ASX RELEASE 29 January 2025 Quarterly Activities Report – 31 December 2024 Victory Metals (ASX:VTM) (“Victory” or “the Company”) is pleased to report on its activities and the Appendix 5B for the quarter ending 31 December 2024 (“Quarter”, “Reporting Period”). Highlights: ▪ Strategic Offtake MOU signed with Fortune Global 500 company Sumitomo Corporation ▪ MOU target for Victory to provide Sumitomo 30% of its annual production of Mixed Rare Earth Carbonate (MREC) from its North Stanmore Heavy Rare Earth Project ▪ Initial 5 Year Offtake Term with 5 Year Extension ▪ Indicated JORC category upgraded to 71% of the overall Mineral Resource Estimate (MRE) now totalling 176.5 million tonnes @ 503ppm (TREO)1 2, that is expected to complement the advanced Scoping Study. ▪ Overall MRE upgraded to 247.5 million tonnes @ 520ppm TREO2 (Indicated and Inferred). ▪ High-grade near surface zone expansion provides a robust foundation for North Stanmore’s development now totalling 53 million tonnes @ 1,012ppm TREO3 (Indicated and Inferred), representing a significant upgrade from the July 2024 MRE4. ▪ Consistently high Heavy Rare Earth Oxide (HREO)5 to TREO ratios of 38% in the (MIN) Indicated category which firmly establishes North Stanmore’s position in the critical Heavy Rare Earth sector. ▪ Scandium (Sc) resource increased with Scandium set to see increasing demand for its use in solid oxide fuel cells (SOFCS) and aluminum-scandium alloys in the aerospace and defence industry. ▪ Strike length of North Stanmore grows to 13.5km ▪ The Company remains well funded with $4.85M in cash at 31 December 2024 1 TREO (Total Rare Earth Oxide) = La2O3 + CeO2 + Pr6O11 + Nd2O3 + Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3 + Sc2O3. 2 >330ppm cut-off 3 >600ppm cut-off 4 Refer to ASX release dated 16th July 2024 titled “LARGEST AUSTRALIAN INDICATED HEAVY REE RESOURCE CONFIRMED”. 5 HREO (Heavy Rare Earth Oxide) = Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3. 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 — NORTH STANMORE HEAVY RARE EARTH ELEMENTS PROJECT The 100%-owned North Stanmore Heavy Rare Earth Elements (HREE) dominant Project (North Stanmore) is located in Western Australia, approximately 6km north of Cue, with sealed road access via the Great Northern Highway. Subsequent to the end of the quarter, Victory announced an updated Mineral Resource Estimate (MRE) for North Stanmore 247.5 million dry metric tonnes at 520 ppm Total Rare Earth Oxide plus Scandium Oxide (TREO + Sc2O3), using an economic cut-off grade of 330ppm TREO plus Scandium Oxide, inclusive of high-grade domain (≥600 ppm TREO cut-off) of 53 million tonnes @ 1,012 ppm TREO plus Sc2O3. 71% resides in the indicated category, representing one of the largest Indicated Mineral Resources of an Australian HREE-enriched deposit. Table 1: North Stanmore January 2025 MRE (≥330ppm TREO + Sc2O3 cut-off grade) ORE TONNES TREO HREO LREO HREO/TREO Sc2O3 (t) (ppm) (ppm) (ppm) (%) (ppm) 176,500,000 477 181 296 38% 26 INFERRED 70,900,000 533 164 369 31% 28 TOTAL 247,500,000 493 176 317 Numbers are rounded to reflect they are an estimate. Numbers may not sum due to rounding. 36% 27 CLASSIFICATION INDICATED The sensitivity of the Mineral Resource to the reporting cut-off grade is shown in Figure 1. Figure 1: Grade tonnage curve for the North Stanmore TREO + Sc2O3 MRE (Indicated and Inferred) 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 — Figure 2: North Stanmore MRE by ResCat Figure 3: Cross section 6,973,900mN, looking north, 5x vertical exaggeration and showing the High-Grade intercept. 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 — Table 2 shows the HREO within the high-grade mineralisation (HGMIN) domain by classification above 330ppm TREO + Sc2O3, and Table 3 shows the HREO within the mineralisation (MIN) domain by classification above 330ppm TREO + Sc2O3. Table 2: North Stanmore January 2025 MRE HREO within the HGMIN domain (≥330ppm TREO + Sc2O3 cutoff grade) CLASSIFICATION MRE TONNES (t) TREO + Sc (ppm) TREO (ppm) INDICATED 35,400,000 972 INFERRED 16,500,000 TOTAL 52,800,000 HREO (ppm) Eu2O3 (ppm) Gd2O3 (ppm) Tb4O7 (ppm) Dy2O3 (ppm) Ho2O3 (ppm) Er2O3 (ppm) Tm2O3 (ppm) Yb2O3 (ppm) Lu2O3 (ppm) Y2O3 (ppm) 941 318 7.5 30.5 5.0 30.9 6.4 19.1 2.7 17.7 2.6 196 1,099 1,072 354 8.6 33.7 5.5 33.6 7.0 20.8 3.0 18.8 2.7 220 1,012 982 329 7.9 31.5 5.1 31.7 6.6 Numbers are rounded to reflect they are an estimate. Numbers may not sum due to rounding. 19.7 2.8 18.1 2.7 203 Table 3: North Stanmore January 2025 MRE HREO within the MIN domain (≥330ppm TREO + Sc2O3 cut-off grade) CLASSIFICATION MRE TONNES (t) TREO + Sc (ppm) TREO (ppm) INDICATED 141,200,000 386 INFERRED 54,500,000 TOTAL 195,700,000 HREO (ppm) Eu2O3 (ppm) Gd2O3 (ppm) Tb4O7 (ppm) Dy2O3 (ppm) Ho2O3 (ppm) Er2O3 (ppm) Tm2O3 (ppm) Yb2O3 (ppm) Lu2O3 (ppm) Y2O3 (ppm) 361 146 2.4 12.0 2.1 13.6 3.0 9.2 1.4 9.2 1.4 92.1 399 370 106 2.6 10.4 1.7 10.1 2.1 6.2 0.9 5.8 0.9 65.2 390 364 135 2.5 11.5 2.0 12.6 2.7 Numbers are rounded to reflect they are an estimate. Numbers may not sum due to rounding. 8.4 1.2 8.3 1.2 84.7 The economic cut-off grade for the January 2025 MEC MRE was ≥330ppm TREO +Sc2O3. This cut-off grade was selected based on the evaluation of other like regolith hosted rare earth Mineral Resources. MRE Composition Pie Charts Figure 4: North Stanmore January 2025 updated MRE composition by percentage in 52.8Mt and 195.7Mt resource domains The high HREYO/TREYO ratios shown in Figure indicates that the North Stanmore resource contains a significant percentage of the rare, and valuable, HREE’s dysprosium (Dy) and terbium (Tb). 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 — Figure 5: North Stanmore Project plan overview COMPLETION OF AIRCORE DRILLING PROGRAM CONFIRMS STRIKE LENGTH OF 13.5KM In November, Victory advised of the completion of its successful 3,681m aircore (AC) drilling program at North Stanmore. Assay results confirmed high-grade heavy rare earth oxide and scandium mineralisation over an extensive 13.5km strike. These results were incorporated into the MRE (announced on 16 January 2025) which will be included in the ongoing Scoping Study. Drill highlights within the area include: • TREO up to 3174ppm (AC0097) from 45m • TREO up to 2425ppm (AC0043) from 42m • TREO up to 1829ppm (AC0028) from 15m • TREO up to 1741ppm (AC0015) from 20m The assay results received confirmed outstanding Heavy Rare Earth Oxide (HREO) concentrations with averages totalling (41% HREO/TREO ratio). Drill highlights include1: • 75% HREO to TREO ratio (AC0030) from 25m • 70% HREO to TREO ratio (AC0097) from 46m • 66% HREO to TREO ratio (AC0083) from 22m 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 — • 53% HREO to TREO ratio (AC0011) from 26m Figure 6: North Stanmore Project overview showing the 13.5km REE & Sc Strike and the drill highlight location. For full results of the aircore drilling program see Appendix 2, ASX Announcment 6th November 2024, “North Stanmore Grows to 13.5km in Strike”. STRATEGIC OFFTAKE MOU SIGNED WITH SUMITOMO CORPORATION In December, Victory announced it had signed a strategic non-binding Memorandum of Understanding (MOU) with one of the world’s leading integrated trading and investment enterprises, a Fortune Global 500 company, Sumitomo Corporation (Sumitomo), potentially establishing a long-term offtake partnership. The MOU outlines the proposed initial terms on which Victory and Sumitomo will negotiate an offtake of Mixed Rare Earth Carbonate (MREC) from the Company’s flagship North Stanmore Project. The MOU target is for Victory to provide Sumitomo 30% of its annual production of MREC from North Stanmore for an initial 5-year Offtake Term, with the possibility of a 5-year extension. 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 MOU demonstrates Sumitomo’s confidence in the quality, scalability and sustainability of Victory's North Stanmore Project, setting the stage for future investment, project development support and technological collaboration. Sumitomo and Victory have agreed to act in good faith to enter into a Binding Term Sheet by 31 October 2025 and other material terms will be determined withing the negotiation of the term sheet. Pricing for the supply of product will be determined during the negotiation of the Binding Term Sheet, indexed to the prevailing market prices for MREC Product (and REO Product, if applicable), and adjusted for TREO content. The agreed MOU terms enable Victory to accelerate project development, enhance financing options, and expand future processing capabilities for North Stanmore. This partnership with Sumitomo opens exciting new opportunities for the Company to integrate into the global rare earth supply chain and secure its place as a leading supplier in the energy transition and defence sectors. Sumitomo’s financial strength, global logistics expertise, and commitment to sustainable growth make it the ideal long-term partner for Victory as it continues to progress the North Stanmore Project towards development. Victory acknowledged the valuable support of the Government of Western Australia (WA) and its WA Government Trade and Investment Office in Tokyo for facilitating introductions and fostering collaboration between the parties. Their assistance was instrumental in establishing this strategic relationship between Victory and Sumitomo. The Company extends its sincere appreciation for the continued support in advancing Western Australia’s role in global critical mineral supply chains. THE GLOBAL IMPORTANCE OF HEAVY RARE EARTHS AND SCANDIUM Heavy Rare Earths Heavy rare earth elements (HREEs) are a unique group of rare earth elements of paramount importance in advanced technologies. These elements, in particular dysprosium and terbium are essential in the production of temperature tolerant permanent magnets and defence systems. Victory’s North Stanmore Project in Western Australia contains substantial volumes of HREEs, positioning the company as a potential key supplier of these strategic resources. Industrial Applications of Heavy Rare Earths Heavy rare earths are central to the technologies driving modern industries: • • Permanent Magnets for EVs and Renewable Energy: Dysprosium and terbium are critical components in powerful, heat-resistant magnets used in electric vehicle (EV) motors and wind turbines. These magnets retain their magnetic field at high temperatures, making them ideal for high-performance motors required for continuous operation. Defence Technologies: Heavy rare earths are indispensable in advanced military applications. For instance, dysprosium is used in guidance systems and high-strength 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 — • magnets for aircraft and missile technology. With global demand for secure, reliable defence materials on the rise, Victory Metals is positioned to become a significant supplier of these vital elements. Electronics and High-Performance Batteries: Heavy rare earths are also crucial for components in batteries and electronics, such as smartphones and tablets. Yttrium and other HREEs are used in phosphors for displays and lighting, which improve efficiency and durability in these devices. Heavy rare earths are among the rarest and most challenging elements to source sustainably. Currently, China currently controls the global supply, creating supply risks for industries and governments around the world. The North Stanmore Project, one of the largest clay-hosted HREE discoveries globally, offers a sustainable and reliable alternative source. Clay-hosted deposits like North Stanmore are more environmentally friendly to mine compared to traditional hard rock deposits, providing Victory with a unique advantage in responsible production. Scandium Scandium is a rare and highly valued metal known for its ability to significantly strengthen aluminium alloys, making it essential in high-performance applications across the aerospace, automotive and defence sectors. Victory is excited to highlight that scandium is a key component within our North Stanmore Heavy Rare Earth and critical metals Project. With demand on the rise, Victory is in a prime position to contribute to the future supply of this strategic material. Industrial Applications of Scandium Scandium’s unique properties make it an ideal alloying element, enhancing the strength, durability, and corrosion resistance of materials across a variety of sectors: • • • • Aerospace and Defence: Scandium-aluminium alloys are prized in the aerospace industry for their light weight and strength, making them ideal for military aircraft, lightweight armour, and other advanced defence applications. The alloy’s durability reduces maintenance costs, while its light weight improves fuel efficiency and range. Automotive Industry: As automotive manufacturers seek stronger, lighter materials to improve fuel efficiency and performance, scandium-aluminium alloys are increasingly valued for their ability to reduce vehicle weight without compromising safety or strength. Additive Manufacturing: Scandium alloys are well-suited for 3D printing, offering improved strength and flexibility in parts manufactured for both industrial and aerospace applications. This enables the production of complex, durable components with minimal material waste. Superconductivity: In view of scandium’s recently discovered superconductivity, scandium infused superconductors are emerging as a catalyst for scientific and technological advancement in many applications e.g., medical imaging, magnetic levitation, and energy transmission. The current global supply of scandium is extremely limited, and current production from Russia and China largely depends on by-product recovery, leaving demand unsatisfied. 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 North Stanmore Project, rich in scandium as well as heavy rare earth elements, presents an opportunity to establish Victory Metals as a reliable supplier of scandium for industries in need of lightweight, high-strength materials. CORPORATE Annual General Meeting The Company’s Annual General Meeting was held on 14th November 2024 where all resolutions were duly passed. For full results see ASX Announcment 14th November 2024, “Results of Annual General Meeting”. 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 $736k mainly related to exploration activities undertaken at North Stanmore REE Project net of GST refunds received on current and previous exploration expenditure. $331k expenditure net of GST refunds received on current and previous administration expenditure and corporate costs of which $127k were payments made to related parties. These payments relate to the remuneration agreements for Executive and Non-Executive Directors and to SmallCap Corporate Pty Ltd (“SmallCap”) for providing company secretary, accounting and office services to the Company. Non-Executive Chairman James Bahen is a shareholder and director of SmallCap. The Company also had cash inflows of $1.47M from from the conversion of $0.30 unlisted options and $37K from interest received from various 30-60 day term deposits. As at 31 December 2024, the Company had available cash of approximately $4.85M. December 2024 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: 16/01/2024 17/12/2024 14/11/2024 06/11/2024 North Stanmore Advances Global HREE Deposit Strategic Offtake MOU Signed with Fortune Global 500 Leader Sumitomo Corporation Results of Annual General Meeting North Stanmore Grows to 13.5km in Strike 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. 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 — 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 Ben Creagh Investor and Media Relations benc@nwrcommunications.com.au Victory Metals Limited: Company Profile Victory is focused upon the exploration and development of its North Stanmore Heavy Rare Earth Element (REE) Project in the Cue Region of Western Australia. In Janury 2025 Victory announced a Mineral Resource Estimate (MRE) for North Stanmore of 247.5 million dry metric tonnes at 520 ppm Total Rare Earth Oxide plus Scandium Oxide (TREO + Sc2O3) (Indicated and inferred) , inclusive of high-grade domain of 53 million tonnes at 1,012 ppm TREO plus Sc2O3 (Indicated and inferred), confirming the Project as Australia’s largest indicated HREE resource. Competent Person Statement 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 - membership number 100125), 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. 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. 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 Tenement ID E20/1016 E20/1053 E20/1080 E20/1081 E20/871 E20/971 E51/1939 E51/2102 E51/2104 G20/25 L20/72 M20/128 M20/129 M20/288 M20/305 M20/327 M20/360 M20/455 M20/480 M20/494 M20/543 M20/544 M20/546 M20/550 M20/564 M21/125 M21/143 M21/158 M21/26 M21/86 M21/94 M21/95 P20/2007 P20/2153 P20/2248 P20/2249 P20/2250 P20/2331 P20/2333 P20/2334 P20/2345 P20/2346 Status Location Live Application Application Application Live Live Live Live Live Live Application Live Live Live Live Live Live Live Live Live Live Live Application Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Application Cue Application Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Interest at the beginning of the quarter 100% 100% beneficial 100% beneficial 100% beneficial 100% 100% 100% 100% 100% 100% 100% beneficial 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%-conversion interest (P20/2007) 100%-conversion interest(P20/2153) 100% beneficial 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Interest acquired or disposed 100% 100% 100% 100% 100% - Interest at the end of the quarter 100% 100% beneficial 100% beneficial 100% beneficial 100% 100% 100% 100% beneficial 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% - 100% beneficial 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 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 — P20/2352 P20/2353 P20/2354 P20/2355 P20/2356 P20/2357 P20/2358 P20/2359 P20/2360 P20/2383 P20/2397 P20/2398 P20/2402 P20/2403 P20/2409 P20/2410 P20/2468 P20/2469 P20/2486 P21/772 P21/773 P21/774 P21/775 P21/776 P21/793 P20/2534 P46/1975 P46/1976 Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Application Live Live Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Cue Nullagine Nullagine 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% beneficial 100% 100% - 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% beneficial 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 31 December 2024 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 (6 months) $A’000 - - (a) exploration & evaluation - - (b) development - - (c) production - - (331) (673) - - 37 63 (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 other details) - - - 1.9 Net cash from / (used in) operating activities (294) (610) 2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities - - (b) tenements - - (c) property, plant and equipment - - (736) (1,337) (e) investments - - (f) - - (d) exploration & evaluation 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 (6 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 (736) (1,337) 3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) - 1,500 - - 1,473 2,475 (30) (58) 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 - - 3.9a Proceeds from issues of equity securities to be allotted - - 3.9b Repayment of lease liabilities - - 3.10 Net cash from / (used in) financing activities 1,443 3,917 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 4,445 2,888 4.2 Net cash from / (used in) operating activities (item 1.9 above) (294) (610) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (736) (1,337) 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 4.4 Net cash from / (used in) financing activities (item 3.10 above) 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 Current quarter $A’000 Year to date (6 months) $A’000 1,443 3,917 - - 4,858 4,858 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 608 1,695 5.2 Call deposits 4,250 2,750 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) 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* 127 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - 4,858 4,445 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) (294) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (736) 8.3 Total relevant outgoings (item 8.1 + item 8.2) (1,030) 8.4 Cash and cash equivalents at quarter end (item 4.6) 4,858 8.5 Unused finance facilities available at quarter end (item 7.5) 8.6 Total available funding (item 8.4 + item 8.5) 4,858 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 4.72 $A’000 - 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