Rand Mining : Quarterly Activities & Cashflow Report - December 2021

ASX ANNOUNCEMENT

25 January 2022

For personal use only

ASX:RND

Board of Directors

Mr Otakar Demis

Chairman & Joint Company

MrSecreAntonaryBillis

MranagingGordonDirSklenkactor

MrNonBrett-ExecTuckertive Director&

Mr Roland Berzins

Joint Company Secretaries

Quarterly Report for December 2021

Highlights

• During the quarter Rand and Tribune toll processed 49,399 tonnes of ore at 3.92 g/t from the EKJV operations at two processing plants in the district, with Rand's share equating to 12,350 tonnes
• 5,204 ounces of gold were produced by Rand and Tribune during the quarter
• Rand's 25% share of the gold produced was 1,301 oz
• Significant high grade intercepts from drilling at the EKJV project including results from the Pode lode of 0.5 m @ 19.8 g/t, 0.7 m @ 23.6 g/t, and drilling in the Falcon lode including 0.6 m @ 39.7 g/t and 0.10 m @ 146.1 g/t
• Continued exploration success at EKJV identifying the Nugget structure including 3.6m @ 164.9 g/t and 1.77 m @ 45.3 g/t

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Ore Stockpiles

At the end of the quarter, Rand is entitled to a share of the following stockpiles:

STOCKPILES

ROM Pad	Ore Source		Ore Tonnes	Grade g/t	Rand
	Entitlement
Rubicon ROM	EKJV RHP Ore		3,513	4.85
	12.25%
Rubicon ROM		EKJV Stockpiles	1.26	12.25%
EKJV RHP Low Grade	62
Mungari ROM	EKJV RPH Ore		64,276	4.23	12.25%
Mungari ROM	EKJV RPH Low Grade	10,104	1.26	12.25%
Rand Share of EKJV Stockpiles		9,549	3.87	100%

Geology and Mining

East Kundana Joint Venture

Raleighl ighremainedUndergronundcareMineandProductionmaintenance throughout the quarter.

AtRaleighthe endUndergroundof the quarter,MinethebottomDevelopmentof the Raleigh Decline remains at 5602 m RL, 743 m from the surface, the top of the Sadler Incline remains at 5989 m RL, 356 m from the surface and the bottom of the Sadler Decline remains at 5944 m RL, 401 m from the surface.

There was no development during the quarter.

ContainedRubicon-Hornetgoldin-stopePegasusandUnddevelopmentrgroudoreMineminedProdduringctionthe quarter is tabulated below:

						Rubicon, Hornet & Pegasus
October				36,222				3.75			4,363
Month				Tonnes			Grade			Ounces
November				35,819				4.14			4,764
December				29,251				3.95			3,713
September 21 Q		124,711			4.04			16,216
Dec	021 Q		01 292			3 94			841
Quarterly reconciled gold production was 1,642 oz above the EKJV Managers production forecast.
The outlook for the next quarter is similar production to the December quarter.
Rand's Entitlements to Mined Ore (12.25%)
						Rubicon, Hornet & Pegasus
		Quarter			Tonnes		Grade		Ounces
						t		g/t		troy oz
		Dec	021 Q		408		3 94			573
		September 21Q		15,277		4.04		1,986

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DevelopmentRubicon-Hornperformancet-Pegsus forUndergroundthe quarter Mineis summarisedDevelopmentin the following table

ORE BODY			Rubicon, Hornet & Pegasus
Month	Capital		Operating Lateral development
	Decline		Other	Ore	Waste	Paste
	(m)		(m)	(m)	(m)	(m)
October	28.6		86.0	142.5	0	5.03
November	21.8		41.0	81.4	31.4	4.7
December 2021	63.4		214.9	298.2	74.6	87.1
December	13.0		87.9	74.3	43.2	32.0

Toll Processing

During the quarter a total of 49,399 tonnes of Rand and Tribune ore at 3.92 g/t was processed under toll Milling contracts to recover 5,204 oz of gold at 93.70% gold recovery. Of this total, 29,495 tonnes were processed at Mungari and 19,904 tonnes were processed at Lakewood Mill.

Rand and Tribune gold production for the December 2021 quarter, along with Rands share is tabulated below.

Quarter		Gold (oz)	Rand's share
			Au (oz)
Dec	021	5,204	1 301
September 21	16,981	4,245

Rand Share of Ore Processed

	Tonnes	Head Grade	Recovery	Fine Au
Campaign Location	Milled	Au (g/t)	(%)	Produced
			(Oz)
GMM Lakewood	4,976	3.82	94.18	392
EVN Mungari	7,374	4.11	93.26	909
Total	12,350	3.92	93.70	1,301

ExplorationKJV Underground Exploration

activity in FY22 Q2 across the East Kundana Joint Venture primarily focused on the Pode and Nugget prospects. Exploration being defined by Drill Targeting or Resource Targeting designations. A total of 15 diamond drill holes for 2,763 metres were completed between 1st October 2021 and 31st December 2021.

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	Project	Prospect	Tenement	DD Metres	DD Samples
	EKJV	Nugget		M16/309	1,923	673
	EKJV	Pode		M16/309	841	152
		Total			2,763	825
	EKJV exploration activity for FY22 Q2. Drilled metres includes incomplete drillholes.
	ubicon
	Results received for holes targeting Nugget down-dip and potential repeat structures at depth, with
	RUBDT21041 intercepting mineralisation proximal to K2A lithological contact.
	Hole ID	East	North	RL	Dip	Azi	Hole	From	To	DH Width	Grade g/t Au	True
	(MGA)	(MGA)	(AHD)	(MGA)	Depth	Width
RUBDT21041	333305	6597564	-227	18	261	213.04	35.94		36.45	0.5	3.2	0.4
									64.00		64.70	0.7	5.0	0.6
									74.44		75.40	1.0	14.0	0.8
									81.86		82.40	0.5	4.9	0.5
									173.18	177.00	3.8	3.6	3.3
									179.51	182.47	3.0	6.9	2.6
RUBDT21047	333281	6597583	-189	27	219	157.95	125.60	126.00	0.4	4.3	0.2

Summary of significant assays results returned for Rubicon drilling during Q2 FY22.

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East-west section of significant results received for Rubicon drilling during Q2 FY22.

ElevenPode diamond drillholes targeting the Pode and associated satellite structures returned significant intercept results during the quarter. A new satellite lode was intercepted in three holes with results from PODRT21174 returning 0.5 m @ 19.8 g/t. Drilling in the quarter also showed potential for the Typhon lode to be extended to the north, with PODRT20379 intercepting 0.7 m @ 23.6 g/t.

Falcon Lodes were also intercepted in PODRT21007 and PODRT21009 with significant results including 0.6 m @ 39.7 g/t and 0.10 m @ 146.1 g/t respectively.

Sections highlighting significant Pode drilling intercepts are shown below.

				East	North	RL		Azi	Hole						Grade	True
Hole ID		Dip	From	To	DH Width	g/t
	(MGA)	(MGA)	(AHD)	(MGA)	Depth	Width
										Au
PODRT20363				332712	6598482	-112	-17	294	636.44	597.77		598.07		0.3	6.8	0.3
									636.44	97.75		98.20		0.5	3.6	0.1
									636.44	99.06		100.20		1.1	5.7	0.3
PODRT20379			332712	6598484	-112	6	302	600.37	174.50		175.90		1.4	23.6	0.7
									600.37	291.26		291.56		0.3	6.3	0.3
PODRT21006			332627	6598094	-201	-33	173	444.04	Assays	Pending
PODRT21007			332627	6598095	-201	-40	131	348.07	168.49		169.95		1.5	39.7	0.6

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