RAND MINING LIMITED — Interim / Quarterly Report 2025

Mar 10, 2025

Rand Mining Limited

ABN 41 004 669 658

Interim Report - 31 December 2024

Rand Mining Limited Contents 31 December 2024

Corporate directory	2
Directors' report	3
Auditor's independence declaration	9
Consolidated statement of profit or loss and other comprehensive income	10
Consolidated statement of financial position	11
Consolidated statement of changes in equity	12
Consolidated statement of cash flows	13
Notes to the consolidated financial statements	14
Directors' declaration	19
Independent auditor's review report to the members of Rand Mining Limited	20

1

Rand Mining Limited Corporate directory 31 December 2024

Directors	Otakar Demis - Non-Executive Chairman
	Anthony Billis - Managing Director and Chief Executive Officer
	Gordon Sklenka - Non-Executive Director
Alternate Director	Lyndall Vaughan (alternate to Otakar Demis)
Company secretaries	Otakar Demis
	Roland Berzins
	Sheran De Silva
Registered office	Suite G1, 49 Melville Parade
	South Perth WA 6151
	Tel: +61 (8) 9474 2113
	Fax: +61 (8) 9367 9386
Principal place of business	Suite G1, 49 Melville Parade
	South Perth WA 6151
Correspondence address	PO Box 307
	West Perth WA 6872
Share register	XCEND
	Level 2, 477 Pitt Street
	Haymarket NSW 2000
	Tel: +61 (2) 7208 8033
	Email: support@xcend.co
Auditor	PKF Perth
	Dynons Plaza
	Level 8, 905 Hay Street
	Perth WA 6005
Bankers	Australia and New Zealand Banking Group Limited ('ANZ')
	77 St George's Terrace
	Perth WA 6000
Stock exchange listing	Rand Mining Limited shares are listed on the Australian Securities Exchange (ASX code: RND)
Website	www.randmining.com.au

2

Rand Mining Limited Directors' report 31 December 2024

The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'Group') consisting of Rand Mining Limited (referred to hereafter as the 'Company', 'parent entity' or 'Rand') and the entities it controlled at the end of, or during, the half-year ended 31 December 2024.

Directors

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

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

Alternate Director: Lyndall Vaughan*

• Alternate to Otakar Demis

Principal activities

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

Dividends

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

31 Dec 2024 31 Dec 2023 $ $ A dividend of 10 cents per ordinary share was paid to shareholders on 16 December 2024 (31 December 2023: dividend of 10 cents per ordinary share was paid to shareholders on 30 November 2023). 5,687,596 5,687,596

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

Review of operations

Operations and projects

At 31 December 2024, the Group had a share in two operating underground mines at East Kundana Joint Venture ('EKJV') located 25km west north west of Kalgoorlie and 47km north east of Coolgardie.

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

3

Rand Mining Limited Directors' report 31 December 2024

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Mining

Raleigh

Development and rehabilitation of the Raleigh mine recommenced in 2023 after production was halted in April 2020. 1,304.4 jumbo development metres were achieved in the half-year from July to December 2024 with development focusing on the Sadler mining area.

A total of 762.9 metres of capital development was completed including 340.7 decline metres. Operating development for the half-year totalled 541.5 metres including 520.1 metres in ore.

Total mine production including ore drive development in the half-year totalled 38,047 tonnes of ore at a grade of 2.8 g/t gold for 3,400 ounces of gold. Rand's entitlement to mined ore tonnes in the half-year was 4,756 tonnes for 425 ounces gold.

Rubicon/Hornet/Pegasus

Production at the Rubicon Underground Mine that commenced in August 2011 continues with focus on the development of the Pegasus orebody.

Capital development for the half-year totalled 1,156.2 metres including 236.9 metres of decline development. Operating development for the halfyear totalled 675.2 metres, including 76.3 metres in waste, 392.2 metres in ore and 206.7 metres through paste fill.

Mine production during the half-year totalled 183,418 tonnes grading 4.2 grams per tonne containing 24,977 ounces of gold based on grade control estimates. Rand’s entitlement to mined ore tonnes in the half-year was 22,469 tonnes for 3,060 ounces gold.

4

Rand Mining Limited Directors' report 31 December 2024

Processing

During the half-year, Rand and Tribune milled 99,199 tonnes of ore through the Mungari Processing plant. Rand's share was 24,800 tonnes. A total of 2,951 oz of gold was credited to the Rand Bullion Account at Perth Mint.

Exploration

EKJV

Work completed for the EKJV includes 4,158 metres of RC drilling into the Hornet deposit, in preparation for Open pit mining in FY25 (table 1 below).

The exploration activity for the December quarter is summarised below.	The exploration activity for the December quarter is summarised below.	The exploration activity for the December quarter is summarised below.
Table 1 Project Prospect Tenement Hornet Rubicon Pegasus Hornet M16-309 Total	RAB/AC Metres -	RAB/AC Samples -	RC Metres 4,158	RC Samples 4,158	DD Metres -	DD Samples -	ME Samples -
	-	-	4,158	4,158	-	-	-

Infill Reverse Circulation ('RC') drilling was completed at Hornet, in preparation for the open pit mining sequence, due to commence in quarter four FY25. A total of 4,158 metres of RC drilling was completed into the Inferred mineral resource, within the Mary fault mineralisation (figure 1). For the Mary Fault position, a dense drill spacing of 5 metres by 5 metres was required to determine continuity of mineralisation. Drilling results are positive with a high-grade mineralised zone defined (figure 2 and table 1). These drilling results will be included in a Mineral Resource update and form part of an updated mining sequence.

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A plan view of the Hornet RC drilling completed within the quarter, showing historic drilling, the Hornet open pit design and the Mary Fault mineralisation.

5

Rand Mining Limited Directors' report 31 December 2024

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A cross section of the Hornet infill RC drilling into the Mary Fault mineralisation.

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.

For details of the assay results, please refer to EKJV Exploration Report December 2024 Quarter released to the ASX on 23 January 2025.

6

Rand Mining Limited Directors' report 31 December 2024

Seven Mile Hill (Rand's Interest 50%)

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.

Rand completed two drill holes for 651 metres, comprising:

• Rotary mud drilling in the clay zone for 132 metres; and

• Diamond drilling for 519 metres.

The drilling was conducted on P26/4173 following erratic gold intercepts from shallower RC drilling. The program is to enable a better structural understanding and identify deeper high-grade gold mineralisation.

The core is currently being cut in preparation for gold assays.

Corporate

A fully franked dividend of 10 cents per ordinary share was paid to the shareholders on 16 December 2024.

Share Buy-Back Programme

In January 2025, the Company announced an extension to its on-market share buy-back programme. The programme end date was extended to 9 January 2026. The maximum number of shares that can be acquired during the programme is 2,415,082. No shares were bought back during the December half-year.

Operating and financial review

Key results:

• During the half-year the Group achieved a net profit after tax of $8,134,460 (31 December 2023: $5,902,922).

• The Basic earnings per share was 14.30 cents (31 December 2023: 10.38 cents).

• Company paid a 10 cent per share fully franked dividend of $5,687,596 applicable to the year ended 30 June 2024. During the half-year ended 31 December 2023, the Company also paid a 10 cent fully franked dividend of $5,687,596.

• Net cashflows from operating activities was $14,459,918 (31 December 2023: $9,180,344).

Profit overview

During the half-year, the Group achieved a profit after tax of $8,134,460 which is an increase of $2,231,538 on the previous half-year. Revenue increased by $6,339,300 which was driven by higher gold prices.

Operating costs were relatively stable except for mining costs which increased by $789,449 primarily due to an increase in tonnes mined during the half-year compared to the previous half-year. The Company also impaired Raleigh Mine Development in the amount of $1,657,967 due to the ongoing seismic issues and uncertainty associated with project.

Balance sheet

Cash and cash equivalents decreased by $1,442,927 during the half-year to $4,611,946 from $3,169,019 at 30 June 2024. There was an overall increase in total assets of $3,547,806 and an overall increase in total liabilities of just $1,100,942. Items of significance are a $1,460,109 increase in mine development and $2,247,307 increase in property, plant and equipment.

Cash flow

Overall, there was an increase in cash and cash equivalents of $1,442,927 during the half-year (31 December 2023: decrease of $307,613).

A summary of the cash flow noting the change during the half-year is below:

	31 Dec 2024	31 Dec 2023	Change	Change
	$	$	$	%
Cash flows from operating activities	14,459,918	9,180,344	5,279,574	58%
Cash flows used in investing activities	(7,329,395)	(3,788,879)	(3,540,516)	93%
Cash flows used in financing activities	(5,687,596)	(5,699,078)	11,482	-
Cash at the beginning of the half-year	3,169,019	2,159,051	1,009,968	47%
Cash at the end of the half-year	4,611,946	1,851,438	2,760,508	149%

The increased cashflows from operating activities was primarily driven by the higher gold price. The increase in cash outflows from investing activities was related to increased mine development costs and the purchase of mining property plant and equipment primarily due to the Rubicon, Hornet, Pegasus Fleet replacement during the period.

Significant changes in the state of affairs

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

7

Rand Mining Limited Directors' report 31 December 2024

Matters subsequent to the end of the financial half-year

In January 2025, the Company announced an extension to its on-market share buy-back programme. The programme end date was extended to 9 January 2026. The maximum number of shares that can be acquired during the programme is 2,415,082. No shares were bought back during the December half-year.

No other matter or circumstance has arisen since 31 December 2024 that has significantly affected, or may significantly affect the Group's operations, the results of those operations, or the Group's state of affairs in future financial years.

Auditor's independence declaration

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

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

On behalf of the directors

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_________ Anthony Billis Director

11 March 2025 Perth

8

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PKF Perth ABN 64 591 268 274 Dynons Plaza, Level 8, 905 Hay Street, Perth WA 6000 PO Box 7206, Cloisters Square WA 6850 Australia

+61 8 9426 8999 perth@pkfperth.com.au pkf.com.au

AUDITOR’S INDEPENDENCE DECLARATION

TO THE DIRECTORS OF RAND MINING LIMITED

In relation to our review of the financial report of Rand Mining Limited for the half year ended 31 December 2024, to the best of my knowledge and belief, there have been no contraventions of the auditor independence requirements of the Corporations Act 2001 or any applicable code of professional conduct.

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PKF PERTH

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ALEXANDRA SOFIA BALDEIRA PEREIRA CARVALHO PARTNER

11 March 2025 PERTH, WESTERN AUSTRALIA

PKF Perth is a member of PKF Global, the network of member firms of PKF International Limited, each of which is a separately owned legal entity and does not accept any responsibility or liability for the actions or inactions of any individual member or correspondent firm(s). Liability limited by a scheme approved under Professional Standards Legislation.

9

Rand Mining Limited Consolidated statement of profit or loss and other comprehensive income For the half-year ended 31 December 2024

Note Revenue from contracts with customers 4 Other income Interest revenue calculated using the effective interest method Net gain on sale of assets Expenses Changes in inventories Employee benefits expense 5 Management fees Depreciation and amortisation expense 5 Impairment of exploration and evaluation Impairment of mine development 8 Net fair value loss on financial assets 5,7 Mining expenses Processing expenses Royalty expenses Foreign currency losses Other expenses Finance costs 5 Profit before income tax expense Income tax expense Profit after income tax expense for the half-year attributable to the owners of Rand Mining Limited Other comprehensive income for the half-year, net of tax Total comprehensive income for the half-year attributable to the owners of Rand Mining Limited Basic earnings per share Diluted earnings per share	31 Dec 2024 $ 26,019,050 6,802 59,129 81,123 (2,265,501) (138,435) (377,003) (1,499,367) (434,660) (1,657,967) (13,199) (5,573,043) (1,029,455) (338,971) (6,978) (1,099,990) -	31 Dec 2023 $ 19,679,750 123 36,242 - (760,880) (138,615) (393,721) (2,005,660) (433,337) - (51,904) (4,783,594) (1,309,155) (241,313) (3,702) (1,015,812) (940)
	11,731,535 (3,597,075)	8,577,482 (2,674,560)
	8,134,460 -	5,902,922 -
	8,134,460	5,902,922
	Cents 14.30 14.30	Cents 10.38 10.38

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

10

Rand Mining Limited Consolidated statement of financial position As at 31 December 2024

Note Assets Current assets Cash and cash equivalents Trade and other receivables Inventories 6 Prepayments Total current assets Non-current assets Financial assets at fair value through profit or loss 7 Property, plant and equipment Exploration and evaluation Mine development 8 Deferred tax Total non-current assets Total assets Liabilities Current liabilities Trade and other payables Income tax Provisions Total current liabilities Non-current liabilities Deferred tax Provisions Total non-current liabilities Total liabilities Net assets Equity Issued capital Retained profits Total equity	31 Dec 2024 $ 4,611,946 242,860 75,624,360 5,866	30 Jun 2024 $ 3,169,019 215,602 77,800,176 49,371
	80,485,032	81,234,168
	87,623 4,353,864 2,473,411 18,329,630 2,061,573	100,822 2,106,557 2,368,373 16,869,521 1,563,886
	27,306,101	23,009,159
	107,791,133	104,243,327
	2,607,365 1,738,884 77,384	3,141,858 204,845 73,431
	4,423,633	3,420,134
	1,834,634 419,767	1,722,350 434,608
	2,254,401	2,156,958
	6,678,034	5,577,092
	101,113,099	98,666,235
	11,707,036 89,406,063	11,707,036 86,959,199
	101,113,099	98,666,235

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

11

Rand Mining Limited Consolidated statement of changes in equity For the half-year ended 31 December 2024

Balance at 1 July 2023 Profit after income tax expense for the half-year Other comprehensive income for the half-year, net of tax Total comprehensive income for the half-year Transactions with owners in their capacity as owners: Dividends paid (note 9) Balance at 31 December 2023 Balance at 1 July 2024 Profit after income tax expense for the half-year Other comprehensive income for the half-year, net of tax Total comprehensive income for the half-year Transactions with owners in their capacity as owners: Dividends paid (note 9) Balance at 31 December 2024	Issued capital $ 11,707,036 - -	Retained profits $ 85,984,300 5,902,922 -	Total equity $ 97,691,336 5,902,922 -
	- -	5,902,922 (5,687,596)	5,902,922 (5,687,596)
	11,707,036	86,199,626	97,906,662
	Issued capital $ 11,707,036 - -	Retained profits $ 86,959,199 8,134,460 -	Total equity $ 98,666,235 8,134,460 -
	- -	8,134,460 (5,687,596)	8,134,460 (5,687,596)
	11,707,036	89,406,063	101,113,099

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

12

Rand Mining Limited Consolidated statement of cash flows For the half-year ended 31 December 2024

Note Cash flows from operating activities Receipts from customers (inclusive of GST) Payments to suppliers and employees (inclusive of GST) Interest received Interest and other finance costs paid Income taxes paid Net cash from operating activities Cash flows from investing activities Payments for property, plant and equipment Payments for exploration and evaluation Payments for mine development Proceeds from disposal of investments Net cash used in investing activities Cash flows from financing activities Repayment of lease liabilities Dividends paid 9 Net cash used in financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the financial half-year Cash and cash equivalents at the end of the financial half-year	31 Dec 2024 $ 26,025,852 (9,176,624) 59,129 - (2,448,439)	31 Dec 2023 $ 19,679,873 (7,973,614) 36,242 (808) (2,561,349)
	14,459,918	9,180,344
	(2,538,045) (536,605) (4,335,868) 81,123	(24,057) (450,858) (3,313,964) -
	(7,329,395)	(3,788,879)
	- (5,687,596)	(11,482) (5,687,596)
	(5,687,596)	(5,699,078)
	1,442,927 3,169,019	(307,613) 2,159,051
	4,611,946	1,851,438

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

13

Rand Mining Limited Notes to the consolidated financial statements 31 December 2024

Note 1. General information

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

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

Suite G1, 49 Melville Parade

South Perth WA 6151

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

The financial statements were authorised for issue, in accordance with a resolution of directors, on 11 March 2025. The directors have the power to amend and reissue the financial statements.

Note 2. Material accounting policy information

These general purpose financial statements for the interim half-year reporting period ended 31 December 2024 have been prepared in accordance with Australian Accounting Standard AASB 134 'Interim Financial Reporting' and the Corporations Act 2001, as appropriate for for-profit oriented entities. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 'Interim Financial Reporting'.

These general purpose financial statements do not include all the notes of the type normally included in annual financial statements. Accordingly, these financial statements are to be read in conjunction with the annual report for the year ended 30 June 2024 and any public announcements made by the Company during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.

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

New or amended Accounting Standards and Interpretations adopted

The Group has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board (‘AASB’) that are mandatory for the current reporting period. The adoption of these Accounting Standards and Interpretations did not have any significant impact on the financial performance or position of the Group during the financial half-year ended 31 December 2024 and are not expected to have a significant impact for the full financial year ending 30 June 2025.

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

Note 3. Operating segments

Identification of reportable operating segments

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

Geographical information

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

Note 4. Revenue from contracts with customers

Sales of gold	31 Dec 2024 $ 26,019,050	31 Dec 2023 $ 19,679,750

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Rand Mining Limited Notes to the consolidated financial statements 31 December 2024

Note 4. Revenue from contracts with customers (continued)

Disaggregation of revenue

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

Major product lines Gold Geographical regions Australia Timing of revenue recognition Goods transferred at a point in time Note 5. Expenses Profit before income tax includes the following specific expenses: Depreciation Mining plant and equipment Plant and equipment right-of-use assets Total depreciation Amortisation Mine development Total depreciation and amortisation Fair value remeasurement Financial assets Finance costs Interest and finance charges paid/payable on lease liabilities Superannuation expense Defined contribution superannuation expense	31 Dec 2024 $ 26,019,050	31 Dec 2023 $ 19,679,750
	26,019,050	19,679,750
	26,019,050	19,679,750
	31 Dec 2024 $ 290,737 -	31 Dec 2023 $ 213,498 121,914
	290,737	335,412
	1,208,630	1,670,248
	1,499,367	2,005,660
	13,199	51,904
	-	940
	8,722	6,312

15

Rand Mining Limited Notes to the consolidated financial statements 31 December 2024

Note 6. Inventories

Current assets Ore stockpiles - at cost Gold in transit - at cost Gold on hand - at cost Silver on hand - at net realisable value Consumables - at cost Less: Provision for impairment Reconciliation of movement in provision for impairment of consumables Reconciliation of the movement in provision for impairment of consumables at the beginning and end of the current financial half-year and previous financial year are set out below: Opening carrying amount Decrease in impairment Closing carrying amount	31 Dec 2024 $ 2,393,926 344,252 69,979,507 2,251,151 800,215 (144,691)	30 Jun 2024 $ 2,306,238 2,258,550 70,578,006 2,091,543 710,530 (144,691)
	75,624,360	77,800,176
	(144,691) -	(221,049) 76,358
	(144,691)	(144,691)
Impairment of consumable assets are reviewed by EKJV on a yearly basis.
Note 7. Financial assets at fair value through profit or loss Non-current assets Listed securities - at fair value through profit or loss Reconciliation Reconciliation of the carrying amounts at the beginning and end of the current and previous financial half-year are set out below: Opening carrying amount Loss on revaluation through profit or loss Closing carrying amount Refer to note 10 for further information on fair value measurement. Note 8. Mine development Non-current assets Mine development - at cost Less: Accumulated amortisation Less: Impairment	31 Dec 2024 $ 87,623	30 Jun 2024 $ 100,822
	100,822 (13,199)	219,001 (118,179)
	87,623	100,822
	31 Dec 2024 $ 71,088,883 (45,499,719) (7,259,534)	30 Jun 2024 $ 66,762,177 (44,291,089) (5,601,567)
	18,329,630	16,869,521

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Rand Mining Limited Notes to the consolidated financial statements 31 December 2024

Note 8. Mine development (continued)

Reconciliations

Reconciliations of the written down values at the beginning and end of the current financial half-year are set out below:

Balance at 1 July 2024 Additions Impairment of assets Amortisation expense Balance at 31 December 2024	Mine development $ 16,869,521 4,326,706 (1,657,967) (1,208,630)
	18,329,630

Note 9. Dividends

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

A dividend of 10 cents per ordinary share was paid to shareholders on 16 December 2024 (31 December 2023: dividend of 10 cents per ordinary share was paid to shareholders on 30 November 2023).	31 Dec 2024 $ 5,687,596	31 Dec 2023 $ 5,687,596

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

Note 10. Fair value measurement

Fair value hierarchy

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

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

31 Dec 2024 Assets Listed securities - equity Total assets 30 Jun 2024 Assets Listed securities - equity Total assets	Level 1 $ 87,623	Level 2 $ -	Level 3 $ -	Total $ 87,623
	87,623	-	-	87,623
	Level 1 $ 100,822	Level 2 $ -	Level 3 $ -	Total $ 100,822
	100,822	-	-	100,822

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

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

Note 11. Contingent liabilities

The Group has no contingent liabilities as at 31 December 2024 or 30 June 2024.

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Rand Mining Limited Notes to the consolidated financial statements 31 December 2024

Note 12. Commitments

Capital commitments Committed at the reporting date but not recognised as liabilities, payable: Property, plant and equipment Tenement commitments Committed at the reporting date but not recognised as liabilities, payable: Within one year One to five years More than five years	31 Dec 2024 $ 938,972	30 Jun 2024 $ 2,122,977
	445,055 1,753,223 1,798,471	432,300 1,711,731 2,178,158
	3,996,749	4,322,189

Capital commitments relate to mining capital expenditure commitments for the East Kundana Joint Venture as per the approved capital expenditure budget.

Note 13. Events after the reporting period

In January 2025, the Company announced an extension to its on-market share buy-back programme. The programme end date was extended to 9 January 2026. The maximum number of shares that can be acquired during the programme is 2,415,082. No shares were bought back during the December half-year.

No other matter or circumstance has arisen since 31 December 2024 that has significantly affected, or may significantly affect the Group's operations, the results of those operations, or the Group's state of affairs in future financial years.

18

Rand Mining Limited Directors' declaration 31 December 2024

In the directors' opinion:

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

• the attached financial statements and notes give a true and fair view of the Group's financial position as at 31 December 2024 and of its performance for the financial half-year ended on that date; and

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

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

On behalf of the directors

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_________ Anthony Billis Director 11 March 2025 Perth

19

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INDEPENDENT AUDITOR’S REVIEW REPORT

PKF Perth ABN 64 591 268 274 Dynons Plaza, Level 8, 905 Hay Street, Perth WA 6000 PO Box 7206, Cloisters Square WA 6850 Australia +61 8 9426 8999 perth@pkfperth.com.au pkf.com.au

TO THE MEMBERS OF RAND MINING LIMITED

Report on the Half-Year Financial Report

Conclusion

We have reviewed the half-year financial report of Rand Mining Limited (the company) and controlled entities (consolidated entity) which comprises the consolidated statement of financial position as at 31 December 2024, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the half-year ended on that date, and notes to the financial statements, including material accounting policy information and the directors’ declaration of the consolidated entity comprising the company and the entities it controlled at 31 December 2024, or during the half year.

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

• (a) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2024 and of its performance for the half-year ended on that date; and

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

Basis for Conclusion

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

Independence

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

PKF Perth is a member of PKF Global, the network of member firms of PKF International Limited, each of which is a separately owned legal entity and does not accept any responsibility or liability for the actions or inactions of any individual member or correspondent firm(s). Liability limited by a scheme approved under Professional Standards Legislation.

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Directors’ Responsibility for the Half-Year Financial Report

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

Auditor’s Responsibilities for the Review of the Financial Report

Our responsibility is to express a conclusion on the half-year financial report based on our review. ASRE 2410 requires us to conclude whether we have become aware of any matter that makes us believe that the halfyear financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the consolidated entity’s financial position as at 31 December 2024 and its performance for the half year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporation Regulations 2001.

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

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PKF PERTH

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ALEXANDRA SOFIA BALDEIRA PEREIRA CARVALHO PARTNER

11 MARCH 2025 PERTH, WESTERN AUSTRALIA

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