RAND MINING LIMITED — Interim / Quarterly Report 2025

Jan 29, 2025

A.B.N. 41 004 669 658

30 January 2025

ASX ANNOUNCEMENT

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ASX: RND

Quarterly Report for December 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 Roland Berzins & Mr Sheran De Silva Joint Company Secretaries

• During the quarter Rand and Tribune processed 49,715 tonnes of ore at 3.77 g/t from the EKJV operations at the joint venture partner Evolution Mining Limited Mungari processing plant, with Rand’s share equating to 12,429 tonnes.

• 5,369 ounces of gold were produced by Rand and Tribune during the quarter.

• Rand’s 25% share of the gold produced was 1,342 oz

• Two drill holes were completed at Seven Mile Hill for 651 metres to test for structural understanding and identify deeper high-grade gold mineralization.

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RAND MINING LTD. (ASX: RND) ASX Announcement

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Ore Stockpiles

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

STOCKPILES	STOCKPILES	STOCKPILES
ROM Pad	Ore Source	Ore Tonnes	Grade **g/t **	Ounces Au	Rand Entitlement
EKJV Stockpiles
Rubicon ROM	EKJV RHP MG	16,471	3.33	1,765	12.25%
Rubicon ROM	EKJV RHP LG	-	-	-	12.25%
Rubicon ROM	EKJV RHP MW	138,086	0.93	4,126	12.25%
Mungari ROM	EKJV RHP MG	2,870	3.93	362	12.25%
Mungari ROM	EKJV RHP MW	-	-	-	12.25%
Mungari ROM	EKJV RHP LG	5,232	1.55	261	12.25%
Mungari ROM	EKJV Raleigh Ore	-	-	-	12.50%
Raleigh ROM	EKJV Raleigh MG	11,836	2.65	1,008	12.50%
Raleigh ROM	EKJV Raleigh LG	-	-	-	12.50%
Raleigh ROM	EKJV Raleigh MW	11,282	0.79	288	12.50%
Rand Share of EKJV Stockpiles		22,815	1.31	960	100.00%

Geology and Mining

East Kundana Joint Venture

Raleigh Underground Mine Development

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

ORE BODY	**Raleigh **	**Raleigh **	**Raleigh **	**Raleigh **	**Raleigh **
Month	Capital		Operating Lateral development
	Decline / Incline	Other	Ore	Waste	Paste
	(m)	(m)	(m)	(m)	(m)
October	71.5	105.6	34.1	21.4	-
November	44.8	23.9	113.7	-	-
December	55.9	72.6	126.0	-	-
December 2024 Q	172.2	202.1	273.8	21.4	-

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RAND MINING LTD. (ASX: RND) ASX Announcement

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Rubicon-Hornet-Pegasus Underground Mine Development

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

ORE BODY	Rubicon, Hornet & Pegasus	Rubicon, Hornet & Pegasus	Rubicon, Hornet & Pegasus	Rubicon, Hornet & Pegasus	Rubicon, Hornet & Pegasus
Month	Capital		Operating Lateral development
	Decline	Other	Ore	Waste	Paste
	(m)	(m)	(m)	(m)	(m)
October	44.8	198.0	85.5	10.4	25.0
November	18.7	128.4	62.7	17.4	45.1
December	34.7	206.8	12.7		61.6
December 2024 Q	98.2	533.2	160.9	27.8	131.7

EKJV Underground Mine Production

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

ORE BODY	East	Kundana -	RHP		Raleigh		Total EKJV	Total EKJV	Total EKJV
Month	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces
October	30,792	3.6	3,602	4,006	2.4	306	34,798	3.5	3,908
November	35,387	3.5	4,027	7,874	2.2	563	43,261	3.3	4,590
December	26,260	3.5	2,946	11,014	3.0	1,064	37,274	3.3	4,010
December 2024 Q	92,439	3.6	10,575	22,894	2.6	1,933	115,333	3.4	12,508
September 2024Q	90,979	4.9	14,402	15,153	3.0	1,467	106,132	4.7	15,869

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

	EKJV	EKJV	EKJV
Quarter	Tonnes	Grade	Ounces
	(t)	(g/t)	(troy oz)
December 2024Q	14,186	3.4	1,537
September 2024 Q	13,039	4.7	1,948

Toll Processing

During the quarter a total of 49,715 tonnes of Rand and Tribune ore at 3.77 g/t was processed at the Mungari processing plant under the EKJV joint venture agreement with Evolution Mining Limited to recover 5,369 oz of gold at 89.15% recovery.

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

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RAND MINING LTD. (ASX: RND) ASX Announcement

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Rand and Tribune Ore Processed
Campaign Location	Tonnes Milled	Head Grade Au (g/t)	Recovery (%)	Fine Au Produced (Oz)
EVN Mungari	49,715	3.77	89.15%	5,369
Rand’s Share of Ore Processed
Campaign Location	Tonnes Milled	Head Grade Au (g/t)	Recovery (%)	Fine Au Produced (Oz)
EVN Mungari	12,429	3.77	89.15%	1,342

EKJV Exploration

In FY25 Q2, at East Kundana Joint Venture, work completed for the East Kundana Joint Venture includes 4,158 metres of RC drilling into the Hornet deposit, in preparation for Open pit mining in FY25 (table 1).

The exploration activity for the December quarter is summarised below.

Project	Prospect	Tenement	RAB/AC Metres	RAB/AC Samples	RC Metres	RC Samples	DD Metres	DD Samples	ME Samples
Hornet- Rubicon- Pegasus	Hornet	M16/309	-	-	4,158	4,158	-	-	-
Total					4,158	4,158

Work Completed

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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RAND MINING LTD. (ASX: RND) ASX Announcement

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Figure 1 - 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

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Figure 2 – A cross section of the Hornet infill RC drilling into the Mary Fault mineralisation

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

Other Exploration

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

During the quarter, Rand completed two drill holes for 651 metres, comprising:

• Rotary mud drilling in the clay zone for 132 metres

• 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.

Competent Persons Statement

The information in this report relating to EKJV Exploration Results is based on information compiled by Mr Bradley Daddow who is a Member of the Australian Institute of Geoscientists (member number 7736) and has sufficient exploration experience which is relevant to the style of mineralisation under consideration to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of

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Exploration Results, Mineral Resources and Ore Reserves’. Mr Daddow is a full-time employee of Evolution Mining Limited and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Information in this report relating to Seven Mile Hill exploration results 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 Bennett 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 Bennett Barnes consents to the inclusion in this report of the information compiled by him in the form and context in which it appears.

CORPORATE

Summary of Cashflows

The attached Appendix 5B is prepared on a consolidated basis and includes the cash inflows and cash outflows of its subsidiaries.

Cash and cash equivalents were $4.61m at 31 December compared to $3.99m as at 30 September.

Receipts from customers were up $7.34m to $16.68m for the quarter. The Group sold more gold than the previous quarter to cover operational expenditure and Dividends paid.

Overall Production was up by $786k on the previous quarter. This was due to an increase in tonnes mined during the quarter. Development costs increased by $24k in December.

Staff, administration, and corporate costs were $322 which is down $241k on the previous quarter. The total tax payments for the quarter were $1.654m, this was an increase of $860k and due to increased gold sales during the period.

Exploration expenses were $252k during the quarter. This was down by $33k.

The overall result for the period was a net cash inflow from operating activities of $7.83m for the December quarter compared to the net cash inflow from operating activities of $1.85m for the September quarter.

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RAND MINING LTD. (ASX: RND) ASX Announcement

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On-Market Share Buy-Back

The Company extended the current on market share buy-back to 9 January 2026. No shares were bought back during the quarter.

Payments to Related Parties of the entity and their associates

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	28
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	93
Payment of rent, rates, and levies for office to Melville Parade Pty Ltd*	10
Reimbursement of operating expenses to Iron Resources Liberia Ltd*	181
Royalties paid to Lake Grace Exploration via EKJV*	5

*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.

For Shareholder Enquiries

Roland Berzins Joint Company Secretary E: roland.berzins@randmining.com.au Ph: + 61 8 9474 2113

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INTERESTS IN MINING TENEMENTS

Project/Tenements	Location	Held at end of **quarter **	Acquired during the **quarter **	Disposed during **the quarter **
Kundana	WA, Australia
M15/1413		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%	*EoT Pending approval
P15/6401		50.00%	*EoT Pending approval
P15/6433		50.00%		Surrendered during the quarter.
P15/6434		50.00%		Surrendered during the quarter.
P26/4173		50.00%		Conversion of P26/4173 to a Mining Lease Pending approval.
M26/872		50.00%	Conversion of P26/4173 to a Mining Lease Pending approval.
Unallocated	WA, Australia
P26/4476		50.00%		Surrendered during the quarter.
P26/4477		50.00%		Surrendered during the quarter.

*EoT – Extension of Term

LEASES UNDER APPLICATION

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

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RAND MINING LTD. (ASX: RND) ASX Announcement

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Rule 5.5

Appendix 5B

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

Name of entity Rand Mining Ltd ABN Quarter ended (“current quarter”) 41 004 669 658 31 December 2024

Consolidated statement of cash flows	Current quarter $A’000	Year to date (6 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other (provide details if material) 1.9 Net cash from / (used in) operating activities	16,683 (193) (2,180) (4,535) (69) (253) - 35 - (1,654) - -	26,019 (432) (4,336) (8,284) (131) (754) - 59 - (2,448) - -
	7,834	9,693
2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation (e) investments (f) other non-current assets	- - (1,474) (59) - -	- - (2,538) (105) - -

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

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Appendix 5B

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

Consolidated statement of cash flows	Current quarter $A’000	Year to date (6 months) $A’000
2.2 Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment (d) investments (e) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (Cash Advances between Rand Mining Ltd and Tribune Resources Ltd)) 2.6 Net cash from / (used in) investing activities	- - - - - - - -	- - - 81 - - - -
	(1,533)	(2,562)
3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) 3.10 Net cash from / (used in) financing activities	- - - - - - - (5,688) -	- - - - - - - (5,688) -
	(5,688)	(5,688)
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above)	3,999 7,834 (1,533) (5,688)	3,169 9,693 (2,562) (5,688)

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

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Appendix 5B

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

Consolidated statement of cash flows	Current quarter $A’000	Year to date (6 months) $A’000
4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	-	-
	4,612	4,612
5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter $A’000	Previous quarter $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)	4,612 - - -	3,999 - - -
	4,612	3,999
6. Payments to related parties of the entity and their associates		Current quarter $A'000
6.1 Aggregate amount of payments to related parties and their associates included in item 1 333 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.		333
		-

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

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Appendix 5B

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

7. 7.1 7.2 7.3 7.4 7.5 7.6	Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 Loan facilities - - Credit standby arrangements - - Other (EKJV Lease) - - Total financing facilities - - Unused financing facilities available at quarter end - Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
		-	-
		-	-
		-	-
		-	-
	N/A
8.	Estimated cash available for future operating activities		$A’000
8.1 8.2 8.3 8.4 8.5 8.6 8.7 8.8	Net cash from / (used in) operating activities (item 1.9) 7,834 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (59) Total relevant outgoings (item 8.1 + item 8.2) 7,775 Cash and cash equivalents at quarter end (item 4.6) 4,612 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 4,612 Estimated quarters of funding available (item 8.6 divided by item 8.3) N/A Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?		7,834 (59) 7,775 4,612 -
			4,612
	Answer: N/A
	8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
	Answer: N/A
	8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?
	Answer: N/A
	Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

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

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Appendix 5B

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

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

30 January 2025

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

Authorised by: by the Board

(Name of body or officer authorising release – see note 4)

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

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

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