ASX Announcement | 31 July 2025 Variscan Mines Limited (ASX:VAR) QUARTERLY ACTIVITIES REPORT For the period ending 30 June 2025 Highlights Novales-Udias Project • • • • • • • • Underground drilling at Udias Mine delivered high-grade zinc and lead intercepts currently outside the existing Mineral Resource Estimate including: o UDDT016: 8.00m @ 9.60% Zn, 0.02%Pb & 10.00m @ 5.58% Zn, 0.52% Pb o UDDT009: 7.10m @ 3.85% Zn, 0.47%Pb & 5.00m @ 5.32% Zn, 0.59% Pb o UDDT010: 5.40m @ 5.06% Zn, 0.20% Pb o UDDT017: 4.00m @ 4.93% Zn, 0.04% Pb Two new exploration licences (Ana Isabel & Hipólita) awarded over 21.9km2 Novales-Udias Project tenement area expanded to 111.1km2 in proven zinc district; now doubled in size since project acquisition Ana Isabel license is immediately adjacent to existing tenements held by Variscan offering advanced exploration and development potential Hipólita license covers part of former producing, world-class, Reocín Mine and its extensions Reocín Mine produced approximately 62 Mt of ore grading 8.7% Zn and 1.0% Pb. In 2003, at mine closure, average production grades were 8.5% Zn and 0.9%Pb with Reserves of 2.5Mt remaining 1 Metallurgical and geotechnical test work progressing Ore sorting and flotation testing underway Variscan Mines Limited (ASX:VAR) (“Variscan” or the “Company”) is pleased to provide shareholders and investors with an operations overview to accompany the Appendix 5B for the quarter ending 30 June 2025 (“Quarter” or the “Reporting Period”). During the Quarter, the Company made further progress at its flagship Novales-Udias Zinc Project in Northern Spain. The Company was granted two additional exploration licenses by the Consejería de Innovación, Industria, Turismo y Comercio del Gobierno de Cantabria (the Government of Cantabria). These licenses cover a combined area of 21.9km2, increasing the total project area to 111.1km2 and further consolidating the Company’s strategic landholding in a proven zinc district. During the Reporting Period, the Company also delivered a second batch of assay results from its ongoing underground drilling campaign at the Udias Mine, part of the Novales-Udias Project. Drilling results at Udias demonstrated strong geological similarity with mineralisation in the San Jose Mine, indicating they are part of the same mineral system. Velasco, F., Herrero, J.M., Yusta, I., Alonso, J.A., Seebold, I. and Leach, D., (2003) ‘Geology and Geochemistry of the Reocin Zinc-Lead Deposit, Basque-Cantabrian Basin, Northern Spain’ Econ. Geol. v.98, pp. 1371-1396. 1 Variscan’s Managing Director & CEO, Stewart Dickson said, “It has been another busy quarter for Variscan both in the field with a very promising maiden drill campaign unfolding at the Udias Mine together with advancing study work streams and securing new licences expanding our footprint. We are making demonstrable progress on all fronts. We have much to look forward to as our approach is designed to leverage the Novales-Udias Project’s inherent advantages as a de-risked, former producing mine, while recognising the potential opportunities in and around it that remain underexplored. The development strategy is underpinned by the goal of generating early cash flow to support ongoing exploration and development, creating a self-sustaining cycle of value creation. We look forward to reporting drilling results and study outcomes, especially metallurgical test work and geotechnical test work in the coming period”. Novales-Udias Project During the Reporting Period, the Company announced the conditional award of two new exploration licenses by the Consejería de Innovación, Industria, Turismo y Comercio del Gobierno de Cantabria (the Government of Cantabria) in northern Spain. The two licences cover a combined area of 21.9km2, expanding the total tenement area of the Novales-Udias Project to 111.1km2. The two new licences, Ana Isabel & Hipólita, collectively referred to as the ‘Caborredondo II’ licences (Figure 1 and Table 1) have been granted for an initial three-year period, with the option for a further three-year extension, subject to standard compliance requirements, including the submission of exploration progress reports. Formal ratification of the licences is expected upon the submission and approval of supplementary documentation by Variscan, including annual work programs, to the satisfaction of the Government of Cantabria. Importantly, the award of these licences does not carry any minimum financial expenditure obligations, proving Variscan with flexibility in planning and execution of exploration activities. Figure 1: Map of enlarged licence areas including the Caborredondo II licences (new licence areas show in hatched green) 2 Table 1: Licence areas awarded comprising the Caborredondo II Licences Licence Area Size (km2) Hipólita (Reocin) 0.83 Ana Isabel 21.10 Total 21.93 The former producing world-class Reocín Mine is located on the southeast flank of the syncline, whereas the newly gained ground within the Ana Isabel licence occupies a symmetrical position on the northwest flank of the syncline, where dolomitic alteration and zinc mineralization are well developed in the same Gargasian (Upper Aptian) carbonate beds as found at the nearby Reocín Mine. The Reocín deposit is one of the largest known strata-bound, carbonate-hosted, zinc-lead deposits in Europe. The total metal endowment of the deposit, including past production and remaining reserves, is approximately 62 Mt of ore grading 8.7% Zn and 1.0% Pb 2. It is reported that Reserves of 2.5Mt were remaining at the end of mining operations in 2003 3. Figure 2: Map of enlarged licence areas and underlying geology Velasco, F., Herrero, J.M., Yusta, I., Alonso, J.A., Seebold, I. and Leach, D., (2003) ‘Geology and Geochemistry of the Reocin Zinc-Lead Deposit, Basque-Cantabrian Basin, Northern Spain’ Econ. Geol. v.98, pp. 1371-1396. 3 Ibid 2 3 Figure 3: Geological cross-section of the Santillana syncline with exploration interest highlighted Figure 4: Map of enlarged Novales-Udias Project licence areas and location of historical drillholes. 4 Figure 5: Plan view of Reocín Mine workings overlain with Hipólita licence and location of historical. The Reocín Zn-Pb Mine is located within the Santillana synclinal in the Basque-Cantabrian basin, about 30km southwest of Santander. It is the largest known strata-bound carbonate-hosted Zn-Pb deposit in Spain 4 and one of the world’s largest known Mississippi Valley Type (MVT) deposits 5. It produced approximately 62Mt of ore with grades of approximately 8.7% Zn and 1.0% Pb. At the end of the mine life in 2003, average grades were 8.5% Zn and 0.9% Pb with remaining reserves of 2.5Mt 6. 4 Velasco, F., Herrero, J.M., Yusta, I., Alonso, J.A., Seebold, I. and Leach, D., (2003) ‘Geology and Geochemistry of the Reocin Zinc-Lead Deposit, Basque-Cantabrian Basin, Northern Spain’ Econ. Geol. v.98, pp. 1371-1396. 5 Leach, D.L, Sangster D.F, Kelley, K.D, Large D.D, Garven, G, Allen, C.R, Gutzmer, J, Walters, S, (2005) ‘Sediment-hosted lead zinc deposits: a global perspective’ Econ. Geol. 100th Anniversary Special Paper pp. 561-607 6 Velasco, F., Herrero, J.M., Yusta, I., Alonso, J.A., Seebold, I. and Leach, D., (2003) ‘Geology and Geochemistry of the Reocin Zinc-Lead Deposit, Basque-Cantabrian Basin, Northern Spain’ Econ. Geol. v.98, pp. 1371-1396. 5 Figure 6: Plan view of Reocín Mine workings overlain with Hipólita licence Figure 7: Cross section through the central part of the Reocín deposit, showing the relation of the ore lenses and the host dolostones 7 7 US Geological Survey (2010) ‘A Deposit Model for Mississippi Valley Type Lead-Zinc Ores’ Scientific Investigations Report 2010-5070-A from Leach et al, 2005; modified from Velasco et al, 2003. 6 The Cantabria region is a proven multi-deposit zinc district. MVT zinc-lead deposits usually occur in extensive districts consisting of several to as many as 400 deposits 8. The addition of the new Caborrendo II licences adds to the significant land package secured by Variscan. This presents a district scale advanced exploration and development opportunity over multiple mines and proven mineralized areas which are typically high-grade as well as very prospective under-explored targets. This supports the company’s Explorer-Producer strategy which aims to scale up production, initially at the San Jose Mine, to multiple deposits and develop the long-term opportunity funded by those operations. Underground Drilling at Udias Mine During the Quarter, (ASX announcement 2 June 2025) the Company announced a second batch of assay results from the maiden underground drilling campaign at the Udias Mine, part of the NovalesUdias Project. The underground drilling campaign was designed to test priority discovery targets in previously undrilled areas. It successfully discovered new zones of mineralisation and corroborated well with historical face sampling data 9 , confirming that past production from Zn-oxide did not fully exploit the high-grade, zinc-rich sulphide mineralisation. The Udias Mine complex has a large footprint of under-explored workings which is along strike, however currently outside the existing Mineral Resource Estimate (MRE). Assay results retuned from the latest round of diamond drilling indicated that mineralised zones extend well beyond the current geological and MRE model and remain open. The drilling at Udias also demonstrated strong geological similarity with mineralisation in the San Jose Mine, indicating they are part of the same mineral system. Drilling continued during the Reporting Period, to confirm the upside of the largely under-explored yet highly mineralised area. US Geological Survey (2010) ‘A Deposit Model for Mississippi Valley Type Lead-Zinc Ores’ Scientific Investigations Report 2010-5070-A 9 Refer ASX announcement 10 September 2024 8 7 Figure 8: Plan view of southern part of the Udías Mine indicating locations of underground diamond drillholes (new results shown in yellow boxes), mine development and historical face samples. Insert shows location relative to the size and scale of the Udías Mine, as well the continuation into the San Jose/Novales Mine to the northeast. 8 Figure 9: Plan view of southern part of the Udías Mine indicating areas of drilling results, mine development , future drilling targets to link with zones of current Mineral Resources in northeastern Udías. 9 Figure 10: Section view indicating Udías Mine drilling results, future drilling target zones to link with the current Mineral Resources and San Jose Mine. Drilling at Udias is ongoing. The Udias Mine is highly prospective and under-explored. The target areas are all located outside of the existing MRE model and are expected to add to an updated MRE anticipated for 2H 2025. Mine Re-Start Study The Company continued progressing key technical workstreams forming part of the Mine Re-Start Study during the quarter. Metallurgical test work, comprising four distinct phases, was progressed across European laboratories. They included sample preparation prior to pre-concentration, ore sorting trials with TOMRA in Germany, heavy liquid separation trials in the UK, comminution testing, and flotation optimisation. Geotechnical work also progressed, with uniaxial compressive strength (UCS) testing and stope stability assessments underway. Early results support previous assumptions of strong, competent host rock and indicate minimal ground support requirements for initial mining areas. This data will inform mine design and scheduling considerations. Explorer-Producer Strategy Variscan continues to implement its Explorer-Producer strategy, centered on advancing the highgrade Novales-Udias Project towards restarting production while simultaneously growing the resource base through targeted exploration. This dual-track approach is designed to leverage the Project’s unique position as a de-risked, former producing mine, while recognising the potential opportunities in and around it that remain underexplored. The phased development strategy is underpinned by the goal of generating early cash flow to support ongoing exploration and development, creating a self-sustaining cycle of value creation. 10 FINANCIAL & CORPORATE SUMMARY OF EXPENDITURE ON EXPLORATION ACTIVITIES For the quarter, the Group spent $314,000 on exploration activities, substantively all of which related to the Group’s Spanish zinc projects. These exploration activities related to: • Underground drilling; • Geological mapping and modelling; • Technical consulting fees; • Tenement administration, reporting and management; and • Directly-attributable corporate overheads and administration costs. In accordance with ASX Listing Rule 5.3.2, the Company advises that no Mining Development or Production activities were conducted during the quarter. DEFERRED SETTLEMENT SHARES In accordance with the acquisition of the Spanish Zinc projects, the Company must issue additional shares upon the satisfaction of certain exploration milestones. These milestones are for the definition, in accordance with JORC 2012, of an Inferred Mineral Resource (or greater) of: Milestone 1: 4 million tonnes at 7% Zn Milestone 2: 8 million tonnes at 7% Zn Upon satisfaction of each of these milestones, the Company must issue 27,500,000 ordinary shares to the vendors of Slipstream Spain Pty Ltd and Slipstream Spain 2 Pty Ltd, and 2,426,471 shares to Hispanibal S.L. as the vendor of the “Hispanibal Option”, for a total of 59,852,941 Ordinary Shares if both milestones are met. There is currently no obligation to issue the milestone shares. • • • OTHER During the quarter, the Company made payments to related parties of $33,000, represented by remuneration paid to Directors. ENDS This ASX announcement has been approved by the Board and authorised for issue by Mr Stewart Dickson, Managing Director and CEO, Variscan Mines Limited For further information, please contact: Variscan Mines Limited (ASX:VAR) Stewart Dickson Managing Director & CEO E: stewart.dickson@variscan.com.au T: +44 (0) 7799 694195 Media & Investor Enquiries Jane Morgan Management Chloe Hayes / Jane Morgan E: chloe@janemorganmanagement.com.au / jm@janemorganmanagement.com.au P: + 61 (0) 458619317/ +61 (0) 405 555 618 11 We encourage all investors to share questions on this announcement via our interactive investor hub: https://variscan.com.au/announcements Or scan the QR code. Subscribe to our news alert service: https://variscan.com.au/s/8d46e7 About Variscan Mines Limited (ASX:VAR) To learn more, please visit: www.variscan.com.au For more information Follow us on LinkedIn Follow us on Twitter Visit our investor website: www.variscan.com.au 12 Novales-Udias Project Summary The Novales-Udias Project is an advanced, zinc-lead project located in the Basque-Cantabrian Basin, some 30km southwest from the regional capital, Santander. The project is centred around the former producing San Jose and Udias underground mines with a large surrounding de-risked, district scale exploration and development area. This includes a number of satellite underground and surface workings and areas of zinc anomalism. Variscan has delineated the significant 12km mineralised Novales Trend the majority of which is over valid, granted mining tenements 10. The San Jose Mine is nearby (~9km) to the world class Reocin Mine which is the largest known stratabound carbonate-hosted Zn-Pb deposit in Spain 11 and one of the world’s richest MVT deposits 12. It is within trucking distance (~80km) from the San Juan de Nieva zinc smelter operated by Asturiana de Zinc (owned by Glencore). Novales-Udias Project Highlights • • • • • • • • • • • • Near term zinc production opportunity (subject to positive exploratory & development work) Updated JORC compliant Mineral Resource Estimate of 3.4Mt @ 7.6% Zn, 0.9 %Pb released in December 2024 Expanded tenement holding of 111 km2 (including a number of granted mining tenements) Regional exploration potential for another discovery analogous to Reocin Mine (total past production and remaining resource 62Mt @ 8.7% Zn and 1.0% Pb 13 14) Trucking distance (~ 80km) from the San Juan de Nieva smelter (Glencore owned) Classic MVT carbonate hosted Zn-Pb district Historic production of high-grade zinc from San Jose Mine; average grade reported as ~7% Zn 15 with super high grade ‘bolsas’ (mineralised pods and lenses) commonly 10-20% Zn and in some instances +30% Zn 16 Maiden drilling at Udias Mine Simple mineralogy of sphalerite – galena – calamine Mineralisation is strata-bound, epigenetic, lenticular and sub-horizontal Access and infrastructure all in place Local community and government support due to historic mining activity Refer to ASX announcement of 29 July 2019 Velasco, F., Herrero, J.M., Yusta, I., Alonso, J.A., Seebold, I. and Leach, D., (2003) ‘Geology and Geochemistry of the Reocin Zinc-Lead Deposit, Basque-Cantabrian Basin, Northern Spain’ Econ. Geol. v.98, pp. 1371-1396. 12 Leach, D.L., Sangster, D.F., Kelley, K.D., Large, R.R., Garven, G., Allen, C.R., Gutzner, J., Walters, S., (2005) ‘Sediment-hosted leadzinc deposits: a global perspective’. Econ. Geol. 100th Anniversary Special Paper 561 607 13 Velasco, F., Herrero, J.M., Yusta, I., Alonso, J.A., Seebold, I. and Leach, D., 2003 - Geology and Geochemistry of the Reocin Zinc-Lead Deposit, Basque-Cantabrian Basin, Northern Spain: in Econ. Geol. v.98, pp. 1371-1396. 14 Cautionary Statement: references in this announcement to the publicly quoted resource tonnes and grade of the Project are historical and foreign in nature and not reported in accordance with the JORC Code 2012, or the categories of mineralisation as defined in the JORC Code 2012. A competent person has not completed sufficient work to classify the resource estimate as mineral resources or ore reserves in accordance with the JORC Code 2012. It is uncertain that following evaluation and/or further exploration work that the foreign/historic resource estimates of mineralisation will be able to be reported as mineral resources or ore reserves in accordance with the JORC Code 2012. 15 These figures have been taken from historical production data from the School of Mines in Torrelavega historical archives. 16 Reports of the super high-grade mineralisation are supported with historical production data from the School of Mines in Torrelavega historical archives. (Refer ASX release 29 July 2019) 10 11 13 Mineral Resource Estimate for Novales-Udias Project JORC Mineral Resource Estimate for San Jose Mine and north-eastern Udías by deposit and classification reported above at 2% Zn+Pb cut-off (ASX announcement 9 December 2024) Competent Person Statement The information in this document that relates to the exploration results and technical information is based on, and fairly represents information and supporting documentation reviewed by Dr. Mike Mlynarczyk, Principal of the Redstone Exploration Services, a geological consultancy acting as an external consultant for Variscan Mines. Dr. Mlynarczyk is a Professional Geologist (PGeo) of the Institute of Geologists of Ireland, and European Geologist (EurGeol) of the European Federation of Geologists, as well as Fellow of the Society of Economic Geologists (SEG). With over 10 years of full-time exploration experience in MVT-style zinc-lead systems in several of the world’s leading MVT provinces, Dr. Mlynarczyk has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (‘JORC Code’). Dr. Mlynarczyk consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears. Where reference is made to previous releases of exploration results and mineral resource estimates in this announcement, the Company confirms that it is not aware of any new information or data that materially affects the information included in those announcements and all material assumptions and technical parameters underpinning the exploration results and mineral resource estimates included in those announcements continue to apply and have not materially changed. The information in this document that relates to previous exploration results was prepared pre-2012 JORC code. It is the opinion of Variscan that the exploration data is reliable. Although some of the data is incomplete, nothing has come to the attention of Variscan that causes it to question the accuracy or reliability of the historic exploration. Forward Looking Statements Forward-looking statements are only predictions and are not guaranteed. They are subject to known and unknown risks, uncertainties and assumptions, some of which are outside the control of the Company. Past performance is not necessarily a guide to future performance and no representation or warranty is made as to the likelihood of achievement or reasonableness of any forward-looking statements or other forecast. The occurrence of events in the future are subject to risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to differ from those referred to in this announcement. Given these uncertainties, recipients are cautioned not to place reliance on forward looking statements. Any forward-looking statements in this announcement speak only at the date of issue of this announcement. Subject to any continuing obligations under applicable law and the ASX Listing Rules, the Company, its directors, officers, employees and agents do not give any assurance or guarantee that the occurrence of the events referred to in this announcement will occur as contemplated. 14 LISTING OF TENEMENTS HELD AT 30 JUNE 2025 Tenement Tenement No. Interest Joint Venture Details SPAIN – Note 5 Cantabria Buenahora Fraction 1 IP 16.662-01 100% Buenahora Fraction 2 IP 16.662-02 100% San José EC 94 100% La Torra EC 512 100% Tres Amigos EC 1565 100% Torpeza EC 2557 100% Andrea EC5220 100% Andrea-demasía a EC5374 100% Es EC8049 100% Dudosa EC8165 100% Cargadoiro EC11589 100% Tres amigos-demasía a EC11594 100% Flor del pueblo EC12942 100% Torpeza-demasía a EC12952 100% Torpeza-3ª demasía a EC13079 100% Torpeza-2ª demasía a EC13080 100% Flor del pueblo-demasía a EC13154 100% Dudosa-demasía a EC13170 100% Andrea-3ª demasía a EC13175 100% Andrea-2ª demasía a EC13176 100% Cargadoiro-demasía a EC13260 100% Ampliación a Matilde EC13641 100% Aumentada EC14238 100% Campitos EC14554 100% Campitos-demasía a EC14640 100% Carmenchu EC14945 100% Amelita EC14949 100% Eloísa EC14947 100% Ampliación a Matilde-demasía a EC14948 100% Cargadoiro 2 EC14954 100% Amelita-demasía a EC14979 100% Carmenchu-demasía a EC14980 100% Eloísa-demasía a EC14981 100% Carmenchu-2ª demasía a EC14982 100% 6º Aumento a porvenir EC15672 100% Ampliación a Matilde-demasía a EC13641-10 100% Campitos-segunda demasía a EC14554-20 100% Cargadoiro 2- demasía a EC14954-10 100% Carmenchu-tercera demasía a EC14980-30 100% 6º Aumento a porvenir-demasía a EC15672-10 100% Torpeza-tercera demasía a EC2557-30 100% Esperanza IP 16674 100% Estela IP 16672 100% Elena IP 16673 100% Candela IP 16676 100% Valeria IP 16675 100% 15 Tenement Hipolita (Reocin) Tenement No. IP 16680 Interest 100% Joint Venture Details Ana Isabel IP 16679 100% IP 4.203 100% Willyama EL 8075 0% Hillston EL 6363 39.2% Native Dog EL 8236 0% Note 1 Woodlawn South ELs 7257 and 7469 0% Royalty interest only Junction Dam EL 5682 0% Marmota acquired 100% ownership. See Note 2 Callabonna EL 5360 49% Red Metal 51%, can earn 70% St Pierre PER 100% Beaulieu PER 100% Toledo Guajaraz NEW SOUTH WALES Note 1 Perilya can earn 80%, Eaglehawk 9.8% SOUTH AUSTRALIA FRANCE EL = Exploration License PER = Permis Exclusif de Recherche (France) IP = Investigation Permit (Spain) EC = Exploration Concession (Spain) Note 1: Under an agreement with Silver City Minerals Limited, Broken Hill Operations and Eaglehawk Geological Consulting Pty Ltd Variscan has converted its interest in parts of these tenements to a NSR (Net Smelter Return). Note 2: Marmota has earned 100% of the uranium rights only in EL 5682. Variscan has a 0.5% net profits royalty on production from a uranium mine. Note 3: The remaining exploration licenses owned by Variscan Mines SAS (excluding the Couflens PER) have been conditionally acquired by a new wholly owned subsidiary, Variscan Mines Europe Limited. Pursuant to the approval for the Subsidiary Sale, the Ministry of Economy and Finance has imposed, without prior consultation, the compulsory relinquishment of the remaining licenses. The Company has approved the relinquishment request and has yet to receive a response. The timetable for the completion of the relinquishment process is unknown. 16 Rule 5.5 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity Variscan Mines Limited ABN Quarter ended (“current quarter”) 16 003 254 395 30 June 2025 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 (12 months) $A’000 - - (a) exploration & evaluation - (2) (b) development - - (c) production - - (d) staff costs (32) (273) (e) administration and corporate costs (64) (440) 1.3 Dividends received (see note 3) - - 1.4 Interest received - 6 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other (provide details if material) - - 1.9 Net cash from / (used in) operating activities (96) (709) 2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities - - (b) tenements - - (c) property, plant and equipment - - (314) (1,529) (e) investments - - (f) - - (d) exploration & evaluation other non-current assets ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 1 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Consolidated statement of cash flows 2.2 Current quarter $A’000 Year to date (12 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 (314) (1,529) 3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) - 2,367 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 - (216) 3.5 Proceeds from borrowings 250 250 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) - 32 250 2,433 - Receipt of Director Working Capital loans 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 608 250 4.2 Net cash from / (used in) operating activities (item 1.9 above) (96) (709) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (314) (1,529) 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 Current quarter $A’000 Year to date (12 months) $A’000 4.4 Net cash from / (used in) financing activities (item 3.10 above) 250 2,433 4.5 Effect of movement in exchange rates on cash held 4 7 4.6 Cash and cash equivalents at end of period 452 452 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 452 608 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) 452 608 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 33 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - 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’000 250 250 7.1 Loan facilities 7.2 C