Henan Wandi Minerals Public Company LTD

Annual / Quarterly Financial Statement • Feb 13, 2025

REPORT AND FINANCIAL STATEMENTS 31 December 2024

15 Agion Omologiton Street 1080, Nicosia Cyprus

HE 385760

REPORT AND FINANCIAL STATEMENTS

The Management Report, the Auditor's report and the Financial Statements of the Company for the year ended 31 December 2024 are true copies of those presented at the Annual General Meeting that took place on 5 February 2025.

Signature .................................................................................................................................................................... Odysseas Odysseos Director a S Signature .... ... ... ... ................................................................................................................................................... Maria Polyviou Secretary

REPORT AND FINANCIAL STATEMENTS 31 December 2024

CONTENTS

PAGE

Board of Directors and other officers	1
Management Report	2 - 3
Independent auditor's report	4 - 6
Statement of profit or loss and other comprehensive income	7
Statement of financial position	8
Statement of changes in equity	ਰੇ
Cash flow statement	10
Notes to the financial statements	11 - 14

BOARD OF DIRECTORS AND OTHER OFFICERS

Board of Directors:	Maria Polyviou Odysseas Odysseos Appointed on 29/07/2024 Dionisia Menicou Appointed on 05/06/2024 Irene Polydorou Appointed on 05/06/2024 Antzelina Ftanou Resigned on 5/6/2024 Andreas Karamanos Resigned on 5/6/2024
Company Secretary:	Maria Polyviou Appointed on 05/06/2024 Andreas Karamanos Resigned on 5/6/2024
Independent Auditors:	Ekkeshis Ierodiakonou Ltd Certified Public Accountants and Registered Auditors 39 Themistocles Dervis Str. Office 102 1066, Nicosia
Registered office:	15 Agion Omologiton Street 1080, Nicosia Cyprus
Registration number:	HE385760

MANAGEMENT REPORT

The Board of Directors presents its report and audited financial statements of the Company for the year ended 31 December 2024.

Principal activities and nature of operations of the Companv

The Company is a holding company with no participations in the period under review.

Review of current position, future developments and performance of the Company's business

The results of this year are not considered satisfactory and the Board of Directors is making an effort to reduce the Company's losses. Despite the loss the Company's development to date and the financial position as reflected in the financial statements are satisfactory.

Principal risks and uncertainties

The principal risks and uncertainties faced by the Company are disclosed in notes 6, 7 and 13 of the financial statements.

Use of financial instruments by the Company

The Company is exposed to interest rate risk, credit risk and liquidity risk from the financial instruments it holds.

Interest rate risk

Interest rate risk is the risk that the value of financial instruments will fluctuate due to changes in market interest rates. The Company's income and operating cash flows are substantially independent of changes in market interest rates as the Company has no significant interest-bearing assets. The Company is exposed to interest risk in relation to its non-current borrowings issued at variable rates expose the Company to cash flow interest rate risk. Borrowings issued at fixed rates expose the Company to fair value interest rate risk. The Company's Management monitors the interest rate fluctuations on a continuous basis and acts accordingly.

Credit risk

Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to meet an obligation. Credit risk arises from cash and cash equivalents, contractual cash flows of debt investments carried at amortised cost, at fair value through other comprehensive income (FVOCI) and at fair value through profit or loss (FVTPL), favourable derivative financial instruments and deposits with banks and financial institutions.

Credit risk is managed on a group basis. For banks and financial institutions, the Company has established policies whereby the majority of bank balances are held with independently rated parties with a minimum rating of ['C'].

Liquidity risk

Liquidity risk is the risk that arises when the maturity of assets and liabilities does not match. An unmatched position potentially enhances profitability, but can also increase the risk of losses. The Company has procedures with the object of minimising such losses such as maintaining sufficient cash and other highly liquid current assets and by having available an adequate amount of committed credit facilities.

Share capital

There were no changes in the share capital of the Company during the year under review.

Board of Directors

The members of the Company's Board of Directors as at 31 December 2024 and at the date of this report are presented on page 1. All of them were members of the Board of Directors throughout the year ended 31 December 2024.

In accordance with the Company's Articles of Association all Directors presently members of the Board continue in office.

There were no significant changes in the assignment of responsibilities and remuneration of the Board of Directors.

MANAGEMENT REPORT

Independent Auditors

The Independent Auditors, Ekkeshis Ierodiakonou Ltd, have expressed their willingness to continue in office and a r no Independent Patherity to the Board of Directors to fix their remuneration will be proposed at the Annual General Meeting.

By order of the Board of Directors,

PANY LTD Marja Polyviou Secretary 0 Nicosia, 5, February 202

Independent Auditor's Report

To the Members of Henan Wandi Minerals Public Company Ltd

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of Henan Wandi Minerals Public Company Ltd (the "Company"), which are presented in pages 7 to 14 and comprise the statement of financial position as at 31 December 2024, and the statements of profit or loss and other comprehensive income, changes in equity and cash flows for the year then ended, and notes of the financial statements, including material accounting policy information.

In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Company as at 31 December 2024, and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union and the requirements of the Cyprus Companies Law, Cap. 113.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the "Auditor's Responsibilities for the Financial Statements" section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code) together with the ethical requirements that are relevant to our audit of the financial statements in Cyprus, and we fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material Uncertainty Related to Going Concern

We draw attention to note 4 of the financial statements which indicates that the Company incurred a loss of £4,283 during the year ended 31 December 2024, and, as of that date the Company's liabilities exceeded its assets by €13,628. As stated in note 4, these events or conditions, along with other matters as set forth in note 4, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Other information

The Board of Directors is responsible for the other information comprises the information included in the Management Report, but does not include the financial statements and our auditor's report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Fkkeshis lerodiakonou Ltd

Ekkstis ledakono Ltd i a pivale company registered n Cyrus (Reg. No. 27867), Alist of the Conpany's office at 3 Thenistocles Devis Steet, it Kos, C (-1066 Ncosi, Cyous

³⁹ Themistocles Dervis Street, 1st floor, CY-1066 Nicosia, Cyprus, P.O. Box 26643, CY-1646 Nicosia, Cyprus T: +357 22466470 / F: +357 22766470 / info@eicyprus.com / eicyprus.com

Independent Auditor's Report (continued)

To the Members of Henan Wandi Minerals Public Company Ltd

Responsibilities of the Board of Directors for the Financial Statements

The Board of Directors is responsible for the preparation of financial statements that give a true and fair view in accordance with IFRSs as adopted by the European Union and the requirements of the Cyprus Companies Law, Cap. 113, and for such internal control as the Board of Directors determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• · Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
• · Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• · Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves a true and fair view.

We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the audit and significant audit finding any significant deficiencies in internal control that we identify during our audit.

Independent Auditor's Report (continued)

To the Members of Henan Wandi Minerals Public Company Ltd

Report on Other Legal Requirements

Pursuant to the additional requirements of the Auditors Law of 2017, we report the following:

• In our opinion, based on the work undertaken in the course of our audit, the Management Report has been prepared in accordance with the requirements of the Cyprus Companies Law, Cap 113, and the information given is consistent with the financial statements.
• · In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we are required to report if we have identified material misstatements in the Management Report. We have nothing to report in this respect.

Other Matter

This report, including the opinion, has been prepared for and only for the Company's members as a body in accordance with Section 69 of the Auditors Law of 2017 and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whose knowledge this report may come to.

Nicosia, 5 February 2025

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 31 December 2024

	Note	2024 (S	2023 €
Administration expenses		(4,073)	(4,287)
Operating loss		(4,073)	(4,287)
Finance costs	ರಿ	(210)	(235)
Net loss for the year		(4,283)	(4,522)
Other comprehensive income
Total comprehensive income for the year		(4,283)	(4,522)

STATEMENT OF FINANCIAL POSITION

31 December 2024

	Note	2024 €	2023 ਵ
Current assets	10	845	1,054
Cash at bank		845	1,054
Total assets		845	1,054
EQUITY AND LIABILITIES
Equity Share capital Accumulated losses	11	26,000 (39,628)	26,000 (35,345)
Total equity		(13,628)	(9,345)
Current liabilities Trade and other payables	12	14,473 14,473	10,399 10,399
Total equity and liabilities		845	1,054

On 5 February 2025 the Board of Directors of Henan Wandi Minerals Public Company Ltd authorised these financial statements for issue.

!... W.WBLAR. ax.1

Dionisia Menicou Director

Odysseas Odysseos Director

MPANY LTD ADI MINI

.. .. .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Maria Polyviou Director

STATEMENT OF CHANGES IN EQUITY 31 December 2024

	Share capital ਦੇ	Accumulated osses ਦੇ	Total මි
Balance at 1 January 2023 Net loss for the year	26,000	(30,823) (4,522)	(4,823) (4,522)
Balance at 31 December 2023/ 1 January 2024	26,000	(35,345)	(9,345)
Comprehensive income Net loss for the year		(4,283)	(4.283)
Balance at 31 December 2024	26,000	(39,628)	(13,628)

Companies, which do not distribute 70% of their profits after tax, as defined by the Special Contribution for the Ochipanies, the Republic Law, within two years after the end of the relevant tax year, will be deemed to have December of the repairies and on the 31 of December of the second year. The amount of the deemed dividend distribution is reduced by any actual dividend already distributed by 31 December of the second year the arofits relate. The Company pays special defence contribution on behalf of the shareholders over the amount of the prone relater the othipany prysicable since 2014) when the entitled shareholders are natural acemed annuality of Cyprus and have their domicile in Cyprus. In addition, the Company pays on behalf of the persons tax resultibution of U/P/Rac System (GHS) contribution at a rate of 2,65%, when the entitled shareholders are natural persons tax residents of Cyprus, regardless of their domicile.

CASH FLOW STATEMENT 31 December 2024

		2024	2023
	Note	ਦੇ	ਵ
CASH FLOWS FROM OPERATING ACTIVITIES Loss before tax		(4,283)	(4,522)
		(4,283)	(4,522)
Changes in working capital: Increase in trade and other payables		4,074	4,287
Cash used in operations		(209)	(235)
CASH FLOWS FROM INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Net decrease in cash and cash equivalents		(209)	(235)
Cash and cash equivalents at beginning of the year		1,054	1.289
Cash and cash equivalents at end of the year	10	845	1.054

NOTES TO THE FINANCIAL STATEMENTS 31 December 2024

1. Incorporation and principal activities

Country of incorporation

The Company Henan Wandi Minerals Public Company Ltd (the "Company") was incorporated in Cyprus on 02 July 2018 as a private limited liability company under the provisions of the Cyprus Companies Law, Cap. 113. Its registered office is at 15 Agion Omologiton Street, 1080, Nicosia, Cyprus.

Principal activities

The Company is a holding company with no participations in the period under review.

2. Basis of preparation

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union (EU) and the requirements of the Cyprus Companies Law, Cap. 113. The financial statements have been prepared under the historical cost convention.

3. Adoption of new or revised standards and interpretations

During the current year the Company adopted all the new and revised International Financial Reporting Standards (IFRSs) that are relevant to its operations and are effective for accounting periods beginning on 1 January 2024. This adoption did not have a material effect on the accounting policies of the Company.

4. Material accounting policy information

The material accounting policies adopted in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented in these financial statements unless stated.

Management seeks not to reduce the understandability of these financial statements by obscuring material information with immaterial information. Hence, only material accounting policy information is disclosed, where relevant, in the related disclosure notes.

Finance costs

Interest expense and other borrowing costs are charged to profit or loss as incurred.

Share capital

Ordinary shares are classified as equity.

5. New accounting pronouncements

At the date of approval of these financial statements, standards and interpretations were issued by the International Accounting Standards Board which were not yet effective. Some of them were adopted by the European Union and others not yet. The Board of Directors expects that the adoption of these accounting standards in future periods will not have a material effect on the financial statements of the Company.

NOTES TO THE FINANCIAL STATEMENTS 31 December 2024

6. Financial risk management

Financial risk factors

The Company is exposed to interest risk, credit risk arising from the financial instruments it holds. The risk management policies employed by the Company to manage these risks are discussed below:

6.1 Interest rate risk

Interest rate risk is the risk the value of financial instruments will fluctuate due to changes in market interest rates. The Company's income and operating cash flows are substantially independent of changes in market interest rates as the Company has no significant interest-bearing assets. The Company is exposed to interest rate risk in relation to its non-current borrowings issued at variable rates expose the Company to cash flow interest rate risk. Borrowings issued at fixed rates expose the Company to fair value interest rate risk. The Company's Management monitors the interest rate fluctuations on a continuous basis and acts accordingly.

6,2 Credit risk

Credit risk is the risk that one party to a financial loss for the other party by failing to meet an obligation. Credit risk arises cash and cash equivalents, contractual cash flows of debt investments carried at amortised cost, at fair value through other comprehensive income (FVOCI) and at fair value through profit or loss (FVTPL), fayourable derivative financial instruments and deposits with banks and financial institutions.

6.3 Liquidity risk

Liquidity risk is the risk that arises when the maturity of assets and liabilities does not match. An unmatched position potentially enhances profitability, but can also increase the risk of losses. The Company has procedures with the object of minimising such losses such as maintaining sufficient cash and other highly liquid current assets and by having available an adequate amount of committed credit facilities.

7. Critical accounting estimates, judgments and assumptions

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Going concern basis

Management has made an assessment of the Company's ability to continue as a going concern.

8. Expenses by nature

	2024	2023
	€	ਵ
Other expenses	4,073	4,287
Total expenses	4,073	4,287
9. Finance costs
	2024 €	2023 E
Sundry finance expenses	210	235
Finance costs	210	235

NOTES TO THE FINANCIAL STATEMENTS 31 December 2024

10. Cash at bank

Cash balances are analysed as follows:

	2024	2023
	દ	ਵ
Cash at bank	845	1.054
	845	1,054

The exposure of the Company to credit risk and impairment losses in relation to cash and cash equivalents is reported in note 6 of the financial statements.

11. Share capital

	2024 Number of shares	2024 3	2023 Number of shares	2023 ട്
Authorised Ordinary shares of €1 each	26,000	26,000	26,000	26,000
Issued and fully paid Balance at 1 January	26.000	26.000	26,000	26.000
Balance at 31 December	26.000	26,000	26,000	26,000

12. Trade and other payables

	2024	2023
	ਦ
Shareholders' current accounts - credit balances (Note 14.1)	1,498	248
Accruals	2,451	3,150
Other creditors	10,524	7.001
	14.473	10,399

The fair values of trade and other payables due within one year approximate to their carrying amounts as presented above.

13. Operating Environment of the Company

The geopolitical situation in Eastern Europe intensified on 24 February 2022 with the commencement of the conflict between Russia and Ukraine. As at the date of authorising these financial statements for issue, the continues to evolve as military activity proceeds. In addition to the events on entities that have operations in Russia, Ukraine, or Belarus or that conduct business with their counterparties, the conflict is increasingly affecting economies and financial markets globally and exacerbating ongoing economic challenges.

The Israel-Gaza conflict has escalated significantly after Hamas launched a major attack on 7 October 2023. Companies with material subsidiaries, operations, contractual arrangements or joint ventures in the War area might be significantly exposed. Entities that do not have direct exposure to Israel and Gaza Strip are likely to be affected by the overall economic uncertainty and negative impacts on the global economy and major financial markets arising from the war. This is a volatile period and situation, however, the Company is not directly exposed. Management will continue to monitor the situation closely and take appropriate actions when and if needed.

NOTES TO THE FINANCIAL STATEMENTS 31 December 2024

13. Operating Environment of the Company (continued)

Management has considered the unique circumstances and the risk exposures of the Company and has concluded that there is no significant impact in the Company's profitability position. The event is not expected to have an immediate material impact on the business operations. Management will continue to monitor the situation closely and will assess the need in case the crisis becomes prolonged.

14. Related party transactions

The following transactions were carried out with related parties:

14.1 Shareholders' current accounts - credit balances (Note 12)

	2024	2023
	(3	હ
Shareholders	1,498 Cours Separation Courter Counch and and contractions and a solour	248

The directors'/shareholders' current accounts are interest free and have no specified repayment date.

15. Contingent liabilities

The Company had no contingent liabilities as at 31 December 2024.

16. Commitments

The Company had no capital or other commitments as at 31 December 2024.

17. Events after the reporting period

There were no material events after the reporting period, which have a bearing on the financial statements.

Independent auditor's report on pages 4 to 6