For personal use only

Rule 5.5

Appendix 5B

Mining exploration entity or oil and gas exploration entity

quarterly cash flow report

Name of entity

Gascoyne Resources Limited

ABN

Quarter ended ("current quarter")

57 139 522 900

31 December 2021

Consolidated statement of cash flows

Current quarter

Year to date (6

$A'000

months)

$A'000

1.

Cash flows from operating activities

1.1

Receipts from customers

41,234

88,275

1.2

Payments for

(a)

exploration & evaluation

-

-

(b)

development

-

-

(c)

production

(41,950)

(73,528)

(d)

staff costs

(1,381)

(2,409)

(e) administration and corporate costs

(904)

(1,126)

1.3

Dividends received (see note 3)

-

-

1.4

Interest received

1

1

1.5

Interest and other costs of finance paid

(353)

(759)

1.6

Income taxes paid

-

-

1.7

Government grants and tax incentives

-

-

1.8 Other (royalties paid, net of scrap metal

sales)

(841)

(1,759)

1.9

Net cash from / (used in) operating

activities

(4,194)

8,695

Receipts from customers for the Year to Date include an amount of $3.323 million from the sale of gold made on 29 June 2021. This amount was scheduled to be received by the Company on 30 June 2021, however, due to delays by the remitting bank, the proceeds were received on 1 July 2021.

Administration and corporate costs for the Year to Date include an initial settlement amount of costs from the Habrok proceedings. Terms of the settlement are confidential between the parties.

Operating activities include post-acquisition cash flows of the Firefly Resources Limited group from 10 November 2021 which was acquired on this date.

ASX Listing Rules Appendix 5B (17/07/20)

Page 1

+ 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

personal use only

Consolidated statement of cash flows

2. Cash flows from investing activities

2.1

Payments to acquire:

(a)

entities

(b)

tenements

(c)

property, plant and equipment

(d)

exploration & evaluation

(e)

investments

(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 other entities

2.4

Dividends received (see note 3)

2.5

Other (provide details if material)

  • Payment for acquisition of subsidiary (net of cash acquired)

- Transfer (to) / from security deposits

2.6 Net cash from / (used in) investing activities

Current quarter

Year to date (6

$A'000

months)

$A'000

(2,849)

(7,285)

(956)

(2,121)

(382)

(382)

-

-

(4,187)

(9,788)

For

Investing activities include post-acquisition cash flows of the Firefly Resources Limited group from 10 November 2021 which was acquired on this date.

ASX Listing Rules Appendix 5B (17/07/20)

Page 2

+ 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

only

Consolidated statement of cash flows

3. Cash flows from financing activities

  1. Proceeds from issues of equity securities (excluding convertible debt securities)
  2. Proceeds from issue of convertible debt securities

Current quarter

Year to date (6

$A'000

months)

$A'000

-

-

20,000

20,000

For personal use

3.3

Proceeds from exercise of options

-

-

3.4 Transaction costs related to issues of

equity securities or convertible debt

(455)

(455)

securities

3.5

Proceeds from borrowings

-

-

3.6

Repayment of borrowings

(11,335)

(15,613)

3.7 Transaction costs related to loans and

borrowings

-

-

3.8

Dividends paid

-

-

3.9

Other (provide details if material)

-

-

3.10

Net cash from / (used in) financing

8,210

3,932

activities

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

4.1

Cash and cash equivalents at beginning

26,458

23,448

of period

4.2 Net cash from / (used in) operating

activities (item 1.9 above)

(4,194)

8,695

4.3

Net cash from / (used in) investing

activities (item 2.6 above)

(4,187)

(9,788)

4.4

Net cash from / (used in) financing

activities (item 3.10 above)

8,210

3,932

4.5

Effect of movement in exchange rates on

cash held

-

-

4.6

Cash and cash equivalents at end of

period

26,287

26,287

ASX Listing Rules Appendix 5B (17/07/20)

Page 3

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

For personal use only

Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report

5.

Reconciliation of cash and cash

Current quarter

Previous quarter

equivalents

$A'000

$A'000

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

26,287

26,458

5.2

Call deposits

-

-

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)

26,287

26,458

6.

Payments to related parties of the entity and their

Current quarter

associates

$A'000

6.1

Aggregate amount of payments to related parties and their

668

associates included in item 1*

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

* Payments made to Directors for salary and director fees

ASX Listing Rules Appendix 5B (17/07/20)

Page 4

+ 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

only

7. Financing facilities

Note: the term "facility' includes all forms of financing arrangements available to the entity.

Add notes as necessary for an understanding of the sources of finance available to the entity.

7.1 Loan facilities

7.2 Credit standby arrangements

7.3 Other (please specify)

7.4 Total financing facilities

Total facility

Amount drawn at

amount at quarter

quarter end

end

$A'000

$A'000

-

-

-

-

20,000

20,000

20,000

20,000

For personal use

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.

7.1 On 20 December 2021, the Company signed a $20.0 million convertible note facility (CNF) with certain funds controlled and managed by major shareholder Deutsche Balaton AG (Balaton Group). The CNF takes the form of a debt facility until such point in time that shareholders have approved the conversion rights. The CNF is unsecured, has a 2-year term with a fixed interest rate of 18.0% p.a. payable 6-monthly in arrears. The CNF consists of two tranches of $10.0 million each, with first tranche convertible into fully paid ordinary shares of Gascoyne at the election of the Balaton Group at $0.30 per share at any time and the second convertible by the Company or the Balaton Group depending on various scenarios as disclosed in the ASX release on 20 December 2021.

Following the receipt of funds under the CNF on 22 December 2021, the Company repaid in full the remaining balance of $10.3 million owing under its three-year secured Syndicated Facility Agreement with Investec Bank plc.

8.

Estimated cash available for future operating activities

$A'000

8.1

Net cash from / (used in) operating activities (item 1.9)

(5,003)

8.2

(Payments for exploration & evaluation classified as investing

(956)

activities) (item 2.1(d))

8.3

Total relevant outgoings (Item 8.1 + Item 8.2)

(5,959)

8.4

Cash and cash equivalents at quarter end (Item 4.6)

26,287

8.5

Unused finance facilities available at quarter end (Item 7.5)

-

8.6

Total available funding (Item 8.4 + Item 8.5)

26,287

8.7

Estimated quarters of funding available (Item 8.6 divided by

4.41

Item 8.3)

Note: if the entity has reported positive relevant outgoings (i.e. 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?

N/A

ASX Listing Rules Appendix 5B (17/07/20)

Page 5

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

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Gascoyne Resources Ltd. published this content on 28 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 January 2022 01:05:02 UTC.