Wrap Text
Quarterly Activities Report for 31 March 2026
Southern Palladium Limited
Incorporated in the Commonwealth of Australia
Australian Company Number 646 391 899
ASX share code: SPD
JSE share code: SDL
ISIN AU0000220808
29 April 2026
Quarterly Activities Report for 31 March 2026
ASX:SPD, JSE:SDL
MARCH QUARTER HIGHLIGHTS
ACN: 646 399 891
Operational:
• Metallurgical test work delivers step-change improvement in chromite
Corporate Directory recoveries (~65% vs ~30% assumed in OPFS), enhancing revenue potential
Executive Chairman • Dense Media Separation (DMS) confirmed as value-accretive addition to
Roger Baxter flowsheet, reducing downstream processing requirements
• Drilling and geotechnical programmes progressing, supporting mine design
Managing Director optimisation and early development planning. However, 29 working days lost
Johan Odendaal in the drill program due to abnormally heavy rains in the Limpopo region
• The significant improvement in chromite recoveries, and the inclusion of a
Non-Executive Directors DMS, provide the opportunity to capture material additional project value
Mike Stirzaker through redesigning the plant flowsheet. This work, and the drilling delay
Rob Thomson incurred, results in the Company now targeting completion of the DFS in late
Daan van Heerden Q4 2026
Lindi Nkosi-Thomas
• Key appointment of experienced Project Manager, strengthening execution
Company Secretary capability as project transitions toward development
Andrew J. Cooke Strong community engagement maintained, reinforcing social licence with
Bengwenyama community (34% project interest)
Top 5 Shareholders
Robert Napier Keith Regulatory and Permitting
Nicolas Daniel Resources Pty Ltd • Continued close engagement with regulators at national levels to expedite
Nurinox Investments Pty Ltd the final granting of the Mining Right. The timing of the execution of early
Legacy Platinum Corporation development is subject to the granting of the Mining Right and operating
SG Hiscock & Co approvals under the National Environmental Management Act.
Company Overview
Corporate:
Dual-listed platinum group metal
(PGM) company developing the • Strengthened balance sheet provides full funding to complete DFS works,
advanced Bengwenyama PGM progress early mine development activities (subject to permitting) and
project, particularly rich in advance the Bengwenyama Project towards a Final Investment Decision
platinum/palladium/rhodium and (FID).
chrome, located in South Africa's
prolific Bushveld Complex. • Cash balance of A$20.62 million (31 December 2025: A$22.58 million)
excludes cash held by the Company's 70% subsidiary, Miracle Upon Miracle
Contact: Investments (Pty) Limited at 31 March 2026 of A$0.74 million (31 December
2025: A$0.95 million).
E: info@southernpalladium.com
W: www.southernpalladium.com
Southern Palladium Executive Chairman, Roger Baxter, commented: "The March quarter marks a significant
step forward for the Bengwenyama Project as we continue to systematically de-risk the development and
demonstrate its potential as a high-quality, low-cost, high-grade, shallow UG2 operation. The recent metallurgical
results achieved are particularly encouraging, highlighting a material uplift (doubling) in chrome recoveries and
reinforcing the robust, high-grade nature of the orebody.
In parallel, our ongoing drilling and mine design optimisation continue to validate the simplicity and capital
efficiency of the project, while early development planning is now firmly underway. The appointment of an
experienced Project Manager further strengthens our ability to execute as we transition toward development.
With the DFS on track for completion in the fourth quarter, Southern Palladium is well positioned to unlock the
full value of the Bengwenyama Project and deliver a globally significant PGM development project."
Southern Palladium (ASX: SPD, "Southern Palladium" or the "Company") is pleased to report on its quarterly
activities summary for the three months ended 31 March 2026.
Substantial progress was achieved across all key technical, study and development workstreams at its
Bengwenyama Platinum Group Metals (PGM) Project in South Africa. The March quarter represents a pivotal
stage in the advancement of the Definitive Feasibility Study ("DFS"), with continued progress in drilling,
metallurgical optimisation and mine design refinement.
Importantly, the Company has now moved decisively into early-stage development planning, supported by
strengthening technical outcomes and increasing confidence in the project's execution pathway. In this regard,
we welcomed Mr Mark Humphery as Project Manager during the quarter (refer further comments below).
The project is strategically positioned in the heart of the world class Bushveld Complex – the largest source of
PGMs globally – in a significant underground mining region with established expertise, services and critical
infrastructure.
Note:
7E or 6E+Au in this document refers to platinum, palladium, rhodium, ruthenium, iridium, osmium and gold;
6E or 5E+Au refers to platinum, palladium, rhodium, ruthenium, iridium and gold and;
4e or 3E+Au refers to platinum, palladium, rhodium and gold.
Definitive Feasibility Study Progress
The DFS programme continues to advance in line with the Company's development schedule, with multiple
technical workstreams progressing in parallel.
Drilling and geotechnical programmes remained a key focus during the quarter, supported by six diamond drill
rigs operating concurrently on site. As at the end of March 2026, a total of 72 drillholes and 45 deflections had
been completed, representing 10,250 metres of the Phase 2 programme.
The drilling programme is designed to support both resource confidence and mine design inputs, including
geotechnical parameters and structural interpretation. Results to date continue to confirm the continuity and
robustness of the UG2 reef, supporting the current geological model and increasing confidence in early mining
areas. Severe wet weather in the project area during the quarter caused the loss of 29 drilling days.
Subsequent to quarter end (refer below) the Company reported a significant improvement in expected chromite
recoveries, amounting to more than double earlier estimates. This result, and the decision to include Dense
Media Separation in the plant flowsheet, provide the opportunity to capture significant additional project value.
To accommodate this work, Southern Palladium is now targeting completion of the DFS in late Q4 2026.
Mining Design and Development
During the quarter, the Company advanced mine design optimisation based on updated drilling data and
benchmarking against comparable UG2 operations. A key outcome of this work was the decision to increase the
decline gradient from 6° to 9°, resulting in a reduction in total development metres and a simplified mine
layout, while maintaining a broadly comparable cost profile.
The mining strategy has also been refined to target initial reef intersections at depths of approximately 80 to 85
metres. This approach is designed to improve mining consistency and avoid oxidised ore zones, thereby
supporting improved early-stage production performance and chrome concentrate and PGM recoveries.
In parallel with these optimisation efforts, the Company commenced early development planning activities.
Requests for Quotation (RFQs) were issued for box cut and decline development, with contractor appointment
targeted for May 2026. The timing of the execution of early development is subject to the granting of the
Mining Right and operating approvals under the National Environmental Management Act.
As part of the DFS de-risking process, the Company completed an independent mining peer review involving
senior industry professionals. The review validated key mine design assumptions, decline strategy, and execution
parameters ahead of DFS completion, representing an important step in strengthening confidence in the
development plan.
Project Team
During the quarter, Southern Palladium strengthened its project execution capability through the appointment
of Mr Mark Humphery as Project Manager. Mr Humphery brings more than 28 years of global mining
experience, including extensive involvement in project development, engineering and construction across
multiple jurisdictions. His appointment enhances the Company's ability to execute the Bengwenyama Project as
it transitions from study phases into development.
Community And Stakeholder Engagement
The Company continues to place strong emphasis on stakeholder engagement and maintaining its social licence to
operate. During the quarter, Southern Palladium hosted a Community Engagement Day at the Bengwenyama
Project. The event took place on 28 March 2026 and was attended by members of the Bengwenyama Royal Family,
the Traditional Council and broader community representatives.
The Bengwenyama community holds an effective 34% interest in the Project, and ongoing engagement remains a
cornerstone of the Company's development strategy.
Figure 1: Bengwenyama Community Engagement Day – Project development presentations and stakeholder engagement
Activities Post Quarter-End
Metallurgy And Processing Optimisation
Metallurgical test work completed as part of the DFS delivered a material improvement in project fundamentals.
Test work on UG2 metallurgical samples confirmed chromite recoveries of approximately 65% from a coarse
grind spiral feed, compared to the 30% recovery previously assumed in the Optimised Pre-Feasibility Study
(OPFS).
This represents a step-change improvement in expected chrome production, and this is anticipated to positively
impact project revenues, with chrome previously contributing approximately 12% of revenue in the OPFS base
case.
In addition, Dense Media Separation ("DMS") test work demonstrated strong potential for early-stage waste
rejection. Testing confirmed that non-mineralised footwall material can be effectively rejected, with waste
rejection rates of up to 99.6%, while disseminated material can be significantly upgraded prior to milling.
The incorporation of DMS into the DFS flowsheet is expected to result in higher PGM feed grades to the
processing plant, as well as a reduction in the size of the downstream milling and flotation circuits. This represents
a meaningful optimisation relative to the OPFS design and aligns with industry-standard beneficiation approaches
for UG2 ore.
The Company continues to refine a conventional Mill-Float-Two (MF2) processing flowsheet, which remains the
benchmark processing route for UG2 deposits within the Bushveld Complex. Current optimisation initiatives,
including coarser grind strategies and early-stage chromite recovery, are expected to enhance metallurgical
performance while maintaining a simple and proven process configuration.
Permitting
The Bengwenyama Mining Right remains pending approval from the South African Department of Mineral and
Petroleum Resources. The timing of the execution of early development is subject to the granting of the Mining
Right and operating approvals under the National Environmental Management Act.
Planned June 2026 Quarter Activities
• Southern Palladium enters the June 2026 quarter with strong technical momentum. Key milestones include
completion of the Phase 2 drilling programme of over 10,000 additional drilled meters, finalisation of mine
planning and metallurgical optimisation, and continued advancement of DFS engineering work.
• The DFS that was originally planned to be completed in August 2026, is now expected to be completed by
the end of Q4 2026. The delay is related to the need to capture the value of the excellent metallurgical
results by adding a DMS circuit and reducing the size of the plant, as well as the extreme wet weather that
affected drilling in the March quarter.
• In parallel, the Company will continue progressing early development activities, including contractor
engagement and site mobilisation, positioning the Bengwenyama Project for a transition into development.
Corporate
Expenditure Summary
For the purpose of ASX Listing Rule 5.3.1, payments for exploration, evaluation and development during the
quarter totalled A$1,510,750 (31 December 2025: A$1,972,487). Details of activities undertaken during the quarter
are as described in this report.
A summary of the exploration and project evaluation expenditures for the quarter is provided as follows:
Item 1Q26 4Q25
Assays and Analysis 20,971 21,291
Environmental, social and labour plan 133,899 561,561
Exploration Management 254,885 262,822
Surface Right Usage 13,954 13,542
Technical Studies 248,771 122,107
Drilling 838,270 991,164
Grand Total 1,510,750 1,972,487
Table 1: Detailed summary of expenditure incurred for exploration, evaluation and development
For the purpose of ASX Listing Rule 5.3.2, the Company confirms there were no mining production and development
activities undertaken during the quarter.
For the purpose of ASX Listing Rule 5.3.5, payments to directors of Southern Palladium Limited during the quarter
totalled A$222,000. The payments were in respect of directors' salaries, fees and superannuation.
Payment to Minxcon Pty Ltd, a related party of two of the Company's Directors, Johan Odendaal and Daan van
Heerden, during the quarter totalled approximately A$495,000 and technical studies. The payments were in respect
of expenses incurred for management of the Bengwenyama Project.
Payment to Miracle Upon Miracle Investments (Pty) Limited, a related party of Southern Palladium Limited during the
quarter totalled approximately A$1,711,000. The payments were in respect of expenses incurred for the
Bengwenyama Project and corporate expenses.
Cash
As at 31 March 2026, Southern Palladium held approximately A$20.62 million (31 December 2025: A$22.58 million)
in cash. This figure excludes cash held by the Company's 70% subsidiary, Miracle Upon Miracle Investments (Pty)
Limited at 31 March 2026 of A$0.74 million (31 December 2025: A$0.95 million.)
March 2026 Quarter – ASX Announcements
This 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 Code'). Further details can be found in the following announcements lodged on the ASX:
5 February 2026 Bengwenyama Project Update: DFS Works Program Advancing with 6,651m Drilling
Completed Alongside Mine Design Optimisation
1 April 2026 Southern Palladium Strengthens Development Team with Highly Experienced
Project Manager
15 April 2026 Positive Results from Bengwenyama DFS Metallurgical Test Work
Compliance Statement
The information in this presentation relating to the Optimised Prefeasibility Study is extracted from the ASX
Announcement "Optimised Prefeasibility Study: Project NPV of US$857m with Improved Fundability Through
Staged Development" dated 10 July 2025 and is available on the Company's website at:
https://www.southernpalladium.com/investor-centre/asx-announcements/
The Company confirms that all material assumptions underpinning the forecast financial information derived from
the production target assumed in the OPFS continue to apply and have not materially changed.
JORC Competent Persons Statement
Uwe Engelmann
The information in this report that relates to Exploration Targets, Exploration Results and Mineral Resources is
based on information compiled by Mr Uwe Engelmann (BSc (Zoo. & Bot.), BSc Hons (Geol.), Pr.Sci.Nat. No.
400058/08, FGSSA). Mr Engelmann is a director of Minxcon (Pty) Ltd and a member of the South African Council
for Natural Scientific Professions. Minxcon provides geological consulting services to Southern Palladium Limited.
Mr. Engelmann has sufficient experience that is relevant to the style of mineralisation and type of deposit under
consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition
of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'.
Mr. Engelmann consents to the inclusion in the report of the matters based on his information in the form and
context in which it appears. Mr Engelmann has a beneficial interest in Southern Palladium through a shareholding
in Nicolas Daniel Resources Proprietary Limited.
Daan van Heerden
The scientific and technical information contained in this announcement has been reviewed, prepared, and
approved by Mr Daan van Heerden (B Eng (Min.), MCom (Bus.Admin.), MMC, Pr.Eng. No. 20050318, AMMSA,
FSAIMM). Mr van Heerden is a director of Minxcon (Pty) Ltd and a Registered Professional Engineer with the
Engineering Council of South Africa, a Member of the Association of Mine Managers South African Council, as well
as a Fellow Member of the South African Institute of Mining and Metallurgy. Mr. van Heerden has sufficient
experience relevant to the styles of mineralisation and activities being undertaken to qualify as a Competent
Person, as such term is defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves'. Mr. van Heerden consents to the inclusion in the report of the matters based
on his information in the form and context in which it appears. Mr van Heerden has a beneficial interest in Southern
Palladium through a shareholding in Nicolas Daniel Resources Proprietary Limited.
This announcement has been approved for release by the Board of Southern Palladium Limited.
For further information, please contact:
Johan Odendaal Phone: +27 82 557 6088
Managing Director Email: johan.odendaal@southernpalladium.com
Southern Palladium
Media and investor relations inquiries:
Australia: Ben Jarvis, Six Degrees Investor Relations: +61 413 150 448, ben.jarvis@sdir.com.au
South Africa: Sherilee Lakmidas, R&A Strategic Communications, +27 79 276 2529, sherilee@rasc.co.za
JSE Sponsor: Merchantec Capital
Appendix 1
Tenements
The Company held the following tenement during the quarter. The Project comprises the full extent of the farms
Nooitverwacht 324 KT and Eerstegeluk 327 KT, both of which are in the Limpopo Province of South Africa. The
Project is located 250 km east-northeast of Pretoria. The tenement is 100% held through Miracle Upon Miracle
(Pty) Ltd, the 70% subsidiary of SPD. On September 29, 2023, Southern Palladium submitted its application for a
Mining Right (refer ASX Announcement 2 October 2023 - Bengwenyama Project Mining Right Application
Submitted), which received official acceptance on 17 October 2023 from the Department of Mineral Resource and
Energy (DMRE). This marked the commencement of the official consideration of the Mining Right Application which
is currently underway.
The Company did not enter into any farm-in or farm-out agreements during the quarter.
The following information is provided pursuant to Listing Rule 5.3.3 for the quarter:
Interest at beginning of quarter Interest at end of quarter
Farm name Extent (ha)
Nooitverwacht 324 KT 2,971.01
Eerstegeluk 327 KT 2,308.73 70% 70%
Total 5,279.74
No tenement has been disposed during the quarter.
Appendix 2
Mineral Resource
The total combined Mineral Resource for the UG2 and MR as at 23 October 2024 is summarised below.
Combined UG2 and MR Mineral Resource as at 23 October 2024
Note:
1. Several historic drill holes in the Nooitverwacht Extension area did not assay for the minor PGEs, so a 7E resource cannot yet be stated
for part of the inferred Mineral Resource. However, it does contribute to the total resource ounces.
2. All elements have been estimated individually, and their combined grade will vary slightly from the estimated composite 4E and 7E
modelled grades.
Note:
3. Several historic drill holes in the Nooitverwacht Extension area did not assay for the minor PGEs, so a 7E resource cannot yet be stated
for part of the inferred Mineral Resource. However, it does contribute to the total resource ounces.
4. All elements have been estimated individually, and their combined grade will vary slightly from the estimated composite 4E and 7E
modelled grades.
Mineral Reserve
The 6E Ore Reserves for the Project consist of Measured and Indicated Resources from the UG2 reef only. The Ore
Reserve classification was conducted by converting Measured and Indicated Mineral Resources to Probable Ore
Reserves.
Ore Reserve Estimation as at 23 October 2024 (UG2 reef)
Tonnes Pt Pd Rh Au lr Os Ru 4E 6E Cu Ni Cr203 Moz(6E)
Ore Reserve Category
Mt (g/t) (g/t) (g/t) (g/t) (g/t) (g/t) (g/t) (g/t) (g/t) (%) (%) (%)
Probable 31.72 2.34 2.33 0.48 0.07 0.16 - 0.78 5.22 6.17 0.02 0.12 19.03 6.29
Total 31.72 2.34 2.33 0.48 0.07 0.16 - 0.78 5.22 6.17 0.02 0.12 19.03 6.29
Notes:
1. The Ore Reserve estimation included diluted Measured and Indicated Mineral Resources only.
2. No Inferred Mineral Resources have been included in the Ore Reserve.
3. The Ore Reserve estimation was completed using a 6E basket price (before payabilities) of USD1,557/oz over the LoM.
Appendix 5B
Mining exploration entity or oil and gas
exploration entity
quarterly cash flow report
Name of entity
Southern Palladium Limited
Quarter ended ("current
ABN quarter")
59 646 391 899 31-Mar-26
Consolidated statement of cash flows Current Year to date
quarter (9 months)
$A'000 $A'000
1 Cash flows from operating activities
1.1
Receipts from customers
- -
1.2 Payments for
(a) exploration & evaluation
(b) development
- -
(c) production
-
(d) staff costs
(161) (438)
(e) administration and corporate costs
(505) (1,367)
1.3 Dividends received (see note 3)
1.4
Interest received
108 232
1.5
Interest and other costs of finance paid
- -
1.6 Income taxes paid
1.7 Government grants and tax incentives
1.8
Other - Miracle Upon Miracle Pty Ltd operating expenditure
(392) (1,194)
1.9
Net cash from / (used in) operating activities
(950) (2,767)
2 Cash flows from investing activities
2.1 Payments to acquire or for:
(a) entities
(b) tenements
(c) property, plant and equipment
(d) exploration & evaluation
(1,511) (4,552)
(e) investments
- (82)
(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 Miracle Upon Miracle Pty Ltd
192 (337)
2.4 Dividends received (see note 3) .
2.5
Other
- -
2.6
Net cash from / (used in) investing activities
(1,319) (4,971)
Current Year to date
Consolidated statement of cash flows quarter (9 months)
$A'000 $A'000
3 Cash flows from financing activities
3.1 Proceeds from issues of equity securities (excluding convertible debt
securities) 306 20,371
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 - (1,937)
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
3.1
Net cash from / (used in) financing activities
306 18,434
4 Net increase / (decrease) in cash and cash equivalents for the
period
4.1
Cash and cash equivalents at beginning of period
22,578 9,919
4.2
Net cash from / (used in) operating activities (item 1.9 above)
(950) (2,767)
4.3
Net cash from / (used in) investing activities (item 2.6 above)
(1,319) (4,971)
4.4
Net cash from / (used in) financing activities (item 3.10 above)
306 18,434
4.5 Effect of movement in exchange rates on cash held
4.6
Cash and cash equivalents at end of period
20,615* 20,615
5 Reconciliation of cash and cash equivalents Current Previous
quarter quarter
at the end of the quarter (as shown in the consolidated statement of cash
flows) to the related items in the accounts
$A'000 $A'000
5.1
Bank balances
265 10,728
5.2
Call deposits
20,350 11,850
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) 20,615* 22,578
* NOTE: This figure excludes cash held by the Company's related party, Miracle Upon Miracle Investments (Pty) Limited at 31 March 2026 of A$0.74
million (31 December 2025: A$0.95 million).
6 Payments to related parties of the entity and their associates Current
quarter
$A'000
6.1 Aggregate amount of payments to related parties and their associates
included in item 1 222
6.2 Aggregate amount of payments to related parties and their associates
included in item 2 495
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.
A total approximately of $717,000 was paid to related parties of the entities and their associates as follow:
- $222,000 are in respect of Directors' fees, salaries and superannuation accruing to Directors' for services rendered during the period.
- $495,000 was paid to Minxcon Pty Ltd for project management of the Bengwenyama Project. Two of the Company's Directors, Johan Odendaal
and Daan van Heerden, are significant and controlling shareholders in Minxcon.
7 Financing facilities Total facility Amount
amount at drawn at
Note: the term "facility' includes all forms of financing arrangements available to the entity. quarter end quarter end
Add notes as necessary for an understanding of the sources of finance available to the entity. $A'000 $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 $A'000
8.1
Net cash from / (used in) operating activities (item 1.9)
(950)
8.2 (Payments for exploration & evaluation classified as investing activities)
(item 2.1(d)) (1,511)
8.3
Total relevant outgoings (item 8.1 + item 8.2)
(2,461)
8.4
Cash and cash equivalents at quarter end (item 4.6)
20,615
8.5
Unused finance facilities available at quarter end (item 7.5)
-
8.6
Total available funding (item 8.4 + item 8.5)
20,615
8.7
Estimated quarters of funding available (item 8.6 divided by item 8.3)
8.4
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: N/A
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: N/A
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: N/A
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.
29 April 2026
Date: ...................................................................................
The Audit Committee
Authorised by: ..........................................................................
(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 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.
Date: 29-04-2026 08:55:00
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