Fin Resources : Quarterly Activities Report & Appendix 5B

MARCH 2022 QUARTERLY REPORT

The Board of Fin Resources Limited (ASX: FIN) (Fin or the Company) is pleased to provide its Quarterly Activities Report for the period ending 31 March 2022, along with the Appendix 5B for the same period.

Sol Mar Scoping Study

The positive Scoping Study completed in the previous quarter was used to facilitate discussion with potential partners. Several potential off-takers of green chemicals expressed interest and discussions continue.

World Class Renewable Energy Potential

Outside of salt, there has been interest from groups seeking opportunities in hydrogen and ammonia production based on solar PV.

An order for the Sodar weather station was placed with delivery expected in June 2022. This will provide the baseline wind and solar irradiance data used as a basis of design and to validate the renewable energy economics. In the interim, internal studies have been done to understand the attractiveness of the opportunity.

Board Changes

The Company announced the appointment of Mr. Gautam Varma as the Managing Director of the Company effective 17 January 2022. Mr. Varma is a veteran of the mining industry having held senior roles at BHP (ASX:BHP), Illuka Resources (ASX: ILU), Xstrata and, most recently as the Chief Representative for Europe, India and South East Asia at Fortescue Metals Group (ASX: FMG). Mr Simon Mottram also resigned as Non-Executive Director.

Financial Commentary

The Quarterly Cashflow Report (Appendix 5B) for the period ending 31 March 2022 provides an overview of the Company's financial activities. The Company is in a strong financial position with $3.9 million in cash at the end of the quarter. This will be sufficient to fund corporate costs and also facilitate exploration activities at the Sol Mar Project during CY 2022.

Expenditure on exploration during the reporting period amounted to A$322k, which included $88k paid to technical consultants.

Payments for administration and corporate costs amounted to $184K and included costs for and associated with director's fees, listing and compliance and legal fees. The aggregate amount of payments to related parties and their associates included in the current quarter cash flows from operating activities was $160k (refer to Table 1).

During the quarter the Company received funds totalling $433k in relation to the conversion of listed options.

Table 1: Payments to Related Parties of the Entity and their Associates

Tenement	Location	Area	Status	Interest
E80/4808	Western Australia	134km2	Granted	70%
E20/900	Western Australia	50km2	Granted	51%
E08/2831	Western Australia	140km2	Granted	80%
E08/2832	Western Australia	153km2	Granted	80%
E08/2868	Western Australia	64km2	Granted	80%
E08/3069	Western Australia	38km2	Pending application	80%*
E08/3070	Western Australia	19km2	Granted	80%
E08/3071	Western Australia	10km2	Granted	80%
E08/3354	Western Australia	111km2	Pending application	80%*
E08/3355	Western Australia	271km2	Granted	80%**
E08/3423	Western Australia	99km2	Pending application	80%*

Item	Current Quarter (A$)	Previous Quarter (A$)
Directors and Officer Remuneration
Managing Director Fees	64,128	-
Non-Executive Director Fees and Superannuation	43,692	37,052
Director Consulting Fees	37,000	45,000
Company Secretarial Fees	15,000	15,000
Total payments to related parties of the entity and their associates	159,820	97,052

Table 2: FIN Resources Limited Tenements

Notes:

* Subject to grant of the tenement and receipt of ministerial consent to the transfer of the 80% from North West Solar Salt Pty Ltd. ** Transfer of tenement from North West Solar Salt Pty Ltd awaiting ministerial consent (see the Company's ASX announcement dated 7 January 2022).

km2 - Square Kilometres

Changes during the March 2022 Quarter:

Exploration Licence 08/3355 was granted on 6 January 2022 and Exploration Licence 28/2652 was surrendered on 14 April 2022.

This ASX release was authorised by the Board of the Company

For further information contact:

Gautam Varma

Managing [e-mail]

About Fin Resources Limited

Fin Resources Limited is an ASX listed company (ASX:FIN) focussed on the development of the Sol Mar Project. The project consists of nine exploration licences totalling 905 km2 located in a proven salt production region with ideal climatic conditions to produce high purity salt. The Company is investigating the use of renewable energy in the form of wind and solar energy to create a zero-carbon footprint project and potentially fuel renewable product streams like hydrogen and other green by products.

The Company's other project, McKenzie Springs, is located within the Kimberley Region of Western Australia, 85km north-east of the township of Halls Creek. The Project covers an area of approximately 134km2 including identified nickel, copper, cobalt and graphite occurrences. The McKenzie Springs Project is considered prospective for magmatic Ni-Cu sulphide and PGE mineralisation.

Rule 5.5

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Name of entity

FIN RESOURCES LIMITED

ABN

25 009 121 644

Quarter ended ("current quarter")

31 March 2022

Consolidated statement of cash flows	Current quarter $A'000	Year to date (9 months) $A'000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other (provide details if material) 1.9 Net cash from / (used in) operating activities	- - - - (69) (184) - 2 - - - -	- - - - (207) (606) - 5 - - - -
(251)	(808)

2.

Cash flows from investing activities

2.1

Payments to acquire or for:

(a)	entities	-	-
(b)	tenements	-	(500)
(c)	property, plant and equipment	-	-
(d)	exploration & evaluation	(322)	(992)
(e)	investments	-	-
(f)	other non-current assets	-	-
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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $A'000	Year to date (9 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 (provide details if material) 2.6 Net cash from / (used in) investing activities	- - - - - - - -	- - - - - - - -
(322)	(1,492)

3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (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 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	- - 433 (31) - - - - -	211 1 1,042 (60) - - - - -
402	1,194

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

• 4.1 Cash and cash equivalents at beginning of period

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

• 4.3 Net cash from / (used in) investing activities (item 2.6 above)

• 4.4 Net cash from / (used in) financing activities (item 3.10 above)

4,108

(251)

(322)

5,043

(808)

(1,492)

402

1,194

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