Announcement PDF 31 July 2024 Andromeda Metals Limited ASX: ADN ASX Announcement 10/431 King William Street Adelaide, SA 5000 Tel:+61 8 7089 9800 ir@andromet.com.au ABN 75 061 503 375 Quarterly Activity Report – June 2024 Andromeda Metals Limited (ASX: ADN) (Andromeda, the Company) reports the following activities during the quarter ended 30 June 2024, demonstrating continued progress in advancing The Great White Project (TGWP or The Project). HIGHLIGHTS Commercial • Binding Offtake Agreement with Traxys Europe S.A was signed for: o Great White CRM™ purchases of up to 50% of total production, for sale into ceramics applications, and o Great White HRM™ purchases of 5,000 – 10,000 wet metric tonnes (wmt) p.a. for sale into concrete applications. • Stage 1A+ expansion was approved, to reach cumulative kaolin production of 90,000 dry metric tonnes per annum (tpa) (100,000 wmt pa), based on market demand. • Binding offtakes now support Stage 1A+ production, enabling progression towards a final investment decision. Technical • Great White CRM™ – Independent report received, increasing zircon-displacement potential to up to 20%. • Great White HRM™ – Product validation and commercialisation program under the Strategic Alliance Agreement with Hallett Group was progressed to Stage 2. Research Projects • High purity alumina (HPA) – Results of lab-scale tests undertaken to prove up Andromeda’s novel process have produced HPA to 99.99% purity (4N HPA). • HPA – International Patent Co-operation Treaty (PCT) application, was filed. Corporate • Luke Anderson appointed as CEO and Managing Director, effective 1 August 2024. Luke is a high calibre, highly experienced industrial minerals & logistics executive, with the background required to successfully deliver TGWP to operations. • Prior to this, Luke joined the Company as a consultant to ensure an orderly CEO/MD transition. Andromeda’s Chair, Mick Wilkes, said “We have made significant progress over the past year, in repositioning the company and targeting customers in key growing, high-value market segments. “With binding offtakes for Stage 1A+ production capacity now finalised, we are progressing to the next stage and working towards securing the necessary funding to support a final investment decision being made.” Discussion Andromeda reports the following activities, undertaken during the quarter ended 30 June 2024. Commercial Andromeda continued executing its regional offtake strategy, aimed at securing further offtake agreements for the Project’s planned production. During the quarter, the Company progressed negotiations with Traxys Europe S.A (Traxys) with the aim of converting the previously signed Heads of Agreement 1 to a binding agreement for sales of kaolin products from TGWP. Subsequent to the quarter, these discussions led to the signing of a Binding Offtake Agreement with Traxys (Traxys Agreement) 2. The Traxys Agreement is for a 5-year term, with automatic yearly extensions (unless terminated earlier), and includes:  Direct sales of Great White CRM™ o o o o o o  25,000 wmt during the first year of production, 40,000 wmt for year two and 50,000 wmt p.a. for year three onwards (+/-10% at Traxys’ option); as processing capacity increases, contracted volumes of Great White CRM™ to increase proportionately, to 50% of the available processing capacity (capped at 130,000 wmt p.a.); Exclusive marketing and distribution in the Middle East (excluding Egypt and Morocco), Turkey, Sweden, Denmark, Norway, Finland, Iceland, Poland, Brazil, India 3, Vietnam and Bangladesh; Favourable payment terms with 90% of amounts provisionally invoiced payable upon receipt of commercial documents and bills of lading, with the remaining 10% paid on final invoice; Prices for year 1 and 2 are consistent with pricing assumptions in the 2023 Definitive Feasibility Study 4 (2023 DFS), with prices for year 3 onwards subject to annual negotiation; 5 and, For each year, the parties share equally in pricing upside on on-sales by Traxys (other than sales of product for use in ceramic tile bodies) and in risk for on-sales of Great White CRM™ at less than the contract price 6. Direct sales Great White HRM™ as an additive for concrete applications, as follows: o o o o o 5,000 wmt p.a. (+/-5% at Andromeda’s option) for year 1; 10,000 wmt p.a. (+/-5% at Andromeda’s option) for year 2 onwards; Exclusive marketing and distribution in Turkey, India, France and the Middle-East; Estimated prices (subject to further confirmation) that are almost double the conservative product pricing assumptions in the 2023 DFS4 for year 1 and 2, with prices for year 3 onwards subject to annual negotiation5; For each year, the parties share equally in pricing upside on on-sales by Traxys; and, Refer ADN ASX dated 21 November 2023 titled Non-binding Heads of Agreement signed with Traxys. Refer ADN ASX dated 17 July 2024 titled Binding Offtake Agreement signed with Traxys. 3 Note sales by Andromeda under the Opaque HOA announced on 9 November 2023 will no longer be pursued directly, with any sales of Great White CRMTM in India and Middle East jurisdictions to be managed by Traxys. 4 Refer ADN ASX dated 24 August 2023 titled The 2023 DFS delivers significantly improved economics 5 If agreement cannot be reached in 6 months, the audited volume weighted average sale price of the product for the Company and Traxys for the relevant contract year will apply. 6 To ensure a steady revenue line, Andromeda's share of any negative price difference from the fixed contract price will be financed by a secured finance facility provided by Traxys, accruing interest at 15% per annum and limited to US$5M (A$7.5M), to be subordinate to any project financing facility. The Facility may be repaid at any time and must be repaid within 5 years of the first date of delivery of Great White CRM™ or on earlier termination of the Agreement, unless Traxys elects to convert the Facility into ordinary shares (subject to any necessary approvals). 1 2 Andromeda Metals Limited | 2 Subject to conditions precedent in Traxys’ favour relating to market acceptance of the o product. The Agreement is subject to conditions precedent in favour of the Company relating to a final investment decision on The Great White Project and the Company achieving commercial production. Based on existing offtake agreements and the strength of market discussions, the Company anticipated that total sales volumes for TWGP’s kaolin products under binding agreements was likely to exceed planned nominal production of 50,000 tpa under the initial Stage 1A of the Project, as contemplated in the 2023 DFS 7. Consequently, during the quarter the Company made the decision to bring forward its Stage 1A+ expansion plans for TGWP, to reach cumulative nominal kaolin production of 90,000 tpa (100,000 wmt pa) 8. With the signing of the Traxys Agreement, total volumes under binding offtake agreements now support Stage 1A+ production, enabling progression towards securing of the required finance. Binding Offtake Agreements support Stage 1A+ productioncapacity 5 Ongoing contracted volumes>> 100,000 Stage 1A+ cumulative nominal production capacity 90,000 Wet metric tonnes per annum 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 Year 1 Plantan Yamada1 1. 2. 3. 4. 5. 7 8 Year 2 Foshan Gaoming 2 IberoClays3 Year 3 Traxys4 Stage 1A+ Nominal Capacity Refer ADN ASX dated 8 June 2023 titledBinding Offtake Agreement signed for Japanese market. Refer ADN ASX dated 18 October 2023 titledBinding Offtake Agreement signed for Chinese market, adjusted per Seller’s v olume option for Year 3. Refer ADN ASX dated 19 January 2024 titledBinding Sales and Distribution Agreement Signed with IberoClays. Refer ADN ASX dated 17 July 2024 titled Binding Offtake Agreement signed with Traxys TM Volumes exclude contracted v olumes for Great White HRM Refer to ADN ASX dated 24 August 2023 titled The 2023 DFS delivers significantly improved economics… Refer to ADN ASX dated 6 May 2024 titled Andromeda expansion plans for The Great White Project. Andromeda Metals Limited | 3 Under Stage 1A+, 40,000 tpa will be added to Stage 1A’s nominal production capacity of 50,000 tpa, to achieve cumulative nominal capacity of 90,000 tpa (100,000 wmt pa). First production under Stage 1A is expected 12 months from a final investment decision (FID) being made. Following this, first production under Stage 1A+ will commence 3 months later, some 15 months from FID, with product sales increasing as full production of each stage increases over a 6-month ramp-up period. Timing of the stages is anticipated to proceed as set out in the following table: Stage 1A Stage 1A+ Stage 1B Stage 2 Total Nominal kaolin production (dmt 9) 50,000 tpa 40,000 tpa 100,000 tpa 110,000 tpa 300,000 tpa Nominal kaolin production (wmt 10) ~55,555 tpa ~44,444 tpa ~110,000 tpa ~120,000 tpa ~330,000tpa Construction start (from FID) 0 months 0 months 12 months 30 months n/a First shipment (from FID) 12 months 15 months 24 months 42 months n/a Full production rate (from FID) 18 months 21 months 30 months 48 months n/a Technical Andromeda continued progressing the technical knowledge and understanding of how The Project’s high-quality kaolin can serve global markets, identifying and targeting high value in use segments. During the quarter, the Great White CRM™ product validation program continued to show positive results with the Company receiving the final report into the zircon-displacement potential of Great White CRM™. The independent report by the Institute of Ceramic Technology (ITC), located at the University of Castellon in Spain, confirmed the high brightness of Great White CRM™ and measured its capacity to displace the amount of zircon used in ceramic tiles by up to 20%, when compared to a standard kaolin used commercially in the ceramics industry. As zircon is significantly more expensive than Great White CRM™, 11 this can assist manufactures of ultrawhite and super-white ceramic slabs whose formulations contain ~25% kaolin to reduce costs, representing a significant and growing opportunity for Andromeda. During the quarter, the Company received a letter from Hallett Group confirming that the product validation program for the commercialisation of Great White HRM™ had proceeded to Stage 2, as defined under the Strategic Alliance Agreement between the companies. 12 Under Stage 2, Hallett Group will develop and submit an inspection test plan and timelines, in support of laboratory trials to be undertaken to test the suitability of Great White HRM™ for use in various concrete and mining applications. Further, Hallett Group confirmed the potential applications for Great White HRM™ included reduced cement concrete, reduced fines concrete, high-performance shotcrete, mine backfill and other building products. dmt = dry metric tonnes wmt = Wet metric tonnes (product specification which allows for up to 12% moisture) 11 Current zircon price of US$1,800/t (FOB) (Refer to Iluka ASX announcement dated 8 May 2024 titled Macquarie Conference Presentation), is materially above prices achieved by Andromeda for Great White CRM™ under binding offtake agreements. 12 Refer ADN ASX dated 16 November 2023 titled Strategic Alliance Agreement signed with Hallett Group. 9 10 Andromeda Metals Limited | 4 Operations During the quarter, the ongoing procurement of long lead items for Stage 1A progressed, with the following activities conducted and status, as at the end of the quarter: • Fluidised bed dryer – factory acceptance testing completed, warehoused, ready for shipment; • Thickener – factory acceptance testing completed, warehoused, ready for shipment; • Drum washer – factory acceptance testing has been rescheduled to Q3 2024; • Filter Press – engineering and equipment fabrication underway; and, • Filter Cake Feeder – order placed and engineering complete. The Company also made preparations for the procurement of the ‘balance of plant’ capital and infrastructure items, and incremental long lead items to support the expanded Stage 1A+ nominal production of 90,000 tpa. During the quarter and following the earlier purchase of land underlying TGWP, the Company erected fencing to assist in securing the property and monitoring equipment. Operations at the Streaky Bay Pilot Plant continued during the quarter, supporting additional sample requests for customer testing and further product validation, while ensuring safe, sustainable operations. During the quarter there were no lost time injuries, and no reportable environmental incidents. Regional Minerals Exploration TGWP – Regional exploration (Andromeda 100%) Eyre Kaolin Project (Andromeda farming in under Stage 1 to earn a 51% interest by expending $750,000 by November 2024) During the period, a representative composite sample was refined at the Streaky Bay Pilot Plant and submitted to First Test Minerals for evaluation for product suitability tests. Subsequent to the quarter, the Company earned a 51% interest in the Eyre Kaolin Joint Venture (EKJV) under Stage 1 of the agreement with Peninsula Exploration Pty Ltd (Peninsula) signed in August 2021 by satisfying the $750,000 expenditure commitment on exploration and evaluation activities within the initial three (3) year timeframe. 13 The four tenements comprised in the EKJV are located in close proximity to TGWP which include kaolin prospects with complementary properties to those at TGWP. The Company has the right to earn a further 29% interest in the EKJV (for a total of 80%) by expending a further $2 million on exploration over an additional period of three years. Metals Projects Andromeda’s strategic focus remains on developing our portfolio of kaolin projects which has resulted in the Company divesting its gold and copper assets. Wudinna Gold Project (Andromeda 0%) During the prior quarter, the Company received consideration of $500,000 in cash and 52,010,000 Cobra shares (Consideration Shares) following completion of the sale of its remaining 25% interest held in the 13 Refer ADN ASX dated 12 August 2021 tilted Andromeda enters new kaolin Joint Venture on Eyre Peninsula, SA. Andromeda Metals Limited | 5 tenements related to the Wudinna Gold Project, to a subsidiary of Cobra Resources plc (LSE: COBR) (Cobra) 14. The Consideration Shares remain subject to escrow (subject to standard exclusions) until the earlier of: i. when Cobra, through its wholly owned subsidiary LAM Wudinna Pty Ltd, becomes the registered holder of the tenements applicable to the Wudinna Project (via tenement transfer or the subdivision process in section 30AA of South Australia’s Mining Act 1971); or ii. the date that is 12 months from the date of issue of the Consideration Shares. Moonta Copper Gold Project (Andromeda 0%) Following completion of the sale of the exploration licence EL5984 (related to the Moonta Copper Gold Project) to EnviroCopper Ltd (ECL) and its wholly owned subsidiary Environmental Metals Recovery Pty Ltd (EMR) 15, Andromeda remains entitled to receive: • $100,000 in cash or 101,504 fully paid ordinary shares in ECL, at the sole discretion of Andromeda, following successful completion of a Site Environmental Lixiviant Test (SELT) within the Project Area being undertaken; and, • A further $150,000 in cash, following the granting of a Mining Lease within the Project Area to ECL, its related body corporate, nominee or assignee. Drummond Epithermal Gold Project (Andromeda 0%) Andromeda received 29.5 million shares in Trigg Minerals Limited (Trigg Shares) for the sale of the Drummond Epithermal Gold Project (via the disposal of subsidiary Adelaide Exploration Pty Ltd). The Company received $206,500 for the sale of these Trigg Shares in June. Research Projects During the quarter, the Company recommenced test work to assess the potential viability of its novel flowsheet aimed at producing high purity alumina (HPA) using kaolin from the high-quality TGWP feedstock 16. The lab-scale tests undertaken to prove up the Company’s novel flowsheet produced HPA to 99.99% purity (4N HPA). The successful lab tests confirm the novel process overcomes several inherent problems normally associated with other published processes for producing HPA from kaolin. As a result of successfully achieving refined 4N HPA at a laboratory scale, Andromeda will now progress to the next phase of test work on HPA. This includes running a more rigorous continuous test program for creation of samples for bulk analysis. An international Patent Co-operation Treaty (PCT) application covering the innovative process was also filed. Corporate Capital Structure During the period, no shares were issued in the Company. On 30 June 2024, 2,760,000 Performance Rights expired without exercise or conversion. Refer ADN ASX dated 23 April 2024 titled Completion of sale of interest in Wudinna Gold Project. Refer ADN ASX dated 24 January 2024 titled Completion of Sale of Moonta Copper Gold Project. 16 Refer ADN ASX dated 20 June 2024 titled Andromeda progresses HPA product development. 14 15 Andromeda Metals Limited | 6 Finance The Company continued to prudently manage costs during the period. Cash and cash equivalents at the end of the quarter were $5,436k, a decrease of $2,437k from the previous quarter's closing balance of $7,873k. During the quarter, net funds used in operating activities were $1,636k and net funds used in investing activities were $740k, Net funds used in financing activities were $61k. Exploration and Evaluation Expenditure during the quarter was $1,311k. Full details of exploration and evaluation activity during the Quarter are set out in this report, including activities for the progression of the TGWP set out above. There were no substantive mining production and development activities during the quarter. Payments to related parties of the Company and their associates during the quarter were $207k, consisting of executive director salaries and non-executive director fees. Funding During the quarter, the Company continued moving towards making a final investment decision while evaluating funding arrangements that best suit the long-term interests of the Company and its shareholders. The financing arrangements considered include a range of debt and equity mix options. Now that the binding offtake agreement with Traxys has been entered into, the Company can progress to the next stage of securing the required finance to support a final investment decision being made. Board changes On 1 May 2024, the Company announced that Bob Katsiouleris, had decided to step-down from the role of Chief Executive Officer and Managing Director and return to Europe due to personal reasons, effective 31 July 2024. Consequently, Luke Anderson was appointed Chief Executive Officer and Managing Director, effective 1 August 2024. Mr Anderson is a high-calibre, very experienced executive with over 30 years’ experience with ASX-listed resource and industrial minerals companies, both in Australia and internationally. He also has significant logistics experience in Australia, particularly South Australia. Since the announcement and prior to his commencement as CEO & MD, Luke joined the Company as a consultant to ensure an orderly CEO/MD transition. This announcement has been approved for release by the Board of Directors of Andromeda Metals Limited. For more information about the Company and its projects, please visit our website, www.andromet.com.au or contact: Manager, Investor Relations & Corporate Affairs Patrick Sinclair T: 08 7089 9819 M: 0403 708 431 E: Patrick.Sinclair@andromet.com.au Andromeda Metals Limited | 7 SUMMARY SCHEDULE OF TENEMENTS AS AT 30 JUNE 2024 Project Tenement Tenement Name Area km2 Registered Holder or Applicant Nature of Company's Interest % ML 6532 Great White 319 ha Andromeda Industrial Minerals Pty Ltd1 AIM 100% MPL 163 Water Pipeline MPL 78 ha Andromeda Industrial Minerals Pty Ltd AIM 100% MPL 164 Access Road MPL 13 ha EL 6588 Tootla 372 EL 6202 Mt Hall 147 EL 6426 Mt Cooper 648 EL 6663 Aspen 976 Andromeda Industrial Minerals Pty Ltd Andromeda Industrial Minerals Pty Ltd and Great Southern Kaolin Pty Ltd² Andromeda Industrial Minerals Pty Ltd and Great Southern Kaolin Pty Ltd Andromeda Industrial Minerals Pty Ltd and Great Southern Kaolin Pty Ltd Peninsula Exploration Pty Ltd EL 6664 Whistler 452 Peninsula Exploration Pty Ltd EL 6665 Hotham 875 Peninsula Exploration Pty Ltd EL 6666 Thredbo 496 Peninsula Exploration Pty Ltd AIM 100% AIM 75% GSK 25% AIM 75% GSK 25% AIM 75% GSK 25% AIM 0% Peninsula 100% AIM 0% Peninsula 100% AIM 0% Peninsula 100% AIM 0% Peninsula 100% EL 6286 Mt Hope 227 Andromeda Industrial Minerals NZ Pty Ltd 5 100% EL 6317 Pinkawillinie 156 Peninsula Resources Pty Ltd4 EL 6131 Corrobinnie 1,303 Peninsula Resources Pty Ltd EL 6489 Wudinna Hill 42 Peninsula Resources Pty Ltd EL 5953 Minnipa 184 Peninsula Resources Pty Ltd EL 6001 Waddikee Rocks 147 Peninsula Resources Pty Ltd EL 5984 Moonta-Wallaroo 713 Peninsula Resources Pty Ltd PRL 0% LAM 100% PRL 0% LAM 100% PRL 0 % LAM 100% PRL 0% LAM 100% PRL 0% LAM 100% 100% ECR7 EL 5984 Moonta-Porphyry JV 106 Peninsula Resources Pty Ltd 90% ECR 10% AIC Mines Ltd E 63/2089 Circle Valley 29 Mylo Gold Pty Ltd8 100% South Australia The Great White Project Eyre Kaolin Project3 Mt Hope Kaolin Project Wudinna Gold Joint Venture5 Moonta Copper Gold Project Western Australia Dundas Project 1 2 3 4 5 6 7 8 Andromeda Industrial Minerals Pty Ltd (AIM), (incorporated 9 August 2018) is a wholly owned subsidiary of Andromeda Metals Ltd. Great Southern Kaolin Pty Ltd (GSK) is a wholly owned subsidiary of Andromeda Metals Ltd. On 26 July 2024, the 25% share held by GSK was to transferred to AIM, resulting in AIM’s interest increasing to 100%. Subsequent to the quarter, Andromeda Industrial Minerals Pty Ltd earned a 51% interest in the Eyre Kaolin Project under a farm in agreement with Peninsula Exploration Pty Ltd (Peninsula), in which it can earn a further 29% (for a total of 80%). Peninsula Resources Pty Ltd (PRL), (incorporated 18 May 2007) is a wholly owned subsidiary of Andromeda Metals Ltd. PRL remains the registered holder of these tenements whilst the subdivision or transfer is being effected – if subdivided PRL will retain some of the area of these tenements refer ADN ASX announcement dated 23 April 2024 title incompletion of Sale of Interest in Wudinna Gold Project. Andromeda Industrial Minerals NZ Pty Ltd is a wholly owned subsidiary of Andromeda Metals Ltd. PRL remains the registered holder of EL 5984 whilst the subdivision or transfer of this tenement is being effected – if subdivided PRL will retain some of the area of this tenement – refer to ADN ASX announcement dated 24 January 2024 titled Completion of Sale of Moonta Copper Gold Project. Mylo Gold Pty Ltd (acquired 21 December 2017) is a wholly owned subsidiary of Andromeda Metals Ltd. Andromeda Metals Limited | 8 Rule 5.5 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity ANDROMEDA METALS LIMITED ABN Quarter ended (“current quarter”) 75 061 503 375 Consolidated statement of cash flows 1 Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for 30 June 2024 Current quarter $A’000 Year to date (12 months) $A’000 - - (a)    exploration & evaluation - - (b)    development - - (c)    production - - (d)    staff costs (402) (1,797) (1,284) (5,435) - - (e)    administration, corporate, marketing and R&D costs 1.3 Dividends received (see note 3) 1.4 Interest received 55 292 1.5 Interest and other costs of finance paid (5) (21) 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - 2,067 1.8 Other (provide details if material) - - 1.9 Net cash from / (used in) operating activities (1,636) (4,894) ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 1 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Consolidated statement of cash flows 2 2.1 Year to date (12 months) $A’000 Cash flows from investing activities Payments to acquire or for: (a)    entities - - (b)    tenements - - (136) (2,992) (1,311) (4,788) (e)    investments - - (f)     other non-current assets - - - - 500 550 - - (c)    property, plant and equipment (d)    exploration & evaluation (capitalised) 2.2 Current quarter $A’000 Proceeds from the disposal of: (a)    entities (b)    tenements (c)    property, plant and equipment (d)    investments 207 207 (e)    other non-current assets - 7 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other - 2,270 (740) (4,746) - Government grants, subsidies and tax incentives 2.6 3 Net cash from / (used in) investing activities 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 repayments) (61) (225) 3.10 Net cash from / (used in) financing activities (61) (225) ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 2 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 (12 months) $A’000 4 Net increase / (decrease) in cash and cash 4.1 Cash and cash equivalents at beginning of period 7,873 15,301 4.2 Net cash from / (used in) operating activities (item 1.9 above) (1,636) (4,894) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (740) (4,746) 4.4 Net cash from / (used in) financing activities (item 3.10 above) (61) (225) 4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period 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 5.1 Bank balances 5.2 5,436 Current quarter $A’000 5,436 Previous quarter $A’000 5,436 7,873 Call deposits - - 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 5,436 7,873 6 Payments to related parties of the entity and their associates 6.1 6.2 Current quarter $A'000 Aggregate amount of payments to related parties and their associates included in item 1 (207) Aggregate amount of payments to related parties and their associates included in item 2 0 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. The amount at items 6.1 and 6.2 comprises executive director salaries, bonuses & termination payments, non-executive director fees and consulting fees paid to directors or related corporations of directors of the Company during the quarter. ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 3 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report 7 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 Amount drawn at quarter end $A’000 $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (credit card facility) 90 9 7.4 Total financing facilities 90 9 7.5 7.6 Unused financing facilities available at quarter end 81 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. The Company has a credit card facility financed through Westpac with a limit of $90,000. This facility is denominated in Australian dollars and is secured against cash deposits of the same amount shown as restricted cash in Item 5.4 of this report. An annual fee is charged for this facility at market rates. There are no set amounts are payable under this facility, other than the annual fee, unless the consolidated entity does not adhere to the terms of the agreements. 8 Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (1,311) 8.3 Total relevant outgoings (item 8.1 + item 8.2) (2,947) 8.4 Cash and cash equivalents at quarter end (item 4.6) 5,436 8.5 Unused finance facilities available at quarter end (item 7.5) 8.6 Total available funding (item 8.4 + item 8.5) 5,517 Estimated quarters of funding available (item 8.6 divided by item 8.3) 1.87 8.7 (1,636) 81 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.