Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-6

Yep, there you have it, confirmation from the company finally that the most important MOU (with Ajlan) will be extended. The company needs to get over to KSA as soon as possible to progress this MOU. From my experience working with KSA, its a very relationship centred culture, so nothing will be signed off until the company visits.

Other highlights below:

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I know this will be glossed over by most, but this statement below is a big derisker.

" The assessment confirmed that there is no risk of significant impact to subterranean fauna
from the Project. Therefore, it is not expected that subterranean fauna will be a reason to
trigger assessment of the project by EPA. "

EPA assessments / approvals can derail projects by months/years, so this is good news!

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I have been after an update on the testing as it's been quiet on that front for a long time. The delays here are annoying, but I am being optimistic that the desired result will come with further test work. We have enough time and money to continue with this in the next quarter to get it right.

" This test work has repeated the earlier extraction results however unexpected chemical interactions
were encountered and there was insufficient liquor to then undertake the solvent extraction and
precipitation phases. The test work is continuing. "

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SRN didn't get the grant. No surprise here given the project is not far enough along to be a "sure fire" winner for the government.

" The Company lodged an application under the International Partners in Critical Minerals Program
(IPCM) for the Victory Bore project in March 2024. During the quarter, the IPCM advised the
company that the application was unsuccessful in this round and the Company can reapply in the
next round. "

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SRN has enough funding to keep progressing Victory Bore, but we need to get a move on with the Ajlan MOU and seal the deal in the next quarter.

" The Company had total cash reserves of $1.485M at 30 June 2024. "