Quarterly Activities Report and Appendix 5B
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QUARTERLY ACTIVITIES REPORT | 1st Quarter 2026
Page 1 of 12
Key Activities & Highlights 28 April 2026
Australis Oil & Gas
Limited
ABN: 34 609 262 937
ASX: ATS
Australis is an upstream oil
and gas company seeking
to provide shareholders
value and growth through
the strategic development of
its quality onshore oil and
gas assets in the United
States of America.
The Company’s acreage
within the core of the oil
producing TMS provides
significant upside potential
for ATS with 62 million bbls
of 2P+2C net reserves and
resources including 165
thousand bbls producing
reserves2,3
.
The Company was formed
by the founders and key
executives of Aurora Oil &
Gas Limited, a team with a
demonstrated track record
of creating and realising
shareholder value.
Address
2nd
Floor, 215 Hay Street
Subiaco, WA 6008
Australia
Suite 3680
3 Allen Center
333 Clay Street
Houston, Texas
U.S.A 77002
Contact
Telephone:
+61 8 9220 8700
Facsimile:
+61 8 9220 8799
Email:
[email protected]
Web:
www.australisoil.com
Australis has secured a farmin with a large US publicly listed oil
and gas company to participate in an appraisal and development
program in the TMS. To earn an 80% interest in the undeveloped
acreage our Development Partner is required to carry Australis’
interest on the first US$46.25 million of that program.
Following execution and close of the Finance Transaction and
Development Transaction1 in Q4 2025 Australis has been working
closely with both counterparties and is pleased to provide the following
highlights of activities that took place during Q1 2026.
Development Activities
Planning meetings and preparatory work has commenced with
the Development Partner in key disciplines of subsurface,
operations and land.
The carried Initial Leasing Program contemplated in the
Development Transaction has commenced.
Preliminary plans on design and location of the carried Initial Test
Well are underway with permitting expected to commence
shortly.
Transitional Operatorship of existing Production
Australis has now handed over operatorship of all of its
producing TMS assets to EQV, following the sale of Australis’
90% WI in its TMS producing wells.
Australis was paid a fee to provide transition operator services
to EQV during the reporting quarter relating to land, production
operations and accounting services which were phased out
during March.
Production and Finance
Sales volume during the quarter from the retained 10% working
interest in the TMS producing well inventory totalled 4,577 bbls.
Australis held cash and cash equivalents of US$13.6 million at
the end of Q1 2026 and remains debt-free following the
repayment of Macquarie credit facilities at the end of 2025.
QUARTERLY ACTIVITIES REPORT | 1st Quarter 2026
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DEVELOPMENT TRANSACTION ACTIVITIES
Following execution of the Development Transaction Australis has been working closely with
the Development Partner on a number of fronts with the objective of preparing for the Initial
Test Well.
The Development Partner is a US-listed independent oil and gas company with a multi-billion
dollar enterprise value and active onshore development and exploration operations in
multiple US unconventional basins.
Land
Australis has held regular meetings with the Development Partner to identify and share data
on preferred focus areas within the Area of Mutual Interest (AMI) where leasing activities
should be undertaken, both as part of the US$1 million Initial Lease Program, which Australis
is carried on, and as part of longer-term plans. The Initial Lease Program has commenced
with contact having been made with targeted mineral rights owners.
In addition, a provisional location for the Initial Test Well has been identified and preparation
is underway for a drilling permit application to the Mississippi Oil & Gas Boad for the well and
to form the associated production unit.
There have been no changes to the Australis lease position that is subject to the Development
Transaction during the quarter with Australis holding ~47,200 net acres in the TMS Core, of
which ~39,900 net acres (85%) are HBP. Following completion of the Initial Leasing Program,
Australis will have the ability under the terms of the Development Transaction to participate
in future TMS leasing with the Development Partner within the AMI.
Figure 1 below showing the lease expiry profile as at 31 March 2026.
Figure 1 : Expiry profile of ATS TMS acreage
QUARTERLY ACTIVITIES REPORT | 1st Quarter 2026
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Subsurface
Australis has been sharing additional data with the Development Partner, who has been
updating subsurface models which will be used for drilling and completion design. Work has
also commenced to identify what data should be collected during the Initial Test Well to
evaluate the TMS and help optimise the ongoing program.
Operations
Australis has commenced the process of contacting service providers and materials suppliers
for initial costings and AFE planning purposes.
Timing
The Development Partner has not yet firmly committed to a spud date for the Initial Test Well
but has been progressing planning and preparation to preserve the ability for a H2 2026 spud.
FINANCE TRANSACTION
The Finance Transaction with EQV closed on 30th December 2025 and operatorship
transferred to EQV from Australis thereafter. To facilitate an orderly administrative transfer
the Finance Transaction included a Transition Services Agreement (TSA) whereby Australis
provided field operation supervision, land and accounting functionality to EQV during a
transition period for a fee. Australis provided those services until March.
FIELD OPERATIONS
Australis provided field production operations supervision for the majority of the quarter under
the TSA although the field staff transferred employment to EQV on the close date of 30th
December 2025.
There was a single workover carried out on the Anderson 17H–3 during the reporting quarter.
The operation was completed without major issues and below AFE. The well had been shut
in since 2019 and restarted production at above anticipated rates.
Production during the quarter was in line with projections although there were two wells
waiting workover at the end of the period.
QUARTERLY ACTIVITIES REPORT | 1st Quarter 2026
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Key Operating and Financial Results
The following table summarises key operating and financial results in the quarter relating to
our retained working interest.
Key Metrics Unit Q1 2026
TMS Core Land (Net) Acres 47,200
Net Oil resource (2P + 2C) MMbbls 622,3
Sales Volumes (WI) Bbls 4,577
Average Realised PriceA US$/bbl $72.97
Average Achieved PriceB US$/bbl $67.73
Sales Revenue (WI)B US$MM $0.3
Field Netback US$MM $0.1
A excludes effect of hedge contracts settled
B
includes the loss from the settlement of hedge contracts of US$0.024 million (Q4 2025:
gain of US$0.12 million)
FINANCE AND CORPORATE
Cash and Capital
Results for the quarter include:
• Sales Revenue (WI) (after hedges) of US$0.288 million from our retained interests in
the TMS wells
• The Company had a cash position of US$13.6 million at the end of the quarter
• Post-closing transaction adjustments with EQV will result in a balance of
approximately US$1.3 million being paid from Australis to EQV. This balance reflects
revenues Australis received after the closing date (January and February) that are
associated with the working interests transferred to EQV, less expenses incurred by
Australis in the same period and associated with those transferred interests and is
within the expected range of adjustment balances.
QUARTERLY ACTIVITIES REPORT | 1st Quarter 2026
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Oil Price Hedging
During the reporting quarter Australis realised a modest hedge loss of US$0.024 million,
compared to a gain of US$0.12 million in the previous quarter, solely due to the average
realised WTI oil price in March being $93.89/bbl. Following the EQV Financing Transaction
Australis retained existing collar hedges of 1,000 bbls/month for January to April 2026, which
equated to approximately 60% of our expected reduced WI production during this period. The
March collars had a cap of US$67/bbl which led to the modest losses with the prevailing oil
price.
Month
Quantity
(bbl)
Protected
price
US$/bbl
Ceiling
price
US$/bbl
Apr 2026 1,000 $60 $67
Table 1 : ATS hedge position as at 31 March 2026
Australis will continue to review its hedge program and position from time to time, including
when the Development Partner elects to drill new wells as part of the contemplated carry
program.
Business Development and Corporate Strategy
Geo-political events in the middle east during the latter part of the reporting quarter have
had a profound effect on commodity prices and the US industry as a whole. As a result,
there is an increased focus on security of supply for the US domestic market and Australis
believes that quality undeveloped tight oil inventory such as the TMS Core will be targeted.
As such we expect the upcoming carried development activity will be closely watched by
industry participants.
Additionally, Australis continues to explore opportunities with interested parties for further
development within the TMS Core outside the AMI established with our Development Partner.
QUARTERLY ACTIVITIES REPORT | 1st Quarter 2026
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Appendix 5B
Attached is a copy of the Appendix 5B for the quarter ended 31 March 2026.
This ASX announcement was authorised for release by the Australis Disclosure Committee.
Further
Information:
Ian Lusted Graham Dowland
Managing Director Finance Director
Australis Oil & Gas Australis Oil & Gas
+61 8 9220 8700 +61 8 9220 8700
Ends
QUARTERLY ACTIVITIES REPORT | 1st Quarter 2026
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ABOUT AUSTRALIS
Australis (ASX: ATS) is an ASX listed oil and gas company seeking to provide shareholders value
and growth through the strategic development of its quality onshore oil and gas assets in the
United States of America. The Company was formed by the founder and key executives of Aurora
Oil & Gas Limited, a team with a demonstrated track record of creating and realising shareholder
value.
With approximately 47,200 net acres (85% HBP) within the production delineated core of the
proven oil producing TMS, Australis retains significant upside potential with approximately 160 net
future drilling locations.
At year end 2025 Ryder Scott independently assessed the Australis acreage held at that time with
62 MMbbls of 2P + 2C recoverable volume including 165 Mbbls 2P producing reserves providing
net field cash flow2,3
. The contingent oil resource is only contingent on a qualifying development
program and Australis will carry out a reassessment of its undeveloped reserve position when a
program is agreed with our Development Partner
Corporate Strategy and Forward Plan
Australis successfully completed two transactions1
in 2025 which achieve a number of corporate
objectives that management have sought to address for some time.
Partnered in the TMS with an established and aligned US-listed independent oil and gas
company with onshore development and exploration operations in multiple unconventional
basins.
The application of up to US$46 million of development capital for new wells in the TMS from the
Development Partner (Carry Program), including funding Australis for a 20% working interest
in that program, in order to earn an 80% working interest in undeveloped HBP acreage and
Term leasehold of approximately 46,100 net acres.
Australis and the Development Partner have formed an Area of Mutual Interest (“AMI”) within
the TMS Core area. The Development Partner will carry Australis for a 20% working interest
for the first US$1 million of leasing within the AMI (Initial Leasing Program) and thereafter
Australis can participate at a 20% working interest in further leasing activity inside the AMI.
The Carry Program, Initial Leasing Program and strengthened balance sheet having sold 90%
of its working interest in the TMS producing well inventory to EQV ensures that Australis is
funded for the forward program.
The Development Partnering Transaction was executed on 25 November 2025 and included an up-
front payment of US$1 million to Australis in addition to the US$1 million initial leasing program
commitment. For more details on the deal terms please refer to the relevant announcement1
.
The EQV Financing Transaction was closed on 30 December 2025 (see separate announcement1
).
EQV assumed field production operatorship from Australis and acquired 90% of the Australis working
interest in all Australis operated wells.
QUARTERLY ACTIVITIES REPORT | 1st Quarter 2026
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TMS Assets & Background
The map shown in Figure 2 is a representation of the acreage position that Australis holds within
the TMS Core.
Figure 2 : Location of Australis acreage and TMS wells
The Tuscaloosa Marine Shale is a Cretaceous shallow marine unconventional shale that is present
across central Louisiana and southwest Mississippi. The play is the same geological age as the Eagle
Ford Shale in South Texas and the Woodbine Shale in East Texas.
The play is relatively deep, high pressured and oil weighted. As experienced in most unconventional
plays, early results (2010 – 2014) demonstrated variable production performance and relatively high
well costs, driven by initial operational difficulties encountered whilst drilling and completing the
wells. The activity that did take place delineated a core area of the play where production results
were consistent and comparable to other, far more developed, unconventional plays such as the
Eagle Ford and the Permian. This area is shown in the blue oblong in Figure 2 and represents
Australis’ interpretation of the TMS Core.
The comparison of the 2014 production results from the core of the TMS with the three type curves
generated by Ryder Scott for the YE 20205
reserve report is shown in Figure 3 below.
To qualify as a reserve Ryder Scott must assess a future location as economic and the YE 2020
reserve report was evaluated assuming a flat oil price of US$47.02/bbl5
. Note the YE 2025 Reserve
Report2
did not assess undeveloped reserves as any assessment is dependent on a drilling plan for
the next 5 years. Australis made the decision to defer the assessment until a partner is introduced
and a development plan is determined.
QUARTERLY ACTIVITIES REPORT | 1st Quarter 2026
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Figure 3 : Average oil production of ATS 2014 TMS wells vs Ryder Scott Proved, Probably and Possible Type Curves
and performance of the full length laterals drilled by Australis in 2018
The appraisal activity by Encana and other participants in the TMS during 2013/2014 also addressed
many of the operational challenges that were initially experienced. Costs and performance
repeatability were improving, and activity levels were increasing during 2014 until evolution in the
play was interrupted by the oil price drop in late 2014.
As a direct result, Australis is the only company to have drilled new wells in the play since the
beginning of 2015 other than in the last quarter of 2021, when State Line Exploration successfully
drilled and cased their first well in the play. Consequently, none of the numerous industry
improvements that have continued to drive forward the economics of other unconventional plays have
yet been applied to the TMS. The production results of the full-length laterals drilled by Australis in
20184
are also shown above on Figure 3.
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
0 6 12 18 24 30 36 42 48 54 60
BBL
Oil
Month
Cumulative Oil Production4
RS Possible (700 mbbl) RS Probable (604 mbbl) RS Proved (520 mbbl)
Avg 15 TMS Wells Avg Stewart/Taylor Normalised
QUARTERLY ACTIVITIES REPORT | 1st Quarter 2026
Page 10 of 12
GLOSSARY
Unit Measure Unit Measure
B Prefix – Billions bbl Barrel of oil
MM Prefix – Millions boe Barrel of Oil equivalent (1bbl = 6 mscf)
M or k Prefix – Thousands scf Standard cubic foot of gas
/d Suffix – per day Bcf Billion cubic feet of gas
Term Definition
1P Proved Developed Reserves (PDP + PDNP)
2P Probable Reserves
3P Possible Reserves
AMI
Area of Mutual Interest within the TMS Core where Australis has the right to participate
with Development Partner at a 20% working interest in any new leases taken
C Contingent Resources (1C/2C/3C equivalent to low/most likely/high)
Carry
Program
The carried TMS development work program contemplated by the Development
Transaction, pursuant to which Development Partner will carry Australis for a 20%
working interest
Development
Partner
A US listed independent oil and gas company with a multi-billion dollar enterprise value
and active onshore development and exploration operations in multiple unconventional
US basins
Development
Transaction
A transaction executed on 25 November 2025 whereby, among other things, Australis
agreed to farm down 80% of its working interest in undeveloped acreage to the
Development Partner on conclusion of a carried work program of $46.25 million and
satisfaction of other obligations
EQV An affiliate of the EQV Group
EUR Estimated Ultimate Recovery of a well
Field Netback
Oil and gas sales net of royalties, production and state taxes, inventory movements,
hedging gains or losses and field-based production expenses but excludes depletion
and depreciation
Finance
Transaction
A Transaction closed on 30 December 2025 whereby Australis sold 90% of its working
interest in producing TMS wells for US$16.9 million, subject to customary closing
adjustments
HBP
Held by production – within a formed unit a producing well meets all lease obligations
within that unit. Primary term remains valid whilst well is on production
Initial Leasing
Program
US$1 million lease program within the AMI under the Development Transaction where
Australis is carried by the Development Partner for a 20% working interest
IP30 The average oil production rate over 30 days of production following clean up
Initial Test
Well
The first carried well to be drilled under the Development Transaction
Net or NRI Company beneficial interest after royalties or burdens
Net Acres Working Interest before deduction of royalties or burdens
NPV(10) Net Present Value (@ discount rate)
PDNP Proved Developed Not Producing Reserves
PDP Proved Developed Producing Reserves
Royalty
Interest in a leasehold area providing the holder with the right to receive a share of
production associated with the leasehold area
TMS Tuscaloosa Marine Shale
TMS Core
The Australis designated productive core area of the TMS delineated by production
history
QUARTERLY ACTIVITIES REPORT | 1st Quarter 2026
Page 11 of 12
TMS Type
Curve
The history matched production performance of 15 wells drilled in the TMS by Encana
in 2014. Corresponds to an average treated horizontal length of 7,200ft. Refer to the
Appendix of the Australis Corporate Presentation
WI Company beneficial interest before royalties
WTI West Texas Intermediate oil benchmark price
YE Year end
Notes
1. See ASX Announcement titled ‘TMS Development Partnering and Financing Transactions’ released
on 26 November 2025.and ASX Announcement titled ‘TMS Financing Transaction Completed’
released on 31 December 2025.
2. Estimates from the independent Ryder Scott report, effective 31 December 2025 and dated 29 January
2026, which was initially disclosed in the announcement titled “Quarterly Activities and Annual Reserve
Report’ issued on 30 January 2026 The report was prepared in accordance with the definitions and
disclosure guidelines contained in the Society of Petroleum Engineers (SPE), World Petroleum
Council (WPC), American Association of Petroleum Geologists (AAPG), and Society of Petroleum
Evaluation Engineers (SPEE) Petroleum Resources Management (SPE-PRMS) as revised in June
2018. Ryder Scott generated their independent reserve and contingent resource estimates using
deterministic methods. The achieved price and NPV(10) values quoted are for the project only, they
do not include any impact from any oil price hedges that Australis had entered into at that time.
Australis is not aware of any new information or data that materially affects the information included in
the referenced announcement and all the material assumptions and technical parameters
underpinning the estimates in the original announcement continue to apply and have not materially
changed.
3. The figures quoted is the rounded arithmetic sum of the 2P reserve and 2C resource estimate as
reported in the Ryder Scott reserve report dated 29 January 2026. That report included the following
reserve and resource estimates of oil.
The 1P, 2P and 3P figures provided are the arithmetic summation by category and are referenced to
the individual well oil metering at each producing well location.
The 1C, 2C and 3C figures provided are the arithmetic summation by category.
4. Average production from Stewart 30H-1 and Taylor 27H-1 wells normalized to 7,200 ft completed
horizontal length and adjusted for production curtailments during COVID low oil prices Q2 2020.
5. All estimates and risk factors taken from Ryder Scott, report prepared as at 31 December 2020 and
generated for the Australis concessions to SPE standards. See ASX announcement released on 5
February 2021 titled “Reserves and Resources Update Year End 2020”. Australis is not aware of
any new information or data that materially affects the information included from the referenced
announcement and all the material assumptions and technical parameters underpinning those
Net Oil Reserves
(Mbbls)
Contingent Oil
Resources (Mbbls)
1P 128 1C 19,709
2P 165 2C 62,156
3P 213 3C 112,498
QUARTERLY ACTIVITIES REPORT | 1st Quarter 2026
Page 12 of 12
Forward Looking Statements
This document may include forward looking statements. Forward looking statements include, but are not
necessarily limited to, statements concerning Australis’ planned operation program and other statements
that are not historic facts. When used in this document, the words such as “could”, “plan”, “estimate”,
“expect”, “intend”, “may”, “potential”, “should” and similar expressions are forward looking statements.
Although Australis believes its expectations reflected in these statements are reasonable, such statements
involve risks and uncertainties, and no assurance can be given that actual results will be consistent with
these forward-looking statements.
Rule 5.5
ASX Listing Rules Appendix 5B (17/07/20) Page 1
+ See chapter 19 of the ASX Listing Rules for defined terms.
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
AUSTRALIS OIL & GAS LIMITED
ABN Quarter ended (“current quarter”)
34 609 262 937 31 MARCH 2026
Consolidated statement of cash flows Current quarter
$US’000
Year to date
(3 months)
$US’000
1. Cash flows from operating activities
1,218 1,218
1.1 Receipts from customers
1.2 Payments for
- -
(a) exploration & evaluation
(b) development - -
(c) production (940) (940)
(d) staff costs (1,770) (1,770)
(e) administration and corporate costs (430) (430)
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 – Represents the net amount of
funds received and expended by Australis
during operator transition period (Jan – Mar
2026). This amount will be transferred to
EQV in Q226
1,298 1,298
1.9 Net cash from / (used in) operating
activities
(624) (624)
2. Cash flows from investing activities
- -
2.1 Payments to acquire or for:
(a) entities
(b) tenements - -
(c) property, plant and equipment - -
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
ASX Listing Rules Appendix 5B (17/07/20) Page 2
+ See chapter 19 of the ASX Listing Rules for defined terms.
Consolidated statement of cash flows Current quarter
$US’000
Year to date
(3 months)
$US’000
(d) exploration & evaluation - -
(e) investments - -
(f) other non-current assets - -
2.2 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 (provide details if material) 63 63
2.6 Net cash from / (used in) investing
activities
63 63
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) (3)
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
(3) (3)
4. Net increase / (decrease) in cash and
cash equivalents for the period
4.1 Cash and cash equivalents at beginning of
period
14,230 14,230
4.2 Net cash from / (used in) operating
activities (item 1.9 above)
(624) (624)
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
ASX Listing Rules Appendix 5B (17/07/20) Page 3
+ See chapter 19 of the ASX Listing Rules for defined terms.
Consolidated statement of cash flows Current quarter
$US’000
Year to date
(3 months)
$US’000
4.3 Net cash from / (used in) investing activities
(item 2.6 above)
63 63
4.4 Net cash from / (used in) financing activities
(item 3.10 above)
(3) (3)
4.5 Effect of movement in exchange rates on
cash held
(32) (32)
4.6 Cash and cash equivalents at end of
period
13,634 13,634
5. Reconciliation of cash and cash
equivalents
at the end of the quarter (as shown in the
consolidated statement of cash flows) to the
related items in the accounts
Current quarter
$US’000
Previous quarter
$US’000
5.1 Bank balances 13,634 14,230
5.2 Call deposits - -
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)
13,634 14,230
6. Payments to related parties of the entity and their
associates
Current quarter
$US'000
6.1 Aggregate amount of payments to related parties and their
associates included in item 1
-
6.2 Aggregate amount of payments to related parties and their
associates included in item 2
-
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.
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
ASX Listing Rules Appendix 5B (17/07/20) Page 4
+ See chapter 19 of the ASX Listing Rules for defined terms.
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
$US’000
Amount drawn at
quarter end
$US’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 $US’000
8.1 Net cash from / (used in) operating activities (item 1.9) (624)
8.2 (Payments for exploration & evaluation classified as investing
activities) (item 2.1(d))
-
8.3 Total relevant outgoings (item 8.1 + item 8.2) (624)
8.4 Cash and cash equivalents at quarter end (item 4.6) 13,634
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 13,634
8.7 Estimated quarters of funding available (item 8.6 divided by
item 8.3)
22
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:
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:
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
ASX Listing Rules Appendix 5B (17/07/20) Page 5
+ See chapter 19 of the ASX Listing Rules for defined terms.
8.8.3 Does the entity expect to be able to continue its operations and to meet its business
objectives and, if so, on what basis?
Answer:
Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.
Compliance statement
1 This statement has been prepared in accordance with accounting standards and policies which
comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.
Date: 28 April 2026..............................................................
Authorised by: .. By the Disclosure Committee.................................................................................
(Name of body or officer authorising release – see note 4)
Notes
1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the
entity’s activities for the past quarter, how they have been financed and the e
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