REACH RESOURCES LIMITED — Interim / Quarterly Report 2020

Jan 28, 2021

DECEMBER 2020 QUARTERLY ACTIVITY REPORT

Cervantes Corporation Ltd (ASX:CVS) ("the Company" or "Cervantes") is pleased to provide the December quarter activity report.

SUMMARY

PRIMROSE GOLD PROJECT (Yalgoo, Western Australia)

Drilling programmes completed at the Primrose Gold Project, targeting three areas within the project area;

Blue Heaven

• o Limited verification drilling of the Blue Heaven Exploration Target (as announced on 16th July 2020) to test critical areas in support of assessing the Blue Heaven area for a JORC(2012) Mineral Resource. Drilling returned exciting geological indictors.
  • geological indictors resampled to better define the intercepts. Assays results pending.

Pansy Pit

o Shallow drilling in the historic Pansy Pit to test for the near-surface gold mineralisation potential.

Intercepts in Pansy Pit include:

• 2m @ 8.93g/t from 9m incl 1m @ 17.26g/t from 9m in CVSRCP021
• 3m @ 3.62g/t from 15m, incl 1m @ 8.73g/t from 16m in CVSRCP022
• 5m @ 7.74g/t from 7m, incl 3m @ 12.34g/t from 7m in CVSRCP027
• 14m @ 1.41g/t from 4m, incl 2m @ 3.71g/t from 16m in CVSRCP030
• 2m @ 6.31g/t from 6m in CVSRCP033
• 4m @ 3.40g/t from 4m in CVSRCP034
• o Anomalous four metre gold intercepts have been resampled to better define those intercepts. Assays results pending.

MMI Gold Anomaly (P59/2174)

• o Reconnaissance drilling of an untested historic MMI surface geochemistry gold anomaly in an area of no historic hard rock workings.
• Small Mining Proposal application commenced for the Pansy Pit area

CORPORATE

• Cash at Bank and liquid shares held at 31 December 2020 was $220,000.
• 2020 Annual General Meeting held 27 November 2020. Results of Meeting available for review on Company website www.cervantescorp.com.au

• On 15 January 2021, the Company announced a Non-Renounceable Rights Issue and Shortfall Offer to raise up to approximately $2.144m. Funds raised will be used to further accelerate exploration, evaluation and overall development of the Primrose Gold Project (in particular advancing the Blue Heaven exploration target with the aim of declaring a JORC Mineral Resource, as well as further advancing the Pansy pit towards early development), reduction of current loan liabilities and working capital.
• The Company retains the potential for deferred consideration relating to the sale of Albury Heath, being an additional $400,000 and further $200,000 of cash or Westgold shares, if the Albury Heath project achieves performance targets, as outlined in the 23 April 2020 ASX release.

PRIMROSE GOLD PROJECT

Cervantes "Primrose Gold Project" (Figure 1) contains some 37 historical workings that produced high-grade gold that resulted in a State Battery being built by the State Government for the miners of the day, that still stands today as a tourist attraction. Most exploration companies would be

excited to be exploring near or under one historical mine, let alone 37, where major discoveries and new major mines have since been developed.

The Project covers in excess of 8km of the highly gold mineralised Primrose Shear in the Murchison District of the Eastern Goldfields, Western Australia. Some 79,915 ounces of gold was mined in this field from 1911 till 1982 at an average grade of 28g/t. It is generally accepted that significantly more gold than this was won from alluvial and unreported production.

Cervantes has identified a number of opportunities in this goldfield, one target (Figure 2) was identified by CSA Global but was never tested by previous explorers, and is committed to accelerating exploration, evaluation and overall development of these opportunities within the project area. The Company is particularly focused on advancing the 'Blue Heaven' Exploration Target

Figure 1: Primrose Project location on regional geology; showing regional historical gold production.

(170,000 to 520,000 tonnage range at 2.2 to 4.5 g/t gold range1 ,as announced on 16th July 2020), with the aim of declaring a JORC Mineral Resource, and early development of the 'Pansy Pit' for potential cash flow. These areas being assessed, make up only some 5% of the overall project area.

Figure 2 Primrose Shear conceptual gold target. The Paynes Find historic gold mines occur on secondary structures associated with this shear.

Blue Heaven Exploration Target

The Blue Heaven Prospect is centred on the historic Paynes Find gold field, an area covered by Cervantes' Primrose Gold Project. In excess of 37 abandoned mine workings occur in the area. All started as small open pits but progressed to underground workings.

These workings are developed in quartz lode systems in the Paynes Find Gneiss adjacent to the Primrose Shear. The lodes strike between 310o and 360o TN (ie, between north-west and north), dip to the west from 60o to 70o , and are generally oblique to the regional foliation. Gold is best developed in flexures of the shear zone.

High grade ore shoots are formed along the intersection direction of the shear foliation and of the lode, resulting in moderate plunges to the south east. These high grade shoots were exploited by the historic mines.

The quartz lode gold is recognised as a second or late stage gold mineralising event. The first stage was movement of auriferous fluids through the Primrose Shear itself. While gold has been found

1 Mr Philip Jones MAusIMM is the Competent Person responsible for the exploration target. The Company is not aware of any new information or data that materially affects the information included in the ASX release of 16th July 2020 and the form and context in which the exploration target was presented have not been materially modified. The potential quantity and grade is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resources and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The target is based on actual exploration results.

associated with the shear, no economic deposits have been found other than those hosted by the quartz lodes to date.

The Company announced an Exploration Target at the Blue Heaven Prospect to the market on 16 July, 2020. The aim of the recently completed drilling was to verify historic intercepts as part of Cervantes' validation process for evaluating the historic drilling. Six RC holes, CVSRC001 to 6, were drilled for a total of 263m (Figure 3). The targeted depths of the holes were not achieved because of hard ground and insufficient equipment due to rig unavailability. However, very promising geology was intersected. In particular, in hole CVSRC004

a broad zone of intensely altered sericitic felsic schist (32m to 55m) with strong magnetite-epidote alteration. The magnetite alteration is logged as "extreme".

a lamprophyre dyke is logged at 32-34m

Figure 3. RC drill hole locations, Blue Heaven area, Primrose Gold Project.

Both of these observations indicate very favourable environments for gold mineralisation. Magnetite alteration indicates the passage hydrothermal fluids commonly associated with felsic intrusiverelated mineralising systems. Many mesothermal gold deposits are temporally and spatially associated with lamprophyres which often carry gold orders of magnitude higher than other igneous rocks. Importantly, they tend to indicate deeper seated regional heat events that drive gold mineralisation. This is the first time lamprophyres have been identified in the Paynes Find goldfield. CVSRC004 was drilled to test the western downdip extension of an intersection of 1m @ 271.63g/t from 41m but failed to achieve the target depth.

Drilling at Blue Heaven

Proposed activities during 2021 at Blue Heaven

• Cervantes aims to undertake the work required to progress this mineralisation to a formal Mineral Resource, the potential quantity and grade of which is conceptual in nature, as there has been insufficient reliable exploration data to estimate a Mineral Resource and that it is uncertain if further exploration will result in the estimation of a Mineral Resource.
• Assessment of extent of magnetite alteration zone with respect to the gold mineralisation with the potential of ground magnetic survey to map out that zone.

Pansy Pit Development

The Pansy Pit was mined in the mid-1980s to a depth of approximately 5m. The ore comprises a series of parallel, moderately south-west dipping quartz lodes. Cervantes undertook RC drilling in the pit in 2018. Results, announced 8 August 2018, are included as Table 1.

Acquisition of a high resolution Digital Elevation Model during 2020 has allowed historic drilling and the 2018 drilling to be put on to the same datum. As a result, the steeper dips previously identified have proven to be shallower and possibly more attractive for mining.

A programme of 25 RC holes for 436m was undertaken to fill in the existing drilling to better define the near surface gold mineralisation potential in the pit. Hole locations are shown in Figure 4 below, Refer to ASX release 13 January 2021 for a full tabulation of drill hole collars from this programme.

Hole	Intervalm	Gold gradeg/t	Fromm	Withinbroaderinterval m	Gold Gradeg/t	Fromm
CVSRCP001	2	1.63	10	5	1.03	7
CVSRCP001	2	6.32	34	7	2.33	34
CVSRCP002	1	5.83	11	4	2.46	8
CVSRCP003	2	1.64	10

Page 5 of 10

	CERVANTES
	Corporation Limited

CVSRCP004	1	2.82	31	5	1.22	29
CVSRCP005	1	2.53	7
	2	2.08	15
CVSRCP006	1	6.31	13	3	3.58	13
CVSRCP007	1	5.06	9	4	2.11	8
	2	9.14	15	15	2.74	14
CVSRCP008	2	2.40	5
	1	4.28	10	3	1.98	9
	2	2.20	15
	1	1.94	27
CVSRCP009	2	4.29	15	6	2.41	15
CVSRCP010	2	5.53	13	3	4.30	12
CVSRCP011	1	1.73	4
	1	1.3	22

Table 1 Significant intersections in the Pansy Pit from Cervantes' 2018 RC drilling.

Figure 4 RC drill hole locations, Pansy Pit, Primrose Gold Project.

Drilling defined up to five quartz lodes, ranging in apparent thickness from 1m to 3m. RC sampling was undertaken on one metre intervals, defining the minimum apparent thickness. The interpreted dip of the lodes is approximately 35o to the south west. As the holes' dip was 60o to towards the north east the true thickness will be only 1% to 2% less than the apparent thickness. However, this needs to be confirmed by core (diamond) drilling.

Due to the shallow nature of the drilling, the holes generally intersected only the shallowest one or two lodes. Notable assay results from the drilling are:

	CERVANTES
	Corporation Limited

Hole	Intervalm	Gold gradeg/t	Fromm	Within broaderinterval m	Gold Gradeg/t	Fromm
CVSRCP013	1	2.705	10	3	1.52	8
CVSRCP014	1	4.251	16	4	1.705	16
CVSRCP019	1	3.567	25	3	2.214	23
CVSRCP021	1	17.265	9	2	8.933	9
CVSRCP022	1	8.726	16	3	3.618	15
CVSRCP023	1	4.251	13	3	2.538	13
CVSRCP024	1	5.603	5	3	3.162	5
	1	5.378	10	3	2.774	9
CVSRCP025	1	6.550	15	3	3.886	15
CVSRCP026	1	3.579	5	7	1.40	5
CVSRCP027	3	12.336	7	5	7.738	7
CVSRCP030	2	3.709	16	14	1.408	4
CVSRCP033	2	6.308	6
CVSRCP034	4	3.402	4

This drilling indicates that:

• near surface gold mineralisation has been outlined
• the shallow dips of the quartz lodes has been confirmed
• whilst the gold tends to occur within quartz lodes, gold also occurs in the host rock. This confirms the observation from the 2018 drilling results
• while gold grades tend to be erratic, a common feature of quartz vein hosted gold, the strike persistence of the quartz lodes has been established

A representative cross section, whose location is shown in Figure 4, is shown in Figure 5.

Proposed activities during 2021 at Pansy Pit

• resampling of anomalous four metre gold intercepts to one metre to better define those intercepts.
• Continuation of a Small Mining Proposal submission.
• Planning of a possible third programme of shallow in-pit drilling to aid in grade control for any future mining

MMI Gold Anomaly – P59/2174

A historic surface geochemistry gold anomaly, using the MMI method, remained untested by a previous explorer. The anomaly defines a north-south zone of approximately 700m strike extent. It attains a magnitude of 0.129g/t gold and is considered anomalous in this setting. The anomaly is hosted by the Paynes Find Schist, the host to the Paynes Find gold field.

Two shallow RC holes were drilled to test the anomaly: CVSRC007 and CVSRC008 (Figure 3). Both holes intersected unaltered granodiorites with a minor quartz vein. Gold grades were generally below detection other than both holes being anomalous at surface, to a maximum of 0.048g/t gold, and the quartz vein to a maximum of 0.02g/t gold. The source of the MMI is considered to be tested. Assaying was on four metre composites.

Figure 5 Geological cross section. The location of the cross section is indicated in Figure 4

CORPORATE

The Company holds, as at 31 December 2020, approximately $200,000 of highly liquid shares in an ASX200 listed company, received from the sale of Albury Heath project, that can be sold as required to assist with operating cashflows.

Cervantes continues to assess a number of other projects while developing the Primrose project and will ideally be in a position to provide continuous good news to shareholders in the relatively near future.

Related Party Payments

In accordance with the requirements of ASX Listing Rule 5.3.5 the Company advises that during the quarter, payments were made to related parties of Cervantes totalling $28,000. These payments

were made to Directors of the Company in respect of their directors' fees (inclusive of superannuation) and additional services provided.

-ENDS-

Released with the authority of the board.

Collin Vost Executive Chairman (08) 6436 2300 cvost@cervantescorp.com.au

Appendix 5B

The Appendix 5B for the quarter ended 31 December 2020 is attached.

About Cervantes Corporation Limited

Cervantes is an emerging gold explorer and aspiring gold miner. It has built up a portfolio of gold properties in well-known and historically producing gold districts with a strategy to apply novel exploration and development thinking. Cervantes has identified opportunities in those districts that were overlooked by previous explorers. The company is committed to maximising shareholder value through the development of those opportunities.

About the Primrose Project

The Primrose Project covers in excess of 8km of the highly gold mineralised Primrose Shear in the Murchison District of the Eastern Goldfields, Western Australia. Over 37 gold mines operated in this field from 1911 till 1982. Some 79,915 ounces of gold was mined at an average grade of 28g/t during this period. It is generally accepted that significantly more gold than this was won from alluvial and unreported production.

Cervantes controls mining leases and prospecting licences that cover the majority of this historic gold field. A large database of drilling, surface geochemistry, geological, and geophysical data has been assembled to allow the field to be better understood than at any time in its history.

Competent Person's Statement

The details contained in this report that pertain to exploration results are based upon information compiled by Mr Marcus Flis, a Technical Director of Cervantes Corporation Limited. Mr Flis is a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM) and has sufficient experience in the activity which he is undertaking to qualify as a Competent Person as defined in the December 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore

Reserves" (JORC Code). Mr Flis consents to the inclusion in the report of the matters based upon his information in the form and context in which it appears.

The information in this announcement that relates to Exploration Results, Mineral Resources and Exploration Target statements is based on information compiled or reviewed by Mr Philip Jones, who is a Member of the Australasian Institute of Mining and Metallurgy and The Australasian Institute of Geoscientists. Mr Jones is a consultant to the Company. Mr Jones has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Jones consents to the inclusion in the announcement of the matters based on his information in the form and context in which it applies. Exploration Targets described in this report are conceptual in nature and there is insufficient reliable information to establish whether further exploration will result in the determination of Mineral Resources.

Forward Looking Statement

This report contains forward looking statements concerning the projects owned by Cervantes Corporation Limited. Statements concerning mining reserves and resources may also be deemed to be forward looking statements in that they involve estimates based on specific assumptions. Forwardlooking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward looking statements as a result of a variety of risks, uncertainties and other factors. Forward looking statements are based on management's beliefs, opinions and estimates as of the dates the forward looking statements are made and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments.

+Rule 5.5

Appendix 5B

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

Name of entity
Cervantes Corporation Ltd
ABN	Quarter ended ("current quarter")
79 079 982 235	31 December 2020

	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 (if expensed)	(43)	(130)
	(b)development	-	-
	(c)production	-	-
	(d)staff costs	(28)	(51)
	(e)administration and corporate costs	(85)	(140)
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) operatingactivities	(156)	(321)

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

ASX Listing Rules Appendix 5B (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms.

	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	147	198
	(e)other non-current assets	-	-
2.3	Cash flows from loans to other entities	-	-
2.4	Dividends received (see note 3)	-	-
2.5	Other (provide details if material)	-	-
2.6	Net cash from / (used in) investingactivities	147	198

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	2	2
3.6	Repayment of borrowings	(2)	(13)
3.7	Transaction costs related to loans andborrowings	-	-
3.8	Dividends paid	-	-
3.9	Other (provide details if material)	-	-
3.10	Net cash from / (used in) financingactivities	0	(11)

4.	Net increase / (decrease) in cash andcash equivalents for the period
4.1	Cash and cash equivalents at beginning ofperiod	24	149
4.2	Net cash from / (used in) operatingactivities (item 1.9 above)	(156)	(321)
4.3	Net cash from / (used in) investing activities(item 2.6 above)	147	198
4.4	Net cash from / (used in) financing activities(item 3.10 above)	0	(11)

	Consolidated statement of cash flows	Current quarter$A'000	Year to date(6 months)$A'000
4.5	Effect of movement in exchange rates oncash held	-	-
4.6	Cash and cash equivalents at end ofperiod	15	15

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	15	15
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)	15	15

6.	Payments to related parties of the entity and theirassociates	Current quarter$A'000
6.1	Aggregate amount of payments to related parties and theirassociates included in item 1	28
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

Payments included in item 6.1 are related to fees and remuneration (inclusive of superannuation) paid to Directors.

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 facilityamount at quarterend$A'000	Amount drawn atquarter end$A'000
7.1	Loan facilities	*900	900
7.2	Credit standby arrangements	-	-
7.3	Other (New York Securities Pty Ltd)	**350	202
7.4	Total financing facilities	1,250	1,102

7.5	Unused financing facilities available at quarter end	148

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.

*7.1 Global Vanadium Limited (ASX:GLV) provided Cervantes a two year interest free non-current unsecured loan facility, maturing on June 2021. Although the full sum could be paid by June 2021, the facility provides for 50% payable by June 2021, with the remaining 50% being extended for a further 12 months, to 2022, with the payment of a nominal fee.

**7.3 New York Securities Pty Ltd, a private company of which Collin Vost is also a director, has provided financial support to the Company. The $350,000 financing facility is secured and incurs 7% interest per annum, applying from January 2020. New York Securities is also providing unsecured financial support, if required, at 7% interest per annum. During the September 2020 quarter, New York Securities extended the secured financing facility repayment date to 5th July 2022.

8.	Estimated cash available for future operating activities	$A'000
8.1	Net cash from / (used in) operating activities (Item 1.9)	(156)
8.2	(Payments for exploration & evaluation classified as investingactivities) (item 2.1(d))	-
8.3	Total relevant outgoings (Item 8.1 + Item 8.2)	(156)
8.4	Cash and cash equivalents at quarter end (Item 4.6)	15
8.5	Unused finance facilities available at quarter end (Item 7.5)	148
8.6	Total available funding (Item 8.4 + Item 8.5)	163
8.7	Estimated quarters of funding available (Item 8.6 divided byItem 8.3)	1.04
	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: Yes. The Company holds approximately $200,000 of highly liquid shares in anASX200 listed company, received from the sale of Albury Heath project, that canbe sold as required to assist with operating cashflows. The Company has, postthe December quarter, commenced a Rights Issue and Shortfall Offer to raisefurther capital. The Company can also engage in joint ventures and/or farm outassets, sell part and/or whole of assets.

8.8.2	Has 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: Yes. The Company has, post the December quarter, commenced a Rights Issueand Shortfall Offer to raise further capital. The Company continues ongoingdiscussions with a number of strategic parties regarding various methods ofinvolvement, incorporating capital raising, sale of part of the assets including jointventures and potential processing arrangements. Based on the quality of theassets and market conditions for Gold assets in strategic and low sovereign risklocations, we believe it is very likely. The Company also holds approximately$200,000 of highly liquid shares in an ASX200 listed company that can be sold toassist with funding operations.
8.8.3	Does the entity expect to be able to continue its operations and to meet its businessobjectives and, if so, on what basis?
	Answer: Yes, on the basis of the activities and comments in 1 and 2 above.
	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: 28 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.

== == == == ==

SCHEDULE OF TENEMENTS

As at 31 December 2020

Project / Tenement		Interest atStart ofQuarter	Interest atEnd ofQuarter	AcquiredDuring theQuarter	DisposedDuring theQuarter
Primrose Project - Western Australia
Paynes Find	M59/002	100%	100%	-	-
Paynes Find	M59/010	100%	100%	-	-
Paynes Find	M59/235	100%	100%	-	-
Paynes Find	M59/244	100%	100%	-	-
Paynes Find	M59/396	100%	100%	-	-
Paynes Find	M59/662	100%	100%	-	-
Paynes Find	M59/663	100%	100%	-	-
Paynes Find	P59/2076	100%	100%	-	-
Paynes Find	P59/2094	100%	100%	-	-
Paynes Find	P59/2101	100%	100%	-	-
Paynes Find	P59/2130	100%	100%	-	-
Paynes Find	P59/2151	100%	100%	-	-
Paynes Find	P59/2152	100%	100%	-	-
Paynes Find	P59/2153	100%	100%	-	-
Paynes Find	P59/2159	100%	100%	-	-
Paynes Find	P59/2160	100%	100%	-	-
Paynes Find	P59/2161	100%	100%	-	-
Paynes Find	P59/2174	100%	100%	-	-
Paynes Find	L59/184	-	100%	100%	-