RESOLUTION MINERALS LTD — Interim / Quarterly Report 2024

Apr 3, 2024

4 April 2024

QUARTERLY ACTIVITIES REPORT

Resolution Minerals Ltd ( RML or Company ) (ASX: RML ) provides its quarterly report for the quarter ended 31 March 2024.

During the quarter, RML completed exploration at the Benmara Project in the Northern Territory. Drilling at the Benmara Project during 2023 was funded by OZ Minerals (now BHP Group) as part of their InitialPeriod commitment as outlined in the Heads of Agreement between the two companies (ASX announcement 9 September 2022) and a $150,000 grant from the NT Government’s Resourcing the Territory initiative. Subsequently (ASX announcement 27 December 2023), RML was notified that the BHP Group would not be proceeding with further earn-in activities at Resolution’s Benmara Copper Project.

CORPORATE

Director changes

During the quarter, Syed Alsagoff was appointed as non-executive director of the Company.

Shareholder meeting

During the quarter, shareholders approved the issue of shares and options to executive directors Aharon Zaetz and Mendel Rogatsky as remuneration.

Cash balance 31 March 2024

The cash at bank at the end of the Quarter (31 March 2024) was $335k.

Appendix 5B expenditure disclosure

RML’s Appendix 5B includes expenditure amounts of $nil in items 6.1 and 6.2. Executive directors elected to have their director fees settled via issue of shares.

During the December Quarter, RML expended $84k on exploration activities. This expenditure primarily represents costs associated with drilling activities at the Company’s Benmara Project in the NT.

Level 4, 29 King William Street Adelaide SA 5000 www.resolutionminerals.com

TENEMENT TABLE
Tenement number	Tenement name	Beneficial Interest at the end of the Quarter	Changes during Quarter
Benmara Project – Northern Territory, Australia
EL31287	Pandanus	100%	None
EL32228	Benmara	100%	None
EL32229	Murphy	100%	None
EL32849	Paradise Bore	100%	None
EL32850	Boxer	100%	None
EL32883	Murphy	100%	None
EL33059	Lilly	100%(Application)	None
EL33612	Benmara	100%(Application)	None
EL33613	Benmara	100%(Application)	None
Carrara Range Project – Northern Territory, Australia
EL32622	Carrara	100%	None
EL32620	Carrara	100%	None
EL32577	Carrara	100%	None
EL32621	Carrara	100% (Application)	None
EL32619	Carrara	100% (Application)	None
EL32578	Carrara	100% (Application)	None
George Project – South Australia, Australia
EL6838	George	100%	None
EL6839	George	100%	None
EL6840	George	100%	None
EL6905	George	100%	None
64North Project – Alaska, USA
1,195 Alaska State Claims	64North Project claims	51%	None
Allegra Project – Alaska, USA
201 Alaska State Claims	Allegra Project claims	100%	None

Authorised for release by the board of Resolution Minerals Ltd.

For further information, please contact Aharon Zaetz Executive Director.

Aharon Zaetz Executive Director Resolution Minerals Ltd M: +61 424 743 098 ari@resolutionminerals.com

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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 Resolution Minerals Ltd ABN Quarter ended (“current quarter”) 99 617 789 732 31 March 2024

Consolidated statement of cash flows	Current quarter $A’000	Year to date (9 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	- - - - (113) (30) - 4 - - 75 3	- (33) - - (515) (272) - 27 - - 75 248
	(61)	(470)
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	- - - (84) - -	- - (4) (2,431) - -

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 (9 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 – Joint Venture receipts 2.6 Net cash from / (used in) investing activities	- - 95 - - - - -	- - 174 78 - - - 1,718
	11	(465)
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 – lease payments 3.10 Net cash from / (used in) financing activities	- - - - - - - - (5)	- - - - - - - - (23)
	(5)	(23)
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)	389 (61) 11 (5)	1,309 (470) (465) (23)

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 (9 months) $A’000
4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	1	(16)
	335	335
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 - restricted cash (joint venture) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)	315 20 - -	369 20 - -
	335	389
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 - 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.		-
		-

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 (please specify) - - 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
		-	-
		-	-
		-	-
		-	-
	Not applicable

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) (61) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (84) Total relevant outgoings (item 8.1 + item 8.2) (145) Cash and cash equivalents at quarter end (item 4.6) 335 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 335 Estimated quarters of funding available (item 8.6 divided by item 8.3) 2.3 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?	(61) (84) (145) 335 -
		335
	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

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

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.

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: 4 April 2024

Authorised by: the Board of the Company

(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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