C29 METALS LIMITED — Annual Report 2021

Oct 31, 2021

OBERON GOLD PTY LTD ACN 614 926 591

Annual Report for the year ended 30 June 2021

Oberon Gold Pty Ltd – Annual Report 2021

Annual Report For the year ended 30 June 2021 CONTENTS

Corporate Directory	3
Directors' Report	4
Auditor’s Independence Declaration	7
Statement of Profit or Loss and Other Comprehensive Income	8
Statement of Financial Position	9
Statement of Changes in Equity	10
Statement of Cash Flows	11
Notes to the Financial Statements	12
Directors' Declaration	18
Independent Auditor’s Report	19

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Oberon Gold Pty Ltd – Annual Report 2021

CORPORATE DIRECTORY

Board of Directors

Mr Tom Burrowes Mr Darren Glover Mr Ben Harper

Executive Director (appointed 21 September 2016) Executive Director (appointed 28 February 2018) Executive Director (appointed 28 February 2018)

Secretary

Mr Tom Burrowes

Registered Office

Level 4, 91-97 William Street Melbourne VIC 3000 Telephone: 08 6559 1792

Auditors

RSM Australia Partners Level 32, 2 The Esplanade Perth WA 6000

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Oberon Gold Pty Ltd – Annual Report 2021

DIRECTORS’ REPORT

The Directors of Oberon Gold Pty Ltd (“Oberon” or “the Company”) present their report, together with the financial statements of the Company for the year ended 30 June 2021.

INFORMATION ON DIRECTORS

The names and details of the Company’s Directors in office during the financial year and until the date of this report are as follows. Directors were in office for the entire period unless otherwise stated.

Mr Tom Burrowes Executive Director and Company Secretary (appointed 21 September 2016) Mr Darren Glover Executive Director (appointed 28 February 2018) Mr Ben Harper Executive Director (appointed 28 February 2018)

INTERESTS IN SHARES OF THE COMPANY AND RELATED BODIES CORPORATE

The following table sets out each current Director’s relevant interest in shares of the Company or a related body corporate as at the date of this report.

Director	Ordinary Shares
Mr Tom Burrowes * Mr Darren Glover Mr Ben Harper	1
	1
	1
Total	3

• Mr Burrowes is a director of Providence Gold and Minerals Pty Ltd, a company which holds 1 share in Oberon Gold Pty Ltd.

DIRECTORS’ MEETINGS

The number of Directors’ meetings held during the financial year and the number of meetings attended by each Director during the time the Director’s held office are:

Name	Number Eligible to Attend	Number Attended
Mr Tom Burrowes Mr Darren Glover Mr Ben Harper	- - -	- - -

During the year, the Directors met regularly on an informal basis to discuss all matters associated with investment strategy, review of operations, and other Company matters.

Due to the size and scale of the Company, there is no Remuneration and Nomination Committee or Audit Committee at present. Matters typically dealt with by these Committees are, for the time being, managed by the Board.

PRINCIPAL ACTIVITIES

The principal activity of the Company during the year was the review of mining projects for acquisition.

FINANCIAL RESULTS

The financial results of the Company for the year ended 30 June 2021 are:

	30 June 2021
Cash and cash equivalents ($)	-
Net assets	3

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Oberon Gold Pty Ltd – Annual Report 2021

DIRECTORS’ REPORT

	30 June 2021
Revenue ($)	-
Netprofit after tax($)	-

REVIEW OF OPERATIONS

The main activity of the Company throughout the year was the review of mining projects for acquisition.

DIVIDENDS

No dividend is recommended in respect of the current financial year.

SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS

There were no significant changes in state of affairs during and subsequent to the end of the financial year.

MATTERS SUBSEQUENT TO THE REPORTING PERIOD

In May 2021, the Company entered into a binding Heads of Agreement with C29 Metals Limited to transfer its tenement holding of EL8541 (Reedy Creek) and its issued shares to C29 Metals Limited (C29). C29 agrees to issue 3,000,000 fully paid ordinary shares in the capital of C29 at a deemed issue price of $0.20 per share to the shareholders of the Company, pay $20,000 in connection to the maintenance and development of Reedy Creek Asset and enter into a standard royalty agreement whereby the shareholders of the Company receive a 2% net smelter royalty (NSR) in respect of any production within the tenure of the Reedy Creek asset.

The impact of the Coronavirus (COVID-19) pandemic is ongoing and while it has not significantly impacted the Company up to 30 June 2021, it is not practicable to estimate the potential impact, positive or negative, after the reporting date. The situation is rapidly developing and is dependent on measures imposed by the Australian Government and other countries, such as maintaining social distancing requirements, quarantine, travel restrictions and any economic stimulus that may be provided.

No other matters or circumstances have arisen since 30 June 2021 that has significantly affected, or may significantly affect the Company's operations, the results of those operations, or the Company's state of affairs in future financial years.

LIKELY DEVELOPMENTS AND EXPECTED RESULTS

The Company’s main exploration efforts will be focused on developing value from exploration across its tenement projects in Western Australia acquired subsequent to 30 June 2021.

SHARES UNDER OPTION

At the date of this report, there were no unissued ordinary shares for which options were outstanding.

SHARES ISSUED ON THE EXERCISE OF OPTIONS

There were no ordinary shares issued during the year ended 30 June 2021 and up to the date of this report on the exercise of options.

INDEMNIFICATION AND INSURANCE OF OFFICERS AND AUDITORS

The Company has not, during or since the end of the financial year, paid premiums in respect of a contract insuring the directors and officers of the Company against liabilities incurred as directors or officers to the extent permitted by the Corporations Act 2001.

The Company has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of the Company or any related entity against a liability incurred by the auditor.

During the financial year, the Company has not paid a premium in respect of a contract to insure the auditor of the Company or any related entity.

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Oberon Gold Pty Ltd – Annual Report 2021

DIRECTORS’ REPORT

PROCEEDINGS ON BEHALF OF THE COMPANY

No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the Company, or to intervene in any proceedings to which the Company is a party, for the purposes of taking responsibility on behalf of the Company for all or part of these proceedings.

ENVIRONMENTAL REGULATIONS

The Directors have considered compliance with the National Greenhouse and Energy Reporting Act 2007 which requires entities to report annual greenhouse gas emissions and energy use. The Directors have assessed that there are no current reporting requirements under this Act, but this may change in the future. The Company is not aware of any matters that requires disclosure regarding any significant environmental regulation in respect of its operating activities.

OFFICERS OF THE COMPANY WHO ARE FORMER PARTNERS OF RSM AUSTRALIA PARTNERS

There are no officers of the Company who are former partners of RSM Australia Partners.

AUDITOR

RSM Australia Partners continues in office in accordance with section 327 of the Corporations Act 2001.

NON-AUDIT SERVICES

The Company may decide to employ the auditor on assignments additional to their statutory audit duties where the auditor’s expertise and experience with the Company are important.

Details of the amounts paid or payable to the auditor for non-audit services provided during the year by the auditor are outlined in Note 5 to the financial statements.

The Board of Directors has considered the position and is satisfied that the provision of the non-audit services is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001. The Directors are satisfied that the provision of non-audit services by the auditors, as set out below, did not compromise the auditor independent requirements of the Corporations Act 2001 for the following reasons:

• all non-audit services have been reviewed by the Board of Directors to ensure they do not impact the impartiality and objectivity of the auditor; and

• None of the services undermine the general principles relating to the auditor independence as set out in APES 110 Code of Ethics for Professional Accountants.

AUDITOR’S INDEPENDENCE DECLARATION

A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 has been received and included within these financial statements.

This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the Corporations Act 2001.

On behalf of the directors

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Tom Burrowes Director 31 August 2021

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RSM Australia Partners

Level 32, Exchange Tower 2 The Esplanade Perth WA 6000 GPO Box R1253 Perth WA 6844

T +61 (0) 8 9261 9100 F +61 (0) 8 9261 9111

www.rsm.com.au

AUDITOR’S INDEPENDENCE DECLARATION

As lead auditor for the audit of the financial report of Oberon Gold Pty Ltd for the year ended 30 June 2021, I declare that, to the best of my knowledge and belief, there have been no contraventions of:

• (i) the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and

• (ii) any applicable code of professional conduct in relation to the audit.

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RSM AUSTRALIA PARTNERS

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Perth, WA Dated: 31 August 2021

TUTU PHONG Partner

THE POWER OF BEING UNDERSTOOD AUDIT | TAX | CONSULTING

RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.

RSM Australia Partners ABN 36 965 185 036

Liability limited by a scheme approved under Professional Standards Legislation

Oberon Gold Pty Ltd – Annual Report 2021

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the year ended 30 June 2021

Note Administrative expenses Profit before income tax Income tax expense Profit after income tax Other comprehensive income for the year, net of tax Total comprehensive profit attributable to the members of Oberon Gold Pty Ltd	2021 2020 $ $
	- -
	- - - -
	- - - -
	- -

The Statement of Profit or Loss and Other Comprehensive Income is to be read in conjunction with the notes to the financial statements.

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Oberon Gold Pty Ltd – Annual Report 2021

STATEMENT OF FINANCIAL POSITION

As at 30 June 2021

Note ASSETS Current assets Cash and cash equivalents 2 Other assets Total current assets Total assets Total liabilities Net assets EQUITY Issued capital 3 Retained profits Total equity	2021 2020 $ $
	- - 3 3
	3 3
	3 3
	- -
	3 3
	3 3 - -
	3 3

The Statement of Financial Position is to be read in conjunction with the notes to the financial statements.

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Oberon Gold Pty Ltd – Annual Report 2021

STATEMENT OF CHANGES IN EQUITY

For the year ended 30 June 2021

Balance at 1 July 2019 Income for the year Total comprehensive income for the year after tax Balance at 30 June 2020 Income for the year Total comprehensive income for the year after tax Balance at 30 June 2021	Issued Capital Retained profits $ $	Total $
	3 -	3
	- -	-
	- -	-
	3 -	3
	- -	-
	- -	-
	3 -	3

The Statement of Changes in Equity is to be read in conjunction with the notes to the financial statements.

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Oberon Gold Pty Ltd – Annual Report 2021

STATEMENT OF CASH FLOWS

For the year ended 30 June 2021

Note Cash flows from operating activities Payments to suppliers Net cash used in operating activities Net decrease in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 2	2021 2020 $ $
	- -
	- -
	- - - -
	- -

The Statement of Cash Flows is to be read in conjunction with the notes to the financial statements.

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Oberon Gold Pty Ltd – Annual Report 2021

NOTES TO THE FINANCIAL STATEMENTS

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Reporting Entity

Oberon Gold Pty Ltd (referred to as “Oberon” or the “Company”) is a company domiciled in Australia. The address of the Company’s registered office is disclosed in the Corporate Directory of the Annual Report. The nature of the operations and principal activities of the Company are described in the Directors’ Report.

(b) Basis of Preparation

Statement of Compliance

The financial statements are general purpose financial statements which have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board (“AASB”) and the Corporations Act 2001. The financial statements comply with International Financial Reporting Standards (“IFRS”) adopted by the International Accounting Standards Board (“IASB”). Oberon Gold Pty Ltd is a for-profit entity for the purpose of preparing the financial statements.

The financial statements are authorised for issue on 31 August 2021 by the directors of the Company.

Basis of measurement

The financial statements have been prepared on a going concern basis in accordance with the historical cost convention, unless otherwise stated.

New, revised or amended standards and interpretations adopted by the Company

The Company has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period.

Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. The Company has not yet assessed the impact of these new or amended Accounting Standards and Interpretations.

The Company’s assessment of the impact of these new or amended Accounting Standards and Interpretations, most relevant to the Company, are set out below.

Conceptual Framework for Financial Reporting (Conceptual Framework)

The Company has adopted the revised Conceptual Framework from 1 July 2020. The Conceptual Framework contains new definition and recognition criteria as well as new guidance on measurement that affects several Accounting Standards, but it has not had a material impact on the Company’s financial statements.

Significant Judgements and Estimates

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 1(g).

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Oberon Gold Pty Ltd – Annual Report 2021

NOTES TO THE FINANCIAL STATEMENTS

(c) Functional and Presentation Currency

The financial statements have been presented in Australian dollars, which is the Company’s functional currency.

(d) Current and non-current classification

Assets and liabilities are presented in the statement of financial position based on current and non-current classification.

An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in the Company's normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current.

A liability is classified as current when: it is either expected to be settled in the Company's normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as non-current.

Deferred tax assets and liabilities are always classified as non-current.

(e) Income tax

The income tax expense (revenue) for the year comprises current income tax expense (income) and deferred tax expense (income).

Current Tax

Current income tax expense charged to the profit or loss is the tax payable on taxable income calculated using applicable income tax rates enacted, or substantially enacted, as at the end of the reporting period. Current tax liabilities (assets) are therefore measured at the amounts expected to be paid to (recovered from) the relevant taxation authority.

Deferred Tax

Deferred tax expense reflects movements in deferred tax asset and deferred tax liability balances during the year as well as unused tax losses.

Current and deferred income tax expense (income) is charged or credited directly to equity instead of the profit or loss when the tax relates to items that are credited or charged directly to equity.

Deferred tax assets and liabilities are ascertained based on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets also result where amounts have been fully expensed but future tax deductions are available. No deferred income tax will be recognised from the initial recognition of an asset or liability, excluding a business combination, where there is no effect on accounting or taxable profit or loss.

Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates enacted or substantively enacted at the end of the reporting period. Their measurement also reflects the manner in which management expects to recover or settle the carrying amount of the related asset or liability.

Deferred tax assets relating to temporary differences and unused tax losses are recognised only to the extent that it is probable that future taxable profit will be available against which the benefits of the deferred tax asset can be utilised.

Where temporary differences exist in relation to investments in subsidiaries, branches, associates, and joint ventures, deferred tax assets and liabilities are not recognised where the timing of the reversal of the temporary difference can be controlled and it is not probable that the reversal will occur in the foreseeable future.

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Oberon Gold Pty Ltd – Annual Report 2021

NOTES TO THE FINANCIAL STATEMENTS

(e) Income tax continued

Current tax assets and liabilities are offset where a legally enforceable right of set-off exists and it is intended that net settlement or simultaneous realisation and settlement of the respective asset and liability will occur. Deferred tax assets and liabilities are offset where a legally enforceable right of set-off exists, the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where it is intended that net settlement or simultaneous realisation and settlement of the respective asset and liability will occur in future periods in which significant amounts of deferred tax assets or liabilities are expected to be recovered or settled.

(f) Cash and cash equivalents

Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. For the statement of cash flows presentation purposes, cash and cash equivalents also includes bank overdrafts, which are shown within borrowings in current liabilities on the statement of financial position.

(g) Critical Accounting Estimates and Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses.

Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results.

Coronavirus (COVID-19) pandemic

Judgement has been exercised in considering the impacts that the Coronavirus (COVID-19) pandemic has had, or may have, on the Company based on known information. This consideration extends to the nature of the products and services offered, customers, supply chain, staffing and geographic regions in which the Company operates. Other than as addressed in specific notes, there does not currently appear to be either any significant impact upon the financial statements or any significant uncertainties with respect to events or conditions which may impact the Company unfavourably as at the reporting date or subsequently as a result of the Coronavirus (COVID-19) pandemic.

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Oberon Gold Pty Ltd – Annual Report 2021

NOTES TO THE FINANCIAL STATEMENTS

(h) Issued capital

Ordinary shares are classified as equity.

Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Incremental costs directly attributable to the issue of new shares or options for the acquisition of a business are not included in the cost of the acquisition as part of the purchase consideration.

If the Company reacquires its own equity instruments, for example, as a result of a share buy-back, those instruments are deducted from equity and the associated shares are cancelled. No gain or loss is recognised in the profit or loss and the consideration paid including any directly attributable incremental costs (net of income taxes) is recognised directly in equity.

NOTE 2 CASH AND CASH EQUIVALENTS Cash on hand	2021 2020 $ $
	- -
	- -

(b) Reconciliation of net loss after income tax to net cash flows used in operating activities

Profit for the financial year Change in assets and liabilities Net cash flow used in operating activities	- - - -
	- -

NOTE 3 ISSUED CAPITAL

a) ORDINARY SHARES

a) ORDINARY SHARES
Fully paid ordinary shares Movement in ordinary shares	2021 2020 No. $ No. $
	3 3 3 3
	No. $ No.	$
Closing balance	- - -	-
	3 3 3 3

Ordinary shares entitle the holder to participate in the dividends and the proceeds on winding up in proportion to the number of and amounts paid on the shares held.

At shareholders meetings, each ordinary share is entitled to one vote when a poll is called, otherwise each shareholder has one vote on a show of hands.

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Oberon Gold Pty Ltd – Annual Report 2021

NOTES TO THE FINANCIAL STATEMENTS

NOTE 4 CAPITAL AND FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

Capital risk management

The Company's objectives when managing capital is to safeguard its ability to continue as a going concern, so that it can provide returns for shareholders and benefits for other stakeholders and to maintain an optimum capital structure to reduce the cost of capital.

Capital is regarded as total equity, as recognised in the statement of financial position, plus net debt. Net debt is calculated as total borrowings less cash and cash equivalents. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, if any, return capital to shareholders, issue new shares or sell assets to reduce debt.

Financial risk management

Risk management is carried out by the Board of Directors (‘the Board’) and includes identification and analysis of the risk exposure of the Company and appropriate procedures, controls and risk limits. The Company’s activities did not expose it to a variety of financial risks: market risk, credit risk and liquidity risk.

NOTE 5 AUDITOR’S REMUNERATION Amounts received or due and receivable by RSM Australia Partners for: -Audit of the financial report of the Company	2021 2020 $ $
	- -

NOTE 6 RELATED PARTY TRANSACTIONS

(a) Key management personnel compensation

No compensation was made to directors and other members of key management personnel of the Company for the year ended 30 June 2021 (2020: $nil).

b) Transactions with related parties

No transactions with related parties for the year ended 30 June 2021 (2020: $nil).

NOTE 7 CONTINGENT ASSETS AND CONTINGENT LIABILITIES

There are no contingent assets or contingent liabilities as at 30 June 2021 (2020: $nil).

NOTE 8 COMMITMENTS

There are no commitments as at 30 June 2021 (2020: $nil).

NOTE 9 EVENTS AFTER THE REPORTING DATE

In May 2021, the Company entered into a binding Heads of Agreement with C29 Metals Limited to transfer its tenement holding of EL8541 (Reedy Creek) and its issued shares to C29 Metals Limited (C29). C29 agrees to issue 3,000,000 fully paid ordinary shares in the capital of C29 at a deemed issue price of $0.20 per share to the shareholders of the Company, pay $20,000 in connection to the maintenance and development of Reedy Creek Asset and enter into a standard royalty agreement whereby the shareholders of the Company receive a 2% net smelter royalty (NSR) in respect of any production within the tenure of the Reedy Creek asset.

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Oberon Gold Pty Ltd – Annual Report 2021

NOTE 9 EVENTS AFTER THE REPORTING DATE (CONTINUED)

The impact of the Coronavirus (COVID-19) pandemic is ongoing and while it has not significantly impacted the Company up to 30 June 2021, it is not practicable to estimate the potential impact, positive or negative, after the reporting date. The situation is rapidly developing and is dependent on measures imposed by the Australian Government and other countries, such as maintaining social distancing requirements, quarantine, travel restrictions and any economic stimulus that may be provided.

No other matters or circumstances have arisen since 30 June 2021 that has significantly affected, or may significantly affect the Company's operations, the results of those operations, or the Company's state of affairs in future financial years.

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Oberon Gold Pty Ltd – Annual Report 2021

DIRECTORS’ DECLARATION

In the Directors’ opinion:

• a) The financial statements and accompanying notes are in accordance with the Corporations Act 2001, including: i) complying with Australian Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements; and

• ii) giving a true and fair view of the Company’s financial position as at 30 June 2021 and of its performance for the year ended on that date.

• b) The financial statements and notes comply with International Financial Reporting Standards.

• c) There are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

The Directors have been given the declarations required by section 295A of the Corporations Act 2001.

This declaration is made in accordance with a resolution of the Board of Directors and is signed for and on behalf of the Directors by:

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Tom Burrowes Executive Director 31 August 2021

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RSM Australia Partners

Level 32, Exchange Tower 2 The Esplanade Perth WA 6000 GPO Box R1253 Perth WA 6844

T +61 (0) 8 9261 9100 F +61 (0) 8 9261 9111

www.rsm.com.au

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF OBERON GOLD PTY LTD

Opinion

We have audited the financial report of Oberon Gold Pty Ltd (the Company), which comprises the statement of financial position as at 30 June 2021, the statement of profit or loss and other comprehensive income, the statement of changes in equity and the statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies, and the directors' declaration.

In our opinion, the accompanying financial report of the Company is in accordance with the Corporations Act 2001, including:

• (i) Giving a true and fair view of the Company’s financial position as at 30 June 2021 and of its financial performance for the year then ended; and

• (ii) Complying with Australian Accounting Standards and the Corporations Regulations 2001.

Basis for Opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board's APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor's report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

THE POWER OF BEING UNDERSTOOD AUDIT | TAX | CONSULTING

RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.

RSM Australia Partners ABN 36 965 185 036

Liability limited by a scheme approved under Professional Standards Legislation

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Other Information

The directors are responsible for the other information. The other information comprises the corporate directory and directors’ report but does not include the financial report and the auditor's report thereon.

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

In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report 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.

Responsibilities of the Directors for the Financial Report

The directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the financial report, the directors are responsible for assessing the ability of the Company to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Financial Report

Our objectives are to obtain reasonable assurance about whether the financial report as a whole is 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 the Australian Auditing Standards will always detect a material misstatement when it exists. 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 this financial report.

A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance Standards Board website at: https://www.auasb.gov.au/auditors_responsibilities/ar4.pdf. This description forms part of our auditor's report.

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RSM AUSTRALIA PARTNERS

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Perth, WA Dated: 31 August 2021

TUTU PHONG Partner