Earnings release
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ASX ANNOUNCEMENT 28 January 2026 ASX: GBM GBM RESOURCES LTD 1 Level 9, 28 The Esplanade, Perth, WA, 6000 E reception@gbmex.com.au P (08) 9322 6322 gbmr.com.au ABN 91 124 752 745 DECEMBER 2025 QUARTERLY REPORT GBM Resources Limited (ASX: GB M) (“GBM” or “the Company”) is pleased to provide its Quarterly Report for the period ended 31 December 2025. The Company’s focus is on its Drummond Basin gold assets in Queensland (~1.84Moz Mineral Resources (“MRE”)) in particular the Twin Hills Gold Project. Highlights during and subsequent to quarter end: • Successful Stage 1 drilling campaign at Twin Hills (309 and Lone Sister deposits) materially enhances the geological and mineralisation model with n umerous drill holes intersect ing broad, high-grade mineralisation outside of the existing MRE (~1.0Moz MRE). • Significant results from Stage 1 drilling included: 309 Deposit ▪ 29m @ 3.13g/t Au from 194m (TNDH010) including: ▪ 4m @ 15.11g/t Au from 195m. ▪ 29m @ 2.63g/t Au from 302m (TNDH004) including: ▪ 3m @ 16.56g/t Au from 307m Lone Sister Deposit ▪ 89m @ 1.28g/t Au from 189m (LSHD002); ▪ 52m @ 2.77g/t Au from 299m (LSHD002) including: ▪ 5m @ 7.68g/t Au from 337m in (LSDH002). ▪ 10m @ 4.33g/t Au from 442m in (LSDH001A) including: ▪ 5m @ 6.18 g/t Au from 446m. • Assays pending for a further seven drillholes for 2,225m from Stage 1 drilling at 309. • Results to date from Stage 1 drilling have provided significant structural information and good vectors for targeting deeper, ‘feeder zone’ mineralisation below MRE. • Expediated Stage 2 drilling program expected to commence in the coming weeks . • Non-core asset divestment strategy continued with the completion of the sale of the Company’s White Dam project to Pacgold Limited (ASX: PGO) and Cloncurry Project to Evolution Mining Limited (ASX: EVN). Consideration for non-core asset sales included cash payments of A$1,700,000 and 15,000,000 Pacgold shares (currently valued at A$2,325,000). • Placement to both new and existing domestic and offshore institutional and sophisticated investors to raise gross proceeds of A$40m. For further information please contact: Daniel Hastings Chief Executive Officer +61 (0) 493 239 674 dhastings@gbmex.com.au Andrew Krelle Executive Director andrew.krelle@gbmex.com.au For personal use only
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ASX: GBM GBM RESOURCES LTD 2 Twin Hills Stage 1 Drilling - 309 and Lone Sister In late 2025, the Company commenced an initial drilling campaign at Twin Hills, designed to expand the existing mineral resource base and increase the understanding of both the geology and controls on the high -grade mineralisation at 309 and Lone Sister deposits . At total of 4,258.5m of drilling (including pre -collars), have been received to date, with an impressive 12.0% of all drilled and assayed meters at 309 and Lone Sister intersecting mineralisation above cut-off grade. Figure 1 – Twin Hills tenement package showing the location of various deposits. Given the highly complex nature of epithermal deposits, renowned epithermal specialist Greg Corbett has been engaged on an ongoing basis to provide technical oversight, apply advanced insights into paragenesis and controls on high -grade mineralisation, and support the Company’s geological team. This engagement has already materially improved the understanding of the mineralised system and strengthened exploration targeting. For personal use only
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ASX: GBM GBM RESOURCES LTD 3 309 Deposit At 309, approximately 5,000m of RC and diamond drilling has been completed to date. Importantly, Stage 1 drilling identified significant mineralisation outside of the current MRE, highlighting the substantial upside potential of the deposit and provided valuable information which will directly enhance drill targeting in subsequent drilling stages. Subsequent to quarter end, t he Company received assay results for six of thirteen drillholes from 309 with the results proving continuity of an identified high-grade mineralised zone outside of the existing MRE of 10.6Mt @ 1.5g/t Au for 0.52Moz (open pit & underground combined). Significant assay results from Stage 1 drilling at 309 included: ▪ 29m @ 3.13g/t Au from 194m (TNDH010 – Figure 3) including: ▪ 4m @ 15.11g/t Au from 195m including: • 1m @ 49.87g/t Au from 196m ▪ 29m @ 2.63g/t Au from 302m (TNDH004 – Figure 2) including: ▪ 3m @ 16.56g/t Au from 307m ▪ 13m @ 2.14g/t Au from 373m (TNDH003) including: ▪ 5m @ 3.43g/t Au from 379m Figure 2 – Cross-section view of TNDH004 drilled at the 309 deposit. For personal use only
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ASX: GBM GBM RESOURCES LTD 4 Figure 3 – Cross-section view of TNDH010 drilled at 309 deposit. Possible high -grade ore shoots at the 309 deposit are currently being modelled, along with the development of a structural framework to better define and target the high -grade zones at depth. Lone Sister Stage 1 holes drilled at Lone Sister (MRE of 12.4Mt @ 1.2g/t Au for 0.48Moz) comprised two mineralisation extension holes outside of the MRE and one metallurgical/multi -target drillhole. The program successfully aimed to provide infill and testing of lateral and the down-plunge extension of high-grade mineralisation hosted within a rhyolite dome and its associated breccia complex. LSDH002 was drilled in a south to north orientation and aimed to intersect infill mineralisation, provide material for metallurgical test work comprising various grades and oxidation states and also test an interpreted Mineralised East-West structure with high -grade gold mineralisation . Significant assays results (Figure 4) included: • 14m @ 1.19g/t Au from 60m: • 89m @ 1.28g/t Au from 189m: • 52m @ 2.77g/t Au from 299m including: o 3.2m @ 15.36g/t Au from 300m o 2m @ 11.21g/t Au from 329m o 4m @ 9.23g/t Au from 338m. The results lay within a broader zone of 181.7m @ 1.55g/t Au from 189m and contains a peak gold interval of 1m @ 43.04g/t Au from 300m which also lies outside of the existing MRE. For personal use only
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ASX: GBM GBM RESOURCES LTD 5 Figure 4 – Long section view of LSDH002 drilled at the Lone Sister deposit. LSDH001A was the first hole to be drilled in a north to south orientation and provided significant geological information leading to an updated interpretation of the controls on mineralisation at Lone Sister. This drillhole successfully intersected targeted mineralisation approximately 20m off the deepest existing intercept that informs the MRE at Lone Sister. This intercept displayed continuation of the higher-grade ore shoot and is expected to extend the deposit both upwards and at depth. Significant assays results from this hole included 10m @ 4.33g/t Au from 442m. The intersect is a heavily mineralised east-west structure assumed at this stage to be a rhyolite dyke with unique geochemistry (La, Ce, Y, Zr) cross-cutting older rhyolitic units. This style of mineralisation is typical of intrusive related gold mineralisation and suggests a more extensive and consistent mineral resource domain. The mineralised rhyolite suggests additional high-grade gold mineralisation could extend at depth beneath the current MRE. This is coupled with the high -grade low sulphidation epithermal style of mineralisation also seen at Lone Sister. LSDH003 returned significant results at the bottom of the hole, proximal to the Mineralised East -West Structure and in what is interpreted to be the same mineralised Rhyolite observed in the LSDH001 and LSDH002. Significant results from LSDH003 included: 7m @ 2.55g/t Au from 343m including 4m @ 4.01g/t Au from 347m. The Company believes that the style of mineralisation observed in all three drill holes makes it likely that it is continuous around the margins of the rhyolite intrusive. For personal use only
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ASX: GBM GBM RESOURCES LTD 6 Corporate Non-Core Asset Divestments White Dam During the quarter, the Company completed the Share Sale and Purchase Agreement with Pacgold Limited (ASX: PGO) whereby Pacgold acquired 100% of the issued capital of the Company’s wholly owned subsidiary, Millstream Resources Pty Ltd, the 100% beneficial and legal holder of White Dam Gold-Copper Heap Leach Project, for the following consideration: • A$1,200,000 in cash; • 15,000,000 fully paid ordinary shares in Pacgold at completion; and • A deferred payment of A$2,200,000 payable in cash or shares (at Pacgold’s election) upon commercial production of at least 5,000oz of gold from White Dam. The 15,000,000 fully paid ordinary shares in Pacgold are subject to a 12 month voluntary escrow. The share consideration allows for the Company to retain upside exposure to the potential of both White Dam and Pacgold’s other existing gold and antimony assets. Cloncurry Subsequent to the end of the quarter, the Company advised that it had entered and completed an agreement with a subsidiary of Evolution Mining Limited (ASX: EVN) for the sale of the Company’s Cloncurry project (“Cloncurry”) in Queensland. Consideration comprise d a cash payment of A$500,000 and a net smelter royalty of up to 2% on tenements at Cloncurry, allowing the Company to retain upside exposure to the project. Placement During the quarter, t he Company announced that it has successfully secured commitments from both new and existing domestic and offshore institutional and sophisticated investors to subscribe for approx. 752 million new fully paid ordinary shares to raise gross proceeds of A$ 40m before costs (“Placement”). The Placement was led by the Company’s largest shareholder, Wise Walkers Limited, who subscribed for A$8.0 million of the Placement (of which A$3.0 million was received in the December 2025 quarter with the remaining balance of A$5.0 million to be received in the March 2026 quarter ). Significant support was also received from existing investors, alongside new institutional investors which has further strengthened and diversified the Company’s shareholder base. Canaccord Genuity (Australia) Limited acted as Lead Manager and Bookrunner to the Placement with Argonaut Securities Pty Ltd as Co-Lead Manager. Yandan Environmental Bond During the quarter, the Company placed on deposit via an associated bank guarantee approximately A$2.6 million (classified as a payment to acquire other non -current assets and not included in its cash and cash equivalents balance in the Company’s Appendix 5B ) with the Queensland Treasury in relation to the Environmental Bond associated with its Yandan Gold Project (“Yandan”). The Company is now fully bonded related to Yandan, increasing security of tenure over the asset. For personal use only
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ASX: GBM GBM RESOURCES LTD 7 About GBM Resources GBM Resources Limited (ASX: GB M) is a Queensland based mineral exploration and development company focused on the discovery of world -class gold deposits in Queensland, Australia. The Company has a high calibre project portfolio, hosting district scale mineral systems located within the Drummond Basin (QLD) . GBM’s flagship project s in the Drummond Basin (QLD) holds ~1.84 Moz of gold in JORC resources (Twin Hills, Yandan and Mt Coolon). Figure 5 – Drummond Basin Portfolio. For personal use only
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ASX: GBM GBM RESOURCES LTD 8 ASX Additional Information Provided in Accordance with ASX Listing Rules 5.3 Summary of Mining Tenements As at 31 December 2025 , the Company has an interest in the tenements and projects included in Appendix 2 with a comparison noted from the previous quarter. During the quarter, the key change in the Company’s interests included the divestment of the White Dam related tenements. Summary of Mining Exploration Activities Expenditure Activity Amount ($A’000) Consultants – Geophysical, Geological, Environmental, Field Team, Other (590) Field Equipment, Supplies, Vehicle Hire, Accommodation, Travel, Other (288) Tenement Maintenance, Rents, Rates and Application Fees (144) Drilling and Preparation (643) Assays (95) Total as reported in Appendix 5B (1,760) During the quarter ended 31 December 2025 , the Company White Dam gold -copper heap leach project operated on a reduced basis incurring expenditures of $519,000. There was no other mining or production activities during the quarter. Related Party Payments During the quarter ended 31 December 2025, the Company made payments of $ 49,000 to related parties and their associates. These payments relate to existing remuneration arrangements (executive salaries, director fees and superannuation of $49,000). For personal use only
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ASX: GBM GBM RESOURCES LTD 9 Appendix 1 - GBM Mineral Resource Estimate for the Drummond Basin Projects (Twin Hills, Yandan and Mt Coolon). The announcements containing the Table 1 Checklists of Assessment and Reporting Criteria relating to the 2012 JORC compliant Resources are: ➢ Koala/Glen Eva and Eugenia – GBM ASX Announcement, 4 December 2017, Mt Coolon Gold Project Scoping Study . ➢ Yandan – GBM ASX Announcement, 23 December 2020, Mt Coolon and Yandan Combined Resources Total 852,000 oz, following completion of Yandan acquisition, GBM ASX Announcement, 14 March 2023, Results of Yandan Mineral Resource Update ➢ Twin Hills – GBM ASX Announcements, 18 January 2019, Mt Coolon and Twin Hills Combined Resource Base Approaches 1 Million Ounces, 2 February 2022, Significant Resource Upgrade at Twin Hills Project and 5 December 2022, Twin Hills Gold Project Upgr ades to ~1 Moz Mineral Resource For personal use only
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ASX: GBM GBM RESOURCES LTD 10 Appendix 2 – Tenement Summary Schedule Project / Name Tenement No. Owner Manager Interest Interest Status Granted Expiry Approx Area sub- blocks 30/9/2025 31/12/2025 (km2 or Hectare-ha) South Australia White Dam EL6435 GBMR (Millstream) GBMR 100% 0% Granted 14-Oct-14 13-Oct-30 34 km2 EL6565 GBMR (Millstream) GBMR 100% 0% RA 28-Jul-20 27-Jul-27 161 km2 EL6946 GBMR (Millstream) GBMR 100% 0% Granted 6-Nov-23 5-Nov-29 438 km2 ML6395 GBMR (Millstream) GBMR 100% 0% Granted 8-Dec-11 7-Dec-26 249.9 ha ML6275 GBMR (Millstream) GBMR 100% 0% Granted 11-Sep-07 23-Jan-29 249.8 ha MPL107 GBMR (Millstream) GBMR 100% 0% Granted 24-Jan-08 23-Jan-29 132.3 ha MPL106 GBMR (Millstream) GBMR 100% 0% Granted 24-Jan-08 23-Jan-29 162.6 ha MPL105 GBMR (Millstream) GBMR 100% 0% Granted 24-Jan-08 23-Jan-29 250 ha MPL95 GBMR (Millstream) GBMR 100% 0% Granted 11-Sep-07 23-Jan-29 24.1 ha MPL139 GBMR (Millstream) GBMR 100% 0% Granted 8-Dec-11 7-Dec-26 249.77 ha Queensland Mount Isa Region (QLD) Mount Margaret Mt Malakoff Ext EPM16398 GBMR*2/Isa Tenements GBMR 100% 100% Granted 19-Oct-10 18-Oct-26 78 24 Cotswold EPM16622 GBMR*2/Isa Tenements GBMR 100% 100% Granted 30-Nov-12 29-Nov-26 10 3 Dry Creek EPM18172 GBMR*2/Isa Tenements GBMR 100% 100% Granted 13-Jul-12 12-Jul-27 150 46 Dry Creek Ext EPM18174 GBMR/Isa Tenements GBMR 100% 100% Granted 25-Oct-11 24-Oct-26 16 5 Mt Marge EPM19834 GBMR/Isa Tenements GBMR 100% 100% Granted 4-Mar-13 3-Mar-27 3 1 Tommy Creek EPM25544 GBMR/Isa Tenements GBMR 100% 100% Granted 11-Nov-14 10-Nov-26 33 10 Corella EPM25545 GBMR/Isa Tenements GBMR 100% 100% Granted 20-Mar-15 19-Mar-27 33 10 Middle Creek EPM27128 GBMR/Isa Tenements GBMR 100% 100% Granted 28-Jan-20 27-Jan-27 35 89 Sigma EPM27166 GBMR/Isa Tenements GBMR 100% 100% Granted 28-Jan-20 27-Jan-27 287 11 Bungalien Bungalien 2 EPM18207 GBMR*2/Isa Tenements GBMR 100% 100% Granted 24-May-12 23-May-27 120 37 The Brothers EPM25213 GBMR/Isa Tenements GBMR 100% 100% Granted 16-Oct-14 15-Oct-27 7 2 Drummond Basin (QLD) Yandan Yandan West EPM27644 GBMR/MCGM GBMR 100% 100% Granted 04-Jul-22 03-Jul-27 325 100 Yandan East EPM27591 GBMR/MCGM GBMR 100% 100% Granted 06-Jul-21 05-Jul-26 227 71 Clewitts EPM27592 GBMR/MCGM GBMR 100% 100% Granted 08-Jul-21 07-Jul-26 322 99 Yandan EPM8257 GBMR/Straits Gold*4 GBMR 100% 100% Granted 02-Sep-91 01-Sep-27 74.75 23 Yandan West ML1095 GBMR/Straits Gold*4 GBMR 100% 100% Granted 27-Jun-91 30-Jun-36 1369ha Yandan East ML1096 GBMR/Straits Gold*4 GBMR 100% 100% Granted 27-Jun-91 30-Jun-36 602.4ha Mt Coolon For personal use only
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ASX: GBM GBM RESOURCES LTD 11 Mt Coolon EPM15902 GBMR/MCGM GBMR 100% 100% Granted 13-Jun-08 12-Jun-28 299 92 Mt Coolon North EPM25365 GBMR/MCGM GBMR 100% 100% Granted 18-Sep-14 17-Sep-28 85 26 Mt Coolon East EPM25850 GBMR/MCGM GBMR 100% 100% Granted 07-Sep-15 06-Sep-28 176 54 Conway EPM7259 GBMR/MCGM GBMR 100% 100% Granted 18-May-90 17-May-28 39 12 Bulgonunna EPM26842 GBMR/MCGM GBMR 100% 100% Granted 15-Aug-19 14-Aug-29 325 100 Black Creek EPM26914 GBMR/MCGM GBMR 100% 100% Granted 15-Aug-19 14-Aug-29 325 100 Sullivan Creek EPM27555 GBMR/MCGM GBMR 100% 100% Granted 15-Sep-20 14-Sep-30 159 49 Belleview EPM27556 GBMR/MCGM GBMR 100% 100% Granted 05-Jul-21 04-Jul-26 325 100 Pasha EPM27557 GBMR/MCGM GBMR 100% 100% Granted 15-Sep-20 14-Sep-30 133 41 Suttor EPM27558 GBMR/MCGM GBMR 100% 100% Granted 05-Jul-21 04-Jul-26 270 83 Whynot EPM27598 GBMR/MCGM GBMR 100% 100% Granted 26-Jul-21 25-Jul-26 65 20 Glen Eva ML 10227 GBMR/MCGM GBMR 100% 100% Granted 05-Dec-96 31-Jan-34 1.30 Koala 1 ML 1029 GBMR/MCGM GBMR 100% 100% Granted 30-May-74 31-Jan-34 0.71 Koala Camp ML 1085 GBMR/MCGM GBMR 100% 100% Granted 27-Jan-94 31-Jan-34 0.05 Koala Plant ML 1086 GBMR/MCGM GBMR 100% 100% Granted 27-Jan-94 31-Jan-34 0.98 Twin Hills Dingo Range EPM19504 GBMR/MCGM*3 GBMR 100% 100% Granted 12-Mar-13 11-Mar-28 16.25 5 Twin Hills EPM19856 GBMR/MCGM*3 GBMR 100% 100% Granted 10-Mar-14 09-Mar-29 74.75 23 Anakie EPM25182 GBMR/MCGM GBMR 100% 100% Granted 14-Jan-14 13-Jan-29 35.75 11 Twin Hills South EPM27594 GBMR/MCGM GBMR 100% 100% Granted 25-Oct-22 24-Oct-27 325 100 Twin Hills North EPM27597 GBMR/MCGM GBMR 100% 100% Granted 08-Jul-21 07-Jul-26 273 84 Gunjulla EPM27974 GBMR/MCGM GBMR 100% 100% Granted 12-May-22 11-May-27 35.75 11 Frank Field EPM28140 GBMR/MCGM GBMR 100% 100% Granted 09-Dec-22 08-Dec-27 97.5 30 Yacimiento EPM27554 GBMR GBMR 100% 100% Granted 29-Mar-21 28-Mar-26 243.75 75 Twin Hills ML70316 GBMR/MCGM*3 GBMR 100% 100% Granted 16-Dec-04 31-Dec-34 238ha Mount Morgan Mt Morgan West EPM27096 GBMR GBMR 49% 49% Granted 28-Aug-19 27-Aug-27 325 100 Mt Morgan East EPM27097 GBMR GBMR 49% 49% Granted 11-Jan-21 10-Jan-26 299 92 Mt Morgan Central EPM27098 GBMR*1 GBMR 49% 49% Granted 16-Dec-20 15-Dec-25 159.25 49 Mount Usher EPM27865 GBMR GBMR 49% 49% Granted 28-Oct-25 27-Oct-30 22.75 7 Mt Morgan EPM17850 GBMR GBMR 49% 49% Granted 16-Apr-10 15-Apr-27 42 13 Mount Usher MDL2020 GBMR GBMR 49% 49% Granted 27-Oct-25 31-Oct-30 265.1 ha Total 5618 1624 Notes: *1 approximately 16km2 which was the area of previous EPM19849 Monera, is subject to 1% smelter royalty and other conditions to Rio Tinto. *2 subject to a 2% net smelter royalty is payable to Alcrest Royalties Australia Pty, on all or part of the tenement area. *3 subject to a 2.5% net smelter royalty is payable to Franco Nevada. On all or part of the tenement area. *5 subject to a 1.5% net smelter royalty is payable to Aeris Resources, capped at 300,000 oz Au Eq. For personal use only
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ASX: GBM GBM RESOURCES LTD 12 Competent Person’s Statement The information in this announcement that relates to Exploration Results is extracted from announcements dated 22 January 2026, 12 November 2025, 5 December 2022, 2 February 2022 , 11 November 2021, 29 January 2021, 18 January 2019 and 4 December 2017 respectively, which are available to view on the Company’s website and are based on, and fairly represent information compiled by the relevant Competent Person. The Company confirms that: (a) it is not aware of any new information or data that materially affects the information included in the original announcements; (b) all material assumptions included in the original announcements continue to apply and have not materially changed; and (c) the form and context in which the relevant Competent Persons’ findings are presented in this announcement have not been materially changed from the original announcements. The information in this announcement that relates to the Company’s Mineral Resources is extracted from announcements named and dated in Appendix 1 of this announcement, is based on, and fairly represents information compiled by the relevant Competent Persons and can be viewed on the Company’s website. The Company confirms that: (a) it is not aware of any new information or data that materially affects the information included in the original announcements; (b) all material assumptions included in the origin al announcements continue to apply and have not materially changed; and (c) the form and context in which the relevant Competent Persons’ findings are presented in this announcement have not been materially changed from the original announcements. No New Information Except where explicitly stated, this announcement contains references to prior exploration results, all of which have been cross -referenced to previous market announcements made by the Company. The Company confirms that it is not aware of any new informati on or data that materially affects the information included in the relevant market announcements. Forward Looking Statements Certain information in this document refers to the intentions of GBM Resource Limited (ASX: GBM), however these are not intended to be forecasts, forward looking statements or statements about the future matters for the purposes of the Corporations Act or any other applicable law. Statements regarding plans with respect to GBM’s projects are forward looking statements and can generally be identified by the use of such words as ‘project’, ‘foresee’, ‘plan’, ‘planned’, ‘expect’, ‘aim’, ‘intend’, ‘anticipate’ , ‘believe’, ‘estimate’ , ‘may’, ‘should’, ‘will’, or similar expressions. There can be no assurance that GBM’s plans for its projects will proceed as expected and there can be no assurance of future events which are subject to risk, uncertainties and other actions that may cause GBM’s actual results, performance or achievements to differ from those referred to in this announcement. While the information in this announcement has been prepared in good faith, there can be given no assurance or guarantee that the occurrence of these events referred to in this announcement will occur as contemplated. Accordingly, to the maximum extent permitted by law, GBM and any of its affiliates and their directors, officers, employees, agents and advisors disclaim any liabil ity whether direct or indirect, express or limited, contractual, tortuous, statutory or otherwise, in respect of the accuracy, reliability or completeness of the information in this announcement, or likelihood of fulfilment of any forward -looking statement; and do not make any representation of warranty, express or implied, as to the accuracy, reliability or completeness of the information in this announcement, or likelihood of fulfilment of any forward -looking statement or any event or results expressed or implied in any forward -looking statement; and disclaim all responsibility and liability for these forward -looking statements (including, without limitation, liability for negligence). This ASX Announcement has been authorised for release by the Company’s Chief Executive Officer. For personal use 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 GBM RESOURCES LIMITED ABN Quarter ended (“current quarter”) 91 124 752 745 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 - 155 1.1 Receipts from customers 1.2 Payments for - - (a) exploration & evaluation (b) development - - (c) production (314) (654) (d) staff costs (563) (1,390) (e) administration and corporate costs (345) (824) 1.3 Dividends received (see note 3) - - 1.4 Interest received 169 267 1.5 Interest and other costs of finance paid (34) (56) 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other – Business development costs Other – GST on purchases (346) 102 (453) 140 1.9 Net cash from / (used in) operating activities (1,331) (2,815) 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) tenements - - (c) property, plant and equipment (280) (495) (d) exploration & evaluation (1,760) (2,840) (e) investments - - (f) other non-current assets (2,645) (2,883) For personal use only
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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 (6 months) $A’000 2.2 Proceeds from the disposal of: 1,081 1,156 (a) entities (b) tenements - 400 (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 (3,604) (4,662) 3. Cash flows from financing activities 34,800 46,311 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 75 333 3.4 Transaction costs related to issues of equity securities or convertible debt securities (1,356) (1,456) 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - (6,170) 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (Proceeds received in advance for issue of equity securities) - - 3.10 Net cash from / (used in) financing activities 33,519 39,018 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 4,802 1,845 4.2 Net cash from / (used in) operating activities (item 1.9 above) (1,331) (2,815) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (3,604) (4,662) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 33,519 39,018 For personal use only
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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 (6 months) $A’000 4.5 Effect of movement in exchange rates on cash held - - 4.6 Cash and cash equivalents at end of period 33,386 33,386 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 70 157 5.2 Call deposits 33,316 4,645 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) 33,386 4,802 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 49 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 been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. For personal use only
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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. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (1,331) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (1,760) 8.3 Total relevant outgoings (item 8.1 + item 8.2) (3,091) 8.4 Cash and cash equivalents at quarter end (item 4.6) 33,386 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 33,386 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 11 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: Not applicable. 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: Not applicable. 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: Not applicable. 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. 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: 28 January 2026 Authorised by: 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. For personal use only