RBR : Quarterly Report – June 2022

ASX Release

29 July 2022

June 2022 Quarterly Report

Key Points

• RBR focus on opportunities associated with, and near to, SASOL-Temane light oil, gas and LPG processing facility in Mozambique including:

1. potential re-deployment of Wentworth camp assets and associated infrastructure, currently safely relocated to Pemba

1. tender and open contract submissions by Operating entity Projectos Dinamicos Lda ("PD") for contract values greater than US$10m, with first successful tender landed

1. reviewing land acquisition opportunities adjacent to SASOL-Temane Project for camp and training centre

• 1. potential for Futuro Group ("Futuro" or "FG") to likewise relocate mobile training facilities to Temane
• Security maintained in Palma district and growing evidence of onshore LNG project site re-establishment in H2 2022 with a full project restart in 2023

Labour and training specialist RBR Group Limited (ASX: RBR) presents its June 2022 Quarterly Report.

RBR's Executive Chairman, Ian Macpherson commented: "The June Quarter saw the laying of significant groundwork by the Company for the growth of its Mozambique business. We are seeing the potential for building a robust business for both labour camps and training in Temane, which hosts three significant gas and energy projects, and we are energetically pursuing opportunities in the area. RBR maintains a strong cash position with a total of $3.5m in Australia and Mozambique and we look forward to building on the positive groundwork undertaken last Quarter."

Wentworth Camp re-deployment, Mozambique

As previously announced, the Wentworth camp construction contract settlement of US$4.2m was agreed and funds received into the PD accounts on 10 February 2022. Management discussions with the Company's insurance agents are continuing and if not resolved in the near term, matters relevant to the insurance claim may proceed to formal arbitration.

Wentworth Camp, Palma, Mozambique

ASX Release

Post settlement and in the absence of a clear timeframe for re-commencement of the TotalEnergies LNG project at Afungi, the Group resolved to demobilise from Wentworth and has moved essential camp assets and related infrastructure south to Pemba.

Together with the balance of existing camp assets that remained in storage in Pemba for the past 12 months, the Group has capacity to relocate and construct a standalone accommodation camp facility for up to 150 personnel within existing capital reserves. PD is investigating opportunities for the relocation of the camp assets to the area proximate to the SASOL-Temane Project, one of three separate projects of scale in Temane, Inhambane province some 1972km south of Pemba.

Central Mozambique LNG

• The SASOL-Temane Project continues to gain momentum in Central Mozambique
• PD secures first successful tender at SASOL-Temane
• Tender and open contract submissions have been submitted by the Group with potential contract values greater than US$10m

Through the Quarter, the Group has remained focused on contract opportunities existing at the three gas projects in Temane, being:

PD has recently been confirmed as successful tenderer for supply, installation, and potentially ongoing management of a temporary facilities project. Contract terms and scope are still being finalised however the contract is a significant step forward for PD as it continues to push towards further tendering and contracting success at the significant Temane gas and power projects.

ASX Release

Northern Mozambique LNG - Update

Block 4 Coral FLNG (3.4 mill tpa) operated by ENI is scheduled to come on stream by end 2022. First gas has been trialled through the facility in mid-June.

Although some contractors are returning to the Northern Mozambique Palma area TotalEnergies are still maintaining a Force Majeure condition over the 12 million ton per annum LNG project in Afungi, in the Palma district of Northern Mozambique. Hotels have now re-opened and the road between Pemba and Palma is open to traffic. As a result, some contractors are returning to the area and refurbishment and reestablishment of infrastructure is being undertaken or being tendered for. The Rwandan Army maintains a strong presence in the area which has allowed normality to return to the town of Palma with local businesses re-opening.

Australian Business and new opportunities

As previously reported, RBR has been seeking Australian opportunities to build out its skills training and labour supply business locally. Negotiations and due diligence were well advanced over recent months with one counter party group however disappointingly the vendor group elected not to proceed, and negotiations were terminated.

Alternative Australian based skills training and labour supply opportunities that had passed preliminary review have been on hold and the Company now plans to revisit those other potential investment transactions.

De-Registration of Registered Training Organisation ("RTO")

RBR acquired the Registered Training Organisation (RTO), Freelance Support Pty Ltd (Freelance) as part of the strategic plan to generate local revenue and, more importantly, to inform and guide training operations in Mozambique to the high standards required of an RTO under the Standards for NVR Registered Training Organisations 2012 legislation.

The Company's training activities within Australia changed significantly, particularly with the movement of key RTO personnel and the focus on Mozambique.

Notwithstanding, the RTO model was used to create high standard policies, procedures, and training resources in Mozambique to a level of critical acclaim from our major clients.

Freelance has now served its purpose and is superfluous to RBR's on-going needs. As such the Company has informed the Western Australian regulator, Training Accreditation Council of our intent to de-register the RTO, effective 27 July 2022.

Futuro Skills (Mozambique) remains a prominent and highly regarded provider of training services within the market in Mozambique.

ASX Release

Revenue and Balance Sheet

Notwithstanding the particularly difficult 12 months in operations in Mozambique the consolidated group will report its first ever operating profit to 30 June 2022.

At Quarter end, the Group was also in its strongest operating cash position with consolidated cash of $3.5m, ($208k in Australia and $3.3m in Mozambique) in addition to a 50% interest in PD and (indirectly) camp assets and infrastructure.

The near-term challenge remains the pending maturity of the convertible notes totalling $2.050m as set out in the accompanying Appendix 4C; which are to be either repaid, converted, or rolled over before the end of the calendar 2022.

The Company is in continued contact with note holders and remains confident that positive solutions will be put in place. Subsequent to Quarter end, the Company reached agreement for the further roll over of the existing convertible note held by Deep 4 Energy to 29 September 2022. Deep 4 Energy and its investors remain supportive of RBR and its business plans.

During the Quarter, the Company made further arrangements for the repatriation of additional monies from Mozambique to Australia; the funds being part proceeds from the Wentworth Camp contract settlement. Repatriation of the first tranche of US$105k was concluded in early May. These additional funds are expected to be received in August and September.

Included in the cash flow report are payments to related parties of the entity and their associates of $107k for Director's fees and salaries plus supplier payments to related parties.

For more information, please contact:

Ian Macpherson Executive Chairman +61 8 9214 7500 info@rbrgroup.com.au

For the purpose of ASX Listing Rule 15.5, this announcement has been authorised for release by the Board. The information in this announcement has been disclosed by RBR and is the responsibility of RBR.

Rule 4.7B

Appendix 4C

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

1. Cash flows from operating activities

2. Cash flows from investing activities

2.1 Payments to acquire or for: