Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-2

Corporate The Company’s Quarterly Cashflow Report (Appendix 5B) follows this activities report.

The Company’s consolidated cash at hand was $0.2M as at 31 March 2025 with no debt. On 5 March 2025 the Company announced that it would conduct a placement to professional and sophisticated investors to raise gross proceeds of $450,000 before costs via the issue of 28,125,000 fully paid ordinary shares. The Placement received strong support from professional and sophisticated investors and will be undertaken at an issue price of $0.016 per Share (a 6% discount to the last closing price on 28 February 2025 and a 13% discount to the 5 day VWAP).

The Placement will be completed in two tranches as follows: (a) 3,244,125 Placement Shares that were issued on 12 March 2025 ("Tranche 1 Placement Shares") to raise $51,906 (before costs); and (b) subject to shareholder approval, 24,880,875 Placement Shares ("Tranche 2 Placement Shares") will be issued to raise $398,094 (before costs).
The Company will hold a General Meeting on the 5 May 2025 to approve amongst other things the Tranche 2 Placement Shares mentioned above, please see placement announcement of 5 March 2025 for full details of the placement.
During the Quarter, the Company made a one off payment of $410k for stamp duty for the Salazar acquisition of 2022.
The Company has continued aggressively cutting corporate and overhead costs to conserve cash. Non executive directors have not taken a cash fee for the Quarter and the managing director has been paid 50% of his monthly salary as cash.
During the period the Company paid $30k to related parties for Directors fees and salaries under item 6.1 of the Appendix 5B, these payments were made on normal commercial terms. There were no amounts paid to related parties of the Company and their associates per item 6.2.