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PEAK RESOURCES LIMITED

Ground Floor,

5 Ord St

West Perth, WA 6005.

ACN 112 546 700

Tel: +61 8 9200 5360

[email protected]

www.peakresources.com.au

Developing the Ngualla

Project into an

– ethically sustainable

– long term

– high quality

supplier of choice to the

global high technology

rare earth market

DIRECTORS

Non-executive Chairman: Peter Harold

Managing Director: Darren Townsend

Technical Director: Dave Hammond

Non-Executive Directors: Jonathan Murray John Jetter

Company Secretary: Graeme Scott

CORPORATE DETAILS AS AT 31 DEC 2016:

Ordinary Shares on issue: 477.5m

52 week range: 4.2c – 9.0c

Market Cap: $31.5m (at 6.6c)

ASX: PEK

Highlights:Ngualla Project Bankable Feasibility Study on trackf Further key work programs were successfully completed during the quarter and detailed

engineering studies are well advanced.

f The Bankable Feasibility Study (BFS) is on track for completion late in the first quarter or early

in the second quarter of 2017.

Final Pilot Plant successfully completedf The third and final Pilot Plant campaign was successfully completed, confirming the feasibility

of Peak’s three stage processing flowsheet and providing valuable engineering data for the BFS.

f The Pilot Plant demonstrated the selective leach recovery stage flowsheet to be robust,

delivering high recoveries (>90%) of the target magnet metals neodymium and praseodymium

(“NdPr”) along with low dissolution of cerium and gangue elements.

f The selective leach process is a key factor in Ngualla’s low operating and capital costs and

aligns the final products to the high demand magnet metal rare earth market.

Rare Earth refinery site selected in United Kingdomf Following an extensive global search Peak has selected Tees Valley in the UK as the location for

a rare earth refinery.

f Tees Valley, an existing industrial park close to ports and bulk low cost reagent supplies also

offers “plug and play” utilities including environmentally sustainable options for tailings and

effluent disposal.

Engagement with potential strategic partnersf The Company continued to proactively engage with a number of potential strategic partners.

This included but was not limited to evaluating potential additional routes to market to provide

the Company with maximum flexibility and options related to today’s market environment.

f Joint technical evaluation of these options is continuing, with follow up discussions expected

to take place in the second quarter of 2017.

China to restrict rare earth production, refining and raw material exportsf China’s Ministry of Industry and Information Technology released the five year Rare Earth

Industry Development Plan (2016-2020) in October. Key policy elements will effectively

promote the development of new rare earth production outside of China.

f Targets to be achieved by 2020 include restrictions on rare earth mining output and the grant

of new mining rights in China, a 33% reduction in solvent extraction refining capacity, increased

profit margins and a reduction in the export of primary rare earth raw materials from China.

Project Environmental Permit Applicationf The environmental permitting process in Tanzania continues to advance with the lodgement

of the final stage Environmental and Social Impact Assessment (“ESIA”) report to regulatory

authorities.

$1.8 million R&D rebate receivedf A rebate of $1.8 million was received for the 2015/2016 financial year claim. The rebate is for

work completed in developing the metallurgical process for the Ngualla Rare Earth Project.

f The Company is fully funded for completion of the BFS.

Quarterly Activities Report and Appendix 5B

DECEMBER 2016

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QUARTERLY ACTIVITIES REPORT DECEMBER 2016

Source: www.hyundai.com - For illustrative purposes only.

f is developing a truly world class

neodymium asset critical for the

increasing demand for high strength

and lightweight magnets

f is the only rare earth developer who has

deep in-house rare earth manufacturing

and sales expertise and has infused

this real world know-how into the

engineering design and BFS

f has de-risked the mine to product

supply chain through extensive pilot

plant operation and testing (>$4 million)

combined with real life operational know

how and rare earth expertise

f track record demonstrates a steady,

conservative and deliverable approach

f has a good understanding of who the

customers are and their requirements

f management team is well connected

in the industry and has the capability

to build out the business team to

deliver quality products with a reliable

supply chain

PEAK RESOURCES LIMITED...

The Company is positioning Ngualla as one of the very few ‘ready to go’ rare earth projects able to meet the expected surge in demand for the magnet metals neodymium and praseodymium from electric vehicles and green energy applications.

2

We do what we say. And what we do

is based on real world experience

AUTOMOBILE ELECTRIFICATION

AND GREEN ENERGY GENERATION ARE

PREDICTED TO DRIVE A SURGE IN DEMAND FOR

THE MAGNET METALS NEODYMIUM AND PRASEODYMIUM.

Battery System: Lithium-Ion

Drivetrain: Permanent Magnet Rare Earth Motor

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Bankable Feasibility Study on track

Detailed engineering studies for the Ngualla Rare Earth Project are well advanced and the BFS remains on track for completion

late in the first quarter or early in the early second quarter of 2017.

Key work programs successfully completed during the December 2016 Quarter included the third and final Pilot Plant

campaign on the important selective leach recovery process, and the selection of a site in the Tees Valley industrial park in

the United Kingdom for a rare earth refinery. Remaining work programs to be finalised in coming weeks include the

receipt of final pricing data for some major plant and equipment components, results from metallurgical variability

confirmation programs for the successive phases of mining and access road engineering and costings.

Final Pilot Plant CompletePeak announced the successful completion of the final Pilot Plant of the Company’s three stage process (Figure 1) in

October 2016, confirming the preliminary results reported in the September 2016 Quarterly report.

Run of mine

ore

Rare Earth Oxide and Carbonate Products

Beneficiation Leach Recovery Separation

Piloted PilotedPiloted

Figure 1: Pilot Plants status of the three stage process developed by Peak for Ngualla’s rare earth mineralisation.

The Leach Recovery Pilot Plant uses the selective leach process developed by Peak and summarised in Figure 2.

Two tonnes of concentrate with a grade of >40% rare earth oxide (REO) produced during the successful Beneficiation Pilot

Plant program completed at the end of 2015 was sent to ANSTO’s dedicated piloting facility near Sydney.

Final results received during the Quarter from the processing of the concentrate via the roast, water wash and selective leach

stages show extraction of >90% of the targeted NdPr whilst minimising cerium and iron extraction (Figure 3).

The subsequent purification (Figure 4) resulted in a high grade, high purity rare earth solution suitable for direct feed to a

solvent extraction (SX) separation circuit.

Figure 2: Simplified overview of Peak’s Leach Recovery flowsheet piloted at ANSTO.

- Cerium rejection

- Insoluble gangue- Flourine removal - Iron removal

ConcentrateSeparation

Plant

Roast and Water Wash

HCI Selective Leach

Solution Purification

Rare Earth Chloride Solution

Figures 3 and 4: The Selective Leach and Purification circuits at ANSTO’s dedicated pilot facility.

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Ancillary thickening and filtration test programs were also completed by vendors on a series of samples during the pilot plant

operation to collect data for engineering design, equipment selection and cost estimations. Waste characterisation test

work was also undertaken according to European standard procedures and confirmed all plant solid wastes are classified as

stable and non-reactive.

The selective leach process is a key factor in Ngualla’s low operating and capital costs and in aligning the final products to the

high demand magnet metal rare earth market. Reagent costs are significantly reduced by minimising the dissolution of impurities

and low value cerium whilst maximising the recovery of the high value magnet metals neodymium and praseodymium. The

depleted cerium stream reporting to separation reduces the size, and therefore cost, of the downstream SX separation circuit.

The selective leach recovery flow sheet (Figure 2) also has advantages over other processes in that it reduces operational risk.

The kiln design and operation is simple as the roasting stage is dry and acid free. The leaching process uses a low strength

hydrochloric acid at modest temperatures, which can be undertaken in low cost fibreglass reinforced plastic tanks. The final

stage of purification is accomplished by simple pH control using lime slurry followed by thickening and filtering to remove

dissolved impurities prior to SX separation. Essentially, the entire circuit after roasting uses standard industry equipment

consisting of plastic tanks, pumps and filters.

European Rare Earth Refinery site selection

After an extensive worldwide location search completed with input from consultants Worley Parsons, Deloitte and AmecFW, Peak

has selected a site for its proposed Rare Earth Refinery at Tees Valley on the north east coast of the United Kingdom. The main

focus for the study was on operating and capital costs, which are primarily driven by the availability of bulk lower cost reagents

A location with ready access to cheap

bulk reagent supplies (particularly

hydrochloric acid and caustic soda),

global shipping, readily available

power, water, environmentally

sustainable options for tailings disposal

and a skilled work force is essential to

be cost competitive.

Wilton International Site in Tees Valley

near the town of Middlesbrough in

the United Kingdom is a large scale

industrial park offering a “plug and play”

option (Figures 5 and 6) with existing

access to reliable competitively priced

power, utilities and services. Wilton

is the planned home of UK listed

Sirius Minerals Plc’s US $237 million

materials handling and port facility

for its polyhalite fertiliser project.

Wilton is also located within 3km of

the Teesport, a deep water port where

the rare earth mineral concentrate will

be shipped, and close to a number of

facilities that are capable of managing

the tailings from the process.

The major operating costs of the Refinery are reagents. The current cost of hydrochloric acid at Tees Valley, our primary

reagent, is approximately 40% below the indexed cost seen in the gulf coast of the United States over the past 5 years.

Likewise, the competitive local cost for utilities including power, steam, water and natural gas also make this site attractive.

Figure 5: Location of rare earth refinery site and associated infrastructure in Tees Valley, UK.

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Peak, through its majority owned associated company Peak African Minerals has agreed an option fee of £60,000 for a

24 month option agreement to purchase the 16.3 hectare site with the United Kingdom’s Homes and Communities Agency.

A consultant has been appointed to assist with the preparation and submission of the planning application for the selected

site. An ecological survey has been completed over the preferred site, where no major ecological concerns were observed.

Engagement with potential strategic partnersThe Company is evaluating a number of options from direct sale of rare earth concentrate, toll treatment through third

party facilities as well as the base case of the establishment of a refinery in Tees Valley.

To this end, the Company continued to proactively engage with a number of potential strategic partners during the Quarter.

Joint technical evaluation of these options is continuing, with follow up discussions expected to take place in the second

quarter of 2017.

China to restrict rare earth production, refining and raw material exports

In response to China’s 13th Five Year Plan, China’s Ministry of Industry and Information Technology on 18th October 2016

released the Rare Earth Industry Development Plan (2016-2020). Key targets set to be achieved by 2020 include:

f restriction of rare earth mining output to no more than 140,000 tonnes REO per year

f no new mining rights to be issued to companies other than the selected six State Owned Enterprises

f total China solvent extraction refining capacity to be cut by 33% to 200,000 tonnes REO per year

f rare earth industry profit margins to increase 12 percent

f increase high end downstream rare earth product market penetration from 25% to 50%

f improve environmental compliance from 40% to 90% for rare earth operations

f reduce export of primary rare earth raw materials from 57% to 30% of total Chinese rare earth export

Combined with the demand drivers for the magnet metals neodymium and praseodymium of increased automobile

electrification and green energy generation, these internal China policies and the targeted expansion of high value downstream

industry applications may well lead to China becoming a net importer of NdPr by 2025.

A component of China’s Rare Earth Industry Development Plan (2016-2020) is to encourage the use and development

of offshore rare earth resources and strengthen international co-operation.

Energy

• Power generation

• Process steam production

and distribution

• Natural Gas supply

• EW (in development)

Utilities

• Compressed air

• Bulk nitrogen storage

Labour

• Availability of highly skilled

workforce with chemical

plant experience

Water

• Potable Water

• Demineralised Water

• Raw Water

• Fire Water supply

• Water Storage supply

• Industrial wastewater

treatment capability

• On-site Logistics & Services

Land

• Service corridors

• Building and land lease

• Roads infrastructure

Port

• 5th largest port in the UK with

40 million tonnes of cargo p.a

“PLUG AND PLAY” SITE

INDUSTRIAL SITE CUSTOMERS

CENTRALISED

UTILITIES

Figure 6: Wilton, Tees Valley. A “Plug and Play” solution close to European markets.

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Ngualla Project PermittingThe Company continues to advance the permitting

process for the Ngualla Rare Earth Project in

Tanzania. The final step in the application

process (Figure 7) for an Environmental Certificate,

the Environmental and Social Impact Assessment

(ESIA) Report, was completed and the report

submitted to the Tanzanian regulators National

Environmental Management Council in December.

Community Programs

The Company places great importance on the

active and positive relationship it maintains with

the communities in which it operates and is

committed to assisting with the improvement of

those communities whilst maintaining best practise

environmental management.

Prior to the closure of the Ngualla camp for the rainy

season in December 2016, the Company handed

over community projects completed during the year.

These projects had been identified as the highest

priority by the local Community and District earlier in

the year. The handover ceremony was attended by

the Songwe District Commissioner, the Honourable

Mr Samwel Jeremiah (Figure 8).

Individual works completed during 2016 included the rehabilitation of an Ngwala Primary School teacher’s house and the

construction of a pair of new teachers houses (Figure 9) at the Ngwala Magereza (sub village) Primary School and assistance

with the rehabilitation of parts of the Ngwala village water supply system. Additional projects completed in 2016 included

maintenance and improvements to the village airstrip and the provision of storage facilities for medicines at the Ngwala village

dispensary. The Company also sponsored the Farmers Day Sports Tournament and made a contribution of 1,300 corrugated

iron sheets for Regional education construction projects.

Figure 7: Stages and status of the Tanzania regulatory environmental

permitting process for Ngualla. An Environmental Certificate is required

for the grant of a Mining Licence.

Project Registration

Scoping Study

Terms of Reference

Baseline Studies & Consultation

Dec 2016

Draft ESIA Report

NEMC TAC Review

Final ESIA Report

Environmental Certificate

Figure 8 and 9: Songwe District Commissioner, the Honourable Mr Samwel Jeremiah opening the pair of teachers houses built by Peak at

Magareza Primary School near the Ngwala.

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$1.8 million R&D rebate

On 22nd December the Company announced receipt of the research and development (R&D) rebate for work completed in

developing the metallurgical process for Ngualla. The rebate amount of $1.8 million was received for the 2015/2016 financial

year claim.

Corporate Structure and Cash on Hand

During the Quarter the Company issued a total of 22,981,097 fully paid shares, with 16,306,957 to Appian and IFC as a

placement of the Entitlements Issue shortfall, to raise $815,348 and 6,674,140 to IFC on conversion of convertible notes at

10.3c per Peak share. The issue of the above shares results in Appian holding a 16.12% shareholding in Peak and IFC a 6.67%

shareholding interest in Peak.

An additional $1.8 million R&D rebate (see above) was received in December.

Peak’s Annual General Meeting was held on 16th November 2016, with all resolutions put to the meeting passed.

1,000,000 unlisted options were issued during the quarter following shareholder approval at the AGM.

The corporate structure as at the 31 December 2016 was:

ASX: PEK

Ordinary Shares on Issue: 477.5 million

Cash at hand: $5.08 million^ (Peak Resources Limited only)

Appian Debt (due September 2019): US$3.28 million

52 week range: 4.2c – 9.0c*

Market Cap: $31.5m (at 6.6c)

Unlisted Performance Rights: 8 million#

Unlisted Options outstanding: 36.4 million# (exercise prices A$0.10 to A$0.55)

Liquidity: 0.095 million shares per day (average over 3 months**)

* From 01 January 2016 to 31 December 2016.

** Average from 1 October 2016 to 31 December 2016 # some subject to performance and vesting criteria.

^PAM, 75% PEK ownership, also retained cash at bank of US$22k at the end of the Quarter.

Post quarter end 6,383,334 unlisted options expired and 633,332 unlisted options were cancelled following failure to meet the

vesting conditions (ASX announcement ‘Expiry and cancellation of Unlisted Options’ of 6 January 2017).

About Appian

Appian Natural Resources Fund is a private equity fund which has been established to invest specifically in the metals and

mining sector. Appian has a uniquely collaborative investment approach that seeks to partner with local owners, managers

and investors to leverage its world-class operational and corporate finance expertise.

With this value-add approach and long-term investment horizon, it aims to generate significant value for the investors and

other stakeholders of both the Company and Appian. For more information, visit www.appiancapitaladvisory.com.

About IFC

IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private

sector. Working with private enterprises in about 100 countries, IFC use their capital, expertise and influence to help eliminate

extreme poverty and boost shared prosperity. In FY14, IFC provided more than US$22 billion in financing to improve lives in

developing countries and tackle the most urgent challenges of development. For more information, visit www.ifc.org

Darren Townsend Managing Director

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Metallurgy

The information in this report that relates to Metallurgical Test Work Results based on information compiled and / or reviewed by Gavin Beer

who is a Member of The Australasian Institute of Mining and Metallurgy and a Chartered Professional. Gavin Beer is the General Manager

Metallurgy of the Company and has sufficient experience relevant to the activity which he is undertaking to be recognised as competent to

compile and report such information. Gavin Beer consents to the inclusion in the report of the matters based on his information in the form

and context in which it appears.

Project Engineering

The information in this report that relates to infrastructure, project execution and cost estimating is based on information compiled and / or

reviewed by Lucas Stanfield who is a Member of the Australian Institute of Mining and Metallurgy. Lucas Stanfield is the General Manager –

Development for Peak Resources Limited and is a Mining Engineer with sufficient experience relevant to the activity which he is undertaking

to be recognised as competent to compile and report. Lucas consents to the inclusion in the report of the matters based on his information

in the form and context in which it appears.

Summary of Mining Tenements and Areas of Interest

As at 31 December 2016

Project Tenement End of September

2016 Quarter

End of December

2016 Quarter

Status Arrangement/Comment

Ngualla PL6079/2009 75%* 75% GrantedHeld by 100% Tanzanian associate

company PR NG Minerals Ltd

Mikuwo PL 9157/2013 75%* 75% GrantedHeld by 100% Tanzanian associate


Mlingi PL10897/2016 75%* 75% GrantedHeld by 100% Tanzanian associate


* On 26 July 2015, the Company announced the closing of Stage 1 of the financing transaction with Appian and IFC. On 15 August 2016 the

closing of Stage 2 with Appian occurred and on 22 September 2016 with IFC. As a result, Peak holds a 75% beneficial interest in the above

three licences with Appian and IFC holding a 20% and 5% interest respectively through their equity interest in Peak African Minerals.

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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

+ See chapter 19 for defined terms 1 September 2016 Page 1

+Rule 5.5

Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16

Name of entity

PEAK RESOURCES LIMITED

ABN Quarter ended (“current quarter”)

72112546700 DECEMBER 2016

Consolidated statement of cash flows Current quarter $A’000

Year to date (6 months)

$A’000

1. Cash flows from operating activities

1.1 Receipts from customers - -

1.2 Payments for

(a) exploration & evaluation - -

(b) development (987) (2,335)

(c) production - -

(d) staff costs (net of development allocations)

(268) (485)

(e) administration and corporate costs (152) (333)

(f) development costs recovered 583 1,152

(g) administration costs recovered 56 141

1.3 Dividends received (see note 3) - -

1.4 Interest received 7 7

1.5 Interest and other costs of finance paid (181) (181)

1.6 Income taxes paid - -

1.7 Research and development refunds 1,814 1,814

1.8 Other (provide details if material) - -

1.9 Net cash from / (used in) operating activities

872 (220)

2. Cash flows from investing activities

2.1 Payments to acquire:

(a) property, plant and equipment (2) (4)

(b) tenements (see item 10) - -

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$A’000

(c) investments - -

(d) other non-current assets - -

2.2 Proceeds from the disposal of:

(a) property, plant and equipment - -

(b) tenements (see item 10) - -

(c) investments - -

(d) other non-current assets - -

2.3 Cash flows from loans to other entities – associate companies

(2,065) (2,037)

2.4 Dividends received (see note 3) - -

2.5 Other (provide details if material)

2.6 Net cash from / (used in) investing activities

(2,067) (2,041)

3. Cash flows from financing activities

3.1 Proceeds from issues of shares 1,503 1,503

3.2 Proceeds from issue of convertible notes - -

3.3 Proceeds from exercise of share options - -

3.4 Transaction costs related to issues ofshares, convertible notes or options

(22) (79)

3.5 Proceeds from borrowings – Appian loan 181 4,361

3.6 Repayment of borrowings - -

3.7 Transaction costs related to loans andborrowings

(46) (150)

3.8 Dividends paid - -

3.9 Other (provide details if material) - -

3.10 Net cash from / (used in) financing activities

1,616 5,635

4. Net increase / (decrease) in cash andcash equivalents for the period

4.1 Cash and cash equivalents at beginning ofperiod 4,659 1,706

4.2 Net cash from / (used in) operatingactivities (item 1.9 above)

872 (220)

4.3 Net cash from / (used in) investing activities(item 2.6 above)

(2,067) (2,041)

4.4 Net cash from / (used in) financing activities(item 3.10 above)

1,616 5,635

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$A’000

4.5 Effect of movement in exchange rates on cash held

- -

4.6 Cash and cash equivalents at end of period

5,080 5,080

5. Reconciliation of cash and cashequivalentsat the end of the quarter (as shown in theconsolidated statement of cash flows) to therelated items in the accounts

Current quarter $A’000

Previous quarter $A’000

5.1 Bank balances 4,330 2,865

5.2 Call deposits 750 1,794

5.3 Bank overdrafts - -

5.4 Other (provide details) - -

5.5 Cash and cash equivalents at end ofquarter (should equal item 4.6 above)

5,080# 4,659

#

#figure excludes cash at end of the Quarter retained by Peak’s majority (75%) owned associate

company Peak African Minerals (PAM). PAM had cash at bank at the end of Quarter of US$22k

(previous quarter US$668k).

6. Payments to directors of the entity and their associates Current quarter $A'000

6.1 Aggregate amount of payments to these parties included in item 1.2 198

6.2 Aggregate amount of cash flow from loans to these parties includedin item 2.3

-

6.3 Include below any explanation necessary to understand the transactions included initems 6.1 and 6.2

6.1 includes salaries, directors fees paid to Directors and payments to Steinepreis Paganin Lawyers & Consultants, an entity related to Non-executive Director Jonathan Murray.

7. Payments to related entities of the entity and theirassociates

Current quarter $A'000

7.1 Aggregate amount of payments to these parties included in item 1.2 -

7.2 Aggregate amount of cash flow from loans to these parties includedin item 2.3

-

7.3 Include below any explanation necessary to understand the transactions included initems 7.1 and 7.2F

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8. Financing facilities available Add notes as necessary for an understanding of the position

Total facility amount at quarter end

$A’000

Amount drawn at quarter end

$A’000

8.1 Loan facilities 4,361 4,361

8.2 Credit standby arrangements - -

8.3 Bank Guarantee re office rent 55 55

8.4 Include below a description of each facility above, including the lender, interest rate and whether it is secured or unsecured. If any additional facilities have been entered into or are proposed to be entered into after quarter end, include details of those facilities as well.

During the September Quarter the Company fully drew down a 3 year unsecured term loan provided by Appian Pinnacle Holdco Limited. The loan is denominated as US$3.146m (1A$=0.7526US$) with interest of 15% per annum calculated daily and capitalised at the end of each calendar quarter payable at time of the loan repayment. $181k (US$136k) interest has been capitalised to the loan at the end of the Quarter.

9. Estimated cash outflows for next quarter $A’000

9.1 Exploration and evaluation -

9.2 Development 170

9.3 Production -

9.4 Staff costs (net of recoveries) 201

9.5 Administration and corporate costs (net of recoveries) 191

9.6 Other – Company’s share of PAM project evaluation and development costs

1,520

9.7 Total estimated cash outflows 2,082*

* The above figures are for Peak’s costs and its share of the project development and evaluation expenditure only. Additional project development and evaluation expenditure will be incurred and funded by the other PAM investors.

10. Changes in tenements (items 2.1(b) and 2.2(b) above)

Tenement reference and location

Nature of interest Interest at beginning of quarter

Interest at end of quarter

10.1 Interests in mining tenements and petroleum tenements lapsed, relinquished or reduced

Refer Quarterly Activities Report

10.2 Interests in mining tenements and petroleum tenements acquired or increased

Refer Quarterly Activities Report

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Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report


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.

Sign here: ......Graeme Scott.......................... Date: ...24 January 2017............... Company secretary

Print name: ....Graeme Scott............................

Notes

1. The quarterly report provides a basis for informing the market how the entity’s activities havebeen financed for the past quarter and the effect on its cash position. An entity that wishes todisclose additional information is encouraged to do so, in a note or notes included in or attachedto this report.

2. If this quarterly report has been prepared in accordance with Australian Accounting Standards,the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of MineralResources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly reporthas been prepared in accordance with other accounting standards agreed by ASX pursuant toListing 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 flowsfrom investing activities, depending on the accounting policy of the entity.

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