Earnings release
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21 October 2026 ______________________________________________________________________________________________________________________________________________________ Barlee Project – Gold • Seventeen RC holes drilled at Gromit and Astro Prospects for a total of 2,150 metres. Assay results are pending from this program. • An 1,100 sample geochemical soil program commenced. • Re-split assay results returned from maiden program. Significant gold intercepts include: Gromit Prospect o 15m @ 1.02g/t Au from 12m, including 2m @ 2.79g/t Au and 2m @ 2.83g/t Au o 15m @ 1.05g/t Au from 29m, including 3m @ 3.75g/t Au and 1m @ 1.41g/t Au o 1m @ 1.9g/t Au from 16m and 1m @ 2.02g/t Au from 30 m Astro Prospect o 9m @ 0.58g/t Au from 30m, including 2m @ 1.48g/t Au o 2m @ 2.81g/t Au from 66m Odie Prospect o 5m @ 1.21g/t Au from 33m Walgoolan Base Metals Project • Access agreement negotiations commenced. Corporate • Cash and shareholdings at 30 September 2026 of $ 8.6M comprised of cash of $6.9M and shareholdings of $1.7M. _________________________________________________________________________
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Barlee Project (Gold) During the quarter, exploration continued at the Barlee Project, 230 km north of Southern Cross (Figure 1). Activities included a 17 -hole RC drilling program and a soil geochemical survey. Assay results were also received for re -split samples from the maid en RC drilling program completed in May. RC Drilling The latest RC drilling program at the project has now been completed, with 17 drillholes for a total of 2,150 metres completed across the Gromit and Astro Prospects . The program was designed to follow up previously identified gold mineralisation and test extensions to mineralised zones identified during the maiden drilling program completed in the first half of 2026. Planned drilling at the Odie Prospect could not be completed due to weather conditions restricting access to the prospect. This planned drilling will be completed when a drill rig is next at the Project. Assay results from the latest RC drilling program are pending and will be reported once received and reviewed by the Company, within approximately two to three weeks. Re-split Assay Results Re-split samples from the maiden RC drilling program completed in the first half of 2026 have been received (see ASX announcements 23 June 2026 and 1 July 2026). Selected 1m samples from previously reported 4m composite intervals have been re -submitted for assay to provide additional confidence in the original assay results and further define the distribution and tenor of gold mineralisation within the intersected zones. The re-split results have confirmed the presence of significant gold mineralisation and provide additional information to assist with geological interpretation and the planning of future exploration programs. Significant intersections include: Gromit Prospect o 15m @ 1.02g/t Au from 12m ▪ Including 2m @ 2.79g/t Au and 2m @ 2.83g/t Au o 15m @ 1.05g/t Au from 29m ▪ Including 3m @ 3.75g/t Au and 1m @ 1.41g/t Au o 1m @ 1.9g/t Au from 16m and 1m @ 2.02g/t Au from 30m Astro Prospect o 9m @ 0.58g/t Au from 30m ▪ Including 2m @ 1.48g/t Au o 2m @ 2.81g/t Au from 66m
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Odie Prospect o 5m @ 1.21g/t Au from 33m Re-splits have also highlighted the Astro West and Lost Bolt Prospects with high grade gold intersected: Astro West Prospect o 6m @ 0.5g/t Au from 40m ▪ Including 1m @ 2.14g/t Au Lost Bolt Prospect o 1m @ 3.11g/t Au from 120m At the Gromit Prospect, the highest individual gold assay returned from the maiden drilling program was 5.6 g/t Au in drillhole 26BAR013 from 30m to 31m. The additional re -split data further supports the interpretation of discrete zones of gold mineralisation at the prospects and will assist the Company in refining the geological model and targeting potential extensions in future drilling programs. Soil Geochemical Program The project’s soil geochemical sampling program has been delayed due to poor weather conditions. The program is designed to complete UltraFine+® ( UFF) geochemical coverage over prospective areas of the project, providing additional data to identify and refine gold anomalies and generate targets for future drilling. Field activities will recommence when conditions allow, with approximately 60% of the program now completed with the remaining work expected to be finalised within approximately two weeks, subject to weather and ground conditions. Results will be assessed as available and incorporated into the Company’s ongoing exploration targeting. The Company will provide further updates as assay results from the latest RC drilling and soil sampling programs are received and interpreted.
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Figure 1: Barlee and Walgoolan Project Locations
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Walgoolan Project (Base Metals) Commenced access negotiations with landholder. Boodanoo Project (Gold) Option agreement terminated, tenement returned to Western Yilgarn NL (ASX: WYX). Duketon Project (Nickel) In addition to the active gold projects, Duketon maintains the Duketon Nickel Project, located 130km north of Laverton (WA). The current Mineral Resources are detailed below. Rosie – Mineral Resource Estimate The Indicated and Inferred Mineral Resource Estimate (MRE) for Rosie of 2.77 million tonnes at 3.27% nickel equivalent is reported in accordance with the 2012 JORC Code (Table 1 and Table 2). The resource estimate is reported at >1% NiEq. Over 72% of the Resource has been classified as Indicated with the remainder in the Inferred Category (Table 1 and Table 2). Mineralisation remains open in all directions. The Mineral Resource contained metal stands at 56,300 tonnes of nickel, 11,800 tonnes of copper, 1,610 tonnes of cobalt and over 229,000 oz of total PGEs (Table 3). Resource Category Tonnes (kt) Ni% NiEq_% Indicated 2,012 2.11 3.35 Inferred 761 1.81 3.06 TOTAL 2,773 2.03 3.27 Table 1: Rosie Mineral Resource Statement (February 2022) >1.0% NiEq
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Figure 2: Plan of The Bulge Complex Rosie Nickel Resource >1% NiEq Classification Sulphide Tonnes Ni (%) Cu (%) Co (ppm) Total PGEs (g/t) NiEq) % Indicated Pentlandite 1,191,555 2.4 0.42 642 2.7 3.76 Violarite 820,999 1.7 0.39 504 2.5 2.75 Sub-Total 2,012,553 2.1 0.41 585 2.6 3.35 Inferred Pentlandite 694,751 1.8 0.48 580 2.5 3.13 Violarite 66,179 1.5 0.42 442 1.7 2.36 Sub-Total 760,930 1.8 0.48 568 2.4 3.06 Total All 2,773,483 2.0 0.43 580 2.6 3.27 Table 2: Rosie Mineral Resource - >1% NiEq Grade
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Note: For Tables 1 and 2. (1) Assumptions for the nickel equivalent are: Prices (in USD) $ 8.00/lb Ni, $3. 65/lb Cu, $1 5.30/lb Co, $1,100/oz Pt, $2,300/oz Pd and $15,500/oz Rh. (2) Recovery assumptions from metallurgical test work are: Pentlandite domain 96.9% Ni, 99.5% Cu, 95.1% Co, 78.2% Pt, 97.6% Pd and 83.4% Rh. Violarite domain 88.7% Ni, 94.5% Cu, 88.5% Co, 57.6% Pt, 87.3% Pd and 64.8% Rh. (3) The following equations were used to calculate nickel equivalent – Cu and Co measured in ppm and PGEs measured in ppb – all converted to percentages for NiEq calculation: a. Pentlandite domain: NiEq = Ni% +(Cu% * 0.995 *(3.65/8)) + (Co% * 0.951 *(15.3/8)) + (Pt% * 0.782 * (1100 *14.583/8)) + (Pd% * 0.976 * (2300 * 14.583/8)) + (Rh% * 0.834 *(15500 * 14.583/8)). b. Violarite domain: NiEq = Ni% +(Cu% * 0.945 *(3.65/8)) + (Co% * 0.885 *(15.3/8)) + (Pt% * 0.576 * (1100 *14.583/8)) + (Pd% * 0.873 * (2300 * 14.583/8)) + (Rh% * 0.648 *(15500 * 14.583/8)) where 14.583 is the amount of troy ounces per pound. Contained Metal Classification Ore Type Ni (t) Cu (t) Co (t) Total PGEs (oz) Indicated Pentlandite 28,524 4,978 764 104,868 Violarite 13,966 3,230 414 64,869 Sub-Total 42,490 8,208 1,178 169,737 Inferred Pentlandite 12,786 3,337 403 55,740 Violarite 987 279 29 3,551 Sub-Total 13,774 3,616 432 59,291 Total 56,264 11,824 1,610 229,028 Table 3: Rosie Mineral Resource Contained Metal The resource includes a reportable nickel equivalent number based on metallurgical work completed to determine recoveries (see ASX announcements 8 July 2020 and 10 July 2020). It is the opinion of DKM that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold.
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C2 – Mineral Resource Estimate The Indicated and Inferred Mineral Resource Estimate for C2 is 8.06 million tonnes at 0.57% nickel and is reported in accordance with the 2012 JORC Code. The resource estimate is reported at >0.4% Ni grade. Over 99% of the Resource is classified as Indicated (Table 4). Mineralisation remains open in all directions (see ASX Announcement 12 December 2022). The Mineral Resource contained metal stands at 46,263 tonnes of nickel, 2,339 tonnes of copper, 1,505 tonnes of cobalt and 25,684 oz of total PGEs (Table 5). C2 Nickel Resource >0.4%Ni Classification Tonnes Ni (%) Cu (%) Pd (ppb) Pt (ppb) S (%) Indicated 7,955,751 0.57 0.03 56.7 42.8 1.7 Inferred 107,790 0.44 0.01 34.7 31.4 0.5 Total 8,063,541 0.57 0.03 56.5 42.7 1.7 Table 4: C2 Nickel Resource > 0.4% Ni with Auxiliary Attributes Classification Ni tonnes Cu tonnes Co tonnes PGE oz Indicated 45,790 2,325 1,490 25,455 Inferred 474 15 14 229 Total 46,263 2,339 1,505 25,684 Table 5: C2 Mineral Resource Contained Metal Combined Rosie and C2 Resources The total JORC compliant nickel resource for the Bulge Complex (Rosie and C2) now stands at 102,527 tonnes of nickel, 14,163 tonnes of copper and 254,712 ounces of PGEs (Table 6). Combined Metal Inventory, The Bulge Area Deposit Ni tonnes Cu tonnes PGE oz Rosie 56,264 11,824 229,028 C2 46,263 2,339 25,684 TOTAL 102,527 14,163 254,712 Table 6: Combined Metal Inventory, The Bulge Complex
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Figure 3: Duketon Project Locations Ongoing Strategy The Company remains well positioned to drive value from three approaches: 1. Exploration opportunities on current tenure - assessing early -stage exploration opportunities across all projects looking at all commodities; 2. Acquiring new tenure – via opportunistic applications or by simple/low-cost commercial means; and 3. Expand/Study Nickel Resources - review mining study and target extensions to Rosie and C2 and the greater area for Ni-Cu-PGE’s.
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Corporate At 30 September 2026, the Company had a cash and liquids balance of A8.6M comprised of cash of A$6.9M and shareholdings of A$1.7M. ASX Additional Information Exploration and evaluation expenditure during the quarter was $ 413,000 associated with geological consultants, field related activities , and tenement compliance costs. Details of exploration activity during the quarter are set out in this report. There were no substantive mining production and development activities during the quarter. During the quarter, the Company made cash payments of $119,000 to related parties and their associates. This was the aggregate amount paid to the directors including salary, directors’ fees, consulting fees and superannuation. Authorised for release by: Stuart Fogarty Duketon Mining Limited - Managing Director +61 8 6315 1490 The information in the announcement that relates to production targets or financial information derived from a production target is extracted from the ASX announcement 28 April 2021 for the Rosie Scoping Study and is available to view on the Company’s webs ite (www.duketonmining.com.au). The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions underpinning the production target or the financial informatio n derived from the production target in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. The information in the announcement that relates to Mineral Resources for Rosie is extracted from the ASX announcement 10 March 2022 and is available to view on the Company’s website (www.duketonmining.com.au). The information in the announcement that relates to Mineral Resources for C2 is extracted from ASX announcement 12 December 2023. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. The information in this report that re lates to exploration results is based on information compiled by Ms Kirsty Culver, Member of the Australian Institute of Geoscientists (AIG) and an employee of Duketon Mining Limited. Ms Culver has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity that is being undertaken to qualify as a competent person as defined in the JORC Code 2012. Ms Culver consents to the inclusion in the report of the matters based on the information in the form and context in which it appears. The information in this report that references previously reported exploration results is extracted from the Company’s ASX market announcements released on the date noted in the body of the text where that reference appears. The previous market announceme nts are available to view on the Company's website or on the ASX website ( www.asx.com.au). The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.
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Appendix 1: Summary of Mining Tenements At 30 September 2026 the Company had an interest in the following tenements: Tenemen t number Project State Status Interest at beginning of quarter Interest at end of quarter Acquired/ Disposed E28/3553 Eucla WA Application 100% 100% N/A E38/1997 Mt Mabel WA Granted 100% Ni (note 1) 100% Ni (note 1) N/A E38/2666 Duketon WA Granted 100% Ni (note 1) 100% Ni (note 1) N/A E38/2805 Duketon WA Granted 100% Ni (note 1) 100% Ni (note 1) N/A E38/2834 Duketon WA Granted 100% Ni (note 1) 100% Ni (note 1) N/A E38/2866 Duketon WA Granted 100% Ni (note 1) 100% Ni (note 1) N/A E38/2916 Duketon WA Granted 100% Ni (note 1) 100% Ni (note 1) N/A E38/3142 Granite Peak WA Granted 100% Ni (note 1) 100% Ni (note 1) N/A E38/3549 Millar Hill WA Granted 100% Ni (note 1) 100% Ni (note 1) N/A E38/3550 Mount Mabel WA Granted 100% Ni (note 1) 100% Ni (note 1) N/A E45/6864 Marlbourgh Well WA Application 100% 100% N/A E58/642 Paynesville WA Granted 100% 100% N/A E58/643 Paynesville WA Granted 100% 100% N/A E59/2414 Stephens WA Granted 100% 100% N/A E77/2717 Barlee WA Granted 100% 100% N/A E77/3027 Barlee WA Application 100% 100% N/A E77/3129 North Walgoolan WA Granted 100% 100% N/A E77/3160 Lake Barlee South WA Granted 100% 100% N/A E77/3161 Lake Barlee South WA Application 100% 100% N/A E77/3304 Lake Barlee South WA Application 100% 100% N/A E77/3307 Lake Barlee South WA Application 100% 100% N/A E77/3334 Lake Barlee South WA Application 100% 100% N/A E77/3353 Lake Barlee WA Application 100% 100% N/A M38/1252 Duketon WA Granted 100% 100% Ni (note 1) N/A M58/365 Killarney WA Granted 0% 100% N/A P38/4550 Duketon WA Granted 100% 100% N/A P58/1843 Killarney WA Granted 0% 100% N/A The Company did not have any interests in farm in or farm out agreements at the beginning, end or during the quarter. Note 1: 100% interest held in nickel rights only.
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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 Duketon Mining Limited ABN Quarter ended (“current quarter”) 76 159 084 107 30 September 2026 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 (413) (413) (a) exploration & evaluation (b) development - - (c) production - - (d) staff costs (135) (135) (e) administration and corporate costs (132) (132) 1.3 Dividends received (see note 3) - - 1.4 Interest received 92 92 1.5 Interest and other costs of finance paid - - 1.6 Income taxes refunded/(paid) - - 1.7 Government grants and tax incentives - - 1.8 Other (provide details if material) - - 1.9 Net cash from / (used in) operating activities (588) (588) 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 - - (e) investments - - (f) other non-current assets - -
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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 - - 3. Cash flows from financing activities - - 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 - - 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 (Principal elements of lease payments) (10) (10) 3.10 Net cash from / (used in) financing activities (10) (10) 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 7,524 7,524 4.2 Net cash from / (used in) operating activities (item 1.9 above) (588) (588) 4.3 Net cash from / (used in) investing activities (item 2.6 above) - - 4.4 Net cash from / (used in) financing activities (item 3.10 above) (10) (10)
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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 6,926 6,926 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 646 494 5.2 Call deposits 6,280 7,030 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) 6,926* 7,524 * Excludes 30 September 2026 market value of listed equity investments of $1,707,712. 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 1 119 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.
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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. N/A 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (588) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - 8.3 Total relevant outgoings (item 8.1 + item 8.2) (588) 8.4 Cash and cash equivalents at quarter end (item 4.6) 6,926 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 6,926 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 11.8 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: N/A 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: N/A 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: N/A Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 21 October 2026 ‘Signed electronically’ Authorised by: John Ribbons, Company Secretary (Name of body or officer authorising release – see note 4) Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter , how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, t he definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. 6. By the Company lodging this Appendix 5B, the Managing Director and CFO declare that the Appendix 5B for the relevant quarter: • presents a true and fair view, in all material respects, of the cashflows of the Company for the relevant quarter and is in accordance with relevant accounting standards; • the statement given above is founded on a sound system of risk management and internal compliance and control which implements the policies adopted by the Board; and • the Company’s financial records have been properly maintained and the Company’s risk management and internal compliance and control system is operating efficiently and effectively in all material respects.