Wrap Text
Renergen quarterly update
RENERGEN LIMITED
Incorporated in the Republic of South Africa
(Registration number: 2014/195093/06)
JSE Share code: REN
A2X Share code: REN
ISIN: ZAE000202610
LEI: 378900B1512179F35A69
Australian Business Number (ABN): 93 998 352 675
ASX Share code: RLT
("Renergen" or "the Company" or "the Group")
RENERGEN QUARTERLY UPDATE
Fiscal Q2 2026 Highlights:
• Progress on merger: All ASPI scheme conditions fulfilled, deadline extended to
accommodate regulatory approvals
• Financial and coexistence settlement reached with Springbok Solar Power Plant
• Enhancements to geological data
Progress on Merger with ASP Isotopes
The following key milestones on the merger between Renergen and ASP Isotopes (ASPI),
as announced on 20 May 2025, have subsequently been achieved:
• Renergen shareholders voted in favour of the merger.
• South African Competition Authorities approved the merger.
• All Scheme conditions have been fulfilled.
• ASPI extended the deadline for the fulfilment of the remaining offer conditions
precedent to 28 November 2025.
ASP Isotopes and Renergen remain fully committed to the merger and the various teams are
progressing well on closing out the final offer conditions precedent. Final regulatory approvals
from South Africa is the primary gating item before the merger will be complete.
Springbok Solar Financial Settlement
As communicated via SENS announcement on 22 September 2025, the Company and
Springbok Solar Project have executed both a Settlement and Co-Existence Agreement. The
agreements became unconditional post the period in review. The settlement between
Renergen and Springbok not only provides clarity and avoids further litigation but also
establishes a framework for both projects to progress constructively. This outcome
underscores the importance of collaboration between the renewable energy and mineral and
petroleum rights holders on multi-use land rights, paving the way for future cooperative
efforts.
Key Outcomes of the Agreement
• The parties have formalised both a financial settlement payable to Tetra4, and a
coexistence agreement that allows both the Virginia Gas Project and the Springbok
Solar Project to operate within the designated area, with clear protocols for ongoing
communication and operational coordination. Both the Virginia Gas Project and the
Springbok Solar Project to operate within the designated area, with clear protocols for
ongoing communication and operational coordination.
• A public apology has been issued by Springbok Solar to Tetra4.
• Tetra4 will retain the exclusive rights conferred to it within the Production Right outside
of the agreed boundary of the Springbok Solar Project facility to explore and produce
area.
• The parties will continue to engage and consult in terms of all applicable legislation
and regulations on future development and expansion of both companies' continued
development in the Free State.
LNG production
LNG production reduced to 987 tons produced in the quarter compared to 1,311 tons from
the previous quarter's production. During the period, the maintenance team have brought
forward additional planned maintenance scheduled for later in the year in order to reduce
downtime across the facility when production has been substantially increased as new wells
are tied in.
Helium production
As has been previously stated, helium becomes economically viable once the flow rate has
increased from the additional wells being tied in. We have therefore not run the helium
operations in order to reduce operating costs on the helium.
Exploration
Geology & Geophysics
Tetra4 shot and acquired additional Vertical Seismic Profiling (VSP) data on an additional
property where our most successful producing well is located during the months of May to
August 2025.
VSP data is of particular use as it is anchored within legacy 2D and 3D seismic data shot by
third parties. Acquisition and processing are complete and initial interpretation by external
consultants is underway. Preliminary interpretation of gas indicated extensive fracturing and
faulting at depth as well as fracture nests (interconnected fracture networks), which are hosts
to gas accumulations.
The seismic response of known "historic" producers and the existing producing well, has been
reviewed against the seismic response and corroborate the finding that hydrocarbon
accumulations are associated with fracture nests fed from deeper seated faults below.
Exploration Drilling
Based on the additional VSP and review of the seismic response against historic and existing
producers, a further thirteen (13) target locations have been identified. These drilling targets
share sub-surface characteristics of seismic responses and are aimed at intersecting a series
of fracture nests, fed from deep seated faults below the Ventersdorp (Figure 2).
In total, the Company spent R36.1 million in the quarter on drilling, exploration and the
abovementioned analysis of the resource.
Exploration wells spudded and being drilled as of August 2025 are listed in the table below:
Well ID Spud Date Well Type Formation
T4MD016 19/05/2025 Vertical Witwatersrand Quartzites
T4KK014 13/05/2025 Vertical Witwatersrand Quartzites
T4KK016 14/05/2025 Vertical Witwatersrand Quartzites
T4KK017 03/06/2025 Vertical Witwatersrand Quartzites
T4KK018 05/06/2025 Vertical Witwatersrand Quartzites
T4MD017 04/07/2025 Incline Witwatersrand Quartzites
T4MD018 05/07/2025 Vertical Witwatersrand Quartzites
T4MD019 07/07/2025 Incline Witwatersrand Quartzites
Licenses and Other Matters
There has been no change to the licences.
ASX Listing rule 5.4.3 –no rights were acquired or disposed, nor were any farm-in or farm-
out agreements entered into during the quarter. The Company has not entered into any farm-
in or farm-out agreements.
ASX Listing rule 5.4.5 -There were payments during the quarter to an associate of, or a
related party of Renergen or an associate of Renergen. These payments totalled
ZAR7,05 million and relates to remuneration paid to directors and prescribed officers
Johannesburg
30 September 2025
Authorised by: Stefano Marani
Chief Executive Officer
Designated Advisor
PSG Capital
To readers reviewing this announcement on the Stock Exchange News Service (SENS), this
announcement may contain graphics and/or images which can be found in the PDF version
posted on the Company's website.
www.renergen.co.za
Rule 5.5
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
RENERGEN LIMITED
ABN Quarter ended ("current quarter")
93998352675 31 August 2025
Current Year to date
quarter (6 months)
Consolidated statement of cash flows
ZAR'000 ZAR'000
1. Cash flows from operating activities
1.1 Receipts from customers 21 027 40 954
1.2 Payments for
(a) exploration & evaluation - -
(b) development - -
(c) production (16 143) (31 713)
(d) staff costs (13 581) (28 291)
(e) administration and corporate costs (48 272) (103 857)
1.3 Dividends received (see note 3) - -
1.4 Interest received 2 345 4 668
1.5 Interest and other costs of finance paid (274) (597)
1.6 Income taxes paid - -
1.7 Government grants and tax incentives - -
1.8 Other (provide details if material) –
- Restricted cash (1 265) (25 786)
1.9 Net cash used in operating activities (56 163) (144 622)
2. Cash flows from investing activities
2.1 Payments to acquire or for:
(a) entities - -
(b) tenements - -
(c) property, plant and equipment (30 138) (77 636)
(d) exploration & evaluation (36 105) (67 108)
(e) investments - -
(f) other non-current assets – other - -
intangible assets
ASX Listing Rules Appendix 5B (17/07/20)
+ 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
Current Year to date
quarter (6 months)
Consolidated statement of cash flows
ZAR'000 ZAR'000
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) - -
2.6 Net cash used in investing activities (66 243) (144 744)
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 175 160 538 521
3.6 Repayment of borrowings (40 332) (112 766)
3.7 Transaction costs related to loans and
borrowings - -
3.8 Dividends paid - -
3.9 Other – lease payments (1 078) (1 642)
3.10 Net cash from financing activities 133 750 424 113
4. Net increase/(decrease) in cash and
cash equivalents for the period
4.1 Cash and cash equivalents at beginning of
period 151 720 28 317
4.2 Net cash used in operating activities
(item 1.9 above) (56 163) (144 622)
4.3 Net cash used in investing activities
(item 2.6 above) (66 243) (144 744)
4.4 Net cash from financing activities (item 3.10
above) 133 750 424 113
4.5 Effect of movement in exchange rates on
cash held - -
4.6 Cash and cash equivalents at end of
period 163 064 163 064
ASX Listing Rules Appendix 5B (17/07/20)
+ 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
5. Reconciliation of cash and cash
equivalents Current Year to date
at the end of the quarter (as shown in the
quarter (6 months)
consolidated statement of cash flows) to the
ZAR'000 ZAR'000
related items in the accounts
5.1 Bank balances 13 932 13 932
5.2 Call deposits 149 132 149 132
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) 163 064 163 064
6. Payments to related parties of the entity and their associates Current
quarter
ZAR'000
6.1 Aggregate amount of payments to related parties and their
associates included in item 1 7 052
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.
7. Financing facilities
Note: the term "facility' includes all forms of
financing arrangements available to the
Total facility Amount drawn
entity.
amount at quarter at quarter
Add notes as necessary for an end end
understanding of the sources of finance ZAR'000 ZAR'000
available to the entity.
7.1 Loan facilities 1 539 345 1 539 345
7.2 Credit standby arrangements - -
7.3 Other (please specify) - -
7.4 Total financing facilities 1 539 345 1 539 345
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.
ASX Listing Rules Appendix 5B (17/07/20)
+ 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
The US Dollar (US$) denominated loans and debentures included in the amount disclosed
above were translated at a rate of R17.671/US$1 on 31 August 2025.
DFC Loan
Tetra4 entered into a US$40.0 million finance agreement with the US International
Development Finance Corporation ("DFC") on 20 August 2019 ("Facility Agreement"). The
first draw down of US$20.0 million took place in September 2019, the second draw down of
US$12.5 million in June 2020 and the final drawdown of US$7.5 million on 28 September
2021. Tetra4 shall repay the loan in equal quarterly instalments of US$1.08 million (R19.1
million using the rate at 31 Aug 2025) on each payment date which began on 1 August 2022
and will end on 15 August 2031. The loan is secured by Tetra4's physical assets and the Debt
Service Reserve Account ("DSRA").
The first drawdown of $20.0 million attracts interest of 2.11% per annum. Interest on the
second and final drawdowns is 1.49% and 1.24% per annum, respectively. Interest is payable
by Tetra4 to the DFC quarterly on 15 February, 15 May, 15 August and 15 November of each
year ("Repayment Dates") for the duration of the loan. Interest accrued and paid during the
quarter totalled US$0.12 million (R2.1 million).
A guarantee fee of 4% per annum is payable by Tetra4 to the DFC on any outstanding loan
balance. The guarantee fee is payable quarterly on the Repayment Dates. Tetra4 paid
guarantee fees totalling US$0.27 million (R4.8 million) during the quarter.
A commitment fee of 0.5% per annum was payable by Tetra4 to the DFC on any undisbursed
amounts under the Facility Agreement. There was no commitment fee due during the quarter
as there were no undrawn amounts during the period.
An annual maintenance fee of US$0.04 million is payable by Tetra4 to the DFC for the
duration of the loan term and is payable on 15 November of each year, and commenced on
15 November 2020. The maintenance fee covers administrative costs relating to the loan.
There were no maintenance fees due during the quarter.
As at 31 August 2025 the outstanding principal amount of the DFC loan totalled US$25.9
million (R458.5 million).
IDC Loan
Tetra4 entered into a R160.7 million loan agreement with the Industrial Development
Corporation ("IDC") on 17 December 2021. An amount of R158.8 million was drawn down on
22 December 2021 and is repayable in 102 equal monthly payments which commenced in
June 2023. The loan terms included a 12-month interest capitalisation and an 18-month
capital repayment moratorium. The loan accrues interest at the prime lending rate plus 3.5%
(14.00% on 31 August 2025) and is secured by a pledge of Tetra4's physical assets and the
DSRA. The IDC loan outstanding on 31 August 2025 amounted to R156.5 million and interest
accrued during the quarter amounted to R5.6 million. Qualifying interest attributable to assets
under construction, within property, plant and equipment, is capitalised in line with the policy
of the Group.
ASX Listing Rules Appendix 5B (17/07/20)
+ 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
Debt covenants
The following debt covenants apply to the DFC loan:
a) Tetra4 is required to maintain at all times i) a ratio of all interest bearing Debt to EBITDA
of not more than 3.0 to 1; (ii) a ratio of Current Assets to Current Liabilities of not less
than 1 to 1; and (iii) a Reserve Tail Ratio of not less than 25%.
(b) Tetra4 is required to maintain at all times (i) a ratio of Cash Flow for the most recently
completed four (4) consecutive full fiscal quarters, taken as a single accounting period, to
Debt Service for the most recently completed four (4) consecutive full fiscal quarters,
taken as a single accounting period, of not less than 1.30 to 1; and (ii) a ratio of Cash
Flow for the most recently completed four (4) consecutive full fiscal quarters, taken as a
single accounting period, to Debt Service for the next succeeding four (4) consecutive full
fiscal quarters of not less than 1.3 to 1.
(c) Tetra4 is required to ensure that the DSRA is funded in the aggregate of all amounts due
to the DFC within the next 6 months.
The covenants in a) and b) were expected to apply from 15 August 2025. Tetra4 has
requested an extension of the effective date and is awaiting approval from the DFC. At 31
August 2025, Tetra4 has complied with the covenant under c) above for the quarter and
believes that it will be able to comply with the covenants throughout the tenure of the loan.
The following debt covenants apply to the IDC loan:
a) Tetra4 is required to maintain the same financial and reserve tail ratios, and DSRA as
mentioned under the DFC loan.
b) In addition, Tetra4 shall not make any shareholder dividend distribution, repay any
shareholders' loans and/or pay any interest on shareholders' loans or make any payments
whatsoever to its shareholders without the IDC's prior written consent, if:
- Tetra4 is in breach of any term of the loan agreement; or
- the making of such payment would result in a breach of any one or more of the
financial ratios above.
The covenants in a) were expected to apply from 15 August 2025. Tetra has since received
an extension from the IDC, with the new effective date set for 15 February 2026. Tetra4 was
in compliance with the covenant under b) above for the quarter and believes that it will be
able to comply with the covenants throughout the tenure of the loan. Tetra4 also maintains a
DSRA with respect to the IDC loan.
"Reserve Tail Ratio" means for any calculation date, the quotient obtained by dividing (a) all
of the Borrower's remaining Proved Reserves as of such calculation date by (b) all of the
Borrower's Proved Reserves as of the date of the Facility Agreement.
Molopo loan
Tetra4 entered into a R50.0 million loan agreement with Molopo on 11 April 2014. The loan
term was for an initial period of 10 financial years and 6 months which commenced on 1 July
2014 (was repayable on 31 August 2024). During this period, the loan was unsecured and
interest free. As the loan was not repaid on 31 August 2024, it now accrues interest at the
prime lending rate plus 2% (12.50% on 31 August 2025). The loan can only be repaid when
Tetra4 declares a dividend and utilising a maximum of 36% of the distributable profits in order
to pay the dividend. It is not expected that the loan will be repaid in the next 12 months given
the unavailability of distributable profits based on Tetra4's most recent forecasts. As such, the
loan is classified as long term.
ASX Listing Rules Appendix 5B (17/07/20)
+ 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
The loan accrued interest amounting to R1.8 million for the quarter (at an average rate of
12.67%). The Molopo loan outstanding on 31 August 2025 amounted to R56.5 million.
On 14 November 2024 Molopo initiated legal proceedings against Tetra4 in the High Court of
South Africa, Gauteng Local Division, Johannesburg, by issuing summons alleging a breach
of contract when Renergen sold the 5.5% stake in Tetra4 to Mahlako Gas Energy Proprietary
Limited ("MGE"). The claim pertains to a written loan agreement concluded between Molopo,
as the lender, and Tetra4, as the borrower, on or about 11 April 2014. As a consequence,
Molopo has purported to cancel the loan agreement, which cancellation is disputed by Tetra4
on the basis that the investment by MGE did not constitute a payment by Tetra4 to its parent
in the sale. According to the Lead Times Bulletin for the High Court in Gauteng the soonest
hearing date is estimated to only take place in four years and three months, hence the loan
continues to be classified as non-current.
Unsecured Convertible Debentures
Renergen entered into a US$7.0 million unsecured convertible debenture subscription
agreement ("Subscription Agreement") with AIRSOL SRL ("AIRSOL"), an Italian wholly-
owned subsidiary of SOL S.p.A ("SOL"), on 30 August 2023 for the subscription by AIRSOL
in Renergen debentures in two tranches of US$3.0 million ("Tranche 1") and US$4.0 million
("Tranche 2"). Tranche 1 proceeds were received on 30 August 2023 and on 18 March 2024
AIRSOL subscribed for Tranche 2 debentures and Renergen received US$4.0 million.
The debentures include a contractual maturity date, which initially was 28 February 2025 and,
pursuant to an amendment, is currently 31 August 2025, subject to the terms of the
Subscription Agreement (as amended) and the related Helium Sale and Purchase Agreement
between Tetra4 (Renergen's subsidiary) and SOL. The debentures accrue interest at a rate
of 13% per annum, calculated and compounded semi-annually on the outstanding principal
amount, with interest payable on 28 February and 31 August of each year during the term.
In accordance with the Subscription Agreement, the debentures may, at maturity, be settled
in cash or converted into Renergen equity, with the applicable conversion price determined
by reference to whether a Nasdaq IPO has occurred prior to maturity.
Debentures outstanding on 31 August 2025 amounted to US$7.0 million (R123.7 million) and
interest accrued and paid for the quarter amounted to US$0.22 million (R3.9 million).
SBSA Loan
Renergen obtained a R155.0 million secured loan from Standard Bank of South Africa Limited
("SBSA") on 30 August 2024 ("SBSA Loan"). The first draw down of R103.3 million occurred
on 31 August 2024 and the second draw down of R51.7 million occurred on 17 October 2024.
Proceeds were used to fund the working capital and expansion of the Virginia Gas Project.
Part of the proceeds of the SBSA Bridge Loan were also used to pay transaction costs
attributable to the loan arrangement.
The SBSA Loan accrues interest at a rate linked to 3-month JIBAR plus a variable margin
(JIBAR plus the margin equated to 22.28% on 31 August 2025). Interest is compounded and
capitalised to the principal amount owing. The SBSA Loan was repayable on the earlier of
the receipt of proceeds from the Renergen proposed Nasdaq IPO or 31 August 2025. SBSA
and Renergen are in discussions to renegotiate the loan terms, which include revisions to
both the interest rate and the maturity date.
The SBSA Loan is secured by a third ranking pledge of Tetra4's assets and shares held by
Renergen in Tetra4. In addition, CRT Investments Proprietary Limited ("CRT") an associate
of Mr Nicholas Mitchell, and MATC Investments Holdings Proprietary Limited ("MACT") an
associate of Mr Stefano Marani, have entered into cession and pledge agreements
("Pledges") with SBSA, in terms of which CRT and MATC have pledged and ceded as
security, but remain in CRT and MATC's possession unless called, collectively 17 314 575
Renergen ordinary shares ("Pledged Shares"), to and in favour SBSA. CRT and MATC's
potential liability under the security given in respect of such financial obligation is capped at
the lower of the value of the Pledged Shares or R155.0 million.
ASX Listing Rules Appendix 5B (17/07/20)
+ 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
The need to procure the requisite equity injection by 24 January 2025 resulted in events of
default with respect to the SBSA loan agreement. SBSA reserves all its rights with respect to
the default on the equity injection. To date, no further remedies have been requested by SBSA
due to the progress achieved in securing funding for the VGP.
The SBSA Loan outstanding on 31 August 2025 amounted to R188.9 million and interest
accrued during the quarter amounted to R10.1 million.
ASPI Loan
Renergen and ASP Isotopes Inc. ("ASPI") released an announcement setting out the
proposed acquisition by ASPI of all of Renergen's issued ordinary no par value shares
("Renergen Shares") by way of a scheme of arrangement (the "Scheme") in accordance with
section 114(1) of the Companies Act, 71 of 2008 ("Companies Act"), in consideration for
which ASPI will issue new ASPI common stock to Renergen shareholders. If the Scheme is
not implemented, solely due to one or more of the Scheme Conditions not being fulfilled or
waived, then ASPI will make an offer to acquire 100% of the Renergen Shares from Renergen
shareholders by way of a general standby offer, which is not subject to any conditions as to
acceptances (the "Standby Offer").
On 19 May 2025, Renergen and ASPI entered into a loan agreement whereby ASPI through
its South African subsidiary, ASP Isotopes South Africa, advanced a US$30 million loan
facility to Renergen which funds were disbursed in ZAR equivalent and have been used, and
continue to be applied for operating costs, debt servicing, and capital investments ("ASPI
Loan"). This facility includes US$10 million (R186.4 million) previously advanced in April 2025
as the first drawdown, followed by another US$10 million (R176.9 million) advanced in May
2025, and the remaining US$10 million (R175.1 million) which was advanced in June 2025.
The ASPI Loan incurs interest at the prime rate as published by FirstRand Bank Limited from
time to time and is repayable on 30 September 2025, or such later date that the parties agree.
Interest accrues daily and is compounded monthly in arrears on a 365-day year basis. The
ASPI Loan is unsecured.
The ASPI Loan outstanding as at 31 August 2025 amounted to R555.3 million and interest
accrued during the quarter amounted to R13.4 million.
8. Estimated cash available for future operating activities ZAR'000
8.1 Net cash generated from operating activities (item 1.9) (56 163)
8.2 Payments for exploration and evaluation classified as investing
(36 105)
activities) (item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item 8.2) (92 268)
8.4 Cash and cash equivalents at quarter end (item 4.6) 163 064
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 163 064
8.7 Estimated quarters of funding available (item 8.6 divided by
1.77
item 8.3)
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.
ASX Listing Rules Appendix 5B (17/07/20)
+ 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
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: Yes
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: The company is in advanced discussions to raise additional funding required to meet
its needs.
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: Yes, based on the above, the company is confident that it can continue its
operations
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: 30 September 2025
Authorised by: By the Board
(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 effect this has had on its cash position. An
entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is
encouraged to do so.
2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions
in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash
Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting
standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.
3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities,
depending on the accounting policy of the entity.
4. If this report has been authorised for release to the market by your board of directors, you can insert here: "By the board".
If it has been authorised for release to the market by a committee of your board of directors, you can insert here: "By the
[name of board committee – eg Audit and Risk Committee]". If it has been authorised for release to the market by a
disclosure committee, you can insert here: "By the Disclosure Committee".
5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as
complying with recommendation 4.2 of the ASX Corporate Governance Council's Corporate Governance Principles and
Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial
records of the entity have been properly maintained, that this report complies with the appropriate accounting standards
ASX Listing Rules Appendix 5B (17/07/20)
+ 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
and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a
sound system of risk management and internal control which is operating effectively.
ASX Listing Rules Appendix 5B (17/07/20)
+ See chapter 19 of the ASX Listing Rules for defined terms.
Date: 30-09-2025 10:00:00
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