Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-10

Yes as far as i can see they are offsetting costs with the receipts rather than reporting it as receipts from customers. I only looked back 3 quarters but it looks like our first shipment cost around $12.1 mil so far (including one off startup costs) and we received $4.7 mil in payments so far. Not saying this is all costs.

Corporate
As at 30 June 2021, the Company had $9,488,000 cash on hand, following payments of:
• $1,054,000 on exploration activities (refer to Item 1.2(a) of Appendix 5B), relating to field
activities costs, tenement fees and rates, and geological staff costs at Mt Lindsay and Golden
Grove North (ASX Listing Rule 5.3.1); and
• $1,743,000 on development activities (refer to Item 1.2(b) of Appendix 5B), relating Wet
Screening Plant construction such as concrete foundations, road upgrades, site works, project
management and other support costs for the Riley Iron Ore Mine, Tasmania (ASX Listing Rule
5.3.2).
• $207,000 of payments made to related parties or their associates (refer to Item 6.1 of Appendix
5B) including (ASX Listing Rule 5.3.5):
- Directors’ fees, salaries, superannuation and consulting fees of $162,000; and
- Office recharges including rent and share service charges of $45,000 to related entities
of which the directors directly do not receive a financial benefit and are on an arm’s

As at 30 September 2021, the Company had $9,029,000 cash on hand, following payments of:
• $702,000 on exploration activities (refer to Item 1.2(a) of Appendix 5B), relating to field
activities costs, tenement fees and rates, and geological staff costs at Mt Lindsay and Kulin
(ASX Listing Rule 5.3.1); and
• $2,009,000 on development activities (refer to Item 1.2(b) of Appendix 5B), relating
operational costs for the Riley Iron Ore Mine of $5.6m, being offset by the funds receipts
from first shipment of Iron Ore amounting to $3.6m. (ASX Listing Rule 5.3.2).
• $198,000 of payments made to related parties or their associates (refer to Item 6.1 of
Appendix 5B) including (ASX Listing Rule 5.3.5):
- Directors’ fees, salaries, superannuation and consulting fees of $139,000; and
- Office recharges including rent and share service charges of $59,000 to related
entities of which the directors directly do not receive a financial benefit and are on
an arm’s length basis.

As at 31 December 2021, the Company had $9,193,000 cash on hand, following payments of:
• $763,000 on exploration activities (refer to Item 1.2(a) of Appendix 5B), relating to field
activities costs, tenement fees and rates, and geological staff costs at Mount Lindsay (ASX
Listing Rule 5.3.1); and
• $3,734,000 on development activities (refer to Item 1.2(b) of Appendix 5B), relating
operational costs for the Riley Iron Ore Mine of $4.8m, being offset by the (second) final
payment due under the offtake agreement of $1.1m from the completion of the first
shipment of Iron Ore (ASX Listing Rule 5.3.2).
• $144,000 of payments made to related parties or their associates (refer to Item 6.1 of
Appendix 5B) including (ASX Listing Rule 5.3.5):
- Directors’ fees, salaries, superannuation and consulting fees of $110,000; and
- Office recharges including rent and share service charges of $34,000 to related
entities of which the directors directly do not receive a financial benefit and are on
an arm’s length basis.