Earnings release
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A compelling east coast gas play Level 12, 410 Queen Street Brisbane Queensland 4000 GPO Box 798 Brisbane Qld 4001 Phone +61 7 3221 3661 Email: comet@cometridge.com.au cometridge.com.au Comet Ridge Limited | ABN 47 106 092 577 | ASX: COI ASX Announcement 31 July 2025 June 2025 Quarterly Activities Report Highlights • Mahalo Joint Venture upstream FEED progresses: Santos (Development Operator) has progressed Front End Engineering Design (FEED) for the gas field, gathering system, gas compression and water handling facilities (Upstream FEED) during the quarter. • Mahalo Gas Hub pipeline connection FEED: Jemena has progressed the FEED for construction of a new 10-inch diameter pipeline to connect the Mahalo Gas Hub with Jemena’s Queensland Gas Pipeline (for domestic gas transport) and the GLNG pipeline (for transport to LNG facilities). • Mahalo East Reserves certified: Mahalo East has received independent certification of 51.8 Petajoules (PJ) of 2P Reserves and 118.5 PJ of 3P Reserves. • Mahalo North EPBC referral: Comet Ridge has submitted its final response to the Department of Climate Change, Energy, the Environment and Water (DCCEEW) , incorporating requirements of the Independent Expert Scientific Committee and anticipates approval by the end of 2025. • Data Room process: Engagement on project and corporate level transactions continued during the quarter. GSA and funding arrangements are being progressed to enable a Final Investment Decision with Mahalo JV Gas Project now in Upstream and Pipeline FEED. • PURE loan refinanced: PURE Asset Management Resources Fund (PURE) l oan extended to 30 June 2027, including $3.5 million of co-investment from two family office investors. • $13.3 million of cash (unaudited) at the end of the quarter. 1. Mahalo Gas Hub Area, Bowen Basin, QLD Comet Ridge holds 100% equity in four project areas in the northern Mahalo Gas Hub area and a 57.14% interest in the Mahalo Joint Venture (JV) Gas Project (with Santos QNT Pty Ltd (Santos) holding 42.86% as Operator). These projects (see Figure 1) are close to existing pipeline infrastructure and the main natural gas demand and hub centres in Queensland , with Gladstone to the east and Wallumbilla to the south. The Mahalo JV Gas Project progressed upstream and pipeline Front End Engineering Design (FEED) processes during the quarter, with a Final Investment Decision (FID) expected to be reached upon completion of FEED. Comet Ridge Managing Director, Mr Tor McCaul, said: “Significant progress has been made during the quarter on the Upstream and Pipeline FEED processes at the Mahalo JV Gas Project. In Comet Ridge’s 100% owned Mahalo Gas Hub projects, we have certified a material volume of 2P and 3P Reserves at Mahalo East, whilst the EPBC process at Mahalo North is expected to be completed by the end of 2025”. For personal use only
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2 Figure 1: Mahalo Gas Hub Area (north of Rolleston) near pipeline infrastructure and gas market access 2. Project Development Activities Comet Ridge is developing its Mahalo Gas Hub assets to provide natural gas supply for Australia’s east coast gas market. There is a lack of material, green-fields developable (and state government supported) natural gas on the east coast to help supp ly a market that is forecast to continue to be structurally short due to the decline of southern offshore fields and ongoing demand for gas for manufacturing and power generation. Comet Ridge has recently converted Contingent Resources to independently certified Gas Reserves at its 100% held Mahalo East Project in ATP 2061, further strengthening the Mahalo Gas Hub’s capacity to transition to a new significant gas producing region on the east coast of Australia. For personal use only
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3 The independently certified reserves and resources to date include Comet Ridge’s 100% owned and operated Mahalo North and Mahalo East blocks , and the larger, Santos operated, Mahalo JV Gas Project (COI interest 57.14%) (see Appendix 1). a) Mahalo Joint Venture (Comet Ridge 57.14%) – PLs 1082 & 1083 / PCAs 302 to 304 The Mahalo JV Gas Project is now in definition phase with both FEED studies progressed during the quarter. The Mahalo JV Gas Project has the necessary scale (with 266 PJ gross 2P Reserves and 458 PJ gross 3P Reserves) to support the development of new gas compression facilities and a circa 85 km pipeline connection. In March 2025, the Mahalo JV participants (Comet Ridge and Santos) executed an agreement with Jemena Queensland Gas Pipeline (1) Pty Ltd and Jemena Queensland Gas Pipeline (2) Pty Ltd (collectively, Jemena) to undertake Pipeline FEED on a new Mahalo Gas Hub Pipeline (MGHP) (see Figure 2). Jemena may construct the MGHP on a build, own and operate basis once Pipeline FEED is completed and the Mahalo JV Gas Project achieves FID. Figure 2: Mahalo Gas Hub assets and proposed path of pipeline connection to existing transmission pipelines and domestic and LNG markets in Queensland For personal use only
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4 The current status of FEED processes for Mahalo JV Gas Project is set out in Table 1 below. FEED Process Description Upstream FEED The Upstream FEED comprises subsurface (design and layout of production wells), gathering systems, gas and water handling facilities, procurement and access and approvals. During the June quarter , the Operator materially progressed its subsurface definition phase work which aligns well with Comet Ridge internal modelling. Gas and water facilities FEED work is well progressed by the external contractors undertaking these work packages. During the coming quarter , scouting of all properties is planned to be completed as well as cultural heritage surveys. An Environmental Authority ( EA) amendment will be submitted to Queensland Government for approval. Pipeline FEED The Pipeline FEED comprises two parts: i. Technical: Optimise the design and generate engineering deliverables required for project approval applications, as well as key procurement and construction packages required to support tendering; and ii. Approvals: Consultation with key stakeholders to support the development of land access agreements and key project approval applications being a Queensland Government pipeline licence and ecology assessment. Early works studies for both technical and approvals scopes, including engagement with local stakeholders, were progressed during the quarter under Petroleum Survey Licence 2066 (PSL 2066) granted in July 2025. Table 1 – Mahalo JV Gas Project FEED activities summary It is expected that Upstream FEED will continue through 2025 for the Mahalo JV Gas Project, followed by assurance activities in Q1 2026 as a precursor to FID. It is planned that Pipeline FEED will be undertaken in parallel with Upstream FEED and within the planned project FID timeframe. b) Mahalo East (Comet Ridge 100%) – ATP 2061 Comet Ridge has recently independently certified a material volume of Gas Reserves for the Mahalo East Project, with nearly 52 PJ of 2P Reserves ( 67% higher than the prior 2C Contingent Resources) Comet Ridge recently announced an initial independent Reserves certification for its 100% held Mahalo East Project (ATP 2061). Sproule ERCE (Sproule), a global energy consulting and advisory firm, has provided the following independent certification of Gas Reserves for the Mahalo East Project (ATP 2061) as at 30 June 2025 (See Table 2). Independently Certified Gas Reserves (PJ) 30 June 2025 1P 2P 3P Mahalo East (ATP 2061) - 51.8 118.5 Table 2 – Mahalo East certified Gas Reserves For personal use only
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5 Notes to Table 2: • 1P Reserves = Proved Reserves; 2P Reserves = Proved + Probable Reserves; 3P Reserves = Proved + Probable + Possible Reserves. • Gas Reserves stated in the table above assume 3% fuel and shrinkage losses as production activities such as wellsite compression and water treatment are planned to be powered using electricity from onsite gas fueled generation (which is the reference point for the purposes of Listing Rule 5.26.5). • 1P Gas Reserves for Mahalo East have not been included in this Reserves certification until a development decision by Comet Ridge (as 100% owner and operator of the project) is made which will be actioned as development plans are finalised with Santos at the Mahalo JV Gas Project (thereby providing access to infrastructure facilities for the Mahalo Gas Hub region). These certified Gas Reserves at Mahalo East have added 27% of additional 2P Reserves and 29% of additional 3P Reserves to Comet Ridge’s net Gas Reserves portfolio (see Figure 3). Continuing to build a large 2P and 3P Net Gas Reserve Portfolio Figure 3 – Mahalo East addition to Comet Ridge’s Net Gas Reserves Portfolio Gas desorption data, laboratory core sample analyses and permeability data were obtained from the Mahalo East 1 core well drilled in late 2024 and the subsequent Mahalo East production test, comprising Mahalo East 1 intersected by a chevron lateral well (Mahalo East 2), which provided confidence on both permeability and gas flow. These new datasets have been combined with the extensive existing dataset of coal industry and CSG data in and adjacent to Mahalo East to mature the classification of project to Reserves Justified for Development. Mahalo JV, 152 PJ 195 PJ 247 PJ Mahalo JV, 262 PJ 411 PJ 529 PJ Mahalo Nth, 43 PJ 52 PJ Mahalo Nth, 149 PJ 118 PJ 0 PJ 100 PJ 200 PJ 300 PJ 400 PJ 500 PJ 600 PJ 700 PJ Existing 2P Reserves Mahalo East 2P Reserves New COI 2P Reserves Existing 3P Reserves Mahalo East 3P Reserves New COI 3P Reserves 2P Reserves 3P Reserves For personal use only
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6 The Mahalo East pilot and the Mahalo North pilot (tested during 2022) both used chevron lateral wells (consisting of two lateral arms in the same coal) intersecting a vertical production well to allow flow testing. However, they were designed slightly differently. The Mahalo North pilot accessed a combined Castor-Pollux seam which resulted in only one developable coal of almost 7 metres in thickness in that location, whilst in Mahalo East there is over 7 metres of net coal split into four separate developable coals, of which only one was production tested . In Mahalo East, the production test of the lateral was restricted to just the shallowest 2.8 metres (Aries) seam to ensure all production data was only attributable to this zone , thus simplifying the interpretation of results. However, all four developable coals were analysed for gas content (and other coal characteristics) and permeability in the Mahalo East 1 vertical well, with forecasting of gas flow rates for the higher gas cont ent and higher permeability deeper coals enabled by comparison of characteristics to the Aries seam data. All four developable coals, including t he deeper Castor, Pollux and Orion seams, will be accessed and optimised via stacked lateral wells across the block during development and production phases of the project. The Mahalo East 1 and 2 wells were drilled with the support of the Queensland Government’s Frontier Gas Exploration Grants Program, under which Comet Ridge was allocated $5 million of funding. Refer to Comet Ridge’s ASX announcement on 25 July 2025 for additional information on this independent Reserves certification required by Chapter 5 of the ASX Listing Rules. Mahalo North (Comet Ridge 100%) – ATP 2048, PLA 1128 and PLA 1132 Comet Ridge continues to progress through the Federal EPBC approval process for Mahalo North Comet Ridge’s focus at Mahalo North continues towards securing the second of two required environmental approvals (Queensland and Federal) for the initial development area within Petroleum Lease Application 1128 (PLA 1128). This is expected to be followed by award of the Petroleum Lease (PL) by the Queensland Department of Natural Resources and Mines, Manufacturing and Regional and Rural Development. The State Environmental Approval (EA) was awarded to Comet Ridge by the Queensland Department of Environment, Science and Innovation for PLA 1128 in August 2024. This is an important milestone for Mahalo North and a precursor to award of the PL. In relation to the required Federal approval under the Environment Protection and Biodiversity Conservation Act 1999 (EPBC), Comet Ridge has been working towards a positive outcome from the Department of Climate Change, Energy, the Environment and Water (DCCEEW) since commencement of environmental planning and studies work in early 2022 and the subsequent submission of the EPBC referral application in October 2023. A summary of the process to date and remaining steps is outlined further below: • October 2023 – Comet Ridge submission of EPBC referral to DCCEEW; • March 2024 – DCCEEW notified Comet Ridge (COI) that the Mahalo North gas project would be a controlled action and assessed under Preliminary Documentation (PD). DCCEEW provided COI with a detailed request for information (RFI), to supplement the information already provided in the initial submission; • December 2024 – Comet Ridge prepared the PD and submitted to DCCEEW; • March 2025 – Comet Ridge was informed by DCCEEW that the Independent Expert Scientific Committee (IESC) had reviewed the PD and provided their advice to DCCEEW. DCCEEW requested that COI respond to the IESC advice as part of the PD submission; • July 2025 – Comet Ridge responded to the IESC advi ce and DCCEEW is currently reviewing the final PD submission. For personal use only
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7 Assessment under the PD process has required Comet Ridge to undertake additional field work relating to groundwater dependent ecosystems (GDE) to support its original submission in October 2023, including the drilling of monitoring bores and groundwater monitoring with monthly sampling analysis around GDEs. The next step will be a public notification period (both in newspapers and on the Comet Ridge website). Comet Ridge anticipates this could occur in August 2025. After the public notification period , DCCEEW will assess the entire PD submission and Comet Ridge anticipates this process to be completed before the end of 2025. 3. Corporate Activities a) CleanCo GSA The Gas Sales Agreement (GSA) with CleanCo was executed in September 2023 and has two remaining conditions to be satisfied, being satisfactory finance and transport arrangements. Comet Ridge and CleanCo have agreed to extend the date for these conditions to 31 March 2026 to more closely align with an expected final investment decision for the Mahalo JV Gas Project. In addition, the parties have agreed for gas supply to commence under the GSA in 2027 at a lower gas rate over the first nine months. This better matches the ramp up from the Mahalo gas fields with the requirements of CleanCo. b) Other Gas Supply Arrangements Comet Ridge has been in active discussions with multiple gas buyers during the quarter for additional GSAs which will assist Comet Ridge with financing its share of Mahalo JV development capex. The counterparties include industrial gas users, power generators and gas retailers. Comet Ridge plans to finalise these negotiations into new GSAs , including prepayment arrangements, whilst FEED is ongoing at Mahalo JV and prior to a Final Investment Decision. c) Data Room Process With the Mahalo JV Gas Project now in Upstream and Pipeline FEED processes, Comet Ridge has prioritised the progression of GSA and funding arrangements to enable a Final Investment Decision to be made at the completion of FEED and assurances processes. Comet Ridge also continued to engage with third parties during the quarter in relation to a range of possible transactions including project equity and corporate level transactions. Whilst activities continued during the quarter, the discussions are incomplete and confidential and there is no guarantee that a final proposal will be received, or received on commercially acceptable terms, or that any transaction will eventuate. d) Cash Position and Debt Facilities At 30 June 2025, Comet Ridge had $13.3 million cash on hand (unaudited). Comet Ridge’s secured debt facility (see Table 3) with PURE Asset Management Resources Fund (PURE), that was due to be repaid in September 2025, has been refinanced and extended to 30 June 2027. As part of the refinance, PURE arranged for $3.5 million of co-investment into the new facility from two family office investors. The refinance included the issue of 55 million new warrants, expiring 30 June 2028 at an exercise price of $0.16 per warrant, whilst circa 39.4 million Tranche 1 warrants from the previous facility have been cancelled. For personal use only
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8 Lender Amount Drawn Maturity date Comments PURE Asset Management Resources Fund $9.5m 30 June 2027 PURE holds: (a) 55m new warrant shares , expiring 30 June 2028 and exercisable at a price of $0.16 per share and (b) 22.7m existing warrant shares, expiring 31 March 2026 and exercisable at a price of $0.132 per share. Upon exercise, Comet Ridge would receive $11.8 million of cash which can be applied to the loan balance. Table 3 – Comet Ridge debt facilities e) Payments to Related Parties The aggregate value of payments to related parties and their associates of $251k for the June 2025 quarter (shown in item 6.1 of the attached Quarterly Cashflow Report) relates to the salary of the Managing Director and fees paid to Directors (including PAYG and superannuation payments made on their behalf). f) Shares and Performance Rights The total number of securities on issue at the date of this report is: • Ordinary shares: 1,196,438,720 (no change during the quarter); and • Warrants: 77,727,273 (following the issue of 55,000,000 new warrants to PURE and cancellation of 39,393,939 prior warrants). By Authority of Board per: Tor McCaul, Managing Director For more information or photos: Tor McCaul Phil Hicks Managing Director Chief Financial Officer Phone +61 7 3221 3661 Phone +61 7 3221 3661 tor.mccaul@cometridge.com.au phil.hicks@cometridge.com.au About Comet Ridge Comet Ridge Limited (ASX: COI) is a publicly listed Australian energy company focused on the development of natural gas resources for the strained east coast Australian market. The company has tenement interests and a suite of prospective projects in Queensland. Our flagship Mahalo Gas Hub project consists of low cost, sales spec natural gas blocks, close to Gladstone, containing low CO 2 Gas Reserves. Our exploration assets offer further upside amid increasing domestic and international demand for natural gas as a source for cleaner energy and as a key manufacturing feedstock that makes thousands of products, used daily. Comet Ridge plans to transition its Mahalo Gas Hub assets into meaningful gas supply into the east coast gas market, commencing with Mahalo North and the larger Mahalo Gas Project, in joint venture with Santos QNT Pty Ltd (as the Development Operator). These projects will be further supplemented by planned development of gas resources from Comet Ridge’s other 100% held permits, Mahalo East, Mahalo Far East and Mahalo Far East Extension. More information regarding Comet Ridge is available at www.cometridge.com.au. For personal use only
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9 Appendix 1 - Certified Gas Reserves and Contingent Resources Comet Ridge’s share of Gas Reserves and Contingent Gas Resources for all of its gas permits is shown in Table 4 below. Comet Ridge has a very material 427 Petajoules (PJ) share of 2P Gas Reserves and 2C Contingent Gas Resources at its Mahalo Gas Hub projects in Queensland. Note that reserves values in this table have been rounded to the nearest whole PJ. COI permits COI Interest Net Reserves (PJ) Net Contingent Resources (PJ) Totals (COI net share) % 1P 2P 3P 1C 2C 3C 2P+2C Mahalo JV Gas Project (PL 1082, 1083) (PCA 302, 303, 304) 57.14 - 152 262 109 180 294 332 Mahalo North (PLA 1128, PLA 1132, ATP 2048) 100 12 43 149 - - - 43 Mahalo East (ATP 2061) 100 - 52 118 - - - 52 Mahalo Far East (ATP 2063) 100 - - - Being evaluated - Mahalo Far East Ext. (ATP 2072) 100 - - - Being evaluated - Mahalo Gas Hub Projects 12 247 529 109 180 294 427 Galilee – Gunn CSG (ATP 744) 100 - - - - 67 1,870 67 Galilee – Albany (ATP 744) 70 - - - 39 107 292 107 Gunnedah, NSW (PEL 427) 59.1 - - - - - 281 - COI TOTAL 12 247 529 148 354 2,737 601 Table 4: Comet Ridge’s share of net Gas Reserves* and Contingent Gas Resources* for all gas permits * Listing Rule 5.42 The details of the Reserves and Contingent Resources referenced throughout this release in respect to the Mahalo Gas Hub were announced to the market on 30 October 2019 , 26 September 2022, 2 November 2022, 19 December 2022 , 20 December 2023 and 25 July 2025. In accordance with Listing Rule 5.42.3, Comet Ridge confirms that it is not aware of any new information or data that materially affects the information in th ose announcements reporting the details of the Reserves and Contingent Resources for PL 1082, PL 1083; PCA 302, PCA 303, PCA 304, ATP 2048 and ATP 2061, and that all of the material assumptions and technical parameters underpinning the estimates in th ose announcements continue to apply and have not materially changed. For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ABN Current quarter Year to date (12 months) $A’000 $A’000 1. 1.1 - - 1.2 (a) - (179) (b) development - - (c) production - - (d) staff costs (181) (1,154) (e) (311) (1,994) 1.3 - - 1.4 45 183 1.5 (251) (1,104) 1.6 - - 1.7 - - 1.8 - 1 1.9 Net cash from / (used in) operating activities (698) (4,247) 2. 2.1 (a) entities - - (b) tenements - - (c) property, plant and equipment (7) (13) (d) exploration & evaluation (1,896) (10,437) (e) investments - - (f) other non-current assets - - 2.2 - (a) entities - - (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 - - 2.4 Dividends received (see note 3) - - 2.5 18 (162) 2.6 (1,885) (10,612) exploration & evaluation Rule 5.5 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity COMET RIDGE LIMITED Receipts from customers Payments for: Dividends received (see note 3) Quarter ended (“current quarter”) 47 106 092 577 30 June 2025 administration and corporate costs Consolidated statement of cash flows Cash flows from operating activities Interest received Interest and other costs of finance paid Cash flows from loans to other entities Other (Security deposits) Net cash from / (used in) investing activities Income taxes paid Government grants and tax incentives Other - JV recoveries Cash flows from investing activities Payments to acquire or for: Proceeds from the disposal of: ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms 1 For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Current quarter Year to date (12 months) $A’000 $A’000 3. 3.1 - 12,028 3.2 - - 3.3 - - 3.4 - (646) 3.5 - - 3.6 - - 3.7 - - 3.8 - - 3.9 - - 3.10 - 11,382 4. 4.1 15,882 16,776 4.2 (698) (4,247) 4.3 (1,885) (10,612) 4.4 - 11,382 4.5 - - 4.6 13,299 13,299 5. Current quarter $A’000 Previous quarter $A’000 5.1 13,299 15,882 5.2 - - 5.3 - - 5.4 - - 5.5 13,299 15,882 6. 6.1 6.2 7. 7.1 9,500 9,500 7.2 7.3 7.4 9,500 9,500 7.5 - 7.6 Loan facilities Credit standby arrangements Other (please specify) 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 not been entered into or are proposed to be entered into after the quarter end, include a note providing details of those facilities as well. 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. Financing facilities Total facility amount at quarter end $A’000 Aggregate amount of payments to related parties and their associates included in item 1 251 Aggregate amount of payments to related parties and their associates included in item 2 - Unused financing facilities available at quarter end Lender: Pure Asset Management Pty Ltd Loan facility: $9,500,000 Interest Rate: 12% p.a. Maturity Date: 30 June 2027 Secured loan Call Deposits Bank overdrafts Other (provide details) Cash and cash equivalents at end of quarter (should equal item 4.6 above) - refer to end note regarding post quarter cash Payments to related parties of the entity and their associates Current quarter $A’000 Amount drawn at quarter end $A’000 Note: the term "facility" includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the source of finance available to the entity. Total financing facilities Net cash from / (used in) financing activities (item 3.10 above) Effect of movement in exchange rates on cash held Cash and cash equivalents at end of period - refer to end note regarding post quarter cash 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 Bank balances Other (provide details if material) Net cash from / (used in) financing activities Net increase / (decrease) in cash and cash equivalents for the period Cash and cash equivalents at beginning of period Net cash from / (used in) operating activities (item 1.9 above) Net cash from / (used in) investing activities (item 2.6 above) Repayment of borrowings Transaction costs related to loans and borrowings Dividends paid Consolidated statement of cash flows Proceeds from exercise of options Transaction costs related to issues of equity securities or convertible debt securities Proceeds from borrowings Cash flows from financing activities Proceeds from issues of equity securities (excluding convertible debt securities) Proceeds from issue of convertible debt securities ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms 2 For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report 8. 8.1 8.2 8.3 8.4 8.5 8.6 8.7 8.8 1. 2. This statement gives a true and fair view of the matters disclosed. Date: Authorised by: ____________________________________________ Stephen Rodgers Company Secretary Notes 1. 2. 3. 4. 5. Answer: 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: Answer: 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? 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows from the time being and, if not, why not? (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (1,896) Total relevant outgoings (item 8.1 + item 8.2) (2,594) Cash and cash equivalents at quarter end (item 4.6) 13,299 Unused finance facilities available at quarter end (item 7.5) 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. Compliance statement This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19. 11A. Print Name: 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. 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. Total available funding (item 8.4 + item 8.5) 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”. 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. 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. 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. - Estimated quarters of funding available (item 8.6 divided by item 8.3) If item 8.7 is less than 2 quarters, please provide answers to the following questions: 13,299 5.1 31/07/2025 By the Authority of the Board Net cash from / (used in) operating activities (item 1.9) Estimated cash available for future operating activities (698) $A’000 ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms 3 For personal use only