Announcement PDF ASX : TEM 2022-01-31 | Quarterly Report December 2021 TEM | Quarterly Report - Period Ending 31 December 2021 Key Points ● Drilling at the Euro Project approved and commenced ● Selection for government co-funding under the Western Australian Exploration Incentive Scheme (EIS) ● Preparations for drilling at the Meleya Project continued ● Significant exposure to global lithium market continues ● Entitlement issue and top up placement heavily oversubscribed Projects Yalgoo Region Tempest has 4 exciting projects in the Yalgoo region of Western Australia totalling more than 900km2 (>604km2 granted and 311 km2 of pending tenure). The projects are located within the prolific Yalgoo Greenstone Belt which hosts a number of world class mines. Tempest has used data driven processes to identify poorly or unexplored areas of highly prospective geology which includes multiple instances of proven mineralisation. Figure 1: Overview of the TEM Yalgoo Projects Tempest Minerals Ltd │ ACN 612 008 358 Phone: +61 8 9200 0435 Address: Level 2, Suite 9, 389 Oxford Street, Mt Hawthorn, WA 6016 Page 1 | 13 ASX : TEM 2022-01-31 | Quarterly Report December 2021 Messenger The Messenger Project comprises three granted tenements and two pending licences 1 located adjacent to the world class EMR Golden Grove base and precious metal mine. The Messenger Project has outcrops of the key Golden Grove Unit and is prospective for VMS and shear / lode hosted gold mineralisation. The ‘Messengers Patch’ is a well known historic mining centre hosting numerous high-grade mines (up to 10 ounces gold per ton ) and a state battery (government built gold processing facility) in the early 1900s 2, 3 . During the December quarter, Tempest completed further reconnaissance mapping at the Messenger project with rock chips samples taken for analysis. Warriedar West The Warriedar West Project is an exploration project targeting Intrusive Related Gold (IRG) and orogenic gold mineralisation. Tempest has previously announced large multi-kilometre scale indicator geochemical anomalies 6 within the Warriedar Project. The discovery of gold at Warriedar West is within kilometres of underutilised gold processing facilities with established haulage routes in place. Drilling in Q4 2020 focussed on several target areas of shallow, outcropping zones of highly altered silica rich intrusive and previously mapped large outcropping gold bearing quartz veins which confirmed the widespread presence of shallow gold within the silica rich lithocap accompanied by zones of quartz vein 7 swarms with grades of up to 5g/t . In addition drilling in 2020 revealed major new extensions to the Yalgoo 8 greenstone belt under shallow cover throughout the Wee Lode area . Targeting for the War West Project was conducted during the December 2021 quarter. Meleya The Meleya project is a previously unrecognised part of the Warriedar Fold Belt with outcropping supracrustal mafic and felsic ‘greenstone’ units wrapped around felsic to intermediate intrusions known as the Walganna Suite. This setting is considered highly favourable for the formation of high grade Volcanogenic Massive Sulphide (VMS) and IRG deposits and Lode Hosted / Orogenic vein style gold. Tempest has previously demonstrated the extensive prospectivity of this project 9 and extended its holding with additional tenure applications to the north and east. During the quarter, further works in preparation for maiden drilling at the project were progressed including: - - Preliminary drill planning and logistics Approvals for deep diamond drilling granted at several targets Receipt of confirmation of government co-funding through the WA EIS program Tempest was successful in its application in round 24 of the Western Australian Government’s highly competitive Exploration Incentive Scheme. The Exploration Incentive Scheme (EIS) is a Western Australia Page 2 | 13 ASX : TEM 2022-01-31 | Quarterly Report December 2021 Government initiative which has been providing a funding mechanism for research based geoscience (including drilling) with aims to stimulate increased private sector resource exploration and new discoveries”. This grant will allow up to $150,000 towards co-funded drilling at the Meleya Project 10 . Figure 2: Overview of the Meleya Project Euro The Euro Project comprises 4 100% TEM owned tenements (more than 176km2) within the prospective Southern Yalgoo Greenstone Belt located between the neighbouring Rothsay (Gold), Mt Mulgine (Tungsten/Gold) and the Karara (Iron/Gold) Mines. The project has thick gold intercepts in legacy drilling, however due to depressed metal prices at the time were never thoroughly assessed by previous owners. In addition to significant developments in the September 2021 quarter 11,12,13 at the project escalated during this quarter with regulatory approvals contractor appointment 15 and the commencement of drilling 16 , work 14 , drilling all in rapid succession. While most of the greater Euro Project remains unexplored or unexplored, significant gold mineralisation has been recorded previously in the north of the project but not thoroughly tested for continuity. This initial diamond drilling program at the Euro Project will test several new targets and gain a more thorough understanding of the geology of the project. In addition, to test historic thick, high grade intercepts drilled at the Calais target in the north of the project. A selection >0.5 gpt gold listed in below table. Page 3 | 13 ASX : TEM 2022-01-31 | Quarterly Report December 2021 Table 1: Historic drilling results at the Euro Project (using 0.5gpt Au cutoff) HOLEID nr018 inc nr018 nr047 MBRB089 inc MBRB089 MBRB019 MBRB021 nr069 nr093 nr017 MBRB012 nr046 inc nr046i THICKNESS 15 6 15 16 4 8 2 15 5 15 3 13 3 @ @ @ @ @ @ @ @ @ @ @ @ @ Au gpt 2.3 from 3.7 from 1.5 from 1.4 from 2.7 from 2.7 from 10.1 from 1.3 from 3.6 from 1.1 from 3.9 from 0.9 from 1.5 from Depth 15 20 30 28 28 12 0 10 20 20 42 20 20 HOLEID MBRB021A inc MBRB021A MBRB050 MBRB173 MBRB024 MBRC002 inc MBRC002 MBRB036 MBRB039 inc MBRB039 MBRB040 MBRB035 NRRC001 MBRB072 nr148 THICKNESS Au gpt 9 @ 1.2 from 2 @ 11.4 from 4 @ 2.7 from 8 @ 1.2 from 8 @ 1.2 from 8 @ 0.8 from 2 @ 2.0 from 12 @ 0.5 from 4 @ 1.3 from 1 @ 3.2 from 4 @ 1.2 from 4 @ 1.2 from 5 @ 0.9 from 4 @ 0.6 from 1 @ 1.6 from Depth 0 0 24 36 24 12 12 20 26 26 12 8 0 16 22 Drilling production in the December 2021 quarter was hampered by staffing issues associated with the holiday period and Western Australian border restrictions, however approximately 800m for 5 holes was completed by December 31, 2021. Subsequent to the end of the reporting period (January 25 2022), Tempest announced an update 17 for drilling at the project where encouraging geology was reported in initial logging of drill holes which included thick zones of strong alteration (chlorite, biotite, albite and garnet with visible mineralisation of quartz breccias) which is consistent with historic gold results. Areas of semi-massive sulphide within skarn or vms like alteration were intersected which may be indicative of base metal prospectivity in addition to gold. Figure 3: Pyrrhotite and chalcopyrite vein WARDH0068 (164.10m) Page 4 | 13 ASX : TEM 2022-01-31 | Quarterly Report December 2021 Figure 4: Drillholes completed at the Euro Project - Jan 2022 with magnetic (TMI) imagery Page 5 | 13 ASX : TEM 2022-01-31 | Quarterly Report December 2021 Mount Magnet Region Mt Magnet is a prolific multi-million ounce gold mining centre with numerous large scale, long life open pit and underground mines currently in operation. It has been operated by major resources companies such as Western Mining Corporation and Harmony Gold Ltd as well as more contemporary successful mid-tier companies such as Ramelius Resources Ltd and Westgold Ltd. Figure 5: Overview of Mt Magnet and the Range Project Range Located in the heart of the Mount Magnet mineral field and 5km along strike of the prolific +6Moz Mount Magnet Operations, the Range Project consists of 17 tenements for 20km2. Work completed during the quarter included integrating data collected last quarter with existing datasets for comparative analysis for potential future drill targeting. Page 6 | 13 ASX : TEM 2022-01-31 | Quarterly Report December 2021 Lithium Tempest maintains a strong de-risked position in the global lithium market which it has been developing since 2017 18 . Tempest’s interest are both in Australia through its portfolio of Western Australian exploration projects as well as Internationally through holdings or interests in projects in Africa and the USA. YLP The YLP consists of 3 tenements (1 granted 2 pending) for a total of more than 100km2 in the Yilgarn craton of Western Australia 19 . During the quarter, Tempest conducted a review of the 3 projects and confirmed the Company view that these are highly prospective for Lithium and other commodities 20 . Planning for work at the Rocky Hill target was conducted during the quarter and is anticipated to start in Q1 2022 and will include reconnaissance mapping, geochemical sampling and UAV (unoccupied aerial vehicle) surveys. International Exposure In addition to the Company’s Australian focussed assets, Tempest has strong de-risked interests and exposure to the international Lithium which include hard rock lithium exploration targets in Africa and the lithium brine lithium in the USA. Africa Through a divestment deal in 2020 21 , Tempest retains a sizable holding (~74.5 million shares) in London listed Premier African Minerals (AIM:PREM). PREM are enjoying a significant premium to the deal price due to ongoing developments and potential upside in the portfolio 22 . USA Argosy (ASX:AGY) are progressing 23 their headline Tonopah Lithium Project (TLP) located in a world class mining jurisdiction of Nevada, United States of America. Tempest retains an interest 24 in the project through a A$250,000 milestone based cash payment entitlement. Page 7 | 13 ASX : TEM 2022-01-31 | Quarterly Report December 2021 Corporate Capital Raising In August 2021, Tempest announced it had received support for a capital raising of up to $2.1 million (before costs) to support ongoing exploration of its highly prospective Yalgoo and Mount Magnet project areas in Western Australia ● ● ● 25 . The capital raising consisted of: A placement to raise $391,000 at a price of 1.7 cents per share (“Placement”), completed in September 2021; A non-renounceable entitlement issue to eligible shareholders on the basis of one (1) share for every four (4) shares held at 1.7 cents per share to raise up to a further $1.25 million (“Entitlement Issue”); and The Company provided brokers supporting the Placement with the right to subscribe to $500,000 of shortfall in the Entitlement Issue, to the extent any shortfall was available. To the extent less than $500,000 of shortfall was available upon close of the Entitlement Issue, the Company agreed to undertake a top-up placement to those brokers such that the sum of the top-up placement and any shortfall equals $500,000 (“Top-Up Placement”). Tempest agreed that participants in the Placement, Entitlement Issue and the Top-Up Placement will receive one (1) attaching option for every three (3) shares subscribed, with an exercise price of 3 cents and expiry date of 31 March 2023 (“Options”). Subsequent to the end of the September 2021 quarter, Tempest advised that the Entitlement Issue closed oversubscribed. The Company issued 73,697,827 shares and 24,566,097 Options pursuant to the Entitlement Issue for total gross proceeds of $1,252,863. As outlined in the Entitlement Issue Prospectus and as approved by shareholders at the general meeting of shareholders held on 11 October 2021, the Company completed the Top-Up Placement to professional and sophisticated clients of Euroz Hartleys Limited for a further 29,411,765 shares and 9,803,922 Options on the same terms as the Entitlement Issue to raise a further amount of up to $500,000 26 . Growth Tempest continues to actively investigate and evaluate new growth opportunities in a number of jurisdictions and commodities which may bring added value to Tempest shareholders. March 2022 Quarter Exploration Exploration activities are continuing at the Company’s Projects with the following programs planned for the period: ● ● ● ● Continued drilling at the Euro Project Further field work to progress additional exploration targets at the Euro Project Preparation for EIS co-funded drilling at the Meleya Project including field work and logistical planning Initial exploration work at the Rocky Hill lithium target Page 8 | 13 ASX : TEM 2022-01-31 | Quarterly Report December 2021 ASX Additional Information 1. ASX Listing Rule 5.3.1: Exploration and Evaluation Expenditure (excluding staff costs) during the Quarter was $422,885. Full details of exploration activity during the Quarter are set out in this report. 2. ASX Listing Rule 5.3.2: There were no substantive mining production and development activities during the Quarter. 3. ASX Listing Rule 5.3.5: $105,000 was paid to related parties during the quarter comprising the Managing Director’s salary and Non-Executive Director fees. $72,307 was paid to Galt Mining Solutions Pty Ltd, a company controlled by directors, Don Smith and Owen Burchell for technical consulting services regarding the exploration programs undertaken by the Company and for provision of office space. Legal fees amounting to $40,453 were paid to Hopgood Ganim Lawyers, a legal firm where director Brian Moller is a partner in their Brisbane office. The Board of the Company has authorised the release of this announcement to the market. About TEM Tempest Minerals Ltd is an Australian based mineral exploration company with a diversified portfolio of projects in Western Australia considered highly prospective for precious, base and energy metals. The Company has an experienced board and management team with a history of exploration, operational and corporate success. Tempest leverages the team’s energy, technical and commercial acumen to execute the Company’s mission - to maximize shareholder value through focussed, data-driven, risk-weighted exploration and development of our assets. Contact For more information, please contact: Don Smith Managing Director Level 2, Suite 9 389 Oxford Street Mt Hawthorn, Western Australia 6016 www.tempestminerals.com LinkedIn Instagram Twitter +61 89200 0435 Facebook Forward-looking statements This document may contain certain forward-looking statements. Such statements are only predictions, based on certain assumptions and involve known and unknown risks, uncertainties and other factors, many of which are beyond the company’s control. Actual events or results may differ materially from the events or results expected or implied in any forward-looking statement. The inclusion of such statements should not be regarded as a representation, warranty or prediction with respect to the accuracy of the underlying assumptions or that any forward-looking statements will be or are likely to be fulfilled. Tempest undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this document (subject to securities exchange disclosure requirements). The information in this document does not take into account the objectives, financial situation or particular needs of any person or organisation. Nothing contained in this document constitutes investment, legal, tax or other advice. Page 9 | 13 ASX : TEM 2022-01-31 | Quarterly Report December 2021 Competent Person Statement The information in this announcement that relates to Exploration Results and general project comments is based on information compiled by Don Smith who is a geologist and Managing Director of Tempest Minerals Ltd. Mr Smith is a Member of the AusIMM and the AIG and has sufficient experience relevant to the style of mineralisation under consideration and to the activities undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Smith consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Page 10 | 13 ASX : TEM 2022-01-31 | Quarterly Report December 2021 Appendix A: References 1. 2. 3. 4. 5. 6. ASX Announcement dated 23 February 2021 “Messenger Project enlarged and drilling imminent” Geraldton Guardian (1908) Messenger’s Patch Gold Field Department of Mines Western Australia (1909) Annual Report TEM ASX Announcement dated 26 May 2021 “Broad Gold Mineralisation Intercepted at Messenger” TEM ASX Announcement dated 29 March 2021 “Exploration Update – Messenger Drilling” TEM ASX Announcement dated 22 April 2020 “Warriedar Exploration Update – Large gold anomaly identified” 7. TEM ASX Announcement dated 21 December 2020 “Gold at OK Corral & 2020 Drilling Completion” 8. TEM ASX Announcement dated 23 December 2020 “Greenstone belt and sulphide intersected in drilling at Warriedar” 9. LI3 ASX Announcement dated 06 August 2020 “Enhanced Prospectivity at the Meleya Zone” 10. TEM ASX Announcement dated 18 November 2021 “Meleya Exploration Update - EIS Co-funding Grant” 11. TEM ASX Announcement dated 29 June 2021 “Multiple New Targets at the Euro Project” 12. TEM ASX Announcement dated 08 July 2021 “Iron rich formations at Euro” 13. TEM ASX Announcement dated 28 July 2021 “Additional Iron Targets at the Euro Project” 14. TEM ASX Announcement dated 25 October 2021 “Euro Exploration Update - Drilling Approval” 15. TEM ASX Announcement dated 27 October 2021 “Euro Exploration Update - Drilling Contractor Appointed” 16. TEM ASX Announcement dated 09 November 2021 “Euro Exploration Update - Drilling Commenced” 17. TEM ASX Announcement dated 25 January 2021 “Sulphides intersected in drilling” 18. Li3 Initial Public Offering Documentation and Company Presentation dated April 2017 19. TEM Investor Presentation dated 3 September 2021 20. TEM ASX Announcement dated 03 November 2021 “Tempest Maintains Exposure To Global Lithium Market” 21. Li3 Announcement dated 11 June 2020 “Li3 Enters Sale Agreement for Disposal of African Projects” 22. Premier Africa Minerals website https://www.premierafricanminerals.com/ (Accessed 29 January 2022) 23. Argosy Website https://www.argosyminerals.com.au/ (Accessed 29 January 2022) 24. Li3 Announcement dated 11 September 2020 “Argosy completes purchase of Tonopah Lithium Project” 25. TEM ASX Announcement dated 26 August 2021 “Capital Raising to Advance WA Gold and Base Metals Exploration” 26. TEM ASX Announcement dated 05 October 2021 “$1.25M Entitlement Offer Closes Oversubscribed” Page 11 | 13 ASX : TEM 2022-01-31 | Quarterly Report December 2021 Appendix B: Title Summary Tempest provides the following addendum in relation to additional information required by Listing Rule 5.3.3. Mining Title, Beneficial Interests and agreements held as at the end of the quarter: Australia License Status TEM Interest % Notes E 5902350 Granted 100 - E 5902381 Granted 100 - M 5900495 Granted 50 JV with Michele Conti P 5902276 Granted 100 - E 5902507 Pending 100 - E 5902224 Granted 100 - E 5902308 Granted 100 - E 5902374 Granted 100 - E 5902375 Granted 100 - E 5902465 Pending 100 - E 5902479 Pending 100 - E 5902319 Granted 100 - E 5902410 Granted 100 - E 5902418 Granted 100 - E 5902419 Granted 100 - E 5902498 Granted 100 - Yalgoo Region Messenger Warriedar Meleya Euro Mount Magnet Region Range P 5801770 Granted 100 - P 5801773 Granted 100 Page 12 | 13 ASX : TEM 2022-01-31 | Quarterly Report December 2021 P 5801781 Granted 100 - P 5801783 Granted 100 - P 5801784 Granted 100 - P 5801785 Granted 100 - P 5801786 Granted 100 - P 5801787 Granted 100 - M 5800229 Granted 100 - P 5801680 Granted 100 - P 5801697 Granted 100 - P 5801698 Granted 100 - P 5801753 Granted 100 - P 5801761 Granted 100 - P 5801768 Granted 100 - P 5801769 Granted 100 - P 5801774 Granted 100 - P 5801796 Granted 100 - YLP (Yilgarn Lithium Project) E 7005321 Granted 100 - E 7702384 Pending 100 - E 6301815 Pending 100 - Page 13 | 13 Rule 5.5 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity Tempest Minerals Limited ABN Quarter ended (“current quarter”) 32 612 008 358 31 December 2021 Consolidated statement of cash flows Current quarter $A’000 1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for Year to date (6 months) $A’000 - - (a) exploration & evaluation - - (b) development - - (c) production - - (d) staff costs and board & senior management fees (158) (263) (e) administration and corporate costs (100) (211) 1.3 Dividends received (see note 3) - - 1.4 Interest received 3 4 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Deposit paid (net of GST) (8) (8) 1.9 Net cash from / (used in) operating activities (263) (478) 2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities - - (b) tenements - - (c) property, plant and equipment (16) (16) (d) exploration & evaluation including applicable staff costs (423) (532) (e) investments - - (f) - - other non-current assets ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 1 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Consolidated statement of cash flows 2.2 Current quarter $A’000 Year to date (6 months) $A’000 Proceeds from the disposal of: (a) entities - - (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) - - 2.6 Net cash from / (used in) investing activities (439) (548) 3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 1,753 2,144 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 (112) (138) 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 1,641 2,006 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 826 785 4.2 Net cash from / (used in) operating activities (item 1.9 above) (263) (478) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (439) (548) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 1,641 2,006 ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 2 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Consolidated statement of cash flows 4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period 5. Reconciliation of cash and cash equivalents Current quarter $A’000 Year to date (6 months) $A’000 - - 1,765 1,765 Current quarter $A’000 Previous quarter $A’000 at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts 5.1 Bank balances 1,765 826 5.2 Call deposits - - 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) 1,765 826 6. Payments to related parties of the entity and their associates 6.1 Aggregate amount of payments to related parties and their associates included in item 1 115 6.2 Aggregate amount of payments to related parties and their associates included in item 2 66 Current quarter $A'000 Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 3 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. 8. Estimated cash available for future operating activities 8.1 Net cash from / (used in) operating activities (item 1.9) (263) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (423) 8.3 Total relevant outgoings (item 8.1 + item 8.2) (686) 8.4 Cash and cash equivalents at quarter end (item 4.6) 1,765 8.5 Unused finance facilities available at quarter end (item 7.5) 8.6 Total available funding (item 8.4 + item 8.5) 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) - $A’000 1,765 2.57 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. 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. ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 4 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report 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: 31 January 2022 Authorised by: The Board of Directors Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. ASX