RAND MINING LIMITED — Interim / Quarterly Report 2021

Jan 28, 2021

ASX ANNOUNCEMENT

29 January 2021

ASX:RND

Quarterly Report for December 2020

Highlights

• During the quarter Rand and Tribune toll processed 239,742 tonnes of ore at three mills in the district, with Rand's share equating to 59,935 tonnes.

• 32,063 ounces of gold were credited to Rand and Tribune Bullion Accounts.
• Rand's 25% share of the bullion produced was 8,016 oz of gold.
• Lower than forecast mine production at the EKJV mines resulted from strong seismic response and damage in lower Pegasus South (Sept) and lower Pegasus Nth (Oct). The outlook for the next quarter is similar production to the December quarter.

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

Ore Stockpiles

STOCKPILES
ROM Pad	Ore Source	Oretonnes	Gradeg/t	RandEntitlement
	EKJV Stockpiles
RubiconROM	RHP High Grade	19,206	3.42	12.25%
Kanowna Belle	RHP High Grade	12,450	4.89	12.25%
Kanowna Belle	RHP Low Grade	9,579	1.91	12.25%
	Rand Share of EKJV Stockpiles	5,051	3.51	100%
Rand and Tribune Stockpiles
Rubicon ROM	RHP Low Grade	28,912	1.42	25%
Rubicon ROM	RHP High Grade	592	3.39	25%
Rubicon LG ROM	RHP Low Grade	33,444	1.84	25%
Rubicon LG ROM	RHP High Grade	47,892	4.57	25%
Lakewood	Raleigh Low Grade	7,547	1.71	25%
Lakewood	RHP High Grade	62,981	4.40	25%
Gwalia	RHP High Grade	9,825	4.36	25%
Rand Share of R&T Stockpiles47,7983.43				100%
	Rand Share of All Stockpiles	52,849	3.44

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 Production

Raleigh remained on care and maintenance throughout the quarter.

Raleigh Underground Mine Development

At the end of the quarter, the bottom of the Raleigh Decline remains at 5602 m RL, 743 m from the surface, the top of the Sadler Incline remains at 5989 m RL, 356 m from the surface and the bottom of the Sadler Decline remains at 5944 m RL, 401 m from the surface.

There was no development during the quarter.

Rubicon-Hornet-Pegasus Underground Mine Production

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

ORE BODY	Rubicon, Hornet & Pegasus
Month	Tonnes	Grade	Ounces
October	84,687	3.92	10,655
November	76,765	3.23	7,980
December	88,367	3.31	9,400
December 20Q	249,819	3.49	28,035
September 20Q	240,722	3.79	29,361

Quarterly mine production was 14,004 oz below the NST budgeted 318,384 tonnes at 4.11g/t for 42,049 oz.

The considerably lower mine production resulted from strong seismic response and damage in lower Pegasus South (Sept) and lower Pegasus Nth (Oct). Pegasus production was 16,629oz below the budgeted level for the quarter. Extra production from Pode and Hornet at lower grade was sourced in the quarter to offset the deficit from Pegasus.

The outlook for the next quarter is similar production to the December quarter, with further significant gold production deficit from the budgeted level as a result of seismicity in lower Pegasus and Rubicon.

Mine planning is assessing alternative mining methods to limit the impact of mining in seismic areas.

Rand's Entitlements to Mined Ore (12.25%)

	Rubicon, Hornet & Pegasus
Quarter	Tonnes	Grade	Ounces
	t	g/t	troy oz
December 20Q	30,603	3.49	3,436
September 20Q	29,488	3.79	3,597

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
	DeclineOther		Waste	Ore	Pas
	(m)	(m)	(m)	(m)	(m) te
October	52	115	0	562	129
November	7	52	9.7	680	82
December	22	14	10.6	717	56
December 20Q	82	181	20	1959	266
September 20Q	204	800	78	1136	478

The Pegasus Decline was on hold Nov – Dec due to Geotechnical concerns.

The diagrams below show the status of the mine at the end of each month of the quarter. Green indicates new development.

Oct 20

RAND MINING LTD. (ASX:RND) ASX Announcement Page 3 of 13

Dec 20

Mine operating costs for Rubicon Hornet & Pegasus incurred by the EKJV during December 20 Quarter were $152 per tonne mined or $1358 per ounce mined compared with the September 20 Quarter costs of $176 and $967 respectively.

Toll Processing

During the quarter at total of 239,742 tonnes of Rand and Tribune ore was processed under toll Milling contracts to recover 32,063 oz of gold at 94.60% gold recovery. Of this total, 17,499 tonnes were processed at Kanowna Belle, 138,142 tonnes were processed at Lakewood Mill and 84,100 tonnes were processed at St Barbara's Gwalia Mill.

Rand and Tribune gold production for the December Quarter 2020, along with Rand's share is tabulated below –

Quarter	R&T Gold Produced (oz)	Rands's share of gold
December 20	32,063	8,016
September 20	18,748	4,687

EKJV Exploration and Development

Exploration activities within the EKJV tenements during the quarter included surface and underground diamond core drilling, RC drilling and a detailed gravity geophysical survey. In total, 58 diamond holes were completed for 15,092 metres within the RHP and Raleigh mine complex targeting the Hornet, Pode and Startrek prospects. In addition, 59 RC holes for 4,113 metres were drilled at Golden Hind.

Surface diamond drilling of 20 holes for 2,750 metres continued the Hornet Resource conversion and extension program targeting mineralisation in the footwall of the Centenary Main Vein (CMV) proximal to

the Mary Fault. Diamond drilling totalling 12,342 metres in 38 holes from underground positions targeted Startrek and Pode extensions. Surface RC drilling at Golden Hind was for the purpose of closing Resource definition drill coverage to 40m by 40m proposed open pit.

A high-resolution gravity survey was completed within northern EKJV tenements M16/181, M16/182, M16/325 and M16/326 to assist exploration targeting within this and adjacent areas.

Assay results were received for drilling completed in both the previous and current reporting periods for Falcon, Pode, Startrek, Hornet and Golden Hind. Full details of all EKJV exploration activities including significant intersections from results received are contained in the EKJV Exploration Report December 2020 Quarter, released to the ASX on 22 January 2021.

March 2021 quarter exploration programs will include drilling of Pode northern extensions, Hera southern extensions, continued testing the Startrek trend east of Rubicon and evaluation of Golden Hind upon receipt of all RC results.

Other Exploration

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

An aircore drilling campaign comprising 84 holes for 4,036 metres was completed during the December Quarter. This program tested extensions of the Binduli mine sequence beneath lacustrine sediments within the eastern part of the Seven Mile Hill Project area.

Anomalous mineralisation was encountered within strongly weathered felsic volcaniclastics as presented in the table and plan below. These intersections confirmed the tenor of mineralisation defined from previous drilling campaigns and demonstrated that the lateral extents of the mineralisation had been clearly defined by those earlier campaigns. Future work will focus on evaluating the economic potential of mineralisation defined to date.

Hole ID	MGANorth	MGAEast	RL	Dip	Azimuth	TotalDepth (m)	DepthFrom	DepthTo	Length(m)	Auppm
TBAC349	6582949	348969	343	-60	90	45	32	36	4	0.91
TBAC355	6582652	348399	340	-60	90	45	40	44	4	0.51
TBAC362	6582649	348749	338	-60	90	77	68	72	4	0.86
TBAC363	6582652	349021	348	-60	90	51	48	50	2	1.32
TBAC364	6582646	349061	338	-60	90	61	48	52	4	0.66
TBAC380	6582648	350235	344	-60	90	50	0	4	4	0.51

TABLE OF SIGNIFICANT AIRCORE ASSAY RESULTS

Significant results for Aircore drilling are ≥0.5ppm gold with no internal dilution. All intersections are of two or four metre composite samples.

Plan of recent aircore drill holes showing significant intersections.

Competent Persons Statement

Information in this report relating to exploration results has been compiled by Mr Robert Henderson in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Mr Henderson is a Member of the Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists, is a self-employed consulting geologist to Rand Mining Limited 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 Henderson 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

During the quarter, the Company extended the current on market share buy-back to 9 January 2022. No securities were cancelled under the buy-back during the quarter ended 31 December 2020. The number of securities on issue as at 31 December is 60,148,475.

Payments to Related Parties

During the quarter the following payments were made to related parties of the entity and their associates as disclosed in Item 6 of the Appendix 5B;

Details	Amount
	$000
Directors fees and superannuation payable to Anthony Billis	23
Directors fees payable to Gordon Sklenka	7.5
Loan funds advanced to Tribune Resources	800
Management fee paid to Tribune Resources	123
Payment of rent, rates and levies for office to Meville Parade Pty Ltd*	1
Reimbursement of operating expenses to Iron Resources Liberia Ltd*	103

*An entity in which Anthony Billis is a director.

This report and the attached Appendix 5B have been authorised by the Board of Rand Mining Ltd.

Interests in Mining Tenements

Project/Tenements	Location	Held at end ofquarter	Acquired duringthe quarter	Disposed duringthe quarter
Kundana	WA, Australia
M15/1413		12.25%
M15/993		12.25%
M16/181		12.25%
M16/182		12.25%
M16/308		12.25%
M16/309		12.25%
M16/325		12.25%
M16/326		12.25%
M16/421		12.25%
M16/428		12.25%
M24/924		12.25%
Seven Mile Hill	WA, Australia
E15/1664		50%
M15/1233		50%
M15/1234		50%
M15/1291		50%
M15/1388		50%
M15/1394		50%
M15/1409		50%
M15/1743		50%
M26/563		50%
P15/6370		50%
P15/6398		50%
P15/6399		50%
P15/6400		50%	50%
P15/6401		50%	50%
P15/6433		50%
P15/6434		50%
P26/4173		50%
Unallocated	WA, Australia
P26/4476		50%
P26/4477		50%

Leases under Application

Project/Tenements	Location	Held at end ofquarter	Acquired duringthe quarter	Disposed duringthe quarter
West Kimberly	WA, Australia
E04/2548		100%

Seven Mile Hill Project

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Samplingtechniques	•Nature and quality of sampling(eg cut channels, random chips,or specific specialised industrystandard measurement toolsappropriate to the mineralsunder investigation, such asdown hole gamma sondes, orhandheld XRF instruments, etc).These examples should not betaken as limiting the broadmeaning of sampling.•Include reference to measurestaken to ensure samplerepresentivity and theappropriate calibration of anymeasurement tools or systemsused.•Aspects of the determination ofmineralisation that are Materialto the Public Report.•In cases where 'industrystandard' work has been donethis would be relatively simple(eg 'reverse circulation drillingwas used to obtain 1 m samplesfrom which 3 kg was pulverisedto produce a 30 g charge for fireassay'). In other cases moreexplanation may be required,such as where there is coarsegold that has inherent samplingproblems. Unusual commoditiesor mineralisation types (egsubmarine nodules) maywarrant disclosure of detailedinformation.	•Aircore drilling method was employed onreconnaissance sampling programs. Samples werecollected at one metre intervals and riffle split tonominally 1.5kg to 2.5kg weight per sample. Fourmetre composite samples of nominally 1.5kg to2.5kg weight were compiled by scoop sampling ofindividual metre sample piles.•All samples submitted for analysis werepulverised to nominally minus 75 microns and a40 gram subsample was split off for fire assaydetermination of gold.•End of hole samples were analysed for a suite of27 additional elements determined by mixed aciddigest Inductively Coupled Plasma OpticalEmission Spectrometry.
Drilling techniques	•Drill type (eg core, reversecirculation, open-hole hammer,rotary air blast, auger, Bangka,sonic, etc) and details (eg corediameter, triple or standardtube, depth of diamond tails,face-sampling bit or other type,whether core is oriented and ifso, by what method, etc).	•Aircore blade drilling methods were employed.
Drill samplerecovery	•Method of recording andassessing core and chip samplerecoveries and results assessed.•Measures taken to maximisesample recovery and ensurerepresentative nature of the	•No measure of chip sample recoveries was made.

Criteria	JORC Code explanation	Commentary
	samples.•Whether a relationship existsbetween sample recovery andgrade and whether sample biasmay have occurred due topreferential loss/gain offine/coarse material.
Logging	•Whether core and chip sampleshave been geologically andgeotechnically logged to a levelof detail to support appropriateMineral Resource estimation,mining studies and metallurgicalstudies.•Whether logging is qualitative orquantitative in nature. Core (orcostean, channel, etc)photography.•The total length and percentageof the relevant intersectionslogged.	•Chip samples were geologically logged on anindividual metre basis. Logging is qualitative andcaptures lithology, oxidation, mineralisation,alteration and veining. End of hole samples foraircore drilling were retained in chip trays.
Sub-samplingtechniques andsamplepreparation	•If core, whether cut or sawn andwhether quarter, half or all coretaken.•If non-core, whether riffled, tubesampled, rotary split, etc andwhether sampled wet or dry.•For all sample types, the nature,quality and appropriateness ofthe sample preparationtechnique.•Quality control proceduresadopted for all sub-samplingstages to maximiserepresentivity of samples.•Measures taken to ensure thatthe sampling is representative ofthe in situ material collected,including for instance results forfield duplicate/second-halfsampling.•Whether sample sizes areappropriate to the grain size ofthe material being sampled.	•Single metre aircore samples were riffle split.Composite aircore samples were compiled byscoop sample.•Field duplicates are collected and submitted foranalysis at regular intervals throughout thedrilling campaigns.•Sample weights are such that the entire samplesubmitted to the laboratory is dried, crushed andpulverised to nominally minus 75 microns in anLM-5 pulveriser. From this pulp a nominally 200gram subsample is split and retained. From the200 gram pulp a 40 gram subsample is taken forfire assay charge. End of hole samples have anadditional subsample for multielementdeterminations.•Subsampling methods employed throughout thelaboratory process are appropriate for thematerial and deposit type. Grind checks areconducted at a frequency of 1 in 40 samples fromevery batch processed.
Quality of assaydata andlaboratory tests	•The nature, quality andappropriateness of the assayingand laboratory procedures usedand whether the technique isconsidered partial or total.•For geophysical tools,spectrometers, handheld XRFinstruments, etc, the parametersused in determining the analysisincluding instrument make andmodel, reading times,calibrations factors applied and	•Drill samples were subject to fire assay of a 40gram pulverised subsample giving total goldanalysis of a representative sample of the in-situmaterial determined by atomic absorptionspectrometry to a lower detection limit of 0.01parts per million gold.•End of hole samples were analysed for a suite of27 additional elements determined by mixed aciddigest Inductively Coupled Plasma OpticalEmission Spectrometry to various detection limits.•No geophysical methods were used for elementaldeterminations.
	their derivation, etc.•Nature of quality control	•Field duplicates are collected at regular intervalsthroughout the drilling and sampling process and

Criteria	JORC Code explanation	Commentary
	procedures adopted (egstandards, blanks, duplicates,external laboratory checks) andwhether acceptable levels ofaccuracy (ie lack of bias) andprecision have been established.	analysed with the primary samples. Commerciallyprepared Standard Reference Materials, includingblanks, are submitted with each batch of samplesto monitor potential contamination in thepreparation process and accuracy and consistencyof the analysis process.
Verification ofsampling andassaying	•The verification of significantintersections by eitherindependent or alternativecompany personnel.•The use of twinned holes.•Documentation of primary data,data entry procedures, dataverification, data storage(physical and electronic)protocols.•Discuss any adjustment to assaydata.	•All drilling data including significant intersectionsis verified and validated by other geologists orCompetent Persons within the organisation.•No dedicated twinning of holes was employed inthe drilling campaign.•Drilling data is digitally captured or reported inexcel files. Data is then loaded to an externallymanaged and maintained database. Original dataand reports are stored digitally at the Company'sHeadquarters.•No adjustments to assay data have been made inthis instance.
Location of datapoints	•Accuracy and quality of surveysused to locate drill holes (collarand down-hole surveys),trenches, mine workings andother locations used in MineralResource estimation.•Specification of the grid systemused.•Quality and adequacy oftopographic control.	•Aircore holes are located using non-differentialGPS. Aircore hole trajectories are estimated fromcollar dip and magnetic azimuth measurementonly.•Grid is MGA Zone 51 and Vertical Datum is AHD71.
Data spacing anddistribution	•Data spacing for reporting ofExploration Results.•Whether the data spacing anddistribution is sufficient toestablish the degree of geologicaland grade continuityappropriate for the MineralResource and Ore Reserveestimation procedure(s) andclassifications applied.•Whether sample compositing hasbeen applied.	•Aircore holes were planned at 200 metre or 400metre line spacing with 25 metre hole spacingalong lines. Hole locations may vary slightly fromplanned due to ambient conditions at the time ofdrilling.•No Resource or Reserve estimations have beenundertaken in this instance.•Samples were nominally four-metre compositesor one-metre composites for end of hole samples.
Orientation of datain relation togeologicalstructure	•Whether the orientation ofsampling achieves unbiasedsampling of possible structuresand the extent to which this isknown, considering the deposittype.•If the relationship between thedrilling orientation and theorientation of key mineralisedstructures is considered to haveintroduced a sampling bias, thisshould be assessed and reportedif material.	•Aircore holes were for reconnaissance purposesand it is believed that the spacing and orientationof the holes is suitable for investigating thepresence of the most likely styles of goldmineralisation.
Sample security	•The measures taken to ensuresample security.	•Sampling was conducted at the time of drilling andprimary samples were delivered to the laboratoryby the same personnel. Due to the nature andlocation of the work and the volume of samples

Criteria	JORC Code explanation	Commentary
		generated it is not possible to secure each andevery sample.
Audits or reviews	•The results of any audits orreviews of sampling techniquesand data.	•No reviews of sampling techniques have beencompleted. Sampling was undertaken usingappropriate techniques for the phase of work.

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineral tenementand land tenurestatus	•Type, reference name/number,location and ownershipincluding agreements ormaterial issues with third partiessuch as joint ventures,partnerships, overridingroyalties, native title interests,historical sites, wilderness ornational park andenvironmental settings.•The security of the tenure held atthe time of reporting along withany known impediments toobtaining a licence to operate inthe area.	•Work was conducted within Tenements E15/1664(Rand Mining), P15/6370 (Mount ManningResources ) and P26/4173 (Rand Mining) underan operating agreement between Rand MiningLimited, Rand Exploration NL, Tribune ResourcesLimited and Mount Manning Resources Limited.•All tenure was secure and in good standing withno known impediments.
Exploration doneby other parties	•Acknowledgment and appraisalof exploration by other parties.	•Exploration has been conducted on and in thevicinity of the tenements over an extended periodand this information has been integral for thetarget generation and evaluation that has resultedin this campaign of work.
Geology	•Deposit type, geological settingand style of mineralisation.	•Target is orogenic lode and vein hosted goldmineralisation within Archaean greenstoneterrane.
Drill holeInformation	•A summary of all informationmaterial to the understanding ofthe exploration results includinga tabulation of the followinginformation for all Material drillholes:oeasting and northing of thedrill hole collaroelevation or RL (ReducedLevel – elevation above sealevel in metres) of the drillhole collarodip and azimuth of the holeodown hole length andinterception depthohole length.•If the exclusion of thisinformation is justified on thebasis that the information is notMaterial and this exclusion doesnot detract from theunderstanding of the report, theCompetent Person should clearlyexplain why this is the case.	•Details of the location, orientation, and depth drillholes with significant gold assay results areprovided in the body of the report to which thistable is appended.

Criteria	JORC Code explanation	Commentary
Data aggregationmethods	•In reporting Exploration Results,weighting averaging techniques,maximum and/or minimumgrade truncations (eg cutting ofhigh grades) and cut-off gradesare usually Material and shouldbe stated.•Where aggregate interceptsincorporate short lengths of highgrade results and longer lengthsof low grade results, theprocedure used for suchaggregation should be statedand some typical examples ofsuch aggregations should beshown in detail.•The assumptions used for anyreporting of metal equivalentvalues should be clearly stated.	•Significant results are reported as length weightedaverage of intervals above 0.5 parts per million(ppm) gold with no more than four consecutivemetres of internal dilution less than 0.5ppmincluded.
Relationshipbetweenmineralisationwidths andintercept lengths	•These relationships areparticularly important in thereporting of Exploration Results.•If the geometry of themineralisation with respect tothe drill hole angle is known, itsnature should be reported.•If it is not known and only thedown hole lengths are reported,there should be a clearstatement to this effect (eg'down hole length, true width notknown').	•Mineralisation widths reported are down holeaggregate widths of four metre composite samplesand so must be considered as apparent widths. Nosubsampling has been undertaken to refine thedefinition of the mineralised intervals reported.
Diagrams	•Appropriate maps and sections(with scales) and tabulations ofintercepts should be included forany significant discovery beingreported These should include,but not be limited to a plan viewof drill hole collar locations andappropriate sectional views.	•This document is not reporting a significantdiscovery.
Balanced reporting	•Where comprehensive reportingof all Exploration Results is notpracticable, representativereporting of both low and highgrades and/or widths should bepracticed to avoid misleadingreporting of Exploration Results.	•The reconnaissance nature and extent of theaircore program precludes reporting of all resultsfrom every hole. Only material intersectionswhere conclusions can be drawn regarding thenature of the mineralisation encountered and thelikelihood of follow up work subject to thoroughreview have been reported.
Other substantiveexploration data	•Other exploration data, ifmeaningful and material, shouldbe reported including (but notlimited to): geologicalobservations; geophysical surveyresults; geochemical surveyresults; bulk samples – size andmethod of treatment;metallurgical test results; bulkdensity, groundwater,geotechnical and rock	•Geological observations are reported. No otherdata that materially affects this or subsequentexploration programs have been observed.

Criteria	JORC Code explanation	Commentary
	characteristics; potentialdeleterious or contaminatingsubstances.
Further work	•The nature and scale of plannedfurther work (eg tests for lateralextensions or depth extensions orlarge-scale step-out drilling).•Diagrams clearly highlightingthe areas of possible extensions,including the main geologicalinterpretations and futuredrilling areas, provided thisinformation is not commerciallysensitive.	•It is anticipated that follow up work may beundertaken but this will be subject to thoroughreview.

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 2020

	Consolidated statement of cash flows	Current quarter$A'000	Year to date (12Months)$A'000
1.	Cash flows from operating activities
1.1	Receipts from customers	19,255	24,590
1.2	Payments for
	(a)exploration & evaluation (if expensed)	(353)	(515)
	(b)development	(258)	(1,200)
	(c)production	(8,952)	(15,064)
	(d)staff costs	(71)	(140)
	(e)administration and corporate costs	(104)	(662)
1.3	Dividends received (see note 3)	-	-
1.4	Interest received	2	6
1.5	Interest and other costs of finance paid	(11)	(24)
1.6	Income taxes paid	(1,340)	(1,756)
1.7	Government grants and tax incentives	-	-
1.8	Other (provide details if material)	-	-
1.9	Net cash from / (used in) operatingactivities	8,168	5,235

2.		Cash flows from investing activities
2.1	Payments to acquire:
	(a)	entities	-	-
	(b)	tenements	-	-
	(c)	property, plant and equipment	(270)	(608)
	(d)	exploration & evaluation (if capitalised)	(174)	(511)
	(e)	investments	-	-
	(f)	other non-current assets	-	-

Consolidated statement of cash flows		Current quarter$A'000	Year to date (12Months)$A'000
2.2	Proceeds from the disposal of:
	(a)entities	-	-
	(b)tenements	-	-
	(c)property, plant and equipment	12	14
	(d)investments	-	-
	(e)other non-current assets	-	-
2.3	Cash flows from loans to other entities	800	800
2.4	Dividends received (see note 3)	-	-
2.5	Other (cash advances between RandMining Ltd and Tribune Resources Ltd)	(800)	(800)
2.6	Net cash from / (used in) investingactivities	(432)	(1,105)

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	(319)	(648)
3.7	Transaction costs related to loans andborrowings	-	-
3.8	Dividends paid	(6,015)	(6,015)
3.9	Other (provide details if material)	-	-
3.10	Net cash from / (used in) financingactivities	(6,334)	(6,663)

4.	Net increase / (decrease) in cash andcash equivalents for the period
4.1	Cash and cash equivalents at beginning ofperiod	1,695	5,630
4.2	Net cash from / (used in) operatingactivities (item 1.9 above)	8,168	5,235
4.3	Net cash from / (used in) investing activities(item 2.6 above)	(432)	(1,105)
4.4	Net cash from / (used in) financing activities(item 3.10 above)	(6,334)	(6,663)

Consolidated statement of cash flows		Current quarter$A'000	Year to date (12Months)$A'000
4.5	Effect of movement in exchange rates oncash held	-	-
4.6	Cash and cash equivalents at end ofperiod	3,097	3,097

5.	Reconciliation of cash and cashequivalentsat the end of the quarter (as shown in theconsolidated statement of cash flows) to therelated items in the accounts	Current quarter$A'000	Previous quarter$A'000
5.1	Bank balances	3,097	1,695
5.2	Call deposits	-	-
5.3	Bank overdrafts	-	-
5.4	Other (provide details)	-	-
5.5	Cash and cash equivalents at end ofquarter (should equal item 4.6 above)	3,097	1,695

6.	Payments to related parties of the entityand theirassociates	Current quarter$A'000
6.1	Aggregate amount of payments to related parties and theirassociates included in item 1	257
6.2	Aggregate amount of payments to related parties and theirassociates included in item 2	800

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.

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)	1,225	1,225
7.4	Total financing facilities	1,225	1,225
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, interest

7.6 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.

Various finance leases cover underground mining equipment. The terms range between 30-36 months. Details relating to lease providers and rates is considered commercially sensitive.

8.	Estimated cash available for future operating activities	$A'000
8.1	Net cash from / (used in) operating activities (Item 1.9)	8,168
8.2	Capitalised exploration & evaluation (Item 2.1(d))	(174)
8.3	Total relevant outgoings (Item 8.1 + Item 8.2)**	n/a
8.4	Cash and cash equivalents at quarter end (Item 4.6)	3,097
8.5	Unused finance facilities available at quarter end (Item 7.5)	-
8.6	Total available funding (Item 8.4 + Item 8.5)	3,097
8.7	Estimated quarters of funding available (Item 8.6 divided byItem 8.3)	n/a

** The Company generated a cash inflow from operating activities during the Dec quarter of $8.1m. The above table is designed to calculate the number of quarters of funding available for future operating activities based on the current quarter's cash outflow from operating activities. Given the positive cash inflow generated during the quarter, this test is not applicable to the Company.

• 8.8 If Item 8.7 is less than 2 quarters, please provide answers to the following questions:
  • 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?

Answer: Not applicable

1. 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: Not applicable

1. Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?

Answer: Note applicable.

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: 29 January 2021

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.