CEO.CA Chairman's Briefing

PERTH, Australia, July 30, 2024 /CNW/ -

Highlights

Hot Chili Secures A$31.9 Million Funding to Accelerate Costa Fuego Copper Hub

• A$24.9 million private placement (Placement) to institutional and professional investors
• An additional A$7 million raised in Share Purchase Plan to all existing eligible shareholders at the same offer price as the Placement
• Funding facilitates completion of the Costa Fuego Pre-Feasibility Study, completion of the Water Supply Business Case Study, completion of the Costa Fuego Environmental Impact Assessment, commencement of a bankable feasibility study and further exploration activities over the next 18 months

Hot Chili Creates New Water Company – Huasco Water

• Hot Chili and its partner, Chilean iron ore company Compania Minera del Pacifico (CMP), have established a new water company called "HW Aguas para El Huasco SpA" (Huasco Water)
• Hot Chili holds an 80% interest in Huasco Water and CMP holds a 20% interest
  Transfer of all critical water assets (maritime water extraction licence, water easements, costal land accesses and second maritime application) to Huasco Water has commenced
  Business Case Study underway for a potential multi-user water business, supplying sea water and desalinated water to the Huasco Valley region of Chile, where Huasco Water has a first-mover advantage
  Hot Chili set to be a foundation water off-taker for Huasco Water, and discussions with other potential water off-takers and potential infrastructure partners are progressing well

Costa Fuego Pre-Feasibility Study On-Track

• Advancement of multiple development study workstreams, including drilling operations in support of metallurgical and hydrogeological studies
• Pre-Feasibility Study (PFS) for Costa Fuego copper-gold project planned for completion in late 2024

Exploration Activities Underway in Advance of Growth Drilling

• Deep penetrating, high resolution MIMDAS and Ground Magnetics geophysical surveys completed at Productora and Cortadera
• Ground Magnetics geophysical survey, surface soil sampling and geological mapping underway across the recently consolidated Domeyko landholding (Domeyko), located 30km south of Costa Fuego

Cash Position of A$33.8 Million

For more information contact:

Cautionary Statement – JORC Code (2012)

The Preliminary Economic Assessment referred to in this Report is equivalent to a Scoping Study under JORC Code (2012) reporting guidelines. It has been undertaken for the purpose of initial evaluation of a potential development of the Costa Fuego Copper Project in Chile. It is a preliminary technical and economic study of the potential viability of the Costa Fuego Copper Project. The PEA outcomes, production target and forecast financial information referred to in the report are based on low level technical and economic assessments that are insufficient to support estimation of Ore Reserves. The PEA is presented in US dollars to an accuracy level of +/- 35%. While each of the modifying factors was considered and applied, there is no certainty of eventual conversion to Ore Reserves or that the production target itself will be realised. Further exploration and evaluation and appropriate studies are required before Hot Chili will be in a position to estimate any Ore Reserves or to provide any assurance of any economic development case. Given the uncertainties involved, investors should not make any investment decisions based solely on the results of the PEA.

Of the Mineral Resources scheduled for extraction in the PEA production plan, approximately 99% are classified as Indicated and 1% as Inferred. The Company has concluded that it has reasonable grounds for disclosing a production target which includes a small amount of Inferred Mineral Resources. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised. The viability of the development scenario envisaged in the PEA does not depend on the inclusion of Inferred Mineral Resources. However, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Measured or Indicated Mineral Resource with continued drilling.

The Mineral Resources underpinning the production target in the PEA have been prepared by a competent person in accordance with the requirements of the JORC 2012. For full details on the Mineral Resource estimate, please refer to the ASX announcement of 31 March 2022. The Mineral Resource Estimate update released in February 2024 does not materially change the Mineral Resource inventory that formed the basis of the 2023 PEA, and no new scientific or technical information has been developed that would materially affect the outcome of the 2023 PEA and, therefore, the results and conclusions of the 2023 PEA are considered current and have been restated for this Report.

To achieve the outcomes indicated in the PEA, including reaching Definitive Feasibility Study ("DFS") and production stages, funding in the order of US$1.10 Billion will be required, including pre-production and working capital and assumed financing charges. Investors should note that that there is no certainty that Hot Chili will be able to raise that amount of funding when needed. One of the key assumptions is that the funding for the Project will be available when required. It is also possible that such funding may only be available on terms that may be dilutive to, or otherwise affect the value of, Hot Chili's existing shares. It is also possible that Hot Chili could pursue other value realisation strategies such as debt financing, a sale or partial sale of its interest in the Costa Fuego Copper Project, sale of further royalties and/or streaming rights, sale of non-committed offtake rights, and sale of non-core assets.

This Report contains forward-looking statements. Hot Chili has concluded that it has a reasonable basis for providing these forward-looking statements and believes it has a reasonable basis to expect it will be able to fund development of the Costa Fuego Copper Project. However, a number of factors could cause actual results or expectations to differ materially from the results expressed or implied in the forward-looking statements. Given the uncertainties involved, investors should not make any investment decisions based solely of the results of the PEA.

SUMMARY OF OPERATIONAL ACTIVITIES

Costa Fuego Pre-feasibility Study On-Track

During the quarter, the Company has continued to focus on several development studies workstreams ahead of the planned delivery of the Pre-Feasibility Study (PFS) in late 2024.

Development study drilling during the quarter has focussed on metallurgical and hydrogeological drill programs at Productora and the planned Tailings Storage Facility (TSF) for Costa Fuego. Seven diamond drillholes (405m) were completed at Productora during the quarter for metallurgical purposes. The resulting samples have been collected for further testwork on oxide and transitional material. Pre-existing diamond core at Cortadera has also been utilised for this testwork, which will confirm the application of NovaMineralis leach technology for the planned heap leach component of ore processing.

Hydrogeological and environmental studies of the planned TSF footprint also advanced significantly during the quarter, with a shallowly penetrating seismic survey completed in June in tandem with a diamond drillhole for calibration, incorporating hydrogeological permeability tests and geotechnical logging. Detailed surface geological mapping to define key hydrogeological domains was also completed. A further four water-monitoring bores are planned to be completed in Q3 2024.

Hot Chili's development team have completed geometallurgical modelling of the concentrator throughput to facilitate advanced scheduling for optimised mine designs. Remaining geometallurgy workstreams will focus on acid consumption modelling in the planned heap leach and dump leach.

Open pit and underground cave mine design has progressed well with the economic limits at all deposits completed and pit staging being finalised. Mine designs are being independently reviewed for geotechnical stability and detailed mine designs have commenced.

On- and off-site infrastructure designs for the proposed material handling system (Doppelmayr's rope conveyor technology) and infrastructure/utilities corridor between Productora and Cortadera (access, power and water supply) are being reviewed and optimised.

Hot Chili has also engaged several independent experts to review and provide assurance reports for all critical areas of the PFS such as the mineral resource, metallurgy, mine design, ore transport and handling, environmental permitting process, capital and operating costs. In all, fourteen assurance reports are being prepared. The assurance reporting process is nearing completion and will provide an additional level of expert review to the Independent Technical Review of the PFS, which has been awarded to engineering major Ausenco in conjunction with project management consultants Enthalpy during the quarter. The assurance reporting and Independent Technical Review process aims to ensure the delivery of a rigorous and robust PFS for Costa Fuego.

Port engineering studies being managed by Port of Las Losas are also progressing in consultation with Hot Chili development team. Port studies are being progressed in parallel with Costa Fuego's development timeline to ensure both rotainer and bulk tonnage port loading options are available.

Geophysical Surveys Completed at Productora and Cortadera

Twenty-nine Line-kilometres (Lkm) of MIMDAS¹ was completed from May to June across the Productora (12Lkm) and Cortadera (17Lkm) projects. This deep penetrating electrical geophysical technique detects the chargeability, resistivity, and conductivity properties of underlying rocks. The results of the surveys are currently under review, in combination with geological mapping, drillhole logging and existing geochemical datasets. 3D inversion of the

The new geophysical datasets will provide additional resolution for assessing several high priority growth targets located proximal to both of Hot Chili's bulk tonnage copper-gold resources.

Exploration Activities Underway in Advance of Growth Drilling

On 30th April 2024, Hot Chili announced an option to acquire concessions known as the "Domeyko cluster" (Domeyko) within the historic Domeyko copper-gold mining centre, located approximately 30km south of Hot Chili's planned central processing location (at Productora) for Costa Fuego. Domeyko covers an area of 141 km² and represents a 25% increase in Hot Chili's total landholding area at Costa Fuego.

The Domeyko mining centre hosts both porphyry and structurally controlled styles of mineralisation. Several significant historical copper-gold mines are present, which were previously exploited for oxide mineralisation with limited copper sulphide mineralisation exploration undertaken within the area.

During the quarter, the Company's exploration team kicked-off several significant exploration programmes, including soil geochemistry, geophysics and surface mapping over this large area. An extensive Ground Magnetics survey comprised of 1755Lkm (on 100m spaced north-south oriented lines) is currently underway. The survey data collection is expected to be finalised early Q3 and will aid in targeting across this most recent addition to the Hot Chili tenement package.

SUMMARY OF CORPORATE ACTIVITIES

Hot Chili Closes A$31.9 Million Funding to Accelerate Costa Fuego

On the 6th of May 2024 the Company announced a A$24.9 million private placement to institutional and professional investors through the issue of 24,900,000 new fully paid ordinary shares ("Shares") at an offer price of A$1.00 per Share (the "Placement"). The placement was facilitated by joint lead managers (together, the "JLMs") Veritas Securities Limited and Cormark Securities Inc. and co-managers BMO Capital Markets and Beacon Securities Limited. Further details of the private placement are outlined in the Announcement dated 10 May 2024 "Hot Chili Closes A$24.9 Million Private Placement and Announces Full Underwriting of A$5 Million Share Purchase".

In addition to the Placement, the Company offered a fully underwritten Share Purchase Plan ("SPP") to all existing eligible shareholders at the same offer price as the Placement, A$1.00 (C$0.89) per Share. On the 27th of May, the SPP results were released. Given the overwhelming response to the SPP, which was closed early, the Board of Directors exercised its discretion under the terms of the SPP to increase the SPP offer to A$7 million, from the A$5 million originally targeted.

Proceeds from the Placement and SPP, in addition to existing treasury, will provide up to 18 months funding to be used for the completion of the Costa Fuego Pre-Feasibility Study, completion of the Water Supply Business Case Study, completion of the Costa Fuego Environmental Impact Assessment, ongoing exploration, drilling and consolidation activities, and for general working capital purposes.

Hot Chili Launches New Water Company - Huasco Water

Following the conceptual study completed by Hot Chili in Q1, a new joint venture water company Huasco Water (Hot Chili (though Sociedad Minera El Corazón SpA (SMEA)) 80% and CMP 20%) was formed (see announcement dated 8th July), with all water assets held by SMEA being transferred to the newly formed Huasco Water. Following transfer completion, Huasco Water will hold the only active granted maritime water concession, and most of the necessary permits, to supply non-continental water to the Huasco Valley. This will potentially unlock future mining developments in the world's most prolific copper producing region.

HCH also submitted a second maritime concession application for the Huasco valley in April, which includes brine discharge for potential seawater desalination operations on the coastline, so that both raw seawater and desalinated water could be provided by a potential water network.

Huasco Water provides water supply security for Hot Chili as a foundation water off-taker - approximately 700l/s of seawater demand for Hot Chili's Costa Fuego copper project. Discussions with other potential desalinated water off- takers and potential infrastructure partners are advancing well.

Recent third-party transactions in Chile (see announcement "Hot Chili Launches New Water Company - Huasco Water" dated 8th July 2024) have highlighted the strategic nature and implicit value of critical water access rights within the Atacama region, and an increasing trend in Chile towards outsourcing in the industrial infrastructure sector.

Importantly, Hot Chili's approach toward potential outsourcing and development of shared infrastructure, in addition to preserving scarce continental water sources, is fast becoming the accepted and responsible approach for unlocking future mining developments in Chile

Huasco Water provides Hot Chili a potentially significant funding option for Costa Fuego, with the current Business Case Study set to review various monetisation options. Huasco Water's Business Case Study is on-track and planned for completion in H1 2025.

Hot Chili Appoints New Company Secretary & Chief Financial Officer

Hot Chili Limited announced the resignation of Ms Penelope Beattie as Company Secretary and Chief Financial Officer effective 1 July 2024 and announced the appointment of Mrs Carol Marinkovich as interim Company Secretary for the Company, effective 1 July 2024.

Deborah Le Moignan was announced as Financial Controller and interim Chief Financial Officer (CFO) effective 1 July 2024. The CFO role has subsequently been appointed to Ryan Finkelstein, effective 15 July 2024; Deborah will remain in her position as Financial Controller with the Company.

Mr Finkelstein is a seasoned Chartered Accountant with over 14 years of experience, including 10 years in auditing at global mid-tier accounting firm Grant Thornton.

Cash Position and Capital Structure Changes

As of 30 June 2024, the Company had cash of A$33.8 million and no debt.

On 10 May 2024, the Company issued 24,900,000 new fully paid ordinary shares through a private placement, at an offer price of A$1.00 for aggregate gross proceeds of A$24.9m (before costs).

On 27 May 2024, the Company issued 7,000,000 new fully paid ordinary shares through a share purchase plan, at an offer price of A$1.00 for aggregate gross proceeds of A$7m (before costs).

The following securities on issue:

• 151,345,206 ordinary fully paid shares
• 1,850,001 AUD$2.25 options expiring 30 September 2024
• 1,259,789 options at CAD$1.85 expiring 31 January 2025
• 5,996,728 unvested services and performance rights. Conditions have been met for the vesting of 938,953 Service Rights and 290,480 Performance Rights.

Table 1 - Drill Holes Completed for Costa Fuego in Quarter 2 2024

ASX Listing Rule 5.3.2: There was no substantive mining production and development activities during the quarter.

ASX Listing Rule 5.3.3 - Schedule of Mineral Tenements as of 30 June 2024

The schedule of Mineral Tenements and changes in interests is appended at the end of this activities report.

ASX Listing Rule 5.3.4: Reporting under a use of funds statement in a Prospectus does not apply to the Company currently.

ASX Listing Rule 5.3.5: Payments to related parties of the Company and their associates during the quarter per Section 6.1 of the Appendix 5B totalled $163,000. This is comprised of directors' salaries and superannuation of $163,000

Field operations during the period included geological reconnaissance activities, reverse-circulation drilling, diamond drilling, core-testing and logging, field mapping, and sampling exercises across the major Cortadera and Productora landholdings, as well as new tenements at Domeyko. Activities on new tenements are run from the Productora or Cortadera operations centres and their safety statistics are included under the figures for all projects.

There was one Lost Time Injury (LTI) in the Quarter. Significantly, a leg fracture incident occurred during a soil sampling field programme. The LTI triggered an incident review and a refresher training on field safety protocols for all appropriate exploration field staff. Terrain assessment vs data coverage during planning was identified as one opportunity to mitigate potential future reoccurrence.

Hot Chili's sustainability framework ensures an emphasis on business processes that target long-term economic, environmental and social value. The Company is dedicated to continual monitoring and improvement of health, safety and the environmental systems. There is no greater importance than ensuring the safety of our people and their families.

Table 2. HSEQ Quarter 2 2024 Performance and Statistics

During the Quarter, Hot Chili's subsidiary, Sociedad Minera La Frontera Spa ("La Frontera") entered into an option to purchase agreement with a private Chilean syndicate holding 100% interests in 12 Exploration and 14 Exploitation concessions for the grant to Frontera of an option to acquire a 100% interest in the concessions ("Domeyko Option" or "Option Agreement").

The other parties to the Option Agreement are Sociedad Legal Minera Unes Una de la Quebrada San Antonio (SLMQ); Compania Minera Algarrobo Limitada) ("CMAL") and John Arturo Hunter Flores ("JHF"), collectively "Owners". The Option Agreement also includes any water rights that may correspond to the properties, mining easements and rights of any kind over the corresponding surface lands and all other rights and permits that are legally annexed to the properties.

Further details of the transaction are outlined in the Announcement dated 30 April 2024 "Hot Chili Secures Large Addition to its Costa Fuego Coastal Copper Hub in Chile".

Table 5. Current Tenement ('Patente') Holdings in Chile as of 30 June 2024

Productora Project Tenements

Productora Project Tenements

El Fuego Project Tenements

El Fuego Project Tenements

El Fuego Project Tenements

Qualified Persons – NI 43-101
The information pertaining to the Mineral Resource Estimates included in this Report has been reviewed and approved by Ms. Elizabeth Haren (FAUSIMM (CP) & MAIG) of Haren Consulting Pty Ltd. All other scientific and technical information in this Report has been reviewed and approved by Mr Christian Easterday, MAIG, Hot Chili's Managing Director and Chief Executive Officer. Each of Ms. Haren and Mr. Easterday are a qualified person within the meaning of NI 43-101.

Competent Persons – JORC

The information in this Report that relates to Mineral Resources for Cortadera, Productora (including Alice) and San Antonio which constitute the combined Costa Fuego Project is based on information compiled by Ms Elizabeth Haren, a Competent Person who is a Fellow and Chartered Professional of The Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Ms Haren is a full-time employee of Haren Consulting Pty Ltd and an independent consultant to Hot Chili. Ms Haren has sufficient experience, which is relevant to the style of mineralisation and types of deposits under consideration and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Ms Haren consents to the inclusion in the Report of the matters based on her information in the form and context in which it appears.

The information in this announcement that relates to Exploration Results for the Cortadera projects is based upon information compiled by Mr Christian Easterday, the Managing Director and a full-time employee of Hot Chili Limited, whom is a Member of the Australasian Institute of Geoscientists (AIG). Mr Easterday has sufficient experience that is relevant to the style of mineralisation and type of deposits 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' (JORC Code). Mr Easterday consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

Production targets and forecast financial information comprised in PEA

The information in this report relating to any production targets and forecast financial information derived from the production targets comprised in the statements in this report about the Preliminary Economic Assessment (PEA) for the Costa Fuego Copper-Gold Project was previously reported in the Company's announcement 'Hot Chili Announces PEA for Costa Fuego' released to ASX on 28 June 2023 and is available to view on the Company's website at www.hotchili.net.au/investors/asx- announcements/.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, that all material assumptions and technical parameters underpinning the production targets and forecast financial information derived from the production targets contained in the original market announcement continue to apply and have not materially changed.

Disclaimer

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this Report.

Cautionary Note for U.S. Investors Concerning Mineral Resources

NI 43-101 is a rule of the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Technical disclosure contained in this report has been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System. These standards differ from the requirements of the U.S. Securities and Exchange Commission ("SEC") and resource information contained in this report may not be comparable to similar information disclosed by domestic United States companies subject to the SEC's reporting and disclosure requirements.

All amounts in this report are in U.S. dollars unless otherwise noted.

Forward Looking Statements

This report contains certain statements that are "forward-looking information" within the meaning of Canadian securities legislation and Australian securities legislation (each, a "forward-looking statement"). Forward-looking statements reflect the Company's current expectations, forecasts, and projections with respect to future events, many of which are beyond the Company's control, and are based on certain assumptions. No assurance can be given that these expectations, forecasts, or projections will prove to be correct, and such forward-looking statements included in this report should not be unduly relied upon. Forward-looking information is by its nature prospective and requires the Company to make certain assumptions and is subject to inherent risks and uncertainties. All statements other than statements of historical fact are forward-looking statements. The use of any of the words "believe", "could", "estimate", "expect", "may", "plan", "potential", "project", "should", "toward", "will", "would" and similar expressions are intended to identify forward-looking statements.

The forward-looking statements within this Report are based on information currently available and what management believes are reasonable assumptions. Forward-looking statements speak only as of the date of this report. In addition, this report may contain forward-looking statements attributed to third-party industry sources, the accuracy of which has not been verified by the Company.

In this report, forward-looking statements relate, among other things, to: prospects, projections and success of the Company and its projects; the ability of the Company to expand mineral resources beyond current mineral resource estimates; the results of current and planned geophysical programs, including MIMDAS and Mag; the results and impacts of current and planned drilling to extend mineral resources and to identify new deposits; the Company's ability to convert mineral resources to mineral reserves; the timing and outcomes of current and future planned economic studies including the planned PFS and DFS; the potential to develop a water business in the Huasco valley and the future economics thereof; the timing and results of the Water Supply Business Case Study; whether or not a second maritime water extraction permit will be granted; whether or not water offtake agreements and/or infrastructure partner agreements will be entered into and, if so, on what terms; the timing and outcomes of regulatory processes required to obtain permits for the development and operation of the Costa Fuego Project, including the EIA; whether or not the Company will make a development decision and the timing thereof; and estimates of planned exploration costs and the results thereof.

Forward-looking statements involve known and unknown risks, uncertainties, and other factors, which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. A number of factors could cause actual results to differ materially from a conclusion, forecast or projection contained in the forward-looking statements in this Report, including, but not limited to, the following material factors: operational risks; risks related to the cost estimates of exploration; sovereign risks associated with the Company's operations in Chile; changes in estimates of mineral resources of properties where the Company holds interests; recruiting qualified personnel and retaining key personnel; future financial needs and availability of adequate financing; fluctuations in mineral prices; market volatility; exchange rate fluctuations; ability to exploit successful discoveries; the production at or performance of properties where the Company holds interests; ability to retain title to mining concessions; environmental risks; financial failure or default of joint venture partners, contractors or serv ice providers; competition risks; economic and market conditions; and other risks and uncertainties described elsewhere in this report and elsewhere in the Company's public disclosure record.

Although the forward-looking statements contained in this Report are based upon assumptions which the Company believes to be reasonable, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. With respect to forward-looking statements contained in this Report, the Company has made assumptions regarding: future commodity prices and demand; availability of skilled labour; timing and amount of capital expenditures; future currency exchange and interest rates; the impact of increasing competition; general conditions in economic and financial markets; availability of drilling and related equipment; effects of regulation by governmental agencies; future tax rates; future operating costs; availability of future sources of funding; ability to obtain financing; and assumptions underlying estimates related to adjusted funds from operations. The Company has included the above summary of assumptions and risks related to forward-looking information provided in this Report to provide investors with a more complete perspective on the Company's future operations, and such information may not be appropriate for other purposes. The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward- looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive therefrom.

For additional information with respect to these and other factors and assumptions underlying the forward-looking statements made herein, please refer to the public disclosure record of the Company, including the Company's most recent Annual Report, which is available on SEDAR+ (www.sedarplus.ca) under the Company's issuer profile. New factors emerge from time to time, and it is not possible for management to predict all those factors or to assess in advance the impact of each such factor on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement.

The forward-looking statements contained in this report are expressly qualified by the foregoing cautionary statements and are made as of the date of this Report. Except as may be required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking statement to reflect events or circumstances after the date of this Report or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise. Investors should read this entire report and consult their own professional advisors to ascertain and assess the income tax and legal risks and other aspects of an investment in the Company.

Mineral Resource Statement
Costa Fuego Combined Mineral Resource (Effective Date 26th February 2024)

Appendix 5B

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 2024.........................................

Authorised by: ...........By the Board.....................................................

                         (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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