Quarterly Activities and Cashflow Report

mineralsexploration.com.au



16 October 2026

September 2026 Quarterly Activities Report
Exploration Advanced at Waitekauri Gold
Project, Confirmation of High-Grade Tungsten
Potential at Invincible
WAITEKAURI GOLD PROJECT
• Four-hole diamond drilling program (633.5m) completed at Jubilee South,
intersecting broad gold mineralised zones including 80.3m @ 0.30g/t Au,
52.5m @ 0.25g/t Au and 22.7m @ 0.35g/t Au
1

• Jubilee drilling completed by MEX has confirmed a significant mineralised system
extending south from the historic Jubilee Mine, and improved understanding of
the Jubilee-Sovereign mineralised corridor
• Historical data review at Sovereign identified multiple new priority drill targets
based on high grade intercepts, new drillhole permitting commenced
INVINCIBLE GOLD - TUNGSTEN PROJECT
• Rock chip samples returned high-grade gold and tungsten results, including up
to 37.4g/t Au and 1.82% W at State Mine, and 2.63% W at Davidsons Mine
2

• Six mullock samples of historical workings at Lower Invincible area returned
three results above 1% WO₃, including a peak assay of 6.04% WO₃
• The samples form a cluster approximately 700m southwest of the historic
Invincible Gold Mine, within the lower Invincible/Watherston’s Reef target
• These results confirmed high-grade tungsten mineralisation across the historic
Glenorchy scheelite field located on the Invincible Gold-Tungsten Project
• New geological mapping, sampling, target generation and drill planning were
completed during the quarter ahead of a maiden drill program in early 2027
• Operational plans for maiden drilling at Davidsons Tungsten Mine, subject to
grant of the Exploration Permit by the end of 2026, and regulatory approvals
CORPORATE
• Appointment of Tony McDonald as Non-Executive Director
• The Company has ~$1.96m in cash at 30 September
Minerals Exploration Limited (ASX: MEX, NZX: MEX) provides its operational activity
report for the quarter ended 30 September 2026 on its New Zealand projects.


1
Refer ASX Announcement 23 September 2026: “Broad Gold Mineralisation Intersected at Jubilee South”
2
Refer ASX Announcement 10 August 2026: “Glenorchy rock chip assays deliver high-grade results”

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Minerals Exploration Executive Director, Brett Mitchell said: “The September quarter
delivered significant progress across our New Zealand brownfields gold and tungsten
project portfolio. Drilling at Jubilee South confirmed the continuation of a large
mineralised system south of the historic Jubilee Mine, whilst our review of the Sovereign
Prospect identified several compelling drill targets from on high grade gold intercepts
from historical drilling. At Glenorchy, high-grade tungsten results have reinforced the
prospectivity of the Invincible Gold-Tungsten Project and provide a strong foundation for
future exploration programs including the first tungsten drill program at the historic
Davidsons Mine in early 2027.”
WAITEKAURI GOLD PROJECT
The Waitekauri Gold Project occupies 58km² within New Zealand's highly prospective
Hauraki Goldfield and lies within a major northeast-southwest mineralised structural
corridor hosting numerous multi-million-ounce gold deposits, including OceanaGold’s
Waihi Gold Mine (+10Moz Au), and 4.5km directly along strike from OceanaGold’s 2.2Moz
@ 14.3g/t Au WKP deposit.
Jubilee South Diamond Drilling
The Company completed its second-stage diamond drilling campaign at the Jubilee
South Prospect during the quarter, with four holes (TGW011-TGW014) drilled for a total
of 633.5m. The program was designed to test shallow extensions of the high-grade
mineralisation historically mined at the Jubilee Gold Mine and to improve understanding
of the southern continuation of the Jubilee vein system toward Sovereign.

Figure 1: Jubilee vein long section showing position of MEX drillholes, historic drillholes and
historic UG channel samples

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Assays from the four-hole, 633.5m diamond drilling program completed included
1
:
• TGW011: 80.3m @ 0.30g/t Au from 122.0m, including 16.0m @ 0.52g/t Au from
159.0m and 1.0m @ 1.21g/t Au from 170.0m
• TGW014: 52.5m @ 0.25g/t Au from 47.5m to end of hole, including 8.5m @ 0.52g/t
Au from 55.0m
• TGW012: 22.7m @ 0.35g/t Au from 135.5m, including 8.8m @ 0.62g/t Au from
145.0m and 0.9m @ 2.60g/t Au from 150.8m
• TGW013 returned multiple zones, led by 3.8m @ 1.10g/t Au from 70.8m, including
1.0m @ 2.79g/t Au; a 1.2m zero-recovery interval is excluded from reported
intervals.
While the exceptional grades reported from historical underground sampling at the
Jubilee Mine were not replicated in this first phase MEX drilling program, the results
demonstrated that gold mineralisation occurs within a broad hydrothermal alteration
envelope rather than being restricted to a single narrow vein. The geological model
indicates that favourable structures, permeability contrasts and lithological contacts
played a key role in gold deposition.
The results have significantly enhanced the Company's understanding of the Jubilee-
Sovereign mineralising system and has been incorporated into an updated three-
dimensional geological model, that is now being used to design the next priority drilling
targets at the Jubilee Gold Project.
Sovereign Gold Prospect
The Company progressed geological interpretation and drill planning at the Sovereign
Gold Prospect, located immediately south-west of the Jubilee system. Compilation and
digitisation of historical data from previous drilling and soil sampling programs by
Amoco Minerals NZ in 1981 and Cyprus Gold NZ between 1991 to 2003 identified multiple
mineralised structures and several high-priority targets supported by historical drilling
and underground sampling.
Key historical drilling results, which are the basis for a new Sovereign diamond program
currently being designed by the Company, include
3
:

ML2 15.0m @ 4.40g/t Au from 69m, incl, 5m @ 6.72g/t Au, no recovery due to void from
67 to 69m
➢ ML6 4.0m @ 12.6g/t Au from 138m incl, 2m @ 22.8g/t Au from 138m
➢ ML12 8.0m @ 3.9g/t Au from 108m incl, 2m @ 7.2g/t Au from 112m 4.0m @ 5.8g/t Au
from 124m incl, 2m @ 7.0g/t Au from 124m
➢ ML12 4.0m @ 3.5g/t Au from 154m and 4.0m @ 2.6g/t Au from 254m

Historical underground channel sampling also delivered encouraging results including:
• MUA1a: 43m @ 2.30g/t Au
• MUA1b: 20m @ 3.26g/t Au
• MUA2: 115m @ 3.64g/t Au
Planning advanced towards an initial drilling campaign at Sovereign, which is being
designed to test the interpreted continuation of mineralisation between Jubilee and
Sovereign and evaluate several high-grade target zones.

3
Refer MEX announcement 20 July 2026: “Sovereign High Grade Historic Gold Zones Reveal Key Drill Targets”

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Figure 2: Sovereign 3 (MUA2) Underground sampling 1981. Sovereign 2 and 3 Underground
workings and sampling channels with NZTM coordinates to allow incorporation with building
MEX dataset and planned drilling from MR425 and later reports

Figure 3: Jubilee drill hole location plan showing collars, traces and significant results of
the 15 holes and 2,625.8m drilled at Waitekauri to date; Scotia drill results and first stage
Jubilee drillholes were reported separately (see ASX release dated 12 February 2026 and 23
June 2026)

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INVINCIBLE GOLD- TUNGSTEN PROJECT, OTAGO GOLDFIELDS
The Invincible Gold –Tungsten Project shares key geological features with several large
gold deposits in the Otago Goldfields in the South Island, including OceanaGold’s world
class Macraes Gold Mine located 170km to the southeast, and Santana Minerals’ 2.2Moz
Au Bendigo-Ophir deposit located 65km to the east.
The Board believes there is potential for commercial scale deposits to be hosted in the
same structural settings as Macraes and Bendigo-Ophir, both of which are of a bulk
tonnage nature with discrete high-grade gold and tungsten zones.
Following the grant of the Prospecting Permit in November 2025, the Company has
completed initial exploration work programs and submitted an Exploration Permit
Application, which is being processed by NZPAM and on grant will allow exploration
drilling activities. The Company’s current work programs are focused on data acquisition
and target definition for priority drill targeting. The Exploration Permit is going through
the approval process with NZPAM and is currently expected to be granted towards the
end of 2026.

Figure 4: Location of the Glenorchy tungsten field within MEX's Otago project portfolio and
the regional Otago Schist geological setting. The map provides regional project context and
shows the relative locations of the Invincible and Oturehua projects and nearby third-party
mines

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Lower Invincible Target – Recent High Grade Tungsten Results
Recent selective sampling at the Lower Invincible target returned high-grade tungsten-
bearing historical mullock. The target lies southwest of the historic Invincible mine
within a structurally complex part of the project containing historical workings and
previous gold anomalism. The original bedrock source of the tungsten-bearing material
remains to be located.
The Lower Invincible target lies southwest of the historic mine and close to McDougalls
Creek (Figure 5), within Caples Group Schist affected by brittle deformation and veining.
Historical workings around Watherston’s Reef occur in this area, although their exact
structural relationship to the mined Invincible vein has not yet been demonstrated.
Hay and Craw (1993) described the Invincible Vein as a steep northeast-striking fault
zone containing both brittle and ductile structures and evidence of later reactivation.
District-scale work on the Glenorchy Au-W vein system also shows that quartz ±
scheelite ± gold veins occur within fault-fracture networks and can be localised at
favourable dilational sites.
These observations support a segmented exploration model in which high-grade
mineralised positions may be repeated, offset or locally developed rather than forming
a single continuous reef. This is the key geological rationale for systematic structural
mapping and target testing across the Lower Invincible area.
The Lower Invincible area includes the Watherston’s Reef target. Historical records
mention abandoned shafts near Watherston’s Reef that were apparently intended to
test the southwestern continuation of the reef worked by the Invincible Mining Company
and also noted the potential for enhanced mineralisation around reef intersections.
The new tungsten-bearing mullock strengthens the case for detailed follow-up in an
area that was independently regarded as prospective by earlier workers and that now
contains direct evidence of high-grade tungsten mineralization which is accompanying
high grade gold systems at Macraes and Bendigo hosted in Otago schists.

Sample Prospect Sample type NZGD2000
(E)
NZGD2000
(N)
Au g/t W / WO₃ Field description
A1496 Lower
Invincible
In situ /
subcrop
1240788 5037286 0.62 <2 ppm W Possible subcropping
quartz vein.
A1498 Lower
Invincible
Historical
mullock
1240832 5037293 0.62 2.25% WO₃ Arsenopyrite-bearing
quartz with visible
scheelite.
A1499 Lower
Invincible
Historical
mullock
1240865 5037284 0.12 1.17% WO₃ Vein quartz with
arsenopyrite bands
and minor pyrite.
A1500 Lower
Invincible
Historical
mullock
1240841 5037281 0.11 174 ppm W Quartz with minor
sulphides.
A1501 Lower
Invincible
Historical
mullock
1240840 5037293 0.05 6.04% WO₃ Scheelite-bearing
quartz with minor
arsenopyrite.
A1502 Lower
Invincible
Historical
mullock
1240840 5037293 0.36 220 ppm
W
Strongly silicified
boulder with
arsenopyrite and
pyrite.
Table 1: Newly reported rock-chip samples from Lower Invincible prospect

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Figure 5: Invincible project detail showing the historic Invincible Gold Mine, previous MEX and
historical rock-chip gold results, and the lower Invincible tungsten-bearing sample cluster within
PP61303. Projection: NZTM2000 / NZGD2000.
Glenorchy Tungsten Project
During the quarter the Company completed a total of 31 selective rock chip and grab
samples at the Invincible Exploration Permit, taken from the historic State Mine and
Davidsons Mine in the Glenorchy scheelite field, Otago, New Zealand. The rock chip
samples from this field program returned up to 37.4 g/t Au and 1.82% W at the State
Mine, and up to 2.63% W at the Davidsons Mine
4
.
The completed rock chip program at the Glenorchy Tungsten Project delivered the
following significant high-grade results from the State Mine and Davidsons Mine:
Sample ID Prospect Type Easting (m) Northing (m) Au (g/t) W (%)
387115 State Mine Mullock 1238093 5023288 32.9 0.135
387116 State Mine Mullock 1238093 5023288 37.4 0.116
387118 State Mine Mullock 1238093 5023288 0.19 1.82
387120 State Mine Mullock 1238093 5023288 14.7 0.007
A1075 Davidsons Mine Insitu 1237776 5030049 <0.01 2.63

4
Refer ASX Announcement 10 August 2026: “Glenorchy rock chip assays deliver high-grade results”

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Table 2: Material Glenorchy Au-W rock-chip sample results

Figure 6: Location and Au-W assay summary for the 31 selective rock-chip and grab samples
reported in this announcement (inset below)

Figure 7: Inset location and Au-W assay summary for the 31 selective rock-chip and grab
samples reported in this announcement

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Detailed geological mapping and rock chip sampling at Davidson's Mine identified
potential extensions to known tungsten mineralisation beyond the historic workings.
Geological and geochemical data are being incorporated into ongoing target generation
and drill planning. An initial drilling program is being designed to test priority tungsten
extension targets at the Davidsons Mine, subject to the grant of the Exploration Permit
expected by the end of 2026, and receipt of required regulatory approvals.
NON-CORE PROJECTS
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 in August
2026 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
During the quarter the Company relinquished the Frome Downs and Yankaninna
projects, the Company no longer holds any interest in these tenements.
CORPORATE OVERVIEW
The Company held cash reserves of $1.96m as at 30 September 2026.
In accordance with ASX Listing Rule 5.3.2, the Company advises that no mining
development or production activities were conducted during the quarter.
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 $185,000.
Board Change - Appointment of Non-Executive Director
On 7 September 2026, the Company appointed Mr Tony McDonald as a Non-Executive
Director. The Company’s announcement on 7 September 2026 contains Mr McDonald’s
professional background and experience.
-END-
This announcement has been authorised by the Board of Minerals Exploration Ltd.

For enquiries contact:
Brett Mitchell
Executive Director
+61 8 6319 1900
BMitchell@mineralsexploration.com.au

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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.

TENEMENT SCHEDULE
The Company’s tenement/claim holding at 30 September 2026 is set out below as
required by Listing Rule 5.3.3.
New Zealand Gold & Tungsten Projects
All the New Zealand gold and tungsten projects are 100% owned by Minerals Exploration
Limited, through its wholly owned subsidiary, Otagold Ltd.
Permit
Number
Project Name Holder Location State
MEX Ownership
(at end of
quarter)
Change in
Ownership
EP61021 Waitekauri Otagold Ltd North Island, NZ 100% Nil
EP61408 Waiorongomai Otagold Ltd North Island, NZ 100% Nil
EP61069 Oturehua Otagold Ltd South Island, NZ 100% Nil
PP61303 Invincible Otagold Ltd South Island, NZ 100% Nil

South Australian Uranium Projects
The Frome Downs and Yankaninna projects were relinquished by the Company through
its wholly owned subsidiary, Uranium SA Pty Ltd during the quarter.
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 0% Yes
EL 6996 Frome Downs Uranium SA Pty Ltd South Australia 0% Yes

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

Appendix 2: JORC Code, 2012 Edition – Table 1
Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary
Sampling techniques Nature and quality of sampling;
representivity; material aspects of
determination of mineralisation.
A1496-A1502 were collected during reconnaissance
geological mapping in the Lower Invincible area.
A1498-A1502 are selective grab samples from
historical mine mullock; A1496 was collected from
subcropping material interpreted in the field as a
possible quartz vein. A1490-A1493 were collected
during separate first-pass grassroots reconnaissance
around the historic Davidsons Mine, from outcrop and
float, to test for mineralisation beyond the old
workings. None of the samplings were designed to
estimate representative average grade, mineralised
width or continuity.
Drilling techniques Drill type, diameter, orientation and
equipment.
Not applicable - no drilling results are reported in this
announcement.
Drill sample recovery Recovery measurement, bias and
relationship between recovery and
grade.
Not applicable - no drilling results are reported in this
announcement.
Logging Geological logging,
qualitative/quantitative nature and
completeness.
Samples were field logged by sample type and
geological characteristics. Descriptions record quartz,
sulphides, arsenopyrite, pyrite and visible scheelite
where observed. Logging is qualitative and appropriate
for reconnaissance rock-chip sampling.
Sub-sampling techniques
and sample preparation
Sample preparation and
representivity, including duplicates
and sample size.
Rock-chip and mullock samples were submitted to
SGS New Zealand for laboratory preparation and
analysis.
Quality of assay data and
laboratory tests
Assay methods, analytical limits and
QA/QC.
Gold was analysed by SGS method FAA505 (50 g fire
assay with AAS finish; 0.01-100 ppm Au). Multi-
element analysis, including W, used IMS90Q following
sodium peroxide fusion and ICP-MS, with an upper
limit of 5,000 ppm W. A1498, A1499 and A1501
exceeded that limit and were re-analysed by
GO_XRF72 borate-fusion XRF for ore-grade WO₃.
Verification of sampling
and assaying
Independent or alternative
verification, duplicates, data
procedures and adjustments.
A repeat of A1498 reproduced >5,000 ppm W. A
duplicate of A1500 returned 155 ppm W compared
with 174 ppm W in the original sample. Gold
repeat/duplicate results are included in the SGS
analytical report. No adjustment has been made to
laboratory Au results; direct ore-grade WO₃ results are
reported for the three over-range W samples.
Location of data points Survey accuracy, grid system and
topographic control.
Sample locations are recorded in NZTM2000 /
NZGD2000 and are tabulated to the nearest metre in
Appendix 1. Sampling was selective and
reconnaissance-based and was not undertaken on a
regular grid. The sample spacing and distribution are
insufficient to
establish geological or grade continuity.
Data spacing and
distribution
Spacing, continuity and compositing. Sampling is reconnaissance and selective rather than
systematic. The spacing and distribution are
insufficient to establish geological or grade continuity
and are not suitable for Mineral Resource estimation.
No compositing has been applied.
Orientation of data in
relation to geological
structure
Sampling orientation and potential
bias.
Historical mullock samples have no orientation and
cannot provide true-width information. A1496 was not
collected as a representative channel across a defined
mineralised structure.
Sample security Measures taken to ensure sample
security.
Samples were collected and bagged by Otagold/MEX
personnel and delivered to SGS laboratory in sealed
boxes.
Audits or reviews Results of audits or reviews. No independent audit or review of the sampling and
data-management system has been undertaken for
the sampling reported here.

Section 2 Reporting of Exploration Results
Criteria JORC Code explanation Commentary
Mineral tenement and land
tenure status
Tenement type, reference,
ownership, third-party
interests and security of
tenure.
The results are within the Invincible Prospecting Permit
PP61303, held by Otagold Limited, a wholly owned
subsidiary of Minerals Exploration Limited. Upgrade of
the Prospecting Permit PP61303 to exploration permit is
currently being assessed by NZPAM
Exploration done by other
parties
Acknowledgment and appraisal
of exploration by other parties.
Historical work includes Willett (1940) on the Invincible
vein, Mutch (1969; NZ Geological Survey Report 40) on
the wider Glenorchy scheelite field, and Blakemore
(2009; MR4477) on Invincible mapping and
geochemistry.
Geology Deposit type, geological setting
and style of mineralisation.
Invincible is a structurally controlled orogenic Au-W
vein within the Otago Schist. The Invincible Vein is a
steep northeast-striking fault zone with brittle-ductile
deformation and later reactivation. The lower target is
being tested for offset or repeated mineralised
positions; continuity between Watherston’s Reef,
McDougalls Creek and the historic mine has not been
demonstrated.
Drill hole Information Material drill-hole information. Not applicable - no drilling results are reported in this
announcement.
Data aggregation methods Weighting, grade truncation,
cut-offs and metal
equivalents.
No averaging, compositing, top cuts or metal-equivalent
calculations have been applied. Gold is reported in g/t.
Tungsten is reported as ppm W where within range and
as direct % WO₃ for the three ore-grade XRF re-
analyses.
Relationship between
mineralisation widths and
intercept lengths
Relationship of reported
intervals to true widths.
Not applicable to selective mullock and rock-chip grab
samples. No interval or true-width interpretation is
reported.
Diagrams Appropriate maps, plans and
sections.
Figure 1 shows the permit, historic Invincible Gold Mine,
previous rock-chip results and the Lower Invincible
sample area. Coordinates for all primary samples are
tabulated in Appendix 1.
Balanced reporting Representative reporting of
high and low grades.
All primary samples in SGS submission WPT26-02389
are listed in Appendix 1, including low-grade and below-
detection results. The main text highlights the material
lower Invincible tungsten results and their selective
mullock origin.
Other substantive exploration
data
Other material geological,
geochemical, geophysical or
metallurgical information.
Context includes historical workings and mine plans,
2009 structural mapping, previous MEX and historical
rock-chip results, and published structural studies. No
metallurgical, bulk-density or Mineral Resource data are
reported.
Further work Nature and scale of planned
further work and possible
extensions.
Planned work includes structural mapping, systematic
in-situ rock-chip and channel sampling where exposure
allows, integration of historical workings and
geochemistry, testing of the Lower Invincible-
Watherston’s Reef-McDougalls Creek relationships, and
refinement of targets for future drilling subject to
permits and access.

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 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

(1)

(1) (a) exploration & evaluation
(b) development - -
(c) production - -
(d) staff costs (16) (16)
(e) administration and corporate costs (357) (357)
1.3 Dividends received (see note 3) - -
1.4 Interest received 25 25
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
(349) (349)

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 (681) (681)
(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 (cash acquired on acquisition of
Minerals Exploration Limited)
- -
2.6 Net cash from / (used in) investing
activities
(681) (681)

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 - -
3.4 Transaction costs related to issues of equity
securities or convertible debt securities
- -
3.5 Proceeds from borrowings - -
3.6 Repayment of borrowings - -
3.7
Transaction costs related to loans and
borrowings
- -
3.8 Dividends paid - -
3.9 Other (provide details if material) - -
3.10 Net cash from / (used in) financing
activities
- -

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

4.1 Cash and cash equivalents at beginning of
period
2,855 2,855
4.2 Net cash from / (used in) operating
activities (item 1.9 above)

(349)

(349)
4.3
Net cash from / (used in) investing activities
(item 2.6 above) (681) (681)
4.4 Net cash from / (used in) financing activities
(item 3.10 above) - -

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
4.5 Effect of movement in exchange rates on
cash held
139 139
4.6 Cash and cash equivalents at end of
period
1,964 1,964

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 1,944 2,835
5.2 Call deposits 20 20
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)
1,964 2,855

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
185
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) (349)
8.2 (Payments for exploration & evaluation classified as investing
activities) (item 2.1(d))
(681)
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) 1,964
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 1,964

8.7
Estimated quarters of funding available (item 8.6 divided by
item 8.3)
1.91
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?
Yes, the Company is likely to maintain the current level of net operating cashflows.


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?
The Company has not currently taken any material steps to raise further cash to fund its
operations. However, the Company has a demonstratable history of successfully raising
capital and the Company firmly believes it will be able to do so as and when required.

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?
Yes, the Company expects to be able to continue its operations and meet its business
objectives. Please refer to the comments made at 8.8.2 in relation to the Company’s
demonstratable history of successfully raising capital.


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.

16 October 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.