Ann: Quarterly Activities Report-SRI.AX, page-2

Good to see that there is now a much stronger focus upon costs..

Corporate

During the past nine months the company has reviewed all its administrative and exploration outflows in
line with current market conditions. This review has resulted in the reduction of general and administrative costs of 20% from 1 July, 2015 to 31 March, 2016. In the light of current market conditions, further cost savings include a voluntary 33.3% reduction in non-executive director’s fees (in addition to the reduction in the number of non-executive directors to three) and a 15% reduction in executive director’s
remuneration. The voluntary reduction will continue for the next 12 months unless market conditions
improve significantly. This cost review process will continue with further reductions to be achieved in
future quarters, with particular attention to the non-technical areas so that expenditure can be focussed
on exploration.

One of the outcomes is that the company will be moving its Perth Office in the next quarter to Unit 8
Subiaco Court 12-20 Railway Road Subiaco WA 6008.