Announcement PDF ASX Announcement 29 April 2024 ASX: OD6 Quarterly Activities and Cashflow Report OD6 Metals Limited (OD6 or the Company) is pleased to present its Quarterly Activities and Cashflow Report for the period ending 31 March 2024 Highlights (including subsequent events): • Excellent Metallurgical Recoveries Continue at Splinter Rock – Achieved recoveries of up to 90%, of Magnet Rare Earth Elements (MagREE) in multiple Prospect areas, across 60 new samples – Average 62% MagREE recovery at 25g/l hydrochloric acid (HCl), with equivalent rrecoveries achieved for all magnet rare earth oxides (MagREO), including Nd, Pr, Dy, Tb – • Standout results continued at Inside Centre with an average 64% MagREE recovered Simple Beneficiation Lowers Acid Consumption and Costs at Splinter Rock – Removal of coarse material (greater than 75um) improves TREO grades by up to 224% (157% average). – Metallurgical testing of screened material delivered up to 79% reduction in HCl consumption (35% average reduction) to approximately 10kg HCl/t total screened ore. • Upside Surprise to Metallurgical Recoveries at Grass Patch – Achieved excellent metallurgical recoveries of up to 86%, of MagREE from 11 samples taken from multiple Prospect areas – Average 69% MagREE recovery at 25g/l HCl, with equivalent recoveries achieved for all MagREO including Nd, Pr, Dy, Tb • OD6 Metals Limited lodged its Interim Financial Statements for the six months ended 31 December 2023 • Cash balance at the end of the March quarter remains strong at A$1.2M. • Successful $1.5M Placement and $292,000 Share Purchase Plan Subsequent to the end of the quarter further strengthening the Company’s Cash Balance Brett Hazelden, Managing Director, commented: “It’s been another busy and successful quarter at OD6 with the key focus being the ongoing successful testwork outcomes being undertaken by ANSTO. We anticipate further result during Q2 which will feed into our planned Mineral Resource Estimate upgrade also planned for Q2. The Inside Centre Prospect continues to be a standout REE clay basin area, significantly exceeding our expectations in the factors we believe drive an economically viable project. We would like to also thank our investors who participated in the Placement and SPP. The funds will be used for ongoing metallurgical work being conducted at ANSTO with the aim of producing a Mixed Rare Earth Carbonate (MREC), which will form the basis of a Scoping Study scheduled for completion by the end of the calendar year.” 1 For full details on the Mineral Resource Estimate, refer to ASX release dated 18 July 2023. OD6 confirms that it is not aware of any new information or data that materially affects the information included in those releases. All material assumptions and technical parameters underpinning those releases continues to apply and has not materially changed. Exploration and Development (including subsequent events) Excellent During the quarter OD6 reported metallurgical leaching test results conducted by the Metallurgical Australian Nuclear Science Organisation (ANSTO) (refer ASX release, 27 February 2024) Recoveries which delivered the following key outcomes: Continue at Splinter Rock • Achieved excellent metallurgical recoveries of up to 90% of MagREE in multiple Prospect areas, across 60 new samples. • Average 62% MagREE recovered at 25g/l HCl (excluding basin edges and carbonaceous shales): • – Centre Prospect: 40% to 90% recovery of MagREE (average 60%). – Flanker Prospects: 41% and 62% recovery of MagREE (average 53%). – Prop Prospect: 30% to 84% recovery of MagREE (average 70%). – Scrum Prospect: 40% to 89% recovery of MagREE (average 65%). Importantly, recoveries for all MagREO inclusive of Nd, Pr, Dy, Tb are similar (refer to Figure 1), a key driver to overall project economics for any clay hosted rare earth project. • Inside Centre continues to deliver excellent results with average 64% MagREE recoveries. • The combination of high grades, low stripping ratios, low acid consumption substantial tonnages and high, consistent recoveries provide considerable confidence in the key economic drivers for any future potential development. • Results provided enhanced understanding of specific areas of the expansive clay basins that offer the best recovery, enabling prioritisation of areas for economic studies (geo-metallurgical exploration). • Further metallurgical leaching and processing optimisation work underway. • All reported assay results are based on the 4-acid soluble digestion method, aligning with the reporting of geological drill assays and the Mineral Resource Estimate (MRE). 2 Figure 1: Centre Prospect REE Recovery by Element (>40% MagREO recovery) Simple Subsequent to the end of the quarter, OD6 reported metallurgical test results conducted by Beneficiation ANSTO (refer ASX release,18 April 2024) which included the following key outcomes: Lowers Acid Consumption and Costs at Splinter Rock • Removal of coarse material (greater than 75um) improves TREO grades by up to 224% (157% average) • Metallurgical testing of screened material delivered up to 79% reduction in HCl consumption (35% average reduction) to approximately 10kg HCl/t total screened ore. • Opportunity exists for screening size to be further optimised to maximise rare earth recovery while reducing acid consumption. • Lowering acid consumption improves future potential project economics. A single chlor-alkali electrolyser is indicatively capable of treating more than 5Mtpa of REE bearing clay. Upside Surprise During the quarter, OD6 reported metallurgical leach test results for the Grass Patch Project, to Metallurgical conducted by ANSTO (refer ASX release, 6 March 2024) which delivered the following key Recoveries at outcomes: Grass Patch • Achieved excellent metallurgical recoveries, up to 86% MagREE in multiple Prospect areas, across 11 new samples. • • Average 69% MagREE recovery at 25g/l HCl: – Belgian Prospect: 47% to 86% recovery of MagREE (average 68.5%). – Circle Valley Prospects: 76% and 82% recovery of MagREE (average 78%). – Scaddan Prospect: 48% recovery of MagREE (single sample). Importantly, recoveries for all MagREO inclusive of Nd, Pr, Dy, Tb are similar (refer to Figure 2), a key driver to overall project economics for any clay hosted rare earth project. 3 • The combination of the initial metallurgical results and first pass reconnaissance drill program assays confirm further targeted drilling should occur at the Belgian, Circle Valley and Scaddan Prospects. • All reported assay results are based on the 4-acid soluble digestion method, aligning with the reporting of geological drill assays and the MRE. Figure 2: Grass Patch REE Recovery by Element Phase 3 ANSTO Phase 3 metallurgical testing continued at ANSTO during the quarter with an additional 71 Metallurgical metallurgical samples selected from the Phase 3 Splinter Rock drilling program for initial Tests Continue acid leach tests Samples were selected from a wide variety of different clays, locations and depths to continue to build a geo-metallurgical understanding of recovery across the four main prospects at Splinter Rock. Mineralogy Mineralogy characterisation and testing is currently being conducted in conjunction with characterisation CSIRO, ANSTO and Murdoch University. REE and clay host mineralogy is important in aiding an understanding of why higher recoveries can be achieved in particular Prospect areas. Geometallurgy (GeoMet) refers to the practice of combining variables such as geology, grade, volume, geochemistry, mineralogy and metallurgy to combine economic models with exploration. The aim is to optimise the economics of a deposit to facilitate the identification and ranking of preferred initial mining areas across clay hosted prospects. As Splinter Rock’s GeoMet relationships are systemically mapped, clay areas containing the highest grades and metallurgical recoveries of rare earth elements can be identified and targeted for advanced stage work streams. 4 Various mineralogy testing methods are being undertaken, which include quantitative XRD, SEM/EDS and QEMSCAN. Determining the mineralogical composition of the high-grade areas is key to designing an economically successful processing facility. Heritage Heritage Surveys continued for the proposed Phase 4 drilling program at Splinter Rock with Surveys the Ngadju Native Title Aboriginal Corporation. The new heritage surveys included close Progressing at spaced (200m) drill lines and further regional target reconnaissance. Splinter Rock Environmental Spring environmental surveys have been completed at Splinter Rock to enable infill drilling Surveys and new drill tracks for regional drilling to be undertaken. This data has been provided to Completed at the Department of Mines (DEMIRS) to assist in timely approvals for permits of work (PoW). Splinter Rock Corporate Successful Placement and Share Purchase Plan During and Subsequent to the quarter, OD6 completed a successful Placement and Share Purchase Plan • A$1.5 million raised through a strongly supported equity placement to institutional and sophisticated investors. • Share purchase plan raised a further A$292,000, enabling eligible shareholders to participate in the equity raising on equivalent terms to the equity placement. • Funds raised will be used to advance the flagship Splinter Rock Project. • Euroz Hartleys Limited (Euroz Hartleys) acted as the Sole Lead Manager and Bookrunner to the Placement Half Year Accounts OD6 Metals Limited lodged its Interim Financial Statements for the six months ended 31 December 2023 (refer ASX release, 8 March 2024). General Meeting OD6 Metals Limited will be holding a General Meeting of shareholders at 9:00am (WST) on 9 May 2024 at Level 1, 50 Kings Park Road, West Perth 6005 ) (refer ASX release, 8 April 2024). Notice ESG Foundation Initiatives Continue OD6 acknowledges the significance of integrating environmental, social and governance (ESG) practices within its operations, recognising that they are essential for driving positive environmental and social impacts while ensuring robust governance standards. The Company is pleased to announce the completion of foundational sustainability and ESG initiatives during the quarter ended 31 March 2024. Governance review ESG-related policies are essential for integrating environmental, social and governance factors into decision-making processes and operations. OD6 completed a governance review to identify improvement areas to enhance sustainability practices in governance structure. This review involved examining board oversight, management accountability, disclosure practices and stakeholder engagement strategies to ensure alignment with ESG goals and best 5 practices. Potential enhancement areas were identified to strengthen OD6’s environmental and social management systems. Future Plans In the next quarter, OD6 will be preparing its sustainability disclosure in its Annual Report for the year ended on 30 June 2024. The disclosure will highlight the company's ESG progress and performance to reflect its commitment to transparency and sustainable practices. Rare Earth Conference OD6 presented at the Mineral Sands and Rare Earths Conference held in Perth. The conference was an opportunity to present to various investors interested in the Rare Earth sector (refer ASX release, 19 March 2024). Cash Holdings The Company had A$1.2M million of cash on hand at 31 March 2024 This figure excludes the additional funds raised during April as part of the $1.5M Placement and further $292,000 under the Share Purchase Plan. Securities on Issue Fully Paid Ordinary Shares 123,577,506 Performance rights OPTIONS 3,800,000 33,750,371 Fully paid ordinary shares include 47,435,249 shares escrowed until 22 June 2024 The 2,500,000 Performance Rights on issue are classified as restricted securities by the ASX and are to be held in escrow until 22 June 2024. Options on issue comprise: • 22,050,371 Founder Options exercisable at A$0.30 on or before 31 October 2025. • 3,850,000 Incentive Options exercisable at A$0.30 on or before 31 March 2026. • 300,000 Contractor Options exercisable at A$0.30 on or before 13 April 2025. • 1,500,000 Performance Options exercisable at A$0.50 on or before 31 March 2026. • 2,500,000 Lead Manager Options exercisable at A$0.30 on or before 20 June 2025. • 900,000 Performance Options exercisable at A$0.30 on or before 09 October 2026 • 2,650,000 Incentive Options exercisable at A$0.27 on or before 08 December 2026. As at 31 March 2024 none of the performance milestones of the Performance Rights had been met, nor had any shares been issued on conversion of Performance Rights. A summary of the performance milestones is outlined below: CLASS NUMBER MILESTONE EXPIRY DATE A 1,000,000 The Company announcing to ASX a JORC Code compliant inferred (or greater) Mineral Resource (as defined in the JORC Code) of not less than 250,000,000 tonnes (of which at least 100,000,000 tonnes must be an indicated Mineral Resource), grading a minimum of 800 ppm total rare earth oxides (TREO). 22 June 2024 B 1,500,000 Upon completion of a scoping study on a Project (prepared in accordance with the guidelines prescribed by the JORC Code and independently verified by an independent competent person under the JORC Code) that 22 June 2025 6 demonstrates an internal rate of return (IRR) of more than 20%. Borrowings C 1,000,000 The Company announcing to ASX a JORC Code Compliant inferred (or greater) Mineral Resource (as defined in the JORC Code) of not less than 1,000,000,000 tonnes (of which at least 400,000,000 tonnes must be an indicated Mineral Resource), grading a minimum of 1000 ppm total rare earth oxides (TREO). 08 December 2026 D 300,000 The rights vest on the Company announcing to ASX the results of a Scoping Study (as defined in the JORC Code) showing the potential to generate an internal rate of return (IRR) of more than 20% using consensus prices and Board approved assumptions. 08 December 2026 The Company has no borrowings. Expenditure Comparison to In accordance with Listing Rule 5.3.4, as the March 2024 quarter was in a period covered by IPO Prospectus a “Use of Funds” statement in the IPO Prospectus, below is a comparison of the Company’s actual expenditure to 31 March 2024 compared with the “Use of Funds” statement. Use of Funds USE OF FUNDS UNDER PROSPECTUS under 1 ACTUAL EXPENDITURE TO DATE UNDER PROSPECTUS - 31 March 2024 2 YEAR PERIOD (A$’000) (A$’000) Exploration on the Splinter Rock Project 5,802 4,274 Exploration on the Grass Patch Project 1,510 1,609 Expenses of the Offer 656 603 General working capital1 1,304 2,531 Totals 9,272 9,016 DATED 10 MAY 2022 Prospectus EXPENDITURE ALLOCATED Includes purchases of Property, Plant and Equipment Exploration Exploration and Evaluation expenditure during the quarter was A$462k. Expenditure Expenditure included assays, geophysics survey interpretation, site visits, heritage surveys, track upgrades, ANSTO metallurgical testing, mineralogy, CSIRO research and geological investigation. A further $150k was spent on tenements rental fees. Related Party During the quarter ended 31 March 2024, payments to related parties amounted to A$135k, Transactions comprising of Managing Director Fees, Non-Executive Director fees, Superannuation and geological consulting fees to GeoSpy Pty Ltd, which is an entity controlled by Darren Holden. Mineral Interests 7 Exploration Schedule of Exploration Licenses (E) held end of March 2024 Quarter Tenements PROJECT TENEMENT NUMBER HOLDER STATUS GRANTED OWNERSHIP Splinter Rock E 63/2115 Odette Six Pty Ltd Granted 4 Feb 22 100% Splinter Rock E 69/3904 Odette Six Pty Ltd Granted 15 Feb 22 100% Splinter Rock E 69/3905 Odette Six Pty Ltd Granted 15 Feb 22 100% Splinter Rock E 69/3907 Odette Six Pty Ltd Granted 14 Feb 22 100% Splinter Rock E 69/3893 Odette Six Pty Ltd Granted 20 Jan 22 100% Splinter Rock E 69/3894 Odette Six Pty Ltd Granted 20 Jan 22 100% Grass Patch E 63/2185 Grass Patch Metals Pty Ltd Granted 1 Mar 22 100% Grass Patch E 63/2151 Grass Patch Metals Pty Ltd Granted 2 Dec 21 100% Grass Patch E 63/2152 Grass Patch Metals Pty Ltd Granted 3 Dec 21 100% Grass Patch E 63/2154 Grass Patch Metals Pty Ltd Granted 6 Dec 21 100% Grass Patch E 63/2153 Grass Patch Metals Pty Ltd Application - 100% Grass Patch E 74/693 Grass Patch Metals Pty Ltd Application - 100% Figure 8: OD6 Granted and Application exploration Licenses in the Esperance region of Western Australia Quarterly ASX Announcements (including Subsequent Events) This Quarterly Activities Report contains information extracted from ASX market announcements reported in accordance with the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (2012 JORC 8 Code). Further details (including 2012 JORC Code reporting tables where applicable) of exploration results referred to in this Quarterly Activities Report can be found in the following announcements lodged on the ASX: 18/04/2024 Simple Beneficiation Lowers Acid Consumption and Costs 08/04/2024 General Meeting Notice 08/04/2024 Placement Cleansing Notice 03/04/2024 Share Purchase Plan – Letter to Eligible Shareholders 03/04/2024 Share Purchase Plan Cleansing Notice 26/03/2024 Successful Placement and Share Purchase Plan 19/03/2024 Minerals Sands and Rare Earths Conference Presentation 08/03/2024 Half Year Accounts 06/03/2024 Upside Surprise to Metallurgical Recoveries at Grass Patch 27/02/2024 Excellent Metallurgical Recoveries Continue at Splinter Rock 23/01/2024 Quarterly Activities / Appendix 5B Cash Flow Report These announcements are available for viewing on the Company’s website https://www.od6metals.com.au/. OD6 confirms that it is not aware of any new information or data that materially affects the information included in any original ASX announcement. Forward Looking Statements Certain information in this document refers to the intentions of OD6 Metals, however these are not intended to be forecasts, forward looking statements, or statements about the future matters for the purposes of the Corporations Act or any other applicable law. Statements regarding plans with respect to OD6 Metals projects are forward looking statements and can generally be identified by the use of words such as ‘project’, ‘foresee’, ‘plan’, ‘expect’, ‘aim’, ‘intend’, ‘anticipate’, ‘believe’, ‘estimate’, ‘may’, ‘should’, ‘will’ or similar expressions. There can be no assurance that the OD6 Metals plans for its projects will proceed as expected and there can be no assurance of future events which are subject to risk, uncertainties and other actions that may cause OD6 Metals actual results, performance, or achievements to differ from those referred to in this document. While the information contained in this document has been prepared in good faith, there can be given no assurance or guarantee that the occurrence of these events referred to in the document will occur as contemplated. Accordingly, to the maximum extent permitted by law, OD6 Metals and any of its affiliates and their directors, officers, employees, agents and advisors disclaim any liability whether direct or indirect, express or limited, contractual, tortuous, statutory or otherwise, in respect of, the accuracy, reliability or completeness of the information in this document, or likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in any forward-looking statement; and do not make any representation or warranty, express or implied, as to the accuracy, reliability or completeness of the information in this document, or likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in any forward-looking statement; and disclaim all responsibility and liability for these forward-looking statements (including, without limitation, liability for negligence). No new information Except where explicitly stated, this announcement contains references to prior exploration results, all of which have been crossreferenced to previous market announcements made by the Company. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements. The information in this report relating to the Mineral Resource estimate for the Splinter Rock Project is extracted from the Company’s ASX announcements dated 18 July 2023. OD6 confirms that it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the Mineral Resource estimate continue to apply. This announcement has been authorised for release by the Board of OD6 Metals Ltd 9 About OD6 Metals OD6 Metals is an Australian public company pursuing exploration and development opportunities within the critical mineral sector. The Company has successfully identified clay hosted rare earths at its 100% owned Splinter Rock and Grass Patch Projects, which are located in the Esperance-Goldfields region of Western Australia - about 30 to 150km northeast of the major port and town of Esperance. Drilling and geological analysis at its flagship Splinter Rock has shown widespread, thick, high-grade clay hosted REE deposits that extend over hundreds of square kilometres. Metallurgical testing using hydrochloric acid to leach the rare earths have resulted in positive REE recoveries with optimisation ongoing. The Company aims to delineate and define economic resources and reserves of Rare Earth Elements (REE), in particular Neodymium (Nd), Praseodymium (Pr), Dysprosium (Dy) and Terbium (Tb), which can be developed into a future revenue generating mine. Clay REE deposits are currently economically extracted in China, which is the dominant world producer of REEs. REE are becoming increasingly important in the global economy, with uses including advanced electronics and permanent magnets in electric motors. As an example, a neodymium magnet used in a wind turbine or electric vehicle motor is 18 times stronger than a standard ferrite magnet significantly increasing energy use efficiency. As part of the exploration process the Company has entered into heritage agreements with Esperance Tjaltrjraak Native Title Aboriginal Corporation and the Ngadju Native Title Aboriginal Corporation that serves to both enable exploration and protect important cultural sites on Country. Corporate Directory Managing Director Mr Brett Hazelden Non-Executive Chairman Dr Darren Holden Non-Executive Director Mr Piers Lewis Non-Executive Director Dr Mitch Loan Financial Controller/ Joint Company Secretary Mr Troy Cavanagh Joint Company Secretary Mr Joel Ives Exploration Manager Tim Jones Contact OD6 Metals Ltd ACN 654 839 602 www.od6metals.com.au Mail to: info@od6metals.com.au Phone: +61 8 6189 8515 Level 1, 50 Kings Park Road, West Perth, WA 6005 PO Box 277, North Beach, WA 6920 PO Box 2009, Esperance, WA 6450 10 Rule 5.5 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity OD6 Metals Limited ABN Quarter ended (“current quarter”) 34 654 839 602 31 March 2024 Consolidated statement of cash flows Current quarter $A’000 1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for Year to date (9 months) $A’000 - - (a) exploration & evaluation - - (b) development - - (c) production - - (d) staff costs (72) (284) (e) administration and corporate costs (177) (761) - - 12 55 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other (provide details if material) - - 1.9 Net cash from / (used in) operating activities (237) (990) 2. Cash flows from investing activities 2.1 Payments to acquire or for: - - (b) tenements (150) (237) (c) property, plant and equipment (21) (34) (d) exploration & evaluation (462) (1,999) (e) investments - - (f) - - (a) entities other non-current assets ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 1 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Consolidated statement of cash flows 2.2 Current quarter $A’000 Year to date (9 months) $A’000 Proceeds from the disposal of: (a) entities - - (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (R&D Tax refund) - 963 2.6 Net cash from / (used in) investing activities (633) (1,307) 3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) - - 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities - - 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (provide details if material) 3.10 Net cash from / (used in) financing activities - - 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 2,088 3,515 4.2 Net cash from / (used in) operating activities (item 1.9 above) (237) (990) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (633) (1,307) 4.4 Net cash from / (used in) financing activities (item 3.10 above) - - ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 2 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Consolidated statement of cash flows 4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period 5. Reconciliation of cash and cash equivalents Current quarter $A’000 Year to date (9 months) $A’000 - - 1,218 1,218 Current quarter $A’000 Previous quarter $A’000 at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts 5.1 Bank balances 1,218 1,388 5.2 Call deposits - 700 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 1,218 2,088 6. Payments to related parties of the entity and their associates 6.1 Aggregate amount of payments to related parties and their associates included in item 1 85 6.2 Aggregate amount of payments to related parties and their associates included in item 2 50 Current quarter $A'000 Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 3 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. 8. Estimated cash available for future operating activities 8.1 Net cash from / (used in) operating activities (item 1.9) (237) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (633) 8.3 Total relevant outgoings (item 8.1 + item 8.2) 8.4 Cash and cash equivalents at quarter end (item 4.6) 8.5 Unused finance facilities available at quarter end (item 7.5) 8.6 Total available funding (item 8.4 + item 8.5) 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) - $A’000 1,218 1,218 1.4 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: No 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: Yes, on 08 April 2024, the Company announced that it had successfully raised $1.5 million throu