SUREFIRE RESOURCES NL — Annual Report 2021

Oct 31, 2021

YƵĂƌƚĞƌůLJZĞƉŽƌƚ

ĨŽƌ ƚŚĞƚŚƌĞĞŵŽŶƚŚƐ ĞŶĚĞĚ ϯϬ ^ĞƉƚĞŵďĞƌ ϮϬϮϭ

Ϯϵ

ƚŚ KĐƚŽďĞƌ ϮϬϮϭ ^yŶŶŽƵŶĐĞŵĞŶƚ

^WdDZ ϮϬϮϭ YhZdZ>z d/s/d/^ZWKZd ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ

ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ

<ĞLJĂĐƚŝǀŝƚŝĞƐĂŶĚ ƌĞƐƵůƚƐĚƵƌŝŶŐƚŚĞ ^ĞƉƚĞŵďĞƌ YƵĂƌƚĞƌ͗

z/z'K> WZK:d

• x ϭ͕ϬϬϬŵ džϮϱϬŵŶĞǁ ƐŽŝůĂŶŽŵĂůLJ ĚĞĨŝŶĞĚ ƚŽ ƚŚĞ ƐŽƵƚŚͲĞĂƐƚ ŽĨzŝĚďLJ ZŽĂĚ 'ŽůĚ ĚĞƉŽƐŝƚ
• x dŚĞƉĞĂŬDD/ĂŶŽŵĂůLJ ŝƐϱϴ ƚŝŵĞƐďĂĐŬŐƌŽƵŶĚ ƚŚĂƚ ŝƐŚŝŐŚĞƌƚŚĂŶ ƚŚĂƚ ƐĞĞŶ ŝŶ zŝĚďLJ ZŽĂĚ 'ŽůĚ ĚŝƐĐŽǀĞƌLJ ĂƌĞĂ
• x dŚĞ DD/ ŐŽůĚ ĂŶŽŵĂůLJŝƐ ůŽĐĂƚĞĚ ǁŝƚŚŝŶ Ă ƉƌĞǀŝŽƵƐůLJ ĚĞĨŝŶĞĚ ŐƌĂǀŝƚLJ ůŽǁ ĐŽƌƌŝĚŽƌ
• x hƉ ƚŽ Ϯ͕ϬϬϬŵŽĨ ZĚƌŝůůŝŶŐĐŽŵŵĞŶĐĞĚ ƚŽ ƚĞƐƚ ĂŶĚ ĞdžƚĞŶĚ ƚŚĞzŝĚďLJZŽĂĚ ŐŽůĚ ĚŝƐĐŽǀĞƌLJ
• x ƌŽŶĞĚŝŐŝƚĂů ƚĞƌƌĂŝŶ ƐƵƌǀĞLJ ĐŽŵƉůĞƚĞĚ ƚŽ ƐƵƉƉŽƌƚ Ă DĂŝĚĞŶ DŝŶĞƌĂůZĞƐŽƵƌĐĞĞƐƚŝŵĂƚŝŽŶ
• x ^ƚƌƵĐƚƵƌĂů ŝŶƚĞƌƉƌĞƚĂƚŝŽŶ ĐŽŵƉůĞƚĞĚ͖ ĐƌLJƉƚŝĐ ĐŽŶũƵŐĂƚĞ ĨĂƵůƚƐ ǁŝƚŚŝŶ ĂŶ ĂŶƚŝĐůŝŶĂů ƐƚƌƵĐƚƵƌĞ ŝĚĞŶƚŝĨŝĞĚ ĂƐ ůŝŬĞůLJ ĐŽŶƚƌŽůůŝŶŐ ŐŽůĚ ŵŝŶĞƌĂůŝƐĂƚŝŽŶ

WZE:KZ/ /ZKEKZ WZK:d

x /ŶŝƚŝĂƚŝŽŶ ŽĨ ƉůĂŶŶŝŶŐ ƚŽ Ěƌŝůů ŽƵƚ ĐƵƌƌĞŶƚ /ŶĨĞƌƌĞĚ ZĞƐŽƵƌĐĞ ŽĨ ϭϵϭ͘ϳ DƚΛ ϯϲ͘ϲй &Ğ ƚŽ /ŶĚŝĐĂƚĞĚ ZĞƐŽƵƌĐĞ ĐĂƚĞŐŽƌLJ

WZE:KZ/ 'K>ʹ ^ Dd>^ WZK:d

• x <ĂĚũŝŚŝŐŚ ƌĞƐŽůƵƚŝŽŶ ĂĞƌŽŵĂŐŶĞƚŝĐ ƐƵƌǀĞLJ ĨŝŶĂůŝƐĞĚ ĚĂƚĂ ĚĞůŝǀĞƌĞĚ͘
• x ZĞĐŽŶŶĂŝƐƐĂŶĐĞĨŝĞůĚ ƚƌŝƉ ĐŽŶĨŝƌŵƐ ƉƌĞƐĞŶĐĞŽĨĞdžŽƚŝĐ ŐƌĞĞŶƐƚŽŶĞ ůŝƚŚŽůŽŐŝĞƐ͘

/E KWWZͲ'K>WZK:d

• x ĞƌŽŵĂŐŶĞƚŝĐ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶ ŚŝŐŚůŝŐŚƚĞĚ ƚŚĞ ƐƚƌƵĐƚƵƌĂůƐĞƚƚŝŶŐ ŽĨŚŝƐƚŽƌŝĐ ŵŝŶĞƐƌĞĨŝŶŝŶŐ ƚŚĞ ĞdžƉůŽƌĂƚŝŽŶ ŵŽĚĞů ƚŚĂƚ ŝƐ ďĞŝŶŐ ƉƵƌƐƵĞĚ
• x ƐƐĞƐƐŵĞŶƚ ŽĨ ƉƌĞǀŝŽƵƐ ƌĞǀŝĞǁƐ ĨŽĐƵƐƐĞƐ ĞdžƉůŽƌĂƚŝŽŶ ĂƚƚĞŶƚŝŽŶ ŽŶ ůĞĂĚͲƐŝůǀĞƌͲŐŽůĚ ĐŽŶĚƵĐƚŝǀĞƚĂƌŐĞƚƐĨŽƌĨŽůůŽǁͲƵƉ
• x DŽĚĞůůŝŶŐ ďLJ ŝŶǀĞƌƐŝŽŶ ŽĨ ĂŝƌďŽƌŶĞ ĞůĞĐƚƌŽŵĂŐŶĞƚŝĐ ĚĂƚĂ ;sdDͿ ĐŽŵŵŝƐƐŝŽŶĞĚ ƚŽ ĂƐƐĞƐƐ ĐŽŶĚƵĐƚŽƌ ƋƵĂůŝƚLJ ĂŶĚ ŐĞŽŵĞƚƌLJ
• x ΨϭϱϬ͕ϬϬϬdžƉůŽƌĂƚŝŽŶ /ŶĐĞŶƚŝǀĞ ^ĐŚĞŵĞ ĚƌŝůůŝŶŐ ĐŽͲĨƵŶĚŝŶŐƚŽ ďĞ ƚĂƌŐĞƚĞĚ ŽŶ DĐŽŶĚƵĐƚŽƌƐ

^ƵƌĞĨŝƌĞZĞƐŽƵƌĐĞƐ E>;͞**^ƵƌĞĨŝƌĞ͕͟͞ƚŚĞ ŽŵƉĂŶLJ͟Ϳ ĂĚǀĂŶĐĞĚ ƚŚĞ zŝĚďLJ 'ŽůĚ͕ WĞƌĞŶũŽƌŝ/ƌŽŶ KƌĞ ĂŶĚ <ŽŽůŝŶĞ WƌŽũĞĐƚƐĚƵƌŝŶŐ ƚŚĞ YƵĂƌƚĞƌ ;&ŝŐƵƌĞϭ**Ϳ͘

&ŝŐƵƌĞϭ ^ƵƌĞĨŝƌĞZĞƐŽƵƌĐĞƐ E>ƉƌŽũĞĐƚ ůŽĐĂƚŝŽŶƐ

z/z'K>WZK:d ;ϱϵͬϮϯϵϬ͕ ϱϵͬϮϰϮϲ͕ ϱϵͬϮϰϰϰͿ

ďŽƵƚ zŝĚďLJ

dŚĞ zŝĚďLJ'ŽůĚWƌŽũĞĐƚ ŝƐ ǁĞůůůŽĐĂƚĞĚ ĐůŽƐĞ ƚŽ ƚŚĞ'ƌĞĂƚ EŽƌƚŚĞƌŶ ,ŝŐŚǁĂLJ͕ϰϬŬŵ ƐŽƵƚŚǁĞƐƚ ŽĨ WĂLJŶĞƐ &ŝŶĚ ŝŶ ƚŚĞ DŝĚͲtĞƐƚ ŽĨ tĞƐƚĞƌŶ ƵƐƚƌĂůŝĂ͕ ĂŶĚ ŝŶ ƚŚĞ ƐŽƵƚŚĞƌŶ ƉŽƌƚŝŽŶ ŽĨ ƚŚĞ zĂůŐŽŽͲ^ŝŶŐůĞƚŽŶ 'ƌĞĞŶƐƚŽŶĞĞůƚ͕ƉĂƌƚ ŽĨƚŚĞ ŵŝĚ ƚŽ ůĂƚĞͲƌĐŚĂĞĂŶzŽƵĂŶŵŝdĞƌƌĂŶĞ͘

dŚĞ WƌŽũĞĐƚ ĐŽŵƉƌŝƐĞƐ ƚŚƌĞĞ ŐƌĂŶƚĞĚ ĞdžƉůŽƌĂƚŝŽŶ ůŝĐĞŶĐĞƐ ǁŝƚŚ Ă ƚŽƚĂů ĂƌĞĂ ŽĨϭϭϰŬŵϸ ;&ŝŐƵƌĞϮͿ ĂŶĚ ŝŶĐůƵĚĞƐ ƚŚƌĞĞ ƉƌŽƐƉĞĐƚƐ ǁŚĞƌĞ ƐŝŐŶŝĨŝĐĂŶƚ ŐŽůĚ ŵŝŶĞƌĂůŝƐĂƚŝŽŶ ŚĂƐ ďĞĞŶ ŝĚĞŶƚŝĨŝĞĚ͘ dŚĞLJ ĂƌĞ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚŚŝƐƚŽƌŝĐĂůǁŽƌŬŝŶŐƐ ĂƚĞůĂŶĞLJtĞůůĂŶĚ ĂƐŚĞŶƐ &ŝŶĚ͕ĂŶĚĂ ǀŝƌŐŝŶĚŝƐĐŽǀĞƌLJĂƚ zŝĚďLJ ZŽĂĚ 'ŽůĚ WƌŽƐƉĞĐƚ͘

dŚĞ WƌŽũĞĐƚ ŝƐ ƐƵƌƌŽƵŶĚĞĚďLJƐĞǀĞƌĂůƐŝŐŶŝĨŝĐĂŶƚ ŐŽůĚĚĞƉŽƐŝƚƐ͕ŝŶĐůƵĚŝŶŐ ƚŚĞ нϭ͘ϭŵŝůůŝŽŶͲŽƵŶĐĞDŝŶũĂƌ 'ŽůĚ WƌŽũĞĐƚ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϲϱŬŵ ƚŽ ƚŚĞ ŶŽƌƚŚǁĞƐƚ͕ ƚŚĞ ϭ ŵŝůůŝŽŶͲŽƵŶĐĞ <ŝƌŬĂůŽĐŬĂ 'ŽůĚ WƌŽũĞĐƚ ĂƉƉƌŽdžŝŵĂƚĞůLJϳϬŬŵ ƚŽ ƚŚĞŶŽƌƚŚĞĂƐƚ͕ƚŚĞϮ͘ϭDŽnj DŽƵŶƚ 'ŝďƐŽŶ 'ŽůĚWƌŽũĞĐƚ ϯϬŬŵ ƚŽ ƚŚĞ ƐŽƵƚŚ ;Ϯϴ

:ƵůLJϮϬϮϭ ^y͗DDͿ ĂŶĚ ƚŚĞ Ϭ͘ϱϰDŽnj ZŽƚŚƐĂLJ'ŽůĚ WƌŽũĞĐƚ ϯϬŬŵ ƚŽ ƚŚĞǁĞƐƚ ;ŐĂŶ^ƚƌĞĞƚ ZĞƐŽƵƌĐĞƐ͕ ϭϮ &ĞďƌƵĂƌLJϮϬϭϵͿ ;&ŝŐƵƌĞϮͿ͘

&ŝŐƵƌĞϮ zŝĚďLJ 'ŽůĚ WƌŽũĞĐƚ ůŽĐĂƚŝŽŶ ŽŶ ƌĞŐŝŽŶĂů ŐĞŽůŽŐLJǁŝƚŚ ŵĂũŽƌ ŐŽůĚ ƉƌŽũĞĐƚƐ Θ ŵŝŶĞƌĂůŽĐĐƵƌƌĞŶĐĞƐ

ƌŝůůŝŶŐƌĞĐŽŵŵĞŶĐĞĚ Ăƚ zŝĚďLJ

^ƵƌĞĨŝƌĞŝŶŝƚŝĂƚĞĚƚŚĞ ŶĞdžƚ ƉŚĂƐĞ ŽĨĚƌŝůůŝŶŐ Ăƚ ƚŚĞ zŝĚďLJ'ŽůĚĞƉŽƐŝƚ ;^yĂŶŶŽƵŶĐĞŵĞŶƚ ϯϬ ƵŐƵƐƚ ϮϬϮϭͿ͘ dŚĞ ĚƌŝůůŝŶŐ ĐĂŵƉĂŝŐŶĐŽŵƉƌŝƐĞĚ ŽĨĂƉƉƌŽdžŝŵĂƚĞůLJϭϱ ŚŽůĞƐ ĨŽƌϮ͕ϬϬϬŵ ŽĨZ ĚƌŝůůŝŶŐ͕ĚĞƐŝŐŶĞĚ ƚŽ ƚĞƐƚ Ă DŽďŝůĞDĞƚĂů/ŽŶƐ ;DD/Ϳ ƐŽŝůŐĞŽĐŚĞŵŝĐĂů ĂŶŽŵĂůŝĞƐ ĐŽŝŶĐŝĚĞŶƚ ǁŝƚŚ Ă ƐĞƌŝĞƐ ŽĨ ŝŶƚĞƌƉƌĞƚĞĚ ĐƌŽƐƐ ĨĂƵůƚƐ ĂŶĚ ƐƉůĂLJƐ ŽĨĨ ƚŚĞŵĂŝŶzŝĚďLJƌLJƉƚŝĐ &ĂƵůƚ ;&ŝŐƵƌĞϯͿ͘

^ƵƌĨĂĐĞ 'ĞŽĐŚĞŵŝƐƚƌLJƐƵƌǀĞLJĐŽŵƉůĞƚĞĚ Ăƚ zŝĚďLJ

dŚĞ ŽŵƉĂŶLJ ĐŽŵƉůĞƚĞĚ Ă ƐƵƌĨĂĐĞŐĞŽĐŚĞŵŝƐƚƌLJ ƐƵƌǀĞLJƚŽ ƚŚĞ ƐŽƵƚŚͲĞĂƐƚ ŽĨƚŚĞ ĚŝƐĐŽǀĞƌLJĂƌĞĂ ƚŽ ƚĞƐƚ ĨŽƌƚŚĞ ĞdžƚĞŶƐŝŽŶŽĨƚŚĞŵŝŶĞƌĂůŝƐĂƚŝŽŶ ĂůŽŶŐ ƚŚĞ ŐƌĂǀŝƚLJůŽǁĐŽƌƌŝĚŽƌŝŶƚŚĂƚ ĚŝƌĞĐƚŝŽŶ͘ ƚŽƚĂůŽĨϱϮϬ DŽďŝůĞDĞƚĂůůŝĐ /ŽŶ ;DD/Ϳ ƐĂŵƉůĞƐ ǁĞƌĞ ĐŽůůĞĐƚĞĚ ŽŶ Ă Ϯϱŵ dž ϭϬϬŵŐƌŝĚ͘

dŚĞ ƐƵƌǀĞLJ ĚĞůŝŶĞĂƚĞĚ ƚŚĞ ŶĞǁ ͞DŽŶĞLJ͟ ĂŶŽŵĂůLJ͕ Ă ϭ͕ϬϬϬŵdž ϮϱϬŵ ŐŽůĚ ĂŶŽŵĂůLJƚŚĂƚ ĂƚƚĂŝŶƐ ĂƉĞĂŬ ŽĨϱϴ ƚŝŵĞƐ ďĂĐŬŐƌŽƵŶĚ ;͞dϭ͕͟**&ŝŐƵƌĞϯ**Ϳ͘ dǁŽ ŽƚŚĞƌĂŶŽŵĂůŝĞƐ͕͞dϮ͟ ĂŶĚ͞dϯ͕͟ ǁĞƌĞĂůƐŽ ŵĂƉƉĞĚŽƵƚ ;^yƌĞůĞĂƐĞ͕ ϲ^ĞƉƚĞŵďĞƌϮϬϮϭͿ͘

&ŝŐƵƌĞϯ DD/ ƐŽŝůŐĞŽĐŚĞŵŝƐƚƌLJ ŐŽůĚ ŚĞĂƚ ŵĂƉ͘ dŚĞ͞DŽŶĞLJ͟ ƐŽŝůĂŶŽŵĂůLJ ƚŽ ƚŚĞ ƐŽƵƚŚĞĂƐƚ ŽĨ ƚŚĞzŝĚďLJ ĚŝƐĐŽǀĞƌLJ ĂƌĞĂ ŚĂƐ ďĞĞŶ ŵĂƉƉĞĚ ŽƵƚďLJ ƚŚĞ ƐƵƌǀĞLJ͘ ŶŽŵĂůŝĞƐ dϭ͕ dϮ͕ĂŶĚ dϯ ůĂďĞůůĞĚ͘

WZE:KZ/'K>͕^ͲDd>^ Θ/ZKEKZ

dŚĞ WĞƌĞŶũŽƌŝ 'ŽůĚ͕ ĂƐĞ DĞƚĂůƐ ĂŶĚ /ƌŽŶ KƌĞWƌŽũĞĐƚ ŝŶĐůƵĚĞƐ ĨŝǀĞ ŐƌĂŶƚĞĚ džƉůŽƌĂƚŝŽŶ >ŝĐĞŶĐĞƐ ĂŶĚ ŽŶĞ ĞdžƉůŽƌĂƚŝŽŶ ůŝĐĞŶĐĞ ƵŶĚĞƌ ĂƉƉůŝĐĂƚŝŽŶ ;>ϱϵͬϮϰϯϮ͕ >ϱϵͬϮϰϰϱ ĂŶĚ >ϳϬͬϱϱϳϮͿ͕ ŽǀĞƌ Ă ĐŽŵďŝŶĞĚ ĂƌĞĂ ŽĨϲϰϮŬŵϸ͕ůŽĐĂƚĞĚ ŝŶDŝĚǁĞƐƚ ZĞŐŝŽŶ ŽĨt;&ŝŐƵƌĞϰͿ͘

dŚĞ ƚĞŶĞŵĞŶƚƐ ĂƌĞůŽĐĂƚĞĚ ŽǀĞƌƚŚĞ <ŽŽůĂŶŽŽŬĂ 'ƌĞĞŶƐƚŽŶĞĞůƚ͕ǁŝƚŚŝŶ Ă ƚLJƉŝĐĂůŐƌĂŶŝƚĞͲŐƌĞĞŶƐƚŽŶĞ ƚĞƌƌĂŝŶŽĨƚŚĞ ƐŽƵƚŚĞƌŶ DƵƌĐŚŝƐŽŶ 'ĞŽůŽŐŝĐĂůWƌŽǀŝŶĐĞŽĨƚŚĞƌĐŚĂĞĂŶzŝůŐĂƌŶ ƌĂƚŽŶ͘ dŚĞ ĂƌĞĂ ŝƐ ĂŶ ƵŶĚĞƌͲĞdžƉůŽƌĞĚĂŶĚŚŝŐŚůLJ ƉƌŽƐƉĞĐƚŝǀĞ͕ ǁŝƚŚ ŶƵŵĞƌŽƵƐ ŐŽůĚ͕ďĂƐĞ ŵĞƚĂůƐ ĂŶĚŝƌŽŶͲŽƌĞĚĞƉŽƐŝƚƐ ŝŶ ƚŚĞ ƌĞŐŝŽŶ͕ŝŶĐůƵĚŝŶŐ ƚŚĞĞĨůĞĐƚŽƌ'ŽůĚDŝŶĞϯϬŬŵ ƚŽ ƚŚĞŶŽƌƚŚ͕ƚŚĞ <ĂƌĂƌĂ /ƌŽŶ KƌĞĚĞƉŽƐŝƚ ϯϬŬŵ ƚŽ ƚŚĞ ĞĂƐƚ ĂŶĚ ƚŚĞ 'ŽůĚĞŶ 'ƌŽǀĞ ďĂƐĞ ŵĞƚĂůƐ ĚĞƉŽƐŝƚƐ ϱϬŬŵ ƚŽ ƚŚĞ ŶŽƌƚŚĞĂƐƚ ;&ŝŐƵƌĞϰͿ͘

&ŝŐƵƌĞϰ WĞƌĞŶũŽƌŝ ĂŶĚ zŝĚďLJ WƌŽũĞĐƚƐ ƚĞŶĞŵĞŶƚƐ ůŽĐĂƚŝŽŶ ŽŶ ŐĞŽůŽŐLJ ĂŶĚ ĂĞƌŽŵĂŐŶĞƚŝĐƐ͘

<ĂĚũŝ 'ŽůĚͲĂƐĞ DĞƚĂůƐ WƌŽũĞĐƚ

dŚĞ <ĂĚũŝ WƌŽũĞĐƚ ;ϱϵͬϮϰϰϲ ĂŶĚ ϳϬͬϱϱϳϱͿ ĐŽǀĞƌƐ ŽǀĞƌ Ă ϮϱŬŵ ƐƚƌŝŬĞ ŽĨ ĂŶ ƵŶƚĞƐƚĞĚ ŝŶƚĞƌƉƌĞƚĞĚ ĞdžƚĞŶƐŝŽŶ ŽĨƚŚĞ <ŽŽůĂŶŽŽŬĂ 'ƌĞĞŶƐƚŽŶĞĞůƚ ;&ŝŐƵƌĞϰͿ͘ dŚĞ ŝŶƚĞƌƉƌĞƚĞĚ ŐƌĞĞŶƐƚŽŶĞŝƐ ďŽƵŶĚĞĚďLJ ŵĂũŽƌŶŽƌƚŚǁĞƐƚ ƚƌĞŶĚŝŶŐ ĨĂƵůƚƐ ĂŶĚƚƌƵŶĐĂƚĞĚ ĂŶĚ ĚŝƐůŽĐĂƚĞĚ ƚŽ ƚŚĞ ǁĞƐƚ Ăƚ ƚŚĞŶŽƌƚŚĞƌŶ ĞŶĚŽĨƚŚĞ <ĂĚũŝƚĞŶĞŵĞŶƚƐ͘ dŚĞƐĞ ŵĂũŽƌƐƚƌƵĐƚƵƌĞƐ ĂƌĞĂŶĂůŽŐŽƵƐ ƚŽ ƚŚĞ zŝĚďLJZŽĂĚƐƚƌƵĐƚƵƌĂůĐŽƌƌŝĚŽƌ͕ ĂŶĚ ĂƌĞ ŚŝŐŚůLJ ƉƌŽƐƉĞĐƚŝǀĞ ĨŽƌŐŽůĚ ĂŶĚ ďĂƐĞ ŵĞƚĂůƐ͘ ůĂƌŐĞ ďƵƚ ƉŽŽƌůLJ ĚĞĨŝŶĞĚ ŐƌĂǀŝƚLJŚŝŐŚ ŝƐ ĂƐƐŽĐŝĂƚĞĚǁŝƚŚ ƚŚĞŐƌĞĞŶƐƚŽŶĞĐŽƌƌŝĚŽƌʹ ƉŽƐƐŝďůLJŝŶĚŝĐĂƚŝŶŐ Ă ůĂƌŐĞ ŵĂĨŝĐͬƵůƚƌĂŵĂĨŝĐ ŝŶƚƌƵƐŝǀĞ ĐŽŵƉůĞdž͘

dŚĞ ĂƌĞĂ ŝƐ ƵŶĚĞƌͲĞdžƉůŽƌĞĚ ĂŶĚ ŚŝŐŚůLJƉƌŽƐƉĞĐƚŝǀĞ͕ǁŝƚŚ ŶƵŵĞƌŽƵƐ ŐŽůĚ͕ďĂƐĞ ŵĞƚĂůƐ ĂŶĚ ŝƌŽŶͲŽƌĞ ĚĞƉŽƐŝƚƐ ŝŶ ƚŚĞƌĞŐŝŽŶ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ĞĨůĞĐƚŽƌ'ŽůĚDŝŶĞ ϯϬŬŵ ƚŽ ƚŚĞ ŶŽƌƚŚ͕ƚŚĞ <ĂƌĂƌĂ /ƌŽŶ KƌĞ ĚĞƉŽƐŝƚ ϯϬŬŵ ƚŽ ƚŚĞ ĞĂƐƚ ĂŶĚ ƚŚĞ 'ŽůĚĞŶ 'ƌŽǀĞ ďĂƐĞ ŵĞƚĂůƐ ĚĞƉŽƐŝƚ ϱϬŬŵ ƚŽ ƚŚĞ ŶŽƌƚŚĞĂƐƚ ;&ŝŐƵƌĞϰͿ͘

&ŝŶĂůĚĂƚĂ ŚĂƐ ďĞĞŶĚĞůŝǀĞƌĞĚ͘ /ŶƚĞƌƉƌĞƚĂƚŝŽŶŽĨƚŚĞĚĂƚĂƐĞƚ ŝƐ ƉĞŶĚŝŶŐ͘ ŐĞŽůŽŐŝĐĂůƌĞĐŽŶŶĂŝƐƐĂŶĐĞ ĚĞƚĞĐƚĞĚ ƚŚĞ ƉƌĞƐĞŶĐĞ ŽĨ ĞdžŽƚŝĐ ŐƌĞĞŶƐƚŽŶĞ ůŝƚŚŽůŽŐŝĞƐ ƚŚĂƚ ǁŝůů ďĞ ƵƐĞĚ ƚŽ ĂŝĚ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶ͘ ZĞŐŝŽŶĂů͕ ĐƌŝƚŝĐĂůůLJ ůŽĐĂƚĞĚ͕ƐƵƌĨĂĐĞ ŐĞŽĐŚĞŵŝĐĂůŵĞĂƐƵƌĞŵĞŶƚƐ ďLJ ƉyZ& ǁŝůů ďĞ ƵŶĚĞƌƚĂŬĞŶĚƵƌŝŶŐƚŚĞ ŶĞdžƚ ƋƵĂƌƚĞƌƚŽ ŝĚĞŶƚŝĨLJƉŽƐƐŝďůĞĂƌĞĂƐ ŽĨŝŶƚĞƌĞƐƚ ĨŽƌŵŽƌĞĚĞĨŝŶŝƚŝǀĞ ŐĞŽĐŚĞŵŝĐĂůƐƵƌǀĞLJŝŶŐ͘

WĞƌĞŶũŽƌŝ /ƌŽŶ KƌĞ WƌŽũĞĐƚ

&ŽůůŽǁŝŶŐ ƚŚĞ ĚĞůŝǀĞƌLJŽĨƚŚĞ^ĐŽƉŝŶŐ ^ƚƵĚLJĨŽƌĂ ŚŝŐŚͲŐƌĂĚĞ ŵĂŐŶĞƚŝƚĞĐŽŶĐĞŶƚƌĂƚĞ ƉƌŽĚƵĐƚŝŽŶ ƉƌŽũĞĐƚ ŽŶ ƚŚĞ WĞƌĞŶũŽƌŝ ŝƌŽŶ ŽĐĐƵƌƌĞŶĐĞ͕ƉůĂŶŶŝŶŐ ŚĂƐ ďĞŐƵŶ ƚŽ ĚĞƚĞƌŵŝŶĞƚŚĞĚĞĨŝŶŝƚŝŽŶ ǁŽƌŬ ƌĞƋƵŝƌĞĚ ƚŽ ŝŶĐƌĞĂƐĞ ƚŚĞ/ŶĨĞƌƌĞĚ DŝŶĞƌĂůZĞƐŽƵƌĐĞŽĨϭϵϭ͘ϳDƚΛ ϯϲ͘ϲй &Ğ ;^y͗YE>͕ Ϯϳ ^ĞƉƚĞŵďĞƌϮϬϭϯͿ ĂŶĚ ŝŶĐƌĞĂƐĞ ĐŽŶĨŝĚĞŶĐĞ ŝŶ ƚŚĞ ĞƐƚŝŵĂƚĞ ƚŽ ĞŶĂďůĞ Ă DĞĂƐƵƌĞĚ ZĞƐŽƵƌĐĞƐƚŝŵĂƚĞ ƚŽ ďĞ ŵĂĚĞ͘

WĞƌĞŶũŽƌŝ 'ŽůĚ WŽƚĞŶƚŝĂů

ƌĞǀŝĞǁŽĨƉƌĞǀŝŽƵƐ ĞdžƉůŽƌĂƚŝŽŶ ĚĂƚĂ͕ĨŽĐƵƐĞĚŽŶ ϳϬͬϱϯϭϭ ĂŶĚ ϳϬͬϱϱϳϮ ;ůŽĐĂƚŝŽŶƐ͕ƐĞĞ &ŝŐƵƌĞϰͿ͕ ŚĂƐ ŚŝŐŚůŝŐŚƚĞĚ ƐŽŝůƐĂŵƉůŝŶŐŐĞŽĐŚĞŵŝƐƚƌLJ ƚŚĂƚ ŚĂƐ ďĞĞŶ ŝŶƚĞƌƉƌĞƚĞĚƚŽ ŚŝŐŚůŝŐŚƚ ŬĞLJƚƌĞŶĚƐ ŝŶďŽƚŚ ŐŽůĚ;ƐĞĞ&ŝŐƵƌĞϱďĞůŽǁͿ ĂŶĚĂƌƐĞŶŝĐ ĚĂƚĂ͘

ďƌŽĂĚůLJ ƐĂŵƉůĞĚ ;хϭŬŵ ƐƉĂĐŝŶŐͿ ŶŽƌƚŚͲƐŽƵƚŚ ƚƌĞŶĚŝŶŐ͕ŐŽůĚͲĂŶŽŵĂůŽƵƐ ĐŽƌƌŝĚŽƌŚĂƐ ďĞĞŶ ŝĚĞŶƚŝĨŝĞĚ ƌƵŶŶŝŶŐ ƉĂƌĂůůĞůďƵƚ ƚŽ ƚŚĞ ĞĂƐƚ ŽĨƚŚĞďĂŶĚĞĚ ŝƌŽŶ ĨŽƌŵĂƚŝŽŶ;ďŝĨͿ ŽŶ ϳϬͬϱϯϭϭ ;&ŝŐƵƌĞϱͿ͘ dŚŝƐ ƚƌĞŶĚ ĐŽƌƌĞƐƉŽŶĚƐ ǁŝƚŚĂ ŶŽƌƚŚͲƐŽƵƚŚ ƚƌĞŶĚŝŶŐ ƐƚƌƵĐƚƵƌĞ ŝŶƚĞƌƉƌĞƚĞĚ ĨƌŽŵ ƌĞŐŝŽŶĂů ĂĞƌŽŵĂŐŶĞƚŝĐ ŝŵĂŐĞƌLJ ŝŶƚŚĞ ƉŽŽƌůLJ ĞdžƉŽƐĞĚŐƌĞĞŶƐƚŽŶĞƐ ƚŽ ƚŚĞ ĞĂƐƚ ŽĨƚŚĞďŝĨ͕ůŝŶŬŝŶŐ ƚŽ ĂŶ ĂƌĞĂ ŽĨŚŝƐƚŽƌŝĐĂůĚƌŝůůŝŶŐ ƚŚĂƚ ŐĞŶĞƌĂƚĞĚƐŝŐŶŝĨŝĐĂŶƚ ŝŶƚĞƌƐĞĐƚŝŽŶƐ ;ƐĞĞ ^ZE͕^yƌĞůĞĂƐĞ Ϯϯ EŽǀĞŵďĞƌϮϬϮϬͿ͘

&ŝŐƵƌĞϱ WĞƌĞŶũŽƌŝ ϳϬͬϱϯϭϭ ĂŶĚ ϳϬͬϱϱϳϮ ƚĞŶĞŵĞŶƚƐ ǁŝƚŚ ƐŽŝůƐĂŵƉůŝŶŐ ĚĂƚĂ ;ƵͿ ŽŶ ĂĞƌŝĂůƉŚŽƚŽŐƌĂƉŚLJ͘

/E,/','Z>Ͳ^/>sZΘKWWZͲ'K>;ϬϴͬϮϯϳϯΘϬϴͬϮϵϱϲͿ

dŚĞ <ŽŽůŝŶĞ ůĞĂĚͲƐŝůǀĞƌ ĂŶĚ ĐŽƉƉĞƌͲŐŽůĚ WƌŽũĞĐƚ ŝŶĐůƵĚĞƐ ƚǁŽ ĞdžƉůŽƌĂƚŝŽŶ ůŝĐĞŶĐĞƐ ;ϬϴͬϮϯϳϯ ĂŶĚ ϬϴͬϮϵϱϲͿ ƚŚĂƚ ĐŽǀĞƌĂ ƚŽƚĂůĂƌĞĂ ŽĨϯϴϲ Ŭŵϸ͕ůŽĐĂƚĞĚ ŝŶƚŚĞ ƐŚďƵƌƚŽŶWƌŽǀŝŶĐĞ ŽĨtĞƐƚĞƌŶƵƐƚƌĂůŝĂ͕ ϱϱ ŬŝůŽŵĞƚƌĞƐ ƐŽƵƚŚ ŽĨƚŚĞ ϭŵŝůůŝŽŶͲŽƵŶĐĞ WĂƵůƐĞŶ͛Ɛ 'ŽůĚDŝŶĞ ;&ŝŐƵƌĞϲͿ͘

dŚĞ ƚĞŶĞŵĞŶƚƐ ĂƌĞ ŚŝŐŚůLJƉƌŽƐƉĞĐƚŝǀĞ ĨŽƌĞdžƚĞŶƐŝŽŶƐ ƚŽ ƚŚĞ ŚŝŐŚͲŐƌĂĚĞ <ŽŽůŝŶĞ ƐŝůǀĞƌͲůĞĂĚ ůŽĚĞƐ Ăƚ ƚŚĞ <ŽŽůŝŶĞ DŝŶĞƌĂůĨŝĞůĚ͕ŚŝƐƚŽƌŝĐĂůůLJ tĞƐƚĞƌŶƵƐƚƌĂůŝĂ͛Ɛ ůĂƌŐĞƐƚ ƉƌŽĚƵĐĞƌŽĨůĞĂĚ͘

/ŶĂĚĚŝƚŝŽŶ͕ ƚŚƌŽƵŐŚ ƌĞͲƉƌŽĐĞƐƐŝŶŐ ĂŶĚ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶŽĨŐĞŽƉŚLJƐŝĐĂůĚĂƚĂ͕ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ŝĚĞŶƚŝĨŝĞĚ ƉŽƚĞŶƚŝĂů ĨŽƌůĂƌŐĞŝŶƚƌƵƐŝǀĞ ƌĞůĂƚĞĚ ƐŝůǀĞƌͲůĞĂĚƚŽ ĐŽƉƉĞƌͲŐŽůĚƐLJƐƚĞŵƐ;͞/D'͟Ϳ ĂƚƚŚĞ <ŽŽůŝŶĞWƌŽũĞĐƚ͘

&ŝŐƵƌĞϲ <ŽŽůŝŶĞWƌŽũĞĐƚ dĞŶĞŵĞŶƚƐ ĂŶĚ DĂũŽƌ 'ŽůĚ ĂŶĚ ĂƐĞDĞƚĂůĞƉŽƐŝƚ

<ŽŽůŝŶĞ ƌĞǀŝĞǁŚŝŐŚůŝŐŚƚƐŵĂũŽƌƐŝůǀĞƌͲůĞĂĚ ĂŶĚ ĐŽƉƉĞƌͲŐŽůĚ ƉŽƚĞŶƚŝĂů

ŝƌďŽƌŶĞĞůĞĐƚƌŽŵĂŐŶĞƚŝĐ ƐƵƌǀĞLJŝŶŐ ;sdDͿ ŵĂƉƉĞĚ Ă ůĂƌŐĞŝŶƚƌƵƐŝǀĞ ďŽĚLJĂŶĚ Ă ƐĞƌŝĞƐ ŽĨƌĞƐƉŽŶƐĞƐ ĂůŽŶŐ ƐƚƌŝŬĞ ƚŽ ƚŚĞ ǁĞƐƚ ŽĨ ƚŚĞ ƉƌĞǀŝŽƵƐůLJŵŝŶĞĚ ŚŝŐŚͲŐƌĂĚĞ ƐŝůǀĞƌͲůĞĂĚ ůŽĚĞƐ ŽĨ ƚŚĞ <ŽŽůŝŶĞDŝŶĞƌĂů &ŝĞůĚ;&ŝŐƵƌĞϳͿ͘

dŚĞ sdD ƌĞƐƉŽŶƐĞƐ ĂƌĞůŽĐĂƚĞĚ ŽŶ ƚŚĞƐŽƵƚŚͲĞĂƐƚĞƌŶ ƐŝĚĞ ŽĨ ĂŶ ŝŶƚĞƌƉƌĞƚĞĚ ŝŶƚƌƵƐŝǀĞ ďŽĚLJ͕ ŝŶĨĞƌƌĞĚ ƚŽ ƌĞƉƌĞƐĞŶƚ Ă ŚĞĂƚ ĂŶĚ ƉŽƚĞŶƚŝĂů ŵŝŶĞƌĂůŝƐĞĚ ŵĂŐŵĂƚŝĐ ĨůƵŝĚ ƐŽƵƌĐĞ ĨŽƌ ĂŶ ŝŶƚƌƵƐŝǀĞ ƌĞůĂƚĞĚ ͞ŝŶƚƌĂĐƌĂƚŽŶŝĐ ŵĂŐŵĂƚŝĐ ĐŽƉƉĞƌͲŐŽůĚ͟ Žƌ/D' ƐLJƐƚĞŵ ;^y ƌĞůĞĂƐĞ ϭϰ ĞĐĞŵďĞƌϮϬϭϴͿ͘

dŚĞ ŚŝŐŚͲŐƌĂĚĞ WďͲŐ ůŽĚĞƐ Ăƚ <ŽŽůŝŶĞ ĂƌĞŝŶƚĞƌƉƌĞƚĞĚƚŽ ƌĞƉƌĞƐĞŶƚ ƚŚĞĚŝƐƚĂů;ĐŽŽůĞƌͿ njŽŶĞŽĨƚŚŝƐ /D' ŵŝŶĞƌĂůŝƐĞĚ ƐLJƐƚĞŵ ƚŚĂƚƐŚŽǁ ŝŶĐƌĞĂƐŝŶŐ ĐŽƉƉĞƌ;ƵͿ ĐŽŶƚĞŶƚ ŝŶ ǁŽƌŬŝŶŐƐ ĐůŽƐĞƌƚŽ ƚŚĞ ŝŶƚƌƵƐŝǀĞ͕ ŝŶĚŝĐĂƚŝŶŐ ƚŚĂƚ ƚŚĞ ĐŽŶĚƵĐƚŽƌƐ ŵĂLJ ďĞ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƵͲƵ ƐƵůƉŚŝĚĞƐ ĐůŽƐĞƌƚŽ ƚŚĞ ŝŶƚĞƌƉƌĞƚĞĚ ŝŶƚƌƵƐŝǀĞ ŚĞĂƚ ƐŽƵƌĐĞ͘

dŚĞ ŬĞLJ ƚĂƌŐĞƚ ĂƌĞĂ ŝŶĚŝĐĂƚĞĚ ŽŶ &ŝŐƵƌĞ ϳ ŝŶĐůƵĚĞƐ ĨŝǀĞ ƌĞƐƉŽŶƐĞƐ ǁŝƚŚŝŶ Ă ϮŬŵ dž ϮŬŵ ĂƌĞĂ ƚŚĂƚ ĐŽƌƌĞƐƉŽŶĚ ǁŝƚŚ ĂŶĂƌĞĂ ŽĨĚĞĞƉ ĞƌŽƐŝŽŶ ͬ ƚƌĂŶƐƉŽƌƚĞĚ ĐŽǀĞƌŝŵŵĞĚŝĂƚĞůLJĂůŽŶŐ ƐƚƌŝŬĞ ĨƌŽŵ ƚŚĞŐͲWď ǁŽƌŬŝŶŐƐ͘ dŚŝƐ ŬĞLJƚĂƌŐĞƚ ĂƌĞĂ ƌĞŵĂŝŶƐ ƵŶƚĞƐƚĞĚ͘

ƐĞƌŝĞƐ ŽĨ ĚĞĞƉ ƉƌĞͲĐŽůůĂƌĞĚ ĚŝĂŵŽŶĚ Ěƌŝůů ŚŽůĞƐ ŚĂĚ ďĞĞŶ ƉůĂŶŶĞĚ ĂŶĚ ƐƵďŵŝƚƚĞĚ ƚŽ ƚŚĞ t 'ŽǀĞƌŶŵĞŶƚ ĨŽƌ ũŽŝŶƚ džƉůŽƌĂƚŝŽŶ /ŶĐĞŶƚŝǀĞ ^ĐŚĞŵĞ ;/^Ϳ ĨƵŶĚŝŶŐ͕ ƚĂƌŐĞƚŝŶŐ ďŽƚŚ ŚŝŐŚͲŐƌĂĚĞ

extensions of the Ag-Pb lode structures as well as copper-gold mineralisation closer to the interpreted intrusive. That submission was successful with the awarding of a $150,000 grant in co-funding.

Figure 7 VTEM time slice at Kooline Silver-Lead Field showing mineralised trends and key target area

Figure 8 Interpreted geology from aeromagnetic data.

ZĞͲĞǀĂůƵĂƚŝŽŶ ŽĨƉƌĞǀŝŽƵƐ sdD ŝŶƚĞƌƉƌĞƚĂƚŝŽŶŚĂƐ ŚŝŐŚůŝŐŚƚĞĚ ƚŚĞ ŶĞĞĚƚŽ ƵŶĚĞƌƚĂŬĞ ƋƵĂŶƚŝƚĂƚŝǀĞ ŶƵŵĞƌŝĐ ŵŽĚĞůůŝŶŐďLJŝŶǀĞƌƐŝŽŶ ŽĨƚŚŝƐ ƐŽͲĨĂƌƵŶĚĞƌͲƵƚŝůŝƐĞĚ ĚĂƚĂƐĞƚ͘ dŚĂƚ ŵŽĚĞůůŝŶŐŚĂƐ ŶŽǁďĞŐƵŶ ĂŶĚ ǁŝůů ĨŽƌŵ ƚŚĞ ďĂƐŝƐ ĨŽƌƚĂƌŐĞƚ ĐŚĂƌĂĐƚĞƌŝƐĂƚŝŽŶ ƉƌŝŽƌƚŽ ƚĞƐƚŝŶŐ ďLJŐƌŽƵŶĚD ƐƵƌǀĞLJƐ͘ ƌŝůů ƚĞƐƚŝŶŐ͕ ƵƐŝŶŐ ƚŚĞ ΨϭϱϬ͕ϬϬϬ /^ ĐŽͲĨƵŶĚŝŶŐ ŐƌĂŶƚ͕ ǁŝůů ĨŽůůŽǁƚŚŝƐ ŶƵŵĞƌŝĐ ŵŽĚĞůůŝŶŐ͘

<ŽŽůŝŶĞ ĚĞƚĂŝůĞĚ ĂĞƌŽŵĂŐŶĞƚŝĐ ƐƵƌǀĞLJŝŶƚĞƌƉƌĞƚĂƚŝŽŶ ƌĞĐŽŐŶŝƐĞƐƐƚƌƵĐƚƵƌĂůƐĞƚƚŝŶŐ ĨŽƌƐŝůǀĞƌͲ ůĞĂĚ ĂŶĚ ĐŽƉƉĞƌͲŐŽůĚ ƉŽƚĞŶƚŝĂů

ĚĞƚĂŝůĞĚ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶŽĨ ĂĞƌŽŵĂŐŶĞƚŝĐ ĚĂƚĂ ŽǀĞƌƚŚĞ <ŽŽůŝŶĞ >ĞĂĚͲ^ŝůǀĞƌ &ŝĞůĚ ŝĚĞŶƚŝĨŝĞĚ ŵĂũŽƌ ĞĂƐƚͲǁĞƐƚ ĂŶĚtEtͲ^ ĨĂƵůƚƐ ƚŚĂƚ ĚŝǀŝĚĞ ƚŚĞ ůĞĂƐĞ ŝŶƚŽ ŐĞŽůŽŐŝĐĂůĚŽŵĂŝŶƐ ŽĨĨůĂƚ ŽƌŵŽĚĞƌĂƚĞůLJ ĚŝƉƉŝŶŐ ƚĞƌƌĂŝŶƐ ĂŶĚ ĨŽůĚĞĚ ĂŶĚ ƐƚĞĞƉůLJ ĚŝƉƉŝŶŐ ƚĞƌƌĂŝŶƐ͘ /ŶƚĞƌƉƌĞƚĞĚůŝƚŚŽůŽŐŝĞƐ ŝĚĞŶƚŝĨŝĞĚ ƐŚĂůĞƐ ĂŶĚ ƐĂŶĚƐƚŽŶĞƐ ŽĨƚŚĞ ƐŚďƵƌƚŽŶ &ŽƌŵĂƚŝŽŶ͘ ^ŝŐŶŝĨŝĐĂŶƚůLJ͕ ŵƵůƚŝƉůĞŝŶƚƌƵƐŝǀĞƐ ĂƌĞŝĚĞŶƚŝĨŝĞĚ ŝŶ ƚŚĞĚĂƚĂ͘ dŚĞƐĞ ŚĂǀĞ ŶŽƚ ďĞĞŶ ƌĞĐŽŐŶŝƐĞĚŝŶ ƚŚĞ ƉĂƐƚ͘ dŚĞLJŵĂLJƌĞƉƌĞƐĞŶƚ ŬĞLJ ĚƌŝǀĞƌƐ ĨŽƌŵŝŶĞƌĂůŝƐŝŶŐ ĨůƵŝĚ ƐŽƵƌĐĞƐ ŝŶƚŚĞ /D' ŵŽĚĞů;&ŝŐƵƌĞϴͿ͘

<ŽŽůŝŶĞ EŽƌƚŚ /D' ƚĂƌŐĞƚ

<ŽŽůŝŶĞ EŽƌƚŚ ƌĞƉƌĞƐĞŶƚƐ ĂŬĞLJ ƚĂƌŐĞƚ ĂƌĞĂ ĨŽƌŚŝŐŚͲŐƌĂĚĞ ŽƌŽŐĞŶŝĐ ŐŽůĚ ĚĞƉŽƐŝƚƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ĚĞĞƉ͕ ĐƌƵƐƚĂůƐĐĂůĞ ƐƚƌƵĐƚƵƌĞƐ͕ƐŝŵŝůĂƌƚŽ ƚŚĞ ϭDŽnj WĂƵůƐĞŶ͛Ɛ ĞƉŽƐŝƚ ůŽĐĂƚĞĚ ŝŵŵĞĚŝĂƚĞůLJƚŽ ƚŚĞ ŶŽƌƚŚ ŽĨ ƚŚĞ <ŽŽůŝŶĞ ƚĞŶĞŵĞŶƚƐ ;&ŝŐƵƌĞ ϵͿ͘ ǀŝĚĞŶĐĞŽĨŚŝŐŚͲŐƌĂĚĞ ǀĞŝŶŝŶŐ ƉƌŽũĞĐƚŝŶŐ ŝŶƚŽ ĐŽǀĞƌĞĚ͕ ƵŶƚĞƐƚĞĚ͕ĂƌĞĂƐ ǁŝůůďĞƚĂƌŐĞƚĞĚ͘ /ŶŝƚŝĂůůLJ͕ƚŚŝƐ ǁŝůůďĞ ďLJǁĂLJŽĨĂ ŚŝŐŚ ƌĞƐŽůƵƚŝŽŶ ĂĞƌŽŵĂŐŶĞƚŝĐ ƐƵƌǀĞLJƚŽ ƌĞƉůĂĐĞƚŚĞ ĐƵƌƌĞŶƚůLJĂǀĂŝůĂďůĞϰϬϬŵ ůŝŶĞͲƐƉĂĐĞĚ ƐƵƌǀĞLJ͘

&ŝŐƵƌĞϵ ZĞŐŝŽŶĂůϭƐƚsĞƌƚŝĐĂůĞƌŝǀĂƚŝǀĞ;ϭsͿ ŵĂŐŶĞƚŝĐƐ ǁŝƚŚ ŝŶƚĞƌƉƌĞƚĞĚ ƐƚƌƵĐƚƵƌĞƐ ĂŶĚ ƉƌŽƐƉĞĐƚ ůŽĐĂƚŝŽŶƐ͘

KZWKZdd/s/d/^

/ƐƐƵĞƐŽĨ ^ĞĐƵƌŝƚŝĞƐ

ƵƌŝŶŐ ƚŚĞ ƋƵĂƌƚĞƌ͕ ƚŚĞ ŽŵƉĂŶLJŝƐƐƵĞĚ ϭϬ͕ϬϬϬ͕ϬϬϬ ĨƵůůLJƉĂŝĚƐŚĂƌĞƐ ŽŶ ĐŽŵƉůĞƚŝŽŶŽĨƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ŽĨ ƚĞŶĞŵĞŶƚƐ ĨƌŽŵ ĞĂƵ ZĞƐŽƵƌĐĞƐ WƚLJ >ƚĚ ;^y ĂŶŶŽƵŶĐĞŵĞŶƚ ϭϮ ƵŐƵƐƚ ϮϬϮϭ͕ ƉƵƌƐƵĂŶƚ ƚŽ ĂŶŶŽƵŶĐĞŵĞŶƚ ŽŶ ϲƵŐƵƐƚ ϮϬϮϬ ƌĞŐĂƌĚŝŶŐ ĂĐƋƵŝƐŝƚŝŽŶ ŽĨƚŚĞ zŝĚďLJZŽĂĚ ĂŶĚ WĞƌĞŶũŽƌŝƉƌŽũĞĐƚƐͿ͘

DƌZƵĚŽůĨdŝĞůĞŵĂŶǁĂƐ ƌĞͲĂƉƉŽŝŶƚĞĚ ĂƐ ŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJ͘

^y ĚĚŝƚŝŽŶĂů/ŶĨŽƌŵĂƚŝŽŶ ʹ 'ƵŝĚĂŶĐĞ EŽƚĞ Ϯϯ ŝƐĐůŽƐƵƌĞƐ

^ƵƌĞĨŝƌĞƉƌŽǀŝĚĞƐ ƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶƉƵƌƐƵĂŶƚ ƚŽ ^y >ŝƐƚŝŶŐ ZƵůĞƌĞƋƵŝƌĞŵĞŶƚƐ͗

• ϭ͘ ^y>ŝƐƚŝŶŐ ZƵůĞϱ͘ϯ͘ϭ Ͳ džƉůŽƌĂƚŝŽŶ ĂŶĚ ǀĂůƵĂƚŝŽŶ džƉĞŶĚŝƚƵƌĞ ĚƵƌŝŶŐƚŚĞ ƋƵĂƌƚĞƌǁĂƐ ΨϭϱϴŬ͘ &ƵůůĚĞƚĂŝůƐ ŽĨ ĞdžƉůŽƌĂƚŝŽŶ ĂĐƚŝǀŝƚŝĞƐ ĚƵƌŝŶŐ ƚŚĞ ƋƵĂƌƚĞƌĂƌĞƐĞƚ ŽƵƚ ŝŶƚŚŝƐ ƌĞƉŽƌƚ͖
• Ϯ͘ ^y >ŝƐƚŝŶŐ ZƵůĞ ϱ͘ϯ͘Ϯ Ͳ dŚĞƌĞ ǁĂƐ ŶŽ ƐƵďƐƚĂŶƚŝǀĞ ŵŝŶŝŶŐ ƉƌŽĚƵĐƚŝŽŶ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĂĐƚŝǀŝƚŝĞƐ ĚƵƌŝŶŐ ƚŚĞ ƋƵĂƌƚĞƌ͖
• ϯ͘ ^y >ŝƐƚŝŶŐ ZƵůĞ ϱ͘ϯ͘ϯ ʹ ĞƚĂŝůƐ ŽĨ ŵŝŶŝŶŐ ƚĞŶĞŵĞŶƚƐ ĂĐƋƵŝƌĞĚ Žƌ ĚŝƐƉŽƐĞĚ ŽĨ ĚƵƌŝŶŐ ƚŚĞ ƋƵĂƌƚĞƌ͕ ĂŶĚ ŚĞůĚĂƚ ƚŚĞĞŶĚ ŽĨƚŚĞ ƋƵĂƌƚĞƌĂƌĞƐĞƚ ŽƵƚ ŝŶƚŚŝƐ ƌĞƉŽƌƚ͖ĂŶĚ
• ϰ͘ ^y>ŝƐƚŝŶŐ ZƵůĞϱ͘ϯ͘ϱ Ͳ WĂLJŵĞŶƚ ƚŽ ƌĞůĂƚĞĚ ƉĂƌƚŝĞƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJĂŶĚ ƚŚĞŝƌ ĂƐƐŽĐŝĂƚĞƐ ĚƵƌŝŶŐ ƚŚĞ ƋƵĂƌƚĞƌ͗ΨϭϬϮ< ĐĂƐŚ͘ dŚĞ ŽŵƉĂŶLJ ĂĚǀŝƐĞƐ ƚŚĂƚ ƚŚŝƐ ƌĞůĂƚĞƐ ƚŽ ƌĞŵƵŶĞƌĂƚŝŽŶŽĨŝƌĞĐƚŽƌƐ ĨŽƌŵĂŶĂŐŝŶŐ ĚŝƌĞĐƚŽƌ ĐŽŶƐƵůƚĂŶĐLJ ĂŶĚ ĚŝƌĞĐƚŽƌŝĂůƐĞƌǀŝĐĞƐ͕Ăůů ƉĂŝĚ ƚŽ ĚŝƌĞĐƚŽƌƌĞůĂƚĞĚ ĞŶƚŝƚŝĞƐ͘

Yh>/&z/E' ^ddDEd^

ŽŵƉĞƚĞŶƚ WĞƌƐŽŶ ^ƚĂƚĞŵĞŶƚ͗

dŚĞ ŝŶĨŽƌŵĂƚŝŽŶŝŶƚŚŝƐ ƌĞƉŽƌƚ ƚŚĂƚ ƌĞůĂƚĞƐ ƚŽDŝŶĞƌĂůZĞƐŽƵƌĐĞ ŝƐďĂƐĞĚ ŽŶŝŶĨŽƌŵĂƚŝŽŶĐŽŵƉŝůĞĚďLJ Dƌ DĂƌĐƵƐ &ůŝƐ ǁŚŽ ŝƐ Ă &ĞůůŽǁ ŽĨ ƚŚĞ ƵƐƚƌĂůŝĂŶ /ŶƐƚŝƚƵƚĞ ŽĨ 'ĞŽƐĐŝĞŶƚŝƐƚƐ͘ Dƌ &ůŝƐ ŝƐ ĂŶ ŝŶĚĞƉĞŶĚĞŶƚ WƌŝŶĐŝƉĂůŽŶƐƵůƚĂŶƚ Ăƚ ZŽƵŶƚƌĞĞ WƚLJ >ƚĚ͘ Dƌ&ůŝƐ ŚĂƐ ƐƵĨĨŝĐŝĞŶƚ ĞdžƉĞƌŝĞŶĐĞ ƚŚĂƚ ŝƐ ƌĞůĞǀĂŶƚ ƚŽ ƚŚĞ ƐƚLJůĞ ŽĨ ŵŝŶĞƌĂůŝƐĂƚŝŽŶ͕ ƚLJƉĞ ŽĨ ĚĞƉŽƐŝƚ ƵŶĚĞƌĐŽŶƐŝĚĞƌĂƚŝŽŶĂŶĚ ƚŽƚŚĞ ĂĐƚŝǀŝƚLJƚŚĂƚ ƚŚĞLJĂƌĞ ƵŶĚĞƌƚĂŬŝŶŐ ƚŽ ƋƵĂůŝĨLJĂƐ ĂŽŵƉĞƚĞŶƚ WĞƌƐŽŶĂƐ ĚĞĨŝŶĞĚŝŶ ƚŚĞ ϮϬϭϮ ĞĚŝƚŝŽŶ ŽĨ ƚŚĞ ͚ƵƐƚƌĂůĂƐŝĂŶŽĚĞ ĨŽƌ ZĞƉŽƌƚŝŶŐ ŽĨ džƉůŽƌĂƚŝŽŶZĞƐƵůƚƐ͕DŝŶĞƌĂůZĞƐŽƵƌĐĞƐ ĂŶĚKƌĞ ZĞƐĞƌǀĞƐ͛ĂŶĚ ĐŽŶƐĞŶƚƐ ƚŽƚŚĞ ŝŶĐůƵƐŝŽŶŝŶƚŚŝƐƌĞƉŽƌƚ ŽĨ ƚŚĞ ŵĂƚƚĞƌƐ ďĂƐĞĚ ŽŶ ƚŚĞŝƌ ŝŶĨŽƌŵĂƚŝŽŶŝŶƚŚĞ ĨŽƌŵ ĂŶĚ ĐŽŶƚĞdžƚ ŝŶǁŚŝĐŚƚŚĞLJ ĂƉƉĞĂƌ͘

&ŽƌǁĂƌĚ >ŽŽŬŝŶŐ ^ƚĂƚĞŵĞŶƚƐ͗

dŚŝƐ ĂŶŶŽƵŶĐĞŵĞŶƚ ĐŽŶƚĂŝŶƐ ͚ĨŽƌǁĂƌĚͲůŽŽŬŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶ͛ ƚŚĂƚ ŝƐ ďĂƐĞĚ ŽŶ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĞdžƉĞĐƚĂƚŝŽŶƐ͕ ĞƐƚŝŵĂƚĞƐ ĂŶĚ ƉƌŽũĞĐƚŝŽŶƐ ĂƐ ŽĨ ƚŚĞ ĚĂƚĞ ŽŶ ǁŚŝĐŚ ƚŚĞ ƐƚĂƚĞŵĞŶƚƐ ǁĞƌĞ ŵĂĚĞ͘ dŚŝƐ ĨŽƌǁĂƌĚͲůŽŽŬŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶŝŶĐůƵĚĞƐ͕ĂŵŽŶŐ ŽƚŚĞƌƚŚŝŶŐƐ͕ƐƚĂƚĞŵĞŶƚƐ ǁŝƚŚ ƌĞƐƉĞĐƚ ƚŽƚŚĞ ŽŵƉĂŶLJ͛Ɛ ďƵƐŝŶĞƐƐ ƐƚƌĂƚĞŐLJ͕ ƉůĂŶƐ͕ ĚĞǀĞůŽƉŵĞŶƚ͕ ŽďũĞĐƚŝǀĞƐ͕ ƉĞƌĨŽƌŵĂŶĐĞ͕ ŽƵƚůŽŽŬ͕ ŐƌŽǁƚŚ͕ ĐĂƐŚ ĨůŽǁ͕ ƉƌŽũĞĐƚŝŽŶƐ͕ ƚĂƌŐĞƚƐ ĂŶĚ ĞdžƉĞĐƚĂƚŝŽŶƐ͕ ŵŝŶĞƌĂů ƌĞƐĞƌǀĞƐ ĂŶĚ ƌĞƐŽƵƌĐĞƐ͕ ƌĞƐƵůƚƐ ŽĨ ĞdžƉůŽƌĂƚŝŽŶ ĂŶĚ ƌĞůĂƚĞĚĞdžƉĞŶƐĞƐ͘ 'ĞŶĞƌĂůůLJ͕ ƚŚŝƐ ĨŽƌǁĂƌĚͲůŽŽŬŝŶŐŝŶĨŽƌŵĂƚŝŽŶĐĂŶďĞ ŝĚĞŶƚŝĨŝĞĚďLJƚŚĞ ƵƐĞ ŽĨ ĨŽƌǁĂƌĚͲ ůŽŽŬŝŶŐ ƚĞƌŵŝŶŽůŽŐLJ ƐƵĐŚ ĂƐ ͚ŽƵƚůŽŽŬ͕͛ ͚ĂŶƚŝĐŝƉĂƚĞ͕͛ ͚ƉƌŽũĞĐƚ͕͛ ͚ƚĂƌŐĞƚ͕͛ ͚ƉŽƚĞŶƚŝĂů͕͛ ͚ůŝŬĞůLJ͕͛ ͚ďĞůŝĞǀĞ͕͛ ͚ĞƐƚŝŵĂƚĞ͕͛ ͚ĞdžƉĞĐƚ͕͛ ͚ŝŶƚĞŶĚ͕͛ ͚ŵĂLJ͕͛ ͚ǁŽƵůĚ͕͛ ͚ĐŽƵůĚ͕͛ ͚ƐŚŽƵůĚ͕͛ ͚ƐĐŚĞĚƵůĞĚ͕͛ ͚ǁŝůů͕͛ ͚ƉůĂŶ͕͛ ͚ĨŽƌĞĐĂƐƚ͕͛ ͚ĞǀŽůǀĞ͛ ĂŶĚ ƐŝŵŝůĂƌ ĞdžƉƌĞƐƐŝŽŶƐ͘ WĞƌƐŽŶƐ ƌĞĂĚŝŶŐ ƚŚŝƐ ĂŶŶŽƵŶĐĞŵĞŶƚ ĂƌĞ ĐĂƵƚŝŽŶĞĚ ƚŚĂƚ ƐƵĐŚ ƐƚĂƚĞŵĞŶƚƐ ĂƌĞ ŽŶůLJ ƉƌĞĚŝĐƚŝŽŶƐ͕ ĂŶĚ ƚŚĂƚ ƚŚĞ ŽŵƉĂŶLJ͛ƐĂĐƚƵĂůĨƵƚƵƌĞ ƌĞƐƵůƚƐ ŽƌƉĞƌĨŽƌŵĂŶĐĞ ŵĂLJďĞ ŵĂƚĞƌŝĂůůLJ ĚŝĨĨĞƌĞŶƚ͘ &ŽƌǁĂƌĚͲůŽŽŬŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶ ŝƐ ƐƵďũĞĐƚ ƚŽ ŬŶŽǁŶ ĂŶĚ ƵŶŬŶŽǁŶ ƌŝƐŬƐ͕ ƵŶĐĞƌƚĂŝŶƚŝĞƐ ĂŶĚ ŽƚŚĞƌ ĨĂĐƚŽƌƐ ƚŚĂƚ ŵĂLJ ĐĂƵƐĞ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĂĐƚƵĂů ƌĞƐƵůƚƐ͕ ůĞǀĞů ŽĨ ĂĐƚŝǀŝƚLJ͕ ƉĞƌĨŽƌŵĂŶĐĞ Žƌ ĂĐŚŝĞǀĞŵĞŶƚƐ ƚŽ ďĞ ŵĂƚĞƌŝĂůůLJ ĚŝĨĨĞƌĞŶƚ ĨƌŽŵ ƚŚŽƐĞ ĞdžƉƌĞƐƐĞĚ Žƌ ŝŵƉůŝĞĚ ďLJƐƵĐŚ ĨŽƌǁĂƌĚͲůŽŽŬŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶ͘

WƌŽũĞĐƚ	>ĞĂƐĞ	EĂŵĞ	>ŽĐĂůŝƚLJ	>ĞĂƐĞ^ƚĂƚƵƐ
zŝĚďLJ 'ŽůĚ WƌŽũĞĐƚ	ϱϵͬϮϰϮϲ	ELJŶŐŚĂŶ	t	'ƌĂŶƚĞĚ
zŝĚďLJ 'ŽůĚ WƌŽũĞĐƚ	ϱϵͬϮϯϵϬ	zĂůŐŽŽ	t	'ƌĂŶƚĞĚ
zŝĚďLJ 'ŽůĚ WƌŽũĞĐƚ	ϱϵͬϮϰϰϰ	zŝĚďLJ,ŝůů	t	'ƌĂŶƚĞĚ
EKZd, WZE:KZ/
WĞƌĞŶũŽƌŝ	ϳϬͬϱϱϳϱ	<ĂĚũŝ	t	'ƌĂŶƚĞĚ
WĞƌĞŶũŽƌŝ	ϱϵͬϮϰϰϲ	WĞƌĞŶũŽƌŝ Ϯ	t	'ƌĂŶƚĞĚ
WĞƌĞŶũŽƌŝ	ϳϬͬϱϱϳϯ	WŝŶũĂƌƌĂŚ ,ŝůů	t	'ƌĂŶƚĞĚ
^Khd, WZE:KZ/
WĞƌĞŶũŽƌŝ	ϳϬͬϱϯϭϭ	^ŽƵƚŚǁĞƐƚ	t	'ƌĂŶƚĞĚ
WĞƌĞŶũŽƌŝ	ϱϵͬϮϰϰϱ	WĞƌĞŶũŽƌŝ ϭ	t	'ƌĂŶƚĞĚ
WĞƌĞŶũŽƌŝ	ϳϬͬϱϱϳϮ	&ŝƚnjƌŽLJ	t	ƉƉůŝĐĂƚŝŽŶ
WZE:KZ/
WĞƌĞŶũŽƌŝ	ϱϵͬϮϱϳϬ	WĞƌĞŶũŽƌŝ	t	'ƌĂŶƚĞĚ
WĞƌĞŶũŽƌŝ	WϱϵͬϮϮϴϮ	tĞĞůŚĂŵďLJ >ĂŬĞ	t	'ƌĂŶƚĞĚ
WĞƌĞŶũŽƌŝ	WϱϵͬϮϮϴϯ	tĞĞůŚĂŵďLJ >ĂŬĞ	t	'ƌĂŶƚĞĚ
WĞƌĞŶũŽƌŝ	WϱϵͬϮϮϴϰ	tĞĞůŚĂŵďLJ >ĂŬĞ	t	'ƌĂŶƚĞĚ
WĞƌĞŶũŽƌŝ	WϱϵͬϮϮϴϱ	tĞĞůŚĂŵďLJ >ĂŬĞ	t	'ƌĂŶƚĞĚ
hŶĂůLJ,ŝůů	ϱϳͬϭϬϲϴ	hŶĂůLJ,ŝůů	t	'ƌĂŶƚĞĚ
hŶĂůLJ,ŝůů	ϱϳͬϭϭϭϮ	hŶĂůLJ,ŝůůϮ	t	'ƌĂŶƚĞĚ
sŝĐƚŽƌLJ ŽƌĞ	ϱϳͬϭϭϯϵ	sŝĐƚŽƌLJŽƌĞ	t	'ƌĂŶƚĞĚ
sŝĐƚŽƌLJ ŽƌĞ	ϱϳͬϭϬϯϲ	ƚůĞLJ	t	'ƌĂŶƚĞĚ
<ŽŽůŝŶĞ	ϬϴͬϮϯϳϯ	<ŽŽůŝŶĞͲtLJůŽŽ	t	'ƌĂŶƚĞĚ
<ŽŽůŝŶĞ	ϬϴͬϮϵϱϲ	<ŽŽůŝŶĞ	t	'ƌĂŶƚĞĚ

WWE/y ϭ dEDEd ,K>/E'^ d ϯϬ ^WdDZ ϮϬϮϭ

Appendix 5B

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

48 083 274 024	30 September 2021
ABN	Quarter ended ("current quarter")
SUREFIRE RESOURCES NL
Name of entity

	Consolidated statement of cash flows	Current quarter$A'000	Year to date$(3$ months)$A'000
1.	Cash flows from operating activities
1.1	Receipts from customers
1.2	Payments for
	exploration & evaluation(a)	(158)	(158)
	development(b)
	production(c)
	(d)staff costs	(150)	(150)
	administration and corporate costs(e)	(118)	(118)
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	(427)	(427)

2.		Cash flows from investing activities
2.1		Payments to acquire or for:
	(a)	entities	-
	(b)	tenements	(30)	(30)
	(c)	property, plant and equipment	(38)	(38)
	(d)	exploration & evaluation
	(e)	investments
		other non-current assets	-

	Consolidated statement of cash flows	Current quarter$A'000	Year to date$(3$ months)$A'000
2.2	Proceeds from the disposal of:
	entities(a)
	tenements(b)
	property, plant and equipment(c)
	(d)investments
	other non-current assets(e)
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	(68)	(68)

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
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

	Net increase / (decrease) in cash andcash equivalents for the period
4.1	Cash and cash equivalents at beginning ofperiod	3.355	3.355
4.2	Net cash from / (used in) operatingactivities (item 1.9 above)	(427)	1427
4.3	Net cash from / (used in) investing activities(item 2.6 above)	(68)	(68
4.4	Net cash from / (used in) financing activitiesitem 3.10 above)

Appendix 5BMining exploration entity or oil and gas exploration entity quarterly cash flow report

	Consolidated statement of cash flows	Current quarter$A'000	Year to date$(3$ months)$A'000
4.5	Effect of movement in exchange rates oncash held
-4.6	Cash and cash equivalents at end ofperiod	2.860	2.860

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	63	29
5.2	Call deposits	2.779	3.308
5.3	Bank overdrafts
5.4	Other (provide details) Office rental bond	18	18
5.5	Cash and cash equivalents at end ofquarter (should equal item 4.6 above)	2,860	3,355

-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
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.

explanation for, such payments.

7.	Financing facilitiesNote: 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
7.2	Credit standby arrangements
7.3	Other (please specify)
7.4	Total financing facilities
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, interestrate, maturity date and whether it is secured or unsecured. If any additional financingfacilities have been entered into or are proposed to be entered into after quarter end,include a note providing details of those facilities as well.

Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report

8.	Estimated cash available for future operating activities	$A'000
8.1	Net cash from / (used in) operating activities (item 1.9)	(427)
8.2	(Payments for exploration & evaluation classified as investingactivities) (item 2.1(d))
8.3	Total relevant outgoings (item $8.1 +$ item $8.2$ )	(427)
8.4	Cash and cash equivalents at quarter end (item 4.6)	2,860
8.5	Unused finance facilities available at quarter end (item 7.5)
8.6	Total available funding (item $8.4 +$ item $8.5$ )	2,860
8.7	Estimated quarters of funding available (item 8.6 divided byitem 8.3)	6.7
	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: N/A
	8.8.2Has 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: N/A
	8.8.3Does the entity expect to be able to continue its operations and to meet its businessobjectives 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

• $\overline{1}$ This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
• $\overline{2}$ This statement gives a true and fair view of the matters disclosed.

29 October 2021 Date:

Authorised by: Vladimir Nikolaenko - Managing Director (Name of body or officer authorising release - see note 4)

Notes

• This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the $\mathbf{1}$ . 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.

• $\mathfrak{D}$ 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.

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

• $\overline{4}$ . 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.