Quarterly Activities and Cashflow Report

mineralsexploration.com.au

28 January 2026

December 2025 Quarterly Activities Report

Maiden drilling program commenced at
flagship Waitekauri gold project in NZ

Drilling now underway at the historic Jubilee mine at Waitekauri to test high-grade gold
zones, which sits directly along strike from OceanaGold’s 2.2Moz Au WKP deposit
Highlights
• Maiden 3,000m diamond drilling program commenced at the flagship Waitekauri Gold
Project, near Waihi on New Zealand’s North Island

• Rock chip sampling returned up to 11g/t Au
1
and three diamond drill holes were
completed at the Scotia prospect, Waitekauri before the rig was moved to Jubilee

• First diamond hole is underway at the historic Jubilee gold mine within Waitekauri -
targeting historical underground trenching results of up to 80g/t Au
2
, supported by
historical drill data and recent MEX rock chip assays of up to 18.4g/t Au
3


• Waitekauri is a brownfields gold project located in a richly-endowed epithermal gold
district within the prolific Hauraki Goldfield and includes the historic Jubilee, Scotia and
Sovereign gold mines

• Waitekauri Gold Project is only 8km west of OceanaGold’s Waihi Gold Mine (+13Moz Au
produced to date)
4
, and located in the centre of a heavily gold-
mineralised structural corridor hosting four +1Moz gold deposits, including WKP

• MEX successfully completed a dual listing on the NZX Main Board Market (NZX), trading
commenced in October with material trading volumes from NZ investors

• In the Otago Goldfields on NZ’s South Island, the prospecting permit was granted for the
Invincible brownfields gold and tungsten project

• Rock chip assays of 12.1g/t Au
5
returned from the Golden Progress historical mine,
Oturehua

• Shareholders approved the Company’s change of name to Minerals Exploration Limited
(ASX:MEX, NZX:MEX) at the AGM, with Norm Seckold appointed Chairman

• The Company is well-funded with ~$4.5m in cash at 31 December

1
Refer MEX ASX announcement 4 November 2025: “High-Grade Rock Chip assays confirm major potential of NZ gold projects”
2
Refer MEX ASX announcement 1 September 2025: “Drilling set to start at flagship Waitekauri Gold Project in New Zealand”
3
Refer MEX ASX announcement 27 June 2025: “Outstanding rock chip assays highlight strong potential of NZ gold assets”
4
https://assets.oceanagold.com/documents/OGC-Corporate-Presentation-January-2026.pdf
5
Refer MEX ASX announcement 4 November 2025: “High-Grade Rock Chip assays confirm major potential of NZ gold projects”

Page 2 of 12



Office 3 Richardson Street, West Perth WA 6005 | Postal PO Box 1976, West Perth WA 6872
Contact Number +61 8 6319 1900 | Email admin@mineralsexploration.com.au
mineralsexploration.com.au

Minerals Exploration Limited (ASX: MEX, NZX: MEX) is pleased to provide its activities
report for the quarter ended 31 December 2025.
Minerals Exploration Executive Director, Brett Mitchell said: “We have made significant
progress on several fronts with our NZ gold projects during the quarter, culminating in
the start of our maiden drilling program at Waitekauri.
“The rig completed 3 holes at the Scotia gold prospect and is now drilling ahead at
Jubilee which, as shown by historic production results and trenching, is a high-grade
mineralised system. Drilling has been designed to specifically target these known high-
grade zones at Jubilee.
“This drilling at Jubilee will give us a strong news pipeline over the coming months as
we receive assays and plan further rounds of exploration.”
New Zealand Gold Projects
Commencement of maiden drilling program at the Waitekauri Gold Project
During the December quarter, the Company commenced its maiden drilling program at
its flagship Waitekauri Gold Project in New Zealand. The drilling program is being
operated by New Zealand-based drilling contractor, EcoDrilling, and is planned for
~3,000m of diamond drilling for an estimated 16 holes to test several priority epithermal
gold targets at the historic Jubilee goldmine, and other priority gold prospects including
Scotia.
Scotia South and Scotia Main Prospect Drilling Completed

Figure 1: Drilling the first hole at Scotia South, Waitekauri Gold Project
The first diamond drill hole of the Company’s maiden program was completed at the
Scotia South gold prospect at Waitekauri, targeting a previously untested structure with
abundant epithermal quartz on surface at Scotia South (TGW001) (Figure 3). The
diamond drilling at Scotia South progressed well to beyond its planned depth to a total
depth of 221.1m, averaging approximately 12m per shift/day (in line with pre-drill
expectations of 10-15m/day).

Page 3 of 12



Office 3 Richardson Street, West Perth WA 6005 | Postal PO Box 1976, West Perth WA 6872
Contact Number +61 8 6319 1900 | Email admin@mineralsexploration.com.au
mineralsexploration.com.au



Figure 2: Location map of MEX Gold projects in NZ
TGW001 was completed, logged and sampled and sent for assay at the SGS laboratory
in Waihi, with the rig then moved to drill TGW002 (Figure 3) at the Scotia gold prospect
to drill test the depth extensions of the known mineralised zones beneath the historic
gold workings. TGW002 was drilled to 106m but due to porous quartz in the main target
zone, significant water ingress led to a loss of quality core recovery in the main target
zone. As a result, second hole TGW002A was drilled at the main Scotia prospect and
was successfully completed to a planned target depth of 191.2m with good core
recovery. The holes were logged and core samples sent for assay at SGS Waihi, with
results for the first three Scotia holes expected within the next 1-2 weeks.
Maiden Jubilee drilling program commenced
Following the completion of drilling at Scotia, in January the EcoDrill diamond rig was
moved to the historical Jubilee mine which has started the first Jubilee hole drilling in
late January and is now drilling ahead towards its planned target depth of approximately
120m.

Page 4 of 12



Office 3 Richardson Street, West Perth WA 6005 | Postal PO Box 1976, West Perth WA 6872
Contact Number +61 8 6319 1900 | Email admin@mineralsexploration.com.au
mineralsexploration.com.au

The Jubilee Gold Project is a historical mine located in the middle of the Company’s
Waitekauri project tenement, which represents the Company’s priority drilling prospect
at Waitekauri. Jubilee is directly south-west of the historical Golden Cross mine and
northeast of the Karangahake mine, in the centre of the NE-SW structural trend that
also hosts the +2.2Moz Au (at 14.3g/t Au)
6
deposit at WKP, developed by OceanaGold
Corporation (OceanaGold).
The historical Jubilee Gold Mine produced approximately 29koz Au+Ag bullion @ 48g/t
Au+Ag
7
, and the focus of the drilling program is to define depth and strike extensions
of the known ore body from the historical producing ore zones.
The priority drill targets at Jubilee were generated by the Company’s technical team
from historical mining reports, large drill database, historical high grade underground
trenching results and interpretations of surface observations (Figure 3).


Figure 3: Jubilee drilling program is designed to target historical high grade zones



6
https://oceanagold.com/operations/reserves-and-resources
7
Downey, J.F., 1935, Gold mines of the Hauraki district: Wellington, New Zealand, Government Printer, 315 p.

Page 5 of 12



Office 3 Richardson Street, West Perth WA 6005 | Postal PO Box 1976, West Perth WA 6872
Contact Number +61 8 6319 1900 | Email admin@mineralsexploration.com.au
mineralsexploration.com.au

The Company is targeting bonanza-style gold-silver low sulphidation veins, with the aim
of identifying a multi-million-ounce resource. The 2019 definition
8
of high-grade zones
at OceanaGold’s WKP deposit, which hosts 2.2Moz Au @ 14.3g/t Au and 3.1Moz Ag
9
, along
this northeastern trend supports the Company’s view that the area is highly prospective
for gold.
The Company will update the market on all material developments during the Scotia
and Jubilee drilling programs and with assay results as they are received, analysed and
independently verified by the Company throughout the program.
Historical High-Grade Jubilee Gold Mine Channel Sampling Results
Historical underground channel samples taken by Cyprus Minerals NZ from the Jubilee
historical goldmine returned highly promising assays which, when combined with the
favourable geological setting and the multi-million-ounce projects nearby,
demonstrates the material significance of Waitekauri’s potential.
The upside is further highlighted by high grade assays returned from underground trench
sampling by Cyprus Gold in 1991. It can be noted that most of the chip data can be
verified against the historical plans. The providence of the data beyond this is not
available and some chip lines were presumably sourced from additional plans (1991
Harley, McConnochie Cyprus Minerals NZ – Jubilee Prospect, Waitekauri Project PL 31-
1777 – NZPAM).

Figure 4: Channel_JU22: 23.0m @ 42g/t Au is a rise channel or vertical in the Long
Section of the Jubilee mine

8
Streiff, R, Randall, S, McArthur, F, Gardner, T and Torckler, L, 2019. Road to discovery at WKP, New Zealand, in
Proceedings PACRIM 2019, pp 2562
9
https://oceanagold.com/operation/resources-and-reserves/

Page 6 of 12



Office 3 Richardson Street, West Perth WA 6005 | Postal PO Box 1976, West Perth WA 6872
Contact Number +61 8 6319 1900 | Email admin@mineralsexploration.com.au
mineralsexploration.com.au

Waitekauri Gold Project Overview
The Waitekauri Gold Project covers 58km
2
in the Hauraki goldfield and is located 8km
west of OceanaGold Corporation’s Waihi gold mine. The Waitekauri project area displays
the hallmarks of a major goldfield in a region with a compelling mineral resource
endowment, located in the middle of the northeast/southwest structural trend that
hosts numerous multi-million ounce deposits including OceanaGold’s WKP,
Karangahake and Golden Cross deposits.
The Waitekauri Gold Project is within an 18km long mineralised corridor hosting multiple
targets and historical workings and holds three high priority prospects for gold
exploration based on their historical gold production profile: Jubilee, Scotia and
Sovereign.

Figure 5: Gold prospects occur in a defined NE-SW structural trend which extends from
the WKP discovery down through the Waitekauri Gold Project

Page 7 of 12



Office 3 Richardson Street, West Perth WA 6005 | Postal PO Box 1976, West Perth WA 6872
Contact Number +61 8 6319 1900 | Email admin@mineralsexploration.com.au
mineralsexploration.com.au

Hauraki Goldfield – Gold Rich Mineralised Province
Hauraki is a world-class goldfield located in the Waikato region of New Zealand, with a
global reputation for hosting high grade silver and gold deposits. It has been home to
more than 50 epithermal mines since the 1860s, producing +15Moz of gold and 60Moz
of silver.
The region shares many key characteristics with Kalgoorlie, being home to extensive
mineralised systems and many exploration and mining projects since 1862. The region
also offers access to well-established infrastructure and a skilled workforce. Mining is
the driving force of the local economy and is at the centre of the social fabric.
Material new rock chip results – Scotia, Waitekauri and Golden Progress, Oturehua
During the December quarter, the Company reported new rock chip sampling results
from its Waitekauri and Oturehua gold projects.
Recent sampling at the Scotia prospect at the Waitekauri Gold Project confirmed the
presence of further high-grade gold mineralisation at surface in an area previously
untested by the Company.
Scotia Central sample no. 387078 (11g/t Au) was collected from an approximately 50cm
float fragment of banded epithermal quartz. Sample no. 387105 (0.94g/t Au) was taken
from an oxidized volcanic breccia outcrop, while sample no. 387108 (9.72g/t Au) was
collected from a NE-SW trending boulder trail that may represent a new mineralised
structure in the northern part of the Scotia prospect.

Figure 6: Map showing location of rock chip samples at Waitekauri collected to date

Page 8 of 12



Office 3 Richardson Street, West Perth WA 6005 | Postal PO Box 1976, West Perth WA 6872
Contact Number +61 8 6319 1900 | Email admin@mineralsexploration.com.au
mineralsexploration.com.au

At the brownfields Oturehua gold project located in the Otago Goldfields on the South
Island, new rock chip samples returned outstanding results of up to 12.1g/t Au around
the historic Golden Progress Gold Mine (Table 1). Sampling supports the hypothesis that
sulphide-rich ore, although high grade, was metallurgically too complex for historical
processing methods. Historical miners reportedly focused only on high-grade
supergene-enriched portions of the veins where gold could be easily recovered using
simple gravity methods.
Furthermore, lower-grade samples no. 387087 and 387089 consist of brecciated and
pyritized schist rather than mineralised quartz vein material. These results
may indicate the presence of a lower-grade mineralised halo within the altered host
rock surrounding the veins.

Figure 7: Rock chip samples collected at Oturehua’s Golden Progress Mine to date






Table 1: Summary of significant rock chip results from Oturehua

Sample ID

Gold
g/t
Silver
g/t
Arsenic g/t
387085 12.1 0.6 4810
387086 7.64 0.3 1040
387087 1.18 0.1 2640
387088 2.51 0.1 3160
387089 2.53 <0.1 6950

Page 9 of 12



Office 3 Richardson Street, West Perth WA 6005 | Postal PO Box 1976, West Perth WA 6872
Contact Number +61 8 6319 1900 | Email admin@mineralsexploration.com.au
mineralsexploration.com.au

Prospecting permit granted for Invincible Gold Project, Otago Goldfields
In December 2025, the Prospecting Permit was granted for the Invincible Gold Project,
located in the Otago Goldfields on New Zealand’s South Island.
The Invincible Gold Project shares key geological features with OceanaGold’s world-
class Macraes gold mine 170km to the southeast, Santana Minerals’ 2.2Moz Bendigo-
Ophir deposit 65km to the east, and multiple other gold occurrences in the Otago
Goldfields. The Company’s technical team believe there is a potential for the historic
Invincible gold mine to be hosted in the same structural settings as the Macraes and
Bendigo-Ophir projects, both of which are of a bulk tonnage nature with discrete high-
grade gold and tungsten zones.

Figure 8: Geological setting in vicinity of the historic Invincible gold mine and Lower
Scheelite – Glenorchy tungsten mines

Page 10 of 12



Office 3 Richardson Street, West Perth WA 6005 | Postal PO Box 1976, West Perth WA 6872
Contact Number +61 8 6319 1900 | Email admin@mineralsexploration.com.au
mineralsexploration.com.au

The 164.3km
2
Invincible Prospecting Permit hosts historic workings from the late 1800s
and historical production from the gold-rich veins had an average grade of ~30g/t Au.
Despite its prospectivity the area has not been exposed to any modern exploration.
The Invincible Project is considered prospective for orogenic gold and tungsten
mineralisation, both of which are on New Zealand’s critical minerals list.
US East Canyon Uranium Vanadium Project
No new exploration activities were undertaken during the quarter. The Company
renewed the Annual lease and BLM fees for the East Canyon Uranium project during the
previous quarter to keep the project and its tenements in good standing for a further
12-month period.
The 100% owned East Canyon uranium-vanadium project comprises 231 contiguous
claims (~4,620 acres/18.7km
2
) prospective for uranium and vanadium in the Dry
Valley/East Canyon mining district of south-eastern Utah, USA.
South Australian Uranium Projects
No new exploration activities were undertaken during the quarter at the Frome Downs
or Yankaninna Projects.
Corporate Overview
The Company held cash reserves of $4.5m as at 31 December 2025.
In accordance with ASX Listing Rule 5.3.2, the Company advises that no mining
development or production activities were conducted during the quarter.
NZX Listing
The Company successfully completed its secondary listing on the NZX Main Board
Market operated by NZX Limited (NZX) and commenced trading on the NZX on 16
October 2025. The Company originally traded under the NZX code UVA until the
Company changed code to MEX following the change of Company name on 3 December
2025 (see further detail below).
The dual listing will help increase the appeal of the Company’s shares to NZ’s extensive
equity investment sector by making its securities easily accessible on their home
exchange.
The will in turn give the Company exposure to NZ’s large pool of investment capital,
including a substantial institutional investment base and an extensive retail investment
network.
The listing will enable New Zealand shareholders to have a live market to trade in the
Company’s shares in their own time zone, with their shares registered in their own
Common Shareholder Number (CSN), or through a local stockbroker or investment
platform.
The Company believes that the combination of the NZ listing and the fact that its gold
exploration assets are located in NZ will help enable the Company to establish a
significant shareholder base in NZ.

Page 11 of 12



Office 3 Richardson Street, West Perth WA 6005 | Postal PO Box 1976, West Perth WA 6872
Contact Number +61 8 6319 1900 | Email admin@mineralsexploration.com.au
mineralsexploration.com.au

Annual General Meeting
The Company held its Annual General Meeting (AGM) on 27 November 2025. All
resolutions put forward at the AGM as set out in the Notice of AGM released on ASX on
22 October 2025, were passed on a poll. For further information on the results of the
AGM, please refer to the announcement released on ASX on 27 November 2025 titled
‘Results of AGM’.
Board Changes- Norm Seckold appointed Chairman
Norman Seckold moved to the role of Chairman (formerly Non-Executive Director) and
Brett Mitchell moved to the role of Executive Director (formerly Executive Chairman) of
the Company, effective 2 December 2025.
Corporate Name change to Minerals Exploration Limited
Following shareholder approval at the Company’s AGM held on 27 November 2025, the
Australian Securities and Investments Commission (ASIC) recorded the change of the
Company’s name to Minerals Exploration Limited. The new name took effect on both
the ASX and NZX on 3 December 2025. The new code on both exchanges is MEX.
New website launched
Following the change of name of the Company to Minerals Exploration Limited, a new
website has been established. The new website can be located at the following link:
www.mineralsexploration.com.au
Related Party Transactions
In accordance with ASX Listing Rules 4.7C.3, payments to related parties of the entity
and their associates outlined in the Company’s Appendix 5B for the quarter relate to
Directors fees of $115,000.
-END-
This announcement has been authorised by the Board of Minerals Exploration Ltd.
For enquiries contact:
Brett Mitchell Paul Armstrong
Executive Chairman Read Corporate
+61 8 6319 1900 +61 8 9388 1474
BMitchell@mineralsexploration.com.au
About Minerals Exploration Ltd – NZ Gold Focused Explorer
Minerals Exploration Limited (ASX/NZX: MEX) is implementing an aggressive brownfields
exploration strategy at its portfolio of New Zealand gold assets. These assets host
known high-grade mineralisation from historical production and exploration activities,
are located in the historical Hauraki and Otago Goldfields and sit close to major
deposits. The Company is led by Directors and Management with an outstanding track
record of exploration success and value creation and is dual-listed on the ASX and NZX.

Page 12 of 12



Office 3 Richardson Street, West Perth WA 6005 | Postal PO Box 1976, West Perth WA 6872
Contact Number +61 8 6319 1900 | Email admin@mineralsexploration.com.au
mineralsexploration.com.au

TENEMENT SCHEDULE
The Company’s tenement/claim holding at 31 December 2025 is set out below as required
by Listing Rule 5.3.3.
New Zealand Gold Projects
All the New Zealand gold projects are 100% owned by Minerals Exploration Limited,
through its wholly owned subsidiary, Otagold Ltd .
Permit
Number
Project Name

Holder
Location
MEX Ownership
(at end of
quarter)
Change in
Ownership
EP61021 Waitekauri Otagold Ltd North Island, NZ 100% Nil
EP61086 Lottin Point Otagold Ltd North Island, NZ 100% Nil
PP61001 Roaring Meg Otagold Ltd South Island, NZ 100% Nil
EP61069 Oturehua Otagold Ltd South Island, NZ 100% Nil
PPA61303.01 Invincible Otagold Ltd South Island, NZ 100% Nil

South Australian Uranium Projects
The Frome Downs and Yankaninna projects are 100% owned by Minerals Exploration
Limited, through its wholly owned subsidiary, Uranium SA Pty Ltd.
Permit
Number
Project Name

Holder
Location State
MEX Ownership
(at end of
quarter)
Change in
Ownership
EL 6995 Yankaninna Uranium SA Pty Ltd South Australia 100% Nil
EL 6996 Frome Downs Uranium SA Pty Ltd South Australia 100% Nil

Utah, USA East Canyon Uranium Project
The East Canyon project is 100% owned by Minerals Exploration Limited, through its wholly
owned subsidiary, Vanacorp USA LLC.

Claim
Number
Holder

BLM Admin
State
MEX
Ownership
(at end of
quarter)
Change in
Ownership
EC-001 –
EC231
Vanacorp USA LLC UT, USA 100% Nil

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
Minerals Exploration Limited
ABN Quarter ended (“current quarter”)
85 650 124 324 31 December 2025

Consolidated statement of cash flows
Current quarter
$A’000
Year to date
(6 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 (49) (94)
(e) administration and corporate costs (403) (583)
1.3 Dividends received (see note 3) - -
1.4 Interest received 38 62
1.5 Interest and other costs of finance paid - -
1.6 Income taxes paid - -
1.7 Government grants and tax incentives - -
1.8 Other -
1.9 Net cash from / (used in) operating
activities
(414) (615)

2. Cash flows from investing activities
- -
2.1 Payments to acquire or for:
(a) entities
(b) tenements - -
(c) property, plant and equipment (42) (72)
(d) exploration & evaluation (370) (811)
(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
(6 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 (cash acquired on acquisition of
Minerals Exploration Limited)
- 74
2.6
Net cash from / (used in) investing
activities
(412) (809)

3. Cash flows from financing activities

-

3,650
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
(4) (293)
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 (provide details if material) - -
3.10 Net cash from / (used in) financing
activities
(4) 3,357

4. Net increase / (decrease) in cash and
cash equivalents for the period

4.1
Cash and cash equivalents at beginning of
period
5,395 2,597
4.2 Net cash from / (used in) operating
activities (item 1.9 above)

(414)

(615)
4.3 Net cash from / (used in) investing activities
(item 2.6 above) (412) (809)
4.4
Net cash from / (used in) financing activities
(item 3.10 above) (4) 3,357

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
(6 months)
$A’000
4.5 Effect of movement in exchange rates on
cash held
(19) 16
4.6 Cash and cash equivalents at end of
period
4,546 4,546

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 4,516 795
5.2 Call deposits 30 4,600
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)
4,546 5,395

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
115
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.

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.
N/A



8. Estimated cash available for future operating activities $A’000
8.1 Net cash from / (used in) operating activities (item 1.9) (414)
8.2
(Payments for exploration & evaluation classified as investing
activities) (item 2.1(d))
(370)
8.3 Total relevant outgoings (item 8.1 + item 8.2) (784)
8.4 Cash and cash equivalents at quarter end (item 4.6) 4,546
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 4,546

8.7
Estimated quarters of funding available (item 8.6 divided by
item 8.3)
5.80
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?
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?
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?
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.

28 January 2026
Date: ...................................................................................

The Board
Authorised by: ...................................................................................
(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 – e.g. 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.