Quarterly Activities/Appendix 5B Cash Flow Report
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Released
Announcement PDF
ASX: VTM Victory Metals Limited ACN 124 279 750
Suite 1, 295 Rokeby Road, Subiaco Western Australia 6008
Email: admin@victorymetalsaustralia.com www.victorymetalsaustralia.com Page 1 of 11
ASX ANNOUNCEMENT 30 October 2026
Quarterly Activities Report – 30 September 2026
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 2026 (Quarter,
Reporting Period).
Highlights
▪ Pre-Feasibility Study (PFS) delivered for North Stanmore, establishing a ~20-
year heavy rare earth development case with a post-tax NPV8 of A$1.21 billion,
post-tax IRR of 240% and initial capital of A$155 million (including 30%
contingency).
▪ Pre-tax NPV8 of A$1.76 billion and pre-tax IRR of 338%, with payback of ~1.5
years from first production and life-of-mine FOB revenue of A$6.5 billion.
▪ Maiden Probable Ore Reserve of 47.0 Mt at 692 ppm TREO and 248 ppm HREO,
underpinning 100% of the PFS production target.
▪ Updated Mineral Resource Estimate of 278.8 Mt at 483 ppm TREO, including a
maiden 70.7 Mt Measured category and a 53.3 Mt high-grade domain at 1,024
ppm TREO.
▪ Mining Lease M20/564 granted on 11 September 2026, covering almost 2,006
hectares and securing mining tenure for North Stanmore.
▪ Heavy rare earth concentrate dispatched from the Perth pilot plant to
potential offtake partners in Australia, Japan and the United States for
independent qualification.
▪ TIMA mineralogy confirmed 86% of Dy, 82% of Tb, 96% of Y, 88% of Pr and 91%
of Nd report to secondary phosphate groups in pilot plant concentrate.
▪ Material previously logged as saprock reclassified as saprolite, adding further
high-grade material to the PFS mine plan.
▪ Company had available cash of approximately $9.18M at the end of the Quarter.
PFS, Maiden Ore Reserve and Updated Mineral Resource Establish 20-Year
Development Case
On 18 August 2026, Victory released the results of the North Stanmore Pre-
Feasibility Study (PFS), a maiden Ore Reserve and an updated Mineral Resource
Estimate (MRE) for its 100%-owned North Stanmore Heavy Rare Earth Project near
Cue, Western Australia.
The PFS outlines a simple development concept: shallow, predominantly free-dig
open-pit mining and flotation beneficiation at 2.4 Mtpa to produce ~29,000 wet
tonnes a year of heavy rare earth-enriched mineral concentrate for sale to third-
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party refiners. The schedule comprises ~10 years of mining and processing,
followed by ~10.5 years of processing stockpiled ore.
Measure Unit PFS value
Plant throughput Mtpa 2.4
Ore processed Mt 48.4
LOM revenue (FOB) A$B 6.5
Initial capital (Class 4, incl. 30% contingency) A$M 155
Processing plus site G&A A$/t processed 28.38
All-in sustaining cost A$/wt ore 79.77
Pre-tax NPV8 / IRR A$M / % 1,762 / 338
Post-tax NPV8 / IRR A$M / % 1,211 / 240
Payback (pre- and post-tax) Years 1.5
Table 1. Key PFS outcomes. Tonnages on a wet basis; AUD/USD 0.69 weighted average; 30% corporate tax;
5% WA State royalty.
The PFS production target is underpinned entirely by the Probable Ore Reserve
and excludes Inferred Mineral Resources and Exploration Targets. Pricing adopts
long-term net payability prices deliberately discounted to current spot, with 65%
payability applied to rare earth oxides and 50% to hafnium oxide. Mincore
managed the PFS and prepared the capital estimate; MEC Mining supported mine
planning and mining cost estimation.
Maiden Ore Reserve
The PFS supports a maiden Probable Ore Reserve of 47.0 Mt at 692 ppm TREO and
248 ppm HREO (≥300 ppm TREO cut-off), containing 32.6 kt TREO and 11.6 kt HREO.
Updated Mineral Resource Estimate
The updated MRE totals 278.8 Mt at 483 ppm TREO and introduces a maiden 70.7
Mt Measured category, with Measured and Indicated Resources totalling 154.8 Mt.
The high-grade domain of 53.3 Mt at 1,024 ppm TREO retained ~97% of its August
2025 tonnage and ~99% of its grade, while Measured and Indicated high-grade
tonnage increased 7.2% to 38.0 Mt. The update incorporated 83 drill holes for 4,378
m, including 20 twin holes that confirmed existing results.
As reported on 9 July 2026, review of geological data during pilot plant operations
identified that a substantial volume of material logged as saprock is saprolite – the
ore type on which all metallurgical test work has been based. This material was
incorporated into the PFS mine plan, and PFS completion was moved to August
2026 to capture it.
Next steps
Definitive Feasibility Study (DFS) work will focus on geotechnical and
hydrogeological investigations, engineering definition, continued pilot and locked-
cycle metallurgical test work, product qualification, approvals, offtake discussions
and the funding strategy. Funding options under review include the non-binding
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US EXIM Letter of Interest for up to US$190 million, project debt, strategic equity,
offtake-linked funding and government support.
Mining Lease M20/564 Granted for North Stanmore
Mining Lease M20/564, covering almost 2,006 hectares, was granted by the
Western Australian Department of Mines, Petroleum and Exploration on 11
September 2026. The grant secures mining tenure over the lease area and clears a
key hurdle on North Stanmore's development pathway.
The lease is a full conversion of P20/2248, P20/2249, P20/2250, P20/2352, P20/2409
and P20/2410, and a partial conversion of P20/2403, P20/2468, P20/2469 and
E20/871. Victory's footprint in the area is unchanged.
The grant follows the Native Title Mining Agreement executed with the Wajarri
Yamaji Aboriginal Corporation in June 2026, which supported the native title
process. It builds on the PFS, maiden Ore Reserve and updated MRE, and
strengthens the Company's position in offtake, strategic investment and project
financing discussions.
CEO and Executive Director Brendan Clark said: "The grant of our 2,006-hectare
Mining Lease is a major milestone for Victory and an important step towards
bringing North Stanmore into production."
Page 4 of 11
Figure 1. Mining Lease M20/564 and surrounding tenure (TENGRAPH, 12 September 2026).
Heavy Rare Earth Rich Concentrate Dispatched to Potential Offtake Partners
Victory's Perth flotation pilot plant continued to operate under continuous, steady-
state conditions at ambient temperature during the Quarter, producing heavy rare
earth-enriched concentrate consistent with the 7.1% TREO result reported on 17
June 2026.
On 9 July 2026, the Company commenced dispatching concentrate to potential
offtake partners in Australia, Japan and the United States for independent
examination, analysis and qualification. This allows prospective customers to verify
the concentrate's grade, heavy rare earth distribution and low impurity profile in
their own facilities, and is a customary step in qualifying new supply sources.
The PFS confirmed that Victory is advancing confidential discussions with strategic
partners across Japan, Europe and the United States on product qualification,
pricing, commercial structures and long-term offtake.
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CEO and Executive Director Brendan Clark said: "Dispatching our heavy rare earth
concentrate to these partners in Australia, Japan and the United States for their
own independent examination is a significant commercial step."
TIMA Mineralogy Confirms Heavy and Magnet Rare Earths Hosted in Secondary
Phosphates
On 30 July 2026 (re-released on 4 August 2026 to include JORC Code Table 1
information), Victory reported TESCAN Integrated Mineral Analyser (TIMA)
characterisation of pilot plant concentrate, completed by ALS Metallurgy in
Balcatta, Western Australia. The concentrate was produced from a composite of 33
air core samples from 18 drill holes within Indicated Mineral Resource areas, with
an average grade of 1,189 ppm TREO and an HREO/TREO ratio of 37.5%.
TIMA classified 5.93 mass% of the concentrate as secondary rare earth phosphate
groups (2.11% churchite and similar, 3.82% rhabdophane and similar), compared
with only 1.13 mass% for the primary monazite and xenotime groups combined.
Most of the target rare earth value reports to the secondary phosphate system:
Element
Deportment to secondary
phosphate groups (%)
Largest individual host
Dysprosium (Dy) 86 Churchite and similar
Terbium (Tb) 82 Churchite and similar
Yttrium (Y) 96 –
Praseodymium (Pr) 88 Rhabdophane and similar
Neodymium (Nd) 91 Rhabdophane and similar
Table 2. Indicative deportment to combined churchite, rhabdophane and interphase groups.
Unlike primary monazite and xenotime, which generally require a mineral cracking
step before leaching, North Stanmore's rare earth value is predominantly
associated with hydrated secondary phosphates formed through natural
weathering. This supports the Company's wet screening and flotation-led
beneficiation route ahead of selective hydrometallurgical treatment. Calcium is
predominantly hosted in feldspar rather than reactive carbonates, which is
favourable for acid consumption.
The deportment results are indicative. ALS noted a high degree of uncertainty for
Pr and Nd and a very high degree of uncertainty for Tb and Dy, and recommended
LA-ICP-MS analysis to refine phase compositions. The TIMA study does not by itself
establish leach recovery, reagent consumption or final process conditions.
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CORPORATE
CASHFLOWS FOR THE QUARTER
Attached to this report is the Appendix 5B containing the Company's cash flow
statement for the September 2026 quarter. Exploration expenditure of $1,579k
mainly related to exploration, metallurgical and study activities at the North
Stanmore REE Project, including PFS completion, pilot plant operations and
concentrate production, net of GST refunds received on current and previous
exploration expenditure. $570k expenditure net of GST refunds received on
administration expenditure and corporate costs, of which $188k 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.
As at 30 September 2026, the Company had available cash of approximately
$9.18M.
There were no mining production or development activities during the Quarter.
CAPITAL STRUCTURE
During the Quarter, the Company lodged Appendix 2A applications for quotation
of securities on 13 July 2026 and 26 August 2026, a cleansing statement on 13 July
2026, and an Appendix 3G notification regarding unquoted securities on 6 August
2026.
As at 12 October 2026, the Company had the following securities on issue:
Security Number
Fully paid ordinary shares (VTM) 132,191,358
Unlisted options exercisable at $1.30, expiring 06/06/2027 1,561,950
Unlisted options exercisable at $2.70, expiring 01/09/2028 1,000,000
Performance rights – October tranches 1 to 5 2,516,666
Performance rights – May 2026 tranches 2 and 3 300,000
Performance rights – April 2026 tranches 2 to 4 150,000
Performance rights – Class C 350,000
ANNUAL REPORT AND AGM
The Company lodged its 2026 Annual Report, Appendix 4G and Corporate
Governance Statement on 25 September 2026. The Annual General Meeting is
planned to be held on Thursday, 12 November 2026. Nominations for election as a
director closed at 5.00pm (WST) on Thursday, 8 October 2026.
Page 7 of 11
September 2026 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:
09/07/2026 VTM Dispatches HRE Concentrate to Potential Offtake Partners
13/07/2026 Application for quotation of securities – VTM
13/07/2026 Cleansing Statement
24/07/2026 Quarterly Activities/Appendix 5B Cash Flow Report
30/07/2026 Secondary Phosphate Heavy & Magnet Rare Earths Confirmed
04/08/2026 UPDATED – Secondary Phosphate Heavy & Magnet Rare Earths
06/08/2026 Notification regarding unquoted securities – VTM
18/08/2026 Maiden Ore Reserve, Updated MRE and PFS
26/08/2026 Application for quotation of securities – VTM
14/09/2026 Mining Lease Granted for North Stanmore
14/09/2026 Investor Presentation
24/09/2026 Date of AGM and Closing for Director Nominations
25/09/2026 Annual Report to shareholders
25/09/2026 Appendix 4G and Corporate Governance Statement
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 and, in the case of Mineral Resources and Ore Reserves, that
all material assumptions and technical parameters underpinning the estimates
continue to apply and have not materially changed. Victory confirms that all
material assumptions underpinning the production target and forecast financial
information derived from the production target in the 18 August 2026
announcement continue to apply and have not materially changed.
This announcement has been authorised by the Board of Victory Metals Limited.
For further information please contact:
Brendan Clark Jim Carden
CEO and Executive Director Investor and Media Relations
admin@victorymetalsaustralia.com jimc@bastionagency.com
Victory Metals Limited
Victory is dedicated to the exploration and development of its flagship North
Stanmore Heavy Rare Earth Elements (HREE), Scandium, Hafnium and Gallium
Project located in the Cue Region of Western Australia. The Company is committed
to advancing this world-class project to unlock its significant potential.
Page 8 of 11
In August 2026, Victory released a Pre-Feasibility Study, maiden Ore Reserve and
updated Mineral Resource Estimate for North Stanmore, and in September 2026
was granted Mining Lease M20/564 over the Project.
North Stanmore Mineral Resource Estimate
Table 3: North Stanmore August 2026 MRE (≥300 ppm TREO cut-off grade, excluding Sc)
CLASSIFICATION
TONNES
(Mt)
TREO
(ppm)
HREO
(ppm)
LREO
(ppm)
HREO/TRE
O (%)
HfO₂
(ppm)
MEASURED 70.67 535 192 343 36 7.4
INDICATED 84.09 510 180 329 35 7.0
INFERRED 124.04 434 154 281 35 6.8
TOTAL 278.80 483 171 311 36 7.0
Includes a high-grade domain of 53.34 Mt at 1,024 ppm TREO (≥600 ppm TREO cut-off). LREO equals TREO less
HREO. Numbers are rounded to reflect that they are an estimate and may not sum due to rounding.
North Stanmore Ore Reserve
Table 4: North Stanmore August 2026 Ore Reserve (≥300 ppm TREO cut-off grade)
CATEGORY
TONNES
(Mt)
TREO
(ppm)
HREO
(ppm)
HfO₂
(ppm)
CONTAINED
TREO (kt)
CONTAINED
HREO (kt)
PROVED – – – – – –
PROBABLE 47.0 692 248 6.4 32.6 11.6
TOTAL 47.0 692 248 6.4 32.6 11.6
Grades reported on a dry basis. Mineral Resources are reported inclusive of Ore Reserves. Mineral Resources
that are not Ore Reserves do not have demonstrated economic viability. Numbers are rounded to reflect the
appropriate precision of an estimate.
Competent Person Statements
Professor Ken Collerson – Exploration Results and Metallurgy
Statements contained in this report relating to exploration results, metallurgy
results, scientific evaluation and potential are based on information compiled and
evaluated by Emeritus Professor Ken Collerson. Professor Collerson (PhD), Principal
of KDC Geo Consulting and Director of Victory Metals Limited, is a Fellow of the
Australasian Institute of Mining and Metallurgy (AusIMM No. 100125) and 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 Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves (JORC Code 2012). Professor Collerson
consents to the inclusion of this information in the form and context in which it
appears.
Dean O'Keefe – Mineral Resource Estimate
The information in this report that relates to Mineral Resource estimates is based
on, and fairly represents, information compiled and reviewed by Dean O'Keefe,
who is engaged by Victory Metals Limited as Chief Technical Officer and Principal
of Tiger Lilly Consulting. Mr O'Keefe is a Fellow of the Australasian Institute of
Mining and Metallurgy (FAusIMM #112948) and is a geologist and geostatistician
Page 9 of 11
with sufficient relevant experience to qualify as a Competent Person as defined in
the JORC Code (2012). Mr O'Keefe consents to the inclusion of this information in
the form and context in which it appears.
Rodrick Bonner and Paul King – Ore Reserve
The Ore Reserve estimate was prepared under the joint responsibility of Rodrick
Bonner (FAusIMM #335642) and Paul King (MAusIMM #301413), Principal Mining
Engineers permanently employed by MEC Technical Services Pty Ltd, who each
have sufficient relevant experience in the style of mineralisation and deposit type
being reported, mining method and modifying factors to qualify as Competent
Persons as defined in the JORC Code (2012). Mr Bonner and Mr King consent to the
inclusion of this 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.
The Company confirms that the form and context in which the Competent
Persons' findings are presented have not been materially modified from the
original market announcements.
Forward-looking statements
This announcement contains forward-looking statements, including production
targets, forecast financial information, development plans, timing and Project
economics. These statements are based on current expectations and assumptions
and are subject to risks and uncertainties that may cause actual outcomes to differ
materially, including commodity prices, exchange rates, operating and capital
costs, metallurgical performance, resource and reserve conversion, approvals,
funding, infrastructure, logistics and market conditions. Except as required by law,
Victory undertakes no obligation to update forward-looking statements.
Page 10 of 11
Appendix 1 – Interest in Mining Tenements
Tenement
ID
Status Location
Interest at the
beginning of the
quarter
Interest
acquired
or
disposed
Interest at the
end of the
quarter
E20/1016 Live Cue 100% - 100%
E20/1053 Application Cue 100% beneficial - 100% beneficial
E20/1080 Live Cue 100% beneficial - 100% beneficial
E20/1081 Application Cue 100% beneficial - 100% beneficial
E20/871
Live (part
converted to
M20/564)
Cue 100%
Partial
conversion
100%
E20/971 Live Cue 100% - 100%
G20/25 Live Cue 100% - 100%
L20/72 Live Cue 100% - 100%
M20/128 Live Cue 100% - 100%
M20/129 Live Cue 100% - 100%
M20/305 Live Cue 100% - 100%
M20/360 Live Cue 100% - 100%
M20/494 Live Cue 100% - 100%
M20/543 Live Cue 100% - 100%
M20/544 Live Cue 100% - 100%
M20/546 Application Cue
100% – conversion
interest (P20/2007)
- 100%
M20/550 Application Cue
100% – conversion
interest (P20/2153)
- 100%
M20/562
Live (granted
15/09/2026)
Cue 100% beneficial Granted 100%
M20/564
Live (granted
11/09/2026)
Cue 100% beneficial Granted 100%
M21/125 Live Cue 100% - 100%
M21/143 Live Cue 100% - 100%
M21/26 Live Cue 100% - 100%
M21/86 Live Cue 100% - 100%
M21/94 Live Cue 100% - 100%
M21/95 Live Cue 100% - 100%
P20/2007 Live Cue 100% - 100%
P20/2153 Live Cue 100% - 100%
P20/2331 Live Cue 100% - 100%
P20/2333 Live Cue 100% - 100%
P20/2334 Live Cue 100% - 100%
P20/2345 Live Cue 100% - 100%
P20/2346 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%
Page 11 of 11
Tenement
ID
Status Location
Interest at the
beginning of the
quarter
Interest
acquired
or
disposed
Interest at the
end of the
quarter
P20/2357 Live Cue 100% - 100%
P20/2358 Live Cue 100% - 100%
P20/2359 Live Cue 100% - 100%
P20/2360 Live Cue 100% - 100%
P20/2383 Live Cue 100% - 100%
P20/2397 Live Cue 100% - 100%
P20/2398 Live Cue 100% - 100%
P20/2402 Live Cue 100% - 100%
P20/2403
Live (part
converted to
M20/564)
Cue 100%
Partial
conversion
100%
P20/2468
Live (part
converted to
M20/564)
Cue 100%
Partial
conversion
100%
P20/2469
Live (part
converted to
M20/564)
Cue 100%
Partial
conversion
100%
P20/2486 Live Cue 100% - 100%
P20/2534 Live Cue 100% - 100%
P21/772 Live Cue 100% - 100%
P21/773 Live Cue 100% - 100%
P21/774 Live Cue 100% - 100%
P21/775 Live Cue 100% - 100%
P21/776 Live Cue 100% - 100%
P21/793 Live Cue 100% - 100%
L20/93 Application Cue 100% beneficial - 100% beneficial
L20/94 Application Cue 100% beneficial - 100% beneficial
Rule 5.5
ASX Listing Rules Appendix 5B (17/07/20) Page 1
+ See chapter 19 of the ASX Listing Rules for defined terms.
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 2026
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
- -
(a) exploration & evaluation
(b) development - -
(c) production - -
(d) staff costs (59) (59)
(e) administration and corporate costs (570) (570)
1.3 Dividends received (see note 3) - -
1.4 Interest received 107 107
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) – R&D Receipt - -
1.9 Net cash from / (used in) operating
activities
(522) (522)
2. Cash flows from investing activities
- -
2.1 Payments to acquire or for:
(a) entities
(b) tenements - -
(c) property, plant and equipment - -
(d) exploration & evaluation (1,579) (1,579)
(e) investments - -
(f) other non-current assets - -
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
ASX Listing Rules Appendix 5B (17/07/20) Page 2
+ See chapter 19 of the ASX Listing Rules for defined terms.
Consolidated statement of cash flows Current quarter
$A’000
Year to date
(3 months)
$A’000
2.2 Proceeds from the disposal of:
- -
(a) entities
(b) tenements - -
(c) property, plant and equipment - -
(d) investments - -
(e) other non-current assets - -
2.3 Cash flows from loans to other entities - -
2.4 Dividends received (see note 3) - -
2.5 Other (provide other details) – Lease
Deposit
- -
2.6 Net cash from / (used in) investing
activities
(1,579) (1,579)
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 96 96
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
96 96
4. Net increase / (decrease) in cash and
cash equivalents for the period
4.1 Cash and cash equivalents at beginning of
period
11,184 11,184
4.2 Net cash from / (used in) operating
activities (item 1.9 above)
(522) (522)
4.3 Net cash from / (used in) investing activities
(item 2.6 above)
(1,579) (1,579)
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
ASX Listing Rules Appendix 5B (17/07/20) Page 3
+ See chapter 19 of the ASX Listing Rules for defined terms.
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)
96 96
4.5 Effect of movement in exchange rates on
cash held
- -
4.6 Cash and cash equivalents at end of
period
9,179 9,179
5. Reconciliation of cash and cash
equivalents
at the end of the quarter (as shown in the
consolidated statement of cash flows) to the
related items in the accounts
Current quarter
$A’000
Previous quarter
$A’000
5.1 Bank balances 5,679 7,684
5.2 Call deposits 3,500 3,500
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)
9,179 11,184
6. Payments to related parties of the entity and their
associates
Current quarter
$A'000
6.1 Aggregate amount of payments to related parties and their
associates included in item 1*
188
6.2 Aggregate amount of payments to related parties and their
associates included in item 2
-
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an
explanation for, such payments.
* Payments in relation to Director’s fees for the period.
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
ASX Listing Rules Appendix 5B (17/07/20) Page 4
+ See chapter 19 of the ASX Listing Rules for defined terms.
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 $A’000
8.1 Net cash from / (used in) operating activities (item 1.9) (522)
8.2 (Payments for exploration & evaluation classified as investing
activities) (item 2.1(d))
(1,579)
8.3 Total relevant outgoings (item 8.1 + item 8.2) (2,101)
8.4 Cash and cash equivalents at quarter end (item 4.6) 9,179
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 9,179
8.7 Estimated quarters of funding available (item 8.6 divided by
item 8.3)
4.37
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
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
ASX Listing Rules Appendix 5B (17/07/20) Page 5
+ See chapter 19 of the ASX Listing Rules for defined terms.
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: .........30 October 2026.........
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
Recommendati
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