RAND MINING LIMITED — Interim / Quarterly Report 2024

Jan 30, 2024

ASX ANNOUNCEMENT

31 January 2024

ASX:RND

Quarterly Report for December 2023

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 processed 48,580 tonnes of ore at 3.17 g/t from the EKJV operations at the joint venture partner Evolution Mining Limited Mungari processing plant, with Rand's share equating to 12,145 tonnes.
• 4,651 ounces of gold were produced by Rand and Tribune during the quarter.
• Rand's 25% share of the gold produced was 1,163 oz

Ore Stockpiles

	STOCKPILES
ROM Pad	Ore Source	Ore Tonnes	Grade g/t	Ounces Au	Rand Entitlement
		EKJV Stockpiles
Rubicon ROM	EKJV RHP Ore	9,619	4.81	1,486	12.25%
Rubicon ROM	EKJV RHP Low grade	2,232	2.05	147	12.25%
Rubicon ROM	EKJV RHP MW	126,153	0.90	3,633	12.25%
Mungari ROM	EKJV RHP Ore	6,135	4.09	807	12.25%
Mungari ROM	EKJV RHP MW	3,791	0.90	109	12.25%
Mungari ROM	EKJV RHP Crushed	360	2.55	30	12.25%
Raleigh ROM	EKJV Raleigh Ore	415	3.00	40	12.50%
Raleigh ROM	EKJV Raleigh MW	5,398	0.79	137	12.50%
	Rand Share of EKJV Stockpiles	18,892	1.29	783	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
	Decline	Other	Ore	Waste	Paste
	(m)	(m)	(m)	(m)	(m)
October	50.4	49.8	45.4
November	42.0	66.9	45.2
December	71.9	93.0	45.0	14.7
December 2023 Q	164.3	209.7	135.6	14.7	0.0

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
	Decline	Other	OreWastePaste
	(m)	(m)	(m)	(m)	(m)
October	34.5	112.3	20.85.725.0

November	34.8	167.9	31.0	39.9	30.0
December	32.3	156.3	58.7	31.7	30.0
December 2023 Q	101.6	436.5	110.5	77.3	85.0

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
October	17,137	3.8	2,077	1,693	2.4	129	18,830	3.6	2,206
November	24,298	5.4	4,221	2,236	2.6	187	26,534	5.2	4,408
December	33,281	3.6	3,807	1,218	2.2	85	34,499	3.5	3,892
December2023 Q	74,716	4.2	10,105	5,147	2.4	401	79,863	4.1	10,506
September2023 Q	117,740	3.88	14,317	7,139	2.8	643	124,879	3.7	14,960

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

		EKJV
Quarter	Tonnes	Grade	Ounces
	(t)	(g/t)	(troy oz)
December 2023 Q	9,796	4.1	1,288
September 2023 Q	15,315	3.7	1,834

Toll Processing

During the quarter a total of 48,580 tonnes of Rand and Tribune ore at 3.17 g/t was processed at the Mungari processing plant under the EKJV joint venture agreement with Evolution Mining Limited to recover 4,651 oz of gold at 94.0% recovery.

Rand and Tribune gold production for the December 2023 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	48,580	3.17	94.0%	4,651

Rand's Share of Ore Processed
Campaign Location	TonnesMilled	HeadGrade Au(g/t)	Recovery (%)	Fine AuProduced(Oz)
EVN Mungari	12,145	3.17	94.0%	1,163

EKJV Exploration

A total of 3,775 m was drilled in FY24 Q2 for the East Kundana Joint Venture. Twenty holes were completed targeting the Raleigh Deeps main vein for resource definition and conversion.

WORK COMPLETED

Resource definition drilling in the Raleigh Deeps commenced in FY24 Q1 and was finalised FY24 Q2, with 3,775 m drilled in Q2 to conclude the 6,756m program.

The program's primary purpose was to define the Raleigh Main Vein (RMV) and to convert the mineral resource from inferred to indicated, in the target area. The program's secondary purpose was to generate additional data points for the ongoing Skinners Vein (SKV) interpretation.

Figure 1 Long section of the Raleigh Deeps resource definition drilling, looking east.

The assay results have been in line with expectations with two significant intercepts in Raleigh Main Vein noted below:

• 0.20m (0.18m etw) grading 59.5g/t gold from 307.2m (RALRSD23014 RMV)
• 0.25m (0.25m etw) grading 50.7g/t gold from 291.06m (RALRSD23009 RMV)

Skinners vein was identified in core and grades are in line with observations from the recent resampling program of historic drillholes. These new intercepts will assist in the re-interpretation, aiming to extend the lode down dip and across strike. Significant Skinners vein intercepts in the latest drilling are as follows:

• 0.10m (0.1m etw) grading 126g/t gold from 293.05m (RALRSD23010 SKV)
• 0.31m (0.28m etw) grading 22.5g/t gold from 373.04m (RALRSD23015 SKV)
• 0.37m (0.1m etw) grading 20.3g/t gold from 278.33m (RALRSD23008 SKV)
• 0.41m (0.35m etw) grading 10.7g/t gold from 299.06m (RALRSD23014 SKV)

For results in tabulated format, see Appendix 1.

Figure 2 Long section of returned results of the first Raleigh Deeps RSD program, looking East. Block model shown is the 2211 Raleigh resource model for the RMVN domain.

FUTURE WORK

The results of the first Raleigh deeps drilling program has provided further insight into the fault structures in the current Raleigh model. The understanding of these structures down dip including the Lucifer fault and Lucifer splay to the North and the 'Major Kink' fault has improved.

A holistic review of the faulting in the Raleigh Deeps and the remodelling of the Raleigh Main Vein and Skinners lodes, based on new structural and geological intercept data, has commenced this quarter.

The drill rig has been re-allocated to another project but drilling, targeting this area, will commence again towards the end of FY24 Q3, aiming to convert inferred resource to indicated resource.

Hole ID	Hole	Easting	Northing	Elevation	Dip	Azi	Hole	From	DH	ETW	Grade
	Type	MGA	MGA (m)	AHD (m)		MGA	Length	(m)	Width	(m)	(g/t
		(m)					(m)		(m)		Au)
RALRSD23001	DDH	331539	6598652	-342	-26	62	218.7	191.36	0.33	0.15	20.7
								191.88	0.28	0.2	5.7
RALRSD23002	DDH	331539	6598652	-342	-34	51	212.62	198.9	0.28	0.25	9.3
								203.73	0.33	0.33	0
RALRSD23003	DDH	331538	6598652	-342	-17	41	226	205.31	0.44	0.2	0.2
								186.13	0.17	0.17	6.1
RALRSD23004	DDH	331538	6598652	-342	-24	44	245.68	195.53	0.23	0.15	12.8
								187.36	0.17	0.1	0.7
RALRSD23005	DDH	331539	6598652	-342	-29	39	241.08	213.34	0.19	0.15	3.1
								220	0.41	0.25	0.2

Appendix 1: EKJV-Raleigh Drill Hole Information Summary

RALRSD23006	DDH	331538	6598652	-342	-11	31	292.5	213.79	0.21	0.18	2.6
RALRSD23007	DDH	331536	6598655	-342	-10	22	329.4	275.55	0.15	0.14	3.8
RALRSD23008	DDH	331536	6598655	-342	-17	24	305.45	278.33	0.37	0.1	20.3
								288.8	0.45	0.4	0.2
RALRSD23009	DDH	331536	6598655	-342	-23	22	305.8	291.06	0.25	0.25	50.7
								285.32	0.3	0.05	4.7
RALRSD23010	DDH	331536	6598656	-341	-10	17	341.6	314.84	0.38	0.35	27.8
								293.05	0.1	0.1	126
RALRSD23011	DDH	331536	6598656	-341	-2	11	377.77	340.92	0.3	0.2	9.9
								356.31	0.52	0.25	2.2
RALRSD23012	DDH	331536	6598656	-341	-6	12	362.52	337.35	0.41	0.2	13.6
								322.52	0.44	0.2	0.4
RALRSD23014	DDH	331536	6598656	-342	-19	16	338.5	299.06	0.41	0.35	10.7
								307.2	0.2	0.18	59.5
RALRSD23015	DDH	331535	6598656	-341	-9	6	407.57	373.04	0.31	0.28	22.5
								377.92	0.6	0.4	0.9

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 has been compiled by Mr Gregory 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 Ltd 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.

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*	10
Reimbursement of operating expenses to Iron Resources Liberia Ltd*	211

*An entity in which Anthony Billis is a director.

Above includes payments to Lyndall Vaughan in her capacity as Finance Manager of the Company, which are being disclosed in Item 6 due to her being an Alternate Director for Otakar Demis.

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 2 JORC Code, 2012 Edition – Table 1 Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	Explanation	Commentary
Sampling techniques	• Nature and quality of sampling (e.g.cut channels, random chips, or specificspecialised industry standardmeasurement tools appropriate to theminerals under investigation, such asdownhole gamma sondes, handheld XRFinstruments, etc). These examplesshould not be taken as limiting thebroad meaning of sampling.Include reference to measures taken to•ensure sample representation and theappropriate calibration of anymeasurement tools or systems used.Aspects of the determination of•mineralisation that are material to thePublic Report.In cases where 'industry standard'•work has been completed this would berelatively simple (e.g. 'reversecirculation drilling was used to obtain 1m samples from which 3 kg waspulverised to produce a 30 g charge forfire assay'). In other cases, moreexplanation may be required, such aswhere there is coarse gold that hasinherent sampling problems, or unusualcommodities/mineralisation types (e.g.submarine nodules).	•Sampling was completed using diamond drill core (DD).•Diamond core was transferred to core trays for logging andsampling. Full core samples were nominated by the geologist fromNQ diamond core, with a minimum sample width of 10cm and amaximum width of 100cm.•Samples were transported to various analysis laboratories inKalgoorlie for preparation by drying, crushing to <3mm, andpulverizing the entire sample to <75μm.•300g Pulp splits were analysed by ALS Global Laboratories inKalgoorlie, Adelaide, and Perth for 50g Fire assay charge and AASanalysis for gold.
Drilling techniques	• Drill type (e.g. core, reverse circulation,open-hole hammer, rotary air blast,auger, Bangka, sonic, etc.) and details(e.g. core diameter, triple or standardtube, depth of diamond tails, facesampling bit or other type, whether coreis oriented and if so, by what method,etc.).	•For underground drilling, NQ2 (50.6mm) diameter core was used.•Core was orientated using an electronic 'back-end tool' coreorientation system.
Drill sample recovery	• Method of recording and assessing coreand chip sample recoveries and resultsassessed.Measures taken to maximise sample•recovery and ensure representativenature of the samples.Whether a relationship exists between•sample recovery and grade and whethersample bias may have occurred due topreferential loss/gain of fine/coarsematerial.	•All diamond core was orientated and measured during processingand the recovery recorded into the drill-hole database. The corewas reconstructed into continuous runs on a cradle fororientation marking. Hole depths were checked against thedriller's core blocks.•Inconsistencies between the logging and the driller's core depthmeasurement blocks are investigated. Core recovery has beenacceptable.•Diamond drilling the contractors adjust their rate of drilling andmethod if recovery issues arise. All recovery is recorded by thedrillers on core blocks. This is checked and compared to themeasurements of the core by the geological team. Any issues arecommunicated back to the drilling contractor•Measures taken to maximise sample recovery include instructionsto drillers to slow down drilling rates or reduce the coring runlength in less competent ground.•Analysis of drill sample bias and loss/gain was undertaken withthe Overall Mine Reconciliation performance where available.

Mungari - Raleigh Section 1 Sampling Techniques and Data

Criteria	Explanation	Commentary
Logging	• Whether core and chip samples havebeen geologically and geotechnicallylogged to a level of detail to supportappropriate Mineral Resourceestimation, mining studies andmetallurgical studies.Whether logging is qualitative or•quantitative in nature. Core (or costean,channel etc.) photography.The total length and percentage of therelevant intersections logged.	•All diamond core is logged for regolith, lithology, veining,alteration,mineralisationandstructure.Structuralmeasurements of specific features are taken through orientedzones. All logging is quantitative where possible and qualitativeelsewhere. A photograph is taken of every core tray (wet).
Sub-samplingtechniques and samplepreparation	If core, whether cut or sawn and•whether quarter, half or all core taken.If non-core, whether riffled, tube•sampled, rotary split, etc and whethersampled wet or dry.For all sample types, the nature, quality•and appropriateness of the samplepreparation technique.Quality control procedures adopted for•all sub-sampling stages to maximiserepresentivity of samples.Measures taken to ensure that the•sampling is representative of the in-situmaterial collected, including for instanceresults for field duplicate/second-halfsampling.Whether sample sizes are appropriate•to the grain size of the material beingsampled.	•All diamond core that was half-core sampled was cutlongitudinally with an automated core saw.•Sample preparation was conducted by ALS Global, commencingwith sorting, checking and drying at less than 110°C to preventsulphide breakdown. Samples are jaw crushed to a nominal 3mmparticle size. The entire crushed sample is then pulverized to 90%passing 75μm, using a bowl or ring-mill pulveriser. 300g Pulpsubsamples are then taken with an aluminium scoop and storedin labelled pulp packets.•Grind checks are performed at both the crushing stage (3mm) andpulverising stage (75μm), requiring 90% of material to passthrough the relevant size to ensure consistent samplepreparation.
Quality of assay dataand laboratory tests	The nature, quality and•appropriateness of the assaying andlaboratory procedures used and whetherthe technique is considered partial ortotal.For geophysical tools, spectrometers,•handheld XRF instruments etc. theparameters used in determining theanalysis including instrument make andmodel, reading times, calibrations factorsapplied and their derivation, etc.Nature of quality control procedures•adopted (eg standards, blanks,duplicates, external laboratory checks)and whether acceptable levels ofaccuracy (i.e. lack of bias) and precisionhave been established.	•A 40-50g fire assay charge is used with a lead flux, dissolved in thefurnace. The prill is totally digested in HCl and HNO3 acids beforeAtomic Absorption Spectroscopy (AAS) determination for goldanalysis.This method ensures total gold is reportedappropriately.•No geophysical tools were used to determine any elementconcentrations.•Certified Reference Materials (CRMs) are inserted into the samplesequence randomly at a rate of 1 per 20 composite samples toensure correct calibration. Any values outside of 3 standarddeviations are scrutinised and re-assayed with a new CRM if thefailure is deemed genuine.•Blanks are inserted into the sample sequence at a rate of 1 per 20composite samples. Failures above 0.1g/t are scrutinised, and reassayed if required. New pulps are prepared if failures remain.•All sample QAQC results are assessed by geologists to ensure theappropriate level of accuracy and precision when the results havebeen returned from the laboratory.
Verification ofsampling and assaying	The verification of significant•intersections by either independent oralternative company personnel.The use of twinned holes.•	•All significant intersections are verified by the project geologistand senior geologist during the drill hole validation process.••Half core and sample pulps are retained at Mungari if furtherverification is required.•The twinning of holes is not a common practice undertaken at

Mungari - Raleigh Section 1 Sampling Techniques and Data

Mungari. The face sample and drill hole data with the mill

Criteria	Explanation	Commentary
	Documentation of primary data, data•entry procedures, data verification anddata storage (physical and electronic)protocols.Discuss any adjustment to assay data•	reconciliation data is of sufficient density to validate neighbouringsamples. Data which is inconsistent with the known geologyundergoes further verification to ensure its quality.•All sample and assay information is stored utilising the acQuiredatabase software system. Data undergoes QAQC validation priorto being accepted and loaded into the database. Assay results aremerged when received electronically from the laboratory. Thegeologist reviews the database checking for the correct mergingof results and that all data has been received and entered. Anyadjustments to this data are recorded permanently in thedatabase. Historical paper records (where available) are retainedat the technical mining offices.•No adjustments or calibrations have been made to the final assaydata reported by the laboratory.
Location of data points	• Accuracy and quality of surveys used tolocate drillholes (collar and downholesurveys), trenches, mine workings andother locations used in Mineral Resourceestimation.Specification of the grid system used.•Quality and adequacy of topographic•	•All collars for underground drilling are in the local mine grid by amine surveyor using a laser theodolite.•Mine Surveyors update control points underground as minedevelopment continues. All drillhole collars are surveyed withlocating two control points as required for precision ofinstrumentation.
	control.
Data spacing anddistribution	Data spacing for reporting of•Exploration Results.Whether the data spacing and•distribution is sufficient to establish thedegree of geological and gradecontinuity appropriate for the MineralResource and Ore Reserve estimationprocedure(s) and classifications applied.Whether sample compositing has been•applied.	•The nominal drill spacing for Exploration drilling is 80m x 80m orwider and for Resource Definition is 40m x 40m or in some areas20m x 20m. This spacing includes data that has been verified fromprevious exploration activities on the project.•Data spacing and distribution is considered sufficient forestablishinggeologicalcontinuityandgradevariabilityappropriate for classifying a Mineral Resource.•Sample compositing was not applied due to the often-narrowmineralised zones.•Compositing downhole within each estimation domain using avariable length compositing technique to a maximum length ofone metre. The target composite length aligns with the dominantsample length of the raw sample data.
Orientation of data inrelation to geologicalstructure	Whether the orientation of sampling•achieves unbiased sampling of possiblestructures and the extent to which this isknown, considering the deposit type.If the relationship between the drilling•orientation and the orientation of keymineralised structures is considered tohave introduced a sampling bias, thisshould be assessed and reported ifmaterial.	•All drilling both underground and surface is oriented as close aspractical to perpendicular to the target structures.Theorientation of all in-mine target structures is well known and drillholes are only designed where meaningful intercept angles can beachieved.•No sampling bias is considered to have been introduced by thedrilling orientation.
Sample security	• The measures taken to ensure samplesecurity.	•Prior to submission samples are retained on site and access to thesamples is restricted. Collected samples are dropped off at therespectivecommerciallaboratoriesinKalgoorlie.Thelaboratories are contained within a secured/fenced compound.Access into the laboratory is restricted and movements ofpersonnel and the samples are tracked under supervision of thelaboratory staff.
Audits or reviews	• The results of any audits or reviews ofsampling techniques and data.	•A Lab audit with ALS Global in Kalgoorlie was completed on the6th of October 2022. No actions were issued because of the audit.•A Lab audit with BV was completed on the 7th of October. Noactions were issued because of the audit.

Mungari - Raleigh Section 1 Sampling Techniques and Data

Section 2 Reporting of Resource Development Results

(Criteria listed in the preceding section also apply to this section.)

Mungari – Raleigh Section 2 Reporting of Resource Development Results
Criteria	Explanation	Commentary
Mineral tenement andland tenure status	Type, reference name/number, location•and ownership including agreements ormaterial issues with third parties such asjoint ventures, partnerships, overridingroyalties, native title interests, historicalsites, wilderness or national park andenvironmental settings.The security of the tenure held at the•time of reporting along with any knownimpediments to obtaining a licence tooperate in the area.	•Diamond holes mentioned in this report are located within theM15/993 Mining leases held by The East Kundana Joint Venture(EKJV). The EKJV is majority owned and managed by EvolutionMining (50%). The minority holding in the EKJV is held byTribune Resources Ltd (36.75%) and Rand Mining Ltd (12.25%).•M15/993 is subject to two royalty agreements; however, neitherof these is applicable to the Prospects described in this report.The agreements concerned are the Kundana‐ Hornet CentralRoyalty and the Kundana Pope John Agreement No. 2602‐13.
Exploration done byother parties	Acknowledgment and appraisal of•exploration by other parties.	•Underground drilling on the Raleigh and Hornet-RubiconPegasus mines extends the mineralised trends from older drillingincluding that of previous operators of those mines includingBarrick Gold, Placer Dome Asia-Pacific, Aurion Gold, GoldfieldsLimited, Northern Star Resources and other predecessors.
Geology	• Deposit type, geological setting andstyle of mineralisation.	•The Kundana camp is situated within the Norseman-WilunaGreenstone Belt, in an area dominated by the Zuleika Shear Zone,which separates the Coolgardie domain from the Ora Bandadomain. The Zuleika Shear Zone in the Kundana area comprisesmultiple anastomosing shears the most important of which arethe K2, the K2A and Strzelecki Shears.•Raleigh mineralisation is hosted on the Strzelecki Structure.Strzelecki mineralisation consists of very narrow, very highgrade mineralisation on a laminated vein hosted in the campscale Strzelecki Shear which abuts a differentiated maficintrusive,thePowderSillGabbro againstintermediatevolcanoclastic rocks (Black Flag Group).A thin 'skin' ofvolcanogenic lithic siltstone-sandstone lies between the gabbroand the Strzelecki shear. Being bound by an intrusive contact onone side and a sheared contact on the other, the thickness of thesedimentary package is highly variable from absent to about fortymetres true width.•The Hornet-Rubicon-Pegasus mineralisation consists primarily ofhigh-grade laminated vein hosted gold on the K2 plane of theZuleika shear with additional mineralisation on associated lowerorder structures. The Falcon target is a related mineralised zonein the hangingwall to Pegasus and between the two main Zuleikastructures, the K2 and Strzelecki structures.
Drill hole Information	• A summary of all information materialto the understanding of the explorationresults including a tabulation of thefollowing information for all Materialdrillholes:o easting and northing of the drillholecollaro elevation or RL of the drillhole collaro dip and azimuth of the holeo downhole length and interception deptho hole length.	•Refer to the drill hole information table in the Appendix of thisreport.
Data aggregationmethods	In reporting Exploration Results,•weighting averaging techniques,maximum and/or minimum gradetruncations (e.g. cutting of high grades)and cut-off grades are usually material	•All drill results are reported as aggregates across the target zone.•No metal equivalent values are used.

and should be stated.

		Mungari – Raleigh Section 2 Reporting of Resource Development Results
Criteria	Explanation	Commentary
	Where aggregate intercepts•incorporate short lengths of high-graderesults and longer lengths of low-graderesults, the procedure used for suchaggregation should be stated and sometypical examples of such aggregationsshould be shown in detail.The assumptions used for any reporting•of metal equivalent values should beclearly stated.
Relationship betweenmineralisation widthsand intercept lengths	These relationships are particularly•important in the reporting of ExplorationResults.If the geometry of the mineralisation•with respect to the drill hole angle isknown, its nature should be reported.If it is not known and only the downhole•lengths are reported, there should be aclear statement to this effect (e.g.'downhole length, true width not known')	•The orientation of target structures is well known for all in-mineexploration targets and true widths can be accurately calculatedand are reported accordingly.•Both the downhole width and true width have been clearlyspecified when used.•The assay results are reported as down hole intervals with anestimate of true width provided in Appendix.
Diagrams	• Appropriate maps and sections (withscales) and tabulations of interceptsshould be included for any significantdiscovery being reported. These shouldinclude, but not be limited to a plan viewof drill hole.	•Drill hole location diagrams and representative sections ofreported exploration results are provided either below or in thebody of this report.
Balanced reporting	• Where comprehensive reporting of allExploration Results is not practicable,representative reporting of both low andhigh grades and/or widths should bepracticed to avoid misleading reportingof Exploration Results.	•All Exploration and Resource Definition results have beenreported in the Drill Hole Information Summary in the Appendixof this report.
Other substantiveexploration data	Other exploration data, if meaningful•and material, should be reportedincluding (but not limited to): geologicalobservations; geophysical survey results;geochemical survey results; bulk samples– size and method of treatment;metallurgical test results; bulk density,groundwater, geotechnical and rockcharacteristics; potential deleterious orcontaminating substances.	•No other material exploration data has been collected for this drillprogram.
Further work	• The nature and scale of planned furtherwork (e.g. tests for lateral extensions ordepth extensions or largescale step-outdrilling).Diagrams clearly highlighting the areas•of possible extensions, including the maingeological interpretations and futuredrilling areas, provided this informationis not commercially sensitive.	•Further work includes;oEngaging the next phase of resource definition drilling inFY24 Q3 for Raleigh Deeps for resource conversion.oUpdating the geological model, for the drilling resultsreceived and updating the Mineral Resource estimate.oAn economic evaluation will be completed utilising aMine Shape Optimiser function.

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 December 2023

Consolidated statement of cash flows		Current quarter$A'000	Year to date (6months)$A'000
1.	Cash flows from operating activities
1.1	Receipts from customers	13,779	19,680
1.2	Payments for
	(a)exploration & evaluation	(197)	(413)
	(b)development	(1,780)	(3,357)
	(c)production	(3,805)	(7,153)
	(d)staff costs	(71)	(122)
	(e)administration and corporate costs	(269)	(656)
1.3	Dividends received (see note 3)	-	-
1.4	Interest received	16	36
1.5	Interest and other costs of finance paid	(1)	(1)
1.6	Income taxes paid	(1,752)	(2,561)
1.7	Government grants and tax incentives	-	-
1.8	Other (provide details if material)	-	-
1.9	Net cash from / (used in) operatingactivities	5,920	5,453

2.		Cash flows from investing activities
2.1	Payments to acquire or for:
	(a)	entities	-	-
	(b)	tenements	-	-
	(c)	property, plant and equipment	(10)	(24)
	(d)	exploration & evaluation	(4)	(38)
	(e)	investments	-	-
	(f)	other non-current assets	-	-

Consolidated statement of cash flows		Current quarter$A'000	Year to date (6months)$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	(14)	(62)

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	(5)	(11)
3.7	Transaction costs related to loans andborrowings	-	-
3.8	Dividends paid	(5,688)	(5,688)
3.9	Other (provide details if material)	-	-
3.10	Net cash from / (used in) financingactivities	(5,693)	(5,699)

4.	Net increase / (decrease) in cash andcash equivalents for the period
4.1	Cash and cash equivalents at beginning ofperiod	1,638	2,159
4.2	Net cash from / (used in) operatingactivities (item 1.9 above)	5,920	5,453
4.3	Net cash from / (used in) investing activities(item 2.6 above)	(14)	(62)
4.4	Net cash from / (used in) financing activities(item 3.10 above)	(5,693)	(5,699)

	Consolidated statement of cash flows	Current quarter$A'000	Year to date (6months)$A'000
4.5	Effect of movement in exchange rates oncash held	-	-
4.6	Cash and cash equivalents at end ofperiod	1,851	1,851

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	1,851	1,638
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)	1,851	1,638

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	370
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)	5,920
8.2	(Payments for exploration & evaluation classified as investingactivities) (item 2.1(d))	(4)
8.3	Total relevant outgoings (item 8.1 + item 8.2)	5,916
8.4	Cash and cash equivalents at quarter end (item 4.6)	1,851
8.5	Unused finance facilities available at quarter end (item 7.5)	-
8.6	Total available funding (item 8.4 + item 8.5)	1,851
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: 31 January 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.