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RNS Number : 0416T  New Frontier Minerals Limited  30 July 2025

New Frontier Minerals Limited / Index: LSE & LSE / Epic: NFM / Sector:
Industrial Metals and Mining

 

30 July 2025

New Frontier Minerals Limited

("NFM" or the "Company")

 

Quarterly Report

 

New Frontier Minerals Limited (LSE/ASX: NFM) is pleased to announce its
quarterly activities report for the period ending 30 June 2025.

 

QUARTERLY HIGHLIGHTS

 

Harts Range Project

·    Results from 25 rock chip samples at the Cusp and Bobs Prospects
showed significant Heavy Rare Earth (HRE) mineralisation, with up to 11.75%
Dysprosium Oxide and 1.87% Terbium Oxide within the Total Rare Earth Oxide
(TREO) composition

·    An April 2025 site visit commenced the investigation of 46 targets
identified from the airborne geophysical survey

·    Assay results from the April 2025 field program confirmed two new
drill targets and identified promising new prospects - Paddington and
Westminster, located approximately 200m and 450m west of the mineralised Bobs
Prospect

·    Two new prospects, Paddington and Westminster were discovered with
high-grade HRE elements (up to 10.61% TREO) and notable Niobium (up to 23.56%
Nb2O5) and Tantalum (up to 15.67% Ta2O5)

·    These results, combined with findings from the Bobs and Cusp
prospects validated an eastwest trending structural corridor now extending
over 2 kilometres at the Harts Range Project

·    NFM's geology team spent several days at the Harts Range Project in
June 2025 finalising high-priority targets for drill-testing which now include
Cusp, Bobs, Paddington, Westminster and the newly identified Old Trafford and
Bank Prospects

·    Applied for three new tenements (EL34109, EL34110, EL34147) to expand
exploration footprint at Harts Range

·    NFM received a $59k grant from the NT Geological Survey's Geophysics
and Drilling Collaborations program

Next steps

·    NFM is in the process of finalising land access and environmental
licensing to ensure compliance with grant conditions, with a contract
submission deadline of August 1, 2025

·    NFM is reviewing quotes from potential drilling contractors and
advancing regulatory approvals to expedite a 2,000m-3,000m Reverse Circulation
(RC) drilling program

·    Prepare for the maiden RC drilling campaign in Q3 FY25 subject to
government approvals

 

NWQ Copper Project

·    Conducted a site visit to Austral Resources' (ASX: AR1) Mt Kelly
Copper Processing Plant reinforcing NFM's collaboration and production plans
for its NWQ Copper Project

·    Bulk samples were collected from historical stockpiles at the Big One
Deposit for copper processing evaluation at the Mt Kelly Processing Plant

·    Assays from 12 selective grab samples returned copper grades ranging
from 3.9% to 11.85% with sulphuric acid leach recoveries ranging from 83% to
99% Cu, confirming potential for conventional acid leach processing

Next steps

·    NFM plans to progress Mining Lease Applications and regulatory
requirements over the Big One Deposit

·    Commence metallurgical testing of existing copper oxide stockpiles to
fast-track near-term copper production

 

Corporate

·    New Frontier raised $1.59 million through a placement of 144,477,270
shares at $0.011 each, supported by institutional and sophisticated investors

·    Total cash and liquid investments at 30 June 2025 $2.36 million

 

 

HARTS RANGE PROJECT

 

New Frontier Minerals Ltd (ASX: NFM) announced significant findings at the
Harts Range Heavy Rare Earths, Uranium, and Niobium Project, located 140 km
northeast of Alice Springs in the Northern Territory, over the April to June
2025 quarter.

 

The Company conducted rare earth distribution analysis on 25 rock chip samples
from the Cusp and Bobs Prospects, revealing significant Heavy Rare Earth (HRE)
mineralisation, particularly Dysprosium and Terbium, critical for defence
applications. Key findings include:

 

Cusp Prospect (13 samples):

·    High HRE concentration, with over 92% of the Rare Earth Oxide (REO)
basket comprising HRE

·    Dysprosium Oxide (Dy2O3): 11.75%, Terbium Oxide (Tb4O7): 1.87%

·    Rare earth basket comprises over 92% HRE minerals with combined
Dysprosium and Terbium distribution making up 13.63% of TREO

 

  Figure 1: Distribution of Dysprosium and Terbium rich mineralisation at
Cusp Prospect

 

Bobs Prospect (12 samples):

·    Higher HRE concentration, with over 97% of the TREO basket comprising
HREs

·    Yttrium Oxide (Y2O3): 71.06%, Dysprosium Oxide (Dy2O3): 8.75%,
Terbium Oxide (Tb4O7): 1.18%

·    Combined Dysprosium and Terbium: 9.93% of TREO basket

 

Figure 2: Distribution of Dysprosium and Terbium rich mineralisation at Bobs
Prospect

 

Both prospects, located 1.6km apart along the same east-west trending
structure, show similar mineralisation and geological settings, indicating
substantial exploration potential.

 

China's recent export restrictions on Dysprosium and Terbium underscore the
urgent need for alternative sources, positioning the Harts Range Project as a
strategically important opportunity to develop new HRE supplies.

 

Field Exploration Site Visits

A field exploration campaign in April 2025 at the Harts Range Project, was
aimed at investigating 46 targets identified through the prior airborne
geophysical survey, targeting untested areas for potential Uranium, Niobium,
and HREE mineralisation, with Uranium serving as a key pathfinder element.

 

Exploration efforts led to the discovery of two new prospects, "Paddington"
and "Westminster," located approximately 200m and 450m west of the Bobs
Prospect, respectively.

 

Prospects Summary Table

 PROSPECT     Best TREO (%)   Max HREO/TREO (%)  Max Dy2O3 (%)  Max Tb4O7 (%)   Max Nb2O5 (%)   Max Ta2O5 (%)
 CUSP         17.8% (HR482)   89.6% (HRS012)     2.2% (HR482)   0.2% (HR482)    33.2% (HR482)   13.4% (HR481)
 BOBS         20.1% (HR508)   94.5% (HR506)      1.7% (HR505)   0.2% (HR505)    10.1% (HRS002)  23% (HRS002)
 PADDINGTON   10.6% (HRS019)  84.68% (HRS031)    1.3% (HRS019)  0.2% (HRS019)   23.6% (HRS019)  15.7% (HRS019)
 WESTMINSTER  7.5% (HRS032)   96.69% (HRS032)    0.5% (HRS032)  0.06% (HRS032)  0.01% (HRS032   0.03% (HRS032)

 

Assay results from 14 rock chip samples (HRS019-HRS032) collected from
plagioclase and mica-rich pegmatite outcrops confirmed high-grade HREE
mineralisation.

 

Notable results included:

HRS019 (Paddington) with 10.61% TREO (1.28% Dy2O3, 0.22% Tb4O7), 23.56% Nb2O5,
and 15.67% Ta2O5;

HRS031 (Paddington) with 5.17% TREO (0.61% Dy2O3, 0.10% Tb4O7), 11.49% Nb2O5,
and 7.30% Ta2O5; and

HRS032 (Westminster) with 7.46% TREO (0.53% Dy2O3, 0.05% Tb4O7), 0.01% Nb2O5,
and 0.002% Ta2O5.

 

These samples, submitted to Intertek Perth Laboratory, revealed high HREO/TREO
ratios up to 96.69%, highlighting significant Dysprosium and Terbium
enrichment alongside notable Niobium and Tantalum values, particularly in
samarskite mineralisation.

 

The Paddington, Westminster, Bobs, and Cusp prospects collectively defined an
east-west trending structural corridor extending over 2 kilometres, identified
through geophysical interpretation as a potential control for the
mineralisation.

 

In June 2025, NFM's geological team returned to the Harts Range Project, with
the aim to finalise high-priority drill targets at the Cusp, Bobs, Paddington,
Westminster and newly identified Old Trafford and Bank Prospects.

 

The Old Trafford Prospect, located 320m west of Westminster, featured a
plagioclase and quartz-rich pegmatite outcrop with samarskite fragments,
recording Geiger counter readings up to 6 μSv (sample HRS066). At
Westminster, further inspection confirmed samarskite in a micaceous pegmatite
section with readings up to 8 μSv (sample HRS064). North of Cusp, the Bank
Prospect revealed copper mineralisation (0.5-3% Cu) in foliated gneiss (sample
HRS055).

 

A prominent magnetic anomaly, approximately 150-200m in diameter, was
identified at the Kings Cross Prospect in the southern tenement area,
interpreted as a series of smaller features and one larger anomaly.

 

New Frontier Minerals has taken a proactive step in expanding its operational
footprint by applying for three new tenements (EL34109 & EL34110 &
EL34147) at Harts Range. This expansion reflects our commitment to exploring
and developing high-potential mineral resources in the region.

 

Funding Received Through Grant

New Frontier Minerals was awarded a $59,000 grant (inclusive of GST) through
the Northern Territory Geological Survey's Geophysics and Drilling
Collaborations program, part of the Resourcing the Territory initiative. This
includes a $10,000 Territory Supplier Incentive. The grant will support up to
1,360 meters of Reverse Circulation (RC) drilling at the Harts Range Project,
reducing the financial commitment for the Company's maiden drilling campaign
targeting HREE, Niobium, and Uranium.

 

Next Steps

·    Continue field investigations, focusing on identifying priority
targets for drilling

·    Analyse assay results from the Old Trafford, Westminster and Bank
Prospects to prioritise drilling targets

·    Prepare for the maiden RC drilling campaign in Q3 FY25 subject to
government approvals

 

NWQ COPPER PROJECT

 

New Frontier made significant strides this quarter in advancing its 100% owned
NWQ Copper Project, located in the world-renowned Mt Isa Copper Belt in
north-west Queensland. The project, spanning 977 km², is strategically
positioned in a Tier 1 jurisdiction with access to world-class infrastructure
and is surrounded by major mining operations such as Anglo American, Glencore,
and Rio Tinto.

 

The flagship Big One Deposit, with a JORC-compliant Mineral Resource Estimate
of 2.1 Mt at 1.1% Cu (21,886 tonnes of contained copper), is the most advanced
prospect within the project, which also includes over 20 under-explored
targets with significant copper mineralisation potential.

 

A strategic site visit to Austral Resources' (ASX: AR1) Mt Kelly Copper
Processing Plant, combined with encouraging preliminary metallurgical test
results from bulk samples, has reinforced NFM's pathway to near-term copper
production through a Memorandum of Understanding (MOU) with Austral Resources.

 

During the site visit, led by NFM's Non-Executive Director and geologist Joel
Logan, bulk samples totalling approximately 200 kg were collected from three
historical stockpiles at the Big One Deposit.

 

These samples, comprising mineralised lithologies such as siltstone,
greywacke, sandstone and altered trachyte dykes, underwent geochemical
analysis and sequential metallurgical leach testing at ALS Mt Isa.

 

The tests focused on copper leachability using sulphuric acid and cyanide
reagents, simulating standard heap and vat leach processing.

 

 Results showed exceptional sulphuric acid leach recoveries ranging from
83.18% to 99.09%, with over two-thirds of samples exceeding 95% recovery,
confirming the material's compatibility with conventional acid leaching
methods used at Mt Kelly.

 

Assays from 12 selective grab samples revealed copper grades of 3.9% to
11.85%, with low residual copper (<1.2%) indicating minimal resistate
minerals. Cyanide leaching identified minor copper sulphide minerals in some
samples, suggesting potential for supplemental recovery methods.

 

These outcomes align with the Mt Kelly facility's flowsheet, supporting a
low-cost, streamlined production pathway under the MOU, which was formalised
on January 25, 2025.

 

NFM's strategic alliance with Austral Resources leverages the Mt Kelly
facility's advanced infrastructure to process high-grade copper ore from the
Big One Deposit, with potential expansion to satellite targets within the NWQ
Copper Project.

 

The partnership, underpinned by a profit-sharing model, enhances commercial
flexibility and positions NFM to capitalise on existing infrastructure and
regional expertise. NFM's near-term plans include advancing Mining Lease
Applications, conducting further metallurgical testing, drilling to expand the
resource base, and collaborating with Austral Resources to define an efficient
production work program.

 

These efforts, supported by growing global copper demand driven by
decarbonisation and electrification, position the NWQ Copper Project as a
standout asset with significant growth potential in one of the world's premier
copper regions.

 

CORPORATE ACTIVITY

 

Capital Raise

New Frontier Minerals Limited (ASX: NFM) raised $1.59 million gross through a
placement of 144,477,270 shares at $0.011 each, supported by institutional and
sophisticated investors.

The placement was managed by CPS Capital Group who were issued 20,000,000
options as part remuneration for their lead manager service.

 

FINANCIAL UPDATE

 

Quarterly Cash and Liquid Investments Position

Cash on hand and liquid investments at end of the quarter totalled $2.36
million (including cash on hand of $1.85m and ASX listed shares, as noted
below).

 

The Company holds 40 million Infinity Mining Limited (ASX: IMI) shares which
have a total market value of ~$400,000 (40 million shares x $0.01 per share as
at 30/06/2025) along with 20 million unlisted options (expiry 30/11/2029,
strike $0.07). The shares were released from escrow on 15 April 2025.

 

The Company also holds 18,887,021 Impact Minerals Limited (ASX: IPT) shares
which have a total market value of ~$113,000 (18,887,021 shares x $0.006 per
share as at 30/06/2025). The shares are subject to voluntary escrow
arrangements, with one-sixth of the shares being released each month over a
six-month period ending 9 September 2025.

 

Rehabilitation security bonds held at the end of the quarter totalled $54,000.

 

Securities on Issue at Quarter End

 Ordinary shares     1,605,212,625
 Performance shares  107,750,000
 Options             20,000,000

 

Information Required Under ASX Listing Rules

 

1. ASX LR 5.3.5

During the Quarter $88,000 was paid to related parties of the Company relating
to non-executive director fees and exploration consulting fees paid to an
entity controlled by a related party.

 

2. ASX LR 5.3.1

              Consulting fees  Rates and mines departments fees
 QLD          15,490           1,510
 Zambia       -                -
 Harts Range  205,000          -
              220,490          1,510

 

 

**ENDS**

 

This announcement was approved for release by the Board of New Frontier
Minerals Limited.

 

For further information please contact

 

 New Frontier Minerals Limited                 +61 8 6558 0886 
 Gerrard Hall (UK), Chairman 

 SI Capital Limited                            +44 (0)1483 413500 

 (Financial Adviser and Corporate Broker) 
 Nick Emerson 

 St Brides Partners Ltd                        +44 (0)20 7236 1177

 (Financial PR)  
 Ana Ribeiro and Charlotte Page

 

About New Frontier Minerals

New Frontier Minerals Limited is an Australian-based focussed explorer, with a
strategy to develop multi-commodity assets that demonstrate future potential
as an economic mining operation. Through the application of disciplined and
structured exploration, New Frontier has identified assets deemed core and is
actively progressing these interests up the value curve. Current focus will be
on advancing exploration activity at the Harts Range Niobium, Uranium and
Heavy Rare Earths Project which is circa 140km north-east from Alice Springs
in the Northern Territory.

 

Other interests include the NWQ Copper Project, situated in the copper-belt
district circa 150km north of Mt Isa in Queensland and the Broken Hill Project
in western New South Wales.

 

New Frontier Minerals is listed on the LSE and ASX under the ticker "NFM".

 

References

Refer to ASX and LSE announcements between 1 April and 3 June 2025.

 

Competent Persons Statement

I, Mark Biggs, confirm that I am the Competent Person for the Competent Person
Report from which the information to be publicly released has been obtained
and confirm that:

·      I have read and understood the requirements of the 2012 Edition
of the Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves (JORC Code, 2012 Edition) and the relevant sections
of Chapter 5 and Guidance Note 31 from the ASX Listing Rules.

·      I am a Competent Person as defined by the JORC Code 2012 Edition,
having 35 years of experience that is relevant to the REE, industrial mineral,
and copper mineralisation types, quality and potential mining method(s) of the
deposit(s) described in the Report.  In addition, I have 21 years of
experience in the estimation, assessment and evaluation of Exploration Results
and Mineral Resource Estimates, the activity for which I am accepting
responsibility.

·      I am a Member of The Australasian Institute of Mining and
Metallurgy (Member # 107188).

·      I have reviewed the Report or Excerpt from the Report to which
this Consent Statement applies.

·      I am a consultant working for ROM Resources and have been engaged
by New Frontier Minerals Limited to prepare the documentation for various
prospects within the Harts Range Prospect area on which the Report is based.

 

In addition:

·      I have disclosed to New Frontier Minerals Limited the full nature
of the relationship between myself and the Company, including any issues that
could be perceived by investors as a conflict of interest.  Mr Biggs is a
director of ROM Resources, a company which is a shareholder of New Frontier
Minerals Limited.  ROM Resources provides ad-hoc geological consultancy
services to New Frontier Minerals Limited.

·      I verify that the Report is based on and fairly and accurately
reflects in the form and context in which it appears, the information in my
supporting documentation relating to exploration results and any Mineral
Resource Estimates.

·      I consent to the release of the Report and this Consent Statement
by the Directors of New Frontier Minerals Limited.

 

Disclaimers

Any references to previous ASX and LSE announcements should be read in
conjunction with this release. Photos and commentary in this announcement
regarding field observations of surface geology are included in this report
for geological context and are not to be considered by the reader as a
substitute for assays.

 

Forward Looking Statements

Certain information in this document refers to the intentions of New Frontier
Minerals Ltd, but these are not intended to be forecasts, forward-looking
statements or statements about future matters for the purposes of the
Corporations Act or any other applicable law. The occurrence of events in the
future is subject to risks, uncertainties and other factors that may cause New
Frontier Minerals Ltd.'s actual results, performance or achievements to differ
from those referred to in this announcement. Accordingly, New Frontier
Minerals Ltd, its directors, officers, employees, and agents, do not give any
assurance or guarantee that the occurrence of the events referred to in this
announcement will occur as contemplated.

 

The interpretations and conclusions reached in this announcement are based on
current geological theory and the best evidence available to the authors at
the time of writing. It is the nature of all scientific conclusions that they
are founded on an assessment of probabilities and, however high these
probabilities might be, they make no claim for complete certainty. Any
economic decisions that might be taken based on interpretations or conclusions
contained in this announcement will therefore carry an element of risk. The
announcement may contain forward-looking statements that involve several risks
and uncertainties. These risks include but are not limited to, economic
conditions, stock market fluctuations, commodity demand and price movements,
access to infrastructure, timing of approvals, regulatory risks, operational
risks, reliance on key personnel, Ore Reserve and Mineral Resource estimates,
native title, foreign currency fluctuations, exploration risks, mining
development, construction, and commissioning risk. These forward-looking
statements are expressed in good faith and believed to have a reasonable
basis. These statements reflect current expectations, intentions or strategies
regarding the future and assumptions based on currently available information.

 

Should one or more of the risks or uncertainties materialise, or should
underlying assumptions prove incorrect, actual results may vary from the
expectations, intentions and strategies described in this announcement. No
obligation is assumed to update forward-looking statements if these beliefs,
opinions, and estimates should change or to reflect other future developments.

 

 

 

Appendix 5B

 

Mining exploration entity or oil and gas exploration entity

quarterly cash flow report

 

 Name of entity
 New Frontier Minerals Limited
 ABN               Quarter ended ("current quarter")
 52 137 606 476    30 June 2025

 

 Consolidated statement of cash flows                                                               Current quarter  Year to date (12 months)

$A'000
$A'000
 1.                   Cash flows from operating activities
 1.1                  Receipts from customers
 1.2                  Payments for
                      (a)  exploration & evaluation
                      (b)  development
                      (c)  production
                      (d)  staff costs
                      (e)  administration and corporate costs                                       (212)            (1,357)
 1.3                  Dividends received (see note 3)
 1.4                  Interest received                                                             3                26
 1.5                  Interest and other costs of finance paid
 1.6                  Income taxes paid
 1.7                  Government grants and tax incentives                                                           204
 1.8                  Other (provide details if material)
 1.9                  Net cash from / (used in) operating activities                                (209)            (1,127)

 2.                   Cash flows from investing activities
 2.1                  Payments to acquire or for:
                      (a)     entities
                      (b)     tenements                                                             (8)              (230)
                      (c)     property, plant and equipment                                                          (6)
                      (d)     exploration & evaluation                                              (222)            (510)
                      (e)     investments
                      (f)      other non-current assets
 2.2                  Proceeds from the disposal of:
                      (a)     entities
                      (b)     tenements
                      (c)     property, plant and equipment
                      (d)     investments                                                           106              653
                      (e)     other non-current assets                                                               441
 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                                (124)            348

 3.                   Cash flows from financing activities                                          1,589            1,589
 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  (95)             (95)
                      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 (provide details if material)
 3.10                 Net cash from / (used in) financing activities                                1,494            1,494

 4.                   Net increase / (decrease) in cash and cash equivalents for the period
 4.1                  Cash and cash equivalents at beginning of period                              686              1,118
 4.2                  Net cash from / (used in) operating activities (item 1.9 above)               (209)            (1,127)
 4.3                  Net cash from / (used in) investing activities (item 2.6 above)               (124)            348
 4.4                  Net cash from / (used in) financing activities (item 3.10 above)              1,494            1,494
 4.5                  Effect of movement in exchange rates on cash held                                              14
 4.6                  Cash and cash equivalents at end of period                                    1,847            1,847

 

 5.   Reconciliation of cash and cash equivalents                                 Current quarter  Previous quarter
      at the end of the quarter (as shown in the consolidated statement of cash
$A'000
$A'000
      flows) to the related items in the accounts
 5.1  Bank balances                                                               1,847            536
 5.2  Call deposits                                                                                150
 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)   1,847            686

 

 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  69(1)
      in item 1
 6.2  Aggregate amount of payments to related parties and their associates included  19
      in item 2

 (1)Comprises director's fees, consulting fees, and expense reimbursements for
 the quarter.

 

 7.   Financing facilities                                                     Total facility amount at quarter end  Amount drawn at quarter end

Note: the term "facility' includes all forms of financing arrangements
$A'000
$A'000
      available to the entity.

      Add notes as necessary for an understanding of the sources of finance
      available to the entity.
 7.1  Loan facilities
 7.2  Credit standby arrangements
 7.3  Other (please specify)
 7.4  Total financing facilities

 7.5  Unused financing facilities available at quarter end
 7.6  Include in the box below a description of each facility above, including the
      lender, interest rate, maturity date and whether it is secured or unsecured.
      If any additional financing facilities have been entered into or are proposed
      to be entered into after quarter end, include a note providing details of
      those facilities as well.

 

 8.   Estimated cash available for future operating activities                        $A'000
 8.1  Net cash from / (used in) operating activities (item 1.9)                       (209)
 8.2  (Payments for exploration & evaluation classified as investing activities)      (222)
      (item 2.1(d))
 8.3  Total relevant outgoings (item 8.1 + item 8.2)                                  (431)
 8.4  Cash and cash equivalents at quarter end (item 4.6)                             1,847
 8.5  Unused finance facilities available at quarter end (item 7.5)
 8.6  Total available funding (item 8.4 + item 8.5)                                   1,847

 8.7  Estimated quarters of funding available (item 8.6 divided by item 8.3)          4.3
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 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?
      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?
      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?
      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.

 

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:   30 July 2025

 

Authorised by: The Board of Directors

(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, 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.

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