Mustera Property : Quarterly Update and Appendix 4C - March 2022

29 APRIL 2022

ASX CODE: MPX

DIRECTORS

Mr Nicholas Zborowski Executive Director

Mr Anthony Ho Non-Executive DirectorMr Jack Spencer-Cotton Non-Executive Director

COMPANY SECRETARY

Joan Dabon

CAPITAL STRUCTURE

Ordinary Shares: 142.2M

Options: 16.5M

COMPANY ENQUIRIES

Nicholas Zborowski Executive Director

15 McCabe Street

North Fremantle WA 6159

T : [phone]

E :[e-mail] W :www.mustera.com.au

QUARTERLY ACTIVITIES REPORT

FOR 31 MARCH 2022

Mustera Property Group Ltd (Mustera or the Company) is pleased to provide an update on its operational activities during the March 2022 Quarter (the Quarter).

HIGHLIGHTS

1.

Mustera continued with its sales and marketing campaign for the Company's flagship project, Forbes Residences (Forbes or the Project)

2. The Company continued with the basement construction works for the Project including civil works, basement slabs, precast columns and precast wall panel installation.

1. Forbes Residences, 10 Forbes Road, Applecross

During the Quarter, construction advanced on the Company's flagship project, Forbes Residences. These activities included civil works, basement slabs, precast columns and precast wall panel installation.

Mustera Property Group Ltd ACN 142 375 522

In addition to the construction activities the Company continued with its sales and marketing campaign for the Project.

• 2. 75 Haig Park Circle, East Perth

  During the Quarter, the Company progressed with the removal of the restrictive covenant registered on the property's title which restricted the use of the lot to a car parking area and for no other use.

  Subsequently in April, the Company executed the surrender of covenant deed to which the authority and the Company agreed that the covenant be surrendered by the Authority pursuant to s129B of the Transfer of Land Act 1893 and extinguished.

  In addition, the Company continued to assess development options for the property during the period.

• 3. 15 McCabe Street, North Fremantle

  During the Quarter the Company engaged with key consultant to commence with the planning, design and feasibility studies for the North Fremantle Project.

  The schematic design will commence in Q2 2022 and it is anticipated that a development application will be lodged in Q3 2022.

4. Corporate Commentary

Payments to related parties

A description of and explanation for payments to related parties and their associates per Section 6.1 of the Appendix 4C following this Quarterly Activities Report is set out in the table below.

Current	Previous
Payments to related parties of the entity and their	Quarter	Quarter
associates	$A'000	$A'000
Directors' remuneration
Executive Director	50	50
Non-Executive Directors	12	9
Total Directors' remuneration	62	59
Total payments to related parties of the entity and	62	59
their associates
AUTHORISED BY
THE BOARD OF DIRECTORS

Rule 4.7B

Appendix 4C

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

Name of entity

Mustera Property Group Ltd

ABN

13 142 375 522

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) research and development (b) product manufacturing and operating costs (c) advertising and marketing (d) leased assets (e) staff costs (f) 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	524 - (3,691) (41) (5) (95) (84) - - (411) - - -	3,167 - (9,699) (275) (15) (330) (554) - 4 (642) (4) - -
(3,803)	(8,348)

2.

Cash flows from investing activities

2.1

Payments to acquire or for:

ASX Listing Rules Appendix 4C (17/07/20)

(a)	entities	-	(425)
(b)	businesses	-	-
(c)	property, plant and equipment	(5)	(5)
(d)	investments	-	(3,000)
(e)	intellectual property	-	-
(f)	other non-current assets	-	-
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Appendix 4C

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

Consolidated statement of cash flows	Current quarter $A'000	Year to date (9 months) $A'000
2.2 Proceeds from disposal of: (a) entities (b) businesses (c) property, plant and equipment (d) investments (e) intellectual property (f) 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	- - - - - - - - -	- - - 1,350 - - (1,100) - -
(5)	(3,180)

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 (Fund distributions, Term deposits closed) 3.10 Net cash from / (used in) financing activities	- - - - 3,790 - - - 18	7,002 - - (168) 8,934 (2,640) (1,096) - (146)
3,808	11,887

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)

780 (3,803)

421 (8,348)

(5)

(3,180)

ASX Listing Rules Appendix 4C (17/07/20)

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