)	(m)
July	43.1	100.8	104.0	11.4	30.0
August	45.2	123.8	51.9	16.1	25.0
September	50.4	161.5	75.4	21.0	20.0
September 2024 Q	138.7	386.1	231.3	48.5	75.0

EKJV Underground Mine Production

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

ORE BODY	East Kundana	East Kundana	- RHP		**Raleigh **		**Total EKJV **	**Total EKJV **	**Total EKJV **
Month	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces
July	36,494	3.9	4,533	2,712	0.7	57	39,206	3.6	4,590
August	26,324	7.2	6,131	6,232	2.9	585	32,556	6.4	6,716
September	28,161	4.1	3,738	6,209	4.1	825	34,370	4.1	4,563
September 2024 Q	90,979	4.9	14,402	15,153	3.0	1,467	106,132	4.7	15,869
June 2024 Q	119,292	5.4	20,753	-	-	-	119,292	5.4	20,753

Rand’s Entitlements to Mined Ore (RHP 12.25%, Raleigh 12.50%)

	EKJV	EKJV	EKJV
Quarter	Tonnes	Grade	Ounces
	(t)	(g/t)	(troy oz)
September 2024Q	13,039	4.7	1,948
June 2024 Q	14,613	5.4	2,542

Toll Processing

During the quarter a total of 49,484 tonnes of Rand and Tribune ore at 4.58 g/t was processed at the Mungari processing plant under the EKJV joint venture agreement with Evolution Mining Limited to recover 6,880 oz of gold at 94.42% recovery.

Rand and Tribune gold production for the September 2024 quarter, along with Rand’s share is tabulated below.

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RAND MINING LTD. (ASX: RND) ASX Announcement

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Rand and Tribune Ore Processed	Rand and Tribune Ore Processed	Rand and Tribune Ore Processed	Rand and Tribune Ore Processed	Rand and Tribune Ore Processed
Campaign Location	Tonnes Milled	Head Grade Au (g/t)	Recovery (%)	Fine Au Produced (Oz)
EVN Mungari	49,484	4.58	94.42%	6,880
Rand’s Share of Ore Processed
Campaign Location	Tonnes Milled	Head Grade Au (g/t)	Recovery (%)	Fine Au Produced (Oz)
EVN Mungari	12,371	4.58	94.42%	1,720

EKJV Exploration

In FY25 Q1, at East Kundana Joint Venture, a re-interpretation of the hanging wall at Raleigh Mine was completed.

No resource definition or exploration drilling has been conducted in FY25 Q1 for East Kundana Joint Venture, Grade Control drilling only

WORK COMPLETED

A re-interpretation of the ore zone at Raleigh was completed, with new mineralised structures identified in the hanging wall of the Raleigh Main Vein (RMV). These new lodes are associated with the Skinners Vein structure and a are labelled SKV2, SKV3, SKV4, Orinoco and El Dorado lodes (Figure 1). The Skinners Vein has been extended down dip to beneath the 5500RL. The new interpretation of the hanging-wall mineralisation is based on reviewing historic drill hole data and applying learnings from the nearby Kundana ore zones.

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A long section of the Raleigh Mine Grid in K10. Long section includes mineralised structures, faults, and mine as-builts.

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RAND MINING LTD. (ASX: RND) ASX Announcement

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Other Exploration

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

During the quarter, no exploration field work was completed at the across the Seven Mile Hill joint venture tenements. Desk top targeting was completed by an external geology consultant based on a review of previous assay results. A Program of Work has been completed and submitted to DEMIRS for exploration on the Seven Mile tenements during the current financial year. Upon approval, field work will commence during the coming quarters.

No drilling was conducted during the quarter.

CORPORATE

On-Market Share Buy-Back

The Company extended the current on market share buy-back to 9 January 2025. No shares were bought back 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	24
Directors fees payable to Gordon Sklenka	7
Directors fees and wages payable to Lyndall Vaughan (Alternate Director for	8
Otakar Demis)
Management fee paid to Tribune Resources	93
Payment of rent, rates, and levies for office to Melville Parade Pty Ltd*	13
Reimbursement of operating expenses to Iron Resources Liberia Ltd*	74

*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.

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RAND MINING LTD. (ASX: RND) ASX Announcement

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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
E15/1664 M15/1233 M15/1234 M15/1291 M15/1388 M15/1394 M15/1409 M15/1743 M26/563 P15/6370 P15/6398 P15/6399 P15/6400 P15/6401 P15/6433 P15/6434 P26/4173		50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00%	EoT Pending approval EoT Pending approval EoT Pending approval EoT Pending approval
Unallocated	WA, Australia
P26/4476 P26/4477		50.00% 50.00%	EoT Pending approval EoT Pending approval

*EoT – Extension of Term

LEASES UNDER APPLICATION

Project/Tenements	Location	Held at end of **quarter **	Acquired during **the quarter **	Disposed during **the quarter **
West Kimberly	WA, Australia
E04/2548		100%

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RAND MINING LTD. (ASX: RND) ASX Announcement

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Rule 5.5

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 30 September 2024

Consolidated statement of cash flows	Current quarter $A’000	Year to date (3 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 Government grants and tax incentives 1.8 Other (provide details if material) 1.9 Net cash from / (used in) operating activities	9,336 (239) (2,156) (3,749) (62) (501) - 24 - (794) - -	9,336 (239) (2,156) (3,749) (62) (501) - 24 - (794) - -
	1,859	1,859
2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation (e) investments (f) other non-current assets	- - (1,064) (46) - -	- - (1,064) (46) - -

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

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

Consolidated statement of cash flows	Current quarter $A’000	Year to date (3 months) $A’000
2.2 Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment (d) investments (e) 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	- - - 81 - - - -	- - - 81 - - - -
	(1,029)	(1,029)
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 debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities 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	- - - - - - - - -	- - - - - - - - -
	-	-
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)	3,169 1,859 (1,029) -	3,169 1,859 (1,029) -

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

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

Consolidated statement of cash flows	Current quarter $A’000	Year to date (3 months) $A’000
4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	-	-
	3,999	3,999
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)	3,999 - - -	3,169 - - -
	3,999	3,169
6. Payments to related parties of the entity and their associates		Current quarter $A'000
6.1 Aggregate amount of payments to related parties and their associates included in item 1 219 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - 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.		219
		-

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

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

7. 7.1 7.2 7.3 7.4 7.5 7.6	Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 Loan facilities - - Credit standby arrangements - - Other (EKJV Lease) - - Total financing facilities - - Unused financing facilities available at quarter end - Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
		-	-
		-	-
		-	-
		-	-
	N/A
8.	Estimated cash available for future operating activities		$A’000
8.1 8.2 8.3 8.4 8.5 8.6 8.7 8.8	Net cash from / (used in) operating activities (item 1.9) 1,859 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (46) Total relevant outgoings (item 8.1 + item 8.2) 1,813 Cash and cash equivalents at quarter end (item 4.6) 3,999 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 3,999 Estimated quarters of funding available (item 8.6 divided by item 8.3) N/A Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 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?		1,859 (46) 1,813 3,999 -
			3,999
	Answer: N/A
	8.8.2 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: N/A
	8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?
	Answer: N/A
	Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

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

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.

28 October 2024

Date: ...................................................................................

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.

2. 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.

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. 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”.

5. 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.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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