Announcement PDF 21 October 2024 QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDED 30 SEPTEMBER 2024 Key Points  Work on the Gum Creek Gold Project Feasibility Study (Study) has commenced with a focus on resource interpolation methods, mining schedules and costs, processing throughput rates, and dewatering costs.  Geotechnical drilling to aid open pit designs has been planned, whilst infill and extensional resource drilling has been designed for the deposits involved in the Study.  The Gum Creek Project has significant resource upside including excellent potential to extend the 10-year mine life through underground mining and additional drilling at the 12 resource areas not included in the recent Scoping Study 1. ________________________________________________________________________________ Horizon Gold Limited (ASX: HRN) (Horizon or the Company) is focussed on progressing its exploration and development activities at the 100%-owned Gum Creek Gold Project (Gum Creek or the Project) located in the Mid-West Region of Western Australia (Figure 1). Gum Creek has historically produced more than 1 million ounces of gold and currently hosts a gold resource of 44.45Mt @ 1.50g/t Au for 2.14 million ounces2. The Project currently covers 504km2 of granted tenure over the highly prospective and underexplored Gum Creek greenstone belt, which contains 37 open pit and three underground gold mines. During the quarter, further work on improving the economic outcomes of the Gum Creek Project was completed with a continued focus on reducing pre-production capital expenditure. Ordinary kriging interpolation methods for Swan/Swift, Howards and Shiraz have been assessed and will potentially be used in the Study. Several mining contractors have been consulted to update mining cost assumptions for use in the Study, and groundwater management consultants have been engaged to review previous dewatering costs and water management strategies. Cashflow analysis and mine scheduling work will also be completed at various processing throughput rates to reassess the optimal throughput for the Project and the potential for reducing processing plant pre-production capital expenditure. Approximately 1,900m of HQ diamond drilling has been planned to increase geotechnical knowledge and aid pit design work, and approximately 10,000m of infill and extensional resource RC drilling has been designed to increase resource confidence levels at certain deposits and follow-up several impressive intercepts returned from recent Horizon Gold drilling including 52m @ 5.9g/t Au from 91m 1 2 Refer to Horizon Gold Limited ASX Announcement dated 20 March 2024 titled “Compelling Gum Creek Scoping Study“. Refer to Horizon Gold Limited ASX Announcement dated 15 May 2023 titled “19% Increase in Resources at Gum Creek Project”. Horizon Gold Limited ACN: 614 175 923 Suite 8, Level 3, 47 Havelock Street, West Perth WA 6005 | PO Box 39, West Perth WA 6872 Telephone: +61 8 6331 6092 | Email: info@horizongold.com.au | Website: www.horizongold.com.au 1 including 13m @ 16.7g/t Au from 123m 3 (Wedge Prospect) and 24m @ 3.7g/t Au from 124m including 11m @ 7.6g/t Au from 125m 4 (Hawk Prospect). The Company believes the Gum Creek Gold Project can be a robust, viable stand‐alone mining operation and the work completed during the quarter represents the initial steps for the planned Gum Creek Feasibility Study. The Project has significant upside including excellent potential to extend the 10-year Gum Creek Scoping Study mine life through resource expansion drilling and underground mining. Underground mining options and economic evaluation work on the Swan/Swift, Kingfisher, Omega and Wilsons deposits is yet to be completed, and additional drilling at the 12 open pittable resource areas not included in the Study will likely increase the resource size of these deposits and elevate them to an economically viable status, further enhancing the positive financial outcomes of the Gum Creek Gold Project. Figure 1: Gum Creek Gold Project and surrounding gold resources and operating gold processing facilities. 3 Refer to Horizon Gold Limited ASX Announcement dated 16 November 2022 titled “Spectacular High Grade Gold Intercept returned from the Wedge Prospect”. 4 Refer to Horizon Gold Limited ASX Announcement dated 19 September 2022 titled “High Grades and Wide Gold Intercepts returned from RC Drilling”. 2 Corporate Alto Metals Limited Share Purchase In July 2023 the Company acquired 60.8 million shares in Alto Metals Limited (ASX:AME) for $3.17 million which currently represents 8.4% of AME’s issued capital. The average price paid per AME share was $0.052. AME owns the Sandstone Gold Project located approximately 90km south of the Gidgee mill. The Sandstone Gold Project covers over 740km2 of the Sandstone Greenstone Belt and contains an unconstrained MRE of 23.5Mt @ 1.4g/t Au for 1.05Moz. On 1 August 2024, Brightstar Resources Limited (ASX:BTR) and AME announced they had entered into a Scheme Implementation Deed under which AME agreed to propose a Scheme of Arrangement for the acquisition of 100% of AME by BTR. The transaction has a proforma value of approximately 6 cents per AME share and the AME share price has subsequently increased to similar levels. The value of AME shares currently owned by Horizon at 6 cents per AME share is $3.65 million. The investment is under review. Funding In September 2024, Horizon increased its short-term funding facility to $1,500,000 (previously $1,000,000) from Zeta Resources Limited (Horizon’s major shareholder) while the Company reviews its AME investment. The loan facility is unsecured, can be drawn in tranches of not less than $50,000 and interest is payable at 8.0% per annum. The funds will be repayable by no earlier than 31 December 2024. At quarter end none of the extra $500,000 loan facility had been drawn down. Director Resignation On 20 August 2024, Dugald Morrison resigned as a Non-executive Director to focus on other executive commitments. Annual General Meeting The Company will be holding its Annual General Meeting on Thursday 21 November 2024 at 9.30am (AWST) in the Meeting Room of The Country Women’s Association of Western Australia, 1176 Hay Street, West Perth, WA 6005. Additional ASX Listing Rule Disclosures As required by ASX Listing Rule 5.3, the Company advises it spent $525,000 on exploration and evaluation activities during the quarter. The expenditure is predominantly related to costs associated with further economic evaluation of the Gum Creek Gold Project including engineering and geological consulting services, and ongoing tenement rents and rates. There was no mining development or production activities conducted during the quarter. The total amount paid to directors of the entity and their related parties and associates (Section 6 of Appendix 5B) was $111,000, encompassing the Executive Director’s salary, Non-Executive Directors’ fees and associated superannuation, and $7,000 relating to geological drafting and administration services. As at 30 September 2024, Horizon had a cash at hand balance of $305,000. 3 Mining Tenements The status of the Company’s mining tenements as at 30 September 2024 are detailed in Appendix 1. This ASX announcement was authorised for release by the Horizon Board. For further information contact: Leigh Ryan Managing Director +61 8 6331 6092 Horizon Gold Limited Mineral Resources Table A: Gum Creek Gold Resources as at 15 May 2023 Cut-off grade (g/t Au) Resource Date Swan/Swift OC Swan UG Swift UG Wilsons UG Howards Kingfisher OC Kingfisher UG Heron Heron South Shiraz Eagle Wyooda Snook Hawk Toedter Specimen Well Wedge Camel Bore Kearrys Psi HypernoReliance Melbourne Bitter Deep South Reliance Eagles Peak Orion Wahoo Fangio Jul-22 Jul-22 Jul-22 Jul-13 May-23 May-23 May-23 May-23 May-23 May-23 May-23 Jul-22 Jul-22 May-23 Aug-16 May-23 May-23 Jul-22 May-23 Jul-22 0.4 2.5 / 3.0* 3.0 1.0 0.4 0.6 1.5 0.6 0.8 0.4 0.8 0.8 0.8 0.6 0.5 0.8 0.6 0.8 0.6 0.8 May-23 Total Indicated Au Tonnes Gold (oz) (g/t) 9,980,000 301,000 2,131,000 8,064,000 621,000 359,000 330,000 720,000 2,539,000 395,000 430,000 75,000 378,000 379,000 450,000 100,000 1.09 6.91 5.33 0.82 1.77 3.48 2.11 1.79 0.70 1.94 1.56 2.57 1.28 1.47 1.24 2.08 349,500 66,900 365,000 213,100 35,400 40,200 22,400 41,400 57,300 24,700 21,600 6,200 15,500 17,900 18,000 6,700 0.6 119,000 1.73 May-23 0.6 214,000 1.56 May-23 0.6 176,000 May-23 Jul-22 Jul-22 May-23 0.6 0.8 0.8 0.6 264,000 69,000 99,000 28,193,000 Inferred Au Tonnes Gold (oz) (g/t) Tonnes 434,100 118,500 25,400 391,000 266,900 45,100 135,700 110,600 78,900 78,900 68,800 64,800 54,000 34,400 34,000 25,500 23,800 21,800 20,000 19,000 445,000 1.31 18,800 6,100 362,000 1.44 16,800 1.56 2,400 224,000 1.62 11,700 0.99 1.40 1.25 1.35 1,300 8,200 10,400 1,300 305,000 251,000 258,000 129,000 1.16 1.43 1.25 1.33 11,400 11,500 10,400 5,500 0.96 7.10 5.72 5.95 0.78 1.12 3.24 1.51 1.53 0.63 1.80 1.56 1.76 1.25 1.54 1.50 1.52 1.21 1.35 1.69 84,600 51,600 25,400 26,000 53,800 9,700 95,500 88,200 37,500 21,600 44,100 43,200 47,800 18,900 34,000 25,500 23,800 3,900 2,000 12,300 12,715,000 527,000 138,000 2,267,000 10,200,000 890,000 1,276,000 2,152,000 1,481,000 3,603,000 1,159,000 1,292,000 921,000 849,000 689,000 529,000 487,000 479,000 496,000 326,000 6,600 326,000 1.16 12,200 10,700 148,000 1.28 1.64 9,300 48,000 1.19 1.49 1.32 10,100 3,300 4,200 41,000 182,000 258,000 30,000 1,346,000 16,257,000 Gold (oz) 1.06 6.99 5.72 5.36 0.81 1.58 3.31 1.60 1.66 0.68 1.85 1.56 1.82 1.26 1.54 1.50 1.52 1.42 1.25 1.81 2,735,000 226,000 138,000 136,000 2,136,000 269,000 917,000 1,822,000 761,000 1,064,000 764,000 862,000 846,000 471,000 689,000 529,000 487,000 100,000 46,000 226,000 1.48 Total Au (g/t) 1.51 791,300 44,450,000 1.50 2,137,300 * Cut-off grades are 2.5g/t Au for Swan Underground (UG) Indicated, and 3.0g/t Au for Swan UG Inferred. ** Wyooda includes the Kingston Town, Think Big and Manikato resources which are within 600m and 200m of each other respectively. Notes: Figures have been rounded. 4 Table B: Altair Inferred Base Metal Mineral Resource as at 14 March 2023 Cut-off Total Tonnes & Grade Total Metal Content ZnEq % Mt ZnEq % Zn % Cu % Ag g/t ZnEq (Kt) Zn (Kt) Cu (Kt) Ag (Moz) 2.0 7.0 2.9 1.8 0.5 5.0 200 130 30 1.1 Note: The metal equivalent calculation formula is ZnEq % = Zn (%) + 2.78 x Cu (%) + 0.018 x Ag (g/t) using metal prices of A$4,500/t Zn, A$12,500/t Cu and A$30/oz Ag. Based on preliminary metallurgical studies, recoveries used were 90% for Zn, 90% for Cu, and 75% for Ag. Figures have been rounded. Competent Persons Statement: The information that relates to the Scoping Study and the information that relates to Exploration Results in this announcement is based on information compiled by Mr Leigh Ryan, who is a member of The Australasian Institute of Geoscientists. Mr Ryan is the Managing Director of Horizon Gold Limited and holds shares and options in the Company, Mr Ryan 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 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Ryan consents to the inclusion in the report of the matters based on information provided in the form and context in which it appears. No New Information or Data: This announcement contains references to Mineral Resource estimates, all of which have been cross referenced to previous market announcements. The Company confirms that it is not aware of any additional information or data that materially affects the information included in the relevant market announcements and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. Forward Looking Statements: This ASX announcement may contain certain “forward-looking statements” which may not have been based solely on historical facts, but rather may be based on the Company’s current expectations about future events and results. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward looking statements are subject to risks, uncertainties, assumptions and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to metals price volatility, currency fluctuations, as well as political and operational risks and governmental regulation and judicial outcomes. 5 APPENDIX 1: (a) Horizon Group Mining Tenements held as at 30 September 2024 Lease E51/1538 E51/1844 E51/2027 E51/2028 E53/1725 E53/1955 L51/93 L53/46 L53/47 L53/95 L53/96 L53/116 L53/199 L57/20 L57/44 L57/47 M51/104 M51/105 M51/157 M51/185 M51/186 M51/290 M51/410 M51/458 M53/10 M53/11 M53/105 M53/153 M53/251 M53/500 M53/716 M53/904 M53/988 M57/634 M57/635 E53/2162 E53/2168 E57/1177 P53/1702 E57/1405 E57/1407 E51/2203 E53/2321 Location Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Area of Interest Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Status Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Application Application Application Application Expiry Date 03-Feb-26 22-Jan-28 09-Sep-26 09-Sep-26 03-Jul-25 18-Jan-28 24-Nov-34 28-Feb-25 26-Sep-25 13-Dec-28 13-Dec-28 30-Jul-44 29-Jul-36 20-Jun-44 12-Jun-33 13-Aug-34 11-May-29 09-May-31 09-Mar-30 18-Feb-30 18-Feb-30 09-May-31 10-Mar-34 09-Feb-35 24-Nov-25 24-Nov-25 29-Aug-30 28-Jun-32 02-Sep-34 21-May-42 07-Sep-40 28-Sep-42 12-Mar-45 14-Jul-35 01-Sep-35 07-Feb-27 01-Mar-27 30-Jun-27 30-Sep-27 N/A N/A N/A N/A Holder GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK Horizon's Interest 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% 100% Mineral Rights All All All All All All Infrastructure Infrastructure Infrastructure Infrastructure Infrastructure Infrastructure Infrastructure Infrastructure Infrastructure Infrastructure All All All All All All All All All All All All All All All All All All All All All All All All All All All 6 Lease E57/1421 L51/136 L53/307 L53/308 L53/310 L57/71 Location Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Area of Interest Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Status Application Application Granted Granted Application Granted Expiry Date N/A N/A 23-Jul-45 23-Jul-45 N/A 17-Sep-45 Holder GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK E= Exploration Licence (WA) M = Mining Lease (WA) P = Prospecting Licence (WA) Holder: GUM CREEK = Gum Creek Gold Mines Pty Ltd (100% Subsidiary of Horizon Gold Limited) Horizon's Interest 100% 100% 100% 100% 100% 100% Mineral Rights All Infrastructure Infrastructure Infrastructure Infrastructure Infrastructure L = Miscellaneous Licence (WA) * Renewal Application submitted (b) Changes of Interest in mining tenements during the quarter Tenement Reference and Location L53/307 Gidgee L53/308 Gidgee L57/71 Gidgee L53/310 Gidgee Nature of Interest Interest at beginning of Quarter Interest at end of Quarter 100% 100% 100% 0% 100% 100% 100% 100% Interest at beginning of Quarter Interest at end of Quarter Application Granted Application Granted Application Granted Application (c) Farm-in or farm-out changes during the Quarter Tenement Reference and Location Nature of Interest Nil 7 Rule 5.5 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity HORIZON GOLD LIMITED ABN Quarter ended (“current quarter”) 27 614 175 923 30 SEPTEMBER 2024 Consolidated statement of cash flows Current quarter $A’000 1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for Year to date (3 months) $A’000 4 4 (a) exploration & evaluation (if expensed) - - (b) development - - (c) production - - (d) staff costs (incl for Care & Maint.) (32) (32) (e) direct site Care & Maint. costs (1) (1) (218) (218) (f) administration and corporate costs 1.3 Dividends received (see note 3) - - 1.4 Interest received 3 3 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other (FY 2023 WA State MRF payment) (145) (145) 1.9 Net cash from / (used in) operating activities (389) (389) 2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities - - (b) tenements - - (c) property, plant and equipment - - (525) (525) (e) investments - - (f) - - (d) exploration & evaluation (if capitalised) other non-current assets ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 1 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Consolidated statement of cash flows 2.2 Current quarter $A’000 Year to date (3 months) $A’000 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/from other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other – security deposits paid Other – security deposits received - - 2.6 Net cash from / (used in) investing activities (525) (525) 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 1,000 1,000 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other – Lease payments - - 3.10 Net cash from / (used in) financing activities 1,000 1,000 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 219 219 4.2 Net cash from / (used in) operating activities (item 1.9 above) (389) (389) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (525) (525) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 1,000 1,000 ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 2 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report 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 305 305 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 284 198 5.2 Call deposits - - 5.3 Bank overdrafts - - 5.4 Other – Term Deposits < 3 months 21 21 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 305 219 6. Payments to related parties of the entity and their associates 6.1 Aggregate amount of payments to related parties and their associates included in item 1 111 6.2 Aggregate amount of payments to related parties and their associates included in item 2 7 Current quarter $A'000 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. ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 3 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report 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 1,500 1,000 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. 500 In September 2024, Horizon increased its short-term funding facility to $1,500,000 (previously $1,000,000) from Zeta Resources Limited (Horizon’s major shareholder). In summary, the terms of the facility are that the fund will be loaned unsecured, can be drawn in tranches of not less than $50,000 and interest is payable at 8.0% per annum. The funds will be repayable by no earlier than 31 December 2024 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (389) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (525) 8.3 Total relevant outgoings (item 8.1 + item 8.2) (914) 8.4 Cash and cash equivalents at quarter end (item 4.6) 305 8.5 Unused finance facilities available at quarter end (item 7.5) 500 8.6 Total available funding (item 8.4 + item 8.5) 805 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 0.9 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: No, the previous quarter's expenditure ($914,000) included a $145,000 one off yearly payment for Mining Rehabilitation Fund Levy and $235,000 of yearly rental payments for tenements which is not representative for future quarters, and as such expenditure in the short-term is likely to be reduced significantly. 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: The Company will seek to raise equity funds, undertake further borrowings, or sell non-core assets if required. It is expected that the Company will be successful in its future fund-raising activities ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 4 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report 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: The Company expects to continue its operations and meet its business objectives via its existing funds and future fund raising when required. 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: 21 October 2024 Authorised by: By the Board 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, 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. 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. ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 5