B o a r t L o n g y e a r G r o u p L t d .

Incorporated under the laws of Ontario, Canada Ontario Corporation No. 002854330 ARBN 652 848 103

For personal use only

ASX ANNOUNCEMENT (ASX:BLY)

31 January 2022

BOART LONGYEAR FILES FOURTH QUARTER 2021 APPENDIX 4C

Boart Longyear Group Ltd (ASX:BLY) (the Company or Boart Longyear) has provided its preliminary cash flow report for the quarter ended 31 December 2021. The Company's full-year financial statements are in the process of being audited by Boart Longyear's auditor Deloitte Touche Tohmatsu. The Appendix 4E and full-year financial statements are expected to be released on or around Friday, 25 February 2022.

Authorised for lodgement by:

Jeffrey Olsen, President and Chief Executive Office

About Boart Longyear

Established in 1890, Boart Longyear is in its 132nd year as the world's leading provider of drilling services, orebody-data-collection technology, and innovative, safe and productivity-driven drilling equipment. With its main focus in mining and exploration activities spanning a wide range of commodities, including copper, gold, nickel, zinc, uranium, and other metals and minerals, the company also holds a substantial presence in the energy, oil sands exploration, and environmental sectors.

The Global Drilling Services division operates for a diverse mining customer base with drilling methods including diamond coring exploration, reverse circulation, large diameter rotary, mine dewatering, water supply drilling, pump services, production, and sonic drilling services.

The Geological Data Services division utilises innovative scanning technology and down-hole instrumentation tools to capture detailed geological data from drilled core and chip samples. This valuable orebody knowledge gives mining companies the ability to make timely decisions for more efficient exploration activities.

The Global Products division offers sophisticated research and development and holds hundreds of patented designs to manufacture, market, and service reliable drill rigs, innovative drill string products, rugged performance tooling, durable drilling consumables, and quality parts for customers worldwide.

Boart Longyear is headquartered in Salt Lake City, Utah, USA, and listed on the Australian Securities Exchange in Sydney, Australia (ASX:BLY). More information about Boart Longyear can be found at www.boartlongyear.com. To get Boart Longyear news direct, follow us on Twitter,LinkedInand Facebook.

2442 South Sheridan Way Mississauga, Ontario L5J 2M7 Canada

P: +1 905-822-7922 · TOLL FREE: + 1 800-453-8740

E: info@boartlongyear.com · W: www.boartlongyear.com

Page 2 of 2

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ASX ANNOUNCEMENT (ASX:BLY)

Investor Relations:

Media:

Tony Shaffer

Michael Weir

Head of Investor Relations

Citadel-MAGNUS

Australia +61 8 8375 8300

Australia: +61 8 6160 4903

USA +1 801 243 5216

Mobile: +61 402 347 032

ir@boartlongyear.com

mweir@citadelmagnus.com

For personal use only

Rule 4.7B

Appendix 4C

Quarterly cash flow report for entities

subject to Listing Rule 4.7B

Name of entity

Boart Longyear Group Ltd.

ABN

Quarter ended ("current quarter")

652 848 103

31 December 2021

Consolidated statement of cash flows

Current quarter

Year to date

$'000 USD

12 months

$'000 USD

1.

Cash flows from operating activities

1.1

Receipts from customers

246,403

889,721

1.2 Payments for

(a)

research and development

(3,335)

(5,784)

(b)

product manufacturing and operating

(212,666)

(716,588)

costs

(c)

advertising and marketing

(1,478)

(4,853)

(d)

leased assets

(6,220)

(23,960)

(e)

staff costs

(17,535)

(44,729)

(f)

administration and corporate costs

(10,496)

(35,556)

1.3

Dividends received (see note 3)

-

-

1.4

Interest received

31

42

1.5

Interest and other costs of finance paid

(4,247)

(12,011)

1.6

Income taxes paid

(2,775)

(11,463)

1.7

Government grants and tax incentives

-

-

1.8

Other (Unrealized FX, gain on disposal of

1,057

(31,612)

fixed assets, recapitalization and

restructuring charges)

1.9

Net cash from / (used in) operating

(11,261)

3,207

activities

2. Cash flows from investing activities

2.1 Payments to acquire or for:

(a)

entities

-

-

(b)

businesses

-

-

ASX Listing Rules Appendix 4C (17/07/20)

Page 1

+ See chapter 19 of the ASX Listing Rules for defined terms.

For personal use only

Appendix 4C

Quarterly cash flow report for entities subject to Listing Rule 4.7B

Consolidated statement of cash flows

Current quarter

Year to date

$'000 USD

12 months

$'000 USD

(c)

property, plant and equipment

(16,353)

(51,717)

(d)

investments

-

-

(e)

intellectual property

6

(6,498)

(f)

other non-current assets

-

-

2.2 Proceeds from disposal of:

(a)

entities

-

-

(b)

businesses

-

-

(c)

property, plant and equipment

1,875

5,712

(d)

investments

-

-

(e)

intellectual property

-

-

(f)

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 from / (used in) investing

(14,472)

(52,503)

activities

3. Cash flows from financing activities

3.1 Proceeds from issues of equity securities

(excluding convertible debt securities)

-

1,578

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

22,985

264,187

3.6

Repayment of borrowings

(24,230)

(208,713)

3.7

Transaction costs related to loans and

(75)

(4,375)

borrowings

3.8

Dividends paid

-

-

3.9

Other (provide details if material)

-

(5)

3.10

Net cash from / (used in) financing

(1,320)

52,672

activities

ASX Listing Rules Appendix 4C (17/07/20)

Page 2

+ See chapter 19 of the ASX Listing Rules for defined terms.

For personal use only

Appendix 4C

Quarterly cash flow report for entities subject to Listing Rule 4.7B

Consolidated statement of cash flows

Current quarter

Year to date

$'000 USD

12 months

$'000 USD

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

4.1 Cash and cash equivalents at beginning of

period

55,385

23,513

4.2

Net cash from / (used in) operating

(11,261)

3,207

activities (item 1.9 above)

4.3

Net cash from / (used in) investing activities

(14,472)

(52,503)

(item 2.6 above)

4.4

Net cash from / (used in) financing activities

(1,320)

52,672

(item 3.10 above)

4.5

Effect of movement in exchange rates on

(2,753)

(1,310)

cash held

4.6

Cash and cash equivalents at end of

25,579

25,579

period

5.

Reconciliation of cash and cash

Current quarter

Previous quarter

equivalents

$'000 USD

$'000 USD

at the end of the quarter (as shown in the

consolidated statement of cash flows) to the

related items in the accounts

5.1

Bank balances

25,579

55,385

5.2

Call deposits

-

-

5.3

Bank overdrafts

-

-

5.4

Other (provide details)

-

-

5.5

Cash and cash equivalents at end of

25,579

55,385

quarter (should equal item 4.6 above)

6.

Payments to related parties of the entity and their

Current quarter

associates

$'000 USD

6.1

Aggregate amount of payments to related parties and their

-

associates included in item 1 (Reimbursement of recapitalization

expenses incurred on behalf of Boart Longyear)

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.

ASX Listing Rules Appendix 4C (17/07/20)

Page 3

+ See chapter 19 of the ASX Listing Rules for defined terms.

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Boart Longyear Limited published this content on 30 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 January 2022 22:30:07 UTC.