RAND MINING LIMITED — Interim / Quarterly Report 2024

Jul 30, 2024

ASX ANNOUNCEMENT

31 July 2024

ASX:RND

Board of Directors

Mr Otakar Demis Chairman & Joint Company Secretary

Mr Anton Billis Managing Director

Mr Gordon Sklenka Non-Executive Director

Ms Lyndall Vaughan Alternate Director for Mr Otakar Demis

Mr Roland Berzins & Mr Sheran De Silva Joint Company Secretaries

Quarterly Report for June 2024

Highlights

• During the quarter Rand and Tribune processed 49,967 tonnes of ore at 5.82 g/t from the EKJV operations at the joint venture partner Evolution Mining Limited Mungari processing plant, with Rand's share equating to 12,492 tonnes.
• 8,853 ounces of gold were produced by Rand and Tribune during the quarter.
• Rand's 25% share of the gold produced was 2,213 oz

Ore Stockpiles

STOCKPILES
ROM Pad	Ore Source	OreTonnes	Gradeg/t	OuncesAu	RandEntitlement
	EKJV Stockpiles
Rubicon ROM	EKJV RHP Ore	2,779	5.12	458	12.25%
Rubicon ROM	EKJV RHP Low grade	27,848	2.27	2,029	12.25%
Rubicon ROM	EKJV RHP MW	122,460	0.89	3,491	12.25%
Mungari ROM	EKJV RHP LG	3,393	2.02	220	12.25%
Mungari ROM	EKJV RHP MW	2,242	0.89	64	12.25%
Raleigh ROM	EKJV Raleigh Ore	278	2.31	21	12.50%
Raleigh ROM	EKJV Raleigh MW	5,870	0.79	149	12.50%
Rand Share of EKJV Stockpiles	20,212	1.21	788	100%

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 Development

There was no mining in Raleigh for the quarter because of a mining pause pending seismic investigation following the events in March 2024. Some rehabilitation work commenced in the Raleigh decline in June 2024. No stopes were mined during the quarter.

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 Lateral development
	DeclineOther		Ore	Waste	Paste
	(m)	(m)	(m)	(m)	(m)
April	26.1	119.3	101.5	-	35.0
May	35.3	100.9	156.8	-	15.0
June	35.2	116.4	105.1	13.0	30.0
June 2024 Q	96.6	336.6	363.4	13.0	80.0

EKJV Underground Mine Production

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

ORE BODY	Rubicon, Hornet, Pegasus			Raleigh			Total EKJV
Month	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces
April	39,918	3.0	3,817	-	-	-	39,918	3.0	3,817
May	42,877	3.9	5,400	-	-	-	42,877	3.9	5,400
June	36,497	9.8	11,536	-	-	-	36,497	9.8	11,536
June 2024 Q	119,292	5.4	20,753	-	-	-	119,292	5.4	20,753
March 2024 Q	94,422	3.8	11,542	6,763	4.7	1,015	101,185	3.9	12,557

Rand's Entitlements to Mined Ore (RHP - 12.25%, Raleigh 12.5%)

	EKJV
Quarter	Tonnes	Grade	Ounces
	(t)	(g/t)	(troy oz)
June 2024 Q	14,613	5.4	2,542
March 2024 Q	12,412	3.9	1,541

Toll Processing

During the quarter a total of 49,967 tonnes of Rand and Tribune ore at 5.82 g/t was processed at the Mungari processing plant under the EKJV joint venture agreement with Evolution Mining Limited to recover 8,853 oz of gold at 94.75% recovery.

Rand and Tribune gold production for the June 2024 quarter, along with Rands' share is tabulated below.

Rand and Tribune Ore Processed
Campaign Location	TonnesMilled	HeadGrade Au(g/t)	Recovery (%)	Fine AuProduced(Oz)
EVN Mungari	49,967	5.82	94.75%	8,853

Rand's Share of Ore Processed
Campaign Location	TonnesMilled	HeadGrade Au(g/t)	Recovery (%)	Fine AuProduced(Oz)
EVN Mungari	12,492	5.82	94.75%	2,213

EKJV Exploration

Diamond drill activities at Raleigh were centred on the Upper Skinners Resource Definition (RSD) program, which although owned 100% by EVN will provide a benefit to Rand and Tribune as it will be treated under the Raleigh Ore Treatment Agreement to which Rand and Tribune will receive 50%. A further 2486.2m of Grade Control drilling in the Raleigh structure at Sadler (50% EVN:50% R&T) were completed with the Raleigh Main Vein structure being consistently intercepted. EKJV assays received in the month are listed below in table 1.

Hole ID	East(MGA)	North(MGA)	RL(AHD)	Dip	Azi(MGA)	HoleDepth	From	To	DHWidth	Gradeg/t Au	TrueWidth
SADGC24002	331953	6598554	32	$-44$	116	109	86.65	88.57	1.92	30.07	0.27 1
SADGC24002	331953	6598554	32	-44	116	109	86.65	86.95	0.3	106	$0.3*$
SADGC24002	331953	6598554	32	-44	116	109	88.20	88.57	0.37	58.2	$0.37*$
SADGC24003	331953	6598553	32	$-42$	138	143	121.17	122.45	1.28	14.63	$1.28*$
SADGC24004	332019	6598332	$-68$	30	93	89.97	69.97	70.09	0.12	2.36	$0.12*$
SADGC24005	332019	6598332	$-70$	$-17$	70	56.38	36.9	37	0.1	67.6	0.07
SADGC24006	332019	6598331	$-70$	$-16$	97	61.05	40.51	40.62	0.11	14.65	0.07
SADGC24007	332014	6598341	$-68$	32	69	87.87	68.90	69	0.1	0.43	$0.1*$
SADGC24008	332014	6598341	-68	28	37	100.13	76.3	77.1	0.8	14.55	0.71
SADGC24009	332014	6598341	$-69$	18	76	70.11	50.11	50.4	0.29	2.09	$0.29*$
SADGC24010	332014	6598341	$-69$	15	51	74	51.07	51.45	0.38	2	$0.38*$
SADGC24011	332014	6598341	$-69$	12	32	80	59.09	0.67	0.67	4.8	0.55
SADGC24012	332014	6598342	$-70$	$-16$	53	59.18	39.92	40.27	0.35	66.8	0.25
SADGC24013	332014	6598342	$-70$	$-12$	27	70.2	51.43	52.14	0.71	6.9	0.41
SADGC24014	332012	6598346	-68	25	27	112.03	87.60	87.74	0.14	1.57	$0.14*$
SADGC24015	332011	6598346	$-69$	10	23	92	68.85	69.50	0.65	31.22	0.46
SADGC24016	332012	6598346	$-68$	21	18	125	95.5	96.55	1.05	40.02	0.73
SADGC24017	332011	6598346	$-68$	19	11	143	123.73	124	0.27	1.33	$0.27*$
SADGC24018	332011	6598346	$-69$	9	13	112.07	86	87	1	13.1	0.58
SADGC24019	332011	6598346	$-69$	8	5	134	16.19	16.36	0.17	4.38	$0.17*1$
SADGC24019	332011	6598346	$-69$	8	5	134	108.68	109	0.32	2.44	$0.32*$
SADGC24020	332012	6598346	$-70$	-7	15	92	66.33	66.54	0.21	1.57	$0.21*$
SADGC24021	332011	6598346	$-70$	-4	3	120	88.75	89.60	0.85	5.53	$0.85*1$
SADGC24021	332011	6598346	$-70$	-4	3	120	92.79	93	0.21	0.03	$0.21*$

WORK COMPLETED

The mine-scale lithological model process for EKJV between the Lucifer and Mary faults has been updated (Figure 1). The new model spans three kilometres across strike on the K2 and Strzelecki line of lodes.

This model is set to improve the current understanding of the gold mineralisation in the area. Higher resolution modelling of the lithological and structural systems in place at EKJV provide more insight into potential exploration and targeting opportunities.

Figure 1. Image of the current Mungari lithological model in plan view, sliced at 6200RL. In this update, the area between the Lucifer and Mary faults which include Raleigh, RHP and Star Trek have been refined.

Potential targeting zones in the southern Star Trek, where the Mary fault intersects the Star Trek dolerite, have been identified. The influence of a cryptic cross-cutting structure evidenced in the Pode South and Hera domains is also observed in the southern Star Trek lodes. This has been identified as another possible targeting opportunity (Figure 2).

Figure 1 Left: Perspective view of the Star Trek domains looking South. Right: plan view looking down of grade distribution along this cross-cutting structure seen in Pode south, Hera and Star Trek domains.

The flattening of dip angle in the K2 stratigraphy, notably the Bent Tree Basalt and Victorius Basalt contact (the K2B horizon), has been linked to reverse offset of the mineralised veins where Pode and Hera begin the extensional mineralisation.

A target exists in the hanging wall of Hornet, this area is sparsely drilled and poses a large conceptual target for exploration (Figure3).

Figure 2 A long section view of the K2B showing the dip of the horizon (cooler colours represent a flat dip, warmer colours represent a sub-vertical dip). The flatter dip areas are considered favourable for gold mineralisation

Similar observations within the Pegasus decline show the same contact flattening in between the Pode and Hera domains (Figure4). This area includes the Ceto and Hestia domains.

Figure 3 Cross section of the K2 stratigraphy looking north. Pode and Hera in the HW of the K2, with a target zone 'X' in between. Circled are the flattening features of the K2B structure. Inset: long section, north to left, with face dips contoured in colour.

FUTURE WORK

Looking ahead, the next step in the mine-scale modelling exercise is to progress further north past Kundana. The focus will be on improving the understanding of the key structures and stratigraphic relationships on mineralisation through to Ambition and surrounds.

No planned resource definition drilling for EKJV in the next quarter as geology work focussed on grade control requirements for the mines.

The FY25 drilling budget will focus on resource development at Raleigh (Sadler) and exploration around the Ambition prospect.

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. Management is currently reviewing the report.

No drilling was conducted during the quarter.

Competent Persons Statement

Information in this report relating to exploration results for the Seven Mile Hill project has been compiled by Mr Gregory Bennett Barnes in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Mr Gregory Barnes is a member of AUSIMM and a consultant 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 Gregory Barnes 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 2025. No shares were bought back during the quarter.

Change to Company Secretary

On 20 May 2024, Brett Tucker resigned as Joint Company Secretary. He was replaced by Sheran De Silva who was appointed on 23 May 2024.

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
Directors fees payable to Gordon Sklenka	7
Directors fees and wages payable to Lyndall Vaughan (Alternate Director for	9
Otakar Demis)
Management fee paid to Tribune Resources	106
Payment of rent, rates and levies for office to Meville Parade Pty Ltd*	9
Reimbursement of operating expenses to Iron Resources Liberia Ltd*	94

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

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	30 June 2024

	Consolidated statement of cash flows	Current quarter$A'000	Year to date (12months)$A'000
1.	Cash flows from operating activities
1.1	Receipts from customers	7,153	34,761
1.2	Payments for
	(a)exploration & evaluation	(135)	(615)
	(b)development	(1,092)	(6,120)
	(c)production	(3,910)	(14,413)
	(d)staff costs	(67)	(299)
	(e)administration and corporate costs	(326)	(1,239)
1.3	Dividends received (see note 3)	-	-
1.4	Interest received	31	88
1.5	Interest and other costs of finance paid	(11)	(26)
1.6	Income taxes paid	(747)	(4,418)
1.7	Government grants and tax incentives	-	-
1.8	Other (provide details if material)	-	-
1.9	Net cash from / (used in) operatingactivities	896	7,719

2.		Cash flows from investing activities
2.1		Payments to acquire or for:
	(a)	entities	-	-
	(b)	tenements	-	-
	(c)	property, plant and equipment	(843)	(969)
	(d)	exploration & evaluation	(3)	(41)
	(e)	investments	-	-
	(f)	other non-current assets	-	-

Consolidated statement of cash flows		Current quarter$A'000	Year to date (12months)$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 RandMining Ltd and Tribune Resources Ltd))	-	-
2.6	Net cash from / (used in) investingactivities	(846)	(1,010)

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	-	(11)
3.7	Transaction costs related to loans andborrowings	-	-
3.8	Dividends paid	-	(5,688)
3.9	Other (provide details if material)	-	-
3.10	Net cash from / (used in) financingactivities	-	(5,699)

4.	Net increase / (decrease) in cash andcash equivalents for the period
4.1	Cash and cash equivalents at beginning ofperiod	3,119	2,159
4.2	Net cash from / (used in) operatingactivities (item 1.9 above)	896	7,719
4.3	Net cash from / (used in) investing activities(item 2.6 above)	(846)	(1,010)
4.4	Net cash from / (used in) financing activities(item 3.10 above)	-	(5,699)

	Consolidated statement of cash flows	Current quarter$A'000	Year to date (12months)$A'000
4.5	Effect of movement in exchange rates oncash held	-	-
4.6	Cash and cash equivalents at end ofperiod	3,169	3,169

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	3,169	3,119
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)	3,169	3,119

6.	Payments to related partiesof the entityand theirassociates	Current quarter$A'000
6.1	Aggregate amount of payments to related parties and theirassociates included in item 1	252
6.2	Aggregate amount of payments to related parties and theirassociates 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 anexplanation for, such payments.

7.	FinancingfacilitiesNote: the term "facility' includes all forms of financingarrangements available to the entity.Add notes as necessary for an understanding of thesources of finance available to the entity.	Total facilityamountat quarterend$A'000	Amount drawnatquarter end$A'000
7.1	Loan facilities	-	-
7.2	Credit standby arrangements	-	-
7.3	Other (EKJV Lease)	-	-
7.4	Total financing facilities	-	-
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.
	N/A

8.	Estimated cash available for future operating activities	$A'000
8.1	Net cash from / (used in) operating activities (item 1.9)	896
8.2	(Payments for exploration & evaluation classified as investingactivities) (item 2.1(d))	(3)
8.3	Total relevant outgoings (item 8.1 + item 8.2)	893
8.4	Cash and cash equivalents at quarter end (item 4.6)	3,169
8.5	Unused finance facilities available at quarter end (item 7.5)	-
8.6	Total available funding (item 8.4 + item 8.5)	3,169
8.7	Estimated quarters of funding available (item 8.6 divided byitem 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.
8.8	If item 8.7 is less than 2 quarters, please provide answers to the following questions:
	8.8.1Does the entity expect that it will continue to have the current level of net operatingcash flows for the time being and, if not, why not?
	Answer: N/A
	8.8.2Has the entity taken any steps, or does it propose to take any steps, to raise furthercash to fund its operations and, if so, what are those steps and how likely does itbelieve that they will be successful?
	Answer: N/A
	8.8.3Does the entity expect to be able to continue its operations and to meet its businessobjectives 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.

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.

31 July 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.
• 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.