RAND MINING LIMITED — Interim / Quarterly Report 2024

Apr 25, 2024

ASX ANNOUNCEMENT

ASX:RND

Quarterly Report for March 2024

Highlights

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 Brett Tucker & Mr Roland Berzins Joint Company Secretaries

• During the quarter Rand and Tribune processed 53,316 tonnes of ore at 4.03 g/t from the EKJV operations at the joint venture partner Evolution Mining Limited Mungari processing plant, with Rand's share equating to 13,329 tonnes
• 6,554 ounces of gold were produced by Rand and Tribune during the quarter
• Rand's 25% share of the gold produced was 1,638 oz

Ore Stockpiles

STOCKPILES
ROM Pad	Ore Source	OreTonnes	Gradeg/t	OuncesAu	RandEntitlement
	EKJV Stockpiles
Rubicon ROM	EKJV RHP Ore	1,673	2.77	149	12.25%
Rubicon ROM	EKJV RHP Low grade	9,478	1.72	524	12.25%
Rubicon ROM	EKJV RHP MW	122,010	0.89	3,500	12.25%
Mungari ROM	EKJV RHP Ore	1,533	3.72	183	12.25%
Mungari ROM	EKJV RHP MW	2,007	0.90	58	12.25%
Mungari ROM	EKJV RHP LG	3,567	1.64	188	12.25%
Mungari ROM	EKJV Raleigh Ore	555	3.84	68	12.50%
Mungari ROM	EKJV RHP Crushed	766	3.73	92	12.25%
Raleigh ROM	EKJV Raleigh Ore	38	2.16	3	12.50%
Raleigh ROM	EKJV Raleigh MW	5,870	0.79	149	12.50%
Rand Share of EKJV Stockpiles		18,085	1.03	603	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

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

ORE BODY	Raleigh
Month	Capital		Operating Lateral development
	DeclineOtherOre		Waste	Paste
	(m)	(m)	(m)	(m)	(m)
January	28.2	116.8	54.0	27.3
February	37.6	79.1	54.8
March
March 2024 Q	65.8	195.9	108.8	27.3	0.0

Rubicon-Hornet-Pegasus Underground Mine Development

ORE BODY	Rubicon, Hornet & Pegasus
Month		CapitalOperating Lateral development
	DeclineOtherOre		Waste	Paste
	(m)	(m)	(m)	(m)	(m)
January	8.1	123.2	148.9	15.3	20.0
February	25.4	98.7	24.5	23.6	25.0
March	50.6	164.9	75.9	9.3	20.0
March 2024 Q	84.1	386.8	249.3	48.2	65.0

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

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
January	35,792	4.0	4,602	3,498	3.8	431	39,290	4.0	5,033
February	30,094	4.0	3,870	3,265	5.6	584	33,359	4.2	4,454
March	28,536	3.4	3,070	0	0	0	28,536	3.4	3,070
March 2024 Q	94,422	3.8	11,542	6,763	4.7	1,015	101,185	3.9	12,557
December2023 Q	74,716	4.2	10,105	5,147	2.4	401	79,863	4.1	10,506

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

	EKJV
Quarter	Tonnes	Grade	Ounces
	(t)	(g/t)	(troy oz)
March 2024 Q	12,412	3.9	1,541
December 2023 Q	9,796	4.1	1,288

Toll Processing

During the quarter a total of 53,316 tonnes of Rand and Tribune ore at 4.03 g/t was processed at the Mungari processing plant under the EKJV joint venture agreement with Evolution Mining Limited to recover 6,554 oz of gold at 95.0% recovery.

Rand and Tribune gold production for the March 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	53,316	4.03	95.0%	6,554

Rand's Share of Ore Processed
Campaign Location	TonnesMilled	HeadGrade Au(g/t)	Recovery (%)	Fine AuProduced(Oz)
EVN Mungari	13,329	4.03	95.0%	1,638

EKJV Exploration

For the quarter, a mine-scale remodelling exercise has commenced for exploration target generation.

Drilling was forecast to commence at Raleigh underground and was delayed due to a delay for the mining sequence.

WORK COMPLETED

The mine scale geological model process commenced during the quarter. The purpose of the updated geological model is to improve geological understanding of gold mineralisation and generate further exploration targets.

The mine scale geological model extends from approximately three kilometres along strike of the main K2 mineralised corridor and focusses on interpreting structural and stratigraphic relationships.

Figure 1: Image of the current Mungari lithological model in plan - remodelling has commenced between the Lucifer Fault and Mary Fault Zones

FUTURE WORK

Future work will continue targeting as the geological re-interpretation work is completed. Drilling is planned to recommence around the upper Skinners lode aiming to convert Inferred to Indicated mineral resource.

RAND MINING LTD. (ASX:RND) ASX Announcement Page 4 of 6

Other Exploration

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

During the quarter, no exploration work was completed at the across the Seven Mile Hill joint venture tenements.

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.

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	23
Non-executive Director fees	52
Directors fees and wages payable to Lyndall Vaughan (Alternate Director for	8
Otakar Demis)
Management fee paid to Tribune Resources	106
Payment of rent, rates and levies for office to Meville Parade Pty Ltd*	10
Reimbursement of operating expenses to Iron Resources Liberia Ltd*	73

*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 of	Acquired during	Disposed during
		quarter	the quarter	the 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%
P15/6434		50.00%
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	31 March 2024

	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	7,928	27,608
1.2	Payments for
	(a)exploration & evaluation	(67)	(480)
	(b)development	(1,671)	(5,028)
	(c)production	(3,350)	(10,503)
	(d)staff costs	(110)	(232)
	(e)administration and corporate costs	(257)	(913)
1.3	Dividends received (see note 3)	-	-
1.4	Interest received	21	57
1.5	Interest and other costs of finance paid	(14)	(15)
1.6	Income taxes paid	(1,110)	(3,671)
1.7	Government grants and tax incentives	-	-
1.8	Other (provide details if material)	-	-
1.9	Net cash from / (used in) operatingactivities	1,370	6,823

2.		Cash flows from investing activities
2.1		Payments to acquire or for:
	(a)	entities	-	-
	(b)	tenements	-	-
	(c)	property, plant and equipment	(102)	(126)
	(d)	exploration & evaluation	-	(38)
	(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	-	-
	(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	(102)	(164)

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	1,851	2,159
4.2	Net cash from / (used in) operatingactivities (item 1.9 above)	1,370	6,823
4.3	Net cash from / (used in) investing activities(item 2.6 above)	(102)	(164)
4.4	Net cash from / (used in) financing activities(item 3.10 above)	-	(5,699)

Consolidated statement of cash flows		Current quarter$A'000	Year to date (9months)$A'000
4.5	Effect of movement in exchange rates oncash held	-	-
4.6	Cash and cash equivalents at end ofperiod	3,119	3,119

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	3,119	1,851
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)	3,119	1,851

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	272
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)	1,370
8.2	(Payments for exploration & evaluation classified as investingactivities) (item 2.1(d))		-
8.3		Total relevant outgoings (item 8.1 + item 8.2)	1,370
8.4		Cash and cash equivalents at quarter end (item 4.6)	3,119
8.5		Unused finance facilities available at quarter end (item 7.5)	-
8.6		Total available funding (item 8.4 + item 8.5)	3,119
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.

Date: 26 April 2024

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.