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

Admiralty Resources NL

ABN

Quarter ended ("current quarter")

74 010 195 972

31 December 2021

Consolidated statement of cash flows

Current quarter

Year to date

$A'000

(6 months)

$A'000

1.

Cash flows from operating activities

1.1

Receipts from customers

-

-

1.2

Payments for

(a)

exploration & evaluation

(124)

(267)

(b)

development

-

-

(c)

production

-

-

(d)

staff costs

(15)

(17)

(e) administration and corporate costs

(59)

(510)

1.3

Dividends received (see note 3)

-

-

1.4

Interest received

-

-

1.5

Interest and other costs of finance paid

-

(161)

1.6

Income taxes paid

-

-

1.7

Government grants and tax incentives

-

-

1.8

Other (deposits paid)

-

-

1.9 Net cash from / (used in) operating

activities

(198)

(955)

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

-

-

(e)

investments

-

-

(f)

other non-current assets

-

-

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

Page 1

+ 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

Consolidated statement of cash flows

Current quarter

Year to date

$A'000

(6 months)

$A'000

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 (deposits paid)

(85)

(283)

2.6

Net cash from / (used in) investing

(85)

(283)

activities

3.

Cash flows from financing activities

3.1

Proceeds from issues of equity securities

-

2,489

(excluding convertible debt securities)

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

-

(132)

securities or convertible debt securities

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 (provide details if material)

-

-

3.10 Net cash from / (used in) financing

activities

-

2,357

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

4.1 Cash and cash equivalents at beginning of

period

1,510

108

4.2 Net cash from / (used in) operating

activities (item 1.9 above)

(198)

(955)

4.3 Net cash from / (used in) investing activities

(item 2.6 above)

(85)

(283)

4.4 Net cash from / (used in) financing activities

(item 3.10 above)

-

2,357

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

  1. Effect of movement in exchange rates on cash held
  2. Cash and cash equivalents at end of period

Current quarter

Year to date

$A'000

(6 months)

$A'000

-

-

1,227

1,227

For personal use

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

1,227

1,510

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)

1,227

1,510

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

69

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.

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

Page 3

+ 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

For personal use only

7.

Financing facilities

Total facility

Amount drawn at

Note: the term "facility' includes all forms of financing

amount at quarter

quarter end

arrangements available to the entity.

end

$A'000

Add notes as necessary for an understanding of the

$A'000

sources of finance available to the entity.

7.1

Loan facilities

9,461

9,011

7.2

Credit standby arrangements

-

-

7.3

Other (please specify)

-

-

7.4

Total financing facilities

9,461

9,011

7.5

Unused financing facilities available at quarter end

450

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.

  1. The financing facility represents the Convertible Loan Facility Agreement with Smart East

    Global Limited ("SEGL") and Admiralty Resources (Hong Kong) Limited ("Admiralty HK").

    As of the date of this report, the current Convertible Loan Facility agreement with SEGL has a maximum principal drawdown value of $US 3.6 million. The agreed maturity date was extended to 31 December 2021 on 18 July 2019 with all other terms remaining in effect.

    The current terms of the facility are:

  2. The interest rate is 12% per annum;
  3. Interest is payable quarterly in arrears; and
  4. The Conversion Price is 80% of the Volume Weighted Average price ("VWAP") calculated 90 days immediately prior to the Conversion Date*.

*The Conversion Date is the date of receipt of a valid Conversion Notice.

The Company has a loan agreement with Shanghai Long Sheng Technology Development Co. Limited. On 25 September 2020, additional principal was extended to the Company of $1,500,000 taking the total principal available to $4,500,000. All other terms remained the same.

The terms of the loan are:

  1. Principal loan available is $AU4,500,000;
  2. Loan agreement date is 21 June 2018;
  3. The interest rate is 5% per annum;
  4. Interest is accrued and applied to the principal; and
  5. Repayment of loan in full due 01 October 2021.

This loan is separate to the above Convertible Loan Facility Agreement and both loan balances and facility limits have been jointly incorporated into the disclosures at Item 7 above.

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

Page 4

+ 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

8.

Estimated cash available for future operating activities

$A'000

8.1

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

(198)

8.2

(Payments for exploration & evaluation classified as investing

-

activities) (item 2.1(d))

8.3

Total relevant outgoings (item 8.1 + item 8.2)

(198)

8.4

Cash and cash equivalents at quarter end (item 4.6)

1,227

8.5

Unused finance facilities available at quarter end (item 7.5)

450

8.6

Total available funding (item 8.4 + item 8.5)

1,677

8.7

Estimated quarters of funding available (item 8.6 divided by

8.5

item 8.3)

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.

Date:

31 January 2022

Authorised by: The Board

(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

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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Admiralty Resources NL published this content on 31 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 January 2022 07:58:10 UTC.