ASX Announcement | 30 January 2026 Variscan Mines Limited (ASX:VAR) QUARTERLY ACTIVITIES REPORT For the period ending 31 December 2025 Highlights Novales-Udías Project • Received government approval of the Preliminary Mining Plan (Anteproyecto) for the San Jose Mine, enabling pre-works, underground development and trial mining ahead of a proposed mine restart. • Reported high-grade underground drilling results at the Udías Mine, including the highest- grade intercept (+20% Zn) drilled by the Company to date (see ASX release 11 November 2025): o UDDT024: 6.43m @ 20.76% Zn, 2.77% Pb o UDDT030: 7.40m @ 11.22%Zn, 0.03% Pb o UDDT022: 7.65m @ 8.59%Zn, 1.77% Pb o UDDT024: 4.65m @ 13.52%Zn, 0.61% Pb o UDDT030: 7.00m @ 7.83%Zn, 0.03% Pb • Intervals correlated well with exceptionally high-grade historic face sampling results (>28% Zn). • Drilling at Udías confirmed continuation of zinc mineralisation along structural trends and in previously undrilled areas, with all drilling completed outside the current Mineral Resource Estimate. • Progressed all workstreams feeding into the Mine Re-Start Study; now 95% complete Corporate • All resolutions were passed at Annual General Meeting held on 28 November 2025. • Shareholder approval for BMex earn-in to Midlands and Waterford zinc projects in Ireland • Post-period, binding term sheet signed for A$1 million Convertible Loan Note Facility with syndicate of professional and sophisticated mining sector-focused investors • Enhanced financial liquidity to support exploration & development of the Novales- Udías Zinc Project 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 31 December 2025 (“Quarter” or the “Reporting Period”). During the Quarter, the Company continued to advance its Explorer-Producer strategy, focused on progressing the restart of the San Jose Mine while undertaking ongoing underground exploration at the Udías Mine, part of the Novales-Udías Zinc Project in northern Spain. 2 Additionally during the Quarter, a major permitting milestone was achieved with the approval of the Preliminary Mining Plan (Anteproyecto) by the Government of Cantabria. This approval enables pre- works, underground development and trial mining to be undertaken ahead of a proposed mine restart and represents a further de-risking step toward recommencing production at San Jose. In parallel, underground diamond drilling at the Udías Mine continued to deliver high-grade zinc intersections, confirming the continuation of mineralisation along structural trends and in previously undrilled areas. All drilling completed at Udías was located outside the current Mineral Resource Estimate (MRE), reinforcing the potential for future resource growth. Variscan also progressed key technical workstreams during the Quarter, including metallurgical and geotechnical studies, which are intended to inform the Mine Re-start Study and support development planning. As reported in January 2026, workstreams required for the San Jose Mine Re-start Study are approximately 95% complete, with publication of the Study expected to be in the coming weeks. Variscan’s Managing Director & CEO, Stewart Dickson said: “The December Quarter marked another important period for Variscan with the approval of the Preliminary Mining Plan for the San Jose Mine, which enables pre-works, underground development and trial mining to commence ahead of a potential restart. Underground drilling at the Udías Mine continued to deliver high-grade zinc results outside the current Mineral Resource Estimate, reinforcing the growth potential of the broader Novales–Udías system. With key permitting milestones secured and technical workstreams progressing, we remain focused on advancing the Mine Re-Start Study while continuing to progress exploration across the project.” Novales-Udias Project San Jose Mine During the Quarter, Variscan received official approval from the Government of Cantabria for the Preliminary Mining Plan (Anteproyecto) covering the San Jose and Udías mining licences. The approval of the Anteproyecto represents a further step forward in the permitting pathway and enables the Company to undertake pre-works, underground development and trial mining ahead of the proposed restart of the San Jose Mine. The approval defines the general characteristics of the future mining operation and provides a framework for early operational activities, including adaptation of existing underground infrastructure, mine access, transportation, electrical installation, drainage and underground safety systems that is required for large scale mining. Together with the previously approved Mining Licences, Restoration Plan and annual Plan de Labores, the Anteproyecto provides permitting approval to proceed with underground trial mining and small- scale exploitation, while allowing additional permitting processes to continue in parallel. The Company considers this approval a significant de-risking milestone and an important foundation for the forthcoming Mine Re-Start Study. Variscan has made significant progress on securing the permits required towards a restart of the San Jose Mine: 3 Licence/ Permit Status Notes Mining Licence Approved Valid to 2035 with ability to extend for a further 30 years Restoration Plan Approved Plan de Labores Approved Work Plan submitted annually Anteproyecto Approved Preliminary Mining Plan Additional permit applications and the associated workstreams to support them are underway. More details will be set out the Mine ReStart Study when it is published. The effect of the permitting progress made to date confers a number of advantages to Variscan: • Able to conduct the pre works and development required to enable Mine Restart • Able proceed with underground trial mining and small scale exploitation • Allows additional permitting processes to run concurrently to those works resulting in no time delays or additional costs and ensuring continuity of permitting progress • Evidences strong in-house permitting capability and positive relationship with the Government of Cantabria Based on the work conducted for the Mine Restart Study, to be published, Variscan anticipate that the following activities will be included in the initial pre-works and development package: • Underground mine development • Underground locomotive and haulage refurbishment • Geotechnical works • Power installation • Communication installation • Safety facilities • Surface earthworks & site preparation • Trial mining and stockpiling 4 Figure 1: Satellite image showing underground development connecting San Jose and Udías Mines. Udías Mine Underground diamond drilling continued at the Udías mine during the Quarter, with assay results including the highest-grade intercept (+20% Zn) drilled by the Company to date and confirming the continuation of high-grade zinc mineralisation along structural trends and in previously undrilled areas. (refer ASX announcement 11 November 2025) Notable intercepts reporting included: • UDDT024: 6.43m @ 20.76% Zn, 2.77% Pb • UDDT030: 7.40m @ 11.22%Zn, 0.03% Pb • UDDT022: 7.65m @ 8.59%Zn, 1.77% Pb • UDDT024: 4.65m @ 13.52%Zn, 0.61% Pb • UDDT030: 7.00m @ 7.83%Zn, 0.03% Pb The Udías Mine complex has a large footprint of under-explored workings which is along strike from, but currently outside of the existing MRE. The drilling at Udías continued to demonstrate strong geological similarity with mineralisation in the adjacent San Jose Mine, indicating they are part of the same mineral system. The future drilling plan is move systematically into new target zones along the existing mine development to link up with the MRE and the San Jose Mine in Novales (Figure 2). Drilling during the Quarter intersected significant zincmineralisation over mineable widths,approximately 80 metres from surface, with results correlating well with historical high-grade face sampling. The intercept from drillhole UDDT024 represents the highest-grade zinc intercept drilled at the Udías Mine by the Company to date and confirms the presence of high-grade mineralisation over mineable 5 widths. The reported results correlate well with exceptionally high-grade historical face sampling, further validating the geological interpretation and continuity of mineralisation within the Udías Mine. Drilling is ongoing and further assay results are expected to be reported as they become available. Figure 2: Plan view of the southern part of the Udías Mine indicating locations of underground diamond drillholes (new results shown in yellow boxes), mine development and historical face samples1 (shown in pink boxes). Insert shows location relative to the size and scale of the Udías Mine, as well the continuation into the San Jose Mine to the northeast (see ASX release 11 November 2025). 6 Figure 3: Plan view of the 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 north- eastern part of the Udías Mine and beyond to the San Jose Mine 7 Figure 4. Orthographic view utilizing recent 3D laser survey work indicating Udías Mine drilling results reported and in-situ mine development to link with the San Jose Mine. Figure 5. Orthographic view indicating Udías Mine drilling results reported (shown in yellow boxes) in this release (see ASX release 11 November 2025). 8 Mine Re-Start Study During the Quarter, Variscan continued progressing technical workstreams feeding into the Mine Re- Start Study. Metallurgical test work advanced during the period, including ore characterisation and assessment of pre-concentration and flotation performance, aimed at optimising the proposed processing flowsheet and reducing downstream processing requirements. In parallel, geotechnical assessments were progressed, including rock strength testing, to inform mine design assumptions, development planning and infrastructure requirements for a potential restart of operations. The outcomes of these studies are intended to form key inputs into the Mine Re-Start Study. These workstreams are intended to support development planning and inform the scope of initial pre- works and trial mining activities permitted under the Anteproyecto. Corporate & Financial The Company held its Annual General Meeting on 28 November 2025. All resolutions put to shareholders were passed on a poll, including resolutions relating to the earn-in and joint venture arrangements over the Irish zinc assets. Financial liquidity In addition to cash at bank, the Company has recently entered into a binding term sheet for an unsecured, A$1 million convertible loan note facility (the “Facility”) to support the exploration and development of its 100% owned Novales- Udías Zinc Project in Cantabria, northern Spain. The Facility is being provided by a small syndicate of professional and sophisticated mining sector focused investors who are supportive of the Company’s development plans and progression towards recommencing production at the San Jose Mine The key terms of the Facility are set out the Company’s ASX announcement of 30 January 2026. Pursuant to the terms of the Facility, Variscan has the ability to draw funds flexibly up to a maximum of A$1 million, for which the Company would issue 1 Note for every A$1 drawn. The Facility is currently wholly undrawn. Consequently, the Company is able to support continued exploration & development work on the Novales- Udías Zinc Project. Summary of Expenditure on Exploration Activities For the Quarter, the Group spent $559,000 on exploration activities, substantively all of which related to the Group’s Spanish zinc projects. These exploration activities related to: • Underground drilling; • Geological 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. 9 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 $235,000 represented by remuneration paid to Directors. Outlook and Catalysts Variscan has multiple high-value catalysts expected to deliver increasing visibility over its development strategy and growth trajectory. Key near-term activity includes: • Completion of BMex Earn-In • Results from metallurgical test work for inclusion in the Mine Re-Start Study • Results from geotechnical test work for inclusion in the Mine Re-Start Study • Publication of the Mine Re-Start Study • Further assay results from underground drilling at the Udias Mine 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 E: chloe@janemorganmanagement.com.au P: + 61 (0) 458 619317 10 About Variscan Mines Limited (ASX:VAR) For more information 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 Follow us on LinkedIn Follow us on Twitter Visit our investor website: www.variscan.com.au 11 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) 12 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. 13 LISTING OF TENEMENTS HELD AT 31 DECEMBER 2025 Tenement Tenement No. Interest Joint Venture Details SPAIN 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% 14 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% Note 3 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 31 December 2025 Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 1. Cash flows from operating activities - - 1.1 Receipts from customers 1.2 Payments for - - (a) exploration & evaluation (b) development - - (c) production - - (d) staff costs (134) (166) (e) administration and corporate costs (including one-off legal and other associated costs) (96) (392) 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) - - - Costs related to proposed acquisition of Irish Zinc Projects (62) (112) 1.9 Net cash from / (used in) operating activities (291) (669) 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 (559) (998) Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 (e) investments - - (f) other non-current assets - - 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 (559) (998) 3. Cash flows from financing activities - 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 (17) (149) 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 (17) 1851 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 1,503 452 4.2 Net cash from / (used in) operating activities (item 1.9 above) (291) (669) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (559) (998) Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 4.4 Net cash from / (used in) financing activities (item 3.10 above) (17) 1,851 4.5 Effect of movement in exchange rates on cash held (1) (1) 4.6 Cash and cash equivalents at end of period 635 635 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 635 1,503 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) 635 1,503 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 1 134 6.2 Aggregate amount of payments to related parties and their associates included in item 2 101 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. 8. Estimated cash available for future operating activities $A’0