Announcement PDF ASX RELEASE 26 October 2023 Quarterly Activities Report – 30 September 2023 Highlights: o Initial Inferred Mineral Resource of 250Mt at 520ppm Total Rare Earth Oxide (‘TREYO’), containing 130,000t of contained TREYO, estimated at Victory’s North Stanmore Rare Earth Element (‘REE’) Project o Substantial (33%) heavy rare earth oxide (‘HREO’) to TREYO percentage, positioning it as one of Australia’s most enriched HREO deposits. o 54% critical metals as identified by the US Government 20221. o Resource modelling was based on 1,161m of drill assays averaging 828ppm of TREYO above a 400-ppm cut-off.2 o High percentage of critical magnet metals Dysprosium (‘Dy’) and Terbium (‘Tb’) totalling 4.2%, and Neodymium (‘Nd’) and Praseodymium (‘Pr’) combined totalling 21.5% of TREYO. o Low cut-off grades were selected due to North Stanmore hosting valuable basket price and high percentages of HREO. o Initial Inferred Mineral Resource Estimate covers only 18% of the area drilled within confirmed REE mineralisation. o Successful Metallurgical testwork conducted to date has achieved the following: o Identified a low cost REE metal recovery process. o Potential to increase the recoverable TREYO grade through increased mining selectivity and implementation of proven beneficiation techniques to target enriched size fractions. Metallurgical beneficiation testwork on samples has suggested a potential to increase plant feed grades by up to 148%3. • 11,500m aircore infill drilling program commenced in conjunction with a 700m diamond drilling program at Victory’s North Stanmore REE Project. 1,100m aircore drilling program also commenced 7km North of the existing JORC mineral resource estimate targeting extensions of REE mineralisation. • The drilling programs aim to elevate the mineral resource estimate from the inferred to an indicated category, potentially increasing the REE grade due to resource modelling more aligned with eventual mining selectivity using close spaced drilling patterns. 1 https://www.iea.org/policies/15271-final-list-of-critical-minerals-2022, excluding (La) and (Ce). 2 For full details including JORC tables refer to ASX announcements dated: 15 May 2023, 17 April 2023, 13 February 2023, 15 November 2022, 11 October 2022. 3 First reported in announcement dated 6 July 2023 and titled “Rare Earth Feed Grades Increased By Up To 148%”. The company confirms that it is not aware of any new information or data that materially affects the information included in the original announcement. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. ACN: 124 279 750 E: info@victorymetalsaustralia.com D: +61 (08) 6555 2950 A: Suite 1, 295 Rokeby Road, Subiaco, WA, 6008 — T H E F U T U R E O F A U S T R A L I A N R A R E E A R T H S — • The results will contribute to a North Stanmore REE Project scoping study planned for early 2024. • The Company is advancing the production of a Mixed Rare Earth Carbonate (MREC) product through ongoing metallurgical test work programs. • Victory received $895,227 following the conversion of unlisted options by the Non-Executive Chairman and founding shareholders of the Company. • The Company remains well funded with approximately $3.09m in cash at 30 September 2023. Victory Metals (ASX:VTM) (“Victory” or “the Company”) is pleased to report on its activities and the Appendix 5B for the quarter ending 30 September 2023 (“Quarter”, “Reporting Period”). EXPLORATION North Stanmore Rare Earth Element Project During the Quarter, Victory announced the initial Inferred Mineral Resource Estimate at the Company’s North Stanmore Rare Earth Element Project in Cue, Western Australia. At a 400 ppm TREYO cut-off, the Inferred Mineral Resource stands at 250Mt at 520ppm TREYO and contains HREO/TREO ratios of 33%, and significant ratios of Dy and Tb (DyTb) totalling 4.2% TREYO. The size and quality of the North Stanmore REE Project positions Victory at the forefront of the ionic and regolith REE industry in Australia. Mineral Resource Estimate Summary A total Inferred Mineral Resource for the North Stanmore Project of ~250Mt of REE-bearing saprolite at 520ppm TREYO for 130,000t on contained TREYO has been estimated by RSC using a cut-off of 400ppm TREYO (Table 1 and Table 2). Table 1: North Stanmore Inferred Mineral Resource summary for TREYO, MREO, HREO and NdPr. Cut-off (TREYO ppm) Mt TREYO (ppm) MREO (ppm) HREO (ppm) NdPr (ppm) TREYO (t) 400 250 520 110 170 90 130,000 Inferred Notes: 1. Mineral Resource is classified in accordance with the JORC Code (2012). 2. Estimates are rounded to reflect the level of confidence in the Mineral Resources at the time of reporting. Table 2: North Stanmore Inferred Mineral Resource individual REO grades.4 Inferred La2O3 (ppm) CeO2 (ppm) Pr6O11 (ppm) Nd2O3 (ppm) Sm2O3 (ppm) Eu2O3 (ppm) Gd2O3 (ppm) Tb4O7 (ppm) Dy2O3 (ppm) Ho2O3 (ppm) Er2O3 (ppm) Tm2O3 (ppm) Yb2O3 (ppm) Lu2O3 (ppm) Y2O3 (ppm) 80 160 20 70 10 5 10 2 20 3 10 1 9 1 110 Notes: 1. Reported above a 400 ppm TREYO cut-off. TREYO (Total Rare Earth Oxide including yttrium) = La2O3 + CeO2 + Pr6O11 + Nd2O3 + Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3. 4 Refer to ASX announcements dated 15 May 2023, 17 April 2023, 13 February 2023, 15 November 2022, 11 October 2022 for full details including JORC tables. ACN: 124 279 750 E: info@victorymetalsaustralia.com D: +61 (08) 6555 2950 A: Suite 1, 295 Rokeby Road, Subiaco, WA, 6008 — T H E F U T U R E O F A U S T R A L I A N R A R E E A R T H S — 2. Estimates are rounded to reflect the level of confidence in the Mineral Resources at the time of reporting. Differences may occur in totals due to rounding. Table 3: North Stanmore Inferred Mineral Resource summary for TREYO, MREO, HREO and NdPr presented at various TREYO cut-off grades. Cut-off (TREYO ppm) Mt TREYO (ppm) MREO (ppm) HREO (ppm) NdPr (ppm) TREYO (t) Inferred 300 306 490 100 160 85 150,000 Inferred 400 250 520 110 170 90 130,000 Inferred 500 127 590 130 200 105 75,000 Notes: 1. Reported at various cut-off grades as specified. 2. Estimates are rounded to reflect the level of confidence in the Mineral Resource at the time of reporting. Differences may occur in totals due to rounding. Figure 1: Map showing Victory Metals’ 100% owned North Stanmore tenement package and pending tenements, with the MRE and exploration target areas highlighted. ACN: 124 279 750 E: info@victorymetalsaustralia.com D: +61 (08) 6555 2950 A: Suite 1, 295 Rokeby Road, Subiaco, WA, 6008 — T H E F U T U R E O F A U S T R A L I A N R A R E E A R T H S — Exploration Target An Exploration Target of 700 – 1,100Mt at a grade range of 300 – 500ppm TREYO, representing the potential extension of North Stanmore, has also been estimated by RSC (Table 4). The potential quantity and grade of the Exploration Target is conceptual in nature; there has been insufficient exploration completed to estimate a mineral resource estimate and it is uncertain if further exploration will result in the estimation of further Mineral Resources at North Stanmore. The Exploration Target is based on Exploration Results that have been previously reported 5, including assays from a mix of aircore (‘AC’) and reverse circulation (‘RC’) drillholes. Drill hole spacing varies, but the widest, regular spacing is 250 m x 1,250 m (Figure 1). The Exploration Target was estimated within a 150 ppm TREYO grade shell, restricted within the saprolite layer. A density of 2 g/cm3 was assumed for the density of the saprolite. Drill hole spacing varies across the Exploration Target and therefore weighted averages were used to estimate the TREYO grade. Table 4: North Stanmore Exploration Target. TREYO Grade (range) ppm Exploration Target Tonnage (range) Mt 300 – 500 700 – 1,100 Major Infill and Exploration Drill Program Commenced During the Reporting Period, Victory announced the commencement of a 13,300m drill program at the Company’s 100% owned North Stanmore Rare Earth Element Project. RSC mining exploration (RSC) global team designed an aircore and diamond drilling program for the purpose of advancing the Company’s existing Mineral Resource Estimate (MRE) to an indicated category and also to potentially increase the grade and size of the MRE. The updated MRE will then be used to facilitate a planned scoping study to be undertaken in early 2024. Mixed Rare Earth Carbonate (MREC) Product Subsequent to the quarter, Victory announced that Core Metallurgy (CORE) were in the preliminary stages of producing the Company’s initial MREC product as part of finalising Victory’s conceptual flow sheet design for the REE processing plant. The Company anticipates the production of the MREC product will be completed the current quarter. Core are also continuing further metallurgy studies on a range of REE samples from across the North Stanmore MRE project area for further metallurgical and beneficiation programs. 5 Refer to ASX announcements dated 15 May 2023, 17 April 2023, 13 February 2023, 15 November 2022 and 11 October 2022 for full details including JORC tables. ACN: 124 279 750 E: info@victorymetalsaustralia.com D: +61 (08) 6555 2950 A: Suite 1, 295 Rokeby Road, Subiaco, WA, 6008 — T H E F U T U R E O F A U S T R A L I A N R A R E E A R T H S — CORPORATE Additional Funding Victory advised that the Company’s Non-Executive Chairman, Mr Trevor Matthews, and a group of founding shareholders elected to exercise a total of 4,476,138 unlisted options at a price of $0.20, contributing $895,227 in funding for future exploration and study activities, and providing additional working capital for the Company. Cashflows for the Quarter Attached to this report is the Appendix 5B containing the Company’s cash flow statement for the quarter. Exploration expenditure of $594k mainly related to exploration activities undertaken at North Stanmore REE Project net of GST refunds received on current and previous exploration expenditure. $332k expenditure on administration net of GST refunds received on current and previous administration expenditure and corporate costs of which $80k were payments made to related parties. These payments relate to the remuneration agreements for Executive and NonExecutive Directors and to SmallCap Corporate Pty Ltd (“SmallCap”) for providing company secretary, accounting and office services to the Company. Non-Executive Director James Bahen is a shareholder and director of SmallCap. As at 30 September 2023, the Company had available cash of approximately $3.09 million. Pursuant to ASX listing rule 4.7C.2, the Company advises the proposed use of funds contained in section 1.6 of Victory’s IPO Prospectus over a two-year period in comparison to the actual use of funds following admission of Victory to the official list of the ASX: Use of Funds Prospectus Amount Priority reverse circulation and diamond drilling programmes at Coodardy, Eagle Hawk and Emily Wells Other reverse circulation and diamond drilling and soil geochemistry programs Professional fees and geological management Geophysics Rates, tenement rents, administration and travel expenses Working capital Public Offer expenses Capital raising fee Total Actual to Date $1,680,000 $785,220 $920,000 $3,045,148 $432,000 $160,000 $288,000 $1,277,000 $63,000 $300,000 $5,120,000 $772,706 $122,685 $669,040 $2,561,558 $37,784 $331,500 $8,325,640 It’s noted that the Company has raised $5.0m (before costs) in additional funds via a Placement and has received approximately $895k via the conversion of options after the Company’s IPO prospectus. These funds have been used, amongst other things, to expedite exploration at the Company’s recently discovered North Stanmore Rare Earth Element Project, completing further drilling and assaying, and undertaking additional activities necessary to achieve these objectives. The Company continually reviews all expenditures incurred since the Company’s admission to the ASX and is satisfied that they are both necessary and reasonable and are effectively allowed for in the separate allocation of funds for working capital included in the IPO budget. The Company confirms that the key business objectives underlying the expected use of funds in the IPO Prospectus remain intact. ACN: 124 279 750 E: info@victorymetalsaustralia.com D: +61 (08) 6555 2950 A: Suite 1, 295 Rokeby Road, Subiaco, WA, 6008 — T H E F U T U R E O F A U S T R A L I A N R A R E E A R T H S — September 2023 Quarter – ASX Announcements This Quarterly Activities Report contains information extracted from ASX market announcements reported in accordance with the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (2012 JORC Code). Further details (including 2012 JORC Code reporting tables where applicable) of exploration results referred to in this Quarterly Activities Report can be found in the following announcements lodged on the ASX: 12/09/2023 Major Infill and Exploration Drill Program Commenced 02/08/2023 North Stanmore Initial Minerals Resource Estimate 21/07/2023 Additional Funding, Heritage Survey & JORC Resource These announcements are available for viewing on the Company’s website www.victorymetalsaustralia.com. Victory confirms that it is not aware of any new information or data that materially affects the information included in any original ASX announcement. This announcement has been authorised by the Board of Victory Metals Limited. For further information please contact: Brendan Clark CEO and Executive Director b.clark@victorymetalsaustralia.com Jane Morgan Investor and Media Relations jm@janemorganmanagement.com.au Victory Metals Limited: Company Profile Victory is focused upon the exploration and development of its Rare Earth Element (REE) and Scandium Discovery in the Cue Region of Western Australia. Victory’s key assets include a portfolio of assets located in the Midwest region of Western Australia, approximately 665 km from Perth. Victory’s Ionic clay REE discovery is rapidly evolving with the system demonstrating high ratios of Heavy Rare Earth Oxides and Critical Magnet Metals NdPr + DyTb. Competent Person Statements Professor Ken Collerson Statements contained in this report relating to exploration results, scientific evaluation, and potential, are based on information compiled and evaluated by Professor Ken Collerson. Professor Collerson (PhD) Principal of KDC Consulting, and a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM), is a geochemist/geologist with sufficient relevant experience in relation to rare earth element and critical metal mineralisation being reported on, to qualify as a Competent Person as defined in the Australian Code for Reporting of Identified Mineral resources and Ore reserves (JORC Code 2012). Professor Collerson consents to the use of this information in this report in the form and context in which it appears. Mr. Michael Busbridge The historical exploration activities and results contained in this report is based on information compiled by Michael Busbridge, a Member of the Australian Institute of Geoscientists and a Member of the Society of Economic Geologists. Michael is a consultant to Victory Metals Limited. Michael has ACN: 124 279 750 E: info@victorymetalsaustralia.com D: +61 (08) 6555 2950 A: Suite 1, 295 Rokeby Road, Subiaco, WA, 6008 — T H E F U T U R E O F A U S T R A L I A N R A R E E A R T H S — sufficient experience which is relevant to the style of mineralisation and types of deposits 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 (the JORC Code). Michael Busbridge has consented to the inclusion in the report of the matters based on his information in the form and context in which it appears. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements in relation to the exploration results. The Company confirms that the form and context in which the competent persons findings have not been materially modified from the original announcement. Figure 2. Regional Map showing Victory Metals tenement package and pending tenements. ACN: 124 279 750 E: info@victorymetalsaustralia.com D: +61 (08) 6555 2950 A: Suite 1, 295 Rokeby Road, Subiaco, WA, 6008 — T H E F U T U R E O F A U S T R A L I A N R A R E E A R T H S — Appendix 1 – Interest in Mining Tenements Location Interest at the beginning of the quarter Interest acquired or disposed Interest at the end of the quarter Live Mafeking Bore 100% - 100% E20/1016 Live Cue 100% - 100% E20/1053 Application Cue - - - Live Tenement ID Status E20/871 M20/128 Live Victory Buttercup Mine Site Cuddingwarra M20/129 Live M20/263 G20/25 - 100% 100% 100% - 100% Cuddingwarra 100% - 100% Live Eaglehawk 100% 100% - M20/288 Live Cue 100% - 100% M20/305 M20/327 M20/33 Live Cue - Live Live Curtis Find Tuckanarra 100% 100% 100% 100% 100% 100% - M20/360 Live Emily Well 100% - 100% M20/455 Live Karbar 100% - 100% M20/480 Live Nindan Hill 100% - 100% M20/494 Live Cue 100% - 100% M21/125 Live Cue 100% - 100% M21/143 Live Day Dawn 100% - 100% M21/158 Live Webbs Patch 100% - 100% M21/26 Live Day Dawn 100% - 100% M21/86 Live Day Dawn 100% - 100% M21/94 Live Day Dawn 100% - 100% M21/95 Live Day Dawn 100% - 100% M20/543 Live Emily Wells 100% - 100% M20/544 Live Mafeking Bore 100% - 100% M20/546 Application Mafeking Bore - - - M20/550 Application Mafeking Area - - - Application P20/2007 Live Emily bore/Mafeking bore Mafeking Bore 100% - 100% P20/2153 Live Cue 100% - 100% P20/2225 Live Cuddingwarra 100% - 100% P20/2226 Live Cue 100% - 100% P20/2248 Live East of Emilly Wells 100% - 100% P20/2249 Live Emily Wells 100% - 100% P20/2250 Live South of Emily Wells 100% - 100% P20/2331 Live Emily Wells 100% - 100% P20/2333 Live Jims Find 100% - 100% P20/2334 Live Jims Find 100% - 100% P20/2352 Live Cue 100% - 100% P20/2353 Live Cue 100% - 100% P20/2354 Live Cue 100% - 100% P20/2355 Live Cue 100% - 100% P20/2356 Live Cue 100% - 100% P20/2357 Live Cue 100% - 100% P20/2358 Live Cue 100% - 100% L20/72 - - - ACN: 124 279 750 E: info@victorymetalsaustralia.com D: +61 (08) 6555 2950 A: Suite 1, 295 Rokeby Road, Subiaco, WA, 6008 — T H E F U T U R E O F A U S T R A L I A N R A R E E A R T H S — Tenement ID Status Location Interest at the beginning of the quarter Interest acquired or disposed Interest at the end of the quarter P20/2359 Live Cue 100% - 100% P20/2360 Live Cue 100% - 100% P20/2383 Live Cue 100% - 100% P20/2397 Live Beringarra 100% - 100% P20/2398 Live Mafeking Bore 100% - 100% P20/2409 Live Murchison 100% - 100% P20/2410 Live Murchison 100% - 100% P21/718 Live Day Dawn 100% - 100% P21/772 Live Trenton hill 100% - 100% P21/773 Live Trenton hill 100% Live Cue 100% - 100% P21/774 P21/775 Live Cue 100% - 100% P21/776 Live Cue - 100% P20/2468 Live Cue 100% 100% - 100% P20/2469 Live Cue 100% - 100% P20/2402 Live Cue 100% - 100% P20/2403 Live Cue 100% - 100% P20/2345 Live Cue 100% - 100% P20/2346 Live Cue 100% - 100% E51/1939 Live Cue North 100% - 100% E51/2102 Live Cue North 100% - 100% E51/2104 Live Cue North 100% - 100% E20/971 Live Cue North 100% - 100% 100% ACN: 124 279 750 E: info@victorymetalsaustralia.com D: +61 (08) 6555 2950 A: Suite 1, 295 Rokeby Road, Subiaco, WA, 6008 — T H E F U T U R E O F A U S T R A L I A N R A R E E A R T H S — Rule 5.5 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity Victory Metals Limited ACN Quarter ended (“current quarter”) 124 279 750 30 September 2023 Consolidated statement of cash flows Current quarter $A’000 1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for Year to date (3 months) $A’000 - - (a) exploration & evaluation - - (b) development - - (c) production - - (d) staff costs - - (332) (332) - - 24 24 (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 (R&D Tax Refund) - - 1.9 Net cash from / (used in) operating activities (308) (308) 2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities - - (b) tenements - - (c) property, plant and equipment - - (594) (594) - - (10) (10) (d) exploration & evaluation (e) investments (f) other non-current assets 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 Current quarter $A’000 Year to date (3 months) $A’000 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 Acquisition of entity (cash acquired) - - 2.6 Net cash from / (used in) investing activities (604) (604) 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 895 895 3.4 Transaction costs related to issues of equity securities or convertible debt securities (13) (13) 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9a Proceeds from issues of equity securities to be allotted - - 3.9b Repayment of lease liabilities - - 3.10 Net cash from / (used in) financing activities 882 882 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 3,118 3,118 4.2 Net cash from / (used in) operating activities (item 1.9 above) (308) (308) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (604) (604) 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 (3 months) $A’000 4.4 Net cash from / (used in) financing activities (item 3.10 above) 882 882 4.5 Effect of movement in exchange rates on cash held - - 4.6 Cash and cash equivalents at end of period 3,088 3,088 5. Reconciliation of cash and cash equivalents Current quarter $A’000 Previous quarter $A’000 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 588 1,118 5.2 Call deposits 2,500 2,000 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) 3,088 3,118 6. Payments to related parties of the entity and their associates 6.1 Aggregate amount of payments to related parties and their associates included in item 1* 80 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Current quarter $A'000 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. * Payments in relation to Director’s fees for the period. 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 $A’000 Amount drawn at quarter 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, 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. 8. Estimated cash available for future operating activities 8.1 Net cash from / (used in) operating activities (item 1.9) (308) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (594) 8.3 Total relevant outgoings (item 8.1 + item 8.2) (902) 8.4 Cash and cash equivalents at quarter end (item 4.6) 3,088 8.5 Unused finance facilities available at quarter end (item 7.5) 8.6 Total available funding (item 8.4 + item 8.5) 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) $A’000 3,088 3.4 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: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: 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. Page 4 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: .........26 October 2023...................................................................... Authorised by: ..........The Board of Directors 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