Announcement PDF ASX Announcement | 31 October 2025 Variscan Mines Limited (ASX:VAR) QUARTERLY ACTIVITIES REPORT For the period ending 30 September 2025 Highlights Novales-Udías Project • Restoration Plan formally approved over San Jose and Udías Mining Licenses. • Extensive surface drilling campaign of 69 drillholes for ~13,800m permitted. • Acquisition of 146 historic drillholes for 52,034 metres, delivering multiple high-grade zinc (Zn) and lead (Pb) intercepts across newly granted licences (Hipolita, Esperanza and Ana Isabel) including: o S-10: 24.0m @ 12.3% Zn, 0.4% Pb (from 254m) o S-457: 20.9m @ 14.0% Zn, 0.8% Pb (from 370m) o S-414: 17.6m @ 14.7% Zn, 0.7% Pb (from 382m) o S-17: 9.5m @ 24.7% Zn, 1.2% Pb (from 365m) o S-6: 2.7m @ 36.3% Zn, 2.2% Pb (from 271m) o S-21: 15.0m @ 6.4% Zn, 0.0% Pb, and 6.0m @ 9.6% Zn, 0.0% Pb (from 108m) • 3D laser survey at Udías Mine completed to support drilling campaign • Drilling at Udias Mine continued, targeting resource growth and connection to San Jose Mine. Corporate • $2.25 million two-tranche placement completed to fast-track growth strategy. • Entered into binding agreement, subject to shareholder approval, to earn up to 100% of Midlands and Waterford Irish Zinc Assets via staged earn-in and JV with BMEx, MDF Global and ZincCo. 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 September 2025 (“Quarter” or the “Reporting Period”). During the Quarter, the Company made significant progress both technically and strategically as it drives execution of its Explorer-Producer strategy, focused on restarting production at the San Jose & Udías mines while expanding the broader district-scale footprint. The Quarter saw advancements in geological understanding from the completion of a 3D laser survey at the Udías Mine, a substantial upgrade in growth potential through the acquisition of a historic 52,034m drill archive from the Reocín district, and a major permitting milestone with formal approval of the Restoration Plan across the mining licences. 2 Variscan also completed a strongly supported $2.25 million Placement to fund near-term technical and development activities. The Company enters the December Quarter preparing to release its Mine Re- Start (Scoping) Study and further underground drilling results. Variscan’s Managing Director & CEO, Stewart Dickson said: “This has been an important quarter for Variscan. The approval of the Restoration Plan confirms government support for a potential restart at the San Jose and Udías Mines, while the 3D laser survey has significantly enhanced our underground understanding. The acquisition of the 52,034 metre historic drill database has added district-scale significance to our position and provides avenues for growth far beyond our current development horizon. We now move into the final stages of the Mine Re-Start Study with strong momentum, an expanded dataset and clear forward visibility. The coming quarter is anticipated to be one of the most consequential in the Company’s recent history” Novales-Udias Project 3D laser survey at the Udías Mine completed to support drilling campaign and advance understanding of the mineralised system During the Quarter, Variscan completed a detailed and high-resolution 3D laser survey of the Udías Mine. This advanced digital survey mapped historical underground workings in greater precision than previously possible, allowing the Company to accurately visualise legacy development workings, structural controls and mineralised zones in three dimensions. This work has materially improved the Company’s ability to model and target mineralisation adjacent to and beyond the boundaries of the current underground Mineral Resource Estimate. (Refer ASX announcement 29 September 2025) The enhanced underground understanding has direct implications for drilling strategy. The 3D model identified previously unrecorded extensions of underground development and potential mineralised pods that had not been captured in prior interpretations. Importantly, it has allowed Variscan to refine drill targeting with far greater confidence in proximity to high-grade zones, substantially reducing technical risk ahead of continued drilling. 3 Figure 1: Satellite image showing underground development connecting San Jose and Udías Mines. Excellent historic surface drilling results over new granted licences In addition to in field advancement, Variscan significantly expanded its geological database and growth prospects through the acquisition of 146 historic surface drillhole records totalling 52,034 metres over recently granted licences. These drillholes, captured contemporaneously during the productive history of the district, include multiple zones of thick and high-grade mineralisation, notably outside the current Mineral Resource Estimate footprint. (Refer ASX announcement 16 September 2025) Outstanding assays from Hipolita Licence included: • S-10: 24.0m @ 12.3% Zn, 0.4% Pb (from 254m) • S-457: 20.9m @ 14.0% Zn, 0.8% Pb (from 370m) • S-414: 17.6m @ 14.7% Zn, 0.7% Pb (from 382m) • S-17: 9.5m @ 24.7% Zn, 1.2% Pb (from 365m) • S-6: 2.7m @ 36.3% Zn, 2.2% Pb (from 271m) • S-89: 12.5m @ 7.0% Zn, 0.4% Pb (from 490m) Esperanza and Ana Isabel licences also returned significant mineralisation including: • S-21: 15.0m @ 6.4% Zn, 0.0% Pb, and 6.0m @ 9.6% Zn, 0.0% Pb (from 108m) • S-163: 10.8m @ 4.4% Zn, 0.0% Pb (from 114m) • S-162: 12.0m @ 3.5% Zn, 0.1% Pb, and 5.8m @ 6.0% Zn, 0.0% Pb (from 150m) • S-161: 7.1m @ 5.6%Zn, 0.0%Pb, and 3.2m @ 8.1% Zn, 0.0% Pb (from 119m) 4 Figure 2: Map of historic drilling results reported overlain on Variscan Mines land tenure in Cantabria The project drilling database now consists of 1,221 drillholes for 138,570 metres. This is a major dataset that would be prohibitively expensive to replicate at today’s drilling costs, but also accelerates district- scale exploration planning. It materially increases Variscan’s understanding of the subsurface architecture beyond the current MRE, supporting a larger, longer-term, de-risked zinc district scale exploration and development opportunity. 5 Figure 3: Map of historic drilling results reported and underlying district scale geology. 6 Figure 4: Plan view of historical drillholes over the terrain of the Hipólita licence Restoration Plan approved over Mining Licences and surface drilling permitted A major milestone was achieved with the formal approval of the Restoration Plan over the San Jose and Udías mining licences by the Government of Cantabria (Consejería de Industria, Empleo, Innovación y Comercio and Directorate General de Industria, Energía y Minas). This approval represents a key regulatory step required to enable future mine restart and development and confirms strong institutional support for the project’s progression. It also reinforces Variscan’s commitment to ESG-compliant advancement, ensuring mine restart planning aligns with modern rehabilitation and environmental expectations. The approved Restoration Plan covers both the historical San Jose Mine and the Udías workings, creating a unified regulatory framework to advance preparatory development activities. (Refer ASX announcement 3 September 2025) Additionally, the scope of the Restoration Plan was expanded to include an extensive surface drilling campaign over the mining licence areas with 69 diamond drillholes approximately 13,800m was approved. 7 The high-priority drillholes are located on the Novales Trend, stepping out laterally from the existing Mineral Resource Estimate around the San Jose Mine and extending on-trend in NNE direction to link up with mineralized zones outside of the MRE and small mine workings around Brincia and Emilia which have knownpositivehistorical drilling results and geochemical results recorded.The drilling is designed to test targets in the zinc-rich dolostone Reocin Formation which is known to host the ore bodies defined in and around the San Jose and Udias Mines. Figure 5: High priority surface drillhole locations permitted San Jose Mine Re-Start (Scoping) Study progressing Additionally, Variscan progressed workstreams feeding into its Mine Re-Start (Scoping) Study, which is on track for release in the coming Quarter. Key elements included metallurgical optimisation and geotechnical assessments. These technical inputs form the core foundation for early-stage production modelling and strategic decision-making around development configuration. With the Restoration Plan secured and technical datasets converging, Variscan has advanced to the final stages of preparing a first-pass economic study for an initial starter operation at the San Jose Mine, in line with positioning the Company as an Explorer-Producer. 8 Explorer-Producer Strategy Variscan continues to implement its Explorer-Producer strategy, advancing the high-grade Novales- Udías Project toward a restart of production while simultaneously expanding 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, with early production potential intended to generate self-funding cash flow to drive ongoing regional growth. With significant permitting risk now removed and major technical datasets in hand, the Company is strategically positioned for scalable development and believes it stands at a key inflection point ahead of a material uplift in news flow. Financial & Corporate Capital Raise During the Quarter, Variscan successfully completed $2.25 of the announced $2.5 million Placement. The Placement was strongly supported by new and existing sophisticated and professional investors who recognised the strategic inflection underway at Novales-Udías and the proximity to key value- unlocking milestones. The Company views the completion of the Placement as validation of both the quality of its technical execution and the robustness of its near-term development pathway. An amount of $0.25 million remains outstanding which is subject to shareholder approval of the proposed Irish Asset transaction. Funds raised during the quarter have been allocated to advance the Mine Re-Start (Scoping) Study to publication, continue Mineral Resource extension, definition and discovery drilling at the Udías Mine, and progress broader district-scale evaluation enabled by the newly acquired datasets. In addition, a portion of the funds have been used for legal and corporate related expenditures and have been earmarked for the low-risk earn-in to highly prospective zinc assets in Ireland, subject to shareholder approval. Low-Risk Earn-In to Highly Prospective Zinc Opportunities, Ireland Variscan entered into a binding Heads of Agreement with MDF Global Limited (“MDF” or “Mine Discovery Fund”),ZincGroupCo Pty Ltd (“ZincCo”) (together,the “Vendors”) and BMEx Pty Ltd (“BMEx”) in relation to a proposed earn in and joint venture with BMEx which holds the Midlands and Waterford Irish Zinc Assets pursuant to which the Company will have the right to earn up to a 100% interest in stages, over time (the “Earn-In”). The Midlands and Waterford Irish Zinc Assets held by BMEx (or its wholly owned subsidiary) are located in Ireland, an established mining jurisdiction ranked number 1 globally in the Fraser Institute’s Policy Perception Index in 2024. Ireland is a proven location for hosting world-class carbonate-hosted zinc deposits. For example, Boliden’s Tara Mine is one of Europe's largest zinc mines. Since mining began in 1977, more than 85 million tonnes of ore have been extracted from the Tara Mine. Other international and mid-tier mining companies operating in Ireland include, Teck, Glencore, South32 and historically Lundin and Vedanta have been active (see Figure 6). 9 Further details on the Irish Zinc Assets have been set out in the Notice of Meeting published after the Quarter. Figure 6: Location of Waterford and Midlands Projects and other zinc projects and mines in Ireland. Annual General Meeting The Company’s Annual General Meeting is scheduled to be held at 11:30am Friday, 28 November 2025 at the offices of HLB Man Judd 5th Floor, 10 Shelley Street, Sydney, NSW. Summary of Expenditure on Exploration Activities For the quarter, the Group spent $489,000 on exploration activities, the majority of which related to the Group’s Spanish zinc projects with an amount of $50,000 associated with the contractual commitments related to the Irish Zinc Assets, which if approved by shareholders, would qualify as earn- in expenditure. Expenditure on exploration activities in Spain 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. 10 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 $32,000, 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 P: + 61 (0) 458 619317 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 11 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 tenements1 . The San Jose Mine is nearby (~9km) to the world class Reocin Mine which is the largest known strata- bound carbonate-hosted Zn-Pb deposit in Spain2 and one of the world’s richest MVT deposits3 . 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% Pb4 5 ) • 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% Zn6 with super high grade ‘bolsas’ (mineralised pods and lenses) commonly 10-20% Zn and in some instances +30% Zn7 • 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 1 Refer to ASX announcement of 29 July 2019 2 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 Leach, D.L., Sangster, D.F., Kelley, K.D., Large, R.R., Garven, G., Allen, C.R., Gutzner, J., Walters, S., (2005) ‘Sediment-hosted lead-zinc deposits: a global perspective’. Econ. Geol. 100th Anniversary Special Paper 561 607 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: in Econ. Geol. v.98, pp. 1371-1396. 5 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. 6 These figures have been taken from historical production data from the School of Mines in Torrelavega historical archives. 7 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) 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 exploration results and technical information about the Novales-Udias project is based on and fairly represents information and supporting documentation compiled and 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 14 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 SEPTEMBER 2025 Tenement Tenement No. Interest Joint Venture Details SPAIN – Note 5 Cantabria Buenahora Fraction 1 Buenahora Fraction 2 San José La Torra Tres Amigos Torpeza Andrea Andrea-demasía a Es Dudosa Cargadoiro Tres amigos-demasía a Flor del pueblo Torpeza-demasía a Torpeza-3ª demasía a Torpeza-2ª demasía a Flor del pueblo-demasía a Dudosa-demasía a Andrea-3ª demasía a Andrea-2ª demasía a Cargadoiro-demasía a Ampliación a Matilde Aumentada Campitos Campitos-demasía a Carmenchu Amelita Eloísa Ampliación a Matilde-demasía a Cargadoiro 2 Amelita-demasía a Carmenchu-demasía a Eloísa-demasía a Carmenchu-2ª demasía a 6º Aumento a porvenir Ampliación a Matilde-demasía a Campitos-segunda demasía a Cargadoiro 2- demasía a Carmenchu-tercera demasía a 6º Aumento a porvenir-demasía a Torpeza-tercera demasía a Esperanza IP 16.662-01 IP 16.662-02 EC 94 EC 512 EC 1565 EC 2557 EC5220 EC5374 EC8049 EC8165 EC11589 EC11594 EC12942 EC12952 EC13079 EC13080 EC13154 EC13170 EC13175 EC13176 EC13260 EC13641 EC14238 EC14554 EC14640 EC14945 EC14949 EC14947 EC14948 EC14954 EC14979 EC14980 EC14981 EC14982 EC15672 EC13641-10 EC14554-20 EC14954-10 EC14980-30 EC15672-10 EC2557-30 IP 16674 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 15 Tenement Tenement No. Interest Joint Venture Details Estela Elena Candela Valeria Hipolita (Reocin) Ana Isabel Toledo Guajaraz IP 16672 IP 16673 IP 16676 IP 16675 IP 16680 IP 16679 IP 4.203 100% 100% 100% 100% 100% 100% 100% NEW SOUTH WALES Willyama EL 8075 0% Note 1 Hillston EL 6363 39.2% Perilya can earn 80%, Eaglehawk 9.8% Native Dog EL 8236 0% Note 1 Woodlawn South ELs 7257 and 7469 0% Royalty interest only SOUTH AUSTRALIA Junction Dam EL 5682 0% Marmota acquired 100% ownership. See Note 2 Callabonna EL 5360 49% Red Metal 51%, can earn 70% FRANCE St Pierre Beaulieu PER PER 100% 100% 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. 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 Variscan Mines Limited ABN Quarter ended (“current quarter”) 16 003 254 395 30 September 2025 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 (50) (50) (a) exploration & evaluation (b) development - - (c) production - - (d) staff costs (32) (32) (e) administration and corporate costs (includes some one off legal and associated costs) (296) (296) 1.3 Dividends received (see note 3) - - 1.4 Interest received - - 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 (378) (378) 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 (439) (439) (e) investments - - (f) other non-current assets - - Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) - - 2.6 Net cash from / (used in) investing activities (439) (439) 3. Cash flows from financing activities 2,000 2,000 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 (132) (132) 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 1,868 1,868 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 452 452 4.2 Net cash from / (used in) operating activities (item 1.9 above) (378) (378) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (439) (439) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 1,868 1,868 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 - - 4.6 Cash and cash equivalents at end of period 1,503 1,503 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 1,503 452 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) 1,503 452 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 32 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. 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 be